Income Opportunity Realty Investors, Inc., formerly Income Opportunity Realty Trust, invests in equity interests in real estate through direct equity investments and partnerships, and financing real estate and real estate-related activities through investments in mortgage loans. The Company's segments include land and other. Its operations include the land portfolio, which is land held subject to a sales contract. All of its real estate is located in the southwest region of the continental United States. Pillar Income Asset Management, Inc. (Pillar) is the Company's external Advisor. Pillar locates, evaluates and recommends real estate and real estate-related investment opportunities and arranges debt and equity financing for the Company with third-party lenders and investors. The Company's land consists of approximately 131.1 acres of developable land held subject to a sales contract. All of its land holdings are located in Farmers Branch, Texas.