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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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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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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¨
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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 August 14, 2014.
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_____________________
*Furnished herewith.
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INCOME OPPORTUNITY REALTY INVESTORS, INC.
By: /s/ Gene S. Bertcher
Gene S. Bertcher, Executive Vice
President and Chief Financial Officer
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NEWS RELEASE
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FOR IMMEDIATE RELEASE
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Contact:
Income Opportunity Realty Investors, Inc.
Investor Relations
Gene Bertcher (800) 400-6407
investor.relations@incomeopp-realty.com
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INCOME OPPORTUNITY REALTY INVESTORS, INC.
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||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||||||
(unaudited)
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||||||||||||||||
For the Three Months Ended
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For the Six Months Ended
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|||||||||||||||
June 30,
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June 30,
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|||||||||||||||
2014
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2013
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2014
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2013
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|||||||||||||
(dollars in thousands, except per share amounts)
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Rental and other property revenues
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Expenses:
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||||||||||||||||
Property operating expenses (including $10 and $10 for the three months and $24 and $24
for the six months ended 2014 and 2013, respectively, from related parties)
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11 | 9 | 28 | 23 | ||||||||||||
General and administrative (including $57 and $75 for the three months and $121 and $118
for the six months ended 2014 and 2013, respectively, from related parties)
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118 | 213 | 280 | 345 | ||||||||||||
Net income fee to related party
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56 | 48 | 101 | 104 | ||||||||||||
Advisory fee to related party
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178 | 207 | 343 | 412 | ||||||||||||
Total operating expenses
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363 | 477 | 752 | 884 | ||||||||||||
Net operating loss
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(363 | ) | (477 | ) | (752 | ) | (884 | ) | ||||||||
Other income (expenses):
|
||||||||||||||||
Interest income from related parties
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1,236 | 1,417 | 2,369 | 2,824 | ||||||||||||
Mortgage and loan interest
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(178 | ) | (294 | ) | (363 | ) | (581 | ) | ||||||||
Total other income
|
1,058 | 1,123 | 2,006 | 2,243 | ||||||||||||
Net income from continuing operations before tax
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695 | 646 | 1,254 | 1,359 | ||||||||||||
Income tax expense
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- | - | - | (6 | ) | |||||||||||
Net income from continuing operations
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695 | 646 | 1,254 | 1,353 | ||||||||||||
Discontinued operations:
|
||||||||||||||||
Net loss from discontinued operations
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- | - | - | (18 | ) | |||||||||||
Gain (loss) on the sale of real estate from discontinued operations
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- | - | - | - | ||||||||||||
Income tax benefit from discontinued operations
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- | - | - | 6 | ||||||||||||
Net loss from discontinued operations
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- | - | - | (12 | ) | |||||||||||
Net income
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$ | 695 | $ | 646 | $ | 1,254 | $ | 1,341 | ||||||||
Earnings per share - basic
|
||||||||||||||||
Net income from continuing operations
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$ | 0.17 | $ | 0.15 | $ | 0.30 | $ | 0.32 | ||||||||
Net income from discontinued operations
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- | - | - | - | ||||||||||||
Net income applicable to common shares
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$ | 0.17 | $ | 0.15 | $ | 0.30 | $ | 0.32 | ||||||||
Earnings per share - diluted
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||||||||||||||||
Net income from continuing operations
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$ | 0.17 | $ | 0.15 | $ | 0.30 | $ | 0.32 | ||||||||
Net income from discontinued operations
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- | - | - | - | ||||||||||||
Net income applicable to common shares
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$ | 0.17 | $ | 0.15 | $ | 0.30 | $ | 0.32 | ||||||||
Weighted average common shares used in computing earnings per share
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4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 | ||||||||||||
Weighted average common shares used in computing diluted earnings per share
|
4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 |
INCOME OPPORTUNITY REALTY INVESTORS, INC.
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||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited)
|
||||||||
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
(dollars in thousands,
except par value amount)
|
||||||||
Assets
|
||||||||
Real estate land holdings, at cost
|
$ | 24,511 | $ | 24,511 | ||||
Total real estate
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24,511 | 24,511 | ||||||
Notes and interest receivable from related parties
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27,431 | 30,693 | ||||||
Less allowance for doubtful accounts
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(1,826 | ) | (1,826 | ) | ||||
Total notes and interest receivable
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25,605 | 28,867 | ||||||
Cash and cash equivalents
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3 | 3 | ||||||
Receivable and accrued interest from related parties
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41,403 | 39,207 | ||||||
Other assets
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1,278 | 1,225 | ||||||
Total assets
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$ | 92,800 | $ | 93,813 | ||||
Liabilities and Shareholders’ Equity
|
||||||||
Liabilities:
|
||||||||
Notes and interest payable - related parties
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$ | 10,240 | $ | 12,357 | ||||
Accounts payable and other liabilities
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66 | 216 | ||||||
Total liabilities
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10,306 | 12,573 | ||||||
Shareholders’ equity:
|
||||||||
Common stock, $0.01 par value, authorized 10,000,000. issued 4,173,675 and
outstanding 4,168,214 shares in 2014 and 2013
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42 | 42 | ||||||
Treasury stock at cost, 5,461 shares in 2014 and 2013
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(39 | ) | (39 | ) | ||||
Paid-in capital
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61,955 | 61,955 | ||||||
Retained earnings
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20,536 | 19,282 | ||||||
Total shareholders' equity
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82,494 | 81,240 | ||||||
Total liabilities and shareholders' equity
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$ | 92,800 | $ | 93,813 |