Nevada | 001-14784 | 75-2615944 | ||
(State or other jurisdiction of incorporation) |
(Commission File No.) |
(I.R.S. Employer Identification No.) |
1800 Valley View Lane, Suite 300 Dallas, Texas |
75234 | |||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit | ||
Designation | Description of Exhibit | |
99.1* | Press Release dated April 1, 2011. |
* | Furnished herewith. | |
-1-
Dated: April 4, 2011 | INCOME OPPORTUNITY REALTY INVESTORS, INC. |
|||
By: | /s/ Gene S. Bertcher | |||
Gene S. Bertcher, Executive Vice | ||||
President and Chief Financial Officer | ||||
NEWS RELEASE |
||
FOR IMMEDIATE RELEASE
|
Contact: | |
Income Opportunity Realty Investors, Inc. | ||
Investor Relations | ||
(800) 400-6407 | ||
investor.relations@primeasset.com |
For the Years Ended December 31, 2010 | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
(dollars in thousands, except share and per share amounts) | ||||||||||||
Revenues: |
||||||||||||
Rental and other property revenues(including $313 and $243
and $282 for the year ended 2010 and 2009 and
2008 respectively from affiliates and related parties) |
$ | 313 | $ | 246 | $ | 310 | ||||||
Expenses: |
||||||||||||
Property operating expenses (including $2 and $5 and $8
for the year ended 2010 and 2009 and 2008
respectively from affiliates and related parties) |
164 | 191 | 381 | |||||||||
Depreciation and amortization |
| 40 | 60 | |||||||||
General and administrative (including $178 and $117
and $28 for the year ended 2010 and 2009 and
2008 respectively from affiliates and related parties) |
402 | 405 | 599 | |||||||||
Advisory fee to affiliates |
866 | 881 | 895 | |||||||||
Total operating expenses |
1,432 | 1,517 | 1,935 | |||||||||
Operating loss |
(1,119 | ) | (1,271 | ) | (1,625 | ) | ||||||
Other income (expense): |
||||||||||||
Interest income (including $4,292 and $4,661 and
$2,964 for the year ended 2010 and 2009 and 2008
respectively from affiliates and related parties) |
4,292 | 4,661 | 2,993 | |||||||||
Mortgage and loan interest |
(1,281 | ) | (1,883 | ) | (2,043 | ) | ||||||
Gain on involuntary conversion |
| | 7,356 | |||||||||
Earnings from unconsolidated subsidiaries and investees |
(3 | ) | 18 | (458 | ) | |||||||
Net income fee to affiliates |
(99 | ) | (115 | ) | (1,011 | ) | ||||||
Total other income |
2,909 | 2,681 | 6,837 | |||||||||
Income before gain on land sales, non-controlling interest, and taxes |
1,790 | 1,410 | 5,212 | |||||||||
Income from continuing operations before tax |
1,790 | 1,410 | 5,212 | |||||||||
Income tax benefit (expense) |
48 | (493 | ) | 7,524 | ||||||||
Net income from continuing operations |
1,838 | 917 | 12,736 | |||||||||
Discontinued operations: |
||||||||||||
Income from discontinued operations |
| 5 | 21,497 | |||||||||
Income tax expense from discontinued operations |
| (2 | ) | (7,524 | ) | |||||||
Net income from discontinued operations |
| 3 | 13,973 | |||||||||
Net income |
1,838 | 920 | 26,709 | |||||||||
Earnings per share basic |
||||||||||||
Income from continuing operations |
$ | 0.44 | $ | 0.22 | $ | 3.06 | ||||||
Discontinued operations |
| | 3.35 | |||||||||
Net income applicable to common shares |
$ | 0.44 | $ | 0.22 | $ | 6.41 | ||||||
Earnings per share diluted |
||||||||||||
Income from continuing operations |
$ | 0.44 | $ | 0.22 | $ | 3.06 | ||||||
Discontinued operations |
| | 3.35 | |||||||||
Net income applicable to conmon shares |
$ | 0.44 | $ | 0.22 | $ | 6.41 | ||||||
Weighted average common share used in computing earnings per share |
4,168,214 | 4,168,214 | 4,168,264 | |||||||||
Weighted average common share used in computing diluted earning per share |
4,168,214 | 4,168,214 | 4,168,264 |
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
(dollars in thousands,
except share and par value amounts) |
||||||||
Assets | ||||||||
Real estate
land holdings, at cost |
$ | 29,561 | $ | 29,503 | ||||
Total real estate |
29,561 | 29,503 | ||||||
Notes and interest receivable from related parties |
38,405 | 38,818 | ||||||
Less allowance for doubtful
accounts |
(1,826 | ) | (1,826 | ) | ||||
Total notes
and interest receivable |
36,579 | 36,992 | ||||||
Cash and
cash equivalents |
20 | 2 | ||||||
Investments in unconsolidated
subsidiaries and investees |
89 | 92 | ||||||
Receivable
and accrued interest from
related parties |
48,598 | 46,676 | ||||||
Other assets |
2,240 | 2,400 | ||||||
Total assets |
$ | 117,087 | $ | 115,665 | ||||
Liabilities and
Shareholders Equity |
||||||||
Liabilities: |
||||||||
Notes and
interest payable |
$ | 36,604 | $ | 37,080 | ||||
Deferred
revenue (from sales to
related parties) |
6,550 | 6,550 | ||||||
Accounts
payable and
other liabilities (including $1 in
2010 and $2 in 2009
from affiliated and related parties) |
401 | 341 | ||||||
43,555 | 43,971 | |||||||
Commitments and contingencies: |
||||||||
Shareholders equity: |
||||||||
Common
stock, $.01 par value,
authorized 10,000,000
shares; issued 4,173,675
shares in 2010 and 2009 |
42 | 42 | ||||||
Treasury
stock at cost, 5,461 shares in 2010 and 2009 |
(39 | ) | (39 | ) | ||||
Paid-in capital |
61,955 | 61,955 | ||||||
Retained earnings |
11,574 | 9,736 | ||||||
Total
shareholders equity |
73,532 | 71,694 | ||||||
Total liabilities and shareholders equity |
$ | 117,087 | $ | 115,665 | ||||