Attached files
| file | filename |
|---|---|
| 8-K - INCOME OPPORTUNITY - INCOME OPPORTUNITY REALTY INVESTORS INC /TX/ | iot8k111615.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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For the Nine Months Ended
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September 30,
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September 30,
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2015
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2014
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2015
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2014
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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 $11 and $13 for the three months and $25 and
$37 for the nine months ended 2015 and 2014, respectively, from related parties)
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56 | 13 | 71 | 42 | ||||||||||||
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General and administrative (including $45 and $61 for the three months and $171 and
$198 for the nine months ended 2015 and 2014, respectively, from related parties)
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62 | 143 | 359 | 422 | ||||||||||||
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Net income fee to related party
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51 | 51 | 142 | 152 | ||||||||||||
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Advisory fee to related party
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176 | 173 | 526 | 516 | ||||||||||||
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Total operating expenses
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345 | 380 | 1,098 | 1,132 | ||||||||||||
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Net operating loss
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(345 | ) | (380 | ) | (1,098 | ) | (1,132 | ) | ||||||||
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Other income (expenses):
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Interest income from related parties
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1,137 | 1,179 | 3,376 | 3,547 | ||||||||||||
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Mortgage and loan interest
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(112 | ) | (176 | ) | (441 | ) | (538 | ) | ||||||||
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Total other income
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1,025 | 1,003 | 2,935 | 3,009 | ||||||||||||
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Income tax expense
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- | - | - | - | ||||||||||||
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Net income
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$ | 680 | $ | 623 | $ | 1,837 | $ | 1,877 | ||||||||
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Earnings per share - basic
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Net income from continuing operations
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$ | 0.16 | $ | 0.15 | $ | 0.44 | $ | 0.45 | ||||||||
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Net income applicable to common shares
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$ | 0.16 | $ | 0.15 | $ | 0.44 | $ | 0.45 | ||||||||
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Earnings per share - diluted
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Net income from continuing operations
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$ | 0.16 | $ | 0.15 | $ | 0.44 | $ | 0.45 | ||||||||
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Net income applicable to common shares
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$ | 0.16 | $ | 0.15 | $ | 0.44 | $ | 0.45 | ||||||||
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Weighted average common shares 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 shares 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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September
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December 31,
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2015
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2014
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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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$ | 22,717 | $ | 25,717 | ||||
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Total real estate
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22,717 | 25,717 | ||||||
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Notes and interest receivable from related parties
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26,143 | 27,461 | ||||||
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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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24,317 | 25,635 | ||||||
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Cash and cash equivalents
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2 | 7 | ||||||
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Receivable and accrued interest from related parties
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46,135 | 40,460 | ||||||
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Other assets
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1,067 | 1,257 | ||||||
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Total assets
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$ | 94,238 | $ | 93,076 | ||||
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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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$ | 9,581 | $ | 10,240 | ||||
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Accounts payable and other liabilities
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21 | 37 | ||||||
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Total liabilities
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9,602 | 10,277 | ||||||
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Shareholders’ equity:
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Common stock, $0.01 par value, authorized 10,000,000; issued 4,173,675 and outstanding 4,168,214
shares in 2015 and 2014
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42 | 42 | ||||||
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Treasury stock at cost, 5,461 shares in 2015 and 2014
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(39 | ) | (39 | ) | ||||
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Paid-in capital
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61,955 | 61,955 | ||||||
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Retained earnings
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22,678 | 20,841 | ||||||
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Total shareholders' equity
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84,636 | 82,799 | ||||||
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Total liabilities and shareholders' equity
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$ | 94,238 | $ | 93,076 | ||||