Income Opportunity Realty Investors, Inc. Reports Second Quarter 2010 Results
Income Opportunity Realty Investors, Inc. (AMEX:IOT), a Dallas-based real estate investment company, today reported results of operations for the second quarter ended June 30, 2010. IOT announced today that the Company reported a net income applicable to common shares of $144,000 or $0.03 per share for the period ended June 30, 2010, as compared to a net loss applicable to common shares of ($754,000) or ($0.18) per share for the same period ended 2009.
Rental and other property revenues were $126,000 for the six months ended June 30, 2010. This represents a decrease of $13,000, as compared to the prior period revenues of $139,000, due to a decrease in our rental income received from the leasing of our storage warehouse.
Property operating expenses were $87,000 for the six months ended June 30, 2010. This represents a decrease of $9,000, as compared to the prior period operating expenses of $96,000 due to a decrease in overall operating expenses.
General and administrative expenses were $179,000 for the six months ended June 30, 2010. This represents an increase of $31,000, as compared to the prior period expenses of $148,000. This increase was due to an accrual of $33,000 for accounting fees without a similar accrual in the prior period, an increase in legal and professional fees of $9,000, offset by $11,000 decreases in various corporate related expenses.Interest income was $1.3 million for the six months ended June 30, 2010. This represents an increase of $579,000 as compared to the prior period interest income of $751,000. The increase is due to the receipt of cash on the receivables from Unified Housing Foundation, Inc. in the current period. The notes are excess cash flow notes and interest on the notes is recorded as cash is received. More cash was received in the current period as compared to the prior period.
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