Income Opportunity Realty Investors, Inc. Reports First Quarter 2021 Results

Income Opportunity Realty Investors, Inc. (NYSE American: IOR), a Dallas-based real estate investment company, today reported results of operations for the first quarter ended March 31, 2021.

For the three months ended March 31, 2021, the Company reported net income of $1,352,000 or $0.32 per share, as compared to net income of $841,000 or $0.20 per 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 $188 thousand for the three months ended March 31, 2021. This represents an increase of $49 thousand, compared to general and administrative expenses of $139 thousand for the three months ended March 31, 2020. This increase was primarily due to an increase in various operating expenses.

Advisory fees were $197 thousand for the three months ended March 31, 2021 compared to $189 thousand for the same period in 2020 for an increase of $8 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 $139 thousand for the three months ended March 31, 2021. This represents an increase of $53 thousand, compared to the net income fee of $86 thousand for the three months ended March 31, 2020. The net income fee paid to our Advisor is calculated at 7.5% of net income.

Other income (expense)

Interest income decreased to $1.2 million for the three months ended March 31, 2021 compared to $1.5 million for the same period in 2020. The decrease of $300 thousand was primarily due to a decrease in the prime interest rate used to calculate interest on the receivable amount owed from our Advisor and other related parties.

Other income was $1 million for the three months ended March 31, 2021 due to the collection of a note previously written off.

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 BALANCE SHEETS
March 31,December 31,

2021

2020

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

$

-

$

12

Receivable and accrued interest from related parties

94,307

90,526

Total current assets

94,307

90,538

 
Non current assets
Notes and interest receivable from related parties

11,503

13,930

Total non current assets

11,503

13,930

 
Total Assets

$

105,810

$

104,468

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

$

2

$

12

Total liabilities

2

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

43,850

42,498

Total shareholders' equity

105,808

104,456

Total liabilities and shareholders' equity

$

105,810

$

104,468

 
INCOME OPPORTUNITY REALTY INVESTORS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended March 31,

2021

2020

(dollars in thousands, except per share amounts)
 
Revenues:
Revenue from operations

$

-

$

-

 
 
Expenses:

General and administrative (including $107 and $72 for the three months

ended 2021 and 2020, respectively, to related parties)

188

139

Net income fee to related party

139

86

Advisory fee to related party

197

189

Total operating expenses

524

414

Net operating loss

(524

)

(414

)

 
Other income (expenses):
Interest income from related parties

1,218

1,479

Other income

1,017

-

Total other income

2,235

1,479

Income before taxes

1,711

1,065

Income tax expense

359

224

Net income

$

1,352

$

841

 
Earnings per share - basic and diluted
Net income

$

0.32

$

0.20

 
Weighted average common shares used in computing earnings per share

4,168,414

4,168,414

 

Contacts:

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

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