Income Opportunity Realty Investors, Inc. Reports Third Quarter 2010 Results
Income Opportunity Realty Investors, Inc. (AMEX:IOT), a Dallas-based real estate investment company, today reported results of operations for the third quarter ended September 30, 2010. IOT announced today that the Company reported a net income applicable to common shares of $112,000 or $0.03 per diluted earnings per share for the period ended September 30, 2010, as compared to a net loss applicable to common shares of $1,153,000 or $0.28 per diluted earnings per share for the same period ended 2009.
Rental revenues and operating expenses remained fairly consistent for the nine months ended September 30, 2010, in comparison to the prior period. Revenues increased by $28,000 in the current year, due to an increase in rental rates on the leasing of our storage warehouse, and expenses decreased by $32,000 in the current year, due to decreases in expenses related to our storage warehouse and our land portfolio.
General and administrative expenses were $250,000 for the nine months ended September 30, 2010. This represents an increase of $71,000, as compared to the prior period expenses of $179,000. This increase was due to advisory fees and accounting fees without a similar accrual in the prior period, offset by decreases in professional services.
Interest income was $1,842,000 for the nine months ended September 30, 2010. This represents an increase of $727,000 as compared to the prior period interest income of $1,115,000. The increase was 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.Mortgage loan and interest expense was $992,000 for the nine months ended September 30, 2010. This represents a decrease of $616,000 as compared to the prior period expense of $1,608,000. The decrease is due to the modification of the Mercer Crossing/Travelers land loan, lowering the interest rate for the interest expenses incurred in the current period.
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