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

During the three months ended September 30, 2021, the Company reported net income of $712,000 thousand or $0.17 per diluted share, as compared to net income of $761,000 thousand or $0.18 per diluted 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 $88,000 thousand for the three months ended September 30, 2021. This represents a decrease of $6,000 thousand, compared to general and administrative expenses of $94,000 thousand for the three months ended September 30, 2020. This decrease was primarily driven by a decrease in cost reimbursements to our Advisor of approximately $5,000 thousand.

Advisory fees were $201,000 thousand for the three months ended September 30, 2021, compared to $194,000 thousand for the same period in 2020 for an increase of $7,000 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 $56,000 thousand for the three months ended September 30, 2021. This represents an increase of $5,000 thousand, compared to the net income fee of $51,000 thousand for the three months ended September 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 $1,248 thousand for the three months ended September 30, 2021, compared to $1.302 thousand for the same period in 2020. The decrease of $54,000 thousand was primarily due to a decrease in interest recognized due to some notes being paid off in 1Q 2021.

Other income was $1,179 thousand for the nine months ended September 30, 2021, due to the collection of a note previously written off. Other income of $742 thousand for the nine months ended September 30, 2020, was due to a tax increment reimbursement from the City of Farmers Branch, Texas for previous infrastructure development performed by the Company.

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 September 30, For the Nine Months Ended September 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 $220 and $190 for the nine

months ended 2021 and 2020, respectively, to related parties)

88

94

376

361

  Net income fee to related party

 

56

 

51

 

250

 

249

Advisory fee to related party

 

201

 

194

 

599

 

574

Total operating expenses

 

345

 

339

 

1,225

 

1,184

Net operating loss

 

(345)

 

(339)

 

(1,225)

 

(1,184)

  Other income (expenses): Interest income from related parties

 

1,248

 

1,302

 

3,697

 

4,071

Other income

 

-

 

-

 

1,179

 

742

Total other income

 

1,248

 

1,302

 

4,876

 

4,813

Income before taxes

 

903

 

963

 

3,651

 

3,629

Income tax expense

 

191

 

202

 

768

 

762

Net income

$

712

$

761

$

2,883

$

2,867

  Earnings per share - basic and diluted Net income

$

0.17

$

0.18

$

0.69

$

0.69

 

Weighed 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 September 30, December 31,

2021

2020

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

$

13

$

12

Receivable and accrued interest from related parties

 

95,827

 

90,526

Total current assets

 

95,840

 

90,538

  Non current assets Notes and interest receivable from related parties

 

11,510

 

13,930

Total non current assets

 

11,510

 

13,930

  Total Assets

$

107,350

$

104,468

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

$

11

$

12

Total liabilities

 

11

 

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

 

45,381

 

42,498

Total shareholders' equity

 

107,339

 

104,456

Total liabilities and shareholders' equity

$

107,350

$

104,468

 

 

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

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