Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-14784 | |
Entity Registrant Name | INCOME OPPORTUNITY REALTY INVESTORS INC /TX/ | |
Entity Central Index Key | 0000949961 | |
Entity Tax Identification Number | 75-2615944 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 1603 Lyndon B. Johnson Freeway | |
Entity Address, Address Line Two | Suite 800 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75234 | |
City Area Code | (469) | |
Local Phone Number | 522-4200 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | IOR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,168,414 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 2 | $ 12 |
Receivable and accrued interest from related parties | 94,797 | 90,526 |
Total current assets | 94,799 | 90,538 |
Non current assets | ||
Notes and interest receivable from related parties | 11,837 | 13,930 |
Total non current assets | 11,837 | 13,930 |
Total Assets | 106,636 | 104,468 |
Liabilities: | ||
Accounts payable and other liabilities | 9 | 12 |
Total liabilities | 9 | 12 |
Shareholders’ equity: | ||
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675 and outstanding 4,168,414 shares in 2021 and 2020 | 42 | 42 |
Treasury stock at cost, 5,261 shares in 2021 and 2020 | (39) | (39) |
Paid-in capital | 61,955 | 61,955 |
Retained earnings | 44,669 | 42,498 |
Total shareholders' equity | 106,627 | 104,456 |
Total liabilities and shareholders' equity | $ 106,636 | $ 104,468 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized | 10,000,000 | 10,000,000 |
Common stock, issued | 4,173,675 | 4,173,675 |
Common stock, outstanding | 4,168,414 | 4,168,414 |
Treasury stock | 5,261 | 5,261 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Revenue from operations | $ 0 | $ 0 | $ 0 | $ 0 |
Expenses: | ||||
General and administrative (including $155 and $120 for the six months ended 2021 and 2020, respectively, to related parties) | 100 | 128 | 288 | 267 |
Net income fee to related party | 55 | 112 | 194 | 198 |
Advisory fee to related party | 201 | 191 | 398 | 380 |
Total operating expenses | 356 | 431 | 880 | 845 |
Net operating loss | (356) | (431) | (880) | (845) |
Other income (expenses): | ||||
Interest income from related parties | 1,231 | 1,290 | 2,449 | 2,769 |
Other income | 162 | 742 | 1,179 | 742 |
Total other income | 1,393 | 2,032 | 3,628 | 3,511 |
Income before taxes | 1,037 | 1,601 | 2,748 | 2,666 |
Income tax expense | 218 | 336 | 577 | 560 |
Net income | $ 819 | $ 1,265 | $ 2,171 | $ 2,106 |
Earnings per share - basic and diluted | ||||
Net income | $ 0.20 | $ 0.30 | $ 0.52 | $ 0.51 |
Weighted average common shares used in computing earnings per share | 4,168,414 | 4,168,414 | 4,168,414 | 4,168,414 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
General and administrative, related parties | $ 155 | $ 120 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 42 | $ (39) | $ 61,955 | $ 38,284 | $ 100,242 |
Balance, beginning (in shares) at Dec. 31, 2019 | 4,173,675 | ||||
Net income | 2,106 | 2,106 | |||
Ending balance, value at Jun. 30, 2020 | $ 42 | (39) | 61,955 | 40,390 | 102,348 |
Balance, end (in shares) at Jun. 30, 2020 | 4,173,675 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 42 | (39) | 61,955 | 39,125 | 101,083 |
Balance, beginning (in shares) at Mar. 31, 2020 | 4,173,675 | ||||
Net income | 1,265 | 1,265 | |||
Ending balance, value at Jun. 30, 2020 | $ 42 | (39) | 61,955 | 40,390 | 102,348 |
Balance, end (in shares) at Jun. 30, 2020 | 4,173,675 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 42 | (39) | 61,955 | 42,498 | $ 104,456 |
Balance, beginning (in shares) at Dec. 31, 2020 | 4,173,675 | 4,173,675 | |||
Net income | 2,171 | $ 2,171 | |||
Ending balance, value at Jun. 30, 2021 | $ 42 | (39) | 61,955 | 44,669 | $ 106,627 |
Balance, end (in shares) at Jun. 30, 2021 | 4,173,675 | 4,173,675 | |||
Beginning balance, value at Mar. 31, 2021 | $ 42 | (39) | 61,955 | 43,850 | $ 105,808 |
Balance, beginning (in shares) at Mar. 31, 2021 | 4,173,675 | ||||
Net income | 819 | 819 | |||
Ending balance, value at Jun. 30, 2021 | $ 42 | $ (39) | $ 61,955 | $ 44,669 | $ 106,627 |
Balance, end (in shares) at Jun. 30, 2021 | 4,173,675 | 4,173,675 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flow From Operating Activities: | ||
Net income | $ 2,171 | $ 2,106 |
(Increase) decrease in assets: | ||
Accrued interest receivable from related parties | 2,093 | 10 |
Increase (decrease) in other liabilities | (3) | (6) |
Net cash provided by operating activities | 4,261 | 2,110 |
Cash Flow From Investing Activities: | ||
Related Party Receivables | (4,271) | (2,071) |
Net cash used in investing activities | (4,271) | (2,071) |
Net (decrease) increase in cash and cash equivalents | (10) | 39 |
Cash and cash equivalents, beginning of period | 12 | 5 |
Cash and cash equivalents, end of period | $ 2 | $ 44 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Organization As used herein, the terms “IOR”, “the Company”, “we”, “our”, “us” refer to Income Opportunity Realty Investors, Inc., a Nevada corporation, individually or together with its subsidiaries. Income Opportunity Realty Investors, Inc. is the successor to a California business trust organized on December 14, 1984, which commenced operations on April 10, 1985. The Company is headquartered in Dallas, Texas, and its common stock trades on the NYSE American under the symbol (“IOR”). Transcontinental Realty Investors, Inc. (“TCI”) owns approximately 81.1 Pillar Income Asset Management, Inc. (“Pillar”) is the Company’s external Advisor and Cash Manager under a contractual arrangement that is reviewed annually by our Board of Directors. The day-to-day operations of IOR are performed by Pillar, as the contractual Advisor, under the supervision of the Board. Pillar’s duties include, but are not limited to, locating, evaluating and recommending business and investment opportunities. Additionally, Pillar serves as a consultant to the Board with regard to their decisions in connection with IOR’s business plan and investment policy. Pillar also serves as an Advisor and Cash Manager to TCI and ARL. Our primary business is currently investing in mortgage receivables. At June 30, 2021, the principal source of revenue for the Company is interest income on approximately $ 95.9 11.1 Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. The results of operations for the six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year. As of June 30, 2021 and December 31, 2020, IOR was not the primary beneficiary of a variable interest entity (“VIE”). The year-end Consolidated Balance Sheet at December 31, 2020, was derived from the audited Consolidated Financial Statements at that date, but does not include all of the information and disclosures required by U.S. GAAP for complete financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Fair Value Measurement We apply the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures”, to the valuation of notes receivable. These provisions define fair value as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants at the measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require disclosure of fair value measurements by level within the fair value hierarchy. The hierarchy gives the highest priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the reporting entity’s own data. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows: Level 1 – Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets. Level 2 – Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – Unobservable inputs that are significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Related Parties We apply ASC Topic 805, “Business Combinations”, to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate families, management personnel of the entity and members of their immediate families and other parties with which the entity may deal if one party controls or can significantly influence the decision making of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity. Newly Issued Accounting Pronouncements On April 10, 2020, the FASB issued a Staff Q&A (“Q&A”) related to the application of the lease guidance in ASC 842 for the accounting impact of lease concessions related to the COVID-19 pandemic. The Q&A, allows an entity to make an election to account for lease concessions related to the effects of the COVID-19 as though enforceable rights and obligations for those concessions existed. As a result of this election, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance in ASC 842, as long as the concessions do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Our election of the guidance of the Q&A has not had a significant impact on our consolidated financial statements during the six months ended June 30, 2021. |
NOTES AND INTEREST RECEIVABLE F
NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES | NOTE 2. NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES Notes and interest receivable from related parties is comprised of junior mortgage loans, which are loans secured by mortgages that are subordinate to one or more prior liens on the underlying real estate. Recourse on the loans ordinarily includes the real estate which secures the loan, other collateral and personal guarantees of the borrower. The Company has various notes receivable from Unified Housing foundation, Inc. “UHF”. UHF is determined to be a related party due to our significant investment in the performance of the collateral secured under the notes receivable. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired. All of the Company’s notes receivable are with UHF. The notes mature in December 2032 12.0 In February 2021, the Company collected $ 1.017 1.9 .6 At June 30, 2021, we had mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $ 11.8 664 Below is a summary of notes and interest receivable from related parties Maturity Interest Borrower Date Rate Amount Collateral Performing loans: Unified Housing Foundation, Inc. ( Echo Station 12/32 12.00 % $ 1,481 Secured Unified Housing Foundation, Inc. ( Lakeshore Villas 12/32 12.00 % $ 2,000 Secured Unified Housing Foundation, Inc. ( Lakeshore Villas 12/32 12.00 % $ 6,369 Secured Unified Housing Foundation, Inc. ( Timbers of Terrell 12/32 12.00 % $ 1,323 Secured Total Notes Receivable 11,173 Accrued interest 664 Total Performing $ 11,837 All are related party notes. |
RECEIVABLE FROM AND PAYABLE TO
RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES | NOTE 3. RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES From time to time, IOR and its related parties have made unsecured advances to each other which include transactions involving the purchase, sale, and financing of property. In addition, we have a cash management agreement with our Advisor. The agreement provides for excess cash to be invested in and managed by our Advisor, Pillar, a related party. The Advisory agreement provides for Pillar or a related party of Pillar to receive fees and cost reimbursements as defined in Part III, Item 10. Directors, Executive Officers and Corporate Governance – The Advisor The advisory fees and cost reimbursements paid to Pillar, TCI and related parties are detailed below (dollars in thousands): Period Ended June 30, 2021 2020 Fees: Advisory $ 398 $ 380 Net income 194 198 $ 592 $ 578 Other Expense: Cost reimbursements $ 155 $ 120 Revenue: Interest received $ 2,449 $ 2,769 As of June 30, 2021, IOR has notes and interest receivable of $ 11.8 695 Note 2. Notes and Interest Receivable from Related Parties The table below reflects the various transactions between IOR, Pillar, and TCI (dollars in thousands): TCI 2021 2020 Balance, December 31, $ 90,526 $ 86,221 Cash transfers 3,680 1,457 Advisory fees (398 ) (380 ) Net income fee (194 ) (198 ) Cost reimbursements (155 ) (120 ) Expenses Paid by Advisor (1 ) (2 ) Interest income 1,754 1,874 Income Tax (577 ) (560 ) AMT Credit 162 — Balance, June 30, $ 94,797 $ 88,292 We have historically engaged in and will continue to engage in certain business transactions with related parties, including but not limited to asset acquisitions and dispositions. Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to or in the best interest of the Company. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4. COMMITMENTS AND CONTINGENCIES Litigation Berger Litigation On February 4, 2019 stockholder holding 7,900 February 26, 2020 Discovery is ongoing. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5. SUBSEQUENT EVENTS We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business and across our portfolio. While we did not experience significant disruptions during 2020 from the COVID-19 pandemic, we are unable to predict the impact the COVID-19 pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties. The Company has evaluated subsequent events through August 12, 2021, the date the Consolidated Financial Statements were available to be issued, and has determined that there are none to be reported. |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. The results of operations for the six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year. As of June 30, 2021 and December 31, 2020, IOR was not the primary beneficiary of a variable interest entity (“VIE”). The year-end Consolidated Balance Sheet at December 31, 2020, was derived from the audited Consolidated Financial Statements at that date, but does not include all of the information and disclosures required by U.S. GAAP for complete financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Fair Value Measurement | Fair Value Measurement We apply the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures”, to the valuation of notes receivable. These provisions define fair value as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants at the measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require disclosure of fair value measurements by level within the fair value hierarchy. The hierarchy gives the highest priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the reporting entity’s own data. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows: Level 1 – Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets. Level 2 – Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – Unobservable inputs that are significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Related Parties | Related Parties We apply ASC Topic 805, “Business Combinations”, to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate families, management personnel of the entity and members of their immediate families and other parties with which the entity may deal if one party controls or can significantly influence the decision making of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity. |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements On April 10, 2020, the FASB issued a Staff Q&A (“Q&A”) related to the application of the lease guidance in ASC 842 for the accounting impact of lease concessions related to the COVID-19 pandemic. The Q&A, allows an entity to make an election to account for lease concessions related to the effects of the COVID-19 as though enforceable rights and obligations for those concessions existed. As a result of this election, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance in ASC 842, as long as the concessions do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Our election of the guidance of the Q&A has not had a significant impact on our consolidated financial statements during the six months ended June 30, 2021. |
NOTES AND INTEREST RECEIVABLE_2
NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Below is a summary of notes and interest receivable from related parties | At June 30, 2021, we had mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $ 11.8 664 Below is a summary of notes and interest receivable from related parties Maturity Interest Borrower Date Rate Amount Collateral Performing loans: Unified Housing Foundation, Inc. ( Echo Station 12/32 12.00 % $ 1,481 Secured Unified Housing Foundation, Inc. ( Lakeshore Villas 12/32 12.00 % $ 2,000 Secured Unified Housing Foundation, Inc. ( Lakeshore Villas 12/32 12.00 % $ 6,369 Secured Unified Housing Foundation, Inc. ( Timbers of Terrell 12/32 12.00 % $ 1,323 Secured Total Notes Receivable 11,173 Accrued interest 664 Total Performing $ 11,837 |
RECEIVABLE FROM AND PAYABLE T_2
RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
The advisory fees and cost reimbursements paid to Pillar, TCI and related parties are detailed below | The Advisory agreement provides for Pillar or a related party of Pillar to receive fees and cost reimbursements as defined in Part III, Item 10. Directors, Executive Officers and Corporate Governance – The Advisor The advisory fees and cost reimbursements paid to Pillar, TCI and related parties are detailed below (dollars in thousands): Period Ended June 30, 2021 2020 Fees: Advisory $ 398 $ 380 Net income 194 198 $ 592 $ 578 Other Expense: Cost reimbursements $ 155 $ 120 Revenue: Interest received $ 2,449 $ 2,769 |
The table below reflects the various transactions between IOR, Pillar, and TCI | The table below reflects the various transactions between IOR, Pillar, and TCI (dollars in thousands): TCI 2021 2020 Balance, December 31, $ 90,526 $ 86,221 Cash transfers 3,680 1,457 Advisory fees (398 ) (380 ) Net income fee (194 ) (198 ) Cost reimbursements (155 ) (120 ) Expenses Paid by Advisor (1 ) (2 ) Interest income 1,754 1,874 Income Tax (577 ) (560 ) AMT Credit 162 — Balance, June 30, $ 94,797 $ 88,292 |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) | Jun. 30, 2021USD ($) |
Receivables due from related parties | $ 95,900,000 |
Transcontinental Realty Investors, Inc [Member] | |
Percentage of ownership | 81.10% |
Unified Housing Foundation, Inc. [Member] | |
Receivables due from related parties | $ 11,100,000 |
NOTES AND INTEREST RECEIVABLE_3
NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Feb. 28, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Remaining balance collected of fully reserved note receivable | $ 1,017 | ||
Notes and interest receivable from related parties | $ 11,837 | $ 13,930 | |
Notes Receivable [Member] | Unified Housing Foundation, Inc. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maturity date | 2032-12 | ||
Interest rate | 12.00% | ||
Principal balance collected | 1,900 | ||
Accrued interest collected | $ 600 | ||
Notes and interest receivable from related parties | $ 11,800 | ||
Accrued interest | $ 664 |
Below is a summary of notes and
Below is a summary of notes and interest receivable from related parties (Details) - Performing Financial Instruments [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total Notes Receivable | $ 11,173 |
Accrued interest | 664 |
Total Performing | $ 11,837 |
Unified Housing Foundation, Inc. (Echo Station) [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Description of property | Echo Station |
Maturity Date | 2032-12 |
Interest Rate | 12.00% |
Total Notes Receivable | $ 1,481 |
Collateral | Secured |
Unified Housing Foundation, Inc. (Lakeshore Villas) [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Description of property | Lakeshore Villas |
Maturity Date | 2032-12 |
Interest Rate | 12.00% |
Total Notes Receivable | $ 2,000 |
Collateral | Secured |
Unified Housing Foundation, Inc. (Lakeshore Villas) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Description of property | Lakeshore Villas |
Maturity Date | 2032-12 |
Interest Rate | 12.00% |
Total Notes Receivable | $ 6,369 |
Collateral | Secured |
Unified Housing Foundation, Inc. (Timbers of Terrell) [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Description of property | Timbers of Terrell |
Maturity Date | 2032-12 |
Interest Rate | 12.00% |
Total Notes Receivable | $ 1,323 |
Collateral | Secured |
The advisory fees and cost reim
The advisory fees and cost reimbursements paid to Pillar, TCI and related parties are detailed below (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transactions [Abstract] | ||||
Advisory | $ 201 | $ 191 | $ 398 | $ 380 |
Net income | 55 | 112 | 194 | 198 |
Related party fees | 592 | 578 | ||
Cost reimbursements | 155 | 120 | ||
Interest received | $ 1,231 | $ 1,290 | $ 2,449 | $ 2,769 |
The table below reflects the va
The table below reflects the various transactions between IOR, Pillar, and TCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Advisory fees | $ (201) | $ (191) | $ (398) | $ (380) |
Net income fee | (55) | (112) | (194) | (198) |
Cost reimbursements | (155) | (120) | ||
Interest income | 1,231 | 1,290 | 2,449 | 2,769 |
Transcontinental Realty Investors, Inc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Balance, December 31, | 90,526 | 86,221 | ||
Cash transfers | 3,680 | 1,457 | ||
Advisory fees | (398) | (380) | ||
Net income fee | (194) | (198) | ||
Cost reimbursements | (155) | (120) | ||
Expenses Paid by Advisor | (1) | (2) | ||
Interest income | 1,754 | 1,874 | ||
Income Tax | (577) | (560) | ||
AMT Credit | 162 | |||
Balance, June 30, | $ 94,797 | $ 88,292 | $ 94,797 | $ 88,292 |
RECEIVABLE FROM AND PAYABLE T_3
RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES (Details Narrative) - Notes Receivable [Member] - Unified Housing Foundation, Inc. [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Related Party Transaction [Line Items] | |
Notes and interest receivable from related parties | $ 11,800 |
Recognized interest income | $ 695 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - shares | Feb. 04, 2019 | Jun. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Filing Date | February 4, 2019 | |
Plantiff | stockholder holding 7,900 shares of Common Stock of Income Opportunity Realty Investors, Inc. | |
Common stock held by shareholder of lawsuit | 7,900 | |
Date of denial of demand futility motion | Feb. 26, 2020 | |
Description of litigation discovery | Discovery is ongoing. |