The InterGroup Corporation (INTG) 10-Q 11 Feb 15 2015 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Dec. 31, 2014	Jan. 30, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Registrant Name	INTERGROUP CORP
Entity Central Index Key	69422
Current Fiscal Year End Date	-24
Entity Filer Category	Smaller Reporting Company
Trading Symbol	INTG
Entity Common Stock, Shares Outstanding		2,383,105

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Jun. 30, 2014
ASSETS
Investment in hotel, net	$43,262,000	$41,897,000
Investment in real estate, net	61,429,000	63,697,000
Investment in marketable securities	11,926,000	11,420,000
Other investments, net	15,811,000	15,837,000
Cash and cash equivalents	1,153,000	4,705,000
Restricted cash - redemption	1,605,000	16,163,000
Restricted cash - mortgage impounds	3,622,000	3,982,000
Other assets, net	7,842,000	7,759,000
Total assets	146,650,000	165,460,000
Liabilities:
Accounts payable and other liabilities	3,730,000	4,083,000
Accounts payable and other liabilities - hotel	11,749,000	15,161,000
Redemption payable	1,605,000	16,163,000
Due to securities broker	4,879,000	2,925,000
Obligations for securities sold	572,000	175,000
Other notes payable	708,000	282,000
Mortgage notes payable - hotel	117,000,000	117,000,000
Mortgage notes payable - real estate	73,471,000	75,360,000
Deferred income taxes	685,000	943,000
Total liabilities	214,399,000	232,092,000
Commitments and contingencies
Shareholders' deficit:
Preferred stock, $.01 par value, 100,000 shares authorized; none issued	0	0
Common stock, $.01 par value, 4,000,000 shares authorized; 3,387,972 and 3,383,364 issued; 2,383,105 and 2,381,638 outstanding, respectively	33,000	33,000
Additional paid-in capital	10,319,000	10,092,000
Accumulated deficit	-40,454,000	-39,401,000
Treasury stock, at cost, 1,004,867 and 1,001,726 shares	-11,874,000	-11,818,000
Total InterGroup shareholders' deficit	-41,976,000	-41,094,000
Noncontrolling interest	-25,773,000	-25,538,000
Total shareholders' deficit	-67,749,000	-66,632,000
Total liabilities and shareholders' equity	$146,650,000	$165,460,000

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Dec. 31, 2014	Jun. 30, 2014
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	100,000	100,000
Preferred stock , shares issued	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	4,000,000	4,000,000
Common stock, shares issued	3,387,972	3,383,364
Common stock, shares outstanding	2,383,105	2,381,638
Treasury stock, shares	1,004,867	1,001,726

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Hotel	$14,044,000	$12,274,000	$28,874,000	$25,579,000
Real estate	4,030,000	4,158,000	8,227,000	8,236,000
Total revenues	18,074,000	16,432,000	37,101,000	33,815,000
Costs and operating expenses:
Hotel operating expenses	-12,033,000	-9,493,000	-23,871,000	-19,025,000
Hotel restructuring costs	0	-7,295,000	0	-7,295,000
Hotel occupancy tax - penalty fees	0	-1,084,000	0	-1,084,000
Real estate operating expenses	-2,192,000	-2,266,000	-4,332,000	-4,544,000
Depreciation and amortization expense	-1,232,000	-1,284,000	-2,458,000	-2,468,000
General and administrative expense	-960,000	-484,000	-1,741,000	-1,011,000
Total costs and operating expenses	-16,417,000	-21,906,000	-32,402,000	-35,427,000
Income (loss) from operations	1,657,000	-5,474,000	4,699,000	-1,612,000
Other income (expense):
Interest expense - mortgages	-2,517,000	-1,529,000	-5,175,000	-2,936,000
Interest expense - occupancy tax	0	-328,000	0	-328,000
Loss on extinguishment of debt	0	-3,910,000	0	-3,910,000
Loss on disposal of assets	-51,000	-1,092,000	-51,000	-1,092,000
Gain on sale of real estate	1,742,000	0	1,742,000	0
Other real estate income			458,000	0
Net (loss) gain on marketable securities	-1,544,000	615,000	-3,034,000	768,000
Net unrealized gain (loss) on other investments	16,000	-6,000	-26,000	-6,000
Dividend and interest income	503,000	501,000	517,000	515,000
Trading and margin interest expense	-431,000	-422,000	-900,000	-892,000
Other expense, net	-2,282,000	-6,171,000	-6,469,000	-7,881,000
Loss before income taxes	-625,000	-11,645,000	-1,770,000	-9,493,000
Income tax benefit	17,000	2,477,000	258,000	2,017,000
Net loss	-608,000	-9,168,000	-1,512,000	-7,476,000
Less: Net loss attributable to the noncontrolling interest	319,000	3,697,000	460,000	2,287,000
Net loss attributable to InterGroup	($289,000)	($5,471,000)	($1,052,000)	($5,189,000)
Net loss per share
Basic and diluted (in dollars per share)	($0.25)	($3.87)	($0.63)	($3.16)
Net loss per share attributable to InterGroup
Basic and diluted (in dollars per share)	($0.12)	($2.31)	($0.44)	($2.19)
Weighted average number of basic and diluted common shares outstanding (in shares)	2,385,955	2,367,855	2,386,051	2,367,812

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	($1,512,000)	($7,476,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	2,458,000	2,468,000
Loss on extinguishment of debt	0	3,910,000
Loss on disposal of assets	51,000	1,092,000
Gain on sale of real estate	-1,742,000	0
Gain on insurance recovery	0	-249,000
Net unrealized loss (gain) on marketable securities	3,106,000	-629,000
Unrealized loss on other investments	26,000	6,000
Stock compensation expense	552,000	191,000
Changes in assets and liabilities:
Investment in marketable securities	-3,612,000	154,000
Other assets	12,000	-1,545,000
Accounts payable and other liabilities	-3,765,000	4,918,000
Due to securities broker	1,954,000	-345,000
Obligations for securities sold	397,000	-208,000
Deferred taxes	-258,000	-2,017,000
Net cash (used in) provided by operating activities	-2,333,000	270,000
Cash flows from investing activities:
Net proceeds from sale of real estate	3,288,000	0
Investment in hotel	-2,916,000	-1,592,000
Investment in real estate	-331,000	-142,000
Investment in Santa Fe	-68,000	0
Investment in Portsmouth	-33,000	0
Net cash used in investing activities	-60,000	-1,734,000
Cash flows from financing activities:
Restricted cash - withdrawal of (payments to) mortgage impounds	360,000	-1,011,000
Redemption payments	0	-64,152,000
Borrowings from mortgage and other notes payable, net	426,000	68,969,000
Payments to mortgage and other notes payable	-1,889,000	-865,000
Purchase of treasury stock	-56,000	-5,000
Net cash (used in) provided by financing activities	-1,159,000	2,936,000
Net (decrease) increase in cash and cash equivalents	-3,552,000	1,472,000
Cash and cash equivalents at the beginning of the period	4,705,000	1,453,000
Cash and cash equivalents at the end of the period	1,153,000	2,925,000
Supplemental information:
Interest paid	$5,471,000	$3,622,000

BASIS_OF_PRESENTATION_AND_SIGN

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	1.  BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
	The condensed consolidated financial statements included herein have been prepared by The InterGroup Corporation (“InterGroup” or the “Company”), without audit, according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all adjustments (which included only normal recurring adjustments) necessary for a fair statement of the financial position, cash flows and results of operations as of and for the periods indicated. It is suggested that these financial statements be read in conjunction with the audited financial statements of InterGroup and the notes therein included in the Company's Annual Report on Form 10-K for the year ended June 30, 2014. The June 30, 2014 Condensed Consolidated Balance Sheet was derived from the Company’s Form 10-K for the year ended June 30, 2014.
	The results of operations for the three and six months ended December 31, 2014 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2015.
	For the three and six months ended December 31, 2014 and 2013, the Company had no components of comprehensive income other than net income itself.
	Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. The computation of diluted income per share is similar to the computation of basic earnings per share except that the weighted-average number of common shares is increased to include the number of additional common shares that would have been outstanding if potential dilutive common shares had been issued. The Company's only potentially dilutive common shares are stock options. For the three and six months ended December 31, 2014, the Company did not have diluted earnings per share as the Company had a net loss from continuing operations for the period.
	Certain reclassifications have been made to the 2013 consolidated financial statement presentation to correspond to
	the current year's format. Total equity, net assets, and revenues over expenses are unchanged due to these
	reclassifications.
	As of December 31, 2014, the Company had the power to vote 85.1% of the voting shares of Santa Fe Financial Corporation (“Santa Fe”), a public company (OTCBB: SFEF). This percentage includes the power to vote an approximately 4% interest in the common stock in Santa Fe owned by the Company’s Chairman and President pursuant to a voting trust agreement entered into on June 30, 1998.
	Santa Fe’s primary business is conducted through the management of its 68.8% owned subsidiary, Portsmouth Square, Inc. (“Portsmouth”), a public company (OTCBB: PRSI). Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). Portsmouth controls approximately 93% of the voting interest in Justice and is the sole general partner. InterGroup also directly owns approximately 13.1% of the common stock of Portsmouth. The financial statements of Justice are consolidated with those of the Company.
	Justice, through its subsidiaries Justice Holdings Company, LLC (“Holdings”), a Delaware Limited Liability Company, Justice Operating Company, LLC (“Operating”) and Justice Mezzanine Company, LLC (“Mezzanine”), owns a 543-room hotel property located at 750 Kearny Street, San Francisco California, known as the Hilton San Francisco Financial District (the Hotel) and related facilities including a five level underground parking garage. Holdings and Mezzanine are both a wholly-owned subsidiaries of the Partnership; Operating is a wholly-owned subsidiary of Mezzanine. Mezzanine is the Mezzanine borrower under certain indebtedness of Justice, and in December 2013, the Partnership conveyed ownership of the Hotel to Operating, The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. Justice also has a Management Agreement with Prism Hospitality L.P. (“Prism”) to perform management functions for the Hotel. The management agreement with Prism had an original term of ten years and can be terminated at any time with or without cause by the Partnership owner. Effective January 2014, the management agreement with Prism was amended by the Partnership. Effective December 1, 2013, GMP Management, Inc., a company owned by a Justice limited partner and related party, also provides management services for the Partnership pursuant to a Management Services Agreement, which is for a term of 3 years, but which can be terminated earlier by the Partnership for cause.
	Management believes that the revenues expected to be generated from the operations of the hotel, garage and leases will be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. Management also believes that there is significant value in the Hotel to support additional borrowings, if necessary.
	In addition to the operations of the Hotel, the Company also generates income from the ownership of real estate. Properties include apartment complexes, commercial real estate, and two single-family houses as strategic investments. The properties are located throughout the United States, but are concentrated in Texas and Southern California. The Company also has investments in unimproved real property.

INVESTMENT_IN_HOTEL_NET

INVESTMENT IN HOTEL, NET (Hotel [Member])	6 Months Ended
	Dec. 31, 2014
Hotel [Member]
Real Estate Properties [Line Items]
Real Estate Disclosure [Text Block]	NOTE 2 – INVESTMENT IN HOTEL, NET
	Investment in hotel consisted of the following as of:
				Accumulated		Net Book
	December 31, 2014	Cost		Depreciation		Value
	Land	$	2,738,000	$	-	$	2,738,000
	Furniture and equipment		25,359,000		-20,850,000		4,509,000
	Building and improvements		60,571,000		-24,556,000		36,015,000
		$	88,668,000	$	-45,406,000	$	43,262,000
				Accumulated		Net Book
	June 30, 2014	Cost		Depreciation		Value
	Land	$	2,738,000	$	-	$	2,738,000
	Furniture and equipment		23,306,000		-20,072,000		3,234,000
	Building and improvements		59,828,000		-23,903,000		35,925,000
		$	85,872,000	$	-43,975,000	$	41,897,000

INVESTMENT_IN_REAL_ESTATE_AND_

INVESTMENT IN REAL ESTATE AND MORTGAGE AND OTHER NOTES PAYABLE (Apartment Building [Member])	6 Months Ended
	Dec. 31, 2014
Apartment Building [Member]
Real Estate Properties [Line Items]
Real Estate Disclosure [Text Block]	NOTE 3 – INVESTMENT IN REAL ESTATE AND MORTGAGE AND OTHER NOTES PAYABLE
	Investment in real estate consisted of the following:
	As of	December 31, 2014		June 30, 2014
	Land	$	24,741,000	$	25,781,000
	Buildings, improvements and equipment		72,882,000		74,039,000
	Accumulated depreciation		-36,194,000		-36,123,000
	Investment in real estate, net	$	61,429,000	$	63,697,000
	In November 2014, the Company sold its 5,900 square foot commercial property for $3,450,000 and realized a gain on the sale of real estate of $1,742,000. The Company received net proceeds of $2,163,000 after selling costs and the repayment of the related mortgage of $1,100,000. Prior to its sale, this property was being leased by the buyer.
	In February 2014, the Company entered into a contract to sell its 249 unit apartment complex located in Austin, Texas and the adjacent unimproved land for $15,800,000. The purchase/sale agreement provides that purchaser can terminate the agreement with or without cause, however, the potential purchaser would forfeit the earnest money ($208,000) and additional consideration ($250,000) totaling $458,000. The purchaser also had the option to extend the agreement. During the quarter ended September 30, 2014, the Company received the $458,000 and recognized it as income as the result of the potential buyer not extending the purchase agreement. In December 2014, the Company entered into a new contract with a different buyer to sell the same property for $16,300,000. The purchase/sale agreement provides that purchaser can terminate the agreement with or without cause, however, the potential purchaser would forfeit the non-refundable portion of the earnest money of $100,000. It is estimated that the sale will close by the end of February 2015.

INVESTMENT_IN_MARKETABLE_SECUR

INVESTMENT IN MARKETABLE SECURITIES	6 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 4 – INVESTMENT IN MARKETABLE SECURITIES
	The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also invested in corporate bonds and income producing securities, which may include interests in real estate based companies and REITs, where financial benefit could transfer to its shareholders through income and/or capital gain.
	At December 31, 2014 and June 30, 2014, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows:
				Gross		Gross		Net		Fair
	Investment	Cost		Unrealized Gain		Unrealized Loss		Unrealized Gain (Loss)		Value
	As of December 31, 2014
	Corporate
	Equities	$	14,016,000	$	651,000	$	-2,741,000	$	-2,090,000	$	11,926,000
	As of June 30, 2014
	Corporate
	Equities	$	10,369,000	$	2,717,000	$	-1,666,000	$	1,051,000	$	11,420,000
	As of December 31, 2014 and June 30, 2014, the Company had unrealized losses of $1,881,000 and $1,615,000, respectively, related to securities held for over one year.
	Net (loss) gain on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of the two components for the respective periods:
	For the three months ended December 31,	2014		2013
	Realized (loss) gain on marketable securities	$	-83,000	$	410,000
	Unrealized (loss) gain on marketable securities		-1,461,000		205,000
	Net (loss) gain on marketable securities	$	-1,544,000	$	615,000
	For the six months ended December 31,	2014		2013
	Realized gain on marketable securities	$	72,000	$	138,000
	Unrealized (loss) gain on marketable securities		-3,106,000		630,000
	Net (loss) gain on marketable securities	$	-3,034,000	$	768,000

OTHER_INVESTMENTS_NET

OTHER INVESTMENTS, NET	6 Months Ended
	Dec. 31, 2014
Other Investments [Abstract]
Other Investments Disclosure [Text Block]	NOTE 5 – OTHER INVESTMENTS, NET
	The Company may also invest, with the approval of the Securities Investment Committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses. Other investments also include non-marketable warrants carried at fair value.
	Other investments, net consist of the following:
	Type	December 31, 2014		June 30, 2014
	Preferred stock - Comstock, at cost	$	13,231,000	$	13,231,000
	Private equity hedge fund, at cost		1,650,000		1,650,000
	Corporate debt and equity instruments, at cost		269,000		269,000
	Other preferred stock, at cost		480,000		480,000
	Warrants - at fair value		181,000		207,000
		$	15,811,000	$	15,837,000

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 6 - FAIR VALUE MEASUREMENTS
	The carrying values of the Company’s financial instruments not required to be carried at fair value on a recurring basis approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).
	The assets measured at fair value on a recurring basis are as follows:
	As of December 31, 2014
	Assets:	Level 1		Level 2		Level 3		Total
	Other investments - warrants	$	-	$	-	$	181,000	$	181,000
	Investment in marketable securities:
	Basic materials		4,830,000		-		-		4,830,000
	Energy		2,906,000		-		-		2,906,000
	Technology and telecommunications		1,202,000		-		-		1,202,000
	REITs and real estate companies		964,000		-		-		964,000
	Financial services		582,000		-		-		582,000
	Other		1,442,000		-		-		1,442,000
			11,926,000		-		-		11,926,000
		$	11,926,000	$	-	$	181,000	$	12,107,000
	As of June 30, 2014
	Assets:	Level 1		Level 2		Level 3		Total
	Other investments - warrants	$	-	$	-	$	207,000	$	207,000
	Investment in marketable securities:
	Basic materials		5,081,000		-		-		5,081,000
	Technology		1,395,000		-		-		1,395,000
	REITs and real estate companies		1,001,000		-		-		1,001,000
	Financial services		820,000		-		-		820,000
	Other		3,123,000		-		-		3,123,000
			11,420,000		-		-		11,420,000
		$	11,420,000	$	-	$	207,000	$	11,627,000
	The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model.
	Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments in non-marketable securities,” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:
										Net gain for the six months
	Assets	Level 1		Level 2		Level 3		December 31, 2014		ended December 31, 2014
	Other non-marketable investments	$	-	$	-	$	15,630,000	$	15,630,000	$	-
										Net gain for the six months
	Assets	Level 1		Level 2		Level 3		June 30, 2014		ended December 31, 2013
	Other non-marketable investments	$	-	$	-	$	15,630,000	$	15,630,000	$	-
	Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments and holds less than 20% ownership in each of the investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.

STOCK_BASED_COMPENSATION_PLANS

STOCK BASED COMPENSATION PLANS	6 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 7 – STOCK BASED COMPENSATION PLANS
	The Company follows Accounting Standard Codification (ASC) Topic 718 “Compensation – Stock Compensation”, which addresses accounting for equity-based compensation arrangements, including employee stock options and restricted stock units.
	Please refer to Note 16 – Stock Based Compensation Plans in the Company's Form 10-K for the year ended June 30, 2014 for more detail information on the Company’s stock-based compensation plans.
	During the three months ended December 31, 2014 and 2013, the Company recorded stock option compensation cost of $227,000 and $52,000, respectively, related to stock options that were previously issued. During the six months ended December 31, 2014 and 2013, the Company recorded stock option compensation cost of $464,000 and $103,000, respectively, related to stock options that were previously issued. As of December 31, 2014, there was a total of $1,013,000 of unamortized compensation related to stock options which is expected to be recognized over the weighted-average period of 4 years.
	Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility is based on analysis of the Company’s stock price history. The Company has selected to use the simplified method for estimating the expected term. The risk-free interest rate is based on the U.S. Treasury interest rates whose term is consistent with the expected life of the stock options. No dividend yield is included as the Company has not issued any dividends and does not anticipate issuing any dividends in the future.
	The following table summarizes the stock options activity from June 30, 2013 through December 31, 2014:
			Number of		Weighted Average		Weighted Average	Aggregate
			Shares		Exercise Price		Remaining Life	Intrinsic Value
	Oustanding at	1-Jul-13		222,000	$	14.98	6.89 years	$	1,353,000
	Granted			160,000		18.96
	Exercised			-15,000		11.75
	Forfeited			-		-
	Exchanged			-		-
	Oustanding at	30-Jun-14		367,000	$	16.85	7.71 years	$	953,000
	Exercisable at	30-Jun-14		92,000	$	11.3	5.10 years	$	717,000
	Vested and Expected to vest at	30-Jun-14		367,000	$	16.85	7.71 years	$	953,000
	Oustanding at	1-Jul-14		367,000	$	16.85	7.71 years	$	731,000
	Granted			-		-
	Exercised			-		-
	Forfeited			-		-
	Exchanged			-		-
	Oustanding at	31-Dec-14		367,000	$	16.85	7.20 years	$	731,000
	Exercisable at	31-Dec-14		92,000	$	13	5.29 years	$	585,000
	Vested and Expected to vest at	31-Dec-14		367,000	$	16.85	7.20 years	$	731,000
	On July 1 of every year, as part of the Stock Compensation Plan for Non-employee Directors, each non-employee director received an automatic grant of a number of shares of Company’s Common Stock equal in value to $22,000 ($88,000 total recorded as stock compensation expense for the six months ended December 31, 2014 and 2013) based on 100% of the fair market value of the Company’s stock on the day of grant. During the six months ended December 31, 2014 and 2013, the four non-employee directors of the Company received a total grant of 4,608 and 4,192 shares of common stock.
	As of December 31, 2014, there were no restricted stock units (RSUs) outstanding.

SEGMENT_INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 8 – SEGMENT INFORMATION
	The Company operates in three reportable segments, the operation of the hotel (“Hotel Operations”), the operation of its multi-family residential properties (“Real Estate Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These three operating segments, as presented in the financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this information.
	Information below represents reported segments for the three and six months ended December 31, 2014 and 2013. Operating income (loss) from hotel operations consist of the operation of the hotel and operation of the garage. Operating income for rental properties consist of rental income. Operating income (loss) for investment transactions consist of net investment gain (loss) and dividend and interest income.
	As of and for the three months	Hotel		Real Estate		Investment
	ended December 31, 2014	Operations		Operations		Transactions		Other		Total
	Revenues	$	14,044,000	$	4,030,000	$	-	$	-	$	18,074,000
	Segment operating expenses		-12,033,000		-2,192,000		-		-960,000		-15,185,000
	Segment income (loss) from operations		2,011,000		1,838,000		-		-960,000		2,889,000
	Interest expense - mortgage		-1,769,000		-748,000		-		-		-2,517,000
	Loss on disposal of assets		-51,000		-		-		-		-51,000
	Gain on sale of real estate		-		1,742,000		-		-		1,742,000
	Depreciation and amortization expense		-714,000		-518,000		-		-		-1,232,000
	Loss from investments		-		-		-1,456,000		-		-1,456,000
	Income tax benefit		-		-		-		17,000		17,000
	Net income (loss)	$	-523,000	$	2,314,000	$	-1,456,000	$	-943,000	$	-608,000
	Total assets	$	51,234,000	$	61,429,000	$	27,737,000	$	6,250,000	$	146,650,000
	As of and for the three months	Hotel		Real Estate		Investment
	ended December 31, 2013	Operations		Operations		Transactions		Other		Total
	Revenues	$	12,274,000	$	4,158,000	$	-	$	-	$	16,432,000
	Segment operating expenses		-17,872,000		-2,266,000		-		-484,000		-20,622,000
	Segment income (loss) from operations		-5,598,000		1,892,000		-		-484,000		-4,190,000
	Interest expense - mortgage		-767,000		-762,000		-		-		-1,529,000
	Interest expense - occupancy tax		-328,000		-		-		-		-328,000
	Loss on extinguishment of debt		-3,910,000		-		-		-		-3,910,000
	Loss on disposal of assets		-1,092,000		-		-		-		-1,092,000
	Depreciation and amortization expense		-747,000		-537,000		-		-		-1,284,000
	Gain from investments		-		-		688,000		-		688,000
	Income tax benefit		-		-		-		2,477,000		2,477,000
	Net income (loss)	$	-12,442,000	$	593,000	$	688,000	$	1,993,000	$	-9,168,000
	Total assets	$	68,141,000	$	64,581,000	$	28,373,000	$	5,603,000	$	166,698,000
	As of and for the six months	Hotel		Real Estate		Investment
	ended December 31, 2014	Operations		Operations		Transactions		Other		Total
	Revenues	$	28,874,000	$	8,227,000	$	-	$	-	$	37,101,000
	Segment operating expenses		-23,871,000		-4,332,000		-		-1,741,000		-29,944,000
	Segment income (loss) from operations		5,003,000		3,895,000		-		-1,741,000		7,157,000
	Interest expense - mortgage		-3,665,000		-1,510,000		-		-		-5,175,000
	Loss on disposal of assets		-51,000		-		-		-		-51,000
	Gain on sale of real estate		-		1,742,000		-		-		1,742,000
	Other real estate income		-		458,000		-		-		458,000
	Depreciation and amortization expense		-1,405,000		-1,053,000		-		-		-2,458,000
	Loss from investments		-		-		-3,443,000		-		-3,443,000
	Income tax benefit		-		-		-		258,000		258,000
	Net income (loss)	$	-118,000	$	3,532,000	$	-3,443,000	$	-1,483,000	$	-1,512,000
	Total assets	$	51,234,000	$	61,429,000	$	27,737,000	$	6,250,000	$	146,650,000
	As of and for the six months	Hotel		Real Estate		Investment
	ended December 31, 2013	Operations		Operations		Transactions		Other		Total
	Revenues	$	25,579,000	$	8,236,000	$	-	$	-	$	33,815,000
	Segment operating expenses		-27,404,000		-4,544,000		-		-1,011,000		-32,959,000
	Segment income (loss) from operations		-1,825,000		3,692,000		-		-1,011,000		856,000
	Interest expense - mortgage		-1,402,000		-1,534,000		-		-		-2,936,000
	Interest expense - occupancy tax		-328,000		-		-		-		-328,000
	Loss on extinguishment of debt		-3,910,000		-		-		-		-3,910,000
	Loss on disposal of assets		-1,092,000		-		-		-		-1,092,000
	Depreciation and amortization expense		-1,396,000		-1,072,000		-		-		-2,468,000
	Gain from investments		-		-		385,000		-		385,000
	Income tax benefit		-		-		-		2,017,000		2,017,000
	Net income (loss)	$	-9,953,000	$	1,086,000	$	385,000	$	1,006,000	$	-7,476,000
	Total assets	$	68,141,000	$	64,581,000	$	28,373,000	$	5,603,000	$	166,698,000

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 9 – RELATED PARTY TRANSACTIONS
	On July 2, 2014, the Partnership obtained from the InterGroup Corporation (parent company of Portsmouth) an unsecured loan in the principal amount of $4,250,000 at 12% per year fixed interest, with a term of 2 years, payable interest only each month. InterGroup received a 3% loan fee. The loan may be prepaid at any time without penalty. The proceeds of the loan were applied to the July 2014 payments to Holdings described in Note 20 of the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014. The loan was eliminated in consolidation.
	During the three months ended December 31, 2014 and 2013, the Company received management fees from Justice Investors totaling $140,000 and $108,000, respectively. During the six months ended December 31, 2014 and 2013, the Company received management fees from Justice Investors totaling $281,000 and $220,000, respectively.
	These fees are eliminated in consolidation.
	In connection with the redemption of limited partnership interests of Justice Investors, Limited Partnership (which took place during fiscal year ended June 30, 2014), Justice Operating Company, LLC agreed to pay a total of $1,550,000 in fees to certain officers and directors of the Company for services rendered in connection with the redemption of partnership interests, refinancing of Justice’s properties and reorganization of Justice Investors. This agreement was superseded by a letter dated December 11, 2013 from Justice Investors, Limited Partnership, in which Justice Investors Limited Partnership assumed the payment obligations of Justice Operating Company, LLC. The first payment under this agreement was made concurrently with the closing of the loan agreements, with the remaining payments due upon Justice Investor’s having adequate available cash as described in the letter. As of December 31, 2014, $1,250,000 of these fees remains payable.
	Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of InterGroup.
	John V. Winfield serves as Chief Executive Officer and Chairman of the Company, Portsmouth and Santa Fe. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family, Portsmouth and Santa Fe may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and his family members, and the resources of Portsmouth and Santa Fe, at risk in connection with investment decisions made on behalf of the Company.

INVESTMENT_IN_HOTEL_NET_Tables

INVESTMENT IN HOTEL, NET (Tables) (Hotel [Member])	6 Months Ended
	Dec. 31, 2014
Hotel [Member]
Real Estate Properties [Line Items]
Schedule of Real Estate Properties [Table Text Block]	Investment in hotel consisted of the following as of:
				Accumulated		Net Book
	December 31, 2014	Cost		Depreciation		Value
	Land	$	2,738,000	$	-	$	2,738,000
	Furniture and equipment		25,359,000		-20,850,000		4,509,000
	Building and improvements		60,571,000		-24,556,000		36,015,000
		$	88,668,000	$	-45,406,000	$	43,262,000
				Accumulated		Net Book
	June 30, 2014	Cost		Depreciation		Value
	Land	$	2,738,000	$	-	$	2,738,000
	Furniture and equipment		23,306,000		-20,072,000		3,234,000
	Building and improvements		59,828,000		-23,903,000		35,925,000
		$	85,872,000	$	-43,975,000	$	41,897,000

INVESTMENT_IN_REAL_ESTATE_AND_1

INVESTMENT IN REAL ESTATE AND MORTGAGE AND OTHER NOTES PAYABLE (Tables) (Apartment Building [Member])	6 Months Ended
	Dec. 31, 2014
Apartment Building [Member]
Real Estate Properties [Line Items]
Schedule of Real Estate Properties [Table Text Block]	Investment in real estate consisted of the following:
	As of	December 31, 2014		June 30, 2014
	Land	$	24,741,000	$	25,781,000
	Buildings, improvements and equipment		72,882,000		74,039,000
	Accumulated depreciation		-36,194,000		-36,123,000
	Investment in real estate, net	$	61,429,000	$	63,697,000

INVESTMENT_IN_MARKETABLE_SECUR1

INVESTMENT IN MARKETABLE SECURITIES (Tables)	6 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Marketable Securities [Table Text Block]	Trading securities are summarized as follows:
				Gross		Gross		Net		Fair
	Investment	Cost		Unrealized Gain		Unrealized Loss		Unrealized Gain (Loss)		Value
	As of December 31, 2014
	Corporate
	Equities	$	14,016,000	$	651,000	$	-2,741,000	$	-2,090,000	$	11,926,000
	As of June 30, 2014
	Corporate
	Equities	$	10,369,000	$	2,717,000	$	-1,666,000	$	1,051,000	$	11,420,000
Gain (Loss) on Investments [Table Text Block]	Below is the composition of the two components for the respective periods:
	For the three months ended December 31,	2014		2013
	Realized (loss) gain on marketable securities	$	-83,000	$	410,000
	Unrealized (loss) gain on marketable securities		-1,461,000		205,000
	Net (loss) gain on marketable securities	$	-1,544,000	$	615,000
	For the six months ended December 31,	2014		2013
	Realized gain on marketable securities	$	72,000	$	138,000
	Unrealized (loss) gain on marketable securities		-3,106,000		630,000
	Net (loss) gain on marketable securities	$	-3,034,000	$	768,000

OTHER_INVESTMENTS_NET_Tables

OTHER INVESTMENTS, NET (Tables)	6 Months Ended
	Dec. 31, 2014
Other Investments [Abstract]
Schedule Of Other Investments [Table Text Block]	Other investments, net consist of the following:
	Type	December 31, 2014		June 30, 2014
	Preferred stock - Comstock, at cost	$	13,231,000	$	13,231,000
	Private equity hedge fund, at cost		1,650,000		1,650,000
	Corporate debt and equity instruments, at cost		269,000		269,000
	Other preferred stock, at cost		480,000		480,000
	Warrants - at fair value		181,000		207,000
		$	15,811,000	$	15,837,000

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	The assets measured at fair value on a recurring basis are as follows:
	As of December 31, 2014
	Assets:	Level 1		Level 2		Level 3		Total
	Other investments - warrants	$	-	$	-	$	181,000	$	181,000
	Investment in marketable securities:
	Basic materials		4,830,000		-		-		4,830,000
	Energy		2,906,000		-		-		2,906,000
	Technology and telecommunications		1,202,000		-		-		1,202,000
	REITs and real estate companies		964,000		-		-		964,000
	Financial services		582,000		-		-		582,000
	Other		1,442,000		-		-		1,442,000
			11,926,000		-		-		11,926,000
		$	11,926,000	$	-	$	181,000	$	12,107,000
	As of June 30, 2014
	Assets:	Level 1		Level 2		Level 3		Total
	Other investments - warrants	$	-	$	-	$	207,000	$	207,000
	Investment in marketable securities:
	Basic materials		5,081,000		-		-		5,081,000
	Technology		1,395,000		-		-		1,395,000
	REITs and real estate companies		1,001,000		-		-		1,001,000
	Financial services		820,000		-		-		820,000
	Other		3,123,000		-		-		3,123,000
			11,420,000		-		-		11,420,000
		$	11,420,000	$	-	$	207,000	$	11,627,000
Fair Value Measurements, Nonrecurring [Table Text Block]	The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:
										Net gain for the six months
	Assets	Level 1		Level 2		Level 3		December 31, 2014		ended December 31, 2014
	Other non-marketable investments	$	-	$	-	$	15,630,000	$	15,630,000	$	-
										Net gain for the six months
	Assets	Level 1		Level 2		Level 3		June 30, 2014		ended December 31, 2013
	Other non-marketable investments	$	-	$	-	$	15,630,000	$	15,630,000	$	-

STOCK_BASED_COMPENSATION_PLANS1

STOCK BASED COMPENSATION PLANS (Tables)	6 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following table summarizes the stock options activity from June 30, 2013 through December 31, 2014:
			Number of		Weighted Average		Weighted Average	Aggregate
			Shares		Exercise Price		Remaining Life	Intrinsic Value
	Oustanding at	1-Jul-13		222,000	$	14.98	6.89 years	$	1,353,000
	Granted			160,000		18.96
	Exercised			-15,000		11.75
	Forfeited			-		-
	Exchanged			-		-
	Oustanding at	30-Jun-14		367,000	$	16.85	7.71 years	$	953,000
	Exercisable at	30-Jun-14		92,000	$	11.3	5.10 years	$	717,000
	Vested and Expected to vest at	30-Jun-14		367,000	$	16.85	7.71 years	$	953,000
	Oustanding at	1-Jul-14		367,000	$	16.85	7.71 years	$	731,000
	Granted			-		-
	Exercised			-		-
	Forfeited			-		-
	Exchanged			-		-
	Oustanding at	31-Dec-14		367,000	$	16.85	7.20 years	$	731,000
	Exercisable at	31-Dec-14		92,000	$	13	5.29 years	$	585,000
	Vested and Expected to vest at	31-Dec-14		367,000	$	16.85	7.20 years	$	731,000

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information below represents reported segments for the three and six months ended December 31, 2014 and 2013. Operating income (loss) from hotel operations consist of the operation of the hotel and operation of the garage. Operating income for rental properties consist of rental income. Operating income (loss) for investment transactions consist of net investment gain (loss) and dividend and interest income.
	As of and for the three months	Hotel		Real Estate		Investment
	ended December 31, 2014	Operations		Operations		Transactions		Other		Total
	Revenues	$	14,044,000	$	4,030,000	$	-	$	-	$	18,074,000
	Segment operating expenses		-12,033,000		-2,192,000		-		-960,000		-15,185,000
	Segment income (loss) from operations		2,011,000		1,838,000		-		-960,000		2,889,000
	Interest expense - mortgage		-1,769,000		-748,000		-		-		-2,517,000
	Loss on disposal of assets		-51,000		-		-		-		-51,000
	Gain on sale of real estate		-		1,742,000		-		-		1,742,000
	Depreciation and amortization expense		-714,000		-518,000		-		-		-1,232,000
	Loss from investments		-		-		-1,456,000		-		-1,456,000
	Income tax benefit		-		-		-		17,000		17,000
	Net income (loss)	$	-523,000	$	2,314,000	$	-1,456,000	$	-943,000	$	-608,000
	Total assets	$	51,234,000	$	61,429,000	$	27,737,000	$	6,250,000	$	146,650,000
	As of and for the three months	Hotel		Real Estate		Investment
	ended December 31, 2013	Operations		Operations		Transactions		Other		Total
	Revenues	$	12,274,000	$	4,158,000	$	-	$	-	$	16,432,000
	Segment operating expenses		-17,872,000		-2,266,000		-		-484,000		-20,622,000
	Segment income (loss) from operations		-5,598,000		1,892,000		-		-484,000		-4,190,000
	Interest expense - mortgage		-767,000		-762,000		-		-		-1,529,000
	Interest expense - occupancy tax		-328,000		-		-		-		-328,000
	Loss on extinguishment of debt		-3,910,000		-		-		-		-3,910,000
	Loss on disposal of assets		-1,092,000		-		-		-		-1,092,000
	Depreciation and amortization expense		-747,000		-537,000		-		-		-1,284,000
	Gain from investments		-		-		688,000		-		688,000
	Income tax benefit		-		-		-		2,477,000		2,477,000
	Net income (loss)	$	-12,442,000	$	593,000	$	688,000	$	1,993,000	$	-9,168,000
	Total assets	$	68,141,000	$	64,581,000	$	28,373,000	$	5,603,000	$	166,698,000
	As of and for the six months	Hotel		Real Estate		Investment
	ended December 31, 2014	Operations		Operations		Transactions		Other		Total
	Revenues	$	28,874,000	$	8,227,000	$	-	$	-	$	37,101,000
	Segment operating expenses		-23,871,000		-4,332,000		-		-1,741,000		-29,944,000
	Segment income (loss) from operations		5,003,000		3,895,000		-		-1,741,000		7,157,000
	Interest expense - mortgage		-3,665,000		-1,510,000		-		-		-5,175,000
	Loss on disposal of assets		-51,000		-		-		-		-51,000
	Gain on sale of real estate		-		1,742,000		-		-		1,742,000
	Other real estate income		-		458,000		-		-		458,000
	Depreciation and amortization expense		-1,405,000		-1,053,000		-		-		-2,458,000
	Loss from investments		-		-		-3,443,000		-		-3,443,000
	Income tax benefit		-		-		-		258,000		258,000
	Net income (loss)	$	-118,000	$	3,532,000	$	-3,443,000	$	-1,483,000	$	-1,512,000
	Total assets	$	51,234,000	$	61,429,000	$	27,737,000	$	6,250,000	$	146,650,000
	As of and for the six months	Hotel		Real Estate		Investment
	ended December 31, 2013	Operations		Operations		Transactions		Other		Total
	Revenues	$	25,579,000	$	8,236,000	$	-	$	-	$	33,815,000
	Segment operating expenses		-27,404,000		-4,544,000		-		-1,011,000		-32,959,000
	Segment income (loss) from operations		-1,825,000		3,692,000		-		-1,011,000		856,000
	Interest expense - mortgage		-1,402,000		-1,534,000		-		-		-2,936,000
	Interest expense - occupancy tax		-328,000		-		-		-		-328,000
	Loss on extinguishment of debt		-3,910,000		-		-		-		-3,910,000
	Loss on disposal of assets		-1,092,000		-		-		-		-1,092,000
	Depreciation and amortization expense		-1,396,000		-1,072,000		-		-		-2,468,000
	Gain from investments		-		-		385,000		-		385,000
	Income tax benefit		-		-		-		2,017,000		2,017,000
	Net income (loss)	$	-9,953,000	$	1,086,000	$	385,000	$	1,006,000	$	-7,476,000
	Total assets	$	68,141,000	$	64,581,000	$	28,373,000	$	5,603,000	$	166,698,000

BASIS_OF_PRESENTATION_AND_SIGN1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	6 Months Ended
	Dec. 31, 2014
Basis Of Presentation And Significant Accounting Policies [Line Items]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	93.00%
Santa Fe [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	85.10%
Percentage Of Voting Shares In Common Stock	4.00%
Portsmouth [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage	68.80%
Noncontrolling Interest, Ownership Percentage by Parent	13.10%

INVESTMENT_IN_HOTEL_NET_Detail

INVESTMENT IN HOTEL, NET (Details) (USD $)	Dec. 31, 2014	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Net Book Value	$43,262,000	$41,897,000
Hotel [Member]
Property, Plant and Equipment [Line Items]
Cost	88,668,000	85,872,000
Accumulated Depreciation	-45,406,000	-43,975,000
Net Book Value	43,262,000	41,897,000
Land [Member] | Hotel [Member]
Property, Plant and Equipment [Line Items]
Cost	2,738,000	2,738,000
Accumulated Depreciation	0	0
Net Book Value	2,738,000	2,738,000
Furniture and equipment [Member] | Hotel [Member]
Property, Plant and Equipment [Line Items]
Cost	25,359,000	23,306,000
Accumulated Depreciation	-20,850,000	-20,072,000
Net Book Value	4,509,000	3,234,000
Building and improvements [Member] | Hotel [Member]
Property, Plant and Equipment [Line Items]
Cost	60,571,000	59,828,000
Accumulated Depreciation	-24,556,000	-23,903,000
Net Book Value	$36,015,000	$35,925,000

INVESTMENT_IN_REAL_ESTATE_AND_2

INVESTMENT IN REAL ESTATE AND MORTGAGE AND OTHER NOTES PAYABLE (Details) (USD $)	Dec. 31, 2014	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Investment in real estate, net	$61,429,000	$63,697,000
Apartment Building [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	-36,194,000	-36,123,000
Investment in real estate, net	61,429,000	63,697,000
Apartment Building [Member] | Land [Member]
Property, Plant and Equipment [Line Items]
Cost	24,741,000	25,781,000
Apartment Building [Member] | Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	$72,882,000	$74,039,000

INVESTMENT_IN_REAL_ESTATE_AND_3

INVESTMENT IN REAL ESTATE AND MORTGAGE AND OTHER NOTES PAYABLE (Details Textual) (USD $)	3 Months Ended		6 Months Ended		1 Months Ended		3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2014	Feb. 28, 2014	Sep. 30, 2014
					sqft
Property, Plant and Equipment [Line Items]
Gains (Losses) on Sales of Other Real Estate	$1,742,000	$0	$1,742,000	$0
Commercial Real Estate [Member]
Property, Plant and Equipment [Line Items]
Net Proceeds From Sale Of Other Real Estate					2,163,000
Selling Costs And Related Mortgage Repayments					1,100,000
Area of Real Estate Property					5,900
Proceeds from Sale of Other Real Estate					3,450,000
Gains (Losses) on Sales of Other Real Estate					1,742,000
Apartment Building [Member]
Property, Plant and Equipment [Line Items]
Real Estate Held-for-sale	16,300,000		16,300,000			15,800,000
Number Of Apartment units Sold						249
Proceeds from Sale of Buildings						458,000
Gain Loss On Sale Of Buildings			100,000			208,000
Additional Consideration Received From Sale Of Buildings						250,000
Proceeds from Distributions Received from Real Estate Partnerships							458,000
Gains (Losses) on Sales of Other Real Estate	$1,742,000		$1,742,000

INVESTMENT_IN_MARKETABLE_SECUR2

INVESTMENT IN MARKETABLE SECURITIES (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Gross Unrealized Gain	($1,461,000)	$205,000	($3,106,000)	$630,000
Net Unrealized Gain (Loss)			-3,106,000	629,000
Fair Value	11,926,000		11,926,000		11,420,000
Equity Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost	14,016,000		14,016,000		10,369,000
Gross Unrealized Gain			651,000		2,717,000
Gross Unrealized Loss			-2,741,000		-1,666,000
Net Unrealized Gain (Loss)			-2,090,000		1,051,000
Fair Value	$11,926,000		$11,926,000		$11,420,000

INVESTMENT_IN_MARKETABLE_SECUR3

INVESTMENT IN MARKETABLE SECURITIES (Details 1) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Schedule of Trading Securities and Other Trading Assets [Line Items]
Realized (loss) gain on marketable securities	($83,000)	$410,000	$72,000	$138,000
Unrealized (loss) gain on marketable securities	-1,461,000	205,000	-3,106,000	630,000
Net (loss) gain on marketable securities	($1,544,000)	$615,000	($3,034,000)	$768,000

INVESTMENT_IN_MARKETABLE_SECUR4

INVESTMENT IN MARKETABLE SECURITIES (Details Textual) (USD $)	6 Months Ended	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	$1,881,000	$1,615,000

OTHER_INVESTMENTS_NET_Details

OTHER INVESTMENTS, NET (Details) (USD $)	Dec. 31, 2014	Jun. 30, 2014
Other Investment [Line Items]
Other investments, net	$15,811,000	$15,837,000
Preferred stock - Comstock, at cost [Member]
Other Investment [Line Items]
Other investments, net	13,231,000	13,231,000
Private equity hedge fund, at cost [Member]
Other Investment [Line Items]
Other investments, net	1,650,000	1,650,000
Corporate debt and equity instruments, at cost [Member]
Other Investment [Line Items]
Other investments, net	269,000	269,000
Other preferred stock, at cost [Member]
Other Investment [Line Items]
Other investments, net	480,000	480,000
Warrants - at fair value [Member]
Other Investment [Line Items]
Other investments, net	$181,000	$207,000

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Dec. 31, 2014	Jun. 30, 2014
Assets:
Other investments - warrants	$181,000	$207,000
Investment in marketable securities	11,926,000	11,420,000
Assets, Fair Value Disclosure	12,107,000	11,627,000
Fair Value, Inputs, Level 1 [Member]
Assets:
Other investments - warrants	0	0
Investment in marketable securities	11,926,000	11,420,000
Assets, Fair Value Disclosure	11,926,000	11,420,000
Fair Value, Inputs, Level 2 [Member]
Assets:
Other investments - warrants	0	0
Investment in marketable securities	0	0
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member]
Assets:
Other investments - warrants	181,000	207,000
Investment in marketable securities	0	0
Assets, Fair Value Disclosure	181,000	207,000
Basic Materials [Member]
Assets:
Investment in marketable securities	4,830,000	5,081,000
Basic Materials [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investment in marketable securities	4,830,000	5,081,000
Basic Materials [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Investment in marketable securities	0	0
Basic Materials [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Investment in marketable securities	0	0
Energy [Member]
Assets:
Investment in marketable securities	2,906,000
Energy [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investment in marketable securities	2,906,000
Energy [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Investment in marketable securities	0
Energy [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Investment in marketable securities	0
Technology [Member]
Assets:
Investment in marketable securities	1,202,000	1,395,000
Technology [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investment in marketable securities	1,202,000	1,395,000
Technology [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Investment in marketable securities	0	0
Technology [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Investment in marketable securities	0	0
REITs and Real Estate Companies [Member]
Assets:
Investment in marketable securities	964,000	1,001,000
REITs and Real Estate Companies [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investment in marketable securities	964,000	1,001,000
REITs and Real Estate Companies [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Investment in marketable securities	0	0
REITs and Real Estate Companies [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Investment in marketable securities	0	0
Financial Services [Member]
Assets:
Investment in marketable securities	582,000	820,000
Financial Services [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investment in marketable securities	582,000	820,000
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Investment in marketable securities	0	0
Financial Services [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Investment in marketable securities	0	0
Other [Member]
Assets:
Investment in marketable securities	1,442,000	3,123,000
Other [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investment in marketable securities	1,442,000	3,123,000
Other [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Investment in marketable securities	0	0
Other [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Investment in marketable securities	$0	$0

FAIR_VALUE_MEASUREMENTS_Detail1

FAIR VALUE MEASUREMENTS (Details 1) (USD $)	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net gain	$0	$0
Other Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	15,630,000		15,630,000
Other Investments [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	0		0
Other Investments [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	0		0
Other Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	$15,630,000		$15,630,000

FAIR_VALUE_MEASUREMENTS_Detail2

FAIR VALUE MEASUREMENTS (Details Textual)	6 Months Ended
	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost Method Investments, Additional Information	Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments and holds less than 20% ownership in each of the investments.

STOCK_BASED_COMPENSATION_PLANS2

STOCK BASED COMPENSATION PLANS (Details) (USD $)	6 Months Ended	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2014	Jun. 30, 2013
Stock Based Compensation [Line Items]
Oustanding, Number of Shares	367,000	222,000
Granted, Number of Shares	0	160,000
Exercised, Number of Shares	0	-15,000
Forfeited, Number of Shares	0	0
Exchanged, Number of Shares	0	0
Oustanding, Number of Shares	367,000	367,000	222,000
Exercisable, Number of Shares	92,000	92,000
Vested and Expected to vest, Number of Shares	367,000	367,000
Oustanding, Weighted Average Exercise Price	$16.85	$14.98
Granted, Weighted Average Exercise Price	$0	$18.96
Exercised, Weighted Average Exercise Price	$0	$11.75
Forfeited, Weighted Average Exercise Price	$0	$0
Exchanged, Weighted Average Exercise Price	$0	$0
Oustanding, Weighted Average Exercise Price	$16.85	$16.85	$14.98
Exercisable, Weighted Average Exercise Price	$13	$11.30
Vested and Expected to vest, Weighted Average Exercise Price	$16.85	$16.85
Oustanding at Weighted Average Remaining Life	7 years 2 months 12 days	7 years 8 months 16 days	6 years 10 months 20 days
Exercisable, Weighted Average Remaining Life	5 years 3 months 14 days	5 years 1 month 6 days
Vested and Expected to vest, Weighted Average Remaining Life	7 years 2 months 12 days	7 years 8 months 16 days
Outstanding, Aggregate Intrinsic Value	$731,000	$1,353,000
Outstanding, Aggregate Intrinsic Value	731,000	731,000	1,353,000
Exercisable, Aggregate Intrinsic Value	585,000	717,000
Vested and Expected to vest, Aggregate Intrinsic Value	$731,000	$953,000

STOCK_BASED_COMPENSATION_PLANS3

STOCK BASED COMPENSATION PLANS (Details Textual) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2013
Stock Based Compensation [Line Items]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$227,000	$52,000	$464,000	$103,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	1,013,000		1,013,000
Share-Based Compensation Arrangement By Share-Based Payment Award Award Vesting Period 1			4 years
Share-based Compensation, Total			552,000	191,000
Non Employee Directors [Member]
Stock Based Compensation [Line Items]
Stock Issued During Period, Value, Share-based Compensation, Gross			22,000
Share Based Compensation By Share Based Payment Award Fair Market Value, Percentage			100.00%
Share-based Compensation, Total			$88,000	$88,000	$88,000
Non Employee Directors [Member] | Common Stock [Member]
Stock Based Compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	4,608	4,192	4,608	4,192

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014
Segment Reporting Information [Line Items]
Revenues	$18,074,000	$16,432,000	$37,101,000	$33,815,000
Segment operating expenses	-15,185,000	-20,622,000	-29,944,000	-32,959,000
Segment income (loss) from operations	1,657,000	-5,474,000	4,699,000	-1,612,000
Interest expense - mortgage	-2,517,000	-1,529,000	-5,175,000	-2,936,000
Interest expense - occupancy tax	0	-328,000	0	-328,000
Loss on extinguishment of debt	0	-3,910,000	0	-3,910,000
Loss on disposal of assets	-51,000	-1,092,000	-51,000	-1,092,000
Other real estate income			458,000	0
Gain on sale of real estate	1,742,000	0	1,742,000	0
Depreciation and amortization expense	-1,232,000	-1,284,000	-2,458,000	-2,468,000
Gain(Loss) from investments	-1,456,000	688,000	-3,443,000	385,000
Income tax benefit	17,000	2,477,000	258,000	2,017,000
Net income (loss)	-608,000	-9,168,000	-1,512,000	-7,476,000
Total assets	146,650,000	166,698,000	146,650,000	166,698,000	165,460,000
Hotel Operations [Member]
Segment Reporting Information [Line Items]
Revenues	14,044,000	12,274,000	28,874,000	25,579,000
Segment operating expenses	-12,033,000	-17,872,000	-23,871,000	-27,404,000
Segment income (loss) from operations	2,011,000	-5,598,000	5,003,000	-1,825,000
Interest expense - mortgage	-1,769,000	-767,000	-3,665,000	-1,402,000
Interest expense - occupancy tax		-328,000		-328,000
Loss on extinguishment of debt		-3,910,000		-3,910,000
Loss on disposal of assets	-51,000	-1,092,000	-51,000	-1,092,000
Other real estate income			0
Gain on sale of real estate	0		0
Depreciation and amortization expense	-714,000	-747,000	-1,405,000	-1,396,000
Gain(Loss) from investments	0	0	0	0
Income tax benefit	0	0	0	0
Net income (loss)	-523,000	-12,442,000	-118,000	-9,953,000
Total assets	51,234,000	68,141,000	51,234,000	68,141,000
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Revenues	4,030,000	4,158,000	8,227,000	8,236,000
Segment operating expenses	-2,192,000	-2,266,000	-4,332,000	-4,544,000
Segment income (loss) from operations	1,838,000	1,892,000	3,895,000	3,692,000
Interest expense - mortgage	-748,000	-762,000	-1,510,000	-1,534,000
Interest expense - occupancy tax		0		0
Loss on extinguishment of debt		0		0
Loss on disposal of assets	0	0	0	0
Other real estate income			458,000
Gain on sale of real estate	1,742,000		1,742,000
Depreciation and amortization expense	-518,000	-537,000	-1,053,000	-1,072,000
Gain(Loss) from investments	0	0	0	0
Income tax benefit	0	0	0	0
Net income (loss)	2,314,000	593,000	3,532,000	1,086,000
Total assets	61,429,000	64,581,000	61,429,000	64,581,000
Investment Transactions [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Segment operating expenses	0	0	0	0
Segment income (loss) from operations	0	0	0	0
Interest expense - mortgage	0	0	0	0
Interest expense - occupancy tax		0		0
Loss on extinguishment of debt		0		0
Loss on disposal of assets	0	0	0	0
Other real estate income			0
Gain on sale of real estate	0		0
Depreciation and amortization expense	0	0	0	0
Gain(Loss) from investments	-1,456,000	688,000	-3,443,000	385,000
Income tax benefit	0	0	0	0
Net income (loss)	-1,456,000	688,000	-3,443,000	385,000
Total assets	27,737,000	28,373,000	27,737,000	28,373,000
Other [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Segment operating expenses	-960,000	-484,000	-1,741,000	-1,011,000
Segment income (loss) from operations	-960,000	-484,000	-1,741,000	-1,011,000
Interest expense - mortgage	0	0	0	0
Interest expense - occupancy tax		0		0
Loss on extinguishment of debt		0		0
Loss on disposal of assets	0	0	0	0
Other real estate income			0
Gain on sale of real estate	0		0
Depreciation and amortization expense	0	0	0	0
Gain(Loss) from investments	0	0	0	0
Income tax benefit	17,000	2,477,000	258,000	2,017,000
Net income (loss)	-943,000	1,993,000	-1,483,000	1,006,000
Total assets	$6,250,000	$5,603,000	$6,250,000	$5,603,000

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Textual) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended	0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014	Jul. 02, 2014
Related Party Transaction [Line Items]
Management Fees Revenue	$140,000	$108,000	$281,000	$220,000
Payments to Acquire Limited Partnership Interests					1,550,000
Management Fee Payable	1,250,000		1,250,000
InterGroup [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount						$4,250,000
Debt Instrument, Interest Rate, Stated Percentage						12.00%
Debt Instrument, Term						2 years
Debt Instrument Fee Percent						3.00%