Attached files
| file | filename |
|---|---|
| 8-K - INCOME OPPORTUNITY REALTY INVESTORS - INCOME OPPORTUNITY REALTY INVESTORS INC /TX/ | iot8k051614.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
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March 31,
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2014
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2013
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(dollars in thousands, except 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 $13 for the three months ended 2014 and
2013, respectively, from related parties)
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18 | 14 | ||||||
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General and administrative (including $64 and $43 for the three months ended 2014 and
2013, respectively, from related parties)
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162 | 132 | ||||||
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Net income fee to related party
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45 | 56 | ||||||
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Advisory fee to related party
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165 | 204 | ||||||
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Total operating expenses
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390 | 406 | ||||||
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Net operating loss
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(390 | ) | (406 | ) | ||||
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Other income (expenses):
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Interest income from related parties
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1,133 | 1,407 | ||||||
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Mortgage and loan interest
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(184 | ) | (288 | ) | ||||
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Total other income
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949 | 1,119 | ||||||
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Net income from continuing operations before tax
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559 | 713 | ||||||
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Income tax expense
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- | (6 | ) | |||||
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Net income from continuing operations
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559 | 707 | ||||||
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Discontinued operations:
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Net loss from discontinued operations
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- | (18 | ) | |||||
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Gain (loss) on the sale of real estate from discontinued operations
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- | - | ||||||
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Income tax benefit from discontinued operations
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- | 6 | ||||||
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Net loss from discontinued operations
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- | (12 | ) | |||||
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Net income
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$ | 559 | $ | 695 | ||||
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Earnings per share - basic
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Net income from continuing operations
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$ | 0.13 | $ | 0.17 | ||||
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Net income from discontinued operations
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- | - | ||||||
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Net income applicable to common shares
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$ | 0.13 | $ | 0.17 | ||||
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Earnings per share - diluted
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Net income from continuing operations
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$ | 0.13 | $ | 0.17 | ||||
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Net income from discontinued operations
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- | - | ||||||
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Net income applicable to common shares
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$ | 0.13 | $ | 0.17 | ||||
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Weighted average common shares used in computing earnings per share
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4,168,214 | 4,168,214 | ||||||
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Weighted average common shares used in computing diluted earnings per share
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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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March 31,
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December 31,
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2014
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2013
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(dollars in thousands, except
par value amount)
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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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26,620 | 30,693 | ||||||
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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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24,794 | 28,867 | ||||||
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Cash and cash equivalents
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3 | 3 | ||||||
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Receivable and accrued interest from related parties
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43,757 | 39,207 | ||||||
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Other assets
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1,224 | 1,225 | ||||||
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Total assets
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$ | 94,289 | $ | 93,813 | ||||
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Liabilities and Shareholders’ Equity
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Liabilities:
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Notes and interest payable - related parties
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$ | 12,357 | $ | 12,357 | ||||
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Accounts payable and other liabilities
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133 | 216 | ||||||
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Total liabilities
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12,490 | 12,573 | ||||||
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Shareholders’ equity:
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Common stock, $0.01 par value, authorized 10,000,000. issued 4,173,675 and
outstanding 4,168,214 shares in 2014 and 2013
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42 | 42 | ||||||
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Treasury stock at cost, 5,461 shares in 2014 and 2013
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(39 | ) | (39 | ) | ||||
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Paid-in capital
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61,955 | 61,955 | ||||||
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Retained earnings
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19,841 | 19,282 | ||||||
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Total shareholders' equity
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81,799 | 81,240 | ||||||
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Total liabilities and shareholders' equity
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$ | 94,289 | $ | 93,813 | ||||