Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Dec. 31, 2013 | Feb. 03, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'PRSI | ' |
Entity Common Stock, Shares Outstanding | ' | 734,183 |
Entity Registrant Name | 'PORTSMOUTH SQUARE INC | ' |
Entity Central Index Key | '0000079661 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
ASSETS | ' | ' |
Investment in hotel, net | $33,219,000 | $34,048,000 |
Investment in real estate | 973,000 | 973,000 |
Investment in marketable securities | 3,360,000 | 3,324,000 |
Other investments, net | 5,157,000 | 5,160,000 |
Cash and cash equivalents | 2,426,000 | 668,000 |
Restricted cash - redemption | 19,091,000 | 0 |
Restricted cash - mortgage impounds | 852,000 | 0 |
Accounts receivable, net | 1,580,000 | 1,957,000 |
Other assets, net | 3,594,000 | 2,004,000 |
Deferred tax asset | 5,454,000 | 3,193,000 |
Total assets | 75,706,000 | 51,327,000 |
Liabilities: | ' | ' |
Accounts payable and other liabilities | 13,884,000 | 9,176,000 |
Redemption payable | 19,091,000 | 0 |
Due to securities broker | 286,000 | 579,000 |
Obligations for securities sold | 518,000 | 531,000 |
Other notes payable | 731,000 | 1,595,000 |
Mortgage and subordinated notes payable | 117,000,000 | 43,413,000 |
Total liabilities | 151,510,000 | 55,294,000 |
Commitments and contingencies | ' | ' |
Shareholders' deficit: | ' | ' |
Common stock, no par value: Authorized shares - 750,000; 734,183 shares issued and outstanding | 2,092,000 | 2,092,000 |
Additional paid-in-capital | 0 | 916,000 |
Retained earnings (accumulated deficit) | -71,750,000 | 574,000 |
Total Portsmouth shareholders' (deficit) equity | -69,658,000 | 3,582,000 |
Noncontrolling interest | -6,146,000 | -7,549,000 |
Total shareholders' deficit | -75,804,000 | -3,967,000 |
Total liabilities and shareholders' deficit | $75,706,000 | $51,327,000 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS [PARENTHETICAL] | Dec. 31, 2013 | Jun. 30, 2013 |
Common stock, shares authorized | 750,000 | 750,000 |
Common stock, shares issued | 734,183 | 734,183 |
Common stock , shares outstanding | 734,183 | 734,183 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue - Hotel | $12,274,000 | $10,970,000 | $25,579,000 | $23,106,000 |
Costs and operating expenses | ' | ' | ' | ' |
Hotel operating expenses | -9,493,000 | -9,398,000 | -19,025,000 | -18,562,000 |
Hotel restructuring costs | -7,295,000 | 0 | -7,295,000 | 0 |
Hotel occupancy tax - penalty fees | -1,084,000 | 0 | -1,084,000 | 0 |
Hotel depreciation and amortization expense | -698,000 | -568,000 | -1,298,000 | -1,126,000 |
General and administrative expense | -174,000 | -171,000 | -343,000 | -340,000 |
Total costs and operating expenses | -18,744,000 | -10,137,000 | -29,045,000 | -20,028,000 |
Income (loss) from operations | -6,470,000 | 833,000 | -3,466,000 | 3,078,000 |
Other income (expense) | ' | ' | ' | ' |
Interest expense - mortgage | -767,000 | -660,000 | -1,402,000 | -1,324,000 |
Interest expense - occupancy tax | -328,000 | 0 | -328,000 | 0 |
Loss on extinguishment of debt | -3,910,000 | 0 | -3,910,000 | 0 |
Loss on disposal of assets | -1,092,000 | 0 | -1,092,000 | 0 |
Net gain (loss) on marketable securities | 114,000 | -737,000 | 207,000 | -243,000 |
Net unrealized loss on other investments | -3,000 | -27,000 | -3,000 | -112,000 |
Dividend and interest income | 167,000 | 171,000 | 171,000 | 178,000 |
Trading and margin interest expense | -57,000 | -55,000 | -123,000 | -109,000 |
Other expense, net | -5,876,000 | -1,308,000 | -6,480,000 | -1,610,000 |
Income (loss) before income taxes | -12,346,000 | -475,000 | -9,946,000 | 1,468,000 |
Income tax benefit (expense) | 2,732,000 | 165,000 | 2,261,000 | -159,000 |
Net (loss) income | -9,614,000 | -310,000 | -7,685,000 | 1,309,000 |
Less: Net loss (income) attributable to the noncontrolling interest | 955,000 | -127,000 | -257,000 | -944,000 |
Net (loss) income attributable to Portsmouth | ($8,659,000) | ($437,000) | ($7,942,000) | $365,000 |
Basic and diluted net (loss) income per share attributable to Portsmouth (in dollars per share) | ($11.79) | ($0.60) | ($10.82) | $0.50 |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 734,183 | 734,183 | 734,183 | 734,183 |
CONDENDSED_CONSOLIDATED_STATEM
CONDENDSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net (loss) income | ($7,685,000) | $1,309,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' |
Net unrealized loss on marketable securities | -201,000 | 267,000 |
Unrealized gain on other investments | 3,000 | 112,000 |
Hotel loss on extinguishment of debt | 3,910,000 | 0 |
Loss on disposal of assets | 1,092,000 | 0 |
Depreciation and amortization | 1,298,000 | 1,126,000 |
Changes in assets and liabilities: | ' | ' |
Investment in marketable securities | 165,000 | -190,000 |
Accounts receivable | 377,000 | -104,000 |
Other assets | -1,626,000 | -495,000 |
Accounts payable and other liabilities | 4,708,000 | 223,000 |
Due to securities broker | -293,000 | 403,000 |
Obligations for securities sold | -13,000 | -176,000 |
Deferred tax asset | -2,261,000 | 159,000 |
Net cash (used in) provided by operating activities | -526,000 | 2,634,000 |
Cash flows from investing activities: | ' | ' |
Payments for hotel furniture, equipment and building improvements | -1,525,000 | -1,341,000 |
Net cash used in investing activities | -1,525,000 | -1,341,000 |
Cash flows from financing activities: | ' | ' |
Restricted cash - redemption and mortgage impounds | -19,943,000 | 0 |
Redemption payments and dividends to noncontrolling interest | -45,061,000 | -781,000 |
Net borrowings (payments) on mortgage and subordinated notes payable | 69,677,000 | -448,000 |
Payments (borrowings) on other notes payable | -864,000 | 25,000 |
Net cash provided by (used in) financing activities | 3,809,000 | -1,204,000 |
Net increase in cash and cash equivalents | 1,758,000 | 89,000 |
Cash and cash equivalents at the beginning of the period | 668,000 | 1,032,000 |
Cash and cash equivalents at the end of the period | 2,426,000 | 1,121,000 |
Supplemental information: | ' | ' |
Interest paid | $1,438,000 | $1,343,000 |
BASIS_OF_PRESENTATION_AND_SIGN
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | ||
Dec. 31, 2013 | |||
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 Portsmouth Square, Inc. (“Portsmouth” 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 Portsmouth and the notes therein included in the Company's Annual Report on Form 10-K for the year ended June 30, 2013. The June 30, 2013 Condensed Consolidated Balance Sheet was derived from the Company’s Form 10-K for the year ended June 30, 2013. | |||
The results of operations for the three and six months ended December 31, 2013 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2014. | |||
For the three and six months ended December 31, 2013 and 2012, the Company had no components of comprehensive income other than net income itself. | |||
OWNERSHIP AND PROPERTIES | |||
As of December 31, 2013, Santa Fe Financial Corporation (“Santa Fe”), a public company, owns approximately 68.8% of the outstanding common shares of Portsmouth Square, Inc. (“Portsmouth” or the “Company”). Santa Fe is an 80.5%-owned subsidiary of The InterGroup Corporation (“InterGroup”), a public company. InterGroup also directly owns approximately 12.9% of the common stock of Portsmouth. | |||
Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). Portsmouth has a 93% limited partnership interest in Justice and is the sole general partner. The financial statements of Justice are consolidated with those of the Company. | |||
Justice 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. The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. Justice also has a Management Agreement with Prism Hospitality L.P. (Prism) to perform the day-to-day management functions of the Hotel. The parking garage that is part of the Hotel property is managed by Ace Parking pursuant to a contract with the Partnership. | |||
Portsmouth also receives management fees as a general partner of Justice for its services in overseeing and managing the Partnership’s assets. Those fees are eliminated in consolidation. | |||
Basic income (loss) per share is calculated based upon the weighted average number of common shares outstanding during each period. During the three and six months December 31, 2013 and 2012, the Company did not have any potentially dilutive securities outstanding. | |||
JUSTICE PARTNERSHIP REDEMPTION AND RESTRUCTURING | |||
On December 18, 2013, Justice Investors, a California limited partnership (“Justice” or the “Partnership”), completed its Offer to Redeem any and all limited partnership interests not held by Portsmouth Square, Inc. (the “Company”), and the Loan Agreements, as defined in below. In addition, the requisite approval of amendments to its Amended and Restated Agreement of Limited Partnership became effective upon the completion of the Offer to Redeem and the consummation of the Loan Agreements. Such amendments are described in below. As a result, the Company is now the sole General Partner of Justice and controls 93% of Justice. | |||
Justice has accepted tenders, for cash, of approximately 29.173% of the limited partnership interests outstanding prior to the Offer to Redeem, and payments to the holders of such interests, in the amount of $1,385,000 for each 1% tendered, are in the process of being distributed. In addition, Justice has accepted the election of holders of approximately 17.146% of the limited partnership interests outstanding prior to the Offer to Redeem to participate in the alternate redemption structure, which allows them to redeem their limited partnership interests at some time within the next 12 months for certain property or cash or a combination of property and cash. The current and deferred payments to holders or limited partnership interests are classified as restricted cash and, together with the expenses discussed below, totals $19,091,000 and is classified on the balance sheet as redemption payable. The Company, which prior to the Offer to Redeem owned 50% of the then outstanding limited partnership interests, now owns approximately 93% of the limited partnership interests of Justice. | |||
Justice incurred approximately $7,295,000 in hotel restructuring costs relating to the Offer to Redeem and related financing transactions, including a one-time management fee of $1,550,000, approximately $745,000 in legal, accounting and other professional expenses, and a Documentary Transfer Tax fee of approximately $5 million paid to the City of San Francisco. The Documentary Transfer Tax fee was assessed as a condition to recording the transfer of Justice Investors' principal asset to a subsidiary to consummate the redemption. While Justice believes the assessment of the Documentary Transfer tax was inappropriate, the tax was paid, under protest, on advice of Justice’s counsel to allow for the consummation of the redemption. Justice intends to challenge the calculation of the tax. No prediction can be made as to whether the tax will be upheld, or whether any portion of the tax will be refunded. Justice allocated a portion of the Documentary Transfer Tax to certain former limited partners of Justice Investors as a cost of the transaction. Certain of these limited partners have objected to the allocation, and Justice and the limited partners are pursuing non-binding mediation in an attempt to resolve the dispute. No prediction can be given as to the outcome of the dispute. | |||
Justice utilized the book value method to record the redemption of the limited partners. Under book value (bonus) method the remaining partners continue the existing partnership, recording no changes to the book values of the partnership's assets and liabilities. As a result, any revaluation of the existing partnership's assets or liabilities that might be undertaken is solely to determine the settlement price to the outgoing partner. The partner's withdrawal from the partnership is recorded by adjusting the remaining partners' capital accounts with the amount of the bonus, which is allocated according to their income-sharing ratio. The amount of adjustment is equal to the difference between the settlement price paid to the withdrawing partner and the book value of his share of total partnership capital at the time he withdraws. Justice Partner’s capital was reduced by approximately $64.1 million for the redemption. | |||
In connection with the Offer to Redeem, Justice retired existing debt and replaced it with lower-yielding loans, the proceeds of which were used to fund the Offer to Redeem and to provide for additional working capital for the Hotel. Justice incurred a loss on the extinguishment of debt of $3,910,000 which included a yield maintenance (prepayment penalty) expense of $3,808,000 and a write-off of capitalized loan costs on the refinanced debt of approximately $102,000. | |||
The City of San Francisco’s Tax Collector’s office has claimed that Justice owes the City of San Francisco $2.1 million based on the Tax Collector’s interpretation of the San Francisco Business and Tax Regulations Code relating to Transient Occupancy Tax and Tourist Improvement District Assessment. This amount exceeds Justice’s estimate of the taxes owed, and Justice has disputed the claim and is seeking to discharge all penalties and interest charges imposed by the Tax Collector. No prediction can be given at this time as to the outcome of this dispute. | |||
In December 2013, Justice determined to substantially demolish the Hotel’s ground-level Spa (with the exception of the ceilings and certain mechanical systems) to build out additional meeting rooms, a technology lounge and re-locate Hotel offices. Justice believes this will result in a greater guest experience and increases in operating revenues. Justice recorded a loss of approximately $738,000 as a disposal of assets on the closure of the Hotel’s Spa on the lobby level. | |||
Justice Loan Agreements | |||
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”). Justice is the sole member of Mezzanine, and Mezzanine is the sole member of Operating. | |||
The Loan Agreements provide for a $97,000,000 Mortgage Loan and a $20,000,000 Mezzanine Loan. The proceeds of the Loan Agreements were used to fund the redemption of limited partnership interests described above and the pay-off of the prior mortgage. | |||
The Mortgage Loan is secured by the Partnership’s principal asset, the Hilton San Francisco-Financial District (the “Property”). The Mortgage Loan initially bears an interest rate of 5.28% per annum and matures in 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. The Mortgage Loan also requires payments for impounds related to property tax, insurance and capital improvement reserves. As additional security for the Mortgage Loan, there is a limited guaranty (“Mortgage Guaranty”) executed by the Company in favor of Mortgage Lender. | |||
The Mezzanine Loan is a secured by the Operating membership interest held by Mezzanine and is subordinated to the Mortgage Loan. The Mezzanine Loan initially bears interest at 9.75% per annum and matures in January, 2024. Interest only is payable monthly. As additional security for the Mezzanine Loan, there is a limited guaranty executed by the Company in favor of Mezzanine Lender (the “Mezzanine Guaranty” and, together with the Mortgage Guaranty, the “Guaranties”). | |||
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 will be full recourse guaranties under identified circumstances, including failure to maintain “single purpose” status, transfer of the Property in violation of the applicable loan documents and the Property becoming subject to a bankruptcy proceeding. Pursuant to the Guaranties, the Company is required to maintain a certain minimum net worth and liquidity. As of December 31, 2013, the Company 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. | |||
Limited Partnership Agreement Amendments | |||
In conjunction with the Offer to Redeem, the Partnership solicited and obtained consents from holders of the requisite limited partnership interests to amendments to the Justice Amended and Restated Agreement of Limited Partnership, which became effective upon the completion of the Offer to Redeem and the consummation of the Loan Agreements. The amendments included the following changes to the Justice Amended and Restated Agreement of Limited Partnership: | |||
· | Providing for a single general partner; | ||
· | Providing for Class B limited partnership interests, which, if issued, would represent interests in the Partnership; and | ||
· | Permitting the General Partner to admit additional limited partners, subject to certain restrictions. | ||
INVESTMENT_IN_HOTEL_NET
INVESTMENT IN HOTEL, NET | 6 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Real Estate [Abstract] | ' | ||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||||
NOTE 2 – INVESTMENT IN HOTEL, NET | |||||||||||
Investment in hotel consisted of the following as of: | |||||||||||
Accumulated | Net Book | ||||||||||
31-Dec-13 | Cost | Depreciation | Value | ||||||||
Land | $ | 1,124,000 | $ | - | $ | 1,124,000 | |||||
Furniture and equipment | 22,162,000 | -21,296,000 | 866,000 | ||||||||
Building and improvements | 50,710,000 | -19,481,000 | 31,229,000 | ||||||||
$ | 73,996,000 | $ | -40,777,000 | $ | 33,219,000 | ||||||
Accumulated | Net Book | ||||||||||
30-Jun-13 | Cost | Depreciation | Value | ||||||||
Land | $ | 1,124,000 | $ | - | $ | 1,124,000 | |||||
Furniture and equipment | 22,270,000 | -19,312,000 | 2,958,000 | ||||||||
Building and improvements | 50,473,000 | -20,507,000 | 29,966,000 | ||||||||
$ | 73,867,000 | $ | -39,819,000 | $ | 34,048,000 | ||||||
INVESTMENT_IN_MARKETABLE_SECUR
INVESTMENT IN MARKETABLE SECURITIES | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 3 - INVESTMENT IN MARKETABLE SECURITIES | |||||||||||||||||
The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also invested in corporate bonds and income producing securities, which may include interests in real estate based companies and REITs, where financial benefit could insure to its shareholders through income and/or capital gain. | |||||||||||||||||
At December 31, 2013 and June 30, 2013, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows: | |||||||||||||||||
Gross | Gross | Net | Fair | ||||||||||||||
Investment | Cost | Unrealized Gain | Unrealized Loss | Unrealized Gain | Value | ||||||||||||
As of December 31, 2013 | |||||||||||||||||
Corporate | |||||||||||||||||
Equities | $ | 2,850,000 | $ | 1,178,000 | $ | -668,000 | $ | 510,000 | $ | 3,360,000 | |||||||
As of June 30, 2013 | |||||||||||||||||
Corporate | |||||||||||||||||
Equities | $ | 3,104,000 | $ | 992,000 | $ | -772,000 | $ | 220,000 | $ | 3,324,000 | |||||||
As of December 31, 2013 and June 30, 2013, the Company had $621,000 and $637,000, respectively, of unrealized losses related to securities held for over one year. | |||||||||||||||||
Net gain (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 three and six months December 31, 2013 and 2012, respectively. | |||||||||||||||||
For the three months ended December 31, | 2013 | 2012 | |||||||||||||||
Realized gain on marketable securities | $ | 78,000 | $ | 1,000 | |||||||||||||
Unrealized gain (loss) on marketable securities | 36,000 | -738,000 | |||||||||||||||
Net gain (loss) on marketable securities | $ | 114,000 | $ | -737,000 | |||||||||||||
For the six months ended December 31, | 2013 | 2012 | |||||||||||||||
Realized gain on marketable securities | $ | 6,000 | $ | 24,000 | |||||||||||||
Unrealized gain (loss) on marketable securities | 201,000 | -267,000 | |||||||||||||||
Net gain (loss) on marketable securities | $ | 207,000 | $ | -243,000 | |||||||||||||
OTHER_INVESTMENTS_NET
OTHER INVESTMENTS, NET | 6 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Investment [Abstract] | ' | |||||||
Other Investments Disclosure [Text Block] | ' | |||||||
NOTE 4 – 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, net consist of the following: | ||||||||
Type | December 31, 2013 | June 30, 2013 | ||||||
Preferred stock - Comstock, at cost | $ | 4,410,000 | $ | 4,410,000 | ||||
Private equity hedge fund, at cost | 646,000 | 646,000 | ||||||
Corporate debt and equity instruments, at cost | 101,000 | 101,000 | ||||||
Warrants - at fair value | - | 3,000 | ||||||
$ | 5,157,000 | $ | 5,160,000 | |||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
NOTE 5 - FAIR VALUE MEASUREMENTS | |||||||||||||||||
The carrying values of the Company’s financial instruments not required to be carried at fair value on a recurring basis approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable). | |||||||||||||||||
The assets measured at fair value on a recurring basis are as follows: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Assets: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in marketable securities: | |||||||||||||||||
Basic materials | $ | 1,974,000 | $ | - | $ | - | $ | 1,974,000 | |||||||||
Financial services | 516,000 | - | - | 516,000 | |||||||||||||
Technology | 372,000 | - | - | 372,000 | |||||||||||||
REITs and real estate companies | 162,000 | - | - | 162,000 | |||||||||||||
Other | 336,000 | - | - | 336,000 | |||||||||||||
$ | 3,360,000 | $ | - | $ | - | $ | 3,360,000 | ||||||||||
As of June 30, 2013 | |||||||||||||||||
Assets: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents - money market | $ | 3,000 | $ | - | $ | - | $ | 3,000 | |||||||||
Other investments - warrants | - | - | 3,000 | 3,000 | |||||||||||||
Investment in marketable securities: | |||||||||||||||||
Basic materials | 1,513,000 | - | - | 1,513,000 | |||||||||||||
Technology | 622,000 | - | - | 622,000 | |||||||||||||
Financial services | 526,000 | - | - | 526,000 | |||||||||||||
REITs and real estate companies | 255,000 | - | - | 255,000 | |||||||||||||
Other | 408,000 | - | - | 408,000 | |||||||||||||
3,324,000 | - | - | 3,324,000 | ||||||||||||||
$ | 3,327,000 | $ | - | $ | 3,000 | $ | 3,330,000 | ||||||||||
The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model. | |||||||||||||||||
Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, net (non-marketable securities),” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows: | |||||||||||||||||
Net loss for the six months | |||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | December 31, 2013 | ended December 31, 2013 | ||||||||||||
Other non-marketable investments | $ | - | $ | - | $ | 5,157,000 | $ | 5,157,000 | $ | - | |||||||
Net loss for the six months | |||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | June 30, 2013 | ended December 31, 2012 | ||||||||||||
Other non-marketable investments | $ | - | $ | - | $ | 5,157,000 | $ | 5,157,000 | $ | - | |||||||
Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments and holds less than 20% ownership in each of the investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
NOTE 6 - SEGMENT INFORMATION | ||||||||||||||
The Company operates in two reportable segments, the operation of the hotel (“Hotel Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These two operating segments, as presented in the consolidated financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this same information. | ||||||||||||||
Information below represents reporting segments for the three and six months December 31, 2013 and 2012, respectively. Operating income from Hotel operations consists of the operation of the hotel and operation of the garage. Operating income for investment transactions consist of net investment income and dividend and interest income. | ||||||||||||||
As of and for the three months | Hotel | Investment | ||||||||||||
ended December 31, 2013 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 12,274,000 | $ | - | $ | - | $ | 12,274,000 | ||||||
Segment operating expenses | -17,872,000 | - | -174,000 | -18,046,000 | ||||||||||
Segment loss | -5,598,000 | - | -174,000 | -5,772,000 | ||||||||||
Interest expense - mortgage | -767,000 | - | - | -767,000 | ||||||||||
Interest expense - occupancy tax | -328,000 | - | - | -328,000 | ||||||||||
Loss on extinguishment of debt | -3,910,000 | - | - | -3,910,000 | ||||||||||
Loss on disposal of assets | -1,092,000 | - | - | -1,092,000 | ||||||||||
Depreciation and amortization expense | -698,000 | - | - | -698,000 | ||||||||||
Income from investments | - | 221,000 | - | 221,000 | ||||||||||
Income tax benefit | - | - | 2,732,000 | 2,732,000 | ||||||||||
Net income (loss) | $ | -12,393,000 | $ | 221,000 | $ | 2,558,000 | $ | -9,614,000 | ||||||
Total assets | $ | 33,219,000 | $ | 8,517,000 | $ | 33,970,000 | $ | 75,706,000 | ||||||
As of and for the three months | Hotel | Investment | ||||||||||||
ended December 31, 2012 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 10,970,000 | $ | - | $ | - | $ | 10,970,000 | ||||||
Segment operating expenses | -9,398,000 | - | -171,000 | -9,569,000 | ||||||||||
Segment income (loss) | 1,572,000 | - | -171,000 | 1,401,000 | ||||||||||
Interest expense - mortgage | -660,000 | - | - | -660,000 | ||||||||||
Depreciation and amortization expense | -568,000 | - | - | -568,000 | ||||||||||
Loss from investments | - | -648,000 | - | -648,000 | ||||||||||
Income tax benefit | - | - | 165,000 | 165,000 | ||||||||||
Net income (loss) | $ | 344,000 | $ | -648,000 | $ | -6,000 | $ | -310,000 | ||||||
Total assets | $ | 33,073,000 | $ | 7,805,000 | $ | 9,746,000 | $ | 50,624,000 | ||||||
As of and for the six months | Hotel | Investment | ||||||||||||
ended December 31, 2013 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 25,579,000 | $ | - | $ | - | $ | 25,579,000 | ||||||
Segment operating expenses | -27,404,000 | - | -343,000 | -27,747,000 | ||||||||||
Segment loss | -1,825,000 | - | -343,000 | -2,168,000 | ||||||||||
Interest expense - mortgage | -1,402,000 | - | - | -1,402,000 | ||||||||||
Interest expense - occupancy tax | -328,000 | - | - | -328,000 | ||||||||||
Loss on extinguishment of debt | -3,910,000 | - | - | -3,910,000 | ||||||||||
Loss on disposal of assets | -1,092,000 | - | - | -1,092,000 | ||||||||||
Depreciation and amortization expense | -1,298,000 | - | - | -1,298,000 | ||||||||||
Income from investments | - | 252,000 | - | 252,000 | ||||||||||
Income tax benefit | - | - | 2,261,000 | 2,261,000 | ||||||||||
Net income (loss) | $ | -9,855,000 | $ | 252,000 | $ | 1,918,000 | $ | -7,685,000 | ||||||
Total assets | $ | 33,219,000 | $ | 8,517,000 | $ | 33,970,000 | $ | 75,706,000 | ||||||
As of and for the six months | Hotel | Investment | ||||||||||||
ended December 31, 2012 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 23,106,000 | $ | - | $ | - | $ | 23,106,000 | ||||||
Segment operating expenses | -18,562,000 | - | -340,000 | -18,902,000 | ||||||||||
Segment income (loss) | 4,544,000 | - | -340,000 | 4,204,000 | ||||||||||
Interest expense | -1,324,000 | - | - | -1,324,000 | ||||||||||
Depreciation and amortization expense | -1,126,000 | - | - | -1,126,000 | ||||||||||
Loss from investments | - | -286,000 | - | -286,000 | ||||||||||
Income tax expense | - | - | -159,000 | -159,000 | ||||||||||
Net income (loss) | $ | 2,094,000 | $ | -286,000 | $ | -499,000 | $ | 1,309,000 | ||||||
Total assets | $ | 33,073,000 | $ | 7,805,000 | $ | 9,746,000 | $ | 50,624,000 | ||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE 7 - RELATED PARTY TRANSACTIONS | |
Certain shared costs and expenses, primarily administrative expenses, rent and insurance are allocated among the Company, the Company’s parent, Santa Fe and InterGroup, the parent of Santa Fe, based on management's estimate of the pro rata utilization of resources. For the three months ended December 31, 2013 and 2012, these expenses were approximately $18,000 for each respective period. For the six months ended December 31, 2013 and 2012, these expenses were approximately $36,000 for each respective period. | |
During the three months ended December 31, 2013 and 2012, the Company received management fees from Justice Investors totaling $108,000 and $89,000, respectively. During the six months ended December 31, 2013 and 2012, the Company received management fees from Justice Investors totaling $220,000 and $201,000, respectively. These amounts were eliminated in consolidation. | |
In connection with the redemption of limited partnership interests of Justice Investors, Limited Partnership described in Note 1 above, Justice Operating Company, LLC agreed to pay a total of $1,550,000 in fees to certain officers and directors of the Company for services rendered in connection with the redemption of partnership interests, refinancing of Justice’s properties and reorganization of Justice Investors. This agreement was superseded by a letter dated December 11, 2013 from Justice Investors, Limited Partnership, in which Justice Investors Limited Partnership assumed the payment obligations of Justice Operating Company, LLC. The first payment under this agreement was made concurrently with the closing of the loan agreements described in Note 1 above, with the remaining payments due upon Justice Investor’s having adequate available cash as described in the letter. | |
Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of InterGroup. | |
John V. Winfield serves as Chief Executive Officer and Chairman of the Company, Santa Fe, and InterGroup. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family, Santa Fe and InterGroup may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and his family members, and the resources of Santa Fe and InterGroup, at risk in connection with investment decisions made on behalf of the Company. | |
BASIS_OF_PRESENTATION_AND_SIGN1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Justice ownership and properties [Policy Text Block] | ' | ||
OWNERSHIP AND PROPERTIES | |||
As of December 31, 2013, Santa Fe Financial Corporation (“Santa Fe”), a public company, owns approximately 68.8% of the outstanding common shares of Portsmouth Square, Inc. (“Portsmouth” or the “Company”). Santa Fe is an 80.5%-owned subsidiary of The InterGroup Corporation (“InterGroup”), a public company. InterGroup also directly owns approximately 12.9% of the common stock of Portsmouth. | |||
Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). Portsmouth has a 93% limited partnership interest in Justice and is the sole general partner. The financial statements of Justice are consolidated with those of the Company. | |||
Justice 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. The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. Justice also has a Management Agreement with Prism Hospitality L.P. (Prism) to perform the day-to-day management functions of the Hotel. The parking garage that is part of the Hotel property is managed by Ace Parking pursuant to a contract with the Partnership. | |||
Portsmouth also receives management fees as a general partner of Justice for its services in overseeing and managing the Partnership’s assets. Those fees are eliminated in consolidation. | |||
Basic income (loss) per share is calculated based upon the weighted average number of common shares outstanding during each period. During the three and six months December 31, 2013 and 2012, the Company did not have any potentially dilutive securities outstanding. | |||
Justice partnership redemption [Policy Text Block] | ' | ||
JUSTICE PARTNERSHIP REDEMPTION AND RESTRUCTURING | |||
On December 18, 2013, Justice Investors, a California limited partnership (“Justice” or the “Partnership”), completed its Offer to Redeem any and all limited partnership interests not held by Portsmouth Square, Inc. (the “Company”), and the Loan Agreements, as defined in below. In addition, the requisite approval of amendments to its Amended and Restated Agreement of Limited Partnership became effective upon the completion of the Offer to Redeem and the consummation of the Loan Agreements. Such amendments are described in below. As a result, the Company is now the sole General Partner of Justice and controls 93% of Justice. | |||
Justice has accepted tenders, for cash, of approximately 29.173% of the limited partnership interests outstanding prior to the Offer to Redeem, and payments to the holders of such interests, in the amount of $1,385,000 for each 1% tendered, are in the process of being distributed. In addition, Justice has accepted the election of holders of approximately 17.146% of the limited partnership interests outstanding prior to the Offer to Redeem to participate in the alternate redemption structure, which allows them to redeem their limited partnership interests at some time within the next 12 months for certain property or cash or a combination of property and cash. The current and deferred payments to holders or limited partnership interests are classified as restricted cash and, together with the expenses discussed below, totals $19,091,000 and is classified on the balance sheet as redemption payable. The Company, which prior to the Offer to Redeem owned 50% of the then outstanding limited partnership interests, now owns approximately 93% of the limited partnership interests of Justice. | |||
Justice incurred approximately $7,295,000 in hotel restructuring costs relating to the Offer to Redeem and related financing transactions, including a one-time management fee of $1,550,000, approximately $745,000 in legal, accounting and other professional expenses, and a Documentary Transfer Tax fee of approximately $5 million paid to the City of San Francisco. The Documentary Transfer Tax fee was assessed as a condition to recording the transfer of Justice Investors' principal asset to a subsidiary to consummate the redemption. While Justice believes the assessment of the Documentary Transfer tax was inappropriate, the tax was paid, under protest, on advice of Justice’s counsel to allow for the consummation of the redemption. Justice intends to challenge the calculation of the tax. No prediction can be made as to whether the tax will be upheld, or whether any portion of the tax will be refunded. Justice allocated a portion of the Documentary Transfer Tax to certain former limited partners of Justice Investors as a cost of the transaction. Certain of these limited partners have objected to the allocation, and Justice and the limited partners are pursuing non-binding mediation in an attempt to resolve the dispute. No prediction can be given as to the outcome of the dispute. | |||
Justice utilized the book value method to record the redemption of the limited partners. Under book value (bonus) method the remaining partners continue the existing partnership, recording no changes to the book values of the partnership's assets and liabilities. As a result, any revaluation of the existing partnership's assets or liabilities that might be undertaken is solely to determine the settlement price to the outgoing partner. The partner's withdrawal from the partnership is recorded by adjusting the remaining partners' capital accounts with the amount of the bonus, which is allocated according to their income-sharing ratio. The amount of adjustment is equal to the difference between the settlement price paid to the withdrawing partner and the book value of his share of total partnership capital at the time he withdraws. Justice Partner’s capital was reduced by approximately $64.1 million for the redemption. | |||
In connection with the Offer to Redeem, Justice retired existing debt and replaced it with lower-yielding loans, the proceeds of which were used to fund the Offer to Redeem and to provide for additional working capital for the Hotel. Justice incurred a loss on the extinguishment of debt of $3,910,000 which included a yield maintenance (prepayment penalty) expense of $3,808,000 and a write-off of capitalized loan costs on the refinanced debt of approximately $102,000. | |||
The City of San Francisco’s Tax Collector’s office has claimed that Justice owes the City of San Francisco $2.1 million based on the Tax Collector’s interpretation of the San Francisco Business and Tax Regulations Code relating to Transient Occupancy Tax and Tourist Improvement District Assessment. This amount exceeds Justice’s estimate of the taxes owed, and Justice has disputed the claim and is seeking to discharge all penalties and interest charges imposed by the Tax Collector. No prediction can be given at this time as to the outcome of this dispute. | |||
In December 2013, Justice determined to substantially demolish the Hotel’s ground-level Spa (with the exception of the ceilings and certain mechanical systems) to build out additional meeting rooms, a technology lounge and re-locate Hotel offices. Justice believes this will result in a greater guest experience and increases in operating revenues. Justice recorded a loss of approximately $738,000 as a disposal of assets on the closure of the Hotel’s Spa on the lobby level. | |||
Justice Loan Agreements [Policy Text Block] | ' | ||
Justice Loan Agreements | |||
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”). Justice is the sole member of Mezzanine, and Mezzanine is the sole member of Operating. | |||
The Loan Agreements provide for a $97,000,000 Mortgage Loan and a $20,000,000 Mezzanine Loan. The proceeds of the Loan Agreements were used to fund the redemption of limited partnership interests described above and the pay-off of the prior mortgage. | |||
The Mortgage Loan is secured by the Partnership’s principal asset, the Hilton San Francisco-Financial District (the “Property”). The Mortgage Loan initially bears an interest rate of 5.28% per annum and matures in 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. The Mortgage Loan also requires payments for impounds related to property tax, insurance and capital improvement reserves. As additional security for the Mortgage Loan, there is a limited guaranty (“Mortgage Guaranty”) executed by the Company in favor of Mortgage Lender. | |||
The Mezzanine Loan is a secured by the Operating membership interest held by Mezzanine and is subordinated to the Mortgage Loan. The Mezzanine Loan initially bears interest at 9.75% per annum and matures in January, 2024. Interest only is payable monthly. As additional security for the Mezzanine Loan, there is a limited guaranty executed by the Company in favor of Mezzanine Lender (the “Mezzanine Guaranty” and, together with the Mortgage Guaranty, the “Guaranties”). | |||
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 will be full recourse guaranties under identified circumstances, including failure to maintain “single purpose” status, transfer of the Property in violation of the applicable loan documents and the Property becoming subject to a bankruptcy proceeding. Pursuant to the Guaranties, the Company is required to maintain a certain minimum net worth and liquidity. As of December 31, 2013, the Company 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. | |||
Limited Partnership Agreement Amendments [Policy Text Block] | ' | ||
Limited Partnership Agreement Amendments | |||
In conjunction with the Offer to Redeem, the Partnership solicited and obtained consents from holders of the requisite limited partnership interests to amendments to the Justice Amended and Restated Agreement of Limited Partnership, which became effective upon the completion of the Offer to Redeem and the consummation of the Loan Agreements. The amendments included the following changes to the Justice Amended and Restated Agreement of Limited Partnership: | |||
· | Providing for a single general partner; | ||
· | Providing for Class B limited partnership interests, which, if issued, would represent interests in the Partnership; and | ||
· | Permitting the General Partner to admit additional limited partners, subject to certain restrictions. | ||
INVESTMENT_IN_HOTEL_NET_Tables
INVESTMENT IN HOTEL, NET (Tables) | 6 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||
Investment in hotel consisted of the following as of: | |||||||||||
Accumulated | Net Book | ||||||||||
31-Dec-13 | Cost | Depreciation | Value | ||||||||
Land | $ | 1,124,000 | $ | - | $ | 1,124,000 | |||||
Furniture and equipment | 22,162,000 | -21,296,000 | 866,000 | ||||||||
Building and improvements | 50,710,000 | -19,481,000 | 31,229,000 | ||||||||
$ | 73,996,000 | $ | -40,777,000 | $ | 33,219,000 | ||||||
Accumulated | Net Book | ||||||||||
30-Jun-13 | Cost | Depreciation | Value | ||||||||
Land | $ | 1,124,000 | $ | - | $ | 1,124,000 | |||||
Furniture and equipment | 22,270,000 | -19,312,000 | 2,958,000 | ||||||||
Building and improvements | 50,473,000 | -20,507,000 | 29,966,000 | ||||||||
$ | 73,867,000 | $ | -39,819,000 | $ | 34,048,000 | ||||||
INVESTMENT_IN_MARKETABLE_SECUR1
INVESTMENT IN MARKETABLE SECURITIES (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities [Table Text Block] | ' | ||||||||||||||||
The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows: | |||||||||||||||||
Gross | Gross | Net | Fair | ||||||||||||||
Investment | Cost | Unrealized Gain | Unrealized Loss | Unrealized Gain | Value | ||||||||||||
As of December 31, 2013 | |||||||||||||||||
Corporate | |||||||||||||||||
Equities | $ | 2,850,000 | $ | 1,178,000 | $ | -668,000 | $ | 510,000 | $ | 3,360,000 | |||||||
As of June 30, 2013 | |||||||||||||||||
Corporate | |||||||||||||||||
Equities | $ | 3,104,000 | $ | 992,000 | $ | -772,000 | $ | 220,000 | $ | 3,324,000 | |||||||
Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||
Below is the composition of the two components for the three and six months December 31, 2013 and 2012, respectively. | |||||||||||||||||
For the three months ended December 31, | 2013 | 2012 | |||||||||||||||
Realized gain on marketable securities | $ | 78,000 | $ | 1,000 | |||||||||||||
Unrealized gain (loss) on marketable securities | 36,000 | -738,000 | |||||||||||||||
Net gain (loss) on marketable securities | $ | 114,000 | $ | -737,000 | |||||||||||||
For the six months ended December 31, | 2013 | 2012 | |||||||||||||||
Realized gain on marketable securities | $ | 6,000 | $ | 24,000 | |||||||||||||
Unrealized gain (loss) on marketable securities | 201,000 | -267,000 | |||||||||||||||
Net gain (loss) on marketable securities | $ | 207,000 | $ | -243,000 | |||||||||||||
OTHER_INVESTMENTS_NET_Tables
OTHER INVESTMENTS, NET (Tables) | 6 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Investment [Abstract] | ' | |||||||
Other Investments [Table Text Block] | ' | |||||||
Other investments, net consist of the following: | ||||||||
Type | December 31, 2013 | June 30, 2013 | ||||||
Preferred stock - Comstock, at cost | $ | 4,410,000 | $ | 4,410,000 | ||||
Private equity hedge fund, at cost | 646,000 | 646,000 | ||||||
Corporate debt and equity instruments, at cost | 101,000 | 101,000 | ||||||
Warrants - at fair value | - | 3,000 | ||||||
$ | 5,157,000 | $ | 5,160,000 | |||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
The assets measured at fair value on a recurring basis are as follows: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Assets: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in marketable securities: | |||||||||||||||||
Basic materials | $ | 1,974,000 | $ | - | $ | - | $ | 1,974,000 | |||||||||
Financial services | 516,000 | - | - | 516,000 | |||||||||||||
Technology | 372,000 | - | - | 372,000 | |||||||||||||
REITs and real estate companies | 162,000 | - | - | 162,000 | |||||||||||||
Other | 336,000 | - | - | 336,000 | |||||||||||||
$ | 3,360,000 | $ | - | $ | - | $ | 3,360,000 | ||||||||||
As of June 30, 2013 | |||||||||||||||||
Assets: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents - money market | $ | 3,000 | $ | - | $ | - | $ | 3,000 | |||||||||
Other investments - warrants | - | - | 3,000 | 3,000 | |||||||||||||
Investment in marketable securities: | |||||||||||||||||
Basic materials | 1,513,000 | - | - | 1,513,000 | |||||||||||||
Technology | 622,000 | - | - | 622,000 | |||||||||||||
Financial services | 526,000 | - | - | 526,000 | |||||||||||||
REITs and real estate companies | 255,000 | - | - | 255,000 | |||||||||||||
Other | 408,000 | - | - | 408,000 | |||||||||||||
3,324,000 | - | - | 3,324,000 | ||||||||||||||
$ | 3,327,000 | $ | - | $ | 3,000 | $ | 3,330,000 | ||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | ' | ||||||||||||||||
The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows: | |||||||||||||||||
Net loss for the six months | |||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | December 31, 2013 | ended December 31, 2013 | ||||||||||||
Other non-marketable investments | $ | - | $ | - | $ | 5,157,000 | $ | 5,157,000 | $ | - | |||||||
Net loss for the six months | |||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | June 30, 2013 | ended December 31, 2012 | ||||||||||||
Other non-marketable investments | $ | - | $ | - | $ | 5,157,000 | $ | 5,157,000 | $ | - | |||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||
Information below represents reporting segments for the three and six months December 31, 2013 and 2012, respectively. Operating income from Hotel operations consists of the operation of the hotel and operation of the garage. Operating income for investment transactions consist of net investment income and dividend and interest income. | ||||||||||||||
As of and for the three months | Hotel | Investment | ||||||||||||
ended December 31, 2013 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 12,274,000 | $ | - | $ | - | $ | 12,274,000 | ||||||
Segment operating expenses | -17,872,000 | - | -174,000 | -18,046,000 | ||||||||||
Segment loss | -5,598,000 | - | -174,000 | -5,772,000 | ||||||||||
Interest expense - mortgage | -767,000 | - | - | -767,000 | ||||||||||
Interest expense - occupancy tax | -328,000 | - | - | -328,000 | ||||||||||
Loss on extinguishment of debt | -3,910,000 | - | - | -3,910,000 | ||||||||||
Loss on disposal of assets | -1,092,000 | - | - | -1,092,000 | ||||||||||
Depreciation and amortization expense | -698,000 | - | - | -698,000 | ||||||||||
Income from investments | - | 221,000 | - | 221,000 | ||||||||||
Income tax benefit | - | - | 2,732,000 | 2,732,000 | ||||||||||
Net income (loss) | $ | -12,393,000 | $ | 221,000 | $ | 2,558,000 | $ | -9,614,000 | ||||||
Total assets | $ | 33,219,000 | $ | 8,517,000 | $ | 33,970,000 | $ | 75,706,000 | ||||||
As of and for the three months | Hotel | Investment | ||||||||||||
ended December 31, 2012 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 10,970,000 | $ | - | $ | - | $ | 10,970,000 | ||||||
Segment operating expenses | -9,398,000 | - | -171,000 | -9,569,000 | ||||||||||
Segment income (loss) | 1,572,000 | - | -171,000 | 1,401,000 | ||||||||||
Interest expense - mortgage | -660,000 | - | - | -660,000 | ||||||||||
Depreciation and amortization expense | -568,000 | - | - | -568,000 | ||||||||||
Loss from investments | - | -648,000 | - | -648,000 | ||||||||||
Income tax benefit | - | - | 165,000 | 165,000 | ||||||||||
Net income (loss) | $ | 344,000 | $ | -648,000 | $ | -6,000 | $ | -310,000 | ||||||
Total assets | $ | 33,073,000 | $ | 7,805,000 | $ | 9,746,000 | $ | 50,624,000 | ||||||
As of and for the six months | Hotel | Investment | ||||||||||||
ended December 31, 2013 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 25,579,000 | $ | - | $ | - | $ | 25,579,000 | ||||||
Segment operating expenses | -27,404,000 | - | -343,000 | -27,747,000 | ||||||||||
Segment loss | -1,825,000 | - | -343,000 | -2,168,000 | ||||||||||
Interest expense - mortgage | -1,402,000 | - | - | -1,402,000 | ||||||||||
Interest expense - occupancy tax | -328,000 | - | - | -328,000 | ||||||||||
Loss on extinguishment of debt | -3,910,000 | - | - | -3,910,000 | ||||||||||
Loss on disposal of assets | -1,092,000 | - | - | -1,092,000 | ||||||||||
Depreciation and amortization expense | -1,298,000 | - | - | -1,298,000 | ||||||||||
Income from investments | - | 252,000 | - | 252,000 | ||||||||||
Income tax benefit | - | - | 2,261,000 | 2,261,000 | ||||||||||
Net income (loss) | $ | -9,855,000 | $ | 252,000 | $ | 1,918,000 | $ | -7,685,000 | ||||||
Total assets | $ | 33,219,000 | $ | 8,517,000 | $ | 33,970,000 | $ | 75,706,000 | ||||||
As of and for the six months | Hotel | Investment | ||||||||||||
ended December 31, 2012 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 23,106,000 | $ | - | $ | - | $ | 23,106,000 | ||||||
Segment operating expenses | -18,562,000 | - | -340,000 | -18,902,000 | ||||||||||
Segment income (loss) | 4,544,000 | - | -340,000 | 4,204,000 | ||||||||||
Interest expense | -1,324,000 | - | - | -1,324,000 | ||||||||||
Depreciation and amortization expense | -1,126,000 | - | - | -1,126,000 | ||||||||||
Loss from investments | - | -286,000 | - | -286,000 | ||||||||||
Income tax expense | - | - | -159,000 | -159,000 | ||||||||||
Net income (loss) | $ | 2,094,000 | $ | -286,000 | $ | -499,000 | $ | 1,309,000 | ||||||
Total assets | $ | 33,073,000 | $ | 7,805,000 | $ | 9,746,000 | $ | 50,624,000 | ||||||
BASIS_OF_PRESENTATION_AND_SIGN2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Percentage Of Limited Partnership Interests Redeemed | 29.17% | ' | 29.17% | ' | ' |
Payments For Redemption of Each One Percent Limited Partnership Interest | $1,385,000 | ' | $1,385,000 | ' | ' |
Alternate Redemption Structure, Approximate Percentage Of Limited Partnership Interest Holders Allowed | 17.15% | ' | 17.15% | ' | ' |
Redemption Payable | 19,091,000 | ' | 19,091,000 | ' | 0 |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | ' | ' | 93.00% | ' | ' |
Restructuring Costs, Total | 7,295,000 | 0 | 7,295,000 | 0 | ' |
Management Fee Expense | ' | ' | 1,550,000 | ' | ' |
Professional Fees | ' | ' | 745,000 | ' | ' |
Documentary Transfer Tax Fee | 5,000,000 | ' | 5,000,000 | ' | ' |
Hotel loss on extinguishment of debt | 3,910,000 | 0 | 3,910,000 | 0 | ' |
Prepayment Penalty Expenses | ' | ' | 3,808,000 | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | 102,000 | ' | ' |
Gain (Loss) on Disposition of Assets for Financial Service Operations | ' | ' | 738,000 | ' | ' |
Mezzanine Loan [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Proceeds from Loan Originations | ' | ' | 20,000,000 | ' | ' |
Short-term Debt, Percentage Bearing Fixed Interest Rate | 9.75% | ' | 9.75% | ' | ' |
Conventional Mortgage Loan [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Proceeds from Loan Originations | ' | ' | 97,000,000 | ' | ' |
Short-term Debt, Percentage Bearing Fixed Interest Rate | 5.28% | ' | 5.28% | ' | ' |
Debt Instrument, Maturity Date, Description | ' | ' | '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. | ' | ' |
Inter Group Corporation [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 68.80% | ' | 68.80% | ' | ' |
Portsmouth [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 12.90% | ' | 12.90% | ' | ' |
Justice Investors [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | ' | ' | 93.00% | ' | ' |
Reduction In Capital Due To Redemption | 64,100,000 | ' | 64,100,000 | ' | ' |
Justice Investors [Member] | Prior To Redeemption [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | ' | ' | 50.00% | ' | ' |
Hotel [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Hotel loss on extinguishment of debt | 3,910,000 | ' | 3,910,000 | ' | ' |
City of San Francisco [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Net | $2,100,000 | ' | $2,100,000 | ' | ' |
INVESTMENT_IN_HOTEL_NET_Detail
INVESTMENT IN HOTEL, NET (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Net Book Value | $33,219,000 | $34,048,000 |
Hotel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 73,996,000 | 73,867,000 |
Accumulated Depreciation | -40,777,000 | -39,819,000 |
Net Book Value | 33,219,000 | 34,048,000 |
Land [Member] | Hotel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 1,124,000 | 1,124,000 |
Accumulated Depreciation | 0 | 0 |
Net Book Value | 1,124,000 | 1,124,000 |
Furniture and Fixtures [Member] | Hotel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 22,162,000 | 22,270,000 |
Accumulated Depreciation | -21,296,000 | -19,312,000 |
Net Book Value | 866,000 | 2,958,000 |
Building Improvements [Member] | Hotel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 50,710,000 | 50,473,000 |
Accumulated Depreciation | -19,481,000 | -20,507,000 |
Net Book Value | $31,229,000 | $29,966,000 |
INVESTMENT_IN_MARKETABLE_SECUR2
INVESTMENT IN MARKETABLE SECURITIES (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | |
Equity Securities [Member] | Equity Securities [Member] | ||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cost | ' | ' | ' | ' | ' | $2,850,000 | $3,104,000 |
Gross Unrealized Gain | ' | ' | ' | ' | ' | 1,178,000 | 992,000 |
Gross Unrealized Loss | ' | ' | ' | ' | ' | -668,000 | -772,000 |
Net Unrealized Gain | 36,000 | -738,000 | 201,000 | -267,000 | ' | 510,000 | 220,000 |
Fair Value | $3,360,000 | ' | $3,360,000 | ' | $3,324,000 | $3,360,000 | $3,324,000 |
INVESTMENT_IN_MARKETABLE_SECUR3
INVESTMENT IN MARKETABLE SECURITIES (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Realized gain on marketable securities | $78,000 | $1,000 | $6,000 | $24,000 |
Unrealized gain (loss) on marketable securities | 36,000 | -738,000 | 201,000 | -267,000 |
Net gain (loss) on marketable securities | $114,000 | ($737,000) | $207,000 | ($243,000) |
INVESTMENT_IN_MARKETABLE_SECUR4
INVESTMENT IN MARKETABLE SECURITIES (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Jun. 30, 2013 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | $621,000 | $637,000 |
OTHER_INVESTMENTS_NET_Details
OTHER INVESTMENTS, NET (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Other Investments [Line Items] | ' | ' |
Other investments, net | $5,157,000 | $5,160,000 |
Preferred Stock - Comstock, At Cost [Member] | ' | ' |
Other Investments [Line Items] | ' | ' |
Other investments, net | 4,410,000 | 4,410,000 |
Private Equity Hedge Fund At Cost [Member] | ' | ' |
Other Investments [Line Items] | ' | ' |
Other investments, net | 646,000 | 646,000 |
Corporate Debt and Equity Instruments At Cost [Member] | ' | ' |
Other Investments [Line Items] | ' | ' |
Other investments, net | 101,000 | 101,000 |
Warrants - at fair value [Member] | ' | ' |
Other Investments [Line Items] | ' | ' |
Other investments, net | $0 | $3,000 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Assets: | ' | ' |
Investment in marketable securities | $3,360,000 | $3,324,000 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents - money market | ' | 3,000 |
Other investments - warrants | ' | 3,000 |
Investment in marketable securities | 3,360,000 | 3,324,000 |
Assets, Fair Value Disclosure | ' | 3,330,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents - money market | ' | 3,000 |
Other investments - warrants | ' | 0 |
Investment in marketable securities | 3,360,000 | 3,324,000 |
Assets, Fair Value Disclosure | ' | 3,327,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents - money market | ' | 0 |
Other investments - warrants | ' | 0 |
Investment in marketable securities | 0 | 0 |
Assets, Fair Value Disclosure | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents - money market | ' | 0 |
Other investments - warrants | ' | 3,000 |
Investment in marketable securities | 0 | 0 |
Assets, Fair Value Disclosure | ' | 3,000 |
Fair Value, Measurements, Recurring [Member] | Basic Materials [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 1,974,000 | 1,513,000 |
Fair Value, Measurements, Recurring [Member] | Basic Materials [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 1,974,000 | 1,513,000 |
Fair Value, Measurements, Recurring [Member] | Basic Materials [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Basic Materials [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Technology [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 372,000 | 622,000 |
Fair Value, Measurements, Recurring [Member] | Technology [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 372,000 | 622,000 |
Fair Value, Measurements, Recurring [Member] | Technology [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Technology [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Financial Services [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 516,000 | 526,000 |
Fair Value, Measurements, Recurring [Member] | Financial Services [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 516,000 | 526,000 |
Fair Value, Measurements, Recurring [Member] | Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Financial Services [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | REIT'S and Real Estate Companies [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 162,000 | 255,000 |
Fair Value, Measurements, Recurring [Member] | REIT'S and Real Estate Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 162,000 | 255,000 |
Fair Value, Measurements, Recurring [Member] | REIT'S and Real Estate Companies [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | REIT'S and Real Estate Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 336,000 | 408,000 |
Fair Value, Measurements, Recurring [Member] | Other1 [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 336,000 | 408,000 |
Fair Value, Measurements, Recurring [Member] | Other1 [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other1 [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 1) (USD $) | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Other non-marketable investments | $5,157,000 | ' | $5,157,000 |
Net loss for the year | 0 | 0 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Other non-marketable investments | 0 | ' | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Other non-marketable investments | 0 | ' | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Other non-marketable investments | $5,157,000 | ' | $5,157,000 |
FAIR_VALUE_MEASUREMENTS_Detail2
FAIR VALUE MEASUREMENTS (Details Textual) | 6 Months Ended |
Dec. 31, 2013 | |
Fair Value Measurements [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. |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $12,274,000 | $10,970,000 | $25,579,000 | $23,106,000 | ' |
Segment operating expenses | -18,046,000 | -9,569,000 | -27,747,000 | -18,902,000 | ' |
Segment income (loss) | -5,772,000 | 1,401,000 | -2,168,000 | 4,204,000 | ' |
Interest expense - mortgage | -767,000 | -660,000 | -1,402,000 | -1,324,000 | ' |
Interest expense - occupancy tax | -328,000 | 0 | -328,000 | 0 | ' |
Loss on extinguishment of debt | -3,910,000 | 0 | -3,910,000 | 0 | ' |
Loss on disposal of assets | -1,092,000 | 0 | -1,092,000 | 0 | ' |
Depreciation and amortization expense | -698,000 | -568,000 | -1,298,000 | -1,126,000 | ' |
Income from investments | 221,000 | -648,000 | 252,000 | -286,000 | ' |
Income tax benefit | 2,732,000 | 165,000 | 2,261,000 | -159,000 | ' |
Net income (loss) | -9,614,000 | -310,000 | -7,685,000 | 1,309,000 | ' |
Total assets | 75,706,000 | 50,624,000 | 75,706,000 | 50,624,000 | 51,327,000 |
Hotel [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 12,274,000 | 10,970,000 | 25,579,000 | 23,106,000 | ' |
Segment operating expenses | -17,872,000 | -9,398,000 | -27,404,000 | -18,562,000 | ' |
Segment income (loss) | -5,598,000 | 1,572,000 | -1,825,000 | 4,544,000 | ' |
Interest expense - mortgage | -767,000 | -660,000 | -1,402,000 | -1,324,000 | ' |
Interest expense - occupancy tax | -328,000 | ' | -328,000 | ' | ' |
Loss on extinguishment of debt | -3,910,000 | ' | -3,910,000 | ' | ' |
Loss on disposal of assets | -1,092,000 | ' | -1,092,000 | ' | ' |
Depreciation and amortization expense | -698,000 | -568,000 | -1,298,000 | -1,126,000 | ' |
Income from investments | 0 | 0 | 0 | 0 | ' |
Income tax benefit | 0 | 0 | 0 | 0 | ' |
Net income (loss) | -12,393,000 | 344,000 | -9,855,000 | 2,094,000 | ' |
Total assets | 33,219,000 | 33,073,000 | 33,219,000 | 33,073,000 | ' |
Investment Transactions [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
Segment operating expenses | 0 | 0 | 0 | 0 | ' |
Segment income (loss) | 0 | 0 | 0 | 0 | ' |
Interest expense - mortgage | 0 | 0 | 0 | 0 | ' |
Interest expense - occupancy tax | 0 | ' | 0 | ' | ' |
Loss on extinguishment of debt | 0 | ' | 0 | ' | ' |
Loss on disposal of assets | 0 | ' | 0 | ' | ' |
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ' |
Income from investments | 221,000 | -648,000 | 252,000 | -286,000 | ' |
Income tax benefit | 0 | 0 | 0 | 0 | ' |
Net income (loss) | 221,000 | -648,000 | 252,000 | -286,000 | ' |
Total assets | 8,517,000 | 7,805,000 | 8,517,000 | 7,805,000 | ' |
Other Property [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
Segment operating expenses | -174,000 | -171,000 | -343,000 | -340,000 | ' |
Segment income (loss) | -174,000 | -171,000 | -343,000 | -340,000 | ' |
Interest expense - mortgage | 0 | 0 | 0 | 0 | ' |
Interest expense - occupancy tax | 0 | ' | 0 | ' | ' |
Loss on extinguishment of debt | 0 | ' | 0 | ' | ' |
Loss on disposal of assets | 0 | ' | 0 | ' | ' |
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ' |
Income from investments | 0 | 0 | 0 | 0 | ' |
Income tax benefit | 2,732,000 | 165,000 | 2,261,000 | -159,000 | ' |
Net income (loss) | 2,558,000 | -6,000 | 1,918,000 | -499,000 | ' |
Total assets | $33,970,000 | $9,746,000 | $33,970,000 | $9,746,000 | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Costs and Expenses, Related Party | $18,000 | $18,000 | $36,000 | $36,000 |
Justice [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Management Fees Revenue | 108,000 | 89,000 | 220,000 | 201,000 |
Payments to Acquire Limited Partnership Interests | ' | ' | $1,550,000 | ' |