The InterGroup Corporation (INTG) 10-Q 5 Feb 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2015	Jan. 08, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	INTERGROUP CORP
Entity Central Index Key	69,422
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	INTG
Entity Common Stock, Shares Outstanding		2,383,689

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Jun. 30, 2015
ASSETS
Investment in Hotel, net	$ 45,096,000	$ 43,840,000
Investment in real estate, net	57,193,000	55,768,000
Investment in marketable securities	16,005,000	5,827,000
Other investments, net	1,415,000	15,082,000
Cash and cash equivalents	5,079,000	8,529,000
Restricted cash - mortgage impounds	2,937,000	2,868,000
Other assets, net	6,537,000	11,505,000
Deferred income taxes	1,917,000	0
Total assets	136,179,000	143,419,000
Liabilities:
Accounts payable and other liabilities	3,497,000	5,268,000
Accounts payable and other liabilities - Hotel	12,280,000	13,615,000
Due to securities broker	1,552,000	345,000
Obligations for securities sold	0	22,000
Other notes payable	4,643,000	4,905,000
Mortgage notes payable - Hotel	117,000,000	117,000,000
Mortgage notes payable - real estate	65,541,000	66,233,000
Deferred income taxes	0	3,000
Total liabilities	$ 204,513,000	$ 207,391,000
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; 3,395,616 and 3,391,096 issued; 2,383,689 and 2,386,029 outstanding, respectively	33,000	33,000
Additional paid-in capital	10,532,000	10,494,000
Accumulated deficit	(40,285,000)	(36,459,000)
Treasury stock, at cost, 1,011,927 and 1,005,067 shares	(12,033,000)	(11,878,000)
Total InterGroup shareholders' deficit	(41,753,000)	(37,810,000)
Noncontrolling interest	(26,581,000)	(26,162,000)
Total shareholders' deficit	(68,334,000)	(63,972,000)
Total liabilities and shareholders' equity	$ 136,179,000	$ 143,419,000

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Dec. 31, 2015	Jun. 30, 2015
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	3,395,616	3,391,096
Common stock, shares outstanding	2,383,689	2,386,029
Treasury stock, shares	1,011,927	1,005,067

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Hotel	$ 13,713,000	$ 14,044,000	$ 28,851,000	$ 28,874,000
Real estate	3,546,000	4,030,000	7,128,000	8,227,000
Total revenues	17,259,000	18,074,000	35,979,000	37,101,000
Costs and operating expenses:
Hotel operating expenses	(11,969,000)	(12,033,000)	(23,162,000)	(23,871,000)
Real estate operating expenses	(1,715,000)	(2,192,000)	(3,451,000)	(4,332,000)
Depreciation and amortization expense	(1,285,000)	(1,232,000)	(2,521,000)	(2,458,000)
General and administrative expense	(585,000)	(960,000)	(1,394,000)	(1,741,000)
Total costs and operating expenses	(15,554,000)	(16,417,000)	(30,528,000)	(32,402,000)
Income from operations	1,705,000	1,657,000	5,451,000	4,699,000
Other income (expense):
Interest expense - mortgages	(2,461,000)	(2,517,000)	(4,925,000)	(5,175,000)
Disposal of other assets	0	(51,000)	(30,000)	(51,000)
Gain on sale of real estate	0	1,742,000	0	1,742,000
Other real estate gain			0	458,000
Net loss on marketable securities	(6,356,000)	(1,544,000)	(5,976,000)	(3,034,000)
Net unrealized (loss) gain on other investments	(53,000)	16,000	(127,000)	(26,000)
Impairment loss on other investments	(287,000)	0	(287,000)	0
Dividend and interest income	6,000	503,000	19,000	517,000
Trading and margin interest expense	(222,000)	(431,000)	(462,000)	(900,000)
Other expense, net	(9,373,000)	(2,282,000)	(11,788,000)	(6,469,000)
Loss before income taxes	(7,668,000)	(625,000)	(6,337,000)	(1,770,000)
Income tax benefit	2,538,000	17,000	1,920,000	258,000
Net loss	(5,130,000)	(608,000)	(4,417,000)	(1,512,000)
Less: Net loss attributable to the noncontrolling interest	835,000	319,000	591,000	460,000
Net loss attributable to InterGroup	$ (4,295,000)	$ (289,000)	$ (3,826,000)	$ (1,052,000)
Net income (loss) per share
Basic and diluted net loss per share (in dollars per share)	$ (2.15)	$ (0.25)	$ (1.85)	$ (0.63)
Basic and diluted net loss per share attributable to InterGroup (in dollars per share)	$ (1.80)	$ (0.12)	$ (1.60)	$ (0.44)
Weighted average number of basic and diluted common shares outstanding (in shares)	2,384,272	2,385,955	2,385,784	2,386,051

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (4,417,000)	$ (1,512,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	2,521,000	2,458,000
Loss on disposal of assets	30,000	51,000
Gain on sale of real estate	0	(1,742,000)
Net unrealized loss on marketable securities	5,519,000	3,106,000
Unrealized loss on other investments	127,000	26,000
Impairment loss on other investments	287,000	0
Stock compensation expense	330,000	552,000
Changes in assets and liabilities:
Investment in marketable securities	(2,444,000)	(3,612,000)
Other assets	5,063,000	12,000
Accounts payable and other liabilities	(3,106,000)	(3,765,000)
Due to securities broker	1,207,000	1,954,000
Obligations for securities sold	(22,000)	397,000
Deferred taxes	(1,920,000)	(258,000)
Net cash provided by (used in) operating activities	3,175,000	(2,333,000)
Cash flows from investing activities:
Net proceeds from sale of real estate	0	3,288,000
Investment in hotel, net	(2,902,000)	(2,916,000)
Investment in real estate, net	(2,425,000)	(331,000)
Investment in Santa Fe	(120,000)	(68,000)
Investment in Portsmouth	0	(33,000)
Net cash used in investing activities	(5,447,000)	(60,000)
Cash flows from financing activities:
Restricted cash - (payments to) withdrawal of mortgage impounds	(69,000)	360,000
Net payments on mortgage and other notes payable	(954,000)	(1,463,000)
Purchase of treasury stock	(155,000)	(56,000)
Net cash used in financing activities	(1,178,000)	(1,159,000)
Net decrease in cash and cash equivalents	(3,450,000)	(3,552,000)
Cash and cash equivalents at the beginning of the period	8,529,000	4,705,000
Cash and cash equivalents at the end of the period	5,079,000	1,153,000
Supplemental information:
Interest paid	5,132,000	5,471,000
Non-cash transaction:
Conversion of other investments to marketable securities	$ 13,231,000	$ 0

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2015
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, 2015. The June 30, 2015 Condensed Consolidated Balance Sheet was derived from the Company’s Form 10-K for the year ended June 30, 2015. The results of operations for the three and six months ended December 31, 2015 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2016. For the three and six months ended December 31, 2015 and 2014, the Company had no components of comprehensive income other than net loss itself. Basic and diluted 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, 2015 and 2014, the Company did not have diluted earnings per share as the Company had a net loss for the respective periods. As of December 31, 2015, the Company had the power to vote 85.6 4 Santa Fe’s primary business is conducted 68.8 93 13.1 Justice, through its subsidiaries Justice Holdings Company, LLC (“Holdings”), a Delaware limited liability Company, Justice Operating Company, LLC (“Operating”) , a Delaware limited liability Company, and Justice Mezzanine Company, LLC (“Mezzanine”) , a Delaware limited liability Company, 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 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. See Recent Business Developments – Limited Partnership Redemption and Restructuring. The Hotel is operated by the Partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with HLT Franchise Holding LLC (Hilton) . Justice also has entered into 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. The Owner and Manager desire to amend and restate the Existing Management Agreement to change the nature of the services provided by Manager and its compensation, among other things. 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 sixteen apartment complexes, one commercial real estate, and three 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. In November 2015, FASB issued Accounting Standards Update 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes, In July 2015, the FASB issued Accounting Standard Update No. 2015-11, Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements Going Concern

INVESTMENT IN HOTEL, NET

INVESTMENT IN HOTEL, NET	6 Months Ended
	Dec. 31, 2015
Hotel [Member]
Real Estate Properties [Line Items]
Investment In Real Estate [Text Block]	NOTE 2 – INVESTMENT IN HOTEL, NET Accumulated Net Book December 31, 2015 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 26,704,000 (22,344,000 ) 4,360,000 Building and improvements 63,917,000 (25,919,000 ) 37,998,000 $ 93,359,000 $ (48,263,000 ) $ 45,096,000 Accumulated Net Book June 30, 2015 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 25,958,000 (21,603,000 ) 4,355,000 Building and improvements 62,031,000 (25,284,000 ) 36,747,000 $ 90,727,000 $ (46,887,000 ) $ 43,840,000

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	6 Months Ended
	Dec. 31, 2015
Apartment Building [Member]
Real Estate Properties [Line Items]
Real Estate Disclosure [Text Block]	Investment in real estate consisted of the following: As of December 31, 2015 June 30, 2015 Land $ 24,828,000 $ 23,453,000 Buildings, improvements and equipment 65,878,000 64,828,000 Accumulated depreciation (33,513,000) (32,513,000) Investment in real estate, net $ 57,193,000 $ 55,768,000 In July 2015, the Company purchased a residential house in Los Angeles, California as a strategic asset for $ 1,975,000

INVESTMENT IN MARKETABLE SECURI

INVESTMENT IN MARKETABLE SECURITIES	6 Months Ended
	Dec. 31, 2015
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 periodically 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. Gross Gross Net Fair Investment Cost Unrealized Gain Unrealized Loss Unrealized Gain (Loss) Value As of December 31, 2015 Corporate Equities $ 23,542,000 $ 724,000 $ (8,261,000) $ (7,537,000) $ 16,005,000 As of June 30, 2015 Corporate Equities $ 7,845,000 $ 1,136,000 $ (3,154,000) $ (2,018,000) $ 5,827,000 As of December 31, 2015 and June 30, 2015, the Company had unrealized losses of $ 3,395,000 3,062,000 As of December 31, 2015, approximately 66 For the three months ended December 31, 2015 2014 Realized loss on marketable securities $ (397,000) $ (83,000) Unrealized loss on marketable securities (5,959,000) (1,461,000) Net loss on marketable securities $ (6,356,000) $ (1,544,000) For the six months ended December 31, 2015 2014 Realized (loss) gain on marketable securities $ (457,000) $ 72,000 Unrealized loss on marketable securities (5,519,000) (3,106,000) Net loss on marketable securities $ (5,976,000) $ (3,034,000)

OTHER INVESTMENTS, NET

OTHER INVESTMENTS, NET	6 Months Ended
	Dec. 31, 2015
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, 2015 June 30, 2015 Preferred stock - Comstock, at cost $ - $ 13,231,000 Private equity hedge fund, at cost 1,144,000 1,250,000 Other preferred stock, at cost 255,000 497,000 Warrants - at fair value 16,000 104,000 $ 1,415,000 $ 15,082,000 As of June 30, 2015, the Company had $ 13,231,000 13,231 August 27, 2015, all of such preferred stock was converted into common stock of Comstock. Such shares are now included on the balance sheet under “Investment in marketable securities”.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2015
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 and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable). As of December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Other investments - warrants $ - $ - $ 16,000 $ 16,000 Investment in marketable securities: Basic materials 10,938,000 - - 10,938,000 Oil, gas and energy 1,769,000 - - 1,769,000 Other 3,298,000 - - 3,298,000 16,005,000 - - 16,005,000 $ 16,005,000 $ - $ 16,000 $ 16,021,000 As of June 30, 2015 Level 1 Level 2 Level 3 Total Assets: Other investments - warrants $ - $ - $ 104,000 $ 104,000 Investment in marketable securities: Basic materials 2,761,000 - - 2,761,000 Other 3,066,000 - - 3,066,000 5,827,000 - - 5,827,000 $ 5,827,000 $ - $ 104,000 $ 5,931,000 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). Net loss for the six months Assets Level 1 Level 2 Level 3 December 31, 2015 ended December 31, 2015 Other non-marketable investments $ - $ - $ 1,399,000 $ 1,399,000 $ (287,000) Net loss for the six months Assets Level 1 Level 2 Level 3 June 30, 2015 ended December 31, 2014 Other non-marketable investments $ - $ - $ 14,978,000 $ 14,978,000 $ - 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.

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS	6 Months Ended
	Dec. 31, 2015
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, 2015 for more detail information on the Company’s stock-based compensation plans. During the three months ended December 31, 2015 and 2014, the Company recorded stock option compensation cost of $ 123,000 227,000 242,000 464,000 508,000 3 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. Number of Weighted Average Weighted Average Aggregate Shares Exercise Price Remaining Life Intrinsic Value Oustanding at July 1, 2014 367,000 $ 16.85 7.71 years $ 953,000 Granted - - Exercised (2,400) 18.00 Forfeited (5,000) 24.92 Exchanged (9,600) 18.00 Oustanding at June 30, 2015 350,000 $ 16.70 6.95 years $ 939,000 Exercisable at June 30, 2015 126,639 $ 12.06 6.46 years $ 939,000 Vested and Expected to vest at June 30, 2015 350,000 $ 16.70 6.95 years $ 939,000 Oustanding at July 1, 2015 350,000 $ 16.70 6.95 years $ 939,000 Granted - - Exercised - - Forfeited - - Exchanged - - Oustanding at December 31, 2015 350,000 $ 16.70 6.44 years $ 3,078,000 Exercisable at December 31, 2015 218,000 $ 15.19 5.80 years $ 2,246,000 Vested and Expected to vest at December 31, 2015 350,000 $ 16.70 6.44 years $ 3,078,000 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 88,000 100 4,520 4,608

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Dec. 31, 2015
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. As of and for the three months Hotel Real Estate Investment ended December 31, 2015 Operations Operations Transactions Other Total Revenues $ 13,713,000 $ 3,546,000 $ - $ - $ 17,259,000 Segment operating expenses (11,969,000) (1,715,000) - (585,000) (14,269,000) Segment income (loss) from operations 1,744,000 1,831,000 - (585,000) 2,990,000 Interest expense - mortgage (1,813,000) (648,000) - - (2,461,000) Depreciation and amortization expense (759,000) (526,000) - - (1,285,000) Loss from investments - - (6,912,000) - (6,912,000) Income tax benefit - - - 2,538,000 2,538,000 Net income (loss) $ (828,000) $ 657,000 $ (6,912,000) $ 1,953,000 $ (5,130,000) Total assets $ 50,664,000 $ 57,193,000 $ 17,420,000 $ 10,902,000 $ 136,179,000 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 six months Hotel Real Estate Investment ended December 31, 2015 Operations Operations Transactions Other Total Revenues $ 28,851,000 $ 7,128,000 $ - $ - $ 35,979,000 Segment operating expenses (23,162,000) (3,451,000) - (1,394,000) (28,007,000) Segment income (loss) from operations 5,689,000 3,677,000 - (1,394,000) 7,972,000 Interest expense - mortgage (3,627,000) (1,298,000) - - (4,925,000) Loss on disposal of assets (30,000) - - - (30,000) Depreciation and amortization expense (1,521,000) (1,000,000) - - (2,521,000) Loss from investments - - (6,833,000) - (6,833,000) Income tax benefit - - - 1,920,000 1,920,000 Net income (loss) $ 511,000 $ 1,379,000 $ (6,833,000) $ 526,000 $ (4,417,000) Total assets $ 50,664,000 $ 57,193,000 $ 17,420,000 $ 10,902,000 $ 136,179,000 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

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Dec. 31, 2015
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 loan was eliminated in consolidation. During the three months ended December 31, 2015 and 2014, the Company received management fees from Justice Investors totaling $137,000 and $140,000, respectively. During the six months ended December 31, 2015 and 2014, the Company received management fees from Justice Investors totaling $300,000 and $281,000, 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, 2015, $400,000 of these fees remains outstanding. 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, 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 the resources of Portsmouth and Santa Fe, at risk in connection with investment decisions made on behalf of the Company.

BASIS OF PRESENTATION AND SIG15

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements In November 2015, FASB issued Accounting Standards Update 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes, In July 2015, the FASB issued Accounting Standard Update No. 2015-11, Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements Going Concern

INVESTMENT IN HOTEL, NET (Table

INVESTMENT IN HOTEL, NET (Tables)	6 Months Ended
	Dec. 31, 2015
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, 2015 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 26,704,000 (22,344,000 ) 4,360,000 Building and improvements 63,917,000 (25,919,000 ) 37,998,000 $ 93,359,000 $ (48,263,000 ) $ 45,096,000 Accumulated Net Book June 30, 2015 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 25,958,000 (21,603,000 ) 4,355,000 Building and improvements 62,031,000 (25,284,000 ) 36,747,000 $ 90,727,000 $ (46,887,000 ) $ 43,840,000

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	6 Months Ended
	Dec. 31, 2015
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, 2015 June 30, 2015 Land $ 24,828,000 $ 23,453,000 Buildings, improvements and equipment 65,878,000 64,828,000 Accumulated depreciation (33,513,000) (32,513,000) Investment in real estate, net $ 57,193,000 $ 55,768,000

INVESTMENT IN MARKETABLE SECU18

INVESTMENT IN MARKETABLE SECURITIES (Tables)	6 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Marketable Securities [Table Text Block]	At December 31, 2015 and June 30, 2015, 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, 2015 Corporate Equities $ 23,542,000 $ 724,000 $ (8,261,000) $ (7,537,000) $ 16,005,000 As of June 30, 2015 Corporate Equities $ 7,845,000 $ 1,136,000 $ (3,154,000) $ (2,018,000) $ 5,827,000
Gain (Loss) on Investments [Table Text Block]	Net loss 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, 2015 2014 Realized loss on marketable securities $ (397,000) $ (83,000) Unrealized loss on marketable securities (5,959,000) (1,461,000) Net loss on marketable securities $ (6,356,000) $ (1,544,000) For the six months ended December 31, 2015 2014 Realized (loss) gain on marketable securities $ (457,000) $ 72,000 Unrealized loss on marketable securities (5,519,000) (3,106,000) Net loss on marketable securities $ (5,976,000) $ (3,034,000)

OTHER INVESTMENTS, NET (Tables)

OTHER INVESTMENTS, NET (Tables)	6 Months Ended
	Dec. 31, 2015
Other Investments [Abstract]
Other Investments Not Readily Marketable [Table Text Block]	Other investments, net consist of the following: Type December 31, 2015 June 30, 2015 Preferred stock - Comstock, at cost $ - $ 13,231,000 Private equity hedge fund, at cost 1,144,000 1,250,000 Other preferred stock, at cost 255,000 497,000 Warrants - at fair value 16,000 104,000 $ 1,415,000 $ 15,082,000

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2015
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, 2015 Level 1 Level 2 Level 3 Total Assets: Other investments - warrants $ - $ - $ 16,000 $ 16,000 Investment in marketable securities: Basic materials 10,938,000 - - 10,938,000 Oil, gas and energy 1,769,000 - - 1,769,000 Other 3,298,000 - - 3,298,000 16,005,000 - - 16,005,000 $ 16,005,000 $ - $ 16,000 $ 16,021,000 As of June 30, 2015 Level 1 Level 2 Level 3 Total Assets: Other investments - warrants $ - $ - $ 104,000 $ 104,000 Investment in marketable securities: Basic materials 2,761,000 - - 2,761,000 Other 3,066,000 - - 3,066,000 5,827,000 - - 5,827,000 $ 5,827,000 $ - $ 104,000 $ 5,931,000
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 loss for the six months Assets Level 1 Level 2 Level 3 December 31, 2015 ended December 31, 2015 Other non-marketable investments $ - $ - $ 1,399,000 $ 1,399,000 $ (287,000) Net loss for the six months Assets Level 1 Level 2 Level 3 June 30, 2015 ended December 31, 2014 Other non-marketable investments $ - $ - $ 14,978,000 $ 14,978,000 $ -

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS (Tables)	6 Months Ended
	Dec. 31, 2015
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 July 1, 2014 through December 31, 2015: Number of Weighted Average Weighted Average Aggregate Shares Exercise Price Remaining Life Intrinsic Value Oustanding at July 1, 2014 367,000 $ 16.85 7.71 years $ 953,000 Granted - - Exercised (2,400) 18.00 Forfeited (5,000) 24.92 Exchanged (9,600) 18.00 Oustanding at June 30, 2015 350,000 $ 16.70 6.95 years $ 939,000 Exercisable at June 30, 2015 126,639 $ 12.06 6.46 years $ 939,000 Vested and Expected to vest at June 30, 2015 350,000 $ 16.70 6.95 years $ 939,000 Oustanding at July 1, 2015 350,000 $ 16.70 6.95 years $ 939,000 Granted - - Exercised - - Forfeited - - Exchanged - - Oustanding at December 31, 2015 350,000 $ 16.70 6.44 years $ 3,078,000 Exercisable at December 31, 2015 218,000 $ 15.19 5.80 years $ 2,246,000 Vested and Expected to vest at December 31, 2015 350,000 $ 16.70 6.44 years $ 3,078,000

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2015
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, 2015 and 2014. 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), impairment loss on other investments, net unrealized gain (loss) on other investments, dividend and interest income and trading and margin interest expense. As of and for the three months Hotel Real Estate Investment ended December 31, 2015 Operations Operations Transactions Other Total Revenues $ 13,713,000 $ 3,546,000 $ - $ - $ 17,259,000 Segment operating expenses (11,969,000) (1,715,000) - (585,000) (14,269,000) Segment income (loss) from operations 1,744,000 1,831,000 - (585,000) 2,990,000 Interest expense - mortgage (1,813,000) (648,000) - - (2,461,000) Depreciation and amortization expense (759,000) (526,000) - - (1,285,000) Loss from investments - - (6,912,000) - (6,912,000) Income tax benefit - - - 2,538,000 2,538,000 Net income (loss) $ (828,000) $ 657,000 $ (6,912,000) $ 1,953,000 $ (5,130,000) Total assets $ 50,664,000 $ 57,193,000 $ 17,420,000 $ 10,902,000 $ 136,179,000 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 six months Hotel Real Estate Investment ended December 31, 2015 Operations Operations Transactions Other Total Revenues $ 28,851,000 $ 7,128,000 $ - $ - $ 35,979,000 Segment operating expenses (23,162,000) (3,451,000) - (1,394,000) (28,007,000) Segment income (loss) from operations 5,689,000 3,677,000 - (1,394,000) 7,972,000 Interest expense - mortgage (3,627,000) (1,298,000) - - (4,925,000) Loss on disposal of assets (30,000) - - - (30,000) Depreciation and amortization expense (1,521,000) (1,000,000) - - (2,521,000) Loss from investments - - (6,833,000) - (6,833,000) Income tax benefit - - - 1,920,000 1,920,000 Net income (loss) $ 511,000 $ 1,379,000 $ (6,833,000) $ 526,000 $ (4,417,000) Total assets $ 50,664,000 $ 57,193,000 $ 17,420,000 $ 10,902,000 $ 136,179,000 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

BASIS OF PRESENTATION AND SIG23

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	6 Months Ended
	Dec. 31, 2015
Basis Of Presentation And Significant Accounting Policies [Line Items]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	93.00%
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%
Santa Fe [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	85.60%
Percentage Of Voting Shares In Common Stock	4.00%

INVESTMENT IN HOTEL, NET (Detai

INVESTMENT IN HOTEL, NET (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Net Book Value	$ 45,096,000	$ 43,840,000
Hotel [Member]
Property, Plant and Equipment [Line Items]
Cost	93,359,000	90,727,000
Accumulated Depreciation	(48,263,000)	(46,887,000)
Net Book Value	45,096,000	43,840,000
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	26,704,000	25,958,000
Accumulated Depreciation	(22,344,000)	(21,603,000)
Net Book Value	4,360,000	4,355,000
Building and improvements [Member] | Hotel [Member]
Property, Plant and Equipment [Line Items]
Cost	63,917,000	62,031,000
Accumulated Depreciation	(25,919,000)	(25,284,000)
Net Book Value	$ 37,998,000	$ 36,747,000

INVESTMENT IN REAL ESTATE (Deta

INVESTMENT IN REAL ESTATE (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Investment in real estate, net	$ 57,193,000	$ 55,768,000
Apartment Building [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	(33,513,000)	(32,513,000)
Apartment Building [Member] | Land [Member]
Property, Plant and Equipment [Line Items]
Cost	24,828,000	23,453,000
Apartment Building [Member] | Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	$ 65,878,000	$ 64,828,000

INVESTMENT IN REAL ESTATE (De26

INVESTMENT IN REAL ESTATE (Details Textual)	1 Months Ended
	Jul. 31, 2015USD ($)
Real Estate Investment [Member] | California Properties [Member]
Property, Plant and Equipment [Line Items]
Payments to Acquire Real Estate, Total	$ 1,975,000

INVESTMENT IN MARKETABLE SECU27

INVESTMENT IN MARKETABLE SECURITIES (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Net Unrealized Gain (Loss)	$ (5,959,000)	$ (1,461,000)	$ (5,519,000)	$ (3,106,000)
Fair Value	16,005,000		16,005,000		$ 5,827,000
Equity Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost	23,542,000		23,542,000		7,845,000
Gross Unrealized Gain			724,000		1,136,000
Gross Unrealized Loss			(8,261,000)		(3,154,000)
Net Unrealized Gain (Loss)			(7,537,000)		(2,018,000)
Fair Value	$ 16,005,000		$ 16,005,000		$ 5,827,000

INVESTMENT IN MARKETABLE SECU28

INVESTMENT IN MARKETABLE SECURITIES (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Realized (loss) gain on marketable securities	$ (397,000)	$ (83,000)	$ (457,000)	$ 72,000
Unrealized loss on marketable securities	(5,959,000)	(1,461,000)	(5,519,000)	(3,106,000)
Net loss on marketable securities	$ (6,356,000)	$ (1,544,000)	$ (5,976,000)	$ (3,034,000)

INVESTMENT IN MARKETABLE SECU29

INVESTMENT IN MARKETABLE SECURITIES (Details Textual) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	$ 3,395,000	$ 3,062,000
Percentage of Investment Marketable Securities	66.00%

OTHER INVESTMENTS, NET (Details

OTHER INVESTMENTS, NET (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Other Investment [Line Items]
Other investments, net	$ 1,415,000	$ 15,082,000
Preferred stock - Comstock, at cost [Member]
Other Investment [Line Items]
Other investments, net	0	13,231,000
Private equity hedge fund, at cost [Member]
Other Investment [Line Items]
Other investments, net	1,144,000	1,250,000
Other preferred stock, at cost [Member]
Other Investment [Line Items]
Other investments, net	255,000	497,000
Warrants - at fair value [Member]
Other Investment [Line Items]
Other investments, net	$ 16,000	$ 104,000

OTHER INVESTMENTS, NET (Detai31

OTHER INVESTMENTS, NET (Details Textual) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Other Investment [Line Items]
Other Investments, Total	$ 1,415,000	$ 15,082,000
Comstock Mining, Inc [Member]
Other Investment [Line Items]
Other Investments, Total		$ 13,231,000
Preferred Stock, Shares Outstanding		13,231

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Assets:
Investment in marketable securities	$ 16,005,000	$ 5,827,000
Assets, Fair Value Disclosure	16,021,000	5,931,000
Fair Value, Measurements, Recurring [Member]
Assets:
Other investments - warrants	16,000	104,000
Investment in marketable securities	16,005,000	5,827,000
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	16,005,000	5,827,000
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Other investments - warrants	0	0
Investment in marketable securities	16,005,000	5,827,000
Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Other investments - warrants	0	0
Investment in marketable securities	0	0
Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	16,000	104,000
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Other investments - warrants	16,000	104,000
Investment in marketable securities	0	0
Basic Materials [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	10,938,000	2,761,000
Basic Materials [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	10,938,000	2,761,000
Basic Materials [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	0	0
Basic Materials [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	0	0
Oil, Gas and Energy [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	1,769,000
Oil, Gas and Energy [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	1,769,000
Oil, Gas and Energy [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	0
Oil, Gas and Energy [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	0
Other [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	3,298,000	3,066,000
Other [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	3,298,000	3,066,000
Other [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	0	0
Other [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Deta33

FAIR VALUE MEASUREMENTS (Details 1) - USD ($)	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net loss	$ (287,000)	$ 0
Other Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	1,399,000		$ 14,978,000
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	$ 1,399,000		$ 14,978,000

FAIR VALUE MEASUREMENTS (Deta34

FAIR VALUE MEASUREMENTS (Details Textual)	6 Months Ended
	Dec. 31, 2015
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 PLAN35

STOCK BASED COMPENSATION PLANS (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015	Jun. 30, 2014
Stock Based Compensation [Line Items]
Oustanding at Weighted Average Remaining Life		6 years 11 months 12 days
Outstanding, Aggregate Intrinsic Value		$ 939,000
Equity Option [Member]
Stock Based Compensation [Line Items]
Oustanding, Number of Shares	350,000	367,000
Granted, Number of Shares	0	0
Exercised, Number of Shares	0	(2,400)
Forfeited, Number of Shares	0	(5,000)
Exchanged, Number of Shares	0	(9,600)
Oustanding, Number of Shares	350,000	350,000	367,000
Exercisable, Number of Shares	218,000	126,639
Vested and Expected to vest, Number of Shares	350,000	350,000
Oustanding, Weighted Average Exercise Price	$ 16.70	$ 16.85
Granted, Weighted Average Exercise Price	0	0
Exercised, Weighted Average Exercise Price	0	18
Forfeited, Weighted Average Exercise Price	0	24.92
Exchanged, Weighted Average Exercise Price	0	18
Oustanding, Weighted Average Exercise Price	16.70	16.70	$ 16.85
Exercisable, Weighted Average Exercise Price	15.19	12.06
Vested and Expected to vest, Weighted Average Exercise Price	$ 16.70	$ 16.70
Oustanding at Weighted Average Remaining Life	6 years 5 months 8 days	6 years 11 months 12 days	7 years 8 months 16 days
Exercisable, Weighted Average Remaining Life	5 years 9 months 18 days	6 years 5 months 16 days
Vested and Expected to vest, Weighted Average Remaining Life	6 years 5 months 8 days	6 years 11 months 12 days
Outstanding, Aggregate Intrinsic Value	$ 3,078,000	$ 939,000	$ 953,000
Exercisable, Aggregate Intrinsic Value	2,246,000	939,000
Vested and Expected to vest, Aggregate Intrinsic Value	$ 3,078,000	$ 939,000

STOCK BASED COMPENSATION PLAN36

STOCK BASED COMPENSATION PLANS (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Stock Based Compensation [Line Items]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 123,000	$ 227,000	$ 242,000	$ 464,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 508,000		$ 508,000
Share-Based Compensation Arrangement By Share-Based Payment Award Award Vesting Period 1			3 years
Share-based Compensation, Total			$ 330,000	552,000
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
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	4,520	4,608	4,520	4,608

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Segment Reporting Information [Line Items]
Revenues	$ 17,259,000	$ 18,074,000	$ 35,979,000	$ 37,101,000
Segment operating expenses	(14,269,000)	(15,185,000)	(28,007,000)	(29,944,000)
Segment income (loss) from operations	1,705,000	1,657,000	5,451,000	4,699,000
Interest expense - mortgage	(2,461,000)	(2,517,000)	(4,925,000)	(5,175,000)
Loss on disposal of assets	0	(51,000)	(30,000)	(51,000)
Gain on sale of real estate	0	1,742,000	0	1,742,000
Depreciation and amortization expense	(1,285,000)	(1,232,000)	(2,521,000)	(2,458,000)
Other real estate income			0	458,000
Loss from investments	(6,912,000)	(1,456,000)	(6,833,000)	(3,443,000)
Income tax benefit	2,538,000	17,000	1,920,000	258,000
Net income (loss)	(5,130,000)	(608,000)	(4,417,000)	(1,512,000)
Total assets	136,179,000	146,650,000	136,179,000	146,650,000	$ 143,419,000
Hotel Operations [Member]
Segment Reporting Information [Line Items]
Revenues	13,713,000	14,044,000	28,851,000	28,874,000
Segment operating expenses	(11,969,000)	(12,033,000)	(23,162,000)	(23,871,000)
Segment income (loss) from operations	1,744,000	2,011,000	5,689,000	5,003,000
Interest expense - mortgage	(1,813,000)	(1,769,000)	(3,627,000)	(3,665,000)
Loss on disposal of assets		(51,000)	(30,000)	(51,000)
Gain on sale of real estate		0		0
Depreciation and amortization expense	(759,000)	(714,000)	(1,521,000)	(1,405,000)
Other real estate income				0
Loss from investments	0	0	0	0
Income tax benefit	0	0	0	0
Net income (loss)	(828,000)	(523,000)	511,000	(118,000)
Total assets	50,664,000	51,234,000	50,664,000	51,234,000
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Revenues	3,546,000	4,030,000	7,128,000	8,227,000
Segment operating expenses	(1,715,000)	(2,192,000)	(3,451,000)	(4,332,000)
Segment income (loss) from operations	1,831,000	1,838,000	3,677,000	3,895,000
Interest expense - mortgage	(648,000)	(748,000)	(1,298,000)	(1,510,000)
Loss on disposal of assets		0	0	0
Gain on sale of real estate		1,742,000		1,742,000
Depreciation and amortization expense	(526,000)	(518,000)	(1,000,000)	(1,053,000)
Other real estate income				458,000
Loss from investments	0	0	0	0
Income tax benefit	0	0	0	0
Net income (loss)	657,000	2,314,000	1,379,000	3,532,000
Total assets	57,193,000	61,429,000	57,193,000	61,429,000
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
Loss on disposal of assets		0	0	0
Gain on sale of real estate		0		0
Depreciation and amortization expense	0	0	0	0
Other real estate income				0
Loss from investments	(6,912,000)	(1,456,000)	(6,833,000)	(3,443,000)
Income tax benefit	0	0	0	0
Net income (loss)	(6,912,000)	(1,456,000)	(6,833,000)	(3,443,000)
Total assets	17,420,000	27,737,000	17,420,000	27,737,000
Other [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Segment operating expenses	(585,000)	(960,000)	(1,394,000)	(1,741,000)
Segment income (loss) from operations	(585,000)	(960,000)	(1,394,000)	(1,741,000)
Interest expense - mortgage	0	0	0	0
Loss on disposal of assets		0	0	0
Gain on sale of real estate		0		0
Depreciation and amortization expense	0	0	0	0
Other real estate income				0
Loss from investments	0	0	0	0
Income tax benefit	2,538,000	17,000	1,920,000	258,000
Net income (loss)	1,953,000	(943,000)	526,000	(1,483,000)
Total assets	$ 10,902,000	$ 6,250,000	$ 10,902,000	$ 6,250,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	Jul. 02, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Related Party Transaction [Line Items]
Management Fees Revenue		$ 137,000	$ 140,000	$ 300,000	$ 281,000
Payments to Acquire Limited Partnership Interests						$ 1,550,000
Management Fee Payable		$ 400,000		$ 400,000
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%