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INCOME OPPORTUNITY REALTY TRUST REPORTS THIRD QUARTER RESULTS

   INCOME OPPORTUNITY REALTY TRUST REPORTS THIRD QUARTER RESULTS
    DALLAS, Nov. 15 /PRNewswire/ -- Income Opportunity Realty Trust (AMEX: IOT) today announced operating results for the three and nine months ended Sept. 30, 1991.  All per-share results are adjusted to reflect the trust's one-for-four reverse share split in September 1991.
    For the three months ended Sept. 30, 1991, the trust recorded a net loss of $2.6 million, or $2.80 per share, on revenues of $1.2 million, compared with net loss of $7.3 million, or $7.94 per share, on revenues of $2.0 million in the third quarter of the prior year.  The trust recorded a provision for losses of $2.1 million in the three months ended Sept. 30, 1991.  A provision for losses of $6.6 million was recorded for the corresponding period in 1990.
    For the nine months ended Sept. 30, 1991, the trust recorded a net loss of $2.9 million, or $3.17 per share, on revenues of $4.2 million, compared with a net loss of $8.5 million, or $9.13 per share, on revenues of $6.0 million in the first nine months of 1990.  The trust recorded an extraordinary gain of $4.8 million in the first nine months of 1991.  No extraordinary gain was recorded in 1990.
    Net rental income (income less property operations expense) for the three and nine months ended Sept. 30, 1991, was $375,000 and $1.3 million, respectively, as compared with $494,000 and $1.4 million in the corresponding periods in 1990.  The majority of the decrease was attributable to the insubstance foreclosure of an equity property.
    In July 1991 the trust classified a note receivable as nonaccruing and recorded a provision for loss of $2.1 million for the three months ended Sept. 30, 1991.  A provision for losses of $6.6 million was recorded in the corresponding period in 1990.  For the nine months ended Sept. 30, 1991, Income Opportunity recorded a provision for losses of $5.9 million, compared with a provision for losses of $7.3 million in the corresponding period in 1990.
    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 amounts)
     Periods ended              Three months             Nine months
     Sept. 30;                  1991     1990           1991      1990
    Total revenues           $  1,242  $  1,959       $  4,176  $  6,010
    (Loss) before
      extraordinary gain    $  (2,565) $ (7,342)     $ (7,683) $ (8,492)
    Extraordinary gain      $      --  $     --       $  4,765  $    --
    Net (loss)              $  (2,565) $ (7,342)      $ (2,918) $(8,492)
      Per share             $   (2.80) $  (7.94)      $  (3.17) $ (9.13)
    Weighted average shares
      outstanding              915,655   924,766       918,540   930,565
    -0-           11/15/91
    /CONTACT:  Kevin LeBlanc of Income Opportunity Realty Trust, 214-692-4800/
    (IOT) CO:  Income Opportunity Realty Trust ST:  Texas IN:  FIN SU:  ERN FC -- NY053 -- 1544 11/15/91 12:22 EST
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Publication:PR Newswire
Date:Nov 15, 1991
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