Income Opportunity Realty Investors, Inc. 8-K

Exhibit 99.1 

NEWS RELEASE	Contact:
FOR IMMEDIATE RELEASE	Income Opportunity Realty Investors, Inc. Investor Relations Erik Johnson (469) 522-4200 investor.relations@incomeopp-realty.com

Income Opportunity Realty Investors, Inc. reports Earnings for Quarter Ended June 30, 2022

DALLAS (August 12, 2022) -- Income Opportunity Realty Investors, Inc. (NYSE American:IOR) is reporting its results of operations for the quarter ended June 30, 2022. For the three months ended June 30, 2022 and 2021, we reported net income attributable to common shares of $0.8 million or $0.20 per diluted share.

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,
	2022			2021			2022			2021
Revenues:
Other income		—			—			—			—
Expenses:
General and administrative		68			100			260			288
Advisory fee to related party		273			256			541			592
Total operating expenses		341			356			801			880
Net operating loss		(341	)		(356	)		(801	)		(880	)
Interest income from related parties		1,433			1,231			2,685			2,449
Other income		—			162			—			1,179
Income tax provision		(244	)		(218	)		(410	)		(577	)
Net income applicable to common shares		848			819			1,474			2,171
Earnings per share
Basic and diluted	$	0.20		$	0.20		$	0.35		$	0.52
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