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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.