Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Oct. 03, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'PORTSMOUTH SQUARE INC | ' |
Entity Central Index Key | '0000079661 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'PRSI | ' |
Entity Common Stock, Shares Outstanding | ' | 734,183 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
ASSETS | ' | ' |
Investment in hotel, net | $35,061,000 | $34,416,000 |
Investment in real estate | 973,000 | 973,000 |
Investment in marketable securities | 2,585,000 | 3,280,000 |
Other investments, net | 5,272,000 | 5,297,000 |
Cash and cash equivalents | 1,774,000 | 1,058,000 |
Restricted cash - redemption | 20,551,000 | 16,163,000 |
Restricted cash - mortgage impounds | 847,000 | 945,000 |
Accounts receivable - hotel, net | 2,347,000 | 1,964,000 |
Other assets, net | 3,496,000 | 3,810,000 |
Deferred tax asset | 7,428,000 | 7,246,000 |
Total assets | 80,334,000 | 75,152,000 |
Liabilities: | ' | ' |
Accounts payable and other liabilities | 12,529,000 | 15,863,000 |
Redemption payable | 20,551,000 | 16,163,000 |
Due to securities broker | 0 | 629,000 |
Obligations for securities sold | 731,000 | 61,000 |
Other notes payable | 4,642,000 | 282,000 |
Mortgage notes payable - hotel | 117,000,000 | 117,000,000 |
Total liabilities | 155,453,000 | 149,998,000 |
Commitments and contingencies | ' | ' |
Shareholders' deficit: | ' | ' |
Common stock, no par value: Authorized shares - 750,000; 734,183 shares issued and outstanding shares | 2,092,000 | 2,092,000 |
Accumulated deficit | -71,017,000 | -70,732,000 |
Total Portsmouth shareholders' deficit | -68,925,000 | -68,640,000 |
Noncontrolling interest | -6,194,000 | -6,206,000 |
Total shareholders' deficit | -75,119,000 | -74,846,000 |
Total liabilities and shareholders' deficit | $80,334,000 | $75,152,000 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] | Sep. 30, 2014 | Jun. 30, 2014 |
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 | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Revenue - Hotel | $14,830,000 | $13,305,000 |
Costs and operating expenses | ' | ' |
Hotel operating expenses | -11,838,000 | -9,532,000 |
Hotel depreciation and amortization expense | -642,000 | -600,000 |
General and administrative expense | -188,000 | -169,000 |
Total costs and operating expenses | -12,668,000 | -10,301,000 |
Income from operations | 2,162,000 | 3,004,000 |
Other income (expense) | ' | ' |
Interest expense - mortgage | -2,024,000 | -635,000 |
Net (loss) gain on marketable securities | -479,000 | 93,000 |
Net unrealized loss on other investments | -25,000 | 0 |
Dividend and interest income | 3,000 | 4,000 |
Trading and margin interest expense | -91,000 | -66,000 |
Other expense, net | -2,616,000 | -604,000 |
Income (loss) before income taxes | -454,000 | 2,400,000 |
Income tax benefit (expense) | 182,000 | -471,000 |
Net (loss) income | -272,000 | 1,929,000 |
Less: Net income attributable to the noncontrolling interest | -13,000 | -1,212,000 |
Net (loss) income attributable to Portsmouth | ($285,000) | $717,000 |
Basic and diluted (loss) income per share attributable to Portsmouth (in dollars per share) | ($0.39) | $0.98 |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 734,183 | 734,183 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net (loss) income | ($272,000) | $1,929,000 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' |
Net unrealized loss (gain) on marketable securities | 522,000 | -165,000 |
Unrealized loss on other investments | 25,000 | 0 |
Depreciation and amortization | 642,000 | 600,000 |
Changes in assets and liabilities: | ' | ' |
Investment in marketable securities | 173,000 | -147,000 |
Accounts receivable | -383,000 | -172,000 |
Other assets | 339,000 | 351,000 |
Accounts payable and other liabilities | -3,333,000 | -1,498,000 |
Due to securities broker | -629,000 | -144,000 |
Obligations for securities sold | 670,000 | 382,000 |
Deferred tax asset | -182,000 | 471,000 |
Net cash (used in) provided by operating activities | -2,428,000 | 1,607,000 |
Cash flows from investing activities: | ' | ' |
Payments for hotel furniture, equipment and building improvements | -1,314,000 | -520,000 |
Net cash used in investing activities | -1,314,000 | -520,000 |
Cash flows from financing activities: | ' | ' |
Proceeds from other notes payable | 4,469,000 | 0 |
Payments of mortgage and other notes payable | -109,000 | -462,000 |
Restricted cash - mortgage impounds | 98,000 | 0 |
Net cash provided by (used in) financing activities | 4,458,000 | -462,000 |
Net increase in cash and cash equivalents | 716,000 | 625,000 |
Cash and cash equivalents at the beginning of the period | 1,058,000 | 668,000 |
Cash and cash equivalents at the end of the period | 1,774,000 | 1,293,000 |
Supplemental information: | ' | ' |
Interest paid | $2,038,000 | $658,000 |
BASIS_OF_PRESENTATION_AND_SIGN
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2014 | |
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, 2014. The June 30, 2014 Condensed Consolidated Balance Sheet was derived from the Company’s Form 10-K for the year ended June 30, 2014. | |
The results of operations for the three months ended September 30, 2014 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2015. | |
For the three months ended September 30, 2014 and 2013, the Company had no components of comprehensive income other than net income itself. | |
As of September 30, 2014, 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 80.9%-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 controls approximately 93% of the voting interest in Justice and is the sole general partner. The financial statements of Justice are consolidated with those of the Company. | |
Justice, through its subsidiaries Justice Holdings Company, LLC (“Holdings”), a Delaware Limited Liability Company, Justice Operating Company, LLC (“Operating”) and Justice Mezzanine Company, LLC (“Mezzanine”), owns a 543-room hotel property located at 750 Kearny Street, San Francisco California, known as the Hilton San Francisco Financial District (the Hotel) and related facilities including a five level underground parking garage. Holdings and Mezzanine are both a wholly-owned subsidiaries of the Partnership; Operating is a wholly-owned subsidiary of Mezzanine. Mezzanine is the Mezzanine borrower under certain indebtedness of Justice, and in December 2013, the Partnership conveyed ownership of the Hotel to Operating, 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 management functions for the Hotel. The management agreement with Prism had an original term of ten years and can be terminated at any time with or without cause by the Partnership owner. Effective January 2014, the management agreement with Prism was amended by the Partnership. Effective December 1, 2013, GMP Management, Inc., a company owned by a Justice limited partner and related party, also provides management services for the Partnership pursuant to a Management Services Agreement, which is for a term of 3 years, but which can be terminated earlier by the Partnership for cause. | |
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 months September 30, 2014 and 2013, the Company did not have any potentially dilutive securities outstanding. | |
INVESTMENT_IN_HOTEL_NET
INVESTMENT IN HOTEL, NET | 3 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Property, Plant and Equipment [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 | ||||||||||
September 30, 2014 | Cost | Depreciation | Value | ||||||||
Land | $ | 1,124,000 | $ | - | $ | 1,124,000 | |||||
Furniture and equipment | 24,760,000 | -20,399,000 | 4,361,000 | ||||||||
Building and improvements | 51,213,000 | -21,637,000 | 29,576,000 | ||||||||
$ | 77,097,000 | $ | -42,036,000 | $ | 35,061,000 | ||||||
Accumulated | Net Book | ||||||||||
June 30, 2014 | Cost | Depreciation | Value | ||||||||
Land | $ | 1,124,000 | $ | - | $ | 1,124,000 | |||||
Furniture and equipment | 23,306,000 | -20,074,000 | 3,232,000 | ||||||||
Building and improvements | 51,428,000 | -21,368,000 | 30,060,000 | ||||||||
$ | 75,858,000 | $ | -41,442,000 | $ | 34,416,000 | ||||||
INVESTMENT_IN_MARKETABLE_SECUR
INVESTMENT IN MARKETABLE SECURITIES | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 transfer to its shareholders through income and/or capital gain. | |||||||||||||||||
At September 30, 2014 and June 30, 2014, 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 September 30, 2014 | |||||||||||||||||
Corporate | |||||||||||||||||
Equities | $ | 2,982,000 | $ | 261,000 | $ | -658,000 | $ | -397,000 | $ | 2,585,000 | |||||||
As of June 30, 2014 | |||||||||||||||||
Corporate | |||||||||||||||||
Equities | $ | 3,105,000 | $ | 818,000 | $ | -643,000 | $ | 175,000 | $ | 3,280,000 | |||||||
As of September 30, 2014 and June 30, 2014, the Company had $637,000 and $634,000, 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 months September 30, 2014 and 2013, respectively. | |||||||||||||||||
For the three months ended September 30, | 2014 | 2013 | |||||||||||||||
Realized gain (loss) on marketable securities | $ | 43,000 | $ | -72,000 | |||||||||||||
Unrealized (loss) gain on marketable securities | -522,000 | 165,000 | |||||||||||||||
Net (loss) gain on marketable securities | $ | -479,000 | $ | 93,000 | |||||||||||||
OTHER_INVESTMENTS_NET
OTHER INVESTMENTS, NET | 3 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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 also include non-marketable warrants carried at fair value. | ||||||||
Other investments, net consist of the following: | ||||||||
Type | 30-Sep-14 | 30-Jun-14 | ||||||
Preferred stock - Comstock, at cost | $ | 4,410,000 | $ | 4,410,000 | ||||
Private equity hedge fund, at cost | 601,000 | 601,000 | ||||||
Corporate debt and equity instruments, at cost | 101,000 | 101,000 | ||||||
Other preferred stock | 120,000 | 120,000 | ||||||
Warrants - at fair value | 40,000 | 65,000 | ||||||
$ | 5,272,000 | $ | 5,297,000 | |||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 September 30, 2014 | |||||||||||||||||
Assets: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Other investments - warrants | - | - | 40,000 | 40,000 | |||||||||||||
Investment in marketable securities: | |||||||||||||||||
Basic materials | $ | 1,258,000 | $ | - | $ | - | $ | 1,258,000 | |||||||||
Technology and telecommunications | 638,000 | 638,000 | |||||||||||||||
Entertainment | 275,000 | 275,000 | |||||||||||||||
Financial services | 154,000 | - | - | 154,000 | |||||||||||||
REITs and real estate companies | 110,000 | - | - | 110,000 | |||||||||||||
Other | 150,000 | - | - | 150,000 | |||||||||||||
2,585,000 | - | - | 2,585,000 | ||||||||||||||
$ | 2,585,000 | $ | - | $ | 40,000 | $ | 2,625,000 | ||||||||||
As of June 30, 2014 | |||||||||||||||||
Assets: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Other investments - warrants | $ | - | $ | - | $ | 65,000 | $ | 65,000 | |||||||||
Investment in marketable securities: | |||||||||||||||||
Basic materials | 1,772,000 | - | - | 1,772,000 | |||||||||||||
Technology | 389,000 | - | - | 389,000 | |||||||||||||
Financial services | 175,000 | - | - | 175,000 | |||||||||||||
REITs and real estate companies | 167,000 | - | - | 167,000 | |||||||||||||
Other | 777,000 | - | - | 777,000 | |||||||||||||
3,280,000 | - | - | 3,280,000 | ||||||||||||||
$ | 3,280,000 | $ | - | $ | 65,000 | $ | 3,345,000 | ||||||||||
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 gain for the three months | |||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | September 30, 2014 | ended September 30, 2014 | ||||||||||||
Other non-marketable investments | $ | - | $ | - | $ | 5,232,000 | $ | 5,232,000 | $ | - | |||||||
Net gain for the three months | |||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | June 30, 2014 | ended September 30, 2013 | ||||||||||||
Other non-marketable investments | $ | - | $ | - | $ | 5,232,000 | $ | 5,232,000 | $ | - | |||||||
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 | 3 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
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 months September 30, 2014 and 2013, 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 September 30, 2014 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 14,830,000 | $ | - | $ | - | $ | 14,830,000 | ||||||
Segment operating expenses | -11,838,000 | - | -188,000 | -12,026,000 | ||||||||||
Segment income (loss) | 2,992,000 | - | -188,000 | 2,804,000 | ||||||||||
Interest expense - mortgage | -2,024,000 | - | - | -2,024,000 | ||||||||||
Depreciation and amortization expense | -642,000 | - | - | -642,000 | ||||||||||
Loss from investments | - | -592,000 | - | -592,000 | ||||||||||
Income tax benefit | - | - | 182,000 | 182,000 | ||||||||||
Net income (loss) | $ | 326,000 | $ | -592,000 | $ | -6,000 | $ | -272,000 | ||||||
Total assets | $ | 35,061,000 | $ | 7,857,000 | $ | 37,416,000 | $ | 80,334,000 | ||||||
As of and for the three months | Hotel | Investment | ||||||||||||
ended September 30, 2013 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 13,305,000 | $ | - | $ | - | $ | 13,305,000 | ||||||
Segment operating expenses | -9,532,000 | - | -169,000 | -9,701,000 | ||||||||||
Segment income (loss) | 3,773,000 | - | -169,000 | 3,604,000 | ||||||||||
Interest expense | -635,000 | - | - | -635,000 | ||||||||||
Depreciation and amortization expense | -600,000 | - | - | -600,000 | ||||||||||
Income from investments | - | 31,000 | - | 31,000 | ||||||||||
Income tax expense | - | - | -471,000 | -471,000 | ||||||||||
Net income (loss) | $ | 2,538,000 | $ | 31,000 | $ | -640,000 | $ | 1,929,000 | ||||||
Total assets | $ | 33,952,000 | $ | 8,796,000 | $ | 8,786,000 | $ | 51,534,000 | ||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE 7 - RELATED PARTY TRANSACTIONS | |
On July 2, 2014, the Partnership obtained from the Intergroup Corporation (parent company of Portsmouth) an unsecured loan in the principal amount of $4,250,000 at 12% per year fixed interest, with a term of 2 years, payable interest only each month. Intergroup received a 3% loan fee. The loan may be prepaid at any time without penalty. The proceeds of the loan were applied to the July 2014 payments to Holdings described in Note 19 of the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014. | |
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 September 30, 2014 and 2013, these expenses were approximately $18,000 for each respective period. | |
During the three months ended September 30, 2014 and 2013, the Company received management fees from Justice Investors totaling $140,000 and $112,000, respectively. | |
In connection with the redemption of limited partnership interests of Justice Investors, Limited Partnership (which took place during fiscal year ended June 30, 2014), Justice Operating Company, LLC agreed to pay a total of $1,550,000 in fees to certain officers and directors of the Company for services rendered in connection with the redemption of partnership interests, refinancing of Justice’s properties and reorganization of Justice Investors. This agreement was superseded by a letter dated December 11, 2013 from Justice Investors, Limited Partnership, in which Justice Investors Limited Partnership assumed the payment obligations of Justice Operating Company, LLC. The first payment under this agreement was made concurrently with the closing of the loan agreements, with the remaining payments due upon Justice Investor’s having adequate available cash as described in the letter. As of September 30, 2014, $1,250,000 of these fees remain outstanding. | |
Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of InterGroup. | |
John V. Winfield serves as Chief Executive Officer and Chairman of the Company, 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. | |
INVESTMENT_IN_HOTEL_NET_Tables
INVESTMENT IN HOTEL, NET (Tables) | 3 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||
Investment in hotel consisted of the following as of: | |||||||||||
Accumulated | Net Book | ||||||||||
September 30, 2014 | Cost | Depreciation | Value | ||||||||
Land | $ | 1,124,000 | $ | - | $ | 1,124,000 | |||||
Furniture and equipment | 24,760,000 | -20,399,000 | 4,361,000 | ||||||||
Building and improvements | 51,213,000 | -21,637,000 | 29,576,000 | ||||||||
$ | 77,097,000 | $ | -42,036,000 | $ | 35,061,000 | ||||||
Accumulated | Net Book | ||||||||||
June 30, 2014 | Cost | Depreciation | Value | ||||||||
Land | $ | 1,124,000 | $ | - | $ | 1,124,000 | |||||
Furniture and equipment | 23,306,000 | -20,074,000 | 3,232,000 | ||||||||
Building and improvements | 51,428,000 | -21,368,000 | 30,060,000 | ||||||||
$ | 75,858,000 | $ | -41,442,000 | $ | 34,416,000 | ||||||
INVESTMENT_IN_MARKETABLE_SECUR1
INVESTMENT IN MARKETABLE SECURITIES (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 September 30, 2014 | |||||||||||||||||
Corporate | |||||||||||||||||
Equities | $ | 2,982,000 | $ | 261,000 | $ | -658,000 | $ | -397,000 | $ | 2,585,000 | |||||||
As of June 30, 2014 | |||||||||||||||||
Corporate | |||||||||||||||||
Equities | $ | 3,105,000 | $ | 818,000 | $ | -643,000 | $ | 175,000 | $ | 3,280,000 | |||||||
Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||
Below is the composition of the two components for the three months September 30, 2014 and 2013, respectively. | |||||||||||||||||
For the three months ended September 30, | 2014 | 2013 | |||||||||||||||
Realized gain (loss) on marketable securities | $ | 43,000 | $ | -72,000 | |||||||||||||
Unrealized (loss) gain on marketable securities | -522,000 | 165,000 | |||||||||||||||
Net (loss) gain on marketable securities | $ | -479,000 | $ | 93,000 | |||||||||||||
OTHER_INVESTMENTS_NET_Tables
OTHER INVESTMENTS, NET (Tables) | 3 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Investment [Abstract] | ' | |||||||
Other Investments [Table Text Block] | ' | |||||||
Other investments, net consist of the following: | ||||||||
Type | 30-Sep-14 | 30-Jun-14 | ||||||
Preferred stock - Comstock, at cost | $ | 4,410,000 | $ | 4,410,000 | ||||
Private equity hedge fund, at cost | 601,000 | 601,000 | ||||||
Corporate debt and equity instruments, at cost | 101,000 | 101,000 | ||||||
Other preferred stock | 120,000 | 120,000 | ||||||
Warrants - at fair value | 40,000 | 65,000 | ||||||
$ | 5,272,000 | $ | 5,297,000 | |||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 September 30, 2014 | |||||||||||||||||
Assets: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Other investments - warrants | - | - | 40,000 | 40,000 | |||||||||||||
Investment in marketable securities: | |||||||||||||||||
Basic materials | $ | 1,258,000 | $ | - | $ | - | $ | 1,258,000 | |||||||||
Technology and telecommunications | 638,000 | 638,000 | |||||||||||||||
Entertainment | 275,000 | 275,000 | |||||||||||||||
Financial services | 154,000 | - | - | 154,000 | |||||||||||||
REITs and real estate companies | 110,000 | - | - | 110,000 | |||||||||||||
Other | 150,000 | - | - | 150,000 | |||||||||||||
2,585,000 | - | - | 2,585,000 | ||||||||||||||
$ | 2,585,000 | $ | - | $ | 40,000 | $ | 2,625,000 | ||||||||||
As of June 30, 2014 | |||||||||||||||||
Assets: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Other investments - warrants | $ | - | $ | - | $ | 65,000 | $ | 65,000 | |||||||||
Investment in marketable securities: | |||||||||||||||||
Basic materials | 1,772,000 | - | - | 1,772,000 | |||||||||||||
Technology | 389,000 | - | - | 389,000 | |||||||||||||
Financial services | 175,000 | - | - | 175,000 | |||||||||||||
REITs and real estate companies | 167,000 | - | - | 167,000 | |||||||||||||
Other | 777,000 | - | - | 777,000 | |||||||||||||
3,280,000 | - | - | 3,280,000 | ||||||||||||||
$ | 3,280,000 | $ | - | $ | 65,000 | $ | 3,345,000 | ||||||||||
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 gain for the three months | |||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | September 30, 2014 | ended September 30, 2014 | ||||||||||||
Other non-marketable investments | $ | - | $ | - | $ | 5,232,000 | $ | 5,232,000 | $ | - | |||||||
Net gain for the three months | |||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | June 30, 2014 | ended September 30, 2013 | ||||||||||||
Other non-marketable investments | $ | - | $ | - | $ | 5,232,000 | $ | 5,232,000 | $ | - | |||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 3 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||
Information below represents reporting segments for the three months September 30, 2014 and 2013, 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 September 30, 2014 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 14,830,000 | $ | - | $ | - | $ | 14,830,000 | ||||||
Segment operating expenses | -11,838,000 | - | -188,000 | -12,026,000 | ||||||||||
Segment income (loss) | 2,992,000 | - | -188,000 | 2,804,000 | ||||||||||
Interest expense - mortgage | -2,024,000 | - | - | -2,024,000 | ||||||||||
Depreciation and amortization expense | -642,000 | - | - | -642,000 | ||||||||||
Loss from investments | - | -592,000 | - | -592,000 | ||||||||||
Income tax benefit | - | - | 182,000 | 182,000 | ||||||||||
Net income (loss) | $ | 326,000 | $ | -592,000 | $ | -6,000 | $ | -272,000 | ||||||
Total assets | $ | 35,061,000 | $ | 7,857,000 | $ | 37,416,000 | $ | 80,334,000 | ||||||
As of and for the three months | Hotel | Investment | ||||||||||||
ended September 30, 2013 | Operations | Transactions | Other | Total | ||||||||||
Revenues | $ | 13,305,000 | $ | - | $ | - | $ | 13,305,000 | ||||||
Segment operating expenses | -9,532,000 | - | -169,000 | -9,701,000 | ||||||||||
Segment income (loss) | 3,773,000 | - | -169,000 | 3,604,000 | ||||||||||
Interest expense | -635,000 | - | - | -635,000 | ||||||||||
Depreciation and amortization expense | -600,000 | - | - | -600,000 | ||||||||||
Income from investments | - | 31,000 | - | 31,000 | ||||||||||
Income tax expense | - | - | -471,000 | -471,000 | ||||||||||
Net income (loss) | $ | 2,538,000 | $ | 31,000 | $ | -640,000 | $ | 1,929,000 | ||||||
Total assets | $ | 33,952,000 | $ | 8,796,000 | $ | 8,786,000 | $ | 51,534,000 | ||||||
BASIS_OF_PRESENTATION_AND_SIGN1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 3 Months Ended |
Sep. 30, 2014 | |
Inter Group Corporation [Member] | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 12.90% |
Portsmouth [Member] | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 68.80% |
Justice Investors [Member] | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 93.00% |
Subsidiary Of Inter Group [Member] | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 80.90% |
INVESTMENT_IN_HOTEL_NET_Detail
INVESTMENT IN HOTEL, NET (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
Property, Plant and Equipment [Line Items] | ' | ' |
Net Book Value | $35,061,000 | $34,416,000 |
Hotel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 77,097,000 | 75,858,000 |
Accumulated Depreciation | -42,036,000 | -41,442,000 |
Net Book Value | 35,061,000 | 34,416,000 |
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 Equipment [Member] | Hotel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 24,760,000 | 23,306,000 |
Accumulated Depreciation | -20,399,000 | -20,074,000 |
Net Book Value | 4,361,000 | 3,232,000 |
Building and Improvements [Member] | Hotel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 51,213,000 | 51,428,000 |
Accumulated Depreciation | -21,637,000 | -21,368,000 |
Net Book Value | $29,576,000 | $30,060,000 |
INVESTMENT_IN_MARKETABLE_SECUR2
INVESTMENT IN MARKETABLE SECURITIES (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
Equity Securities [Member] | Equity Securities [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' |
Cost | ' | ' | ' | $2,982,000 | $3,105,000 |
Gross Unrealized Gain | ' | ' | ' | 261,000 | 818,000 |
Gross Unrealized Loss | ' | ' | ' | -658,000 | -643,000 |
Net Unrealized Gain | -522,000 | 165,000 | ' | -397,000 | 175,000 |
Fair Value | $2,585,000 | ' | $3,280,000 | $2,585,000 | $3,280,000 |
INVESTMENT_IN_MARKETABLE_SECUR3
INVESTMENT IN MARKETABLE SECURITIES (Details 1) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Realized gain (loss) on marketable securities | $43,000 | ($72,000) |
Unrealized (loss) gain on marketable securities | -522,000 | 165,000 |
Net (loss) gain on marketable securities | ($479,000) | $93,000 |
INVESTMENT_IN_MARKETABLE_SECUR4
INVESTMENT IN MARKETABLE SECURITIES (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Jun. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | $637,000 | $634,000 |
OTHER_INVESTMENTS_NET_Details
OTHER INVESTMENTS, NET (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
Other Investments [Line Items] | ' | ' |
Other investments, net | $5,272,000 | $5,297,000 |
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 | 601,000 | 601,000 |
Corporate Debt and Equity Instruments At Cost [Member] | ' | ' |
Other Investments [Line Items] | ' | ' |
Other investments, net | 101,000 | 101,000 |
Other preferred stock [Member] | ' | ' |
Other Investments [Line Items] | ' | ' |
Other investments, net | 120,000 | 120,000 |
Warrants - at fair value [Member] | ' | ' |
Other Investments [Line Items] | ' | ' |
Other investments, net | $40,000 | $65,000 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
Assets: | ' | ' |
Investment in marketable securities | $2,585,000 | $3,280,000 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Other investments - warrants | 40,000 | 65,000 |
Investment in marketable securities | 2,585,000 | 3,280,000 |
Assets, Fair Value Disclosure | 2,625,000 | 3,345,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Other investments - warrants | 0 | 0 |
Investment in marketable securities | 2,585,000 | 3,280,000 |
Assets, Fair Value Disclosure | 2,585,000 | 3,280,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Other investments - warrants | 0 | 0 |
Investment in marketable securities | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Other investments - warrants | 40,000 | 65,000 |
Investment in marketable securities | 0 | 0 |
Assets, Fair Value Disclosure | 40,000 | 65,000 |
Fair Value, Measurements, Recurring [Member] | Basic Materials [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 1,258,000 | 1,772,000 |
Fair Value, Measurements, Recurring [Member] | Basic Materials [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 1,258,000 | 1,772,000 |
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 | 638,000 | 389,000 |
Fair Value, Measurements, Recurring [Member] | Technology [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 638,000 | 389,000 |
Fair Value, Measurements, Recurring [Member] | Technology [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Technology [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Entertainment [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 275,000 | ' |
Fair Value, Measurements, Recurring [Member] | Entertainment [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 275,000 | ' |
Fair Value, Measurements, Recurring [Member] | Financial Services [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 154,000 | 175,000 |
Fair Value, Measurements, Recurring [Member] | Financial Services [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 154,000 | 175,000 |
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 | 110,000 | 167,000 |
Fair Value, Measurements, Recurring [Member] | REIT'S and Real Estate Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 110,000 | 167,000 |
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] | Other [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 150,000 | 777,000 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 150,000 | 777,000 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Investment in marketable securities | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 1) (USD $) | 3 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Other non-marketable investments | $5,232,000 | ' | $5,232,000 |
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 | $5,232,000 | ' | $5,232,000 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $14,830,000 | $13,305,000 | ' |
Segment operating expenses | -12,026,000 | -9,701,000 | ' |
Segment income (loss) | 2,804,000 | 3,604,000 | ' |
Interest expense - mortgage | -2,024,000 | -635,000 | ' |
Depreciation and amortization expense | -642,000 | -600,000 | ' |
Income/Loss from investments | -592,000 | 31,000 | ' |
Income tax expense (benefit) | 182,000 | -471,000 | ' |
Net income (loss) | -272,000 | 1,929,000 | ' |
Total assets | 80,334,000 | 51,534,000 | 75,152,000 |
Hotel Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 14,830,000 | 13,305,000 | ' |
Segment operating expenses | -11,838,000 | -9,532,000 | ' |
Segment income (loss) | 2,992,000 | 3,773,000 | ' |
Interest expense - mortgage | -2,024,000 | -635,000 | ' |
Depreciation and amortization expense | -642,000 | -600,000 | ' |
Income/Loss from investments | 0 | 0 | ' |
Income tax expense (benefit) | 0 | 0 | ' |
Net income (loss) | 326,000 | 2,538,000 | ' |
Total assets | 35,061,000 | 33,952,000 | ' |
Investment Transactions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 0 | 0 | ' |
Segment operating expenses | 0 | 0 | ' |
Segment income (loss) | 0 | 0 | ' |
Interest expense - mortgage | 0 | 0 | ' |
Depreciation and amortization expense | 0 | 0 | ' |
Income/Loss from investments | -592,000 | 31,000 | ' |
Income tax expense (benefit) | 0 | 0 | ' |
Net income (loss) | -592,000 | 31,000 | ' |
Total assets | 7,857,000 | 8,796,000 | ' |
Other Property [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 0 | 0 | ' |
Segment operating expenses | -188,000 | -169,000 | ' |
Segment income (loss) | -188,000 | -169,000 | ' |
Interest expense - mortgage | 0 | 0 | ' |
Depreciation and amortization expense | 0 | 0 | ' |
Income/Loss from investments | 0 | 0 | ' |
Income tax expense (benefit) | 182,000 | -471,000 | ' |
Net income (loss) | -6,000 | -640,000 | ' |
Total assets | $37,416,000 | $8,786,000 | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 02, 2014 | |
Justice [Member] | Justice [Member] | Intergroup [Member] | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Management Fees Revenue | ' | ' | ' | $140,000 | $112,000 | ' |
Payment for Management Fee | ' | ' | 1,550,000 | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | 4,250,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 12.00% |
Debt Instrument, Term | ' | ' | ' | ' | ' | '2 years |
Debt Instrument Fee Percent | ' | ' | ' | ' | ' | 3.00% |
Costs and Expenses, Related Party | 18,000 | 18,000 | ' | ' | ' | ' |
Management Fee Payable | $1,250,000 | ' | ' | ' | ' | ' |