Nevada
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001-14784
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75-2615944
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(State or other
jurisdiction of incorporation)
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(Commission
File No.)
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(I.R.S. Employer
Identification No.)
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1603 LBJ Freeway, Suite 800
Dallas, Texas
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75234
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(Address of principal executive offices)
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(Zip Code)
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o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d)
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Exhibits.
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Exhibit
Designation
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Description of Exhibit
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99.1*
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Press Release dated April 2, 2012.
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_____________________
*Furnished herewith.
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Dated: April 3, 2012 |
INCOME OPPORTUNITY REALTY INVESTORS, INC.
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By: /s/ Gene S. Bertcher
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Gene S. Bertcher, Executive Vice | |
President and Chief Financial Officer |
NEWS RELEASE
FOR IMMEDIATE RELEASE
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Contact:
Income Opportunity Realty Investors, Inc.
Investor Relations
(800) 400-6407
investor.relations@primeasset.com
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For the Years Ended December 31,
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||||||||||||
2011 | 2010 | 2009 | ||||||||||
(dollars in thousands)
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||||||||||||
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||||||||||||
Net income applicable to common shares | $ | 669 | $ | 1,838 | $ | 920 | ||||||
Adjustments to reconcile net income applicable to common
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||||||||||||
shares to net cash used in operating activities: | ||||||||||||
Depreciation and amortization
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- | 18 | 186 | |||||||||
Earnings from unconsolidated subsidiaries and investees
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52 | 3 | (18 | ) | ||||||||
Gain on the sale of income-producing properties
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(947 | ) | - | - | ||||||||
Provision on impairment of real estate assets
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1,474 | - | - | |||||||||
(Increase) decrease in assets:
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||||||||||||
Accrued interest receivable
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(2,692 | ) | (1,959 | ) | 2,292 | |||||||
Other assets
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690 | 148 | (1,205 | ) | ||||||||
Increase (decrease) in liabilities:
|
||||||||||||
Accrued interest payable
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1,935 | 109 | - | |||||||||
Other liabilities
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(278 | ) | 60 | (609 | ) | |||||||
Net cash provided by operating activities
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903 | 217 | 1,566 | |||||||||
Cash Flow From Investing Activities:
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||||||||||||
Proceeds from sales of income-producing properties
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1,892 | - | 6,860 | |||||||||
Proceeds from sales of land
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1,210 | - | 6,891 | |||||||||
Proceeds from notes receivable
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2,585 | 2,372 | (440 | ) | ||||||||
Real estate improvements
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- | (58 | ) | (156 | ) | |||||||
Affiliate receivable
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(3,559 | ) | (1,922 | ) | (9,532 | ) | ||||||
Net cash provided by investing activities
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2,128 | 392 | 3,623 | |||||||||
Cash Flow From Financing Activities:
|
||||||||||||
Payments on notes payable
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(682 | ) | (585 | ) | (5,239 | ) | ||||||
Payments or debt assumption on maturing notes payable
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(2,374 | ) | - | - | ||||||||
Deferred financing costs
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6 | (6 | ) | - | ||||||||
Repurchase of treasury stock
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- | - | - | |||||||||
Net cash used in financing activities
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(3,050 | ) | (591 | ) | (5,239 | ) | ||||||
Net increase in cash and cash equivalents
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(19 | ) | 18 | (50 | ) | |||||||
Cash and cash equivalents, beginning of period
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20 | 2 | 52 | |||||||||
Cash and cash equivalents, end of period
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$ | 1 | $ | 20 | $ | 2 | ||||||
Supplemental disclosures of cash flow information:
|
||||||||||||
Cash paid for interest
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$ | 1,154 | $ | 2,139 | $ | 5,612 | ||||||
Cash paid for income taxes
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$ | - | $ | 84 | $ | - |
CONSOLIDATED BALANCE SHEETS
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||||||||
December 31,
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December 31,
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|||||||
2011
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2010
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|||||||
(dollars in thousands, except share
and par value amounts)
|
||||||||
Assets
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||||||||
Real estate land holdings, at cost
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$ | 24,511 | $ | 24,511 | ||||
Real estate land holdings subject to sales, at cost
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- | 5,050 | ||||||
Total real estate
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24,511 | 29,561 | ||||||
Notes and interest receivable from related parties
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31,612 | 38,405 | ||||||
Less allowance for doubtful accounts
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(1,826 | ) | (1,826 | ) | ||||
Total notes and interest receivable
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29,786 | 36,579 | ||||||
Cash and cash equivalents
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1 | 20 | ||||||
Investments in unconsolidated subsidiaries and investees
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37 | 89 | ||||||
Receivable and accrued interest from related parties
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52,160 | 48,598 | ||||||
Other assets
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1,546 | 2,240 | ||||||
Total assets
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$ | 108,041 | $ | 117,087 | ||||
Liabilities and Shareholders’ Equity
|
||||||||
Liabilities:
|
||||||||
Notes and interest payable
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$ | 28,588 | $ | 27,335 | ||||
Notes related to assets subject to sales contracts
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- | 9,269 | ||||||
Deferred revenue (from sales to related parties)
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5,127 | 6,550 | ||||||
Accounts payable and other liabilities (including $0 in 2011 and $1 in 2010 from affiliated and related parties)
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125 | 401 | ||||||
33,840 | 43,555 | |||||||
Commitments and contingencies:
|
||||||||
Shareholders’ equity:
|
||||||||
Common stock, $.01 par value, authorized 10,000,000 shares; issued 4,173,675 shares in 2011 and 2010
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42 | 42 | ||||||
Treasury stock at cost, 5,461 shares in 2011 and 2010
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(39 | ) | (39 | ) | ||||
Paid-in capital
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61,955 | 61,955 | ||||||
Retained earnings
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12,243 | 11,574 | ||||||
Total shareholders' equity
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74,201 | 73,532 | ||||||
Total liabilities and shareholders' equity
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$ | 108,041 | $ | 117,087 |