The InterGroup Corporation (INTG) 10-Q 27 Apr 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2018	Apr. 26, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Registrant Name	INTERGROUP CORP
Entity Central Index Key	69,422
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	INTG
Entity Common Stock, Shares Outstanding		2,350,097

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2018	Jun. 30, 2017
ASSETS
Investment in hotel, net	$ 40,234,000	$ 42,092,000
Investment in real estate, net	53,955,000	54,984,000
Investment in marketable securities	9,442,000	17,177,000
Other investments, net	893,000	1,211,000
Cash and cash equivalents	3,671,000	2,871,000
Restricted cash	8,036,000	7,402,000
Other assets, net	2,576,000	3,365,000
Deferred income taxes	3,677,000	4,107,000
Total assets	122,484,000	133,209,000
Liabilities:
Accounts payable and other liabilities	2,854,000	2,947,000
Accounts payable and other liabilities - hotel	12,010,000	12,833,000
Due to securities broker	420,000	3,012,000
Obligations for securities sold	884,000	3,710,000
Related party and other notes payable	5,827,000	6,112,000
Mortgage notes payable - hotel	114,670,000	115,615,000
Mortgage notes payable - real estate	63,231,000	64,298,000
Total liabilities	199,896,000	208,527,000
Shareholders' deficit:
Preferred stock, $.01 par value, 100,000 shares authorized; none issued	0	0
Common stock, $.01 par value, 4,000,000 shares authorized; 3,395,616 and 3,395,616 issued; 2,350,097 and 2,359,724 outstanding, respectively	33,000	33,000
Additional paid-in capital	10,499,000	10,346,000
Accumulated deficit	(46,387,000)	(45,298,000)
Treasury stock, at cost, 1,045,519 and 1,035,892 shares, respectively	(12,850,000)	(12,626,000)
Total InterGroup shareholders' deficit	(48,705,000)	(47,545,000)
Noncontrolling interest	(28,707,000)	(27,773,000)
Total shareholders' deficit	(77,412,000)	(75,318,000)
Total liabilities and shareholders' equity	$ 122,484,000	$ 133,209,000

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Mar. 31, 2018	Jun. 30, 2017
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	2,350,097	2,359,724
Treasury stock, shares	1,045,519	1,035,892

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Hotel	$ 14,344,000	$ 13,495,000	$ 41,968,000	$ 40,937,000
Real estate	3,628,000	3,713,000	10,930,000	10,967,000
Total revenues	17,972,000	17,208,000	52,898,000	51,904,000
Costs and operating expenses:
Hotel operating expenses	(10,573,000)	(10,333,000)	(31,905,000)	(30,200,000)
Real estate operating expenses	(1,843,000)	(1,731,000)	(5,840,000)	(5,292,000)
Depreciation and amortization expenses	(1,260,000)	(1,255,000)	(3,801,000)	(3,893,000)
General and administrative expenses	(828,000)	(752,000)	(2,389,000)	(2,082,000)
Total costs and operating expenses	(14,504,000)	(14,071,000)	(43,935,000)	(41,467,000)
Income from operations	3,468,000	3,137,000	8,963,000	10,437,000
Other income (expense):
Interest expense - mortgages	(2,360,000)	(2,470,000)	(7,343,000)	(7,334,000)
Net loss on marketable securities	(108,000)	(390,000)	(2,308,000)	(2,526,000)
Unrealized loss on other investments	(42,000)	0	(42,000)	0
Impairment loss on other investments	0	(121,000)	(200,000)	(165,000)
Dividend and interest income	92,000	125,000	223,000	235,000
Trading and margin interest expense	(260,000)	(292,000)	(886,000)	(845,000)
Total other expense, net	(2,678,000)	(3,148,000)	(10,556,000)	(10,635,000)
Income (loss) before income taxes	790,000	(11,000)	(1,593,000)	(198,000)
Income tax expense	(11,000)	(159,000)	(430,000)	(386,000)
Net income (loss)	779,000	(170,000)	(2,023,000)	(584,000)
Less: Net (income) loss attributable to the noncontrolling interest	(251,000)	23,000	934,000	(88,000)
Net income (loss) attributable to InterGroup	$ 528,000	$ (147,000)	$ (1,089,000)	$ (672,000)
Net income (loss) per share
Basic	$ 0.33	$ (0.07)
Diluted	0.29	(0.07)
Basic and diluted			$ (0.86)	$ (0.25)
Net income (loss) per share attributable to InterGroup
Basic	0.22	(0.06)
Diluted	$ 0.20	$ (0.06)
Basic and diluted			$ (0.46)	$ (0.28)
Weighted average number of basic common shares outstanding	2,353,073	2,364,395
Weighted average number of diluted common shares outstanding	2,671,073	2,364,395
Weighted average number of basic and diluted common shares outstanding			2,357,289	2,363,292

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (2,023,000)	$ (584,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,840,000	3,977,000
Net unrealized loss on marketable securities	2,723,000	3,040,000
Unrealized loss on other investments	42,000	0
Impairment loss on other investments	200,000	165,000
Stock compensation expense	153,000	206,000
Deferred taxes	430,000	386,000
Changes in assets and liabilities:
Investment in marketable securities	5,012,000	(3,980,000)
Other assets	789,000	2,752,000
Accounts payable and other liabilities	(916,000)	(2,548,000)
Due to securities broker	(2,592,000)	1,802,000
Obligations for securities sold	(2,826,000)	1,656,000
Net cash provided by operating activities	4,832,000	6,872,000
Cash flows from investing activities:
Investment in hotel, net	(192,000)	(207,000)
Investment in real estate, net	(722,000)	(705,000)
Investment in Santa Fe	0	(34,000)
Investment in Portsmouth	0	(36,000)
Proceeds from other investments	76,000	0
Payments for other investments	0	(360,000)
Net cash used in investing activities	(838,000)	(1,342,000)
Cash flows from financing activities:
Restricted cash - payment of mortgage impounds	(634,000)	(1,096,000)
Net payments of mortgage and other notes payable	(2,336,000)	(3,103,000)
Purchase of treasury stock	(224,000)	(452,000)
Net cash used in financing activities	(3,194,000)	(4,651,000)
Net increase in cash and cash equivalents	800,000	879,000
Cash and cash equivalents at the beginning of the period	2,871,000	5,404,000
Cash and cash equivalents at the end of the period	3,671,000	6,283,000
Supplemental information:
Interest paid	7,835,000	7,801,000
Non-cash transaction:
Key Money Incentive Fee	$ 0	$ 2,000,000

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements included herein have been prepared by The InterGroup Corporation (“InterGroup” or the “Company”), without audit, according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all adjustments (which included only normal recurring adjustments) necessary for a fair statement of the financial position, cash flows and results of operations as of and for the periods indicated. It is suggested that these financial statements be read in conjunction with the audited financial statements of InterGroup and the notes therein included in the Company's Annual Report on Form 10-K for the year ended June 30, 2017. The June 30, 2017 Condensed Consolidated Balance Sheet was derived from the Company’s Form 10-K for the year ended June 30, 2017. The results of operations for the three and nine months ended March 31, 2018 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2018. Basic and diluted income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding. The computation of diluted income per share is similar to the computation of basic earnings per share except that the weighted-average number of common shares is increased to include the number of additional common shares that would have been outstanding if potential dilutive common shares had been issued. The Company's only potentially dilutive common shares are stock options. For the three months ending March 31, 2018, the Company had 318,000 stock options that were considered potentially dilutive common shares. The basic and diluted earnings per share were the same for the three months ending March 31, 2017 because the Company had a net loss. 85.8 4 Santa Fe’s primary business is conducted through the management of its 68.8 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 544-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). 10 2,000,000 2,000,000 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. In addition to the operations of the Hotel, the Company also generates income from the ownership, management and, when appropriate, sale of real estate. Properties include fifteen apartment complexes, one commercial real estate property and three single-family houses. The properties are located throughout the United States, but are concentrated in Dallas, Texas and Southern California. The Company also has an investment in unimproved real property. As of March 31, 2018, all of the Company’s residential and commercial rental properties are managed in-house. 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 condensed consolidated statements of operations. The Company consolidates Justice (“Hotel”) for financial reporting purposes and is not taxed on its non-controlling interest in the Hotel. The income tax expense during the three and nine months ended March 31, 2018 and 2017 represents the income tax effect on the Company’s pretax income which includes its share in the net income of the Hotel. Additionally, the income tax expense includes adjustments relating to the changes in the tax rates and effect on the deferred tax assets as a result of the recent tax law changes. The Company’s cash flows are primarily generated from its Hotel operations. The Company also receives cash generated from the investment of its cash and marketable securities and other investments. To fund the redemption of limited partnership interests and to repay the prior mortgage of $ 42,940,000 97,000,000 20,000,000 5.275 9.75 Effective as of May 11, 2017, InterGroup agreed to become an additional guarantor under the limited guaranty and an additional indemnitor under the environmental indemnity for Justice Investors limited partnership’s $ 97,000,000 20,000,000 Despite an uncertain economy, the Hotel has continued to generate positive operating income. While the debt service requirements related the loans may create some additional risk for the Company and its ability to generate cash flows in the future, management believes that cash flows from the operations of the Hotel and the garage will continue to be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. The Company has invested in short-term, income-producing instruments and in equity and debt securities when deemed appropriate. The Company's marketable securities are classified as trading with unrealized gains and losses recorded through the consolidated statements of operations. Management believes that its cash, marketable securities, and the cash flows generated from those assets and from the partnership management fees, will be adequate to meet the Company’s current and future obligations. Additionally, management believes there is significant appreciated value in the Hotel property to support additional borrowings, if necessary. 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) 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 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 28 21 21 879,000 The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the company has utilized to calculate the transition impact. The Securities Exchange Commission has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending June 30, 2018.

INVESTMENT IN HOTEL, NET

INVESTMENT IN HOTEL, NET	9 Months Ended
	Mar. 31, 2018
Hotel [Member]
Real Estate Properties [Line Items]
Investment In Real Estate [Text Block]	NOTE 2 – INVESTMENT IN HOTEL, NET Investment in hotel consisted of the following as of: Accumulated Net Book March 31, 2018 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 27,966,000 (25,592,000) 2,374,000 Building and improvements 64,336,000 (29,214,000) 35,122,000 $ 95,040,000 $ (54,806,000) $ 40,234,000 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

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	9 Months Ended
	Mar. 31, 2018
Apartment Building [Member]
Real Estate Properties [Line Items]
Real Estate Disclosure [Text Block]	NOTE 3 – INVESTMENT IN REAL ESTATE Investment in real estate consisted of the following: As of March 31, 2018 June 30, 2017 Land $ 25,033,000 $ 25,033,000 Buildings, improvements and equipment 67,526,000 66,804,000 Accumulated depreciation (38,604,000) (36,853,000) Investment in real estate, net $ 53,955,000 $ 54,984,000 In July 2015, the Company purchased residential house in Los Angeles, California as a strategic asset for $ 1,975,000 1,000,000 5.50

INVESTMENT IN MARKETABLE SECURI

INVESTMENT IN MARKETABLE SECURITIES	9 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 4 – INVESTMENT IN MARKETABLE SECURITIES The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also periodically invested in corporate bonds and income producing securities, which may include interests in real estate based companies and REITs, where financial benefit could transfer to its shareholders through income and/or capital gain. Gross Gross Net Fair Investment Cost Unrealized Gain Unrealized Loss Unrealized Loss Value As of March 31, 2018 Corporate Equities $ 24,282,000 $ 2,160,000 $ (17,000,000) $ (14,840,000) $ 9,442,000 As of June 30, 2017 Corporate Equities $ 29,170,000 $ 1,768,000 $ (13,761,000) $ (11,993,000) $ 17,177,000 As of March 31, 2018, and June 30, 2017, approximately 14% and 28%, respectively, of the investment marketable securities balance above is comprised of the common stock of Comstock Mining, Inc. As of March 31, 2018, and June 30, 2017, the Company had unrealized losses of $ 16,787,000 13,294,000 For the three months ended March 31, 2018 2017 Realized gain on marketable securities $ 534,000 $ 202,000 Unrealized gain on marketable securities 102,000 471,000 Unrealized loss on marketable securities related to Comstock (744,000) (1,063,000) Net loss on marketable securities $ (108,000) $ (390,000) For the nine months ended March 31, 2018 2017 Realized gain on marketable securities $ 415,000 $ 514,000 Unrealized gain on marketable securities 775,000 414,000 Unrealized loss on marketable securities related to Comstock (3,498,000) (3,454,000) Net loss on marketable securities $ (2,308,000) $ (2,526,000)

OTHER INVESTMENTS, NET

OTHER INVESTMENTS, NET	9 Months Ended
	Mar. 31, 2018
Other Investments [Abstract]
Other Investments Disclosure [Text Block]	NOTE 5 – OTHER INVESTMENTS, NET The Company may also invest, with the approval of the securities investment committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses. Other investments also include non-marketable warrants carried at fair value. Other investments, net consist of the following: Type March 31, 2018 June 30, 2017 Private equity hedge fund, at cost $ 554,000 $ 782,000 Other preferred stock, at cost 339,000 429,000 $ 893,000 $ 1,211,000

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 6 - FAIR VALUE MEASUREMENTS The carrying values of the Company’s financial instruments not required to be carried at fair value on a recurring basis approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable). 3/31/2018 6/30/2017 As of Total - Level 1 Total - Level 1 Assets: Investment in marketable securities: Basic materials $ 1,328,000 $ 6,222,000 Technology 1,241,000 4,134,000 REITs and real estate companies 2,504,000 1,820,000 Energy - 1,345,000 Corporate Bonds 2,208,000 1,683,000 Other 2,161,000 1,973,000 $ 9,442,000 $ 17,177,000 The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments in non-marketable securities,” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). Net loss for the nine months Assets Level 3 March 31, 2018 ended March 31, 2018 Other non-marketable investments $ 893,000 $ 893,000 $ (200,000) Net loss for the nine months Assets Level 3 June 30, 2017 ended March 31, 2017 Other non-marketable investments $ 1,211,000 $ 1,211,000 $ (165,000) Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments and holds less than 20

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS	9 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 7 – STOCK BASED COMPENSATION PLANS The Company follows Accounting Standard Codification (ASC) Topic 718 “Compensation – Stock Compensation”, which addresses accounting for equity-based compensation arrangements, including employee stock options and restricted stock units. Please refer to Note 16 – Stock Based Compensation Plans in the Company's Form 10-K for the year ended June 30, 2017 for more detail information on the Company’s stock-based compensation plans. During the three months ended March 31, 2018 and 2017, the Company recorded stock option compensation cost of $ 30,000 66,000 153,000 206,000 151,000 2.78 Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility is based on analysis of the Company’s stock price history. The Company has selected to use the simplified method for estimating the expected term. The risk-free interest rate is based on the U.S. Treasury interest rates whose term is consistent with the expected life of the stock options. No dividend yield is included as the Company has not issued any dividends and does not anticipate issuing any dividends in the future. Number of Weighted Average Weighted Average Aggregate Shares Exercise Price Remaining Life Intrinsic Value Oustanding at July 1, 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 Oustanding at July 1, 2017 368,000 $ 17.21 5.17 years $ 3,046,000 Granted - - Exercised - - Forfeited - - Exchanged - - Oustanding at March 31, 2018 368,000 $ 17.21 4.42 years $ 2,556,575 Exercisable at March 31, 2018 318,000 $ 16.47 4.04 years $ 2,395,000 Vested and Expected to vest at March 31, 2018 368,000 $ 17.21 4.42 years $ 2,556,575

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 8 – SEGMENT INFORMATION The Company operates in three reportable segments, the operation of the hotel (“Hotel Operations”), the operation of its multi-family residential properties (“Real Estate Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These three operating segments, as presented in the financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this information. As of and for the three months Hotel Real Estate Investment ended March 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 14,344,000 $ 3,628,000 $ - $ - $ 17,972,000 Segment operating expenses (10,573,000) (1,843,000) - (828,000) (13,244,000) Segment income (loss) from operations 3,771,000 1,785,000 - (828,000) 4,728,000 Interest expense - mortgage (1,733,000) (627,000) - - (2,360,000) Depreciation and amortization expense (669,000) (591,000) - - (1,260,000) Loss from investments - - (318,000) - (318,000) Income tax expense - - - (11,000) (11,000) Net income (loss) $ 1,369,000 $ 567,000 $ (318,000) $ (839,000) $ 779,000 Total assets $ 50,382,000 $ 53,955,000 $ 10,335,000 $ 7,812,000 $ 122,484,000 As of and for the three months Hotel Real Estate Investment ended March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 13,495,000 $ 3,713,000 $ - $ - $ 17,208,000 Segment operating expenses (10,333,000) (1,731,000) - (752,000) (12,816,000) Segment income (loss) from operations 3,162,000 1,982,000 - (752,000) 4,392,000 Interest expense - mortgage (1,850,000) (620,000) - - (2,470,000) Depreciation and amortization expense (690,000) (565,000) - - (1,255,000) Loss from investments - - (678,000) - (678,000) Income tax expense - - - (159,000) (159,000) Net income (loss) $ 622,000 $ 797,000 $ (678,000) $ (911,000) $ (170,000) Total assets $ 49,462,000 $ 55,382,000 $ 16,446,000 $ 10,971,000 $ 132,261,000 As of and for the nine months Hotel Real Estate Investment ended March 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 41,968,000 $ 10,930,000 $ - $ - $ 52,898,000 Segment operating expenses (31,905,000) (5,840,000) - (2,389,000) (40,134,000) Segment income (loss) from operations 10,063,000 5,090,000 - (2,389,000) 12,764,000 Interest expense - mortgage (5,436,000) (1,907,000) - - (7,343,000) Depreciation and amortization expense (2,050,000) (1,751,000) - - (3,801,000) Loss from investments - - (3,213,000) - (3,213,000) Income tax expense - - - (430,000) (430,000) Net income (loss) $ 2,577,000 $ 1,432,000 $ (3,213,000) $ (2,819,000) $ (2,023,000) Total assets $ 50,382,000 $ 53,955,000 $ 10,335,000 $ 7,812,000 $ 122,484,000 As of and for the nine months Hotel Real Estate Investment ended March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 40,937,000 $ 10,967,000 $ - $ - $ 51,904,000 Segment operating expenses (30,200,000) (5,292,000) - (2,082,000) (37,574,000) Segment income (loss) from operations 10,737,000 5,675,000 - (2,082,000) 14,330,000 Interest expense - mortgage (5,429,000) (1,905,000) - - (7,334,000) Depreciation and amortization expense (2,213,000) (1,680,000) - - (3,893,000) Loss from investments - - (3,301,000) - (3,301,000) Income tax expense - - - (386,000) (386,000) Net income (loss) $ 3,095,000 $ 2,090,000 $ (3,301,000) $ (2,468,000) $ (584,000) Total assets $ 49,462,000 $ 55,382,000 $ 16,446,000 $ 10,971,000 $ 132,261,000

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 9 – RELATED PARTY TRANSACTIONS On July 2, 2014, the Partnership obtained from the Company an unsecured loan in the principal amount of $ 4,250,000 12 2 3 December 31, 2018 Also included in the balance of related party note payable at March 31, 2018 is the obligation to Hilton (Franchisor) in the form of a self-exhausting, interest free development incentive note which is reduced by approximately $ 316,000 3,720,000 3,958,000 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 In April 2017, Portsmouth obtained from InterGroup an unsecured short-term loan in the amount of $ 1,000,000 5 Effective May 12, 2017, InterGroup agreed to become an additional guarantor under the limited guaranty and an additional indemnitor under environmental indemnity for Justice Investors limited partnership’s $ 97,000,000 20,000,000 In connection with the redemption of the limited partnership interest of Justice, Justice Operating Company, LLC agreed to pay a total of $ 1,550,000 200,000 As of June 30, 2017, Justice had an outstanding accounts payable balance to InterGroup for $ 316,000 Four of the Portsmouth directors serve as directors of InterGroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of InterGroup. 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.

BASIS OF PRESENTATION AND SIG15

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Due To And From Broker Dealers [Policy Text Block]	Due to Securities Broker Various securities brokers have advanced funds to the Company for the purchase of marketable securities under standard margin agreements. These advanced funds are recorded as a liability.
Obligations For Securities Sold Policy [Policy Text Block]	Obligations for Securities Sold Obligation for securities sold represents the fair market value of shares sold with the promise to deliver that security at some future date and the fair market value of shares underlying the written call options with the obligation to deliver that security when and if the option is exercised. The obligation may be satisfied with current holdings of the same security or by subsequent purchases of that security. Unrealized gains and losses from changes in the obligation are included in the condensed consolidated statements of operations.
Income Tax, Policy [Policy Text Block]	Income Tax The Company consolidates Justice (“Hotel”) for financial reporting purposes and is not taxed on its non-controlling interest in the Hotel. The income tax expense during the three and nine months ended March 31, 2018 and 2017 represents the income tax effect on the Company’s pretax income which includes its share in the net income of the Hotel. Additionally, the income tax expense includes adjustments relating to the changes in the tax rates and effect on the deferred tax assets as a result of the recent tax law changes.
Financial Condition And Liquidity [Policy Text Block]	Financial Condition and Liquidity The Company’s cash flows are primarily generated from its Hotel operations. The Company also receives cash generated from the investment of its cash and marketable securities and other investments. To fund the redemption of limited partnership interests and to repay the prior mortgage of $ 42,940,000 97,000,000 20,000,000 5.275 9.75 Effective as of May 11, 2017, InterGroup agreed to become an additional guarantor under the limited guaranty and an additional indemnitor under the environmental indemnity for Justice Investors limited partnership’s $ 97,000,000 20,000,000 Despite an uncertain economy, the Hotel has continued to generate positive operating income. While the debt service requirements related the loans may create some additional risk for the Company and its ability to generate cash flows in the future, management believes that cash flows from the operations of the Hotel and the garage will continue to be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. The Company has invested in short-term, income-producing instruments and in equity and debt securities when deemed appropriate. The Company's marketable securities are classified as trading with unrealized gains and losses recorded through the consolidated statements of operations. Management believes that its cash, marketable securities, and the cash flows generated from those assets and from the partnership management fees, will be adequate to meet the Company’s current and future obligations. Additionally, management believes there is significant appreciated value in the Hotel property to support additional borrowings, if necessary.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements and U.S. Tax Reform 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) 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 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 28 21 21 879,000 The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the company has utilized to calculate the transition impact. The Securities Exchange Commission has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending June 30, 2018.

INVESTMENT IN HOTEL, NET (Table

INVESTMENT IN HOTEL, NET (Tables)	9 Months Ended
	Mar. 31, 2018
Hotel [Member]
Real Estate Properties [Line Items]
Schedule of Real Estate Properties [Table Text Block]	Investment in hotel consisted of the following as of: Accumulated Net Book March 31, 2018 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Furniture and equipment 27,966,000 (25,592,000) 2,374,000 Building and improvements 64,336,000 (29,214,000) 35,122,000 $ 95,040,000 $ (54,806,000) $ 40,234,000 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

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	9 Months Ended
	Mar. 31, 2018
Apartment Building [Member]
Real Estate Properties [Line Items]
Schedule of Real Estate Properties [Table Text Block]	Investment in real estate consisted of the following: As of March 31, 2018 June 30, 2017 Land $ 25,033,000 $ 25,033,000 Buildings, improvements and equipment 67,526,000 66,804,000 Accumulated depreciation (38,604,000) (36,853,000) Investment in real estate, net $ 53,955,000 $ 54,984,000

INVESTMENT IN MARKETABLE SECU18

INVESTMENT IN MARKETABLE SECURITIES (Tables)	9 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable Securities [Table Text Block]	At March 31, 2018 and June 30, 2017, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows: Gross Gross Net Fair Investment Cost Unrealized Gain Unrealized Loss Unrealized Loss Value As of March 31, 2018 Corporate Equities $ 24,282,000 $ 2,160,000 $ (17,000,000) $ (14,840,000) $ 9,442,000 As of June 30, 2017 Corporate Equities $ 29,170,000 $ 1,768,000 $ (13,761,000) $ (11,993,000) $ 17,177,000
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 net loss on marketable securities for the respective periods: For the three months ended March 31, 2018 2017 Realized gain on marketable securities $ 534,000 $ 202,000 Unrealized gain on marketable securities 102,000 471,000 Unrealized loss on marketable securities related to Comstock (744,000) (1,063,000) Net loss on marketable securities $ (108,000) $ (390,000) For the nine months ended March 31, 2018 2017 Realized gain on marketable securities $ 415,000 $ 514,000 Unrealized gain on marketable securities 775,000 414,000 Unrealized loss on marketable securities related to Comstock (3,498,000) (3,454,000) Net loss on marketable securities $ (2,308,000) $ (2,526,000)

OTHER INVESTMENTS, NET (Tables)

OTHER INVESTMENTS, NET (Tables)	9 Months Ended
	Mar. 31, 2018
Other Investments [Abstract]
Other Investments Not Readily Marketable [Table Text Block]	Other investments, net consist of the following: Type March 31, 2018 June 30, 2017 Private equity hedge fund, at cost $ 554,000 $ 782,000 Other preferred stock, at cost 339,000 429,000 $ 893,000 $ 1,211,000

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Mar. 31, 2018
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: 3/31/2018 6/30/2017 As of Total - Level 1 Total - Level 1 Assets: Investment in marketable securities: Basic materials $ 1,328,000 $ 6,222,000 Technology 1,241,000 4,134,000 REITs and real estate companies 2,504,000 1,820,000 Energy - 1,345,000 Corporate Bonds 2,208,000 1,683,000 Other 2,161,000 1,973,000 $ 9,442,000 $ 17,177,000
Fair Value Measurements, Nonrecurring [Table Text Block]	The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows: Net loss for the nine months Assets Level 3 March 31, 2018 ended March 31, 2018 Other non-marketable investments $ 893,000 $ 893,000 $ (200,000) Net loss for the nine months Assets Level 3 June 30, 2017 ended March 31, 2017 Other non-marketable investments $ 1,211,000 $ 1,211,000 $ (165,000)

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS (Tables)	9 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following table summarizes the stock options activity from July 1, 2016 through March 31, 2018: Number of Weighted Average Weighted Average Aggregate Shares Exercise Price Remaining Life Intrinsic Value 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 Oustanding at July 1, 2017 368,000 $ 17.21 5.17 years $ 3,046,000 Granted - - Exercised - - Forfeited - - Exchanged - - Oustanding at March 31, 2018 368,000 $ 17.21 4.42 years $ 2,556,575 Exercisable at March 31, 2018 318,000 $ 16.47 4.04 years $ 2,395,000 Vested and Expected to vest at March 31, 2018 368,000 $ 17.21 4.42 years $ 2,556,575

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information below represents reported segments for the three and nine months ended March 31, 2018 and 2017. Operating income from hotel operations consist of the operation of the hotel and operation of the garage. Operating income for rental properties consist of rental income. Operating income (loss) for investment transactions consist of net investment gain (loss), impairment loss on other investments, net unrealized gain (loss) on other investments, dividend and interest income and trading and margin interest expense. The other segment consists of corporate general and administrative expenses and the income tax expense for the entire Company. As of and for the three months Hotel Real Estate Investment ended March 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 14,344,000 $ 3,628,000 $ - $ - $ 17,972,000 Segment operating expenses (10,573,000) (1,843,000) - (828,000) (13,244,000) Segment income (loss) from operations 3,771,000 1,785,000 - (828,000) 4,728,000 Interest expense - mortgage (1,733,000) (627,000) - - (2,360,000) Depreciation and amortization expense (669,000) (591,000) - - (1,260,000) Loss from investments - - (318,000) - (318,000) Income tax expense - - - (11,000) (11,000) Net income (loss) $ 1,369,000 $ 567,000 $ (318,000) $ (839,000) $ 779,000 Total assets $ 50,382,000 $ 53,955,000 $ 10,335,000 $ 7,812,000 $ 122,484,000 As of and for the three months Hotel Real Estate Investment ended March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 13,495,000 $ 3,713,000 $ - $ - $ 17,208,000 Segment operating expenses (10,333,000) (1,731,000) - (752,000) (12,816,000) Segment income (loss) from operations 3,162,000 1,982,000 - (752,000) 4,392,000 Interest expense - mortgage (1,850,000) (620,000) - - (2,470,000) Depreciation and amortization expense (690,000) (565,000) - - (1,255,000) Loss from investments - - (678,000) - (678,000) Income tax expense - - - (159,000) (159,000) Net income (loss) $ 622,000 $ 797,000 $ (678,000) $ (911,000) $ (170,000) Total assets $ 49,462,000 $ 55,382,000 $ 16,446,000 $ 10,971,000 $ 132,261,000 As of and for the nine months Hotel Real Estate Investment ended March 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 41,968,000 $ 10,930,000 $ - $ - $ 52,898,000 Segment operating expenses (31,905,000) (5,840,000) - (2,389,000) (40,134,000) Segment income (loss) from operations 10,063,000 5,090,000 - (2,389,000) 12,764,000 Interest expense - mortgage (5,436,000) (1,907,000) - - (7,343,000) Depreciation and amortization expense (2,050,000) (1,751,000) - - (3,801,000) Loss from investments - - (3,213,000) - (3,213,000) Income tax expense - - - (430,000) (430,000) Net income (loss) $ 2,577,000 $ 1,432,000 $ (3,213,000) $ (2,819,000) $ (2,023,000) Total assets $ 50,382,000 $ 53,955,000 $ 10,335,000 $ 7,812,000 $ 122,484,000 As of and for the nine months Hotel Real Estate Investment ended March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 40,937,000 $ 10,967,000 $ - $ - $ 51,904,000 Segment operating expenses (30,200,000) (5,292,000) - (2,082,000) (37,574,000) Segment income (loss) from operations 10,737,000 5,675,000 - (2,082,000) 14,330,000 Interest expense - mortgage (5,429,000) (1,905,000) - - (7,334,000) Depreciation and amortization expense (2,213,000) (1,680,000) - - (3,893,000) Loss from investments - - (3,301,000) - (3,301,000) Income tax expense - - - (386,000) (386,000) Net income (loss) $ 3,095,000 $ 2,090,000 $ (3,301,000) $ (2,468,000) $ (584,000) Total assets $ 49,462,000 $ 55,382,000 $ 16,446,000 $ 10,971,000 $ 132,261,000

BASIS OF PRESENTATION AND SIG23

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	Feb. 03, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2019	Jun. 30, 2018	May 11, 2017
Basis Of Presentation And Significant Accounting Policies [Line Items]
Key Money Incentive Advance To Related Party	$ 2,000,000	$ 2,000,000
Management Services Agreement Term		10 years
Proceeds from Sale of Loans and Leases Held-for-investment		$ 42,940,000
Mortgage Loans on Real Estate, Face Amount of Mortgages		$ 97,000,000				$ 97,000,000
Mortgage Loans on Real Estate, Interest Rate		5.275%
Mortgage Loans on Real Estate, Final Maturity Date		Jan. 31, 2024
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount			$ 879,000
Amount Of Dilutive Securities Stock Options And Restrictive Stock Units Shares		318,000
Scenario, Forecast [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Effective Income Tax Rate Reconciliation, Percent				21.00%	28.00%
Portsmouth [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage		68.80%
Noncontrolling Interest, Ownership Percentage by Parent		13.40%
Mezzanine Loan [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Mortgage Loans on Real Estate, Face Amount of Mortgages		$ 20,000,000				$ 20,000,000
Mortgage Loans on Real Estate, Interest Rate		9.75%
Mortgage Loans on Real Estate, Final Maturity Date		Jan. 31, 2024
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 ($)	Mar. 31, 2018	Jun. 30, 2017
Property, Plant and Equipment [Line Items]
Cost	$ 95,040,000	$ 94,727,000
Accumulated Depreciation	(54,806,000)	(52,635,000)
Net Book Value	40,234,000	42,092,000
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	27,966,000	27,681,000
Accumulated Depreciation	(25,592,000)	(24,569,000)
Net Book Value	2,374,000	3,112,000
Building and improvements [Member] | Hotel [Member]
Property, Plant and Equipment [Line Items]
Cost	64,336,000	64,308,000
Accumulated Depreciation	(29,214,000)	(28,066,000)
Net Book Value	$ 35,122,000	$ 36,242,000

INVESTMENT IN REAL ESTATE (Deta

INVESTMENT IN REAL ESTATE (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Property, Plant and Equipment [Line Items]
Cost	$ 95,040,000	$ 94,727,000
Accumulated depreciation	(54,806,000)	(52,635,000)
Investment in real estate, net	53,955,000	54,984,000
Apartment Building [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	(38,604,000)	(36,853,000)
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	$ 67,526,000	$ 66,804,000

INVESTMENT IN REAL ESTATE (De26

INVESTMENT IN REAL ESTATE (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Jul. 31, 2015	Mar. 31, 2018	May 11, 2017	Aug. 31, 2016
Property, Plant and Equipment [Line Items]
Mortgage Loans on Real Estate, Face Amount of Mortgages		$ 97,000,000	$ 97,000,000
Mortgage Loans on Real Estate, Interest Rate		5.275%
California Properties [Member] | Real Estate Investment [Member]
Property, Plant and Equipment [Line Items]
Payments to Acquire Real Estate	$ 1,975,000
House [Member]
Property, Plant and Equipment [Line Items]
Mortgage Loans on Real Estate, Face Amount of Mortgages				$ 1,000,000
Mortgage Loans on Real Estate, Interest Rate		5.50%

INVESTMENT IN MARKETABLE SECU27

INVESTMENT IN MARKETABLE SECURITIES (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Schedule of Trading Securities and Other Trading Assets [Line Items]
Gross Unrealized Loss			$ (2,723,000)	$ (3,040,000)
Net Unrealized Loss	$ 102,000	$ 471,000	775,000	$ 414,000
Fair Value	9,442,000		9,442,000		$ 17,177,000
Corporate Equities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost	24,282,000		24,282,000		29,170,000
Gross Unrealized Gain			2,160,000		1,768,000
Gross Unrealized Loss			(17,000,000)		(13,761,000)
Net Unrealized Loss			(14,840,000)		(11,993,000)
Fair Value	$ 9,442,000		$ 9,442,000		$ 17,177,000

INVESTMENT IN MARKETABLE SECU28

INVESTMENT IN MARKETABLE SECURITIES (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Schedule of Trading Securities and Other Trading Assets [Line Items]
Realized gain on marketable securities	$ 534,000	$ 202,000	$ 415,000	$ 514,000
Unrealized gain on marketable securities	102,000	471,000	775,000	414,000
Unrealized loss on marketable securities related to Comstock	(744,000)	(1,063,000)	(3,498,000)	(3,454,000)
Net loss on marketable securities	$ (108,000)	$ (390,000)	$ (2,308,000)	$ (2,526,000)

INVESTMENT IN MARKETABLE SECU29

INVESTMENT IN MARKETABLE SECURITIES (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2018	Jun. 30, 2017
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	$ 16,787,000	$ 13,294,000
Percentage Of Investment Marketable Securities	14.00%	28.00%

OTHER INVESTMENTS, NET (Details

OTHER INVESTMENTS, NET (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Other Investment [Line Items]
Other investments, net	$ 893,000	$ 1,211,000
Private equity hedge fund, at cost [Member]
Other Investment [Line Items]
Other investments, net	554,000	782,000
Other preferred stock, at cost [Member]
Other Investment [Line Items]
Other investments, net	$ 339,000	$ 429,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Assets:
Investment in marketable securities	$ 9,442,000	$ 17,177,000
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bond Securities [Member]
Assets:
Investment in marketable securities	2,208,000	1,683,000
Basic Materials [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	1,328,000	6,222,000
Energy [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	0	1,345,000
Technology [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	1,241,000	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	2,504,000	1,820,000
Other [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Investment in marketable securities	$ 2,161,000	$ 1,973,000

FAIR VALUE MEASUREMENTS (Deta32

FAIR VALUE MEASUREMENTS (Details 1) - USD ($)	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net loss	$ (200,000)	$ (165,000)
Other Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	893,000		$ 1,211,000
Other Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	$ 893,000		$ 1,211,000

FAIR VALUE MEASUREMENTS (Deta33

FAIR VALUE MEASUREMENTS (Details Textual)	9 Months Ended
	Mar. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost Method Investments, Additional Information	Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments and holds less than 20% ownership in each of the investments.

STOCK BASED COMPENSATION PLAN34

STOCK BASED COMPENSATION PLANS (Details) - Equity Option [Member] - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2016
Stock Based Compensation [Line Items]
Oustanding, Number of Shares	368,000	350,000
Granted, Number of Shares	0	18,000
Exercised, Number of Shares	0	0
Forfeited, Number of Shares	0	0
Exchanged, Number of Shares	0	0
Oustanding, Number of Shares	368,000	368,000	350,000
Exercisable, Number of Shares	318,000	286,000
Vested and Expected to vest, Number of Shares	368,000	368,000
Oustanding, Weighted Average Exercise Price	$ 17.21	$ 16.70
Granted, Weighted Average Exercise Price	0	27.30
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	17.21	$ 16.70
Exercisable, Weighted Average Exercise Price	16.47	16.19
Vested and Expected to vest, Weighted Average Exercise Price	$ 17.21	$ 17.21
Oustanding at Weighted Average Remaining Life	4 years 5 months 1 day	5 years 2 months 1 day	5 years 11 months 12 days
Exercisable, Weighted Average Remaining Life	4 years 14 days	5 years 2 months 12 days
Vested and Expected to vest, Weighted Average Remaining Life	4 years 5 months 1 day	5 years 2 months 1 day
Outstanding, Aggregate Intrinsic Value	$ 2,556,575	$ 3,046,000	$ 3,082,000
Exercisable, Aggregate Intrinsic Value	2,395,000	2,635,000
Vested and Expected to vest, Aggregate Intrinsic Value	$ 2,556,575	$ 3,046,000

STOCK BASED COMPENSATION PLAN35

STOCK BASED COMPENSATION PLANS (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Stock Based Compensation [Line Items]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 30,000	$ 66,000	$ 153,000	$ 206,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 151,000		$ 151,000
Share-Based Compensation Arrangement By Share-Based Payment Award Award Vesting Period 1			2 years 9 months 11 days

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Segment Reporting Information [Line Items]
Segment income (loss) from operations	$ 3,468,000	$ 3,137,000	$ 8,963,000	$ 10,437,000
Interest expense - mortgage	(2,360,000)	(2,470,000)	(7,343,000)	(7,334,000)
Depreciation and amortization expense	(1,260,000)	(1,255,000)	(3,801,000)	(3,893,000)
Income tax expense	(11,000)	(159,000)	(430,000)	(386,000)
Net income (loss)	779,000	(170,000)	(2,023,000)	(584,000)
Total assets	122,484,000		122,484,000		$ 133,209,000
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	17,972,000	17,208,000	52,898,000	51,904,000
Segment operating expenses	(13,244,000)	(12,816,000)	(40,134,000)	(37,574,000)
Segment income (loss) from operations	4,728,000	4,392,000	12,764,000	14,330,000
Interest expense - mortgage	(2,360,000)	(2,470,000)	(7,343,000)	(7,334,000)
Depreciation and amortization expense	(1,260,000)	(1,255,000)	(3,801,000)	(3,893,000)
Loss from investments	(318,000)	(678,000)	(3,213,000)	(3,301,000)
Income tax expense	(11,000)	(159,000)	(430,000)	(386,000)
Net income (loss)	779,000	(170,000)	(2,023,000)	(584,000)
Total assets	122,484,000	132,261,000	122,484,000	132,261,000
Hotel Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	14,344,000	13,495,000	41,968,000	40,937,000
Segment operating expenses	(10,573,000)	(10,333,000)	(31,905,000)	(30,200,000)
Segment income (loss) from operations	3,771,000	3,162,000	10,063,000	10,737,000
Interest expense - mortgage	(1,733,000)	(1,850,000)	(5,436,000)	(5,429,000)
Depreciation and amortization expense	(669,000)	(690,000)	(2,050,000)	(2,213,000)
Loss from investments	0	0	0	0
Income tax expense	0	0	0	0
Net income (loss)	1,369,000	622,000	2,577,000	3,095,000
Total assets	50,382,000	49,462,000	50,382,000	49,462,000
Real Estate Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	3,628,000	3,713,000	10,930,000	10,967,000
Segment operating expenses	(1,843,000)	(1,731,000)	(5,840,000)	(5,292,000)
Segment income (loss) from operations	1,785,000	1,982,000	5,090,000	5,675,000
Interest expense - mortgage	(627,000)	(620,000)	(1,907,000)	(1,905,000)
Depreciation and amortization expense	(591,000)	(565,000)	(1,751,000)	(1,680,000)
Loss from investments	0	0	0	0
Income tax expense	0	0	0	0
Net income (loss)	567,000	797,000	1,432,000	2,090,000
Total assets	53,955,000	55,382,000	53,955,000	55,382,000
Investment Transactions [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Segment operating expenses	0	0	0	0
Segment income (loss) from operations	0	0	0	0
Interest expense - mortgage	0	0	0	0
Depreciation and amortization expense	0	0	0	0
Loss from investments	(318,000)	(678,000)	(3,213,000)	(3,301,000)
Income tax expense	0	0	0	0
Net income (loss)	(318,000)	(678,000)	(3,213,000)	(3,301,000)
Total assets	10,335,000	16,446,000	10,335,000	16,446,000
Corporate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Segment operating expenses	(828,000)	(752,000)	(2,389,000)	(2,082,000)
Segment income (loss) from operations	(828,000)	(752,000)	(2,389,000)	(2,082,000)
Interest expense - mortgage	0	0	0	0
Depreciation and amortization expense	0	0	0	0
Loss from investments	0	0	0	0
Income tax expense	(11,000)	(159,000)	(430,000)	(386,000)
Net income (loss)	(839,000)	(911,000)	(2,819,000)	(2,468,000)
Total assets	$ 7,812,000	$ 10,971,000	$ 7,812,000	$ 10,971,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	May 12, 2017	Feb. 03, 2017	Jul. 02, 2014	Apr. 30, 2017	Mar. 31, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Payments to Acquire Limited Partnership Interests					$ 1,550,000
Management Fee Payable					200,000
Other Notes Payable					5,827,000	$ 6,112,000
Key Money Incentive Advance To Related Party		$ 2,000,000			$ 2,000,000
Management Services Agreement Term					10 years
Due from Related Parties					$ 2,000,000
Interest Free Development Incentive Note [Member]
Related Party Transaction [Line Items]
Increase (Decrease) in Notes Payable, Related Parties					316,000
Other Notes Payable					$ 3,720,000	3,958,000
Mortgage Loan [Member] | Additional Guarantor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 97,000,000
Mezzanine Loan [Member] | Additional Indemnitor [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 20,000,000
Portsmouth [Member]
Related Party Transaction [Line Items]
Debt Instrument, Term				5 months
Justice [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties						$ 316,000
Intergroup [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount			$ 4,250,000
Debt Instrument, Interest Rate, Stated Percentage			12.00%
Debt Instrument, Term			2 years
Debt Instrument, Maturity Date					Dec. 31, 2018
Debt Instrument Fee Percentage			3.00%
Portsmouth Square, Inc [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount				$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage				5.00%