Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Sep. 30, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | INTERGROUP CORP | |
Entity Central Index Key | 69,422 | |
Current Fiscal Year End Date | --06-30 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 20,717,000 | |
Trading Symbol | INTG | |
Entity Common Stock, Shares Outstanding | 2,359,724 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
ASSETS | ||
Investment in Hotel, net | $ 42,092,000 | $ 44,821,000 |
Investment in real estate, net | 54,984,000 | 56,356,000 |
Investment in marketable securities | 17,177,000 | 14,282,000 |
Other investments, net | 1,211,000 | 1,029,000 |
Cash and cash equivalents | 2,871,000 | 5,404,000 |
Restricted cash | 7,402,000 | 3,221,000 |
Other assets, net | 3,365,000 | 5,639,000 |
Deferred tax asset | 4,107,000 | 3,985,000 |
Total assets | 133,209,000 | 134,737,000 |
Liabilities: | ||
Accounts payable and other liabilities | 2,947,000 | 3,717,000 |
Accounts payable and other liabilities - Hotel | 12,833,000 | 14,783,000 |
Due to securities broker | 3,012,000 | 1,493,000 |
Obligations for securities sold | 3,710,000 | 163,000 |
Related party and other notes payable | 6,112,000 | 6,996,000 |
Mortgage notes payable - Hotel | 115,615,000 | 116,160,000 |
Mortgage notes payable - real estate | 64,298,000 | 64,672,000 |
Total liabilities | 208,527,000 | 207,984,000 |
Commitments and contingencies - Note 18 | ||
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 3,395,616 issued; 2,359,724 and 2,381,726 outstanding, respectively | 33,000 | 33,000 |
Additional paid-in capital | 10,346,000 | 10,363,000 |
Accumulated deficit | (45,298,000) | (43,645,000) |
Treasury stock, at cost, 1,035,892 and 1,013,890 shares | (12,626,000) | (12,082,000) |
Total InterGroup shareholders' deficit | (47,545,000) | (45,331,000) |
Noncontrolling interest | (27,773,000) | (27,916,000) |
Total shareholders' deficit | (75,318,000) | (73,247,000) |
Total liabilities and shareholders' deficit | $ 133,209,000 | $ 134,737,000 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Jun. 30, 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 | 2,359,724 | 2,381,726 |
Treasury stock, shares | 1,035,892 | 1,013,890 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||
Hotel | $ 54,334,000 | $ 58,566,000 |
Real estate | 14,671,000 | 14,332,000 |
Total revenues | 69,005,000 | 72,898,000 |
Costs and operating expenses: | ||
Hotel operating expenses | (40,717,000) | (47,246,000) |
Legal settlement costs | 0 | (5,396,000) |
Real estate operating expenses | (7,166,000) | (6,790,000) |
Depreciation and amortization expense | (5,305,000) | (5,146,000) |
General and administrative expense | (2,821,000) | (2,722,000) |
Total costs and operating expenses | (56,009,000) | (67,300,000) |
Income from operations | 12,996,000 | 5,598,000 |
Other income (expense): | ||
Interest expense - mortgage | (9,604,000) | (9,898,000) |
Loss on disposal of assets | 0 | (30,000) |
Net loss on marketable securities | (3,496,000) | (7,189,000) |
Net unrealized loss gain on other investments and derivatives | 0 | (127,000) |
Impairment loss on other investments | (178,000) | (673,000) |
Dividend and interest income | 287,000 | 56,000 |
Trading and margin interest expense | (1,160,000) | (944,000) |
Net other expense | (14,151,000) | (18,805,000) |
Loss before income taxes | (1,155,000) | (13,207,000) |
Income tax (expense) benefit | (521,000) | 3,940,000 |
Net loss | (1,676,000) | (9,267,000) |
Less: Net loss attributable to the noncontrolling interest | 23,000 | 2,131,000 |
Net loss attributable to InterGroup | $ (1,653,000) | $ (7,136,000) |
Net loss per share | ||
Basic and diluted | $ (0.71) | $ (3.89) |
Net loss per share attributable to InterGroup | ||
Basic and diluted | $ (0.70) | $ (2.99) |
Weighted average number of common and diluted shares outstanding | 2,371,765 | 2,384,098 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | InterGroup Shareholders' Deficit [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Jun. 30, 2015 | $ (63,972,000) | $ 33,000 | $ 10,494,000 | $ (36,459,000) | $ (11,878,000) | $ (37,810,000) | $ (26,162,000) |
Beginning Balance (in shares) at Jun. 30, 2015 | 3,391,096 | ||||||
Net loss | (9,267,000) | $ 0 | 0 | (7,136,000) | 0 | (7,136,000) | (2,131,000) |
Stock options expense | 391,000 | 0 | 391,000 | 0 | 0 | 391,000 | 0 |
Issuance of stock for compensation | 88,000 | $ 0 | 88,000 | 0 | 0 | 88,000 | 0 |
Issuance of stock for compensation (in shares) | 4,520 | ||||||
Redemption of limited partnership interests | (50,000) | $ 0 | 0 | (50,000) | 0 | (50,000) | 0 |
Investment in Santa Fe | (120,000) | 0 | (292,000) | 0 | 0 | (292,000) | 172,000 |
Investment in Portsmouth | (113,000) | 0 | (318,000) | 0 | 0 | (318,000) | 205,000 |
Purchase of treasury stock | (204,000) | 0 | 0 | 0 | (204,000) | (204,000) | 0 |
Ending Balance at Jun. 30, 2016 | (73,247,000) | $ 33,000 | 10,363,000 | (43,645,000) | (12,082,000) | (45,331,000) | (27,916,000) |
Ending Balance (in shares) at Jun. 30, 2016 | 3,395,616 | ||||||
Net loss | (1,676,000) | $ 0 | 0 | (1,653,000) | 0 | (1,653,000) | (23,000) |
Stock options expense | 268,000 | 0 | 268,000 | 0 | 0 | 268,000 | 0 |
Investment in Santa Fe | (83,000) | 0 | (188,000) | 0 | 0 | (188,000) | 105,000 |
Investment in Portsmouth | (36,000) | 0 | (97,000) | 0 | 0 | (97,000) | 61,000 |
Purchase of treasury stock | (544,000) | 0 | 0 | 0 | (544,000) | (544,000) | 0 |
Ending Balance at Jun. 30, 2017 | $ (75,318,000) | $ 33,000 | $ 10,346,000 | $ (45,298,000) | $ (12,626,000) | $ (47,545,000) | $ (27,773,000) |
Ending Balance (in shares) at Jun. 30, 2017 | 3,395,616 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (1,676,000) | $ (9,267,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Net unrealized loss on marketable securities | 3,852,000 | 6,199,000 |
Deferred taxes | (122,000) | (3,988,000) |
Legal settlement costs | 0 | 5,575,000 |
Unrealized loss on other investments | 0 | 127,000 |
Impairment loss on other investments | 178,000 | 673,000 |
Loss on disposal of assets | 0 | 30,000 |
Depreciation | 5,305,000 | 5,146,000 |
Amortization | 84,000 | 84,000 |
Stock compensation expense | 268,000 | 479,000 |
Changes in assets and liabilities: | ||
Investment in marketable securities | (6,747,000) | (1,401,000) |
Other assets, net | 2,273,000 | 4,409,000 |
Accounts payable and other liabilities | (2,720,000) | (383,000) |
Due to securities broker | 1,519,000 | 1,148,000 |
Obligations for securities sold | 3,547,000 | 141,000 |
Net cash provided by operating activities | 6,294,000 | 8,972,000 |
Cash flows from investing activities: | ||
Investment in hotel, net | (328,000) | (4,064,000) |
Investment in real estate, net | (875,000) | (2,681,000) |
Purchase of other investments | (360,000) | 0 |
Investment in Santa Fe | (83,000) | (120,000) |
Investment in Portsmouth | (36,000) | (113,000) |
Net cash used in investing activities | (1,682,000) | (6,978,000) |
Cash flows from financing activities: | ||
Net payments of mortgage and other notes payable | (2,420,000) | (4,512,000) |
Restricted cash for capital improvements, mortgage impounds and redemption | (4,181,000) | (353,000) |
Redemption of noncontrolling interest | 0 | (50,000) |
Purchase of treasury stock | (544,000) | (204,000) |
Net cash used in financing activities | (7,145,000) | (5,119,000) |
Net decrease in cash and cash equivalents | (2,533,000) | (3,125,000) |
Cash and cash equivalents at the beginning of the year | 5,404,000 | 8,529,000 |
Cash and cash equivalents at the end of the year | 2,871,000 | 5,404,000 |
Supplemental information: | ||
Income tax paid | 1,063,000 | 2,078,000 |
Interest paid | 10,256,000 | 10,324,000 |
Non-cash transactions: | ||
Conversion of other investments to marketable securities | $ 0 | $ 13,231,000 |
BUSINESS AND SIGNIFICANT ACCOUN
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES: | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | The InterGroup Corporation, a Delaware corporation, (“InterGroup” or the “Company”) was formed to buy, develop, operate and dispose of real property and to engage in various investment activities to benefit the Company and its shareholders. As of June 30, 2017, the Company had the power to vote 85.8 4 Santa Fe’s primary business is conducted through the management of its 68.8 93 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 2,000,000 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. The consolidated financial statements include the accounts of the Company and Santa Fe. All significant inter-company transactions and balances have been eliminated. Property and equipment are stated at cost. Building improvements are being depreciated on a straight-line basis over their useful lives ranging from 3 39 3 7 Repairs and maintenance are charged to expense as incurred. Costs of significant renewals and improvements are capitalized and depreciated over the shorter of its remaining estimated useful life or life of the asset. The cost of assets sold or retired and the related accumulated depreciation are removed from the accounts; any resulting gain or loss is included in other income (expenses). The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with generally accepted accounting principles. If the carrying amount of the asset, including any intangible assets associated with that asset, exceeds its estimated undiscounted net cash flow, before interest, the Partnership will recognize an impairment loss equal to the difference between its carrying amount and its estimated fair value. If impairment is recognized, the reduced carrying amount of the asset will be accounted for as its new cost. For a depreciable asset, the new cost will be depreciated over the asset’s remaining useful life. Generally, fair values are estimated using discounted cash flow, replacement cost or market comparison analyses. The process of evaluating for impairment requires estimates as to future events and conditions, which are subject to varying market and economic factors. Therefore, it is reasonably possible that a change in estimate resulting from judgments as to future events could occur which would affect the recorded amounts of the property. No impairment losses were recorded for the years ended June 30, 2017 and 2016. Rental properties are stated at cost less accumulated depreciation. Depreciation of rental property is provided on the straight-line method based upon estimated useful lives of 5 40 5 10 The Company also reviews its rental property assets for impairment. No impairment losses on the investment in real estate have been recorded for the years ended June 30, 2017 and 2016. The fair value of the tangible assets of an acquired property, which includes land, building and improvements, is determined by valuing the property as if they were vacant, and incorporates costs during the lease-up periods considering current market conditions and costs to execute similar leases such lost rental revenue and tenant improvements. The value of tangible assets are depreciated using straight-line method based upon the assets estimated useful lives. Marketable securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date. Marketable securities are classified as trading securities with all unrealized gains and losses on the Company's investment portfolio recorded through the consolidated statements of operations. Other investments include non-marketable securities (carried at cost, net of any impairments loss) and non-marketable debt instruments. The Company has no significant influence or control over the entities that issue these 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. For the years ended June 30, 2017 and 2016, the Company recorded impairment losses related to other investments of $ 178,000 673,000 6,154,000 5,976,000 Cash equivalents consist of highly liquid investments with an original maturity of three months or less when purchased and are carried at cost, which approximates fair value. Restricted cash is comprised of amounts held by lenders for payment of real estate taxes, insurance, replacement and capital addition reserves for the Hotel. It also includes key money received from Interstate that is restricted for capital improvements. Other assets include prepaid insurance, accounts receivable, franchise fees, license fees and other miscellaneous assets. Franchise fees are stated at cost and amortized over the life of the agreement ( 15 10 Accounts receivable from the Hotel and rental property customers are carried at cost less an allowance for doubtful accounts that is based on management’s assessment of the collectability of accounts receivable. The Company extends unsecured credit to its customers but mitigates the associated credit risk by performing ongoing credit evaluations of its customers. The Company may utilize margin for its marketable securities purchases through the use of standard margin agreements with national brokerage firms. 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. 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 statement of operations. Accounts payable and other liabilities include trade payables, customer advance deposits and other liabilities. The Company records the acquisition of treasury stock under the cost method. During the years ended June 30, 2017 and 2016, the Company purchased 22,002 and 8,823 shares of treasury stock respectively. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. Accounting standards for fair value measurement establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level 1 Level 2 Level 3 Room revenue is recognized on the date upon which a guest occupies a room and/or utilizes the Hotel’s services. Food and beverage revenues are recognized upon delivery. Garage revenue is recognized when a guest uses the garage space. The Company records a liability for payments collected in advance of revenue recognition. This liability is included in accounts payable and other liabilities. Revenue recognition from apartment rentals commences when an apartment unit is placed in service and occupied by a rent-paying tenant. Apartment units are leased on a short-term basis, with no lease extending beyond one year. Advertising costs are expensed as incurred. Advertising costs were $ 294,000 522,000 Deferred income taxes are calculated under the liability method. Deferred income tax assets and liabilities are based on differences between the financial statement and tax basis of assets and liabilities at the current enacted tax rates. Changes in deferred income tax assets and liabilities are included as a component of income tax expense. Changes in deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense in the period of enactment. Valuation allowances are established for certain deferred tax assets where realization is not likely. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold based on the technical merits of the positions. Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. The computation of diluted loss 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. The basic and diluted earnings per share were the same for the years ended June 30, 2017 and 2016 because the Company had a net loss. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. Certain prior year balances have been reclassified to conform with the current year presentation. 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) |
JUSTICE INVESTORS
JUSTICE INVESTORS | 12 Months Ended |
Jun. 30, 2017 | |
Justice Investors [Abstract] | |
Justice Investors [Text Block] | NOTE 2 - JUSTICE INVESTORS Justice Investors Limited Partnership, a California limited partnership (“Justice” or the “Partnership”), was formed in 1967 to acquire real property in San Francisco, California, for the development and lease of the Hotel and related facilities. The Partnership has one general partner, Portsmouth Square, Inc., a California corporation (“Portsmouth”) and approximately 24 voting limited partners, including Portsmouth. Management believes that the revenues and cash flows 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 appreciated value in the Hotel property in excess of the net book value to support additional borrowings, if necessary. |
INVESTMENT IN HOTEL, NET
INVESTMENT IN HOTEL, NET | 12 Months Ended |
Jun. 30, 2017 | |
Hotel [Member] | |
Real Estate Properties [Line Items] | |
Investment In Real Estate [Text Block] | NOTE 3 INVESTMENT IN HOTEL, NET Investment in Hotel consisted of the following as of: Accumulated Net Book June 30, 2017 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 27,681,000 (24,569,000) 3,112,000 Building and improvements 64,308,000 (28,066,000) 36,242,000 $ 94,727,000 $ (52,635,000) $ 42,092,000 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, NET
INVESTMENT IN REAL ESTATE, NET | 12 Months Ended |
Jun. 30, 2017 | |
Real Estate Properties [Line Items] | |
Real Estate Disclosure [Text Block] | NOTE 4 - INVESTMENT IN REAL ESTATE, NET At June 30, 2017, the Company's investment in real estate consisted of twenty one properties located throughout the United States. These properties include sixteen apartment complexes, three single-family houses as strategic investments, and one commercial real estate property As of June 30, 2017 2016 Land $ 25,033,000 $ 25,033,000 Buildings, improvements and equipment 66,804,000 65,929,000 Accumulated depreciation (36,853,000) (34,606,000) $ 54,984,000 $ 56,356,000 |
INVESTMENT IN MARKETABLE SECURI
INVESTMENT IN MARKETABLE SECURITIES | 12 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 5 - 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 insure to its shareholders through income and/or capital gain. Gross Gross Net Fair Investment Cost Unrealized Gain Unrealized Loss Unrealized Loss Value As of June 30, 2017 Corporate Equities $ 29,170,000 $ 1,768,000 $ (13,761,000) $ (11,993,000) $ 17,177,000 As of June 30, 2016 Corporate Equities $ 22,500,000 $ 1,161,000 $ (9,379,000) $ (8,218,000) $ 14,282,000 As of June 30, 2017, and 2016, approximately 28 65 As of June 30, 2017 and 2016, the Company had $ 13,294,000 3,620,000 For the year ended June 30, 2017 2016 Realized gain (loss) on marketable securities $ 356,000 $ (990,000) Unrealized loss on marketable securities (3,852,000) (6,199,000) Net loss on marketable securities $ (3,496,000) $ (7,189,000) |
OTHER INVESTMENTS, NET
OTHER INVESTMENTS, NET | 12 Months Ended |
Jun. 30, 2017 | |
Other Investments [Abstract] | |
Other Investments Disclosure [Text Block] | NOTE 6 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. 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. Type June 30, 2017 June 30, 2016 Private equity hedge fund, at cost $ 782,000 $ 916,000 Other investments 429,000 113,000 $ 1,211,000 $ 1,029,000 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 7 - FAIR VALUE MEASUREMENTS The carrying values of the Company’s financial instruments not required to be carried at fair value on a recurring basis approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable). As of June 30, 2017 Level 1 Assets: Investment in marketable securities: Basic materials $ 6,222,000 Technology 4,134,000 REITs and real estate companies 1,820,000 Energy 1,345,000 Corporate bonds 1,683,000 Other 1,973,000 $ 17,177,000 As of June 30, 2016 Level 1 Assets: Investment in marketable securities: Basic materials $ 9,273,000 Energy 1,907,000 Financial services 1,021,000 Other 2,081,000 $ 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 year Assets Level 3 June 30, 2017 ended June 30, 2017 Other non-marketable investments $ 1,211,000 $ 1,211,000 $ (178,000) Net loss for the year Assets Level 3 June 30, 2016 ended June 30, 2016 Other non-marketable investments $ 1,029,000 $ 1,029,000 $ (673,000) 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. These investments are reviewed on a periodic basis for other-than-temporary impairment. When determining the fair value of these investments on a non-recurring basis, the Company uses valuation techniques such as the market approach and the unobservable inputs include factors such as conversion ratios and the stock price of the underlying convertible instruments. 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. |
OTHER ASSETS, NET
OTHER ASSETS, NET | 12 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 8 OTHER ASSETS, NET 2017 2016 Accounts receivable, net $ 1,489,000 $ 3,250,000 Prepaid expenses 602,000 1,298,000 Miscellaneous assets, net 1,274,000 1,091,000 Total other assets $ 3,365,000 $ 5,639,000 |
RELATED PARTY AND OTHER NOTES P
RELATED PARTY AND OTHER NOTES PAYABLE | 12 Months Ended |
Jun. 30, 2017 | |
Related Party And Other Notes Payable [Abstract] | |
Related Party and Other Notes Payable [Text Block] | NOTE 9 RELATED PARTY AND OTHER NOTES PAYABLE On May 5, 2016, Justice and Portsmouth entered into a settlement agreement relating to previously reported litigation with Evon Corporation and certain other parties. Under the settlement agreement, Justice, a subsidiary of Portsmouth agreed to pay Evon Corporation 5,575,000 As of June 30, 2017, this balance has been fully paid. This amount was accrued and recorded as restructuring cost for the year end June 30, 2016. Also included in the balance of the related party note payable at June 30, 2017 is the obligation to Hilton (Franchisor) in the form of a self-exhausting, interest free development incentive notes which will be reduced approximately $ 316,000 316,000 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 2,000,000 nd As of June 30, 2016, the Company has various non-mortgage notes payable and financing obligations outstanding totaling $ 212,000 For the year ending June 30, 2018 $ 369,000 2019 474,000 2020 607,000 2021 567,000 2022 567,000 Thereafter 3,528,000 $ 6,112,000 |
MORTGAGE NOTES PAYABLE
MORTGAGE NOTES PAYABLE | 12 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable Disclosure [Text Block] | NOTE 10 - MORTGAGE NOTES PAYABLE On December 18, 2013: (i) Justice Operating Company, LLC, a Delaware limited liability company (“Operating”), entered into a loan agreement (“Mortgage Loan Agreement”) with Bank of America (“Mortgage Lender”); and (ii) Justice Mezzanine Company, a Delaware limited liability company (“Mezzanine”), entered into a mezzanine loan agreement (“Mezzanine Loan Agreement” and, together with the Mortgage Loan Agreement, the “Loan Agreements”) with ISBI San Francisco Mezz Lender LLC (“Mezzanine Lender” and, together with Mortgage Lender, the “Lenders”). The Partnership is the sole member of Mezzanine, and Mezzanine is the sole member of Operating. The Loan Agreements provide for a $ 97,000,000 20,000,000 The Mortgage Loan is secured by the Partnership’s principal asset, the Hilton San Francisco-Financial District (the “Property”). The Mortgage Loan bears an interest rate of 5.275 January 2024 The term of the loan is 10 years with interest only due in the first three years and principle and interest on the remaining seven years of the loan based on a thirty-year amortization schedule. The Mortgage Loan also requires payments for impounds related to property tax, insurance and capital improvement reserves. The Mezzanine Loan is a secured by the Operating membership interest held by Mezzanine and is subordinated to the Mortgage Loan. The Mezzanine Loan bears interest at 9.75 January 1, 2024 The Guaranties are limited to what are commonly referred to as “bad boy” acts, including: (i) fraud or intentional misrepresentations; (ii) gross negligence or willful misconduct; (iii) misapplication or misappropriation of rents, security deposits, insurance or condemnation proceeds; and (iv) failure to pay taxes or insurance. The Guaranties are full recourse guaranties under identified circumstances, including failure to maintain “single purpose” status which is a factor in a consolidation of Operating or Mezzanine in a bankruptcy of another person, transfer or encumbrance of the Property in violation of the applicable loan documents, Operating or Mezzanine incurring debts that are not permitted, and the Property becoming subject to a bankruptcy proceeding. Pursuant to the Guaranties, the Partnership is required to maintain a certain minimum net worth and liquidity. As of June 30, 2017, and 2016, the Partnership is in compliance with both requirements. Each of the Loan Agreements contains customary representations and warranties, events of default, reporting requirements, affirmative covenants and negative covenants, which impose restrictions on, among other things, organizational changes of the respective borrower, operations of the Property, agreements with affiliates and third parties. Each of the Loan Agreements also provides for mandatory prepayments under certain circumstances (including casualty or condemnation events) and voluntary prepayments, subject to satisfaction of prescribed conditions set forth in the Loan Agreements. In June 2016, The Company refinanced its $ 1,929,000 2,300,000 3.59 June 2026 In April 2016, the Company entered into an interest rate agreement on its $ 923,000 4.22 3.99 January 2021 As of June 30, 2017 Number Note Note Property of Units Origination Date Maturity Date Mortgage Balance Interest Rate SF Hotel 543 rooms December 2013 January 2024 $ 96,343,000 5.28 % SF Hotel 543 rooms December 2013 January 2024 20,000,000 9.75 % Mortgage notes payable - Hotel 116,343,000 Debt issuance costs (728,000) Total mortgage notes payable - Hotel $ 115,615,000 Florence 157 March 2015 April 2025 $ 3,357,000 3.87 % Las Colinas 358 November 2012 December 2022 17,818,000 3.73 % Morris County 151 July 2012 August 2022 9,387,000 3.51 % Morris County 151 June 2014 August 2022 2,611,000 4.51 % St. Louis 264 May 2013 May 2023 5,611,000 4.05 % Los Angeles 4 September 2012 September 2042 360,000 3.75 % Los Angeles 2 September 2012 September 2042 364,000 3.75 % Los Angeles 1 August 2012 September 2042 392,000 3.75 % Los Angeles 31 January 2010 December 2020 5,165,000 4.85 % Los Angeles 30 August 2007 September 2022 6,041,000 5.97 % Los Angeles 27 November 2010 December 2020 2,909,000 4.85 % Los Angeles 14 April 2011 March 2021 1,697,000 5.89 % Los Angeles 12 June 2016 June 2026 2,261,000 3.59 % Los Angeles 9 April 2011 May 2021 1,356,000 5.60 % Los Angeles 9 April 2011 March 2021 1,156,000 5.89 % Los Angeles 8 July 2013 July 2043 461,000 3.75 % Los Angeles 7 August 2012 September 2042 890,000 3.75 % Los Angeles 4 August 2012 September 2042 610,000 3.75 % Los Angeles 1 September 2012 September 2042 418,000 3.75 % Los Angeles 1 August 2016 August 2018 1,000,000 5.25 % Los Angeles Office April 2016 January 2021 878,000 3.99 % Mortgage notes payable - real estate 64,742,000 Debt issuance costs (444,000) Total mortgage notes payable - real estate $ 64,298,000 As of June 30, 2016 Number Note Note Property of Units Origination Date Maturity Date Mortgage Balance Interest Rate SF Hotel 543 rooms December 2013 January 2024 $ 97,000,000 5.28 % SF Hotel 543 rooms December 2013 January 2024 20,000,000 9.75 % Mortgage notes payable - Hotel 117,000,000 Debt issuance costs (840,000) Total mortgage notes payable - Hotel $ 116,160,000 Florence 157 March 2015 April 2025 $ 3,421,000 3.87 % Las Colinas 358 November 2012 December 2022 18,217,000 3.73 % Morris County 151 July 2012 July 2022 9,696,000 3.51 % Morris County 151 June 2014 August 2022 2,658,000 4.51 % St. Louis 264 May 2013 May 2023 5,726,000 4.05 % Los Angeles 4 September 2012 September 2042 369,000 3.75 % Los Angeles 2 September 2012 September 2042 372,000 3.75 % Los Angeles 1 August 2012 September 2042 401,000 3.75 % Los Angeles 31 January 2010 December 2020 5,274,000 4.85 % Los Angeles 30 August 2007 September 2022 6,168,000 5.97 % Los Angeles 27 November 2010 December 2020 2,971,000 4.85 % Los Angeles 14 April 2011 March 2021 1,726,000 5.89 % Los Angeles 12 June 2016 June 2026 2,300,000 3.59 % Los Angeles 9 April 2011 May 2021 1,381,000 5.60 % Los Angeles 9 April 2011 March 2021 1,176,000 5.89 % Los Angeles 8 July 2013 July 2043 472,000 3.75 % Los Angeles 7 August 2012 September 2042 911,000 3.75 % Los Angeles 4 August 2012 September 2042 624,000 3.75 % Los Angeles 1 September 2012 September 2042 428,000 3.75 % Los Angeles Office April 2016 January 2021 914,000 3.99 % Mortgage notes payable - Hotel 65,205,000 Debt issuance costs (533,000) Total mortgage notes payable - Hotel $ 64,672,000 For the year ending June 30, 2018 $ 2,957,000 2019 3,099,000 2020 4,246,000 2021 3,229,000 2022 3,228,000 Thereafter 164,326,000 $ 181,085,000 |
GARAGE OPERATIONS
GARAGE OPERATIONS | 12 Months Ended |
Jun. 30, 2017 | |
Garage Operations And Rental Income [Abstract] | |
Garage Operations And Rental Income [Text Block] | NOTE 11 GARAGE OPERATIONS 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 AGREEMENTS
MANAGEMENT AGREEMENTS | 12 Months Ended |
Jun. 30, 2017 | |
Management Agreement [Abstract] | |
Management Agreements [Text Block] | NOTE 12 MANAGEMENT AGREEMENTS 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 2,000,000 nd In February 2017, Interstate was hired to manage the Hotel. During the year ended June 30, 2017, Interstate management fees were $ 372,000 1,219,000 |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 13 CONCENTRATION OF CREDIT RISK As of June 30, 2017, all accounts receivables are related to Hotel customers. As of June 30, 2016, approximately 45 26 811,000 The Partnership maintains its cash and cash equivalents and restricted cash with various financial institutions that are monitored regularly for credit quality. At times, such cash and cash equivalents holdings may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) or other federally insured limits. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 14 INCOME TAXES For the years ended June 30, 2017 2016 Federal Current tax (expense) benefit $ (333,000) $ 79,000 Deferred tax (expense) benefit (168,000) 3,349,000 (501,000) 3,428,000 State Current tax expense (310,000) (128,000) Deferred tax benefit 290,000 640,000 (20,000) 512,000 $ (521,000) $ 3,940,000 For the years ended June 30, 2017 2016 Statutory federal tax rate $ 440,000 $ 4,471,000 State income taxes, net of federal tax benefit (25,000) 465,000 Dividend received deduction 56,000 13,000 Noncontrolling interest - (117,000) Valuation allowance (521,000) (489,000) Other (471,000) (403,000) $ (521,000) $ 3,940,000 June 30, 2017 June 30, 2016 Deferred tax assets: Net operating loss carryforwards $ 14,302,000 $ 11,372,000 Capital loss carryforwards 1,122,000 1,302,000 Investment impairment reserve 1,778,000 1,898,000 Accruals and reserves 1,182,000 1,096,000 Unrealized gains on marketable securities 284,000 - Tax credits 516,000 - Equity earnings - 758,000 Other 289,000 - Valuation allowance (3,388,000) (2,824,000) 16,085,000 13,602,000 Deferred tax assets (liabilities): Equity earnings (2,624,000) - Deferred gains on real estate sale and depreciation (8,816,000) (8,321,000) Unrealized gains on marketable securities - (335,000) State taxes (538,000) (961,000) (11,978,000) (9,617,000) Net deferred tax asset $ 4,107,000 $ 3,985,000 35,246,000 27,112,000 Federal State InterGroup $ - $ 1,478,000 Santa Fe 8,180,000 2,951,000 Portsmouth 27,066,000 22,683,000 $ 35,246,000 $ 27,112,000 Utilization of the net operating loss carryover may be subject a substantial annual limitation if it should be determined that there has been a change in the ownership of more than 50 percent of the value of the Company's stock, pursuant to Section 382 of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating loss carryovers before utilization. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold based on the technical merits of the positions. As of June 30, 2017, it has been determined there are no uncertain tax positions likely to impact the Company. The Partnership files tax returns as prescribed by the tax laws of the jurisdictions in which it operates and is subject to examination by federal, state and local jurisdictions, were applicable. As of June 30, 2017, tax years beginning in fiscal 2011 remain open to examination by the major tax jurisdictions, and are subject to the statute of limitations |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 15 SEGMENT INFORMATION The Company operates in three reportable segments, the operation of the Hotel (“Hotel Operations”), the operation of its multi-family residential properties (“Real Estate Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These three operating segments, as presented in the financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this information. Information below represents reported segments for the years ended June 30, 2017 and 2016. Segment income (loss) from Hotel operations consists of the operation of the Hotel and operation of the garage. Segment income from real estate operations consists of the operation of the rental properties. As of and for the year Hotel Real Estate Investment ended June 30, 2017 Operations Operations Transactions Other Total Revenues $ 54,334,000 $ 14,671,000 $ - $ - $ 69,005,000 Segment operating expenses (40,717,000) (7,166,000) - (2,821,000) (50,704,000) Segment income (loss) from operations 13,617,000 7,505,000 - (2,821,000) 18,301,000 Interest expense - mortgage (7,066,000) (2,538,000) - - (9,604,000) Depreciation and amortization expense (3,057,000) (2,248,000) - - (5,305,000) Loss from investments - - (4,547,000) - (4,547,000) Income tax expense - - - (521,000) (521,000) Net income (loss) $ 3,494,000 $ 2,719,000 $ (4,547,000) $ (3,342,000) $ (1,676,000) Total assets $ 48,739,000 $ 54,984,000 $ 18,388,000 $ 11,098,000 $ 133,209,000 As of and for the year Hotel Real Estate Investment ended June 30, 2016 Operations Operations Transactions Other Total Revenues $ 58,566,000 $ 14,332,000 $ - $ - $ 72,898,000 Segment operating expenses (47,246,000) (6,790,000) - (2,722,000) (56,758,000) Segment income (loss) from operations 11,320,000 7,542,000 - (2,722,000) 16,140,000 Legal settlement costs (5,396,000) - - - (5,396,000) Interest expense - mortgage (7,271,000) (2,627,000) - - (9,898,000) Loss on disposal of assets (30,000) - - - (30,000) Depreciation and amortization expense (3,053,000) (2,093,000) - - (5,146,000) Loss from investments - - (8,877,000) - (8,877,000) Income tax benefit - - - 3,940,000 3,940,000 Net income (loss) $ (4,430,000) $ 2,822,000 $ (8,877,000) $ 1,218,000 $ (9,267,000) Total assets $ 50,969,000 $ 56,356,000 $ 15,311,000 $ 12,101,000 $ 134,737,000 |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 16 STOCK-BASED COMPENSATION PLANS The Company follows the Statement of Financial Accounting Standards 123 (Revised), "Share-Based Payments" ("SFAS No. 123R"), which was primarily codified into ASC Topic 718 “Compensation Stock Compensation”, which addresses accounting for equity-based compensation arrangements, including employee stock options and restricted stock units. The Company currently has three equity compensation plans, each of which has been approved by the Company’s stockholders. The InterGroup Corporation 2008 Restricted Stock Unit Plan (the “2008 RSU Plan”), the InterGroup Corporation 2007 Stock Compensation Plan for Non-Employee Directors (the “2007 Stock Plan”) and the Intergroup 2010 Omnibus Employee Incentive Plan are described below. Any outstanding options issued under the Key Employee Plan or the Non-Employee Director Plan remain effective in accordance with their terms. Intergroup Corporation 2010 Omnibus Employee Incentive Plan On February 24, 2010, the shareholders of the Company approved The Intergroup Corporation 2010 Omnibus Employee Incentive Plan (the “2010 Incentive Plan”), which was formally adopted by the Board of Directors following the annual meeting of shareholders. The Company believes that such awards better align the interests of its employees with those of its shareholders. Option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vest based on 5 400,000 February 23, 2020 On December 26, 2013, the Compensation Committee authorized, subject to shareholder approval, a grant of non-qualified and incentive stock options for an aggregate of 160,000 133,195 December 26, 2023 18.65 26,805 December 26, 2018 20.52 In accordance with the terms of the 2010 Incentive Plan, the exercise prices were based on 100% and 110%, respectively, with 20% of the options vesting annually commencing on the first anniversary of the grant date. In February 2012, the Compensation Committee awarded 90,000 19.77 18,000 18,000 2.00 90,000 On March 16, 2010, the Compensation Committee authorized the grant of 100,000 100,000 10.30 20,000 2.00 10.30 In March 2017, the Compensation Committee awarded 18,000 27.30 3,600 During the years ended June 30, 2017 and 2016, the Company recorded stock option compensation expense of $ 268,000 391,000 304,000 3.09 Option-pricing models require the input of various subjective assumptions, including the option’s expected life, estimated forfeiture rates 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 Exercised - - Forfeited - - Exchanged - - Oustanding at June 30, 2017 368,000 $ 17.21 5.17 years $ 3,046,000 Exercisable at June 30, 2017 286,000 $ 16.19 5.20 years $ 2,635,000 Vested and Expected to vest at June 30, 2017 368,000 $ 17.21 5.17 years $ 3,046,000 The InterGroup Corporation 2007 Stock Compensation Plan for Non-Employee Directors The InterGroup Corporation 2007 Stock Compensation Plan for Non-Employee Directors (the “2007 Stock Plan”) was approved by the shareholders of the Company on February 21, 2007, and was thereafter adopted by the Board of Directors. The 2007 Stock Plan will terminate upon the earlier of the date all shares reserved for issuance have been awarded or February 21, 2017, if not sooner terminated by the Board upon recommendation by the Compensation Committee. The stock available for issuance under the 2007 Stock Plan shall be unrestricted shares of the Company's Common Stock, par value $. 01 60,000 This plan was terminated on February 21, 2017. All non-employee directors are eligible to participate in the 2007 Plan. Each non-employee director as of the adoption date of the 2007 Stock Plan was granted an award of 600 18,000 100 The stock awards granted under the 2007 Stock Plan are shares of unrestricted Common Stock and are fully vested on the date of grant. The right of the non-employee director to receive his or her annual grant of Common Stock is personal to the director and is not transferable. Once received, shares of Common Stock awarded to the non-employee director are freely transferable subject to any requirements of Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On June 28, 2007, Company filed a registration statement on Form S-8 to register the shares subject to the 2007 Stock Plan and the Company’s two prior stock option plans under the Securities Act of 1933, as amended (the “Securities Act”). Upon recommendation of the Compensation Committee, the Board may, at any time and from time to time and in any respect, amend or modify the 2007 Stock Plan. The Board must obtain stockholder approval of any material amendment to the 2007 Stock Plan if required by any applicable law, regulation or stock exchange rule. The Board of Directors may amend the 2007 Stock Plan or any award agreement, which amendment may be retroactive, in order to conform it to any present or future law, regulation or ruling relating to plans of this or similar nature. No amendment or modification of the 2007 Stock Plan or any award agreement may adversely affect any outstanding award without the written consent of the participant holding the award. Upon recommendation of the Compensation Committee, the Board of Directors, on February 23, 2011, voted to increase the annual grant awarded to each of the non-employee directors to a number of shares of Company’s common stock equal in value to $ 22,000 16,000 12,000 22,000 For the year ended June 30, 2016, the four non-employee directors of the Company received a total grant of 4,520 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 17 RELATED PARTY TRANSACTIONS In connection with the redemption of limited partnership interests of Justice described in Note 2 above, Justice Operating Company, LLC agreed to pay a total of $ 1,550,000 400,000 As Chairman of the Securities Investment Committee, the Company’s President and Chief Executive Officer (CEO), John V. Winfield, directs the investment activity of the Company in public and private markets pursuant to authority granted by the Board of Directors. Mr. Winfield also serves as Chief Executive Officer and Chairman of the Portsmouth and Santa Fe and oversees the investment activity of those companies. 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. Such investments align the interests of the Company with the interests of related parties because it places the personal resources of the Chief Executive Officer and the resources of the Portsmouth and Santa Fe, at risk in substantially the same manner as the Company in connection with investment decisions made on behalf of the Company. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 18 COMMITMENTS AND CONTINGENCIES Franchise Agreements The Partnership entered into a Franchise License Agreement (the “License Agreement”) with the HLT Existing Franchise Holding LLC (“Hilton”) on November 24, 2004. The term of the License agreement was for an initial period of 15 Since the opening of the Hotel in January 2006, the Partnership has incurred monthly royalties, program fees and information technology recapture charges equal to a percent of the Hotel’s gross room revenue. Fees for such services during fiscal year 2017 and 2016 totaled approximately $ 3.3 3.1 Employees As of June 30, 2017, the Partnership, through Operating, had approximately 275 employees. Approximately 83% of those employees were represented by one of three labor unions, and their terms of employment were determined under a collective bargaining agreement (“CBA”) to which the Partnership was a party. During the year ended June 30, 2014, the Partnership renewed the CBAs for the Local 2 (Hotel and Restaurant Employees), Local 856 (International Brotherhood of Teamsters), and Local 39 (stationary engineers). The present CBAs expire in July 2018. Negotiation of collective bargaining agreements, which includes not just terms and conditions of employment, but scope and coverage of employees, is a regular and expected course of business operations for the Partnership. The Partnership expects and anticipates that the terms of conditions of CBAs will have an impact on wage and benefit costs, operating expenses, and certain hotel operations during the life of each CBA, and incorporates these principles into its operating and budgetary practices. Legal Matters In 2014, Evon Corporation ("Evon") filed a complaint in San Francisco Superior Court against the Partnership, Portsmouth, and a limited partner and related party asserting contract and tort claims based on Justice’s withholding of $ 4.7 4.7 5,575,000 In 2013, the City and County of San Francisco ("CCSF") Office of the Assessor Recorder claimed that Justice owed $ 2.1 4.7 1.45 390,000 In March 2017, the Company settled its lawsuit against RSUI Indemnity Company ("RSUI"), the insurer for the Company's Directors and Officers Liability Policies. Justice received $ 900,000 On April 21, 2014, the Partnership commenced arbitration against Glaser Weil Fink Howard Avchen & Shapiro, LLP, Brett J. Cohen, Gary N. Jacobs, Janet S. McCloud, Paul B. Salvaty, and Joseph K. Fletcher III (“Respondents”) in connection with the redemption transaction. The arbitration alleges legal malpractice and also seeks declaratory relief regarding provisions of the redemption option agreement. The arbitration proceedings are active; discovery is proceeding. The hearing is set for April 2018 before JAMS in Los Angeles. No prediction can be given as to the outcome of this matter. The Company is subject to legal proceedings, claims, and litigation arising in the ordinary course of business. The Company defends itself vigorously against any such claims. Management does not believe that the impact of such matters will have a material effect on the financial conditions or result of operations when resolved. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 19 SUBSEQUENT EVENTS The Company has evaluated all events occurring subsequent to June 30, 2017 and concluded that no additional subsequent events has occurred outside the normal course of business operations that require disclosure. |
BUSINESS AND SIGNIFICANT ACCO26
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES: (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Description of the Business The InterGroup Corporation, a Delaware corporation, (“InterGroup” or the “Company”) was formed to buy, develop, operate and dispose of real property and to engage in various investment activities to benefit the Company and its shareholders. As of June 30, 2017, the Company had the power to vote 85.8 4 Santa Fe’s primary business is conducted through the management of its 68.8 93 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 2,000,000 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. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and Santa Fe. All significant inter-company transactions and balances have been eliminated. |
Property, Plant and Equipment, Policy [Policy Text Block] | Investment in Hotel, Net Property and equipment are stated at cost. Building improvements are being depreciated on a straight-line basis over their useful lives ranging from 3 39 3 7 Repairs and maintenance are charged to expense as incurred. Costs of significant renewals and improvements are capitalized and depreciated over the shorter of its remaining estimated useful life or life of the asset. The cost of assets sold or retired and the related accumulated depreciation are removed from the accounts; any resulting gain or loss is included in other income (expenses). The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with generally accepted accounting principles. If the carrying amount of the asset, including any intangible assets associated with that asset, exceeds its estimated undiscounted net cash flow, before interest, the Partnership will recognize an impairment loss equal to the difference between its carrying amount and its estimated fair value. If impairment is recognized, the reduced carrying amount of the asset will be accounted for as its new cost. For a depreciable asset, the new cost will be depreciated over the asset’s remaining useful life. Generally, fair values are estimated using discounted cash flow, replacement cost or market comparison analyses. The process of evaluating for impairment requires estimates as to future events and conditions, which are subject to varying market and economic factors. Therefore, it is reasonably possible that a change in estimate resulting from judgments as to future events could occur which would affect the recorded amounts of the property. No impairment losses were recorded for the years ended June 30, 2017 and 2016. |
Investment In Real Estate [Policy Text Block] | Investment in Real Estate, Net Rental properties are stated at cost less accumulated depreciation. Depreciation of rental property is provided on the straight-line method based upon estimated useful lives of 5 40 5 10 The Company also reviews its rental property assets for impairment. No impairment losses on the investment in real estate have been recorded for the years ended June 30, 2017 and 2016. The fair value of the tangible assets of an acquired property, which includes land, building and improvements, is determined by valuing the property as if they were vacant, and incorporates costs during the lease-up periods considering current market conditions and costs to execute similar leases such lost rental revenue and tenant improvements. The value of tangible assets are depreciated using straight-line method based upon the assets estimated useful lives. |
Marketable Securities, Policy [Policy Text Block] | Investment in Marketable Securities Marketable securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date. Marketable securities are classified as trading securities with all unrealized gains and losses on the Company's investment portfolio recorded through the consolidated statements of operations. |
Other Investment Policy [Policy Text Block] | Other Investments, Net Other investments include non-marketable securities (carried at cost, net of any impairments loss) and non-marketable debt instruments. The Company has no significant influence or control over the entities that issue these 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. For the years ended June 30, 2017 and 2016, the Company recorded impairment losses related to other investments of $ 178,000 673,000 6,154,000 5,976,000 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity of three months or less when purchased and are carried at cost, which approximates fair value. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash is comprised of amounts held by lenders for payment of real estate taxes, insurance, replacement and capital addition reserves for the Hotel. It also includes key money received from Interstate that is restricted for capital improvements. |
Other Assets [Policy Text Block] | Other Assets, Net Other assets include prepaid insurance, accounts receivable, franchise fees, license fees and other miscellaneous assets. Franchise fees are stated at cost and amortized over the life of the agreement ( 15 10 Accounts receivable from the Hotel and rental property customers are carried at cost less an allowance for doubtful accounts that is based on management’s assessment of the collectability of accounts receivable. The Company extends unsecured credit to its customers but mitigates the associated credit risk by performing ongoing credit evaluations of its customers. |
Due To And From Broker Dealers [Policy Text Block] | Due to Securities Broker The Company may utilize margin for its marketable securities purchases through the use of standard margin agreements with national brokerage firms. 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] | Obligation 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 statement of operations. |
Accounts Payable And Other Liabilities Policy [Policy Text Block] | Accounts Payable and Other Liabilities Accounts payable and other liabilities include trade payables, customer advance deposits and other liabilities. |
Treasury Stock Policy [Policy Text Block] | The Company records the acquisition of treasury stock under the cost method. During the years ended June 30, 2017 and 2016, the Company purchased 22,002 and 8,823 shares of treasury stock respectively. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. Accounting standards for fair value measurement establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level 1 Level 2 Level 3 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Room revenue is recognized on the date upon which a guest occupies a room and/or utilizes the Hotel’s services. Food and beverage revenues are recognized upon delivery. Garage revenue is recognized when a guest uses the garage space. The Company records a liability for payments collected in advance of revenue recognition. This liability is included in accounts payable and other liabilities. Revenue recognition from apartment rentals commences when an apartment unit is placed in service and occupied by a rent-paying tenant. Apartment units are leased on a short-term basis, with no lease extending beyond one year. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred. Advertising costs were $ 294,000 522,000 |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income taxes are calculated under the liability method. Deferred income tax assets and liabilities are based on differences between the financial statement and tax basis of assets and liabilities at the current enacted tax rates. Changes in deferred income tax assets and liabilities are included as a component of income tax expense. Changes in deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense in the period of enactment. Valuation allowances are established for certain deferred tax assets where realization is not likely. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold based on the technical merits of the positions. |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. The computation of diluted loss 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. The basic and diluted earnings per share were the same for the years ended June 30, 2017 and 2016 because the Company had a net loss. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. |
Reclassifications Policy [Policy Text Block] | Reclassifications Certain prior year balances have been reclassified to conform with the current year presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements 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) | 12 Months Ended |
Jun. 30, 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 June 30, 2017 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 27,681,000 (24,569,000) 3,112,000 Building and improvements 64,308,000 (28,066,000) 36,242,000 $ 94,727,000 $ (52,635,000) $ 42,092,000 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, NET
INVESTMENT IN REAL ESTATE, NET (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Apartment Building [Member] | |
Real Estate Properties [Line Items] | |
Schedule of Real Estate Properties [Table Text Block] | Investment in real estate included the following: As of June 30, 2017 2016 Land $ 25,033,000 $ 25,033,000 Buildings, improvements and equipment 66,804,000 65,929,000 Accumulated depreciation (36,853,000) (34,606,000) $ 54,984,000 $ 56,356,000 |
INVESTMENT IN MARKETABLE SECU29
INVESTMENT IN MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Table Text Block] | At June 30, 2017 and 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 June 30, 2017 Corporate Equities $ 29,170,000 $ 1,768,000 $ (13,761,000) $ (11,993,000) $ 17,177,000 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 years ended June 30, 2017 and 2016, respectively. For the year ended June 30, 2017 2016 Realized gain (loss) on marketable securities $ 356,000 $ (990,000) Unrealized loss on marketable securities (3,852,000) (6,199,000) Net loss on marketable securities $ (3,496,000) $ (7,189,000) |
OTHER INVESTMENTS, NET (Tables)
OTHER INVESTMENTS, NET (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Other Investments [Abstract] | |
Other Investments Not Readily Marketable [Table Text Block] | Other investments, net consist of the following: Type June 30, 2017 June 30, 2016 Private equity hedge fund, at cost $ 782,000 $ 916,000 Other investments 429,000 113,000 $ 1,211,000 $ 1,029,000 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jun. 30, 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 June 30, 2017 Level 1 Assets: Investment in marketable securities: Basic materials $ 6,222,000 Technology 4,134,000 REITs and real estate companies 1,820,000 Energy 1,345,000 Corporate bonds 1,683,000 Other 1,973,000 $ 17,177,000 As of June 30, 2016 Level 1 Assets: Investment in marketable securities: Basic materials $ 9,273,000 Energy 1,907,000 Financial services 1,021,000 Other 2,081,000 $ 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 year Assets Level 3 June 30, 2017 ended June 30, 2017 Other non-marketable investments $ 1,211,000 $ 1,211,000 $ (178,000) Net loss for the year Assets Level 3 June 30, 2016 ended June 30, 2016 Other non-marketable investments $ 1,029,000 $ 1,029,000 $ (673,000) |
OTHER ASSETS, NET (Tables)
OTHER ASSETS, NET (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets [Table Text Block] | Other assets consist of the following as of June 30: 2017 2016 Accounts receivable, net $ 1,489,000 $ 3,250,000 Prepaid expenses 602,000 1,298,000 Miscellaneous assets, net 1,274,000 1,091,000 Total other assets $ 3,365,000 $ 5,639,000 |
RELATED PARTY AND OTHER NOTES33
RELATED PARTY AND OTHER NOTES PAYABLE (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Notes Payable, Other Payables [Member] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Future minimum payments for all related party and other notes payable are as follows: For the year ending June 30, 2018 $ 369,000 2019 474,000 2020 607,000 2021 567,000 2022 567,000 Thereafter 3,528,000 $ 6,112,000 |
MORTGAGE NOTES PAYABLE (Tables)
MORTGAGE NOTES PAYABLE (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule Of Mortgage Notes Payable [Table Text Block] | Each mortgage notes payable is secured by real estate or the Hotel. As of June 30, 2017, and 2016, the mortgage notes payable are summarized as follows: As of June 30, 2017 Number Note Note Property of Units Origination Date Maturity Date Mortgage Balance Interest Rate SF Hotel 543 rooms December 2013 January 2024 $ 96,343,000 5.28 % SF Hotel 543 rooms December 2013 January 2024 20,000,000 9.75 % Mortgage notes payable - Hotel 116,343,000 Debt issuance costs (728,000) Total mortgage notes payable - Hotel $ 115,615,000 Florence 157 March 2015 April 2025 $ 3,357,000 3.87 % Las Colinas 358 November 2012 December 2022 17,818,000 3.73 % Morris County 151 July 2012 August 2022 9,387,000 3.51 % Morris County 151 June 2014 August 2022 2,611,000 4.51 % St. Louis 264 May 2013 May 2023 5,611,000 4.05 % Los Angeles 4 September 2012 September 2042 360,000 3.75 % Los Angeles 2 September 2012 September 2042 364,000 3.75 % Los Angeles 1 August 2012 September 2042 392,000 3.75 % Los Angeles 31 January 2010 December 2020 5,165,000 4.85 % Los Angeles 30 August 2007 September 2022 6,041,000 5.97 % Los Angeles 27 November 2010 December 2020 2,909,000 4.85 % Los Angeles 14 April 2011 March 2021 1,697,000 5.89 % Los Angeles 12 June 2016 June 2026 2,261,000 3.59 % Los Angeles 9 April 2011 May 2021 1,356,000 5.60 % Los Angeles 9 April 2011 March 2021 1,156,000 5.89 % Los Angeles 8 July 2013 July 2043 461,000 3.75 % Los Angeles 7 August 2012 September 2042 890,000 3.75 % Los Angeles 4 August 2012 September 2042 610,000 3.75 % Los Angeles 1 September 2012 September 2042 418,000 3.75 % Los Angeles 1 August 2016 August 2018 1,000,000 5.25 % Los Angeles Office April 2016 January 2021 878,000 3.99 % Mortgage notes payable - real estate 64,742,000 Debt issuance costs (444,000) Total mortgage notes payable - real estate $ 64,298,000 As of June 30, 2016 Number Note Note Property of Units Origination Date Maturity Date Mortgage Balance Interest Rate SF Hotel 543 rooms December 2013 January 2024 $ 97,000,000 5.28 % SF Hotel 543 rooms December 2013 January 2024 20,000,000 9.75 % Mortgage notes payable - Hotel 117,000,000 Debt issuance costs (840,000) Total mortgage notes payable - Hotel $ 116,160,000 Florence 157 March 2015 April 2025 $ 3,421,000 3.87 % Las Colinas 358 November 2012 December 2022 18,217,000 3.73 % Morris County 151 July 2012 July 2022 9,696,000 3.51 % Morris County 151 June 2014 August 2022 2,658,000 4.51 % St. Louis 264 May 2013 May 2023 5,726,000 4.05 % Los Angeles 4 September 2012 September 2042 369,000 3.75 % Los Angeles 2 September 2012 September 2042 372,000 3.75 % Los Angeles 1 August 2012 September 2042 401,000 3.75 % Los Angeles 31 January 2010 December 2020 5,274,000 4.85 % Los Angeles 30 August 2007 September 2022 6,168,000 5.97 % Los Angeles 27 November 2010 December 2020 2,971,000 4.85 % Los Angeles 14 April 2011 March 2021 1,726,000 5.89 % Los Angeles 12 June 2016 June 2026 2,300,000 3.59 % Los Angeles 9 April 2011 May 2021 1,381,000 5.60 % Los Angeles 9 April 2011 March 2021 1,176,000 5.89 % Los Angeles 8 July 2013 July 2043 472,000 3.75 % Los Angeles 7 August 2012 September 2042 911,000 3.75 % Los Angeles 4 August 2012 September 2042 624,000 3.75 % Los Angeles 1 September 2012 September 2042 428,000 3.75 % Los Angeles Office April 2016 January 2021 914,000 3.99 % Mortgage notes payable - Hotel 65,205,000 Debt issuance costs (533,000) Total mortgage notes payable - Hotel $ 64,672,000 |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Future minimum payments for all mortgage notes payable are as follows: For the year ending June 30, 2018 $ 2,957,000 2019 3,099,000 2020 4,246,000 2021 3,229,000 2022 3,228,000 Thereafter 164,326,000 $ 181,085,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for the Company’s income tax (expense) benefit is comprised of the following: For the years ended June 30, 2017 2016 Federal Current tax (expense) benefit $ (333,000) $ 79,000 Deferred tax (expense) benefit (168,000) 3,349,000 (501,000) 3,428,000 State Current tax expense (310,000) (128,000) Deferred tax benefit 290,000 640,000 (20,000) 512,000 $ (521,000) $ 3,940,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision for income taxes differs from the amount of income tax computed by applying the federal statutory income tax rate to loss before taxes as a result of the following differences: For the years ended June 30, 2017 2016 Statutory federal tax rate $ 440,000 $ 4,471,000 State income taxes, net of federal tax benefit (25,000) 465,000 Dividend received deduction 56,000 13,000 Noncontrolling interest - (117,000) Valuation allowance (521,000) (489,000) Other (471,000) (403,000) $ (521,000) $ 3,940,000 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the deferred tax asset and liabilities are as follows: June 30, 2017 June 30, 2016 Deferred tax assets: Net operating loss carryforwards $ 14,302,000 $ 11,372,000 Capital loss carryforwards 1,122,000 1,302,000 Investment impairment reserve 1,778,000 1,898,000 Accruals and reserves 1,182,000 1,096,000 Unrealized gains on marketable securities 284,000 - Tax credits 516,000 - Equity earnings - 758,000 Other 289,000 - Valuation allowance (3,388,000) (2,824,000) 16,085,000 13,602,000 Deferred tax assets (liabilities): Equity earnings (2,624,000) - Deferred gains on real estate sale and depreciation (8,816,000) (8,321,000) Unrealized gains on marketable securities - (335,000) State taxes (538,000) (961,000) (11,978,000) (9,617,000) Net deferred tax asset $ 4,107,000 $ 3,985,000 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | As of June 30, 2017, the Company had estimated net operating losses (NOLs) of $ 35,246,000 27,112,000 Federal State InterGroup $ - $ 1,478,000 Santa Fe 8,180,000 2,951,000 Portsmouth 27,066,000 22,683,000 $ 35,246,000 $ 27,112,000 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the year Hotel Real Estate Investment ended June 30, 2017 Operations Operations Transactions Other Total Revenues $ 54,334,000 $ 14,671,000 $ - $ - $ 69,005,000 Segment operating expenses (40,717,000) (7,166,000) - (2,821,000) (50,704,000) Segment income (loss) from operations 13,617,000 7,505,000 - (2,821,000) 18,301,000 Interest expense - mortgage (7,066,000) (2,538,000) - - (9,604,000) Depreciation and amortization expense (3,057,000) (2,248,000) - - (5,305,000) Loss from investments - - (4,547,000) - (4,547,000) Income tax expense - - - (521,000) (521,000) Net income (loss) $ 3,494,000 $ 2,719,000 $ (4,547,000) $ (3,342,000) $ (1,676,000) Total assets $ 48,739,000 $ 54,984,000 $ 18,388,000 $ 11,098,000 $ 133,209,000 As of and for the year Hotel Real Estate Investment ended June 30, 2016 Operations Operations Transactions Other Total Revenues $ 58,566,000 $ 14,332,000 $ - $ - $ 72,898,000 Segment operating expenses (47,246,000) (6,790,000) - (2,722,000) (56,758,000) Segment income (loss) from operations 11,320,000 7,542,000 - (2,722,000) 16,140,000 Legal settlement costs (5,396,000) - - - (5,396,000) Interest expense - mortgage (7,271,000) (2,627,000) - - (9,898,000) Loss on disposal of assets (30,000) - - - (30,000) Depreciation and amortization expense (3,053,000) (2,093,000) - - (5,146,000) Loss from investments - - (8,877,000) - (8,877,000) Income tax benefit - - - 3,940,000 3,940,000 Net income (loss) $ (4,430,000) $ 2,822,000 $ (8,877,000) $ 1,218,000 $ (9,267,000) Total assets $ 50,969,000 $ 56,356,000 $ 15,311,000 $ 12,101,000 $ 134,737,000 |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 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 Exercised - - Forfeited - - Exchanged - - Oustanding at June 30, 2017 368,000 $ 17.21 5.17 years $ 3,046,000 Exercisable at June 30, 2017 286,000 $ 16.19 5.20 years $ 2,635,000 Vested and Expected to vest at June 30, 2017 368,000 $ 17.21 5.17 years $ 3,046,000 |
BUSINESS AND SIGNIFICANT ACCO38
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES: (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 93.00% | ||
Allowance For Impairment Losses | $ 6,154,000 | $ 5,976,000 | |
Other than Temporary Impairment Losses, Investments, Total | 178,000 | 673,000 | |
Advertising Expense | 294,000 | $ 522,000 | |
Key Money Incentive Advance To Related Party | $ 2,000,000 | ||
Management Services Agreement Term | 10 years | ||
Debt Issuance Costs, Net | $ 840,000 | ||
Treasury Stock, Shares, Acquired | 22,002 | 8,823 | |
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% | ||
Franchise Fees [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Other Assets Amortization Period | 15 years | ||
License Fees [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Other Assets Amortization Period | 10 years | ||
Maximum [Member] | Building Improvements [Member] | Hotel Operations [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 39 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | Hotel Operations [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Maximum [Member] | Building and Building Improvements [Member] | Real Estate Operations [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum [Member] | Equipment [Member] | Real Estate Operations [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Building Improvements [Member] | Hotel Operations [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | Hotel Operations [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Building and Building Improvements [Member] | Real Estate Operations [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Minimum [Member] | Equipment [Member] | Real Estate Operations [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Santa Fe [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 85.80% | ||
Percentage Of Voting Shares In Common Stock | 4.00% |
INVESTMENT IN HOTEL, NET (Detai
INVESTMENT IN HOTEL, NET (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Net Book Value | $ 42,092,000 | $ 44,821,000 |
Hotel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 94,727,000 | 94,503,000 |
Accumulated Depreciation | (52,635,000) | (49,682,000) |
Net Book Value | 42,092,000 | 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 | 27,681,000 | 28,857,000 |
Accumulated Depreciation | (24,569,000) | (23,096,000) |
Net Book Value | 3,112,000 | 5,761,000 |
Building and improvements [Member] | Hotel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 64,308,000 | 62,908,000 |
Accumulated Depreciation | (28,066,000) | (26,586,000) |
Net Book Value | $ 36,242,000 | $ 36,322,000 |
INVESTMENT IN REAL ESTATE, NE40
INVESTMENT IN REAL ESTATE, NET (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Investment in real estate, net | $ 54,984,000 | $ 56,356,000 |
Apartment Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | (36,853,000) | (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 Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 66,804,000 | $ 65,929,000 |
INVESTMENT IN MARKETABLE SECU41
INVESTMENT IN MARKETABLE SECURITIES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Net Unrealized Loss | $ (3,852,000) | $ (6,199,000) |
Fair Value | 17,177,000 | 14,282,000 |
Corporate Equities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 29,170,000 | 22,500,000 |
Gross Unrealized Gain | 1,768,000 | 1,161,000 |
Gross Unrealized Loss | (13,761,000) | (9,379,000) |
Net Unrealized Loss | (11,993,000) | (8,218,000) |
Fair Value | $ 17,177,000 | $ 14,282,000 |
INVESTMENT IN MARKETABLE SECU42
INVESTMENT IN MARKETABLE SECURITIES (Details 1) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Realized gain (loss) on marketable securities | $ 356,000 | $ (990,000) |
Unrealized loss on marketable securities | (3,852,000) | (6,199,000) |
Net loss on marketable securities | $ (3,496,000) | $ (7,189,000) |
INVESTMENT IN MARKETABLE SECU43
INVESTMENT IN MARKETABLE SECURITIES (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 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 | $ 13,294,000 | $ 3,620,000 |
Percentage Of Investment Marketable Securities | 28.00% | 65.00% |
OTHER INVESTMENTS, NET (Details
OTHER INVESTMENTS, NET (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Other Investment [Line Items] | ||
Other investments, net | $ 1,211,000 | $ 1,029,000 |
Private equity hedge fund, at cost [Member] | ||
Other Investment [Line Items] | ||
Other investments, net | 782,000 | 916,000 |
Other Investments [Member] | ||
Other Investment [Line Items] | ||
Other investments, net | $ 429,000 | $ 113,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Assets: | ||
Investment in marketable securities | $ 17,177,000 | $ 14,282,000 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment in marketable securities | 17,177,000 | 14,282,000 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bond Securities [Member] | ||
Assets: | ||
Investment in marketable securities | 1,683,000 | |
Basic Materials [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment in marketable securities | 6,222,000 | 9,273,000 |
Energy [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment in marketable securities | 1,345,000 | 1,907,000 |
Technology [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment in marketable securities | 4,134,000 | |
REITs and Real Estate Companies [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment in marketable securities | 1,820,000 | |
Financial Services [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment in marketable securities | 1,021,000 | |
Other [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment in marketable securities | $ 1,973,000 | $ 2,081,000 |
FAIR VALUE MEASUREMENTS (Deta46
FAIR VALUE MEASUREMENTS (Details 1) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loss | $ (178,000) | $ (673,000) |
Other Investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other non-marketable investments | 1,211,000 | 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 | $ 1,211,000 | $ 1,029,000 |
OTHER ASSETS, NET (Details)
OTHER ASSETS, NET (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Accounts receivable, net | $ 1,489,000 | $ 3,250,000 |
Prepaid expenses | 602,000 | 1,298,000 |
Miscellaneous assets, net | 1,274,000 | 1,091,000 |
Total other assets | $ 3,365,000 | $ 5,639,000 |
RELATED PARTY AND OTHER NOTES48
RELATED PARTY AND OTHER NOTES PAYABLE (Details) - Notes Payable, Other Payables [Member] | Jun. 30, 2017USD ($) |
2,018 | $ 369,000 |
2,019 | 474,000 |
2,020 | 607,000 |
2,021 | 567,000 |
2,022 | 567,000 |
Thereafter | 3,528,000 |
Long-term Debt | $ 6,112,000 |
RELATED PARTY AND OTHER NOTES49
RELATED PARTY AND OTHER NOTES PAYABLE (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | May 05, 2016 | |
Increase (Decrease) in Notes Payable, Related Parties | $ 316,000 | $ 316,000 | |
Key Money Incentive Advance To Related Party | $ 2,000,000 | ||
Management Services Agreement Term | 10 years | ||
Notes Payable And Financing Obligations | $ 212,000 | ||
Settlement Of Evon Litigation [Member] | |||
Loss Contingency, Accrual, Current | $ 5,575,000 | ||
Interest Free Development Incentive Note [Member] | |||
Notes Reduction | $ 316,000 |
MORTGAGE NOTES PAYABLE (Details
MORTGAGE NOTES PAYABLE (Details) | 12 Months Ended | ||
Jun. 30, 2017USD ($)Number | Jun. 30, 2016USD ($)Number | Dec. 31, 2016USD ($) | |
Debt Disclosure [Line Items] | |||
Mortgage notes payable - Hotel | $ 116,343,000 | $ 117,000,000 | |
Total mortgage notes payable - Hotel | 115,615,000 | 116,160,000 | |
Mortgage notes payable - real estate | 64,742,000 | 65,205,000 | |
Debt issuance costs | $ (840,000) | ||
Total mortgage notes payable - real estate | 64,298,000 | 64,672,000 | |
Mortgage Notes Payable Real Estate [Member] | |||
Debt Disclosure [Line Items] | |||
Debt issuance costs | (444,000) | (533,000) | |
Mortgage Notes Payable Hotel [Member] | |||
Debt Disclosure [Line Items] | |||
Debt issuance costs | $ (728,000) | $ (840,000) | |
5.28% SF Hotel [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | 543 | 543 | |
Origination Date | December 2,013 | December 2,013 | |
Maturity Date | January 2,024 | January 2,024 | |
Interest Rate | 5.28% | 5.28% | |
Total mortgage notes payable - Hotel | $ 96,343,000 | $ 97,000,000 | |
9.75% SF Hotel [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | 543 | 543 | |
Origination Date | December 2,013 | December 2,013 | |
Maturity Date | January 2,024 | January 2,024 | |
Interest Rate | 9.75% | 9.75% | |
Total mortgage notes payable - Hotel | $ 20,000,000 | $ 20,000,000 | |
3.87% Florence [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 157 | 157 | |
Origination Date | March 2,015 | March 2,015 | |
Maturity Date | April 2,025 | April 2,025 | |
Interest Rate | 3.87% | 3.87% | |
Total mortgage notes payable - real estate | $ 3,357,000 | $ 3,421,000 | |
3.73% Las Colinas [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 358 | 358 | |
Origination Date | November 2,012 | November 2,012 | |
Maturity Date | December 2,022 | December 2,022 | |
Interest Rate | 3.73% | 3.73% | |
Total mortgage notes payable - real estate | $ 17,818,000 | $ 18,217,000 | |
3.51% Morris County [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 151 | 151 | |
Origination Date | July 2,012 | July 2,012 | |
Maturity Date | August 2,022 | July 2,022 | |
Interest Rate | 3.51% | 3.51% | |
Total mortgage notes payable - real estate | $ 9,387,000 | $ 9,696,000 | |
4.51% Morris County [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 151 | 151 | |
Origination Date | June 2,014 | June 2,014 | |
Maturity Date | August 2,022 | August 2,022 | |
Interest Rate | 4.51% | 4.51% | |
Total mortgage notes payable - real estate | $ 2,611,000 | $ 2,658,000 | |
4.05% St. Louis [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 264 | 264 | |
Origination Date | May 2,013 | May 2,013 | |
Maturity Date | May 2,023 | May 2,023 | |
Interest Rate | 4.05% | 4.05% | |
Total mortgage notes payable - real estate | $ 5,611,000 | $ 5,726,000 | |
3.75% Los Angeles One [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 4 | 4 | |
Origination Date | September 2,012 | September 2,012 | |
Maturity Date | September 2,042 | September 2,042 | |
Interest Rate | 3.75% | 3.75% | |
Total mortgage notes payable - real estate | $ 360,000 | $ 369,000 | |
3.75% Los Angeles Two [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 2 | 2 | |
Origination Date | September 2,012 | September 2,012 | |
Maturity Date | September 2,042 | September 2,042 | |
Interest Rate | 3.75% | 3.75% | |
Total mortgage notes payable - real estate | $ 364,000 | $ 372,000 | |
3.75% Los Angeles Three [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 1 | 1 | |
Origination Date | August 2,012 | August 2,012 | |
Maturity Date | September 2,042 | September 2,042 | |
Interest Rate | 3.75% | 3.75% | |
Total mortgage notes payable - real estate | $ 392,000 | $ 401,000 | |
4.85% Los Angeles [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 31 | 31 | |
Origination Date | January 2,010 | January 2,010 | |
Maturity Date | December 2,020 | December 2,020 | |
Interest Rate | 4.85% | 4.85% | |
Total mortgage notes payable - real estate | $ 5,165,000 | $ 5,274,000 | |
5.97% Los Angeles [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 30 | 30 | |
Origination Date | August 2,007 | August 2,007 | |
Maturity Date | September 2,022 | September 2,022 | |
Interest Rate | 5.97% | 5.97% | |
Total mortgage notes payable - real estate | $ 6,041,000 | $ 6,168,000 | |
4.85% Los Angeles Two [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 27 | 27 | |
Origination Date | November 2,010 | November 2,010 | |
Maturity Date | December 2,020 | December 2,020 | |
Interest Rate | 4.85% | 4.85% | |
Total mortgage notes payable - real estate | $ 2,909,000 | $ 2,971,000 | |
5.89% Los Angeles [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 14 | 14 | |
Origination Date | April 2,011 | April 2,011 | |
Maturity Date | March 2,021 | March 2,021 | |
Interest Rate | 5.89% | 5.89% | |
Total mortgage notes payable - real estate | $ 1,697,000 | $ 1,726,000 | |
3.59% Los Angeles [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 12 | 12 | |
Origination Date | June 2,016 | June 2,016 | |
Maturity Date | June 2,026 | June 2,026 | |
Interest Rate | 3.59% | 3.59% | |
Total mortgage notes payable - real estate | $ 2,261,000 | $ 2,300,000 | |
5.6% Los Angeles [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 9 | 9 | |
Origination Date | April 2,011 | April 2,011 | |
Maturity Date | May 2,021 | May 2,021 | |
Interest Rate | 5.60% | 5.60% | |
Total mortgage notes payable - real estate | $ 1,356,000 | $ 1,381,000 | |
5.89% Los Angeles Two [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 9 | 9 | |
Origination Date | April 2,011 | April 2,011 | |
Maturity Date | March 2,021 | March 2,021 | |
Interest Rate | 5.89% | 5.89% | |
Total mortgage notes payable - real estate | $ 1,156,000 | $ 1,176,000 | |
3.75% Los Angeles Four [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 8 | 8 | |
Origination Date | July 2,013 | July 2,013 | |
Maturity Date | July 2,043 | July 2,043 | |
Interest Rate | 3.75% | 3.75% | |
Total mortgage notes payable - real estate | $ 461,000 | $ 472,000 | |
3.75% Los Angeles Five [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 7 | 7 | |
Origination Date | August 2,012 | August 2,012 | |
Maturity Date | September 2,042 | September 2,042 | |
Interest Rate | 3.75% | 3.75% | |
Total mortgage notes payable - real estate | $ 890,000 | $ 911,000 | |
3.75% Los Angeles Six [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 4 | 4 | |
Origination Date | August 2,012 | August 2,012 | |
Maturity Date | September 2,042 | September 2,042 | |
Interest Rate | 3.75% | 3.75% | |
Total mortgage notes payable - real estate | $ 610,000 | $ 624,000 | |
3.75% Los Angeles Seven [Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 1 | 1 | |
Origination Date | September 2,012 | September 2,012 | |
Maturity Date | September 2,042 | September 2,042 | |
Interest Rate | 3.75% | 3.75% | |
Total mortgage notes payable - real estate | $ 418,000 | $ 428,000 | |
3.99% Los Angeles [Member] | |||
Debt Disclosure [Line Items] | |||
Origination Date | April 2,016 | ||
Maturity Date | January 2,021 | ||
Interest Rate | 3.99% | ||
Total mortgage notes payable - real estate | $ 914,000 | ||
5.00% Los Angeles[Member] | |||
Debt Disclosure [Line Items] | |||
Number of Units | Number | 1 | ||
Origination Date | August 2,016 | ||
Maturity Date | August 2,018 | ||
Interest Rate | 5.25% | ||
Total mortgage notes payable - real estate | $ 1,000,000 | ||
3.04% Los Angeles [Member] | |||
Debt Disclosure [Line Items] | |||
Origination Date | April 2,016 | ||
Maturity Date | January 2,021 | ||
Interest Rate | 3.99% | ||
Total mortgage notes payable - real estate | $ 878,000 |
MORTGAGE NOTES PAYABLE (Detai51
MORTGAGE NOTES PAYABLE (Details 1) - Mortgage Notes [Member] | Jun. 30, 2017USD ($) |
Mortgage Notes Payable [Line Items] | |
2,018 | $ 2,957,000 |
2,019 | 3,099,000 |
2,020 | 4,246,000 |
2,021 | 3,229,000 |
2,022 | 3,228,000 |
Thereafter | 164,326,000 |
Long-term Debt | $ 181,085,000 |
MORTGAGE NOTES PAYABLE (Detai52
MORTGAGE NOTES PAYABLE (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Mortgage Notes Payable [Line Items] | |||
Mortgage Loans on Real Estate, Periodic Payment Terms | The term of the loan is 10 years with interest only due in the first three years and principle and interest on the remaining seven years of the loan based on a thirty-year amortization schedule. The Mortgage Loan also requires payments for impounds related to property tax, insurance and capital improvement reserves. | ||
Maturity Date | January 2,024 | ||
Mortgage Loans [Member] | |||
Mortgage Notes Payable [Line Items] | |||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 97,000,000 | ||
Mortgage Loans on Real Estate, Interest Rate | 5.275% | ||
Mezzanine Loan [Member] | |||
Mortgage Notes Payable [Line Items] | |||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 20,000,000 | ||
Mortgage Loans on Real Estate, Interest Rate | 9.75% | ||
Maturity Date | January 1, 2024 | ||
Commercial Property [Member] | |||
Mortgage Notes Payable [Line Items] | |||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 923,000 | ||
Maturity Date | January 2,021 | ||
Derivative, Variable Interest Rate | 4.22% | ||
Derivative, Fixed Interest Rate | 3.99% | ||
12-Unit Apartment Complex [Member] | |||
Mortgage Notes Payable [Line Items] | |||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 1,929,000 | ||
Mortgage Loans on Real Estate, Interest Rate | 3.59% | ||
Maturity Date | June 2,026 | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 2,300,000 | ||
Mortgage Loans on Real Estate, Geographic Location of Property | Los Angeles, California |
MANAGEMENT AGREEMENTS (Details
MANAGEMENT AGREEMENTS (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Management Agreement [Line Items] | ||
Management Agreement Term | 10 years | |
Key Money Incentive Advance To Related Party | $ 2,000,000 | |
GMP Management, Inc [Member] | ||
Management Agreement [Line Items] | ||
Management Fee Expense | $ 1,219,000 | |
Interstate Management Company, LLC [Member] | ||
Management Agreement [Line Items] | ||
Management Fee Expense | $ 372,000 |
CONCENTRATION OF CREDIT RISK (D
CONCENTRATION OF CREDIT RISK (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Concentration Risk [Line Items] | ||
Accounts Receivable, Net | $ 1,489,000 | $ 3,250,000 |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 45.00% | |
Hotel [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, Net | $ 390,000 | $ 811,000 |
Concentration Risk, Percentage | 27.00% | 26.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Federal | ||
Current tax (expense) benefit | $ (333,000) | $ 79,000 |
Deferred tax (expense) benefit | (168,000) | 3,349,000 |
Federal Income Tax (Expense) Benefit, Continuing Operations, Total | (501,000) | 3,428,000 |
State | ||
Current tax expense | (310,000) | (128,000) |
Deferred tax benefit | 290,000 | 640,000 |
State and Local Income Tax (Expense) Benefit, Continuing Operations, Total | (20,000) | 512,000 |
Income Tax (Expense) Benefit | $ (521,000) | $ 3,940,000 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Line Items] | ||
Statutory federal tax rate | $ 440,000 | $ 4,471,000 |
State income taxes, net of federal tax benefit | (25,000) | 465,000 |
Dividend received deduction | 56,000 | 13,000 |
Noncontrolling interest | 0 | (117,000) |
Valuation allowance | (521,000) | (489,000) |
Other | (471,000) | (403,000) |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items | $ (521,000) | $ 3,940,000 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 14,302,000 | $ 11,372,000 |
Capital loss carryforwards | 1,122,000 | 1,302,000 |
Investment impairment reserve | 1,778,000 | 1,898,000 |
Accruals and reserves | 1,182,000 | 1,096,000 |
Unrealized gains on marketable securities | 284,000 | 0 |
Tax credits | 516,000 | 0 |
Equity earnings | 0 | 758,000 |
Other | 289,000 | 0 |
Valuation allowance | (3,388,000) | (2,824,000) |
Deferred Tax Assets, Net of Valuation Allowance, Total | 16,085,000 | 13,602,000 |
Deferred tax assets (liabilities): | ||
Equity earnings | (2,624,000) | 0 |
Deferred gains on real estate sale and depreciation | (8,816,000) | (8,321,000) |
Unrealized gains on marketable securities | 0 | (335,000) |
State taxes | (538,000) | (961,000) |
Deferred Tax Liabilities, Gross | (11,978,000) | (9,617,000) |
Net deferred tax asset | $ 4,107,000 | $ 3,985,000 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Income Tax Disclosure [Line Items] | ||
Federal | $ 35,246,000 | $ 35,246,000 |
State | $ 27,112,000 | 27,112,000 |
Intergroup [Member] | ||
Income Tax Disclosure [Line Items] | ||
Federal | 0 | |
State | 1,478,000 | |
Santa Fe [Member] | ||
Income Tax Disclosure [Line Items] | ||
Federal | 8,180,000 | |
State | 2,951,000 | |
Portsmouth [Member] | ||
Income Tax Disclosure [Line Items] | ||
Federal | 27,066,000 | |
State | $ 22,683,000 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Income Tax Disclosure [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 35,246,000 | $ 35,246,000 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 27,112,000 | $ 27,112,000 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 69,005,000 | $ 72,898,000 |
Segment operating expenses | (50,704,000) | (56,758,000) |
Segment income (loss) from operations | 12,996,000 | 5,598,000 |
Legal settlement costs | 0 | (5,396,000) |
Interest expense - mortgage | (9,604,000) | (9,898,000) |
Loss on disposal of assets | 0 | (30,000) |
Depreciation and amortization expense | (5,305,000) | (5,146,000) |
Loss from investments | (4,547,000) | (8,877,000) |
Income tax benefit (expense) | (521,000) | 3,940,000 |
Net income (loss) | (1,676,000) | (9,267,000) |
Total assets | 133,209,000 | 134,737,000 |
Hotel Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 54,334,000 | 58,566,000 |
Segment operating expenses | (40,717,000) | (47,246,000) |
Segment income (loss) from operations | 13,617,000 | 11,320,000 |
Legal settlement costs | (5,396,000) | |
Interest expense - mortgage | (7,066,000) | (7,271,000) |
Loss on disposal of assets | (30,000) | |
Depreciation and amortization expense | (3,057,000) | (3,053,000) |
Loss from investments | 0 | 0 |
Income tax benefit (expense) | 0 | 0 |
Net income (loss) | 3,494,000 | (4,430,000) |
Total assets | 48,739,000 | 50,969,000 |
Real Estate Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 14,671,000 | 14,332,000 |
Segment operating expenses | (7,166,000) | (6,790,000) |
Segment income (loss) from operations | 7,505,000 | 7,542,000 |
Legal settlement costs | 0 | |
Interest expense - mortgage | (2,538,000) | (2,627,000) |
Loss on disposal of assets | 0 | |
Depreciation and amortization expense | (2,248,000) | (2,093,000) |
Loss from investments | 0 | 0 |
Income tax benefit (expense) | 0 | 0 |
Net income (loss) | 2,719,000 | 2,822,000 |
Total assets | 54,984,000 | 56,356,000 |
Investment Transactions [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Segment operating expenses | 0 | 0 |
Segment income (loss) from operations | 0 | 0 |
Legal settlement costs | 0 | |
Interest expense - mortgage | 0 | 0 |
Loss on disposal of assets | 0 | |
Depreciation and amortization expense | 0 | 0 |
Loss from investments | (4,547,000) | (8,877,000) |
Income tax benefit (expense) | 0 | 0 |
Net income (loss) | (4,547,000) | (8,877,000) |
Total assets | 18,388,000 | 15,311,000 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Segment operating expenses | (2,821,000) | (2,722,000) |
Segment income (loss) from operations | (2,821,000) | (2,722,000) |
Legal settlement costs | 0 | |
Interest expense - mortgage | 0 | 0 |
Loss on disposal of assets | 0 | |
Depreciation and amortization expense | 0 | 0 |
Loss from investments | 0 | 0 |
Income tax benefit (expense) | (521,000) | 3,940,000 |
Net income (loss) | (3,342,000) | 1,218,000 |
Total assets | $ 11,098,000 | $ 12,101,000 |
STOCK-BASED COMPENSATION PLAN61
STOCK-BASED COMPENSATION PLANS (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock Based Compensation [Line Items] | |||
Granted, Number of Shares | 160,000 | ||
Vested and Expected to vest, Number of Shares | 90,000 | ||
Equity Option [Member] | |||
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 2 months 1 day | 5 years 11 months 12 days | 6 years 11 months 12 days |
Exercisable, Weighted Average Remaining Life | 5 years 2 months 12 days | 5 years 3 months 29 days | |
Vested and Expected to vest, Weighted Average Remaining Life | 5 years 2 months 1 day | 5 years 11 months 12 days | |
Outstanding, Aggregate Intrinsic Value | $ 3,046,000 | $ 3,082,000 | $ 939,000 |
Exercisable, Aggregate Intrinsic Value | 2,635,000 | 2,351,000 | |
Vested and Expected to vest, Aggregate Intrinsic Value | $ 3,046,000 | $ 3,082,000 |
STOCK-BASED COMPENSATION PLAN62
STOCK-BASED COMPENSATION PLANS (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2017 | Jul. 31, 2016 | Feb. 29, 2012 | Jul. 31, 2011 | Mar. 16, 2010 | Feb. 24, 2010 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Based Compensation [Line Items] | ||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 268,000 | $ 391,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 304,000 | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award Award Vesting Period 1 | 3 years 1 month 2 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 60,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 160,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 90,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 90,000 | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Incentive Stock [Member] | ||||||||
Stock Based Compensation [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 26,805 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 20.52 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Dec. 26, 2018 | |||||||
2010 Incentive Plan [Member] | ||||||||
Stock Based Compensation [Line Items] | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award Award Vesting Period 1 | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 100,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 400,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Feb. 23, 2020 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | In accordance with the terms of the 2010 Incentive Plan, the exercise prices were based on 100% and 110%, respectively, | |||||||
Share based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Increase Or More In Market Price | $ 2 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 20,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 10.30 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | with 20% of the options vesting annually commencing on the first anniversary of the grant date. | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||
2007 Stock Plan [Member] | ||||||||
Stock Based Compensation [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 18,000 | 18,000 | ||||||
Deferred Compensation Arrangement with Individual, Distribution Paid | $ 22,000 | |||||||
2007 Stock Plan [Member] | Unrestricted Shares [Member] | ||||||||
Stock Based Compensation [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 600 | |||||||
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% | |||||||
Non Employee Directors [Member] | 2007 Stock Plan [Member] | ||||||||
Stock Based Compensation [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,520 | |||||||
Non Employee Directors [Member] | 2007 Stock Plan [Member] | Minimum [Member] | ||||||||
Stock Based Compensation [Line Items] | ||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 16,000 | |||||||
Non Employee Directors [Member] | 2007 Stock Plan [Member] | Maximum [Member] | ||||||||
Stock Based Compensation [Line Items] | ||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 12,000 | |||||||
John V Winfield [Member] | 2010 Incentive Plan [Member] | ||||||||
Stock Based Compensation [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 100,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 10.30 | |||||||
Chief Executive Officer [Member] | ||||||||
Stock Based Compensation [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 133,195 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 18.65 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Dec. 26, 2023 | |||||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price | $ 19.77 | |||||||
Share based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Increase Or More In Market Price | $ 2 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 18,000 | |||||||
Vice President [Member] | 2010 Incentive Plan [Member] | ||||||||
Stock Based Compensation [Line Items] | ||||||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price | $ 27.30 | |||||||
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 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Related Party Transaction [Line Items] | |
Payments to Acquire Limited Partnership Interests | $ 1,550,000 |
Management Fee Payable | $ 400,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | May 05, 2017 | Mar. 31, 2017 | Dec. 18, 2013 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2014 |
Commitments And Contingencies Disclosure [Line Items] | ||||||
Franchise Agreements Expiry Period | 15 years | |||||
Initial Franchise Fees | $ 3,300,000 | $ 3,100,000 | ||||
Other Assets | 3,365,000 | 5,639,000 | ||||
Proceeds from Legal Settlements | $ 900,000 | $ 4,700,000 | $ 4,700,000 | |||
Payments for Legal Settlements | 1,450,000 | |||||
Legal Fees | 0 | 5,396,000 | ||||
Legal Fees Period Decrease Increase | $ 390,000 | |||||
Settlement Of Evon Corporation Litigation [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Proceeds from Legal Settlements | $ 4,700,000 | |||||
Legal Fees | $ 5,575,000 | |||||
City of San Francisco [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Other Assets | $ 2,100,000 |