Income Opportunity Realty Investors Inc (IOT, Financial) filed Quarterly Report for the period ended 2010-09-30.
Income Opportunity Realty Investors Inc has a market cap of $18.09 million; its shares were traded at around $4.34 with a P/E ratio of 9.23 and P/S ratio of 73.53.
General and administrative expenses were $71,000 for the three months ended September 30, 2010. This represents an increase of $40,000, as compared to the prior period expenses of $31,000. This increase was due to $21,000 in expense reimbursements to our advisor and $16,500 in accounting fees accrued for the third quarter of 2010, without a similar accrual in the prior period. The remaining increase was due to increases in various corporate related expenses.
We had a net income applicable to common shares of $112,000 or $0.03 per diluted earnings per share for the period ended September 30, 2010, as compared to a net loss applicable to common shares of $1,153,000 or $0.28 per diluted earnings per share for the same period ended 2009.
Property operating expenses were $117,000 for the nine months ended September 30, 2010. This represents a decrease of $32,000, as compared to the prior period operating expenses of $149,000. There was a decrease in the expenses relating to the storage warehouse of $37,000 offset by an increase in the Mercer Crossing land portfolio of $10,000. The land portfolio had an increase in expenses related to professional services and POA fees. Corporate had a decrease of $5,000 due to insurance credits for prior year expenses and miscellaneous corporate expenses not incurred in the current year.
General and administrative expenses were $250,000 for the nine months ended September 30, 2010. This represents an increase of $71,000, as compared to the prior period expenses of $179,000. This increase was due to $84,000 in advisory fees and $49,000 for accounting fees without a similar accrual in the prior period. Corporate had a decrease in legal and professional fees of $73,000 offset by $11,000 increase in various corporate related expenses.
Interest income was $1,842,000 for the nine months ended September 30, 2010. This represents an increase of $727,000 as compared to the prior period interest income of $1,115,000. There was an increase of $439,000 due to the receipt of cash on the receivables from Unified Housing Foundation, Inc. in the current period. The notes are excess cash flow notes and interest on the notes is recorded as cash is received. More cash was received in the current period as compared to the prior period. The remainder of the increase was due to accrued interest on the receivables from related parties in the current period.
Read the The complete Report
Income Opportunity Realty Investors Inc has a market cap of $18.09 million; its shares were traded at around $4.34 with a P/E ratio of 9.23 and P/S ratio of 73.53.
Highlight of Business Operations:
Property operating expenses were $30,000 for the three months ended September 30, 2010. This represents a decrease of $23,000, as compared to the prior period operating expenses of $53,000. There was a decrease in the expenses relating to the storage warehouse of $22,000, a decrease in the Mercer Crossing land portfolio of $3,000, offset by an increase in miscellaneous corporate expenses of $2,000. The land portfolio had a decrease in expenses related to Property Owners Association (POA) fees.General and administrative expenses were $71,000 for the three months ended September 30, 2010. This represents an increase of $40,000, as compared to the prior period expenses of $31,000. This increase was due to $21,000 in expense reimbursements to our advisor and $16,500 in accounting fees accrued for the third quarter of 2010, without a similar accrual in the prior period. The remaining increase was due to increases in various corporate related expenses.
We had a net income applicable to common shares of $112,000 or $0.03 per diluted earnings per share for the period ended September 30, 2010, as compared to a net loss applicable to common shares of $1,153,000 or $0.28 per diluted earnings per share for the same period ended 2009.
Property operating expenses were $117,000 for the nine months ended September 30, 2010. This represents a decrease of $32,000, as compared to the prior period operating expenses of $149,000. There was a decrease in the expenses relating to the storage warehouse of $37,000 offset by an increase in the Mercer Crossing land portfolio of $10,000. The land portfolio had an increase in expenses related to professional services and POA fees. Corporate had a decrease of $5,000 due to insurance credits for prior year expenses and miscellaneous corporate expenses not incurred in the current year.
General and administrative expenses were $250,000 for the nine months ended September 30, 2010. This represents an increase of $71,000, as compared to the prior period expenses of $179,000. This increase was due to $84,000 in advisory fees and $49,000 for accounting fees without a similar accrual in the prior period. Corporate had a decrease in legal and professional fees of $73,000 offset by $11,000 increase in various corporate related expenses.
Interest income was $1,842,000 for the nine months ended September 30, 2010. This represents an increase of $727,000 as compared to the prior period interest income of $1,115,000. There was an increase of $439,000 due to the receipt of cash on the receivables from Unified Housing Foundation, Inc. in the current period. The notes are excess cash flow notes and interest on the notes is recorded as cash is received. More cash was received in the current period as compared to the prior period. The remainder of the increase was due to accrued interest on the receivables from related parties in the current period.
Read the The complete Report
