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INCOME OPPORTUNITY REALTY TRUST REPORTS IMPROVED THIRD QUARTER RESULTS

INCOME OPPORTUNITY REALTY TRUST REPORTS IMPROVED THIRD QUARTER RESULTS
 DALLAS, Nov. 10 /PRNewswire/ -- Income Opportunity Realty Trust (AMEX: IOT) today reported net income of $49,000, or 6 cents per share, on revenues of $1.8 million for the three months ended Sept. 30, 1992. This compares with a net loss of $2.6 million, or $2.80 per share, on revenues of $1.2 million for the third quarter of 1991.
 For the nine months ended Sept. 30, 1992, Income Opportunity recorded a net loss of $510,000, or 59 cents per share, compared with a net loss of $2.9 million, or $3.17 per share, in the first nine months of 1991. Revenues increased from $4.2 million to $5.0 million over the same period.
 The trust incurred a loss of $81,000 on the sale of the Cedars Apartments in excess of the amount previously provided during the first nine months of 1992. No such loss was recorded during 1991. Income Opportunity recognized an extraordinary gain of $4.8 million during the first nine months of 1991. No such gain was recognized in 1992. The trust also recorded a provision for losses of $2.1 million and $6.0 million during the three and nine months ended Sept. 30, 1991, respectively. The trust did not record a provision for loss during 1992.
 Net rental income (rental income less property operations expense) increased to $857,000 for the three months ended Sept. 30, 1992, as compared with $375,000 for the corresponding period in 1991. This increase was primarily attributable to the transfer into the portfolio of Porticos Apartments in Milwaukee, the insubstance foreclosure of two assets, and a decrease in operating expenses at several of the trust's remaining properties. These increases were offset by the transfer out of the portfolio of Rio Pinar Shopping Center and the loss to foreclosure of Corona Hills Industrial Center.
 Income Opportunity Realty Trust is a combination mortgage and equity real estate investment trust which operates nationwide.
 INCOME OPPORTUNITY REALTY TRUST
 Financial Highlights
 (In thousands, except share and per share data)
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Total revenue $ 1,758 $ 1,242 $ 4,981 $ 4,176
 Income (loss) before
 extraord. gain and (loss)
 on sale of real estate 49 (2,565) (429) (7,683)
 Loss on sale of real estate -- -- (81) --
 Extraordinary gain -- -- -- 4,765
 Net income (loss) $ 49 $(2,565) $ (510) $(2,918)
 Net inc. (loss) per share $0.06 $(2.80) $(0.59) $(3.17)
 Weighted average shares
 of beneficial interest 864,321 915,655 864,321 918,540
 -0- 11/10/92
 /CONTACT: Jean Krone Bono, 214-692-4800, for Income Opportunity/
 (IOT) CO: Income Opportunity Realty Trust ST: Texas IN: FIN SU: ERN


GK -- NY079 -- 9346 11/10/92 14:22 EST
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Publication:PR Newswire
Date:Nov 10, 1992
Words:471
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