Attached files
| file | filename |
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| 8-K - INCOME OPPORTUNITY - INCOME OPPORTUNITY REALTY INVESTORS INC /TX/ | ari8k081512.htm |
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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 June 30,
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For the Six Months Ended June 30,
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2012
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2011
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2012
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2011
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(dollars in thousands, except share and per share amounts)
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Revenues:
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Rental and other property revenues
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$ | - | $ | - | $ | - | $ | - | ||||||||
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Expenses:
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Property operating expenses (including $14 and $0 for the three months
and $43 and $2 for the six months ended 2012 and 2011 respectively from
affiliates and related parties)
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14 | 3 | 45 | 11 | ||||||||||||
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General and administrative (including $117 and $61 for the three months
and $200 and $116 for the six months ended 2012 and 2011 respectively
from affiliates and related parties)
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207 | 182 | 360 | 276 | ||||||||||||
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Advisory fee to affiliates
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205 | 211 | 402 | 431 | ||||||||||||
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Total operating expenses
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426 | 396 | 807 | 718 | ||||||||||||
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Operating loss
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(426 | ) | (396 | ) | (807 | ) | (718 | ) | ||||||||
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Other income (expense):
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Interest income (including $1,713 and $723 for the three months and $2,896
and $1,017 for the six months ended 2012 and 2011 respectively from
affiliates and related parties)
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1,713 | 723 | 2,896 | 1,017 | ||||||||||||
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Mortgage and loan interest
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(277 | ) | (365 | ) | (552 | ) | (646 | ) | ||||||||
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Earnings from unconsolidated subsidiaries and investees
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(12 | ) | (50 | ) | (23 | ) | (50 | ) | ||||||||
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Total other income
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1,424 | 308 | 2,321 | 321 | ||||||||||||
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Income (loss) from continuing operations before tax
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998 | (88 | ) | 1,514 | (397 | ) | ||||||||||
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Income tax expense
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- | (503 | ) | (3 | ) | (502 | ) | |||||||||
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Net income (loss) from continuing operations
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998 | (591 | ) | 1,511 | (899 | ) | ||||||||||
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Discontinued operations:
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Loss from discontinued operations
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- | (1,437 | ) | (9 | ) | (1,435 | ) | |||||||||
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Income tax benefit from discontinued operations
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- | 503 | 3 | 502 | ||||||||||||
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Net loss from discontinued operations
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- | (934 | ) | (6 | ) | (933 | ) | |||||||||
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Net income (loss)
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998 | (1,525 | ) | 1,505 | (1,832 | ) | ||||||||||
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Earnings per share - basic
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Income (loss) from continuing operations
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$ | 0.24 | $ | (0.14 | ) | $ | 0.36 | $ | (0.22 | ) | ||||||
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Loss from discontinued operations
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- | (0.22 | ) | - | (0.22 | ) | ||||||||||
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Net income (loss) applicable to common shares
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$ | 0.24 | $ | (0.36 | ) | $ | 0.36 | $ | (0.44 | ) | ||||||
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Earnings per share - diluted
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Income (loss) from continuing operations
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$ | 0.24 | $ | (0.14 | ) | $ | 0.36 | $ | (0.22 | ) | ||||||
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Loss from discontinued operations
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- | (0.22 | ) | - | (0.22 | ) | ||||||||||
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Net income (loss) applicable to common shares
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$ | 0.24 | $ | (0.36 | ) | $ | 0.36 | $ | (0.44 | ) | ||||||
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Weighted average common share used in
computing earnings per share
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4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 | ||||||||||||
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Weighted average common share used in
computing diluted earnings per share
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4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 | ||||||||||||
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INCOME OPPORTUNITY REALTY INVESTORS, INC.
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CONSOLIDATED BALANCE SHEETS
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(unaudited)
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June 30,
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December 31,
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2012
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2011
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(dollars in thousands, except share
and par value amounts)
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Assets
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Real estate land holdings, at cost
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$ | 24,511 | $ | 24,511 | ||||
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Total real estate
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24,511 | 24,511 | ||||||
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Notes and interest receivable from related parties
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27,073 | 31,612 | ||||||
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Less allowance for doubtful accounts
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(1,826 | ) | (1,826 | ) | ||||
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Total notes and interest receivable
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25,247 | 29,786 | ||||||
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Cash and cash equivalents
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11 | 1 | ||||||
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Investments in unconsolidated subsidiaries and investees, subject to sales contract
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14 | 37 | ||||||
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Receivable and accrued interest from related parties
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58,206 | 52,160 | ||||||
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Other assets
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1,507 | 1,546 | ||||||
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Total assets
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$ | 109,496 | $ | 108,041 | ||||
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Liabilities and Shareholders’ Equity
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Liabilities:
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Notes and interest payable
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$ | 28,470 | $ | 28,588 | ||||
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Deferred gain (from sales to related parties)
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5,127 | 5,127 | ||||||
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Accounts payable and other liabilities
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193 | 125 | ||||||
| 33,790 | 33,840 | |||||||
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Commitments and contingencies:
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Shareholders’ equity:
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Common stock, $.01 par value, authorized 10,000,000 shares; issued 4,173,675 shares in 2012 and 2011
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42 | 42 | ||||||
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Treasury stock at cost, 5,461 in 2012 and 2011
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(39 | ) | (39 | ) | ||||
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Paid-in capital
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61,955 | 61,955 | ||||||
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Retained earnings
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13,748 | 12,243 | ||||||
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Total shareholders' equity
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75,706 | 74,201 | ||||||
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Total liabilities and shareholders' equity
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$ | 109,496 | $ | 108,041 | ||||
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The accompanying notes are an integral part of these financial statements.
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