Exhibit 99.1

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

 

 

Contact:

Income Opportunity Realty Investors, Inc. Investor Relations

Gene Bertcher (800) 400-6407 investor.relations@incomeopp-realty.com

 

Income Opportunity Realty Investors, Inc. Reports First Quarter 2019 Results

DALLAS (May 15, 2019) Income Opportunity Realty Investors, Inc. (NYSE American: IOT), a Dallas-based real estate investment company, today reported results of operations for the first quarter ended March 31, 2019. The Company reported

net income applicable to common shares for the three months ended March 31, 2019 of $970,000 or $0.23 per share, as compared to net income applicable to common shares of $702,000 or $0.17 per share for the three months ended March 31, 2018.

 

Our primary business is investing in real estate and financing real estate and real estate related activities through investments in mortgage loans.

 

Revenues

At March 31, 2019 the Company had no real estate holdings. The principal source of income for the Company is interest income.

 

Expenses

General and administrative expenses were $133 thousand for the three months ended March 31, 2019. This represents an increase of $10 thousand, compared to general and administrative expenses of $123 thousand for the three months ended March 31, 2018. This increase was primarily driven by an increase in administrative fees of approximately $22 thousand offset by a decrease in legal and regulatory fees of $10 thousand. 

Advisory fees were $181 thousand for the three months ended March 31, 2019 compared to $164 thousand for the same period in 2018 for an increase of $17 thousand. Advisory fees are computed based on a percentage of gross assets

Net income fee to related party was $100 thousand for the three months ended March 31, 2019. This represents an increase of $47 thousand, compared to the net income fee of $53 thousand for the three months ended March 31, 2018. The net income fee paid to our Advisor is calculated as a percentage of net income.

 

Other income (expense)

Interest income increased to $1.6 million for the three months ended March 31, 2019 compared to $1.0 million for the same period in 2018.  The increase of $600 thousand was primarily due to an increase in the receivable amount owed from our Advisor and other related parties.

 

About Income Opportunity Realty Investors, Inc.

 

Income Opportunity Realty Investors, Inc., a Dallas-based real estate investment company, holds a portfolio of equity real estate in Texas, including undeveloped land. 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.

 

4 
 

 

INCOME OPPORTUNITY REALTY INVESTORS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended June 30,    Six Months Ended June 30,  
   2019   2018   2019   2018 
   (dollars in thousands, except per share amounts) 
Expenses:                  
General and administrative (including $60 and $69 for the three months and $147 and $133 for the six months ended 2019 and 2018, respectively, to related parties)  $175   $153   $308   $276 
Net income fee to related party   90    53    190    106 
Advisory fee to related party   183    168    364    332 
Total operating expenses   448    374    862    714 
Net operating loss   (448)   (374)   (862)   (714)
                     
Other income (expenses):                    
Interest income from related parties   1,677    1,081    3,319    2,123 
Other Income   147        147     
Total other income   1,824    1,081    3,466    2,123 
Income before taxes   1,376    707    2,604    1,409 
Income tax expense   289        547     
Net income  $1,087   $707   $2,057   $1,409 
                     
Earnings per share - basic and diluted                    
Net income  $0.26   $0.17   $0.49   $0.34 
                     
Weighted average common shares used in computing earnings per share   4,168,214    4,168,214    4,168,214    4,168,214 

 

The accompanying notes are an integral part of these consolidated financial statements. 

 

 

5 
 

 

INCOME OPPORTUNITY REALTY INVESTORS, INC.

CONSOLIDATED BALANCE SHEETS

 

   June 30,   December 31, 
   2019   2018 
   (Unaudited)   (Audited) 
   (dollars in thousands, except par value amount) 
Assets        
Notes and interest receivable from related parties  $14,015   $14,030 
Total notes and interest receivable   14,015    14,030 
Cash and cash equivalents   7    4 
Receivable and accrued interest from related parties   84,163    82,089 
Total assets  $98,185   $96,123 
           
Liabilities and Shareholders’ Equity          
Liabilities:          
Accounts payable and other liabilities  $31   $26 
Total liabilities   31    26 
Shareholders’ equity:          
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675 and outstanding 4,168,214 shares in 2019 and 2018   42    42 
Treasury stock at cost, 5,461 shares in 2019 and 2018   (39)   (39)
Paid-in capital   61,955    61,955 
Retained earnings   36,196    34,139 
Total shareholders’ equity   98,154    96,097 
Total liabilities and shareholders’ equity  $98,185   $96,123 

 

The accompanying notes are an integral part of these consolidated financial statements. 

 


The following information was filed by Income Opportunity Realty Investors Inc (IOR) on Monday, August 19, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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