Santa Fe Financial (SFEF) 10-Q 8 Nov 13 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Sep. 30, 2013	Nov. 01, 2013
Document Information [Line Items]	'	'
Entity Registrant Name	'SANTA FE FINANCIAL CORP	'
Entity Central Index Key	'0000086759	'
Current Fiscal Year End Date	'--06-30	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'SFEF	'
Entity Common Stock, Shares Outstanding	'	1,241,810
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Jun. 30, 2013
ASSETS	'	'
Investment in hotel, net	$37,491,000	$37,611,000
Investment in real estate, net	5,027,000	5,042,000
Investment in marketable securities	5,954,000	5,205,000
Other investments, net	7,933,000	7,933,000
Cash and cash equivalents	1,315,000	688,000
Accounts receivable, net	2,129,000	1,957,000
Other assets, net	2,701,000	3,104,000
Deferred tax asset	2,722,000	3,193,000
Total assets	65,272,000	64,733,000
LIABILITIES AND SHAREHOLDERS' EQUITY	'	'
Accounts payable and other liabilities	8,443,000	9,844,000
Due to securities broker	753,000	832,000
Obligations for securities sold	1,657,000	928,000
Other notes payable	1,367,000	1,595,000
Mortgage notes payable - real estate	3,518,000	3,533,000
Mortgage notes payable - hotel	43,178,000	43,413,000
Total liabilities	58,916,000	60,145,000
Commitments and contingencies	'	'
Shareholders' equity:	'	'
Common stock - par value $.10 per share; Authorized - 2,000,000; Issued 1,339,638 and outstanding 1,241,810	134,000	134,000
Additional paid-in capital	8,808,000	8,808,000
Retained earnings (acculumlated deficit)	146,000	-205,000
Treasury stock, at cost, 97,828 shares	-951,000	-951,000
Total Santa Fe shareholders' equity	8,137,000	7,786,000
Noncontrolling interest	-1,781,000	-3,198,000
Total shareholders' equity	6,356,000	4,588,000
Total liabilities and shareholders' equity	$65,272,000	$64,733,000

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2013	Jun. 30, 2013
Common stock, par value (in dollars per share)	$0.10	$0.10
Common Stock, Shares Authorized	2,000,000	2,000,000
Common Stock, Shares, Issued	1,339,638	1,339,638
Common Stock, Shares, Outstanding	1,241,810	1,241,810
Treasury Stock, Shares	97,828	97,828

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Revenues:	'	'
Hotel	$13,305,000	$12,136,000
Real estate	147,000	138,000
Total revenues	13,452,000	12,274,000
Costs and operating expenses:	'	'
Hotel operating expenses	-9,532,000	-9,164,000
Real estate operating expenses	-143,000	-64,000
Depreciation and amortization expense	-640,000	-599,000
General and administrative expense	-245,000	-246,000
Total costs and operating expenses	-10,560,000	-10,073,000
Income from operations	2,892,000	2,201,000
Other income (expense):	'	'
Interest expense	-661,000	-694,000
Net gain on marketable securities	134,000	783,000
Net unrealized loss on other investments	0	-128,000
Dividend and interest income	5,000	11,000
Trading and margin interest expense	-131,000	-116,000
Other expense, net	-653,000	-144,000
Income before income taxes	2,239,000	2,057,000
Income tax expense	-471,000	-324,000
Net income	1,768,000	1,733,000
Less: Net income attributable to the noncontrolling interest	-1,417,000	-1,079,000
Net income attributable to Santa Fe	$351,000	$654,000
Basic and diluted net income per share attributable to Santa Fe (in dollars per share)	$0.28	$0.53
Weighted average number of common shares outstanding - basic and diluted (in shares)	1,241,810	1,241,810

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net income	$1,768,000	$1,733,000
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Net unrealized loss on marketable securities	-245,000	-741,000
Unrealized loss on other investments	0	128,000
Depreciation and amortization	639,000	598,000
Changes in assets and liabilities:	'	'
Investment in marketable securities	-504,000	-1,056,000
Accounts receivable	-172,000	-261,000
Other assets	419,000	-54,000
Accounts payable and other liabilities	-1,401,000	-118,000
Due to securities broker	-79,000	374,000
Obligations for securities sold	729,000	696,000
Deferred tax asset	471,000	324,000
Net cash provided by operating activities	1,625,000	1,623,000
Cash flows from investing activities:	'	'
Hotel and real estate investments	-520,000	-677,000
Net cash used in investing activities	-520,000	-677,000
Cash flows from financing activities:	'	'
Payments on mortgage notes payable	-250,000	-223,000
Payments on other notes payable	-228,000	-241,000
Net cash used in financing activities	-478,000	-464,000
Net increase in cash and cash equivalents:	627,000	482,000
Cash and cash equivalents at the beginning of the period	688,000	1,143,000
Cash and cash equivalents at the end of the period	1,315,000	1,625,000
Supplemental information:	'	'
Interest paid	$711,000	$718,000

BASIS_OF_PRESENTATION_AND_SIGN

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 30, 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 Santa Fe Financial Corporation (“Santa Fe” 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 Santa Fe 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 months ended September 30, 2013 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2014.
	For the three months ended September 30, 2013 and 2012, the Company had no components of comprehensive income other than net income itself.
	As of September 30, 2013, Santa Fe owns approximately 68.8% of the outstanding common shares of Portsmouth Square, Inc. (“Portsmouth”), a public 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.
	The Company’s primary business is conducted through Portsmouth’s general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). Portsmouth has a 50.0% limited partnership interest in Justice and serves as one of the two general partners. The other general partner, Evon Corporation (“Evon”), served as the managing general partner until December 1, 2008 at which time Portsmouth assumed the role of managing general partner.
	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. Justice also leases a portion of the lobby level of the Hotel to a day spa operator.
	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.
	In addition to the operations of the Hotel, the Company also generates income from the ownership of real estate. On December 31, 1997, the Company acquired a controlling 55.4% interest in Intergroup Woodland Village, Inc. ("Woodland Village") from InterGroup. Woodland Village's major asset is a 27-unit apartment complex located in Los Angeles, California. The Company also owns a two-unit apartment building in Los Angeles, California.
	Basic income per share is calculated based upon the weighted average number of common shares outstanding during each respective period. During the three months ended September 30, 2013 and 2012, the Company did not have any potentially dilutive securities outstanding.

INVESTMENT_IN_HOTEL_NET

INVESTMENT IN HOTEL, NET	3 Months Ended
	Sep. 30, 2013
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, 2013	Cost		Depreciation		Value
	Land	$	1,896,000	$	-	$	1,896,000
	Furniture and equipment		22,359,000		-19,653,000		2,706,000
	Building and improvements		54,758,000		-21,869,000		32,889,000
		$	79,013,000	$	-41,522,000	$	37,491,000
				Accumulated		Net Book
	June 30, 2013	Cost		Depreciation		Value
	Land	$	1,896,000	$	-	$	1,896,000
	Furniture and equipment		22,270,000		-19,312,000		2,958,000
	Building and improvements		54,327,000		-21,570,000		32,757,000
		$	78,493,000	$	-40,882,000	$	37,611,000

INVESTMENT_IN_REAL_ESTATE_NET

INVESTMENT IN REAL ESTATE, NET	3 Months Ended
	Sep. 30, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]	'
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]	'
	NOTE 3 – INVESTMENT IN REAL ESTATE, NET
	The Company owns and operates a 27-unit and 2-unit multi-family apartment complex located in Los Angeles, California and owns land held for development located in Maui, Hawaii. Investment in real estate consisted of the following:
	As of	September 30, 2013		June 30, 2013
	Land	$	2,430,000	$	2,430,000
	Buildings, improvements and equipment		2,581,000		2,580,000
	Accumulated depreciation		-957,000		-941,000
			4,054,000		4,069,000
	Land held for development		973,000		973,000
	Investment in real estate, net	$	5,027,000	$	5,042,000

INVESTMENT_IN_MARKETABLE_SECUR

INVESTMENT IN MARKETABLE SECURITIES	3 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]	'
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	'
	NOTE 4 - INVESTMENT IN MARKETABLE SECURITIES
	The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also 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 September 30, 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 September 30, 2013
	Corporate
	Equities	$	5,146,000	$	1,819,000	$	-1,011,000	$	808,000	$	5,954,000
	As of June 30, 2013
	Corporate
	Equities	$	4,811,000	$	1,530,000	$	-1,136,000	$	394,000	$	5,205,000
	As of September 30, 2013 and June 30, 2013, the Company had $818,000 and $902,000, respectively, of unrealized losses related to securities held for over one year.
	Net income 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 ended September 30, 2013 and 2012, respectively.
	For the three months ended September 30,	2013		2012
	Realized (loss) gain on marketable securities	$	-111,000	$	42,000
	Unrealized gain on marketable securities		245,000		741,000
	Net gain on marketable securities	$	134,000	$	783,000

OTHER_INVESTMENTS_NET

OTHER INVESTMENTS, NET	3 Months Ended
	Sep. 30, 2013
Other Investments [Abstract]	'
Other Investments Disclosure [Text Block]	'
	NOTE 5 – OTHER INVESTMENTS, NET
	The Company may also invest, with the approval of the Securities Investment Committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses.
	Other investments, net consist of the following:
	Type	September 30, 2013		June 30, 2013
	Preferred stock - Comstock, at cost	$	6,659,000	$	6,659,000
	Private equity hedge fund, at cost		1,102,000		1,102,000
	Corporate debt and equity instruments, at cost		168,000		168,000
	Warrants - at fair value		4,000		4,000
		$	7,933,000	$	7,933,000

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	NOTE 6 - FAIR VALUE MEASUREMENTS
	The carrying values of the Company’s financial instruments not required to be carried at fair value on a recurring basis approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, 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, 2013
	Assets:	Level 1		Level 2		Level 3		Total
	Cash equivalents - money market	$	3,000	$	-	$	-	$	3,000
	Other investments - warrants		-		-		4,000		4,000
	Investment in marketable securities:
	Basic materials		3,485,000		-		-		3,485,000
	Technology		987,000		-		-		987,000
	Financial services		737,000		-		-		737,000
	REITs and real estate companies		154,000		-		-		154,000
	Other		591,000		-		-		591,000
			5,954,000		-		-		5,954,000
		$	5,957,000	$	-	$	4,000	$	5,961,000
	As of June 30, 2013
	Assets:	Level 1		Level 2		Level 3		Total
	Cash equivalents - money market	$	3,000	$	-	$	-	$	3,000
	Other investments - warrants		-		-		4,000		4,000
	Investment in marketable securities:
	Basic materials		2,420,000		-		-		2,420,000
	Technology		989,000		-		-		989,000
	Financial services		838,000		-		-		838,000
	REITs and real estate companies		291,000		-		-		291,000
	Other		667,000		-		-		667,000
			5,205,000		-		-		5,205,000
		$	5,208,000	$	-	$	4,000	$	5,212,000
	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 three months
	Assets	Level 1		Level 2		Level 3		September 30, 2013		ended September 30, 2013
	Other non-marketable investments	$	-	$	-	$	7,929,000	$	7,929,000	$	-
										Net loss for the three months
	Assets	Level 1		Level 2		Level 3		June 30, 2013		ended September 30, 2012
	Other non-marketable investments	$	-	$	-	$	7,929,000	$	7,929,000	$	-128,000
	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, 2013
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	NOTE 7 – SEGMENT INFORMATION
	The Company operates in three reportable segments, the operation of the hotel (“Hotel Operations”), its multi-family residential properties (“Real Estate Operations) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These three operating segments, as presented in the financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this same information. Information below represents reporting segments for the three months ended September 30, 2013 and 2012, respectively. Operating income for rental properties consist of rental income. Operating income from hotel operations consists of the operation of the hotel and operation of the garage. Operating income from investment transactions consist of net investment gain and dividend and interest income.
	As of and for the three months	Hotel		Real Estate		Investment
	ended September 30, 2013	Operations		Operations		Transactions		Other		Total
	Revenues	$	13,305,000	$	147,000	$	-	$	-	$	13,452,000
	Segment operating expenses		-9,532,000		-143,000		-		-245,000		-9,920,000
	Segment income (loss)		3,773,000		4,000		-		-245,000		3,532,000
	Interest expense		-635,000		-26,000		-		-		-661,000
	Depreciation and amortization expense		-624,000		-16,000		-		-		-640,000
	Income from investments		-		-		8,000		-		8,000
	Income tax expense		-		-		-		-471,000		-471,000
	Net income (loss)	$	2,514,000	$	-38,000	$	8,000	$	-716,000	$	1,768,000
	Total assets	$	37,491,000	$	5,027,000	$	13,887,000	$	8,867,000	$	65,272,000
	As of and for the three months	Hotel		Real Estate		Investment
	ended September 30, 2012	Operations		Operations		Transactions		Other		Total
	Revenues	$	12,136,000	$	138,000	$	-	$	-	$	12,274,000
	Segment operating expenses		-9,164,000		-64,000		-		-246,000		-9,474,000
	Segment income (loss)		2,972,000		74,000		-		-246,000		2,800,000
	Interest expense		-664,000		-30,000		-		-		-694,000
	Depreciation and amortization expense		-583,000		-16,000		-		-		-599,000
	Income from investments		-		-		550,000		-		550,000
	Income tax expense		-		-		-		-324,000		-324,000
	Net income (loss)	$	1,725,000	$	44,000	$	550,000	$	-570,000	$	1,733,000
	Total assets	$	36,594,000	$	5,090,000	$	13,890,000	$	9,816,000	$	65,390,000

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	NOTE 8 – RELATED PARTY TRANSACTIONS
	Certain shared costs and expenses primarily administrative expenses including rent and insurance, are allocated among the Company and its subsidiary, Portsmouth, and the Company’s parent, InterGroup, based on management’s estimate of the pro rata utilization of resources. For the three months ended September 30, 2013 and 2012, the Company and Portsmouth made payments to InterGroup of $36,000 for each respective period.
	During the three months ended September 30, 2013 and 2012, the Company received management fees from Justice Investors totaling $112,000 for each respective period.
	Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of InterGroup.
	John V. Winfield serves as Chief Executive Officer and Chairman of the Company, Portsmouth, and InterGroup. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family, Portsmouth 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 Portsmouth and InterGroup, at risk in connection with investment decisions made on behalf of the Company.

SUBSEQUENT_EVENT

SUBSEQUENT EVENT	3 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	NOTE 9 – SUBSEQUENT EVENT
	On October 31, 2013, Justice Investors, a California limited partnership (“Justice” or the “Partnership”), sent to all its limited partners an Offer to Redeem any and all limited partnership interests not held by the Company’s consolidated subsidiary, Portsmouth Square, Inc., Managing General Partner of Justice, and a Consent Solicitation by Justice. Justice is: (a) offering $1,385,000 in cash or property for each one percent (1%) limited partnership interest in Justice that limited partners hold (the “Offer to Redeem”); and (b) seeking approval of its limited partners (the “Consent Solicitation”) of certain amendments (the “Amendments”) to its Amended and Restated Agreement of Limited Partnership, effective as of November 30, 2010 (the “Partnership Agreement”), which Amendments will be reflected in a new Amended and Restated Agreement of Limited Partnership (the “Amended Partnership Agreement”).
	The terms of the Offer to Redeem, Consent Solicitation and Amendments (collectively, the “Proposal”) were developed in the course of negotiations between Portsmouth and Evon Corporation (“Evon”), currently co-general partner, and were summarized in a letter, dated September 19, 2013, sent by Portsmouth, Evon and Justice to the limited partners (the “Letter”).  In the Letter, limited partners were requested to provide a non-binding preliminary indication of interest in having their limited partnership interests redeemed by the Partnership.
	Limited partners wishing to accept the Offer to Redeem have a choice between (a) accepting a simple cash redemption; (b) electing to participate in an alternative redemption structure, which would allow limited partners to redeem their partnership interests for certain property; or (c) a combination of a & b.
	The structure of the transaction involves Justice funding the redemption of limited partnership interests through a refinancing of its principal asset, the San Francisco Hilton Financial District (the “Hotel”).  Currently, Justice owes approximately $44.3 million, secured by the Hotel, in loans that come due in 2015.  Following the redemption (and assuming all partnership interests (other than Portsmouth’s) are redeemed), Justice would have a new loan of approximately $118 million secured by the Hotel, and Portsmouth would become the sole general partner.
	The Offer to Redeem is conditioned upon:  (1) a minimum tender of at least 34% of the limited partnership interests; (2) approval by the holders of at least 75% of the limited partnership interests of the Amendments, which will take effect concurrently with the refinancing of the Hotel; and (3) the consummation of the refinancing of the Hotel.
	All limited partners are free to elect to participate in the redemption or not to participate in the redemption. Those limited partners that do not participate in the redemption (including Portsmouth) will remain as limited partners in Justice. Assuming that the minimum 34% participation threshold is reached and all other conditions are satisfied, the limited partnership interests of those limited partners who do not elect to participate in the Redemption will increase in an amount proportionate with the percentages of the limited partnership interests that are redeemed.

INVESTMENT_IN_HOTEL_NET_Tables

INVESTMENT IN HOTEL, NET (Tables)	3 Months Ended
	Sep. 30, 2013
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, 2013	Cost		Depreciation		Value
	Land	$	1,896,000	$	-	$	1,896,000
	Furniture and equipment		22,359,000		-19,653,000		2,706,000
	Building and improvements		54,758,000		-21,869,000		32,889,000
		$	79,013,000	$	-41,522,000	$	37,491,000
				Accumulated		Net Book
	June 30, 2013	Cost		Depreciation		Value
	Land	$	1,896,000	$	-	$	1,896,000
	Furniture and equipment		22,270,000		-19,312,000		2,958,000
	Building and improvements		54,327,000		-21,570,000		32,757,000
		$	78,493,000	$	-40,882,000	$	37,611,000

INVESTMENT_IN_REAL_ESTATE_NET_

INVESTMENT IN REAL ESTATE, NET (Tables)	3 Months Ended
	Sep. 30, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]	'
Schedule of Real Estate Properties [Table Text Block]	'
	The Company owns and operates a 27-unit and 2-unit multi-family apartment complex located in Los Angeles, California and owns land held for development located in Maui, Hawaii. Investment in real estate consisted of the following:
	As of	September 30, 2013		June 30, 2013
	Land	$	2,430,000	$	2,430,000
	Buildings, improvements and equipment		2,581,000		2,580,000
	Accumulated depreciation		-957,000		-941,000
			4,054,000		4,069,000
	Land held for development		973,000		973,000
	Investment in real estate, net	$	5,027,000	$	5,042,000

INVESTMENT_IN_MARKETABLE_SECUR1

INVESTMENT IN MARKETABLE SECURITIES (Tables)	3 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]	'
Marketable Securities [Table Text Block]	'
	At September 30, 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 September 30, 2013
	Corporate
	Equities	$	5,146,000	$	1,819,000	$	-1,011,000	$	808,000	$	5,954,000
	As of June 30, 2013
	Corporate
	Equities	$	4,811,000	$	1,530,000	$	-1,136,000	$	394,000	$	5,205,000
Gain (Loss) on Investments [Table Text Block]	'
	Net income 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 ended September 30, 2013 and 2012, respectively.
	For the three months ended September 30,	2013		2012
	Realized (loss) gain on marketable securities	$	-111,000	$	42,000
	Unrealized gain on marketable securities		245,000		741,000
	Net gain on marketable securities	$	134,000	$	783,000

OTHER_INVESTMENTS_NET_Tables

OTHER INVESTMENTS, NET (Tables)	3 Months Ended
	Sep. 30, 2013
Other Investments [Abstract]	'
Other Investments [Table Text Block]	'
	Other investments, net consist of the following:
	Type	September 30, 2013		June 30, 2013
	Preferred stock - Comstock, at cost	$	6,659,000	$	6,659,000
	Private equity hedge fund, at cost		1,102,000		1,102,000
	Corporate debt and equity instruments, at cost		168,000		168,000
	Warrants - at fair value		4,000		4,000
		$	7,933,000	$	7,933,000

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 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 September 30, 2013
	Assets:	Level 1		Level 2		Level 3		Total
	Cash equivalents - money market	$	3,000	$	-	$	-	$	3,000
	Other investments - warrants		-		-		4,000		4,000
	Investment in marketable securities:
	Basic materials		3,485,000		-		-		3,485,000
	Technology		987,000		-		-		987,000
	Financial services		737,000		-		-		737,000
	REITs and real estate companies		154,000		-		-		154,000
	Other		591,000		-		-		591,000
			5,954,000		-		-		5,954,000
		$	5,957,000	$	-	$	4,000	$	5,961,000
	As of June 30, 2013
	Assets:	Level 1		Level 2		Level 3		Total
	Cash equivalents - money market	$	3,000	$	-	$	-	$	3,000
	Other investments - warrants		-		-		4,000		4,000
	Investment in marketable securities:
	Basic materials		2,420,000		-		-		2,420,000
	Technology		989,000		-		-		989,000
	Financial services		838,000		-		-		838,000
	REITs and real estate companies		291,000		-		-		291,000
	Other		667,000		-		-		667,000
			5,205,000		-		-		5,205,000
		$	5,208,000	$	-	$	4,000	$	5,212,000
Fair Value Measurements, Nonrecurring [Table Text Block]	'
	The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:
										Net loss for the three months
	Assets	Level 1		Level 2		Level 3		September 30, 2013		ended September 30, 2013
	Other non-marketable investments	$	-	$	-	$	7,929,000	$	7,929,000	$	-
										Net loss for the three months
	Assets	Level 1		Level 2		Level 3		June 30, 2013		ended September 30, 2012
	Other non-marketable investments	$	-	$	-	$	7,929,000	$	7,929,000	$	-128,000

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	3 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
	Operating income from investment transactions consist of net investment gain and dividend and interest income.
	As of and for the three months	Hotel		Real Estate		Investment
	ended September 30, 2013	Operations		Operations		Transactions		Other		Total
	Revenues	$	13,305,000	$	147,000	$	-	$	-	$	13,452,000
	Segment operating expenses		-9,532,000		-143,000		-		-245,000		-9,920,000
	Segment income (loss)		3,773,000		4,000		-		-245,000		3,532,000
	Interest expense		-635,000		-26,000		-		-		-661,000
	Depreciation and amortization expense		-624,000		-16,000		-		-		-640,000
	Income from investments		-		-		8,000		-		8,000
	Income tax expense		-		-		-		-471,000		-471,000
	Net income (loss)	$	2,514,000	$	-38,000	$	8,000	$	-716,000	$	1,768,000
	Total assets	$	37,491,000	$	5,027,000	$	13,887,000	$	8,867,000	$	65,272,000
	As of and for the three months	Hotel		Real Estate		Investment
	ended September 30, 2012	Operations		Operations		Transactions		Other		Total
	Revenues	$	12,136,000	$	138,000	$	-	$	-	$	12,274,000
	Segment operating expenses		-9,164,000		-64,000		-		-246,000		-9,474,000
	Segment income (loss)		2,972,000		74,000		-		-246,000		2,800,000
	Interest expense		-664,000		-30,000		-		-		-694,000
	Depreciation and amortization expense		-583,000		-16,000		-		-		-599,000
	Income from investments		-		-		550,000		-		550,000
	Income tax expense		-		-		-		-324,000		-324,000
	Net income (loss)	$	1,725,000	$	44,000	$	550,000	$	-570,000	$	1,733,000
	Total assets	$	36,594,000	$	5,090,000	$	13,890,000	$	9,816,000	$	65,390,000

BASIS_OF_PRESENTATION_AND_SIGN1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	3 Months Ended
	Sep. 30, 2013
Basis Of Presentation And Significant Accounting Policies [Line Items]	'
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	50.00%
Portsmouth [Member]	'
Basis Of Presentation And Significant Accounting Policies [Line Items]	'
Equity Method Investment, Ownership Percentage	68.80%
Intergroup [Member]	'
Basis Of Presentation And Significant Accounting Policies [Line Items]	'
Equity Method Investment, Ownership Percentage	80.50%
Noncontrolling Interest, Ownership Percentage by Parent	12.90%
Woodland Village Inc [Member]	'
Basis Of Presentation And Significant Accounting Policies [Line Items]	'
Equity Method Investment, Ownership Percentage	55.40%

INVESTMENT_IN_HOTEL_NET_Detail

INVESTMENT IN HOTEL, NET (Details) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2013	Jun. 30, 2013
Property, Plant and Equipment [Line Items]	'	'
Cost	$79,013,000	$78,493,000
Accumulated Depreciation	-41,522,000	-40,882,000
Net Book Value	37,491,000	37,611,000
Land [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Cost	1,896,000	1,896,000
Accumulated Depreciation	0	0
Net Book Value	1,896,000	1,896,000
Furniture and Fixtures [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Cost	22,359,000	22,270,000
Accumulated Depreciation	-19,653,000	-19,312,000
Net Book Value	2,706,000	2,958,000
Building Improvements [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Cost	54,758,000	54,327,000
Accumulated Depreciation	-21,869,000	-21,570,000
Net Book Value	$32,889,000	$32,757,000

INVESTMENT_IN_REAL_ESTATE_NET_1

INVESTMENT IN REAL ESTATE, NET (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Property, Plant and Equipment [Line Items]	'	'
Accumulated depreciation	($957,000)	($941,000)
Real Estate Investments, Net	4,054,000	4,069,000
Land held for development	973,000	973,000
Investment in real estate, net	5,027,000	5,042,000
Land [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Real Estate Investment Property, at Cost	2,430,000	2,430,000
Buildings Improvements and Equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Real Estate Investment Property, at Cost	$2,581,000	$2,580,000

INVESTMENT_IN_MARKETABLE_SECUR2

INVESTMENT IN MARKETABLE SECURITIES (Details) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2013	Jun. 30, 2013
Investment - Corporate Equities	'	'
Cost	$5,146,000	$4,811,000
Gross Unrealized Gain	1,819,000	1,530,000
Gross Unrealized Loss	-1,011,000	-1,136,000
Net Unrealized Gain	808,000	394,000
Fair Value	$5,954,000	$5,205,000

INVESTMENT_IN_MARKETABLE_SECUR3

INVESTMENT IN MARKETABLE SECURITIES (Details 1) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Investments in Debt and Marketable Equity Securities [Line Items]	'	'
Realized (loss) gain on marketable securities	($111,000)	$42,000
Unrealized gain on marketable securities	245,000	741,000
Net gain on marketable securities	$134,000	$783,000

INVESTMENT_IN_MARKETABLE_SECUR4

INVESTMENT IN MARKETABLE SECURITIES (Details Textual) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2013	Jun. 30, 2013
Investments in Debt and Marketable Equity Securities [Line Items]	'	'
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	$818,000	$902,000

OTHER_INVESTMENTS_NET_Details

OTHER INVESTMENTS, NET (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Other Investment [Line Items]	'	'
Other investments, net	$7,933,000	$7,933,000
Preferred Stock - Comstock, At Cost [Member]	'	'
Other Investment [Line Items]	'	'
Other investments, net	6,659,000	6,659,000
Private Equity Hedge Fund, At Cost [Member]	'	'
Other Investment [Line Items]	'	'
Other investments, net	1,102,000	1,102,000
Corporate Debt And Equity Instruments, At Cost [Member]	'	'
Other Investment [Line Items]	'	'
Other investments, net	168,000	168,000
Warrant [Member]	'	'
Other Investment [Line Items]	'	'
Other investments, net	$4,000	$4,000

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash equivalents - money market	$3,000	$3,000
Other investments - warrants	4,000	4,000
Investment in marketable securities	5,954,000	5,205,000
Assets, Fair Value Disclosure	5,961,000	5,212,000
Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash equivalents - money market	3,000	3,000
Other investments - warrants	0	0
Investment in marketable securities	5,954,000	5,205,000
Assets, Fair Value Disclosure	5,957,000	5,208,000
Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash equivalents - money market	0	0
Other investments - warrants	0	0
Investment in marketable securities	0	0
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash equivalents - money market	0	0
Other investments - warrants	4,000	4,000
Investment in marketable securities	0	0
Assets, Fair Value Disclosure	4,000	4,000
Basic Materials [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	3,485,000	2,420,000
Basic Materials [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	3,485,000	2,420,000
Basic Materials [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Basic Materials [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Technology [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	987,000	989,000
Technology [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	987,000	989,000
Technology [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Technology [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Financial Services [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	737,000	838,000
Financial Services [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	737,000	838,000
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Financial Services [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Reits and Real Estate Companies [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	154,000	291,000
Reits and Real Estate Companies [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	154,000	291,000
Reits and Real Estate Companies [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Reits and Real Estate Companies [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Others [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	591,000	667,000
Others [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	591,000	667,000
Others [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	0	0
Others [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Investment in marketable securities	$0	$0

FAIR_VALUE_MEASUREMENTS_Detail1

FAIR VALUE MEASUREMENTS (Details 1) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Other non-marketable investments	$7,929,000	$7,929,000
Net loss	0	-128,000
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	$7,929,000	$7,929,000

FAIR_VALUE_MEASUREMENTS_Detail2

FAIR VALUE MEASUREMENTS (Details Textual)	Sep. 30, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'
Cost Method Investment Ownership Percentage	20.00%

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Segment Reporting Information [Line Items]	'	'	'
Revenues	$13,452,000	$12,274,000	'
Segment operating expenses	-9,920,000	-9,474,000	'
Segment income (loss)	3,532,000	2,800,000	'
Interest expense	-661,000	-694,000	'
Depreciation and amortization expense	-640,000	-599,000	'
Income from investments	8,000	550,000	'
Income tax expense	-471,000	-324,000	'
Net income (loss)	1,768,000	1,733,000	'
Total assets	65,272,000	65,390,000	64,733,000
Hotel Operations [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Revenues	13,305,000	12,136,000	'
Segment operating expenses	-9,532,000	-9,164,000	'
Segment income (loss)	3,773,000	2,972,000	'
Interest expense	-635,000	-664,000	'
Depreciation and amortization expense	-624,000	-583,000	'
Income from investments	0	0	'
Income tax expense	0	0	'
Net income (loss)	2,514,000	1,725,000	'
Total assets	37,491,000	36,594,000	'
Real Estate Operations [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Revenues	147,000	138,000	'
Segment operating expenses	-143,000	-64,000	'
Segment income (loss)	4,000	74,000	'
Interest expense	-26,000	-30,000	'
Depreciation and amortization expense	-16,000	-16,000	'
Income from investments	0	0	'
Income tax expense	0	0	'
Net income (loss)	-38,000	44,000	'
Total assets	5,027,000	5,090,000	'
Investment Transactions [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Revenues	0	0	'
Segment operating expenses	0	0	'
Segment income (loss)	0	0	'
Interest expense	0	0	'
Depreciation and amortization expense	0	0	'
Income from investments	8,000	550,000	'
Income tax expense	0	0	'
Net income (loss)	8,000	550,000	'
Total assets	13,887,000	13,890,000	'
Other Segments [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Revenues	0	0	'
Segment operating expenses	-245,000	-246,000	'
Segment income (loss)	-245,000	-246,000	'
Interest expense	0	0	'
Depreciation and amortization expense	0	0	'
Income from investments	0	0	'
Income tax expense	-471,000	-324,000	'
Net income (loss)	-716,000	-570,000	'
Total assets	$8,867,000	$9,816,000	'

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Textual) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Related Party Transaction [Line Items]	'	'
Management Fees Revenue, Total	$112,000	$112,000
Costs and Expenses, Related Party	$36,000	$36,000

SUBSEQUENT_EVENT_Details_Textu

SUBSEQUENT EVENT (Details Textual) (Justice [Member], USD $)	3 Months Ended			1 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Oct. 31, 2013
		Approximate Liability Before Redemption [Member]	Approximate Liability After Redemption [Member]	Subsequent Event [Member]
Subsequent Event [Line Items]	'	'	'	'
Offer Amount To Redeem Each One Percentage Of Limited Partnership Interests	'	'	'	$1,385,000
Secured Debt	'	$44,300,000	$118,000,000	'
Redemption Condition, Minimum Percentage Of Participation Threshold	34.00%	'	'	'
Redemption Condition, Minimum Percentage Of Holders Approval In Amendments	75.00%	'	'	'