Income Opportunity Realty Investors, Inc. 8-K

Exhibit 99.1

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

Income Opportunity Realty Investors, Inc. reports Earnings for Quarter Ended December 31, 2023

DALLAS (March 21, 2024) -- Income Opportunity Realty Investors, Inc. (NYSE American:IOR) is reporting its results of operations for the quarter ended December 31, 2023. For the three months ended December 31, 2023, we reported net income attributable to common shares of $2.5 million or $0.60 per diluted share compared to net income of $1.3 million or $0.30 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 December 31,						Twelve Months Ended December 31,
	2023			2022			2023			2022
Revenues:
Other income		—			—			—			—
Expenses:
General and administrative		105			77			490			451
Advisory fee to related party		(75	)		351			970			1,175
Total operating expenses		30			428			1,460			1,626
Net operating loss		(30	)		(428	)		(1,460	)		(1,626	)
Interest income from related parties		2,910			2,096			10,070			6,602
Income tax provision		(406	)		(399	)		(1,609	)		(1,045	)
Net income		2,474			1,269			7,001			3,931
Earnings per share
Basic and diluted	$	0.60		$	0.30		$	1.68		$	0.94
Weighted average common shares used in computing earnings per share
Basic and diluted		4,145,016			4,168,414			4,162,516			4,168,414