Income Opportunity Realty Investors, Inc. (NYSE American: IOR), a Dallas-based real estate investment company, today reported results of operations for the quarter ended June 30, 2021.

For the three months ended June 30, 2021, the Company reported net income of $819,000 or $0.20 per share, as compared to net income of $1,352,000 or $0.30 per share for the same period ended 2020.

Our primary business is investing in real estate and mortgage note receivables.

Expenses

General and administrative expenses were $100 thousand for the three months ended June 30, 2021. This represents a decrease of $28 thousand, compared to general and administrative expenses of $128 thousand for the three months ended June 30, 2020. This decrease was primarily driven by a decrease in legal fees of $12 thousand and audit fees of approximately $15 thousand.

Advisory fees were $201 thousand for the three months ended June 30, 2021 compared to $191 thousand for the same period in 2020 for an increase of $10 thousand. Advisory fees are computed based on a gross asset fee of 0.0625% per month (0.75% per annum) of the average of the gross asset value.

Net income fee to related party was $55 thousand for the three months ended June 30, 2021. This represents a decrease of $57 thousand, compared to the net income fee of $112 thousand for the three months ended June 30, 2020. The net income fee paid to our Advisor is calculated at 7.5% of net income.

Other income (expense)

Interest income decreased to $1.2 million for the three months ended June 30, 2021 compared to $1.3 million for the same period in 2020. The decrease of $100 thousand was primarily due to a decrease in interest recognized due to some notes being paid off in 1Q 2021.

Other income was $162 thousand for the three months ended June 30, 2021 compared to $742 thousand for the three months ended June 30, 2020. The decrease was due to a tax increment reimbursement from City of Farmers Branch received in 2020.

About Income Opportunity Realty Investors, Inc.

Income Opportunity Realty Investors, Inc., a Dallas-based real estate investment company, currently holds a portfolio of notes receivable. The Company invests in real estate through direct equity ownership and partnerships. For more information, visit the Company’s website at www.incomeopp-realty.com.

INCOME OPPORTUNITY REALTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)   For the Three Months Ended June 30, For the Six Months Ended June 30,

2021

2020

2021

2020

(dollars in thousands, except per share amounts) (dollars in thousands, except per share amounts)   Revenues: Revenue from operations

$

-

 

$

-

 

$

-

 

$

-

 

    Expenses: General and administrative (including $155 and $120 for the six months ended 2021 and 2020, respectively, to related parties)

 

100

 

 

128

 

 

288

 

 

267

 

Net income fee to related party

 

55

 

 

112

 

 

194

 

 

198

 

Advisory fee to related party

 

201

 

 

191

 

 

398

 

 

380

 

Total operating expenses

 

356

 

 

431

 

 

880

 

 

845

 

Net operating loss

 

(356

)

 

(431

)

 

(880

)

 

(845

)

  Other income (expenses): Interest income from related parties

 

1,231

 

 

1,290

 

 

2,449

 

 

2,769

 

Other income

 

162

 

 

742

 

 

1,179

 

 

742

 

Total other income

 

1,393

 

 

2,032

 

 

3,628

 

 

3,511

 

Income before taxes

 

1,037

 

 

1,601

 

 

2,748

 

 

2,666

 

Income tax expense

 

218

 

 

336

 

 

577

 

 

560

 

Net income

$

819

 

$

1,265

 

$

2,171

 

$

2,106

 

  Earnings per share - basic and diluted Net income

$

0.20

 

$

0.30

 

$

0.52

 

$

0.51

 

  Weighted average common shares used in computing earnings per share

 

4,168,414

 

 

4,168,414

 

 

4,168,414

 

 

4,168,414

 

INCOME OPPORTUNITY REALTY INVESTORS, INC. CONSOLIDATED BALANCE SHEETS

 

June 30, December 31,

2021

2020

(Unaudited) (Audited) (dollars in thousands, except par value amount)   Assets   Current assets Cash and cash equivalents

$

2

 

$

12

 

Receivable and accrued interest from related parties

 

94,797

 

 

90,526

 

Total current assets

 

94,799

 

 

90,538

 

  Non current assets Notes and interest receivable from related parties

 

11,837

 

 

13,930

 

Total non current assets

 

11,837

 

 

13,930

 

  Total Assets

$

106,636

 

$

104,468

 

    Liabilities and Shareholders' Equity Liabilities: Accounts payable and other liabilities

$

9

 

$

12

 

Total liabilities

 

9

 

 

12

 

Shareholders’ equity: Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675 and outstanding 4,168,414 shares in 2021 and 2020

 

42

 

 

42

 

Treasury stock at cost, 5,261 shares in 2021 and 2020

 

(39

)

 

(39

)

Paid-in capital

 

61,955

 

 

61,955

 

Retained earnings

 

44,669

 

 

42,498

 

Total shareholders' equity

 

106,627

 

 

104,456

 

Total liabilities and shareholders' equity

$

106,636

 

$

104,468

 

 

Income Opportunity Realty Investors, Inc. Investor Relations Gene Bertcher (800) 400-6407 investor.relations@incomeopp-realty.com

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