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

Rhea-AI Summary

Income Opportunity Realty Investors reports net income of $1.8 million for Q2 2023, up from $0.8 million in Q2 2022.

Positive

• Net income increased from $0.8 million to $1.8 million for Q2 2023, driven by higher interest income due to increased interest rates.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Income Opportunity Realty Investors, Inc. (NYSE American:IOR) is reporting its results of operations for the quarter ended June 30, 2023. For the three months ended June 30, 2023, we reported net income attributable to common shares of $1.8 million or $0.44 per diluted share compared to a net income of $0.8 million or $0.20 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 June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Revenues:
Other Income		$	-			$	-			$	-			$	-
Expenses:
General and administrative			76				68				294				260
Advisory fee to related party			380				273				699				541
Total operating expenses			456				341				993				801
Net operating loss			(456	)			(341	)			(993	)			(801	)
Interest income from related parties			2,778				1,433				4,644				2,685
Income tax provision			(488	)			(244	)			(767	)			(410	)
Net income			1,834				848				2,884				1,474
Earnings per share
Basic and diluted		$	0.44			$	0.20			$	0.69			$	0.35
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 net income for Income Opportunity Realty Investors in Q2 2023?

The net income for Income Opportunity Realty Investors in Q2 2023 is $1.8 million.

What caused the increase in net income?

The increase in net income is attributed to higher interest income resulting from increased interest rates.