DALLAS, Dec. 8, 2000 (PRIMEZONE) -- The Board of Directors of Income Opportunity Realty Investors, Inc. (AMEX:IOT) Friday announced that no fourth quarter dividend will be paid to holders of the company's common stock. The non-payment decision was based on the board anticipating the need of additional cash for a greater equity stake in IOT's acquisition projects that are slated for the first quarter of 2001.
In addition, after examining the REIT's financial statements, the board determined there was no REIT taxable income that required the quarterly distribution. IOT paid a $.15 per share dividend in the first three quarters of 2000.
Income Opportunity Realty Investors, Inc. is a Dallas-based real estate investment trust. IOT primarily invests in equity interest in real estate through direct ownership and partnerships. For more information, go to the company's Web site at www.incomeopp-realty.com.