Income Opportunity Realty Investors, Inc. 8-K
Exhibit 99.1
| NEWS RELEASE | | Contact: |
| | | Income Opportunity Realty Investors, Inc.
Investor Relations |
| FOR IMMEDIATE RELEASE | | Erik Johnson (469) 522-4200
investor.relations@incomeopp-invest.com |
Income Opportunity Realty Investors, Inc. reports Earnings for Quarter Ended September 30, 2022
DALLAS (November 10, 2022) -- Income Opportunity Realty Investors, Inc. (NYSE American:IOR) is reporting its results of operations for the quarter ended September 30, 2022. For the three months ended September 30, 2022, we reported net income attributable to common shares of $1.2 million or $0.29 per diluted share compared to a net income of $0.7 million or $0.17 per share for the same period in 2021.
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
September 30, | | Nine Months Ended
September 30, |
| | 2022 | | 2021 | | 2022 | | 2021 |
| Revenues: | | | | | | | |
| Other income | — | | — | | — | | — |
| Expenses: | | | | | | | |
| General and administrative | 114 | | 88 | | 374 | | 376 |
| Advisory fee to related party | 283 | | 257 | | 824 | | 849 |
| Total operating expenses | 397 | | 345 | | 1,198 | | 1,225 |
| Net operating loss | (397) | | (345) | | (1,198) | | (1,225) |
| Interest income from related parties | 1,821 | | 1,248 | | 4,506 | | 3,697 |
| Other income | — | | — | | — | | 1,179 |
| Income tax provision | (236) | | (191) | | (646) | | (768) |
| Net income applicable to common shares | 1,188 | | 712 | | 2,662 | | 2,883 |
| | | | | | | | |
| Earnings per share | | | | | | | |
| Basic and diluted | $ 0.29 | | $ 0.17 | | $ 0.64 | | $ 0.69 |
| 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 |
