Income Opportunity Realty Investors, Inc. reports Earnings for Quarter Ended September 30, 2023

Rhea-AI Summary

Income Opportunity Realty Investors, Inc. (IOR) Reports Q3 2023 Net Income of $1.6M, Reflecting Growth in Interest Income

Positive

• Net income for Q3 2023 increased to $1.6M from $1.2M in Q3 2022, driven by higher interest income
• Earnings per share rose to $0.39 from $0.29 in the same period, indicating improved profitability

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Income Opportunity Realty Investors, Inc. (NYSE American:IOR) is reporting its results of operations for the quarter ended September 30, 2023. For the three months ended September 30, 2023, we reported net income attributable to common shares of $1.6 million or $0.39 per diluted share compared to a net income of $1.2 million or $0.29 per share for the same period in 2022. Our increase in net income is attributable to an increase in interest income due to an increase in interest rates in 2023.

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,
		2023				2022				2023				2022
Revenues:
Other Income		$	-			$	-			$	-			$	-
Expenses:
General and administrative			91				114				385				374
Advisory fee to related party			346				283				1,045				824
Total operating expenses			437				397				1,430				1,198
Net operating loss			(437	)			(397	)			(1,430	)			(1,198	)
Interest income from related parties			2,516				1,821				7,160				4,506
Income tax provision			(436	)			(236	)			(1,203	)			(646	)
Net income			1,643				1,188				4,527				2,662
Earnings per share
Basic and diluted		$	0.39			$	0.29			$	1.09			$	0.64
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

 

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Income Opportunity Realty Investors, Inc.

Investor Relations

Erik Johnson (469) 522-4200

Investor.relations@incomeopp-invest.com

Source: Income Opportunity Realty Investors, Inc.

FAQ

What is the ticker symbol of Income Opportunity Realty Investors, Inc.?

The ticker symbol is IOR.

What is the net income reported for Q3 2023?

The net income reported is $1.6 million.

What contributed to the increase in net income?

The increase in net income is attributed to higher interest income due to increased interest rates in 2023.