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, 2011. IOT announced today that the Company reported a net loss applicable to common shares of $515,000 or $0.13 per diluted earnings per share for the three months ended September 30, 2011, as compared to a net loss applicable to common shares of $32,000 or $0.00 per diluted earnings per share for the same period ended 2010.
The Company invests in real estate and mortgage loans on real estate. Land held for development or sale is our sole operating segment. As of September 30, 2011, our land consisted of 178.1 acres located in Texas. The principal source of revenue for the Company is interest income on note receivables due from affiliated and/or related parties.
Property operating expenses were $6,000 for the three months ended September 30, 2011. This represents a decrease of $1,000, as compared to the prior period operating expenses of $7,000. There was an increase in the land portfolio of $2,000 and a decrease in the other portfolio of $3,000. The increase in the land portfolio was due to an increase in POA fees. The decrease in the other portfolio was due to a decrease in professional fees.
Interest income was $543,000 for the three months ended September 30, 2011. This represents an increase of $31,000 as compared to the prior period interest income of $512,000. The increase was due to accrued interest on affiliate receivables.Earnings from unconsolidated subsidiaries and investees relate to IOT’s 10.0% investment in TCI Eton Square, LP. This investment is accounted for under the equity method and recognizes its portion of the current period earnings. Discontinued operations include 13 acres of land with a storage warehouse. Loss from discontinued operations was $10,000 for the three months ended September 30, 2011. This represents a decrease of $47,000, as compared to the prior period income from discontinued operations of $37,000.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV