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Income Opportunity Realty Investors, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $1,198,000 for the three months ended September 30, 2024, compared to $1,643,000 in the same period the previous year. The decrease is attributed to a reduction in interest income from related party receivables.
Operating expenses for the quarter were $97,000, down from $437,000 in the same quarter of the previous year. This decrease is primarily due to lower general and administrative expenses.
The company reported interest income from related parties of $1,614,000 for the quarter, compared to $2,516,000 in the previous year. This decrease in interest income contributed to the overall decline in net income.
Income Opportunity Realty Investors had total assets of $120,817,000 as of September 30, 2024, compared to $118,078,000 as of December 31, 2023. The increase in total assets is primarily due to an increase in receivables from related parties.
The company repurchased 44,536 shares of its common stock during the nine months ended September 30, 2024, under its stock repurchase program. As of September 30, 2024, there are 513,003 shares remaining that can be repurchased.
Cash and cash equivalents at the end of the period were $14,000, down from $71,000 at the beginning of the period. The decrease in cash is primarily due to repurchases of common shares.
The filing also details related party transactions, including advisory fees paid to Pillar Income Asset Management, Inc., and interest income from notes receivable held by Unified Housing Foundation, Inc.
Income Opportunity Realty Investors does not anticipate any changes to its risk factors as previously disclosed in its 2023 10-K filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Income Opportunity Realty Investors Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.