DALLAS, Nov. 12, 2001 (PRIMEZONE) -- Income Opportunity Realty Investors, Inc. (AMEX:IOT) announced Monday that the company's third quarter and nine months 2001 Funds From Operations (FFO) decreased to losses of $1.14 million and $1.41 million, as compared to losses of $402,000 and $1.07 million in the comparable periods in 2000. FFO is defined as net income minus extraordinary gains and gain from the sale of property, plus depreciation and amortization.
On Friday, November 9, 2001, IOT had erroneously reported third quarter and nine months 2001 FFO had "improved" instead of "decreased."
Income Opportunity Realty Investors, Inc. is a Dallas-based real estate investment trust. IOT invests in equity interests in real estate through direct ownership and partnerships. For more information on IOT, visit the company's Web site at www.incomeopp-realty.com