Nevada
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001-14784
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75-2615944
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(State or other
jurisdiction of incorporation)
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(Commission
File No.)
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(I.R.S. Employer
Identification No.)
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1603 LBJ Freeway, Suite 800
Dallas, Texas
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75234
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(Address of principal executive offices)
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(Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d)
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Exhibits.
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Exhibit
Designation
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Description of Exhibit
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99.1*
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Press Release dated November 11, 2014.
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_____________________
*Furnished herewith.
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Dated: November 11, 2014
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INCOME OPPORTUNITY REALTY INVESTORS, INC.
By: /s/ Gene S. Bertcher
Gene S. Bertcher, Executive Vice
President and Chief Financial Officer
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NEWS RELEASE
FOR IMMEDIATE RELEASE
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Contact:
Income Opportunity Realty Investors, Inc. Investor Relations
Gene Bertcher (800) 400-6407
investor.relations@incomeopp-realty.com
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INCOME OPPORTUNITY REALTY INVESTORS, INC.
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||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||||||
(unaudited)
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||||||||||||||||
For the Three Months Ended
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For the Nine Months Ended
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|||||||||||||||
September 30,
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September 30,
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|||||||||||||||
2014
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2013
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2014
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2013
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|||||||||||||
(dollars in thousands, except per share amounts)
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Rental and other property revenues
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Expenses:
|
||||||||||||||||
Property operating expenses (including $13 and $13 for the three months and $37 and $36
for the nine months ended 2014 and 2013, respectively, from related parties)
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13 | 49 | 42 | 72 | ||||||||||||
General and administrative (including $61 and $60 for the three months and $181 and $178
for the nine months ended 2014 and 2013, respectively, from related parties)
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143 | 192 | 422 | 536 | ||||||||||||
Net income fee to related party
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51 | 55 | 152 | 159 | ||||||||||||
Advisory fee to related party
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173 | 209 | 516 | 621 | ||||||||||||
Total operating expenses
|
380 | 505 | 1,132 | 1,388 | ||||||||||||
Net operating loss
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(380 | ) | (505 | ) | (1,132 | ) | (1,388 | ) | ||||||||
Other income (expenses):
|
||||||||||||||||
Interest income from related parties
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1,179 | 1,427 | 3,547 | 4,251 | ||||||||||||
Mortgage and loan interest
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(176 | ) | (297 | ) | (538 | ) | (879 | ) | ||||||||
Total other income
|
1,003 | 1,130 | 3,009 | 3,372 | ||||||||||||
Net income from continuing operations before tax
|
623 | 625 | 1,877 | 1,984 | ||||||||||||
Income tax expense
|
- | - | - | (6 | ) | |||||||||||
Net income from continuing operations
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623 | 625 | 1,877 | 1,978 | ||||||||||||
Discontinued operations:
|
||||||||||||||||
Net loss from discontinued operations
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- | - | - | (18 | ) | |||||||||||
Gain (loss) on the sale of real estate from discontinued operations
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- | - | - | - | ||||||||||||
Income tax benefit from discontinued operations
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- | - | - | 6 | ||||||||||||
Net loss from discontinued operations
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- | - | - | (12 | ) | |||||||||||
Net income
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$ | 623 | $ | 625 | $ | 1,877 | $ | 1,966 | ||||||||
Earnings per share - basic
|
||||||||||||||||
Net income from continuing operations
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$ | 0.15 | $ | 0.15 | $ | 0.45 | $ | 0.47 | ||||||||
Net income from discontinued operations
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- | - | - | - | ||||||||||||
Net income applicable to common shares
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$ | 0.15 | $ | 0.15 | $ | 0.45 | $ | 0.47 | ||||||||
Earnings per share - diluted
|
||||||||||||||||
Net income from continuing operations
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$ | 0.15 | $ | 0.15 | $ | 0.45 | $ | 0.47 | ||||||||
Net income from discontinued operations
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- | - | - | - | ||||||||||||
Net income applicable to common shares
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$ | 0.15 | $ | 0.15 | $ | 0.45 | $ | 0.47 | ||||||||
Weighted average common shares used in computing earnings per share
|
4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 | ||||||||||||
Weighted average common shares used in computing diluted earnings per share
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4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 |
INCOME OPPORTUNITY REALTY INVESTORS, INC.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited)
|
||||||||
September 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
(dollars in thousands,
except par value amount)
|
||||||||
Assets
|
||||||||
Real estate land holdings, at cost
|
$ | 24,515 | $ | 24,511 | ||||
Total real estate
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24,515 | 24,511 | ||||||
Notes and interest receivable from related parties
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26,691 | 30,693 | ||||||
Less allowance for doubtful accounts
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(1,826 | ) | (1,826 | ) | ||||
Total notes and interest receivable
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24,865 | 28,867 | ||||||
Cash and cash equivalents
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3 | 3 | ||||||
Receivable and accrued interest from related parties
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42,753 | 39,207 | ||||||
Other assets
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1,260 | 1,225 | ||||||
Total assets
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$ | 93,396 | $ | 93,813 | ||||
Liabilities and Shareholders’ Equity
|
||||||||
Liabilities:
|
||||||||
Notes and interest payable - related parties
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$ | 10,240 | $ | 12,357 | ||||
Accounts payable and other liabilities
|
39 | 216 | ||||||
Total liabilities
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10,279 | 12,573 | ||||||
Shareholders’ equity:
|
||||||||
Common stock, $0.01 par value, authorized 10,000,000. issued 4,173,675 and
outstanding 4,168,214 shares in 2014 and 2013
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42 | 42 | ||||||
Treasury stock at cost, 5,461 shares in 2014 and 2013
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(39 | ) | (39 | ) | ||||
Paid-in capital
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61,955 | 61,955 | ||||||
Retained earnings
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21,159 | 19,282 | ||||||
Total shareholders' equity
|
83,117 | 81,240 | ||||||
Total liabilities and shareholders' equity
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$ | 93,396 | $ | 93,813 |