Income Opportunity Realty Investors, Inc. (NYSE American: IOR),
a Dallas-based real estate investment company, today reported
results of operations for the fourth quarter ended December 31,
2019. For the three months ended December 31, 2019, we reported a
net income applicable to common shares of $ 1.1 million or $0.25
per share, as compared to net income of $800,000 or $0.19 per
diluted share for the same period ended 2018.
For the full year ended December 31, 2019 the Company reported
net income of $4.1 million or ($0.99) per share, compared to net
income of $8.2 million or ($1.97) per share for the same period
ended December 31, 2018. Included in 2018 is a gain on the sale of
land of $7.3 million.
Our primary business is investing in real estate and mortgage
note receivables.
Expenses
General and administrative expenses were $494,000 for the year
ended December 31, 2019. General and administrative expenses were
also $494,000 for the year ended December 31, 2018. This included
an increase in Legal expenses of $32,000 and a decrease in
reimbursements to Pillar and of $24,000.
Net income fee to related party was $357,000 for the year ended
December 31, 2019. This represents a decrease of $274,000, compared
to the net income fee of $631,000 for the year ended December 31,
2018. The net income fee paid is calculated at the rate of 7.5% of
net income.
Advisory fees were $737,000 for the year ended December 31,
2019. This represents an increase of $52,000 compared to advisory
fees of $685,000 for the year ended December 31, 2018. 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.
Other income (expense)
Interest income was $6.6 million for the year ended December 31,
2019. This represents an increase of $1.7 million, compared to
interest income of $4.9 million for the year ended December 31,
2018. This increase was primarily due to an increase in the
receivable amount owed from our Advisor.
Income tax expense was $1.1 million for the year ended December
31, 2019 compared to income tax expense of $2.2 million for the
year ended December 31, 2018. Net income before taxes was $5.1
million for the year ended December 31, 2019. This represents a
decrease of $5.3 million compared to net income before taxes of
$10.4 million for the year ended December 31, 2018.
Gain on land sales decreased by $7.3 million for the year ended
December 31, 2019, compared to the same period a year ago, as a
result of the sale of real estate holdings during 2018 for
approximately $22.5 million.
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.
INCOME OPPORTUNITY REALTY
INVESTORS, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
For the Years Ended December
31,
2019
2018
2017
(dollars in thousands, except
per share amounts)
Revenues:
Rental and other
property revenues
$
-
$
-
$
-
Expenses:
Property operating expenses
-
-
-
General and administrative (including $260, $284, and $234
for the year ended 2019, 2018, and 2017 respectively, to related
parties)
494
494
438
Net income fee to related party
357
631
250
Advisory fee to related party
737
685
660
Total operating expenses
1,588
1,810
1,348
Net operating loss
(1,588
)
(1,810
)
(1,348
)
Other income / expenses:
Interest income from related parties
6,574
4,880
4,237
Other Income
237
-
250
Total other
income
6,811
4,880
4,487
Income before gain on sale of real estate land
5,223
3,070
3,139
Gain on sale of real estate land
-
7,323
-
Income before taxes
5,223
10,393
3,139
Income tax expense - current
1,078
1,391
1,098
Income tax expense - deferred
-
792
533
Net income
$
4,145
$
8,210
$
1,508
Earnings per share - basic and diluted
Net income
$
0.99
$
1.97
$
0.36
Weighted average common shares used in computing
earnings per share
4,173,675
4,168,214
4,168,214
INCOME OPPORTUNITY REALTY
INVESTORS, INC.
CONSOLIDATED BALANCE
SHEETS
(Audited)
December 31,
December 31,
2019
2018
(dollars in thousands, except
par value amount)
Assets
Real estate
land holdings subject to sales contract, at cost
$
-
$
-
Total real estate
-
-
Notes and interest receivable
from related parties
14,030
14,030
Total notes and interest receivable
14,030
14,030
Cash and cash equivalents
5
4
Receivable and accrued interest from related parties
86,221
82,089
Other assets
-
-
Total assets
$
100,256
$
96,123
Liabilities and Shareholders’
Equity
Liabilities:
Accounts payable and other liabilities
$
14
$
26
Total liabilities
14
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
38,284
34,139
Total shareholders' equity
100,242
96,097
Total liabilities and shareholders' equity
$
100,256
$
96,123
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200324005775/en/
Income Opportunity Realty Investors, Inc. Investor
Relations Gene Bertcher (800) 400-6407
investor.relations@incomeopp-realty.com
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