Income Opportunity Realty Investors, Inc. 8-K
Exhibit 99.1
| NEWS RELEASE | Contact: |
| FOR IMMEDIATE RELEASE | Income Opportunity Realty Investors, Inc. Investor Relations Erik Johnson (469) 522-4200 investor.relations@incomeopp-realty.com |
Income Opportunity Realty Investors, Inc. reports Earnings for Quarter Ended June 30, 2022
DALLAS (August 12, 2022) -- Income Opportunity Realty Investors, Inc. (NYSE American:IOR) is reporting its results of operations for the quarter ended June 30, 2022. For the three months ended June 30, 2022 and 2021, we reported net income attributable to common shares of $0.8 million or $0.20 per diluted share.
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
(Dollars in thousands, except per share amounts)
(Unaudited)
| | | Three Months Ended
June 30, | | Six Months Ended
June 30, |
| | | 2022 | | 2021 | | 2022 | | 2021 |
| Revenues: | | | | | | | | |
| Other income | | | — | | | | — | | | | — | | | | — | |
| Expenses: | | | | | | | | | | | | | | | | |
| General and administrative | | | 68 | | | | 100 | | | | 260 | | | | 288 | |
| Advisory fee to related party | | | 273 | | | | 256 | | | | 541 | | | | 592 | |
| Total operating expenses | | | 341 | | | | 356 | | | | 801 | | | | 880 | |
| Net operating loss | | | (341 | ) | | | (356 | ) | | | (801 | ) | | | (880 | ) |
| Interest income from related parties | | | 1,433 | | | | 1,231 | | | | 2,685 | | | | 2,449 | |
| Other income | | | — | | | | 162 | | | | — | | | | 1,179 | |
| Income tax provision | | | (244 | ) | | | (218 | ) | | | (410 | ) | | | (577 | ) |
| Net income applicable to common shares | | | 848 | | | | 819 | | | | 1,474 | | | | 2,171 | |
| | | | | | | | | | | | | | | | | |
| Earnings per share | | | | | | | | | | | | | | | | |
| Basic and diluted | | $ | 0.20 | | | $ | 0.20 | | | $ | 0.35 | | | $ | 0.52 | |
Weighted average common shares used in
computing earnings per share | | | | | | | | | | | | | | | | |
| Basic and diluted | | | 4,168,414 | | | | 4,168,414 | | | | 4,168,414 | | | | 4,168,414 | |
