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Transcontinental Realty Investors, Inc. Tender Offer for up to 100,000 Outstanding Shares of Common Stock of Income Opportunity Realty Investors, Inc.

Target Stockholders to Receive $18.00 Per Share in Cash Transcontinental Realty Investors, Inc. ("NYSE:TCI") is commencing today a cash tender offer to purchase up to 100,000 outstanding shares of common stock of