Income Opportunity Realty Investors, Inc. Reports Earnings for Quarter Ended March 31, 2022
Income Opportunity Realty Investors, Inc. Reports Earnings for Quarter Ended March 31, 2022
DALLAS–(BUSINESS WIRE)–Income Opportunity Realty Investors, Inc. (NYSE American: IOR) is reporting its results of operations for the quarter ended March 31, 2022. For the three months ended March 31, 2022, we reported net income attributable to common shares of $0.6 million or $0.15 per diluted share, compared to $1.4 million or $0.32 per diluted share for the same period in 2021.
Financial Results
Net income attributable to common shares decreased $0.7 million from $1.4 million for the three months ended March 31, 2021 to $0.6 million for the three months ended March 31, 2022. The decrease in net income is primarily attributed to a tax credit received in the prior year.
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 |
||||||||
|
March 31, |
||||||||
|
2022 |
|
2021 |
||||||
| Revenues: | ||||||||
| Other Income |
$ |
– |
|
$ |
– |
|
||
| Expenses: | ||||||||
| General and administrative |
|
192 |
|
|
188 |
|
||
| Advisory fee to related party |
|
268 |
|
|
336 |
|
||
| Total operating expenses |
|
460 |
|
|
524 |
|
||
| Net operating loss |
|
(460 |
) |
|
(524 |
) |
||
| Interest income from related parties |
|
1,252 |
|
|
1,218 |
|
||
| Other Income |
|
– |
|
|
1,017 |
|
||
| Income tax provision |
|
(166 |
) |
|
(359 |
) |
||
| Net income applicable to common shares |
|
626 |
|
|
1,352 |
|
||
| Earnings per share | ||||||||
| Basic and diluted |
$ |
0.15 |
|
$ |
0.32 |
|
||
| Weighted average common shares used in computing earnings per share | ||||||||
| Basic and diluted |
|
4,168,414 |
|
|
4,168,414 |
|
||
Contacts
Income Opportunity Realty Investors, Inc.
Investor Relations
Erik Johnson (800) 400-6407
investor.relations@incomeopp-realty.com