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 March 30, 2015
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_____________________
*Furnished herewith
|
Dated: April 1, 2015 |
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
FOR IMMEDIATE RELEASE
|
Contact:
Income Opportunity Realty Investors, Inc.
Investor Relations (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
|
||||||||||||
For the Years Ended December 31,
|
||||||||||||
2014
|
2013
|
2012
|
||||||||||
(dollars in thousands, except
per share amounts)
|
||||||||||||
Revenues:
|
||||||||||||
Rental and other property revenues
|
$ | - | $ | - | $ | - | ||||||
Expenses:
|
||||||||||||
Property operating expenses (including $46, $51 and $61 for the year ended 2014, 2013 and 2012,
respectively, from related parties)
|
50 | 87 | 67 | |||||||||
General and administrative (including $237, $234 and $155 for the year ended 2014, 2013 and 2012,
respectively, from related parties)
|
573 | 734 | 334 | |||||||||
Net income fee to related party
|
203 | 695 | 180 | |||||||||
Advisory fee to related party
|
692 | 830 | 815 | |||||||||
Total operating expenses
|
1,518 | 2,346 | 1,396 | |||||||||
Net operating loss
|
(1,518 | ) | (2,346 | ) | (1,396 | ) | ||||||
Other income (expenses):
|
||||||||||||
Interest income from related parties
|
4,729 | 7,129 | 5,183 | |||||||||
Other income
|
- | 5,804 | - | |||||||||
Mortgage and loan interest
|
(674 | ) | (1,160 | ) | (1,284 | ) | ||||||
Loan charges
|
(32 | ) | (830 | ) | - | |||||||
Earnings from unconsolidated subsidiaries and investees
|
- | - | (37 | ) | ||||||||
Total other income
|
4,023 | 10,943 | 3,862 | |||||||||
Income before gain on land sales, non-controlling interest, and taxes
|
2,505 | 8,597 | 2,466 | |||||||||
Income from continuing operations before tax
|
2,505 | 8,597 | 2,466 | |||||||||
Income tax expense
|
(946 | ) | (3,063 | ) | (876 | ) | ||||||
Net income from continuing operations
|
1,559 | 5,534 | 1,590 | |||||||||
Discontinued operations:
|
||||||||||||
Net loss from discontinued operations
|
- | (24 | ) | (106 | ) | |||||||
Income tax benefit from discontinued operations
|
- | 8 | 37 | |||||||||
Net loss from discontinued operations
|
- | (16 | ) | (69 | ) | |||||||
Net income
|
$ | 1,559 | $ | 5,518 | $ | 1,521 | ||||||
Earnings per share - basic
|
||||||||||||
Income from continuing operations
|
$ | 0.37 | $ | 1.33 | $ | 0.38 | ||||||
Loss from discontinued operations
|
- | - | (0.02 | ) | ||||||||
Net income
|
$ | 0.37 | $ | 1.33 | $ | 0.36 | ||||||
Earnings per share - diluted
|
||||||||||||
Income from continuing operations
|
$ | 0.37 | $ | 1.33 | $ | 0.38 | ||||||
Loss from discontinued operations
|
- | - | (0.02 | ) | ||||||||
Net income
|
$ | 0.37 | $ | 1.33 | $ | 0.36 | ||||||
Weighted average common shares used in computing earnings per share
|
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 |
INCOME OPPORTUNITY REALTY INVESTORS, INC.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
December 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
(dollars in thousands, except
par value amount)
|
||||||||
Assets
|
||||||||
Real estate land holdings, at cost
|
$ | 25,717 | $ | 24,511 | ||||
Total real estate
|
25,717 | 24,511 | ||||||
Notes and interest receivable from related parties
|
27,461 | 30,693 | ||||||
Less allowance for doubtful accounts
|
(1,826 | ) | (1,826 | ) | ||||
Total notes and interest receivable
|
25,635 | 28,867 | ||||||
Cash and cash equivalents
|
7 | 3 | ||||||
Receivable and accrued interest from related parties
|
40,460 | 39,207 | ||||||
Other assets
|
1,257 | 1,225 | ||||||
Total assets
|
$ | 93,076 | $ | 93,813 | ||||
Liabilities and Shareholders’ Equity
|
||||||||
Liabilities:
|
||||||||
Notes and interest payable
|
$ | 10,240 | $ | 12,357 | ||||
Accounts payable and other liabilities
|
37 | 216 | ||||||
Total liabilities
|
10,277 | 12,573 | ||||||
Shareholders’ equity:
|
||||||||
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675
and outstanding 4,168,214 shares in 2014 and 2013
|
42 | 42 | ||||||
Treasury stock at cost, 5,461 shares in 2014 and 2013
|
(39 | ) | (39 | ) | ||||
Paid-in capital
|
61,955 | 61,955 | ||||||
Retained earnings
|
20,841 | 19,282 | ||||||
Total shareholders' equity
|
82,799 | 81,240 | ||||||
Total liabilities and shareholders' equity
|
$ | 93,076 | $ | 93,813 |