INCOME OPPORTUNITY REALTY INVESTORS, INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(unaudited) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(dollars in thousands, except share and per share amounts) | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental and other property revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
Expenses: | ||||||||||||||||
Property operating expenses (including $10 and $14 for the three months and $24 and $43 for the six months ended 2013 and 2012 respectively from related parties) | 9 | 14 | 23 | 45 | ||||||||||||
General and administrative (including $123 and $117 for the three months and $222 and $200 for the six months ended 2013 and 2012 respectively from related parties) | 261 | 207 | 449 | 360 | ||||||||||||
Advisory fee to related party | 207 | 205 | 412 | 402 | ||||||||||||
Total operating expenses | 477 | 426 | 884 | 807 | ||||||||||||
Operating loss | (477 | ) | (426 | ) | (884 | ) | (807 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income from related parties | 1,417 | 1,713 | 2,824 | 2,896 | ||||||||||||
Mortgage and loan interest | (294 | ) | (277 | ) | (581 | ) | (552 | ) | ||||||||
Earnings from unconsolidated subsidiaries and investees | - | (12 | ) | - | (23 | ) | ||||||||||
Total other income | 1,123 | 1,424 | 2,243 | 2,321 | ||||||||||||
Income from continuing operations before tax | 646 | 998 | 1,359 | 1,514 | ||||||||||||
Income tax expense | - | - | (6 | ) | (3 | ) | ||||||||||
Net income from continuing operations | 646 | 998 | 1,353 | 1,511 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Loss from discontinued operations | - | - | (18 | ) | (9 | ) | ||||||||||
Loss on the sale of real estate from discontinued operations | - | - | - | - | ||||||||||||
Income tax benefit from discontinued operations | - | - | 6 | 3 | ||||||||||||
Net loss from discontinued operations | - | - | (12 | ) | (6 | ) | ||||||||||
Net income | 646 | 998 | 1,341 | 1,505 | ||||||||||||
Earnings per share - basic | ||||||||||||||||
Income from continuing operations | $ | 0.15 | $ | 0.24 | $ | 0.32 | $ | 0.36 | ||||||||
Loss from discontinued operations | - | - | - | - | ||||||||||||
Net income applicable to common shares | $ | 0.15 | $ | 0.24 | $ | 0.32 | $ | 0.36 | ||||||||
Earnings per share - diluted | ||||||||||||||||
Income from continuing operations | $ | 0.15 | $ | 0.24 | $ | 0.32 | $ | 0.36 | ||||||||
Loss from discontinued operations | - | - | - | - | ||||||||||||
Net income applicable to common shares | $ | 0.15 | $ | 0.24 | $ | 0.32 | $ | 0.36 | ||||||||
Weighted average common share used in computing earnings per share | 4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 | ||||||||||||
Weighted average common share used in computing diluted earnings per share | 4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 |
INCOME OPPORTUNITY REALTY INVESTORS, INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(unaudited) | ||||||||
June 30, | December 31, | |||||||
2013 | 2012 | |||||||
(dollars in thousands, except share and par value amounts) | ||||||||
Assets | ||||||||
Real estate land holdings, at cost | $ | 24,511 | $ | 24,511 | ||||
Total real estate | 24,511 | 24,511 | ||||||
Notes and interest receivable from related parties | 27,560 | 27,002 | ||||||
Less allowance for doubtful accounts | (1,826 | ) | (1,826 | ) | ||||
Total notes and interest receivable | 25,734 | 25,176 | ||||||
Cash and cash equivalents | 13 | 2 | ||||||
Receivable and accrued interest from related parties | 58,823 | 58,534 | ||||||
Other assets | 1,855 | 1,283 | ||||||
Total assets | $ | 110,936 | $ | 109,506 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Liabilities: | ||||||||
Notes and interest payable | $ | 28,399 | $ | 28,508 | ||||
Deferred gain (from sales to related parties) | 5,127 | 5,127 | ||||||
Accounts payable and other liabilities | 347 | 149 | ||||||
33,873 | 33,784 | |||||||
Commitments and contingencies: | ||||||||
Shareholders’ equity: | ||||||||
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675 shares in 2013 and 2012 | 42 | 42 | ||||||
Treasury stock at cost, 5,461 shares in 2013 and 2012 | (39 | ) | (39 | ) | ||||
Paid-in capital | 61,955 | 61,955 | ||||||
Retained earnings | 15,105 | 13,764 | ||||||
Total shareholders' equity | 77,063 | 75,722 | ||||||
Total liabilities and shareholders' equity | $ | 110,936 | $ | 109,506 |