UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Section 2 - Financial Information
Item 2.02. Results of Operations and Financial Condition
On March 25, 2022, Income Opportunity Realty Investors, Inc. ("IOR" or the "Company") announced its operational results for the quarter ended December 31, 2021. A copy of the announcement is attached as Exhibit "99.1."
The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit "99.1" attached hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.
Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
| (d) | Exhibits. |
The following exhibit is furnished with this Report:
| Exhibit No. | Description | |
| 99.1* | Press release dated March 25, 2022 |
___________________
* Furnished herewith
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.
INCOME OPPORTUNITY REALTY INVESTORS, INC.
| Dated: March 28, 2022 | By: | /s/ ERIK L. JOHNSON |
| Erik L. Johnson | ||
| Executive Vice President and Chief Financial Officer | ||
| (Principal Financial Officer) |
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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 (800) 400-6407 |
Income Opportunity Realty Investors, Inc. Reports Fourth Quarter 2021 Results
Income Opportunity Realty Investors, Inc. Reports Earnings for Q4 2021
DALLAS (March 25, 2022) -- Income Opportunity Realty Investors, Inc. (NYSE American “IOR”) is reporting its results of operations for the quarter ended December 31, 2021. For the three months ended December 31, 2021, we reported net income attributable to common shares of $0.7 million or $0.17 per diluted share, compared to $1.3 million or $0.32 per diluted share for the same period in 2020.
Financial Results
Net income attributable to common shares decreased $0.6 million from $1.3 million for the three months ended December 31, 2020 to $0.7 million for the three months ended December 31, 2021. The decrease in net income is primarily attributed to a tax credit received in the prior year.
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.
Investor Relations
Erik Johnson, (800) 400-6407
INCOME OPPORTUNITY REALTY INVESTORS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenues: | ||||||||||||||||
| Other income | — | — | — | — | ||||||||||||
| Expenses: | ||||||||||||||||
| General and administrative | 94 | 89 | 470 | 450 | ||||||||||||
| Advisory fee to related party | 259 | 316 | 1,108 | 1,139 | ||||||||||||
| Total operating expenses | 353 | 405 | 1,578 | 1,589 | ||||||||||||
| Net operating loss | (353 | ) | (405 | ) | (1,578 | ) | (1,589 | ) | ||||||||
| Interest income from related parties | 1,256 | 1,302 | 4,953 | 5,373 | ||||||||||||
| Other income | — | 808 | 1,179 | 1,550 | ||||||||||||
| Income tax provision | (188 | ) | (358 | ) | (956 | ) | (1,120 | ) | ||||||||
| Net income applicable to common shares | 715 | 1,347 | 3,598 | 4,214 | ||||||||||||
| Earnings per share - basic and diluted | ||||||||||||||||
| Basic and diluted | $ | 0.17 | $ | 0.32 | $ | 0.86 | $ | 1.01 | ||||||||
| 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 | ||||||||||||