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, 2011. IOT announced today that the Company reported a net loss applicable to common shares of $1.5 million or $0.37 per diluted earnings per share for the period ended June 30, 2011, as compared to a net loss applicable to common shares of $18,000 or $0.00 per diluted earnings per share for the same period ended 2010.
Rental and other property revenues were $77,000 for the three months ended June 30, 2011. This represents an increase of $12,000, as compared to the prior period revenues of $65,000, due to an increase in rental income received from the leasing of our storage warehouse.
Property operating expenses were ($11,000) for the three months ended June 30, 2011. This represents a decrease of $46,000, as compared to the prior period operating expenses of $35,000. There was a decrease in the land portfolio of $51,000 and an increase in the other portfolio of $5,000. The decrease in the land portfolio was mainly related to the storage warehouse expenses. There was a decrease of $31,000 due to an adjustment of prior year’s taxes and a reduction in overall operating expenses of $25,000, offset by an increase in the Mercer Crossing land expenses of $5,000. The increase in the other portfolio is related to professional fees.
Interest income was $723,000 for the three months ended June 30, 2011. This represents an increase of $102,000 as compared to the prior period interest income of $621,000. The increase was due to an increase in related party receivables, of which accrues interest monthly.Mortgage loan and interest expense was $420,000 for the three months ended June 30, 2011. This represents an increase of $90,000 as compared to the prior period expense of $330,000. This increase was due to the reconciliation of the debt owed on the Travelers land parcel. An adjustment was made to re-allocate the accrued interest balance between TCI and IOT to correctly reflect the proportionate share of interest expense.
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