Income Opportunity Realty Investors, Inc. Reports Fourth Quarter And Full Year 2009 Financial Results
Income Opportunity Realty Investors, Inc. (AMEX:IOT), a Dallas-based real estate investment company, today reported results of operations for the year ended December 31, 2009. IOT announced today that the company reported net income applicable to common shares of $920,000 or $0.22 per share for the year ended December 31, 2009, as compared to a net income applicable to common shares of $26.7 million or $6.41 per share for the same period ended 2008. Net income for the last three months ended December 31, 2009 was $2.1 million or $0.49 per share, as compared to prior year net income applicable to common shares of $479,000 or $0.12 per share.
Results of the year ended December 31, 2009 to the year ended December 31, 2008
In 2009, IOT sold two commercial properties and in 2008, sold seven apartment complexes. These sales have liquidated IOT’s ownership of income-producing properties, resulting in land available for development or sale remaining as IOT’s sole operating segment.
The Company’s primary source of revenue is from the interest payments received on notes receivable. Interest income was $4.7 million for the twelve months ended December 31, 2009. Interest income for 2009, in comparison to the same period in 2008, has increased by $1.7 million. The increase is due to payments received on our notes receivable from Unified Housing Foundation, Inc., an affiliated entity. The receivables are from surplus cash flow notes. The entity is required to pay on the notes when they generate surplus cash flow, thus interest income is recorded when received.Mortgage and loan interest expense was $1.9 million for the twelve months ended December 31, 2009. The mortgage and loan interest expense for 2009, in comparison to the same period in 2008, has decreased by $0.2 million due to a reduction of loan fees and interest expense. Earnings from unconsolidated subsidiaries and investees were $18,000 for the twelve months ended December 31, 2009. Earnings from unconsolidated subsidiaries and investees in 2009, as compared to the same period in 2008, increased by $0.5 million due to the current earnings recorded on our investment in TCI Eton Square, LP and the prior year write off of the investment in Nakash Investment Associates.
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