The InterGroup Corporation (INTG) 10-Q 15 May 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		2,361,329

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Jun. 30, 2016
ASSETS
Investment in Hotel, net	$ 42,815,000	$ 44,821,000
Investment in real estate, net	55,382,000	56,356,000
Investment in marketable securities	15,222,000	14,282,000
Other investments, net	1,224,000	1,029,000
Cash and cash equivalents	6,283,000	5,404,000
Restricted cash - mortgage impounds	4,317,000	3,221,000
Other assets, net	5,419,000	6,172,000
Deferred income taxes	3,599,000	3,985,000
Total assets	134,261,000	135,270,000
Liabilities:
Accounts payable and other liabilities	2,559,000	3,717,000
Accounts payable and other liabilities - Hotel	13,393,000	14,783,000
Due to securities broker	3,295,000	1,493,000
Obligations for securities sold	1,819,000	163,000
Other notes payable	6,056,000	6,996,000
Mortgage notes payable - Hotel	116,008,000	116,160,000
Mortgage notes payable - real estate	65,278,000	65,205,000
Total liabilities	208,408,000	208,517,000
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 issued; 2,363,292 and 2,381,726 outstanding	33,000	33,000
Additional paid-in capital	10,390,000	10,363,000
Accumulated deficit	(44,317,000)	(43,645,000)
Treasury stock, at cost, 1,032,324 and 1,013,890 shares	(12,534,000)	(12,082,000)
Total InterGroup shareholders' deficit	(46,428,000)	(45,331,000)
Noncontrolling interest	(27,719,000)	(27,916,000)
Total shareholders' deficit	(74,147,000)	(73,247,000)
Total liabilities and shareholders' equity	$ 134,261,000	$ 135,270,000

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Mar. 31, 2017	Jun. 30, 2016
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	3,395,616
Common stock, shares outstanding	2,363,292	2,381,726
Treasury stock, shares	1,032,324	1,013,890

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Hotel	$ 13,495,000	$ 14,481,000	$ 40,937,000	$ 43,332,000
Real estate	3,713,000	3,585,000	10,967,000	10,713,000
Total revenues	17,208,000	18,066,000	51,904,000	54,045,000
Costs and operating expenses:
Hotel operating expenses	(10,333,000)	(11,831,000)	(30,200,000)	(34,993,000)
Hotel restructuring costs	0	(5,236,000)	0	(5,236,000)
Real estate operating expenses	(1,731,000)	(1,597,000)	(5,292,000)	(5,048,000)
Depreciation and amortization expenses	(1,255,000)	(1,328,000)	(3,893,000)	(3,849,000)
General and administrative expenses	(752,000)	(631,000)	(2,082,000)	(2,025,000)
Total costs and operating expenses	(14,071,000)	(20,623,000)	(41,467,000)	(51,151,000)
Income (loss) from operations	3,137,000	(2,557,000)	10,437,000	2,894,000
Other income (expense):
Interest expense - mortgages	(2,470,000)	(2,432,000)	(7,334,000)	(7,357,000)
Net loss on disposal of assets			0	(30,000)
Net loss on marketable securities	(390,000)	(1,059,000)	(2,526,000)	(7,035,000)
Net unrealized loss on other investments			0	(127,000)
Impairment loss on other investments	(121,000)	(260,000)	(165,000)	(547,000)
Dividend and interest income	125,000	23,000	235,000	42,000
Trading and margin interest expense	(292,000)	(236,000)	(845,000)	(698,000)
Total other expense, net	(3,148,000)	(3,964,000)	(10,635,000)	(15,752,000)
Loss before income taxes	(11,000)	(6,521,000)	(198,000)	(12,858,000)
Income tax (expense) benefit	(159,000)	2,183,000	(386,000)	4,103,000
Net loss	(170,000)	(4,338,000)	(584,000)	(8,755,000)
Less: Net (income) loss attributable to the noncontrolling interest	23,000	1,424,000	(88,000)	2,011,000
Net loss attributable to InterGroup	$ (147,000)	$ (2,914,000)	$ (672,000)	$ (6,744,000)
Net loss per share
Basic and diluted	$ (0.07)	$ (1.82)	$ (0.25)	$ (3.67)
Net loss per share attributable to InterGroup
Basic and diluted	$ (0.06)	$ (1.22)	$ (0.28)	$ (2.83)
Weighted average number of basic and diluted common shares outstanding	2,364,395	2,383,132	2,363,292	2,384,906

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (584,000)	$ (8,755,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net unrealized loss on marketable securities	3,040,000	6,001,000
Deferred taxes	386,000	(4,103,000)
Depreciation	3,893,000	3,849,000
Amortization	84,000	84,000
Loss on disposal of assets	0	30,000
Unrealized loss on other investments	0	127,000
Impairment loss on other investments	165,000	547,000
Stock compensation expense	206,000	407,000
Changes in operating assets and liabilities:
Investment in marketable securities	(3,980,000)	(284,000)
Other assets	2,752,000	4,500,000
Accounts payable and other liabilities	(2,548,000)	(1,388,000)
Due to securities broker	1,802,000	(302,000)
Obligations for securities sold	1,656,000	71,000
Net cash provided by operating activities	6,872,000	784,000
Cash flows from investing activities:
Investment in hotel, net	(207,000)	(3,496,000)
Investment in real estate, net	(705,000)	(2,563,000)
Payments for other investments	(360,000)	0
Investment in Santa Fe	(34,000)	(120,000)
Investment in Portsmouth	(36,000)	(113,000)
Net cash used in investing activities	(1,342,000)	(6,292,000)
Cash flows from financing activities:
Restricted cash - (payments) withdrawal of mortgage impounds	(1,096,000)	501,000
Net (payments to) proceeds from mortgage and other notes payable	(3,103,000)	4,010,000
Redemption of noncontrolling interest	0	(50,000)
Purchase of treasury stock	(452,000)	(204,000)
Net cash (used in) provided by financing activities	(4,651,000)	4,257,000
Net increase (decrease) in cash and cash equivalents	879,000	(1,251,000)
Cash and cash equivalents at the beginning of the period	5,404,000	8,529,000
Cash and cash equivalents at the end of the period	6,283,000	7,278,000
Supplemental information:
Interest paid	7,801,000	7,665,000
Non-cash transaction:
Key money incentive fee	2,000,000	0
Conversion of other investments to marketable securities	$ 0	$ 13,231,000

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	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, 2016. The June 30, 2016 Condensed Consolidated Balance Sheet was derived from the Company’s Form 10-K for the year ended June 30, 2016. The results of operations for the three and nine months ended March 31, 2017 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2017. Basic and diluted loss per share are 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. As of March 31, 2017, the Company had the power to vote 85.7 4 Santa Fe’s primary business is conducted 68.8 93.1 13.4 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 wholly-owned subsidiaries of the Partnership; Operating is a wholly-owned subsidiary of Mezzanine. Mezzanine is the borrower under certain mezzanine 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 HLT Franchise Holding LLC (Hilton). Justice had a management agreement with Prism Hospitality L.P. (“Prism”) to perform certain management functions for the Hotel. The management agreement with Prism had an original term of ten years, subject to the Partnership’s right to terminate at any time with or without cause. Effective January 2014, the management agreement with Prism was amended by the Partnership to change the nature of the services provided by Prism and the compensation payable to Prism, among other things. Prism’s management agreement was terminated upon its expiration date of February 3, 2017. Effective December 1, 2013, GMP Management, Inc. (“GMP”), a company owned by a Justice limited partner and a related party, also provided management services for the Partnership pursuant to a management services agreement, with a three-year term, subject to the Partnership’s right to terminate earlier for cause. In June 2016, GMP resigned. After a lengthy review process of several national third party hotel management companies, on February 1, 2017, Justice entered into a Hotel management agreement (“HMA”) with Interstate Management Company, LLC (“Interstate”) to manage the Hotel with an effective takeover date of February 3, 2017. The term of management agreement is for an initial period of 10 years commencing on the takeover date and automatically renews for an additional year not to exceed five years in the aggregate subject to certain conditions. The HMA also provides for Interstate to advance a key money incentive fee to the Hotel for capital improvements in the amount of $ 2,000,000 2,000,00 The parking garage that is part of the Hotel property was managed by Ace Parking pursuant to a contract with the Partnership. The contract was terminated with an effective termination date of October 4, 2016. The Company began managing the parking garage in-house after the termination of Ace Parking. Effective February 3, 2017, Interstate took over the management of the parking garage along with the Hotel. 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. 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 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. All of the Company’s residential rental properties are managed in-house. Due to Securities Broker Various securities brokers have advanced funds to the Company for the purchase of marketable securities under standard margin agreements. These advanced funds are recorded as a liability. Obligations for Securities Sold Obligation for securities sold represents the fair market value of shares sold with the promise to deliver that security at some future date and the fair market value of shares underlying the written call options with the obligation to deliver that security when and if the option is exercised. The obligation may be satisfied with current holdings of the same security or by subsequent purchases of that security. Unrealized gains and losses from changes in the obligation are included in the condensed consolidated statements of operations. Income Tax The Company and its subsidiaries, Portsmouth and Santa Fe, compute and file income tax returns and prepare discrete income tax provisions for financial reporting. The income tax (expense) benefit during the nine months ended March 31, 2017 and 2016 represents primarily the income tax effect of the pre-tax loss at InterGroup and Portsmouth’s pretax income (loss) which includes its share in net income (loss) of the Hotel. FINANCIAL CONDITION AND LIQUIDITY The Company’s cash flows are primarily generated from its Hotel operations, its real estate operations and from the investment of its cash in marketable securities and other investments. To fund the redemption of limited partnership interests and to repay the prior mortgage of $ 42,940,000 97,000,000 20,000,000 5.275 9.75 97,000,000 20,000,000 Despite an uncertain economy, the Hotel has continued to generate positive operating income. While the debt service requirements related the loans may create some additional risk for the Company and its ability to generate cash flows in the future, management believes that cash flows from the operations of the Hotel and the garage will continue to be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. The Company has invested in short-term, income-producing instruments and in equity and debt securities when deemed appropriate. The Company's marketable securities are classified as trading with unrealized gains and losses recorded through the consolidated statements of operations. Management believes that its cash, marketable securities, other investments, real estate operations and the cash flows generated from those assets and from the partnership management fees, will be adequate to meet the Company’s current and future obligations. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern On June 16, 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments On August 26, 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic230) In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs 840,000 In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

INVESTMENT IN HOTEL, NET

INVESTMENT IN HOTEL, NET	9 Months Ended
	Mar. 31, 2017
Hotel [Member]
Real Estate Properties [Line Items]
Investment In Real Estate [Text Block]	NOTE 2 – INVESTMENT IN HOTEL, NET Accumulated Net Book March 31, 2017 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 27,674,000 (24,211,000) 3,463,000 Building and improvements 64,308,000 (27,694,000) 36,614,000 $ 94,720,000 $ (51,905,000) $ 42,815,000 Accumulated Net Book June 30, 2016 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 28,857,000 (23,096,000) 5,761,000 Building and improvements 62,908,000 (26,586,000) 36,322,000 $ 94,503,000 $ (49,682,000) $ 44,821,000

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	9 Months Ended
	Mar. 31, 2017
Apartment Building [Member]
Real Estate Properties [Line Items]
Real Estate Disclosure [Text Block]	NOTE 3 – INVESTMENT IN REAL ESTATE As of March 31, 2017 June 30, 2016 Land $ 25,033,000 $ 25,033,000 Buildings, improvements and equipment 66,634,000 65,929,000 Accumulated depreciation (36,285,000) (34,606,000) Investment in real estate, net $ 55,382,000 $ 56,356,000 In July 2015, the Company purchased residential house in Los Angeles, California as a strategic asset for $ 1,975,000 1,000,000 4.5

INVESTMENT IN MARKETABLE SECURI

INVESTMENT IN MARKETABLE SECURITIES	9 Months Ended
	Mar. 31, 2017
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 Loss Value As of March 31, 2017 Corporate Equities $ 26,426,000 $ 3,093,000 $ (14,297,000) $ (11,204,000) $ 15,222,000 As of June 30, 2016 Corporate Equities $ 22,500,000 $ 1,161,000 $ (9,379,000) $ (8,218,000) $ 14,282,000 As of March 31, 2017, and June 30, 2016, approximately 39 65 As of March 31, 2017, and June 30, 2016, the Company had unrealized losses of $ 14,073,000 3,620,000 For the three months ended March 31, 2017 2016 Realized gain (loss) on marketable securities $ 202,000 $ (577,000) Unrealized loss on marketable securities (592,000) (482,000) Net loss on marketable securities $ (390,000) $ (1,059,000) For the nine months ended March 31, 2017 2016 Realized gain (loss) on marketable securities $ 514,000 $ (1,034,000) Unrealized loss on marketable securities (3,040,000) (6,001,000) Net loss on marketable securities $ (2,526,000) $ (7,035,000)

OTHER INVESTMENTS, NET

OTHER INVESTMENTS, NET	9 Months Ended
	Mar. 31, 2017
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 as of: Type March 31, 2017 June 30, 2016 Private equity hedge fund, at cost $ 795,000 $ 916,000 Other investments, net 429,000 113,000 $ 1,224,000 $ 1,029,000

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Mar. 31, 2017
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 3/31/2017 6/30/2016 Assets: Total - Level 1 Total - Level 1 Investment in marketable securities: Basic materials $ 6,009,000 $ 9,273,000 Energy 3,825,000 1,907,000 Other 5,388,000 3,102,000 $ 15,222,000 $ 14,282,000 The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. 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 nine months Assets Level 3 March 31, 2017 ended March 31, 2017 Other non-marketable investments $ 1,224,000 $ 1,224,000 $ (165,000) Net loss for the nine months Assets Level 3 June 30, 2016 ended March 31, 2016 Other non-marketable investments $ 1,029,000 $ 1,029,000 $ (547,000) 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	9 Months Ended
	Mar. 31, 2017
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, 2016 for more detail information on the Company’s stock-based compensation plans. In March 2017, the Compensation Committee awarded 18,000 18,000 27.30 3,600 For the three months ended March 31, 2017 and 2016, the Company recorded stock option compensation cost of $ 66,000 77,000 206,000 319,000 As of March 31, 2017, there was a total of $ 366,000 3.26 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, 2015 350,000 $ 16.70 6.95 years $ 939,000 Granted - - - - Exercised - - - - Forfeited - - - - Exchanged - - - - Oustanding at June 30, 2016 350,000 $ 16.70 5.95 years $ 3,082,000 Exercisable at June 30, 2016 236,000 $ 15.54 5.33 years $ 2,351,000 Vested and Expected to vest at June 30, 2016 350,000 $ 16.70 5.95 years $ 3,082,000 Oustanding at July 1, 2016 350,000 $ 16.70 5.95 years $ 3,082,000 Granted 18,000 27.30 9.92 years - Exercised - - - - Forfeited - - - - Exchanged - - - - Oustanding at March 31, 2017 368,000 $ 17.21 5.42 years $ 2,977,000 Exercisable at March 31, 2017 286,000 $ 16.19 5.47 years $ 2,577,000 Vested and Expected to vest at March 31, 2017 368,000 $ 17.21 5.42 years $ 2,977,000

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Mar. 31, 2017
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 condensed consolidated 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 March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 13,495,000 $ 3,713,000 $ - $ - $ 17,208,000 Segment operating expenses (10,333,000) (1,731,000) - (752,000) (12,816,000) Segment income (loss) from operations 3,162,000 1,982,000 - (752,000) 4,392,000 Interest expense - mortgage (1,850,000) (620,000) - - (2,470,000) Depreciation and amortization expense (690,000) (565,000) - - (1,255,000) Loss from investments - - (678,000) - (678,000) Income tax expense - - - (159,000) (159,000) Net income (loss) $ 622,000 $ 797,000 $ (678,000) $ (911,000) $ (170,000) Total assets $ 49,462,000 $ 55,382,000 $ 16,446,000 $ 10,971,000 $ 132,261,000 As of and for the three months Hotel Real Estate Investment ended March 31, 2016 Operations Operations Transactions Corporate Total Revenues $ 14,481,000 $ 3,585,000 $ - $ - $ 18,066,000 Segment operating expenses (17,067,000) (1,597,000) - (631,000) (19,295,000) Segment income (loss) from operations (2,586,000) 1,988,000 - (631,000) (1,229,000) Interest expense - mortgage (1,793,000) (639,000) - - (2,432,000) Depreciation and amortization expense (780,000) (548,000) - - (1,328,000) Loss from investments - - (1,532,000) - (1,532,000) Income tax benefit - - - 2,183,000 2,183,000 Net income (loss) $ (5,159,000) $ 801,000 $ (1,532,000) $ 1,552,000 $ (4,338,000) As of and for the nine months Hotel Real Estate Investment ended March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 40,937,000 $ 10,967,000 $ - $ - $ 51,904,000 Segment operating expenses (30,200,000) (5,292,000) - (2,082,000) (37,574,000) Segment income (loss) from operations 10,737,000 5,675,000 - (2,082,000) 14,330,000 Interest expense - mortgage (5,429,000) (1,905,000) - - (7,334,000) Depreciation and amortization expense (2,213,000) (1,680,000) - - (3,893,000) Loss from investments - - (3,301,000) - (3,301,000) Income tax expense - - - (386,000) (386,000) Net income (loss) $ 3,095,000 $ 2,090,000 $ (3,301,000) $ (2,468,000) $ (584,000) Total assets $ 49,462,000 $ 55,382,000 $ 16,446,000 $ 10,971,000 $ 132,261,000 As of and for the nine months Hotel Real Estate Investment ended March 31, 2016 Operations Operations Transactions Corporate Total Revenues $ 43,332,000 $ 10,713,000 $ - $ - $ 54,045,000 Segment operating expenses (40,229,000) (5,048,000) - (2,025,000) (47,302,000) Segment income (loss) from operations 3,103,000 5,665,000 - (2,025,000) 6,743,000 Interest expense - mortgage (5,420,000) (1,937,000) - - (7,357,000) Loss on disposal of assets (30,000) - - - (30,000) Depreciation and amortization expense (2,301,000) (1,548,000) - - (3,849,000) Loss from investments - - (8,365,000) - (8,365,000) Income tax benefit - - - 4,103,000 4,103,000 Net income (loss) $ (4,648,000) $ 2,180,000 $ (8,365,000) $ 2,078,000 $ (8,755,000)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 9 – RELATED PARTY TRANSACTIONS 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 10 – SUBSEQUENT EVENTS Effective as of May 12, 2017, InterGroup agreed to become an additional guarantor under the limited guaranty and an additional indemnitor under the environmental indemnity for Justice Investors limited partnership’s $ 97,000,000 20,000,000

BASIS OF PRESENTATION AND SIG16

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Mar. 31, 2017
Due To And From Broker Dealers [Policy Text Block]	Due to Securities Broker Various securities brokers have advanced funds to the Company for the purchase of marketable securities under standard margin agreements. These advanced funds are recorded as a liability.
Obligations For Securities Sold Policy [Policy Text Block]	Obligations for Securities Sold Obligation for securities sold represents the fair market value of shares sold with the promise to deliver that security at some future date and the fair market value of shares underlying the written call options with the obligation to deliver that security when and if the option is exercised. The obligation may be satisfied with current holdings of the same security or by subsequent purchases of that security. Unrealized gains and losses from changes in the obligation are included in the condensed consolidated statements of operations.
Income Tax, Policy [Policy Text Block]	Income Tax The Company and its subsidiaries, Portsmouth and Santa Fe, compute and file income tax returns and prepare discrete income tax provisions for financial reporting. The income tax (expense) benefit during the nine months ended March 31, 2017 and 2016 represents primarily the income tax effect of the pre-tax loss at InterGroup and Portsmouth’s pretax income (loss) which includes its share in net income (loss) of the Hotel.
Financial Condition and Liquidity [Policy Text Block]	FINANCIAL CONDITION AND LIQUIDITY The Company’s cash flows are primarily generated from its Hotel operations, its real estate operations and from the investment of its cash in marketable securities and other investments. To fund the redemption of limited partnership interests and to repay the prior mortgage of $ 42,940,000 97,000,000 20,000,000 5.275 9.75 97,000,000 20,000,000 Despite an uncertain economy, the Hotel has continued to generate positive operating income. While the debt service requirements related the loans may create some additional risk for the Company and its ability to generate cash flows in the future, management believes that cash flows from the operations of the Hotel and the garage will continue to be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. The Company has invested in short-term, income-producing instruments and in equity and debt securities when deemed appropriate. The Company's marketable securities are classified as trading with unrealized gains and losses recorded through the consolidated statements of operations. Management believes that its cash, marketable securities, other investments, real estate operations and the cash flows generated from those assets and from the partnership management fees, will be adequate to meet the Company’s current and future obligations.
New Accounting Pronouncements, Policy [Policy Text Block]	In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern On June 16, 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments On August 26, 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic230) In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs 840,000 In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

INVESTMENT IN HOTEL, NET (Table

INVESTMENT IN HOTEL, NET (Tables)	9 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 27,674,000 (24,211,000) 3,463,000 Building and improvements 64,308,000 (27,694,000) 36,614,000 $ 94,720,000 $ (51,905,000) $ 42,815,000 Accumulated Net Book June 30, 2016 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 28,857,000 (23,096,000) 5,761,000 Building and improvements 62,908,000 (26,586,000) 36,322,000 $ 94,503,000 $ (49,682,000) $ 44,821,000

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	9 Months Ended
	Mar. 31, 2017
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 March 31, 2017 June 30, 2016 Land $ 25,033,000 $ 25,033,000 Buildings, improvements and equipment 66,634,000 65,929,000 Accumulated depreciation (36,285,000) (34,606,000) Investment in real estate, net $ 55,382,000 $ 56,356,000

INVESTMENT IN MARKETABLE SECU19

INVESTMENT IN MARKETABLE SECURITIES (Tables)	9 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Marketable Securities [Table Text Block]	As of March 31, 2017 and June 30, 2016, 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 Loss Value As of March 31, 2017 Corporate Equities $ 26,426,000 $ 3,093,000 $ (14,297,000) $ (11,204,000) $ 15,222,000 As of June 30, 2016 Corporate Equities $ 22,500,000 $ 1,161,000 $ (9,379,000) $ (8,218,000) $ 14,282,000
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 March 31, 2017 2016 Realized gain (loss) on marketable securities $ 202,000 $ (577,000) Unrealized loss on marketable securities (592,000) (482,000) Net loss on marketable securities $ (390,000) $ (1,059,000) For the nine months ended March 31, 2017 2016 Realized gain (loss) on marketable securities $ 514,000 $ (1,034,000) Unrealized loss on marketable securities (3,040,000) (6,001,000) Net loss on marketable securities $ (2,526,000) $ (7,035,000)

OTHER INVESTMENTS, NET (Tables)

OTHER INVESTMENTS, NET (Tables)	9 Months Ended
	Mar. 31, 2017
Other Investments [Abstract]
Other Investments Not Readily Marketable [Table Text Block]	Other investments, net consist of the following as of: Type March 31, 2017 June 30, 2016 Private equity hedge fund, at cost $ 795,000 $ 916,000 Other investments, net 429,000 113,000 $ 1,224,000 $ 1,029,000

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Mar. 31, 2017
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 3/31/2017 6/30/2016 Assets: Total - Level 1 Total - Level 1 Investment in marketable securities: Basic materials $ 6,009,000 $ 9,273,000 Energy 3,825,000 1,907,000 Other 5,388,000 3,102,000 $ 15,222,000 $ 14,282,000
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 nine months Assets Level 3 March 31, 2017 ended March 31, 2017 Other non-marketable investments $ 1,224,000 $ 1,224,000 $ (165,000) Net loss for the nine months Assets Level 3 June 30, 2016 ended March 31, 2016 Other non-marketable investments $ 1,029,000 $ 1,029,000 $ (547,000)

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS (Tables)	9 Months Ended
	Mar. 31, 2017
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, 2016 through March 31, 2017: Number of Weighted Average Weighted Average Aggregate Shares Exercise Price Remaining Life Intrinsic Value Oustanding at July 1, 2015 350,000 $ 16.70 6.95 years $ 939,000 Granted - - - - Exercised - - - - Forfeited - - - - Exchanged - - - - Oustanding at June 30, 2016 350,000 $ 16.70 5.95 years $ 3,082,000 Exercisable at June 30, 2016 236,000 $ 15.54 5.33 years $ 2,351,000 Vested and Expected to vest at June 30, 2016 350,000 $ 16.70 5.95 years $ 3,082,000 Oustanding at July 1, 2016 350,000 $ 16.70 5.95 years $ 3,082,000 Granted 18,000 27.30 9.92 years - Exercised - - - - Forfeited - - - - Exchanged - - - - Oustanding at March 31, 2017 368,000 $ 17.21 5.42 years $ 2,977,000 Exercisable at March 31, 2017 286,000 $ 16.19 5.47 years $ 2,577,000 Vested and Expected to vest at March 31, 2017 368,000 $ 17.21 5.42 years $ 2,977,000

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information below represents reported segments for the three and nine months ended March 31, 2017 and 2016. Segment income 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. The other segment consists of corporate general and administrative expenses and the income tax expense for the entire Company. As of and for the three months Hotel Real Estate Investment ended March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 13,495,000 $ 3,713,000 $ - $ - $ 17,208,000 Segment operating expenses (10,333,000) (1,731,000) - (752,000) (12,816,000) Segment income (loss) from operations 3,162,000 1,982,000 - (752,000) 4,392,000 Interest expense - mortgage (1,850,000) (620,000) - - (2,470,000) Depreciation and amortization expense (690,000) (565,000) - - (1,255,000) Loss from investments - - (678,000) - (678,000) Income tax expense - - - (159,000) (159,000) Net income (loss) $ 622,000 $ 797,000 $ (678,000) $ (911,000) $ (170,000) Total assets $ 49,462,000 $ 55,382,000 $ 16,446,000 $ 10,971,000 $ 132,261,000 As of and for the three months Hotel Real Estate Investment ended March 31, 2016 Operations Operations Transactions Corporate Total Revenues $ 14,481,000 $ 3,585,000 $ - $ - $ 18,066,000 Segment operating expenses (17,067,000) (1,597,000) - (631,000) (19,295,000) Segment income (loss) from operations (2,586,000) 1,988,000 - (631,000) (1,229,000) Interest expense - mortgage (1,793,000) (639,000) - - (2,432,000) Depreciation and amortization expense (780,000) (548,000) - - (1,328,000) Loss from investments - - (1,532,000) - (1,532,000) Income tax benefit - - - 2,183,000 2,183,000 Net income (loss) $ (5,159,000) $ 801,000 $ (1,532,000) $ 1,552,000 $ (4,338,000) As of and for the nine months Hotel Real Estate Investment ended March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 40,937,000 $ 10,967,000 $ - $ - $ 51,904,000 Segment operating expenses (30,200,000) (5,292,000) - (2,082,000) (37,574,000) Segment income (loss) from operations 10,737,000 5,675,000 - (2,082,000) 14,330,000 Interest expense - mortgage (5,429,000) (1,905,000) - - (7,334,000) Depreciation and amortization expense (2,213,000) (1,680,000) - - (3,893,000) Loss from investments - - (3,301,000) - (3,301,000) Income tax expense - - - (386,000) (386,000) Net income (loss) $ 3,095,000 $ 2,090,000 $ (3,301,000) $ (2,468,000) $ (584,000) Total assets $ 49,462,000 $ 55,382,000 $ 16,446,000 $ 10,971,000 $ 132,261,000 As of and for the nine months Hotel Real Estate Investment ended March 31, 2016 Operations Operations Transactions Corporate Total Revenues $ 43,332,000 $ 10,713,000 $ - $ - $ 54,045,000 Segment operating expenses (40,229,000) (5,048,000) - (2,025,000) (47,302,000) Segment income (loss) from operations 3,103,000 5,665,000 - (2,025,000) 6,743,000 Interest expense - mortgage (5,420,000) (1,937,000) - - (7,357,000) Loss on disposal of assets (30,000) - - - (30,000) Depreciation and amortization expense (2,301,000) (1,548,000) - - (3,849,000) Loss from investments - - (8,365,000) - (8,365,000) Income tax benefit - - - 4,103,000 4,103,000 Net income (loss) $ (4,648,000) $ 2,180,000 $ (8,365,000) $ 2,078,000 $ (8,755,000)

BASIS OF PRESENTATION AND SIG24

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	Feb. 03, 2017	Mar. 31, 2017	Mar. 31, 2016	May 12, 2017	Jun. 30, 2016
Basis Of Presentation And Significant Accounting Policies [Line Items]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest		93.10%
Management Services Agreement Term		10 years
Debt Issuance Costs, Net					$ 840,000
Key Money Incentive Advance To Related Party	$ 2,000,000	$ 2,000,000	$ 0
Proceeds from Sale of Loans and Leases Held-for-investment		42,940,000
Mortgage Loans on Real Estate, Face Amount of Mortgages		$ 97,000,000
Mortgage Loans on Real Estate, Interest Rate		5.275%
Mortgage Loans on Real Estate, Final Maturity Date		Jan. 31, 2024
Accounts Receivable [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Due from Related Parties	$ 200,000
Subsequent Event [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages				$ 97,000,000
Portsmouth [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage		68.80%
Noncontrolling Interest, Ownership Percentage by Parent		13.40%
Mezzanine Loan [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Mortgage Loans on Real Estate, Face Amount of Mortgages		$ 20,000,000
Mortgage Loans on Real Estate, Interest Rate		9.75%
Mortgage Loans on Real Estate, Final Maturity Date		Jan. 31, 2024
Mezzanine Loan [Member] | Subsequent Event [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages				$ 20,000,000
Santa Fe [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired		85.70%
Percentage Of Voting Shares In Common Stock		4.00%

INVESTMENT IN HOTEL, NET (Detai

INVESTMENT IN HOTEL, NET (Details) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Property, Plant and Equipment [Line Items]
Cost	$ 94,720,000	$ 94,503,000
Accumulated Depreciation	(51,905,000)	(49,682,000)
Net Book Value	42,815,000	44,821,000
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	27,674,000	28,857,000
Accumulated Depreciation	(24,211,000)	(23,096,000)
Net Book Value	3,463,000	5,761,000
Building and improvements [Member] | Hotel [Member]
Property, Plant and Equipment [Line Items]
Cost	64,308,000	62,908,000
Accumulated Depreciation	(27,694,000)	(26,586,000)
Net Book Value	$ 36,614,000	$ 36,322,000

INVESTMENT IN REAL ESTATE (Deta

INVESTMENT IN REAL ESTATE (Details) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Property, Plant and Equipment [Line Items]
Cost	$ 94,720,000	$ 94,503,000
Accumulated depreciation	(51,905,000)	(49,682,000)
Investment in real estate, net	55,382,000	56,356,000
Apartment Building [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	(36,285,000)	(34,606,000)
Apartment Building [Member] | Land [Member]
Property, Plant and Equipment [Line Items]
Cost	25,033,000	25,033,000
Apartment Building [Member] | Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	$ 66,634,000	$ 65,929,000

INVESTMENT IN REAL ESTATE (De27

INVESTMENT IN REAL ESTATE (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Jul. 31, 2015	Mar. 31, 2017	Aug. 31, 2016
Property, Plant and Equipment [Line Items]
Mortgage Loans on Real Estate, Face Amount of Mortgages		$ 97,000,000
Mortgage Loans on Real Estate, Interest Rate		5.275%
California Properties [Member] | Real Estate Investment [Member]
Property, Plant and Equipment [Line Items]
Payments to Acquire Real Estate	$ 1,975,000
House [Member]
Property, Plant and Equipment [Line Items]
Mortgage Loans on Real Estate, Face Amount of Mortgages			$ 1,000,000
Mortgage Loans on Real Estate, Interest Rate		4.50%
Debt Instrument, Maturity Date		Aug. 31, 2018

INVESTMENT IN MARKETABLE SECU28

INVESTMENT IN MARKETABLE SECURITIES (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Schedule of Trading Securities and Other Trading Assets [Line Items]
Net Unrealized Loss	$ (592,000)	$ (482,000)	$ (3,040,000)	$ (6,001,000)
Fair Value	15,222,000		15,222,000		$ 14,282,000
Equity Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost	26,426,000		26,426,000		22,500,000
Gross Unrealized Gain			3,093,000		1,161,000
Gross Unrealized Loss			(14,297,000)		(9,379,000)
Net Unrealized Loss			(11,204,000)		(8,218,000)
Fair Value	$ 15,222,000		$ 15,222,000		$ 14,282,000

INVESTMENT IN MARKETABLE SECU29

INVESTMENT IN MARKETABLE SECURITIES (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Schedule of Trading Securities and Other Trading Assets [Line Items]
Realized gain (loss) on marketable securities	$ 202,000	$ (577,000)	$ 514,000	$ (1,034,000)
Unrealized loss on marketable securities	(592,000)	(482,000)	(3,040,000)	(6,001,000)
Net loss on marketable securities	$ (390,000)	$ (1,059,000)	$ (2,526,000)	$ (7,035,000)

INVESTMENT IN MARKETABLE SECU30

INVESTMENT IN MARKETABLE SECURITIES (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2017	Jun. 30, 2016
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	$ 14,073,000	$ 3,620,000
Percentage Of Investment Marketable Securities	39.00%	65.00%

OTHER INVESTMENTS, NET (Details

OTHER INVESTMENTS, NET (Details) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Other Investment [Line Items]
Other investments, net	$ 1,224,000	$ 1,029,000
Other investments, net [Member]
Other Investment [Line Items]
Other investments, net	429,000	113,000
Private equity hedge fund, at cost [Member]
Other Investment [Line Items]
Other investments, net	$ 795,000	$ 916,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Assets:
Investment in marketable securities	$ 15,222,000	$ 14,282,000
Basic Materials [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	6,009,000	9,273,000
Energy [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	3,825,000	1,907,000
Other [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	$ 5,388,000	$ 3,102,000

FAIR VALUE MEASUREMENTS (Deta33

FAIR VALUE MEASUREMENTS (Details 1) - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net loss	$ (165,000)	$ (547,000)
Other Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	1,224,000		$ 1,029,000
Other Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	$ 1,224,000		$ 1,029,000

FAIR VALUE MEASUREMENTS (Deta34

FAIR VALUE MEASUREMENTS (Details Textual)	9 Months Ended
	Mar. 31, 2017
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) - Equity Option [Member] - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2015
Stock Based Compensation [Line Items]
Oustanding, Number of Shares	350,000	350,000
Granted, Number of Shares	18,000	0
Exercised, Number of Shares	0	0
Forfeited, Number of Shares	0	0
Exchanged, Number of Shares	0	0
Oustanding, Number of Shares	368,000	350,000	350,000
Exercisable, Number of Shares	286,000	236,000
Vested and Expected to vest, Number of Shares	368,000	350,000
Oustanding, Weighted Average Exercise Price	$ 16.7	$ 16.7
Granted, Weighted Average Exercise Price	27.30	0
Exercised, Weighted Average Exercise Price	0	0
Forfeited, Weighted Average Exercise Price	0	0
Exchanged, Weighted Average Exercise Price	0	0
Oustanding, Weighted Average Exercise Price	17.21	16.7	$ 16.7
Exercisable, Weighted Average Exercise Price	16.19	15.54
Vested and Expected to vest, Weighted Average Exercise Price	$ 17.21	$ 16.7
Oustanding at Weighted Average Remaining Life	5 years 5 months 1 day	5 years 11 months 12 days	6 years 11 months 12 days
Granted, Weighted Average Remaining Life	9 years 11 months 1 day
Exercisable, Weighted Average Remaining Life	5 years 5 months 19 days	5 years 3 months 29 days
Vested and Expected to vest, Weighted Average Remaining Life	5 years 5 months 1 day	5 years 11 months 12 days
Outstanding, Aggregate Intrinsic Value	$ 2,977,000	$ 3,082,000	$ 939,000
Exercisable, Aggregate Intrinsic Value	2,577,000	2,351,000
Vested and Expected to vest, Aggregate Intrinsic Value	$ 2,977,000	$ 3,082,000

STOCK BASED COMPENSATION PLAN36

STOCK BASED COMPENSATION PLANS (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Mar. 02, 2017
Stock Based Compensation [Line Items]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 66,000	$ 77,000	$ 206,000	$ 319,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 366,000		$ 366,000
Share-Based Compensation Arrangement By Share-Based Payment Award Award Vesting Period 1			3 years 3 months 4 days
Vice President [Member]
Stock Based Compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			18,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award			18,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	3,600		3,600
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased					$ 27.30
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Segment Reporting Information [Line Items]
Segment income (loss) from operations	$ 3,137,000	$ (2,557,000)	$ 10,437,000	$ 2,894,000
Interest expense - mortgage	(2,470,000)	(2,432,000)	(7,334,000)	(7,357,000)
Loss on disposal of assets			0	(30,000)
Depreciation and amortization expense	(1,255,000)	(1,328,000)	(3,893,000)	(3,849,000)
Income tax expense benefit	(159,000)	2,183,000	(386,000)	4,103,000
Net income (loss)	(170,000)	(4,338,000)	(584,000)	(8,755,000)
Total assets	134,261,000		134,261,000		$ 135,270,000
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	17,208,000	18,066,000	51,904,000	54,045,000
Segment operating expenses	(12,816,000)	(19,295,000)	(37,574,000)	(47,302,000)
Segment income (loss) from operations	4,392,000	(1,229,000)	14,330,000	6,743,000
Interest expense - mortgage	(2,470,000)	(2,432,000)	(7,334,000)	(7,357,000)
Loss on disposal of assets				(30,000)
Depreciation and amortization expense	(1,255,000)	(1,328,000)	(3,893,000)	(3,849,000)
Loss from investments	(678,000)	(1,532,000)	(3,301,000)	(8,365,000)
Income tax expense benefit	(159,000)	2,183,000	(386,000)	4,103,000
Net income (loss)	(170,000)	(4,338,000)	(584,000)	(8,755,000)
Total assets	132,261,000		132,261,000
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Segment operating expenses	(752,000)	(631,000)	(2,082,000)	(2,025,000)
Segment income (loss) from operations	(752,000)	(631,000)	(2,082,000)	(2,025,000)
Interest expense - mortgage	0	0	0	0
Loss on disposal of assets				0
Depreciation and amortization expense	0	0	0	0
Loss from investments	0	0	0	0
Income tax expense benefit	(159,000)	2,183,000	(386,000)	4,103,000
Net income (loss)	(911,000)	1,552,000	(2,468,000)	2,078,000
Total assets	10,971,000		10,971,000
Hotel Operations [Member]
Segment Reporting Information [Line Items]
Revenues	13,495,000	14,481,000	40,937,000	43,332,000
Segment operating expenses	(10,333,000)	(17,067,000)	(30,200,000)	(40,229,000)
Segment income (loss) from operations	3,162,000	(2,586,000)	10,737,000	3,103,000
Interest expense - mortgage	(1,850,000)	(1,793,000)	(5,429,000)	(5,420,000)
Loss on disposal of assets				(30,000)
Depreciation and amortization expense	(690,000)	(780,000)	(2,213,000)	(2,301,000)
Loss from investments	0	0	0	0
Income tax expense benefit	0	0	0	0
Net income (loss)	622,000	(5,159,000)	3,095,000	(4,648,000)
Total assets	49,462,000		49,462,000
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Revenues	3,713,000	3,585,000	10,967,000	10,713,000
Segment operating expenses	(1,731,000)	(1,597,000)	(5,292,000)	(5,048,000)
Segment income (loss) from operations	1,982,000	1,988,000	5,675,000	5,665,000
Interest expense - mortgage	(620,000)	(639,000)	(1,905,000)	(1,937,000)
Loss on disposal of assets				0
Depreciation and amortization expense	(565,000)	(548,000)	(1,680,000)	(1,548,000)
Loss from investments	0	0	0	0
Income tax expense benefit	0	0	0	0
Net income (loss)	797,000	801,000	2,090,000	2,180,000
Total assets	55,382,000		55,382,000
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
Depreciation and amortization expense	0	0	0	0
Loss from investments	(678,000)	(1,532,000)	(3,301,000)	(8,365,000)
Income tax expense benefit	0	0	0	0
Net income (loss)	(678,000)	$ (1,532,000)	(3,301,000)	$ (8,365,000)
Total assets	$ 16,446,000		$ 16,446,000

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member]	May 12, 2017USD ($)
Mortgage Loans [Member]
Subsequent Event [Line Items]
Guarantor Obligations, Current Carrying Value	$ 97,000,000
Mezzanine Loan [Member]
Subsequent Event [Line Items]
Guarantor Obligations, Current Carrying Value	$ 20,000,000