Santa Fe Financial (SFEF) 10-Q 29 Oct 15 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Oct. 09, 2015
Document Information [Line Items]
Entity Registrant Name	SANTA FE FINANCIAL CORP
Entity Central Index Key	86,759
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	Sep. 30, 2015
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Jun. 30, 2015
ASSETS
Investment in Hotel, net	$ 40,413,000	$ 39,938,000
Investment in real estate, net	5,015,000	4,972,000
Investment in marketable securities	8,597,000	1,955,000
Other investments, net	1,015,000	7,711,000
Cash and cash equivalents	3,948,000	1,146,000
Restricted cash - mortgage impounds	920,000	656,000
Accounts receivable - Hotel, net	2,229,000	6,791,000
Other assets, net	4,163,000	4,366,000
Deferred tax asset	7,908,000	8,351,000
Total assets	74,208,000	75,886,000
Liabilities:
Accounts payable and other liabilities	13,841,000	15,975,000
Other notes payable	9,031,000	9,155,000
Mortgage notes payable - real estate	3,394,000	3,410,000
Mortgage notes payable - Hotel	117,000,000	117,000,000
Total liabilities	$ 143,266,000	$ 145,540,000
Commitments and contingencies
Shareholders' deficit:
Common stock - par value $.10 per share; Authorized shares - 2,000,000; Shares issued 1,339,638 and outstanding 1,241,810	$ 134,000	$ 134,000
Additional paid-in capital	8,808,000	8,808,000
Accumulated deficit	(52,415,000)	(52,746,000)
Treasury stock, at cost, 97,828 shares	(951,000)	(951,000)
Total Santa Fe shareholders' deficit	(44,424,000)	(44,755,000)
Noncontrolling interest	(24,634,000)	(24,899,000)
Total shareholders' deficit	(69,058,000)	(69,654,000)
Total liabilities and shareholders' deficit	$ 74,208,000	$ 75,886,000

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Sep. 30, 2015	Jun. 30, 2015
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 STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Hotel	$ 15,138,000	$ 14,830,000
Real estate	123,000	166,000
Total revenues	15,261,000	14,996,000
Costs and operating expenses:
Hotel operating expenses	(11,193,000)	(11,838,000)
Real estate operating expenses	(64,000)	(60,000)
Depreciation and amortization expense	(756,000)	(681,000)
General and administrative expense	(298,000)	(276,000)
Total costs and operating expenses	(12,311,000)	(12,855,000)
Income from operations	2,950,000	2,141,000
Other income (expense):
Interest expense - mortgage	(1,965,000)	(2,049,000)
Loss on disposal of assets	(30,000)	0
Net gain (loss) on marketable securities	178,000	(696,000)
Net unrealized loss on other investments	(37,000)	(36,000)
Dividend and interest income	2,000	6,000
Trading and margin interest expense	(59,000)	(126,000)
Other expense, net	(1,911,000)	(2,901,000)
Income (loss) before income taxes	1,039,000	(760,000)
Income tax (expense) benefit	(443,000)	182,000
Net income (loss)	596,000	(578,000)
Less: Net (income) loss attributable to the noncontrolling interest	(265,000)	49,000
Net income (loss) attributable to Santa Fe	$ 331,000	$ (529,000)
Basic and diluted net income (loss) per share attributable to Santa Fe (in dollars per share)	$ 0.27	$ (0.43)
Weighted average number of common shares outstanding - basic and diluted (in share)	1,241,810	1,241,810

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ 596,000	$ (578,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Net unrealized (gain) loss on marketable securities	(201,000)	792,000
Unrealized loss on other investments	37,000	36,000
Loss on disposal of assets	30,000	0
Depreciation and amortization	756,000	681,000
Changes in assets and liabilities:
Investment in marketable securities	218,000	143,000
Accounts receivable	4,562,000	(383,000)
Other assets	250,000	347,000
Accounts payable and other liabilities	(2,134,000)	(3,365,000)
Due to securities broker	0	(998,000)
Obligations for securities sold	0	1,075,000
Deferred tax asset	443,000	(182,000)
Net cash provided by (used in) operating activities	4,557,000	(2,432,000)
Cash flows from investing activities:
Payments for hotel and real estate investments	(1,351,000)	(1,313,000)
Net cash provided by (used in) investing activities	(1,351,000)	(1,313,000)
Cash flows from financing activities:
Restricted cash - withdrawal of (payments to) mortgage impounds, net	(264,000)	98,000
Proceeds from mortgage and other notes payable, net	(140,000)	4,345,000
Net cash (used in) provided by financing activities	(404,000)	4,443,000
Net increase in cash and cash equivalents:	2,802,000	698,000
Cash and cash equivalents at the beginning of the period	1,146,000	1,139,000
Cash and cash equivalents at the end of the period	3,948,000	1,837,000
Supplemental information:
Interest paid	$ 1,976,000	$ 2,083,000
Non-cash transaction:
Conversion of other investments to marketable securities	6,659,000	0

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	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, 2015. The June 30, 2015 Condensed Consolidated Balance Sheet was derived from the Company’s Form 10-K for the year ended June 30, 2015. The results of operations for the three months ended September 30, 2015 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2016. For the three months ended September 30, 2015 and 2014, the Company had no components of comprehensive income other than net income itself. Santa Fe Financial Corporation, a Nevada corporation, (“Santa Fe” or the “Company”) owns approximately 68.8 81.7 13.1 Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). 93 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 HLT Franchise Holding LLC (Hilton) . 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. Management believes that the revenues expected to be generated from the operations of the hotel, garage and leases will be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. Management also believes that there is significant value in the Hotel to support additional borrowings, if necessary. In addition to the operations of the Hotel, the Company also generates income from the ownership and management of real estate. On December 31, 1997, the Company acquired a controlling 55.4 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, 2015 and 2014, the Company did not have any potentially dilutive securities outstanding. Recently Issued Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs We are in the process of evaluating this guidance. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements Going Concern In July 2015, the FASB issued Accounting Standard Update No. 2015-11, Simplifying the Measurement of Inventory

INVESTMENT IN HOTEL, NET

INVESTMENT IN HOTEL, NET	3 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	NOTE 2 – INVESTMENT IN HOTEL, NET Investment in hotel consisted of the following as of: Accumulated Net Book September 30, 2015 Cost Depreciation Value Land $ 1,896,000 $ - $ 1,896,000 Furniture and equipment 26,197,000 (21,965,000) 4,232,000 Building and improvements 58,355,000 (24,070,000) 34,285,000 $ 86,448,000 $ (46,035,000) $ 40,413,000 Accumulated Net Book June 30, 2015 Cost Depreciation Value Land $ 1,896,000 $ - $ 1,896,000 Furniture and equipment 25,958,000 (21,605,000) 4,353,000 Building and improvements 57,494,000 (23,805,000) 33,689,000 $ 85,348,000 $ (45,410,000) $ 39,938,000

INVESTMENT IN REAL ESTATE, NET

INVESTMENT IN REAL ESTATE, NET	3 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Investment In Real Estate [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, 2015 June 30, 2015 Land $ 2,430,000 $ 2,430,000 Buildings, improvements and equipment 2,697,000 2,634,000 Accumulated depreciation (1,085,000) (1,065,000) 4,042,000 3,999,000 Land held for development 973,000 973,000 Investment in real estate, net $ 5,015,000 $ 4,972,000

INVESTMENT IN MARKETABLE SECURI

INVESTMENT IN MARKETABLE SECURITIES	3 Months Ended
	Sep. 30, 2015
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 transfer to its shareholders through income and/or capital gain. At September 30, 2015 and June 30, 2015, 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 (Loss) Value As of September 30, 2015 Corporate Equities $ 9,457,000 $ 551,000 $ (1,411,000) $ (860,000) $ 8,597,000 As of June 30, 2015 Corporate Equities $ 3,016,000 $ 368,000 $ (1,429,000) $ (1,061,000) $ 1,955,000 As of September 30, 2015, approximately 95% of the investment marketable securities balance above is comprised of the common stock of Comstock Mining, Inc. As of September 30, 2015 and June 30, 2015, the Company had $ 1,407,000 1,420,000 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 ended September 30, 2015 and 2014, respectively. For the three months ended September 30, 2015 2014 Realized (loss) gain on marketable securities $ (23,000) $ 96,000 Unrealized gain (loss) on marketable securities 201,000 (792,000) Net gain (loss) on marketable securities $ 178,000 $ (696,000)

OTHER INVESTMENTS, NET

OTHER INVESTMENTS, NET	3 Months Ended
	Sep. 30, 2015
Investments, All Other Investments [Abstract]
Other Investments Disclosure [Text Block]	NOTE 5 – OTHER INVESTMENTS, NET The Company may also invest, with the approval of the Securities Investment Committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses. Other investments also include non-marketable warrants carried at fair value. Other investments, net consist of the following: Type September 30, 2015 June 30, 2015 Preferred stock - Comstock, at cost $ - $ 6,659,000 Private equity hedge fund, at cost 777,000 777,000 Other preferred stock, at cost 204,000 223,000 Warrants - at fair value 34,000 52,000 $ 1,015,000 $ 7,711,000 As of June 30, 2015, the Company had $ 6,659,000 6,659 On August 27, 2015, all of such preferred stock was converted into common stock of Comstock. Such shares are now included on the balance sheet under “Investment in marketable securities”.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2015
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) 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, 2015 Assets: Level 1 Level 2 Level 3 Total Other investments - warrants $ - $ - $ 34,000 $ 34,000 Investment in marketable securities: Basic materials 8,187,000 - - 8,187,000 Other 410,000 - - 410,000 8,597,000 - - 8,597,000 $ 8,597,000 $ - $ 34,000 $ 8,631,000 As of June 30, 2015 Assets: Level 1 Level 2 Level 3 Total Other investments - warrants $ - $ - $ 52,000 $ 52,000 Investment in marketable securities: Basic materials 1,392,000 - - 1,392,000 Other 563,000 - - 563,000 1,955,000 - - 1,955,000 $ 1,955,000 $ - $ 52,000 $ 2,007,000 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, 2015 ended September 30, 2015 Other non-marketable investments $ - $ - $ 981,000 $ 981,000 $ - Net loss for the three months Assets Level 1 Level 2 Level 3 June 30, 2015 ended September 30, 2014 Other non-marketable investments $ - $ - $ 7,659,000 $ 7,659,000 $ - 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, 2015
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, 2015 and 2014, 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. Income (loss) from investment transactions consist of net investment gain (loss), impairment loss on other investments, net unrealized gain (loss) on other investments, dividend and interest income and trading and margin interest expense. As of and for the three months Hotel Real Estate Investment ended September 30, 2015 Operations Operations Transactions Other Total Revenues $ 15,138,000 $ 123,000 $ - $ - $ 15,261,000 Segment operating expenses (11,193,000) (64,000) - (298,000) (11,555,000) Segment income (loss) 3,945,000 59,000 - (298,000) 3,706,000 Loss on disposal of assets (30,000) - - - (30,000) Interest expense - mortgage (1,941,000) (24,000) - - (1,965,000) Depreciation and amortization expense (737,000) (19,000) - - (756,000) Income from investments - - 84,000 - 84,000 Income tax expense - - - (443,000) (443,000) Net income (loss) $ 1,237,000 $ 16,000 $ 84,000 $ (741,000) $ 596,000 Total assets $ 48,321,000 $ 5,015,000 $ 9,612,000 $ 11,260,000 $ 74,208,000 As of and for the three months Hotel Real Estate Investment ended September 30, 2014 Operations Operations Transactions Other Total Revenues $ 14,830,000 $ 166,000 $ - $ - $ 14,996,000 Segment operating expenses (11,838,000) (60,000) - (276,000) (12,174,000) Segment income (loss) 2,992,000 106,000 - (276,000) 2,822,000 Interest expense (2,024,000) (25,000) - - (2,049,000) Depreciation and amortization expense (666,000) (15,000) - - (681,000) Loss from investments - - (852,000) - (852,000) Income tax benefit - - - 182,000 182,000 Net income (loss) $ 302,000 $ 66,000 $ (852,000) $ (94,000) $ (578,000) Total assets $ 38,504,000 $ 4,965,000 $ 12,170,000 $ 37,547,000 $ 93,186,000

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 8 – 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 September 30, 2015 and 2014, these expenses were approximately $36,000 for each respective period. During the three months ended September 30, 2015 and 2014, the Company received management fees from Justice Investors totaling $163,000 and $140,000, respectively. These fees are eliminated in consolidation. 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 $ 1,550,000 400,000 Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of InterGroup. 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, 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 the resources of Portsmouth and InterGroup, at risk in connection with investment decisions made on behalf of the Company.

BASIS OF PRESENTATION AND SIG14

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs We are in the process of evaluating this guidance. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements Going Concern In July 2015, the FASB issued Accounting Standard Update No. 2015-11, Simplifying the Measurement of Inventory

INVESTMENT IN HOTEL, NET (Table

INVESTMENT IN HOTEL, NET (Tables)	3 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Schedule of Real Estate Properties [Table Text Block]	Investment in hotel consisted of the following as of: Accumulated Net Book September 30, 2015 Cost Depreciation Value Land $ 1,896,000 $ - $ 1,896,000 Furniture and equipment 26,197,000 (21,965,000) 4,232,000 Building and improvements 58,355,000 (24,070,000) 34,285,000 $ 86,448,000 $ (46,035,000) $ 40,413,000 Accumulated Net Book June 30, 2015 Cost Depreciation Value Land $ 1,896,000 $ - $ 1,896,000 Furniture and equipment 25,958,000 (21,605,000) 4,353,000 Building and improvements 57,494,000 (23,805,000) 33,689,000 $ 85,348,000 $ (45,410,000) $ 39,938,000

INVESTMENT IN REAL ESTATE, NET

INVESTMENT IN REAL ESTATE, NET (Tables)	3 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of Investment In Real Estate [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, 2015 June 30, 2015 Land $ 2,430,000 $ 2,430,000 Buildings, improvements and equipment 2,697,000 2,634,000 Accumulated depreciation (1,085,000) (1,065,000) 4,042,000 3,999,000 Land held for development 973,000 973,000 Investment in real estate, net $ 5,015,000 $ 4,972,000

INVESTMENT IN MARKETABLE SECU17

INVESTMENT IN MARKETABLE SECURITIES (Tables)	3 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Marketable Securities [Table Text Block]	At September 30, 2015 and June 30, 2015, 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 (Loss) Value As of September 30, 2015 Corporate Equities $ 9,457,000 $ 551,000 $ (1,411,000) $ (860,000) $ 8,597,000 As of June 30, 2015 Corporate Equities $ 3,016,000 $ 368,000 $ (1,429,000) $ (1,061,000) $ 1,955,000
Gain (Loss) on Investments [Table Text Block]	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 ended September 30, 2015 and 2014, respectively. For the three months ended September 30, 2015 2014 Realized (loss) gain on marketable securities $ (23,000) $ 96,000 Unrealized gain (loss) on marketable securities 201,000 (792,000) Net gain (loss) on marketable securities $ 178,000 $ (696,000)

OTHER INVESTMENTS, NET (Tables)

OTHER INVESTMENTS, NET (Tables)	3 Months Ended
	Sep. 30, 2015
Investments, All Other Investments [Abstract]
Schedule Of Other Investments Not Readily Marketable [Table Text Block]	Other investments, net consist of the following: Type September 30, 2015 June 30, 2015 Preferred stock - Comstock, at cost $ - $ 6,659,000 Private equity hedge fund, at cost 777,000 777,000 Other preferred stock, at cost 204,000 223,000 Warrants - at fair value 34,000 52,000 $ 1,015,000 $ 7,711,000

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2015
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, 2015 Assets: Level 1 Level 2 Level 3 Total Other investments - warrants $ - $ - $ 34,000 $ 34,000 Investment in marketable securities: Basic materials 8,187,000 - - 8,187,000 Other 410,000 - - 410,000 8,597,000 - - 8,597,000 $ 8,597,000 $ - $ 34,000 $ 8,631,000 As of June 30, 2015 Assets: Level 1 Level 2 Level 3 Total Other investments - warrants $ - $ - $ 52,000 $ 52,000 Investment in marketable securities: Basic materials 1,392,000 - - 1,392,000 Other 563,000 - - 563,000 1,955,000 - - 1,955,000 $ 1,955,000 $ - $ 52,000 $ 2,007,000
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, 2015 ended September 30, 2015 Other non-marketable investments $ - $ - $ 981,000 $ 981,000 $ - Net loss for the three months Assets Level 1 Level 2 Level 3 June 30, 2015 ended September 30, 2014 Other non-marketable investments $ - $ - $ 7,659,000 $ 7,659,000 $ -

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information below represents reporting segments for the three months ended September 30, 2015 and 2014, 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. Income (loss) from investment transactions consist of net investment gain (loss), impairment loss on other investments, net unrealized gain (loss) on other investments, dividend and interest income and trading and margin interest expense. As of and for the three months Hotel Real Estate Investment ended September 30, 2015 Operations Operations Transactions Other Total Revenues $ 15,138,000 $ 123,000 $ - $ - $ 15,261,000 Segment operating expenses (11,193,000) (64,000) - (298,000) (11,555,000) Segment income (loss) 3,945,000 59,000 - (298,000) 3,706,000 Loss on disposal of assets (30,000) - - - (30,000) Interest expense - mortgage (1,941,000) (24,000) - - (1,965,000) Depreciation and amortization expense (737,000) (19,000) - - (756,000) Income from investments - - 84,000 - 84,000 Income tax expense - - - (443,000) (443,000) Net income (loss) $ 1,237,000 $ 16,000 $ 84,000 $ (741,000) $ 596,000 Total assets $ 48,321,000 $ 5,015,000 $ 9,612,000 $ 11,260,000 $ 74,208,000 As of and for the three months Hotel Real Estate Investment ended September 30, 2014 Operations Operations Transactions Other Total Revenues $ 14,830,000 $ 166,000 $ - $ - $ 14,996,000 Segment operating expenses (11,838,000) (60,000) - (276,000) (12,174,000) Segment income (loss) 2,992,000 106,000 - (276,000) 2,822,000 Interest expense (2,024,000) (25,000) - - (2,049,000) Depreciation and amortization expense (666,000) (15,000) - - (681,000) Loss from investments - - (852,000) - (852,000) Income tax benefit - - - 182,000 182,000 Net income (loss) $ 302,000 $ 66,000 $ (852,000) $ (94,000) $ (578,000) Total assets $ 38,504,000 $ 4,965,000 $ 12,170,000 $ 37,547,000 $ 93,186,000

BASIS OF PRESENTATION AND SIG21

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	3 Months Ended
	Sep. 30, 2015
Basis Of Presentation And Significant Accounting Policies [Line Items]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	93.00%
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	81.70%
Noncontrolling Interest, Ownership Percentage by Parent	13.10%
Woodland Village Inc [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage	55.40%

INVESTMENT IN HOTEL, NET (Detai

INVESTMENT IN HOTEL, NET (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Cost	$ 86,448,000	$ 85,348,000
Accumulated Depreciation	(46,035,000)	(45,410,000)
Net Book Value	40,413,000	39,938,000
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 equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	26,197,000	25,958,000
Accumulated Depreciation	(21,965,000)	(21,605,000)
Net Book Value	4,232,000	4,353,000
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	58,355,000	57,494,000
Accumulated Depreciation	(24,070,000)	(23,805,000)
Net Book Value	$ 34,285,000	$ 33,689,000

INVESTMENT IN REAL ESTATE, NE23

INVESTMENT IN REAL ESTATE, NET (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Land	$ 2,430,000	$ 2,430,000
Buildings, improvements and equipment	2,697,000	2,634,000
Accumulated depreciation	(1,085,000)	(1,065,000)
Real Estate Investment Property Net	4,042,000	3,999,000
Land held for development	973,000	973,000
Investment in real estate, net	$ 5,015,000	$ 4,972,000

INVESTMENT IN MARKETABLE SECU24

INVESTMENT IN MARKETABLE SECURITIES (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Investment - Corporate Equities
Net Unrealized (Loss) Gain	$ 201,000	$ (792,000)
Fair Value	8,597,000		$ 1,955,000
Equity Securities [Member]
Investment - Corporate Equities
Cost	9,457,000		3,016,000
Gross Unrealized Gain	551,000		368,000
Gross Unrealized Loss	(1,411,000)		(1,429,000)
Net Unrealized (Loss) Gain	(860,000)		(1,061,000)
Fair Value	$ 8,597,000		$ 1,955,000

INVESTMENT IN MARKETABLE SECU25

INVESTMENT IN MARKETABLE SECURITIES (Details 1) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Realized (loss) gain on marketable securities	$ (23,000)	$ 96,000
Unrealized gain (loss) on marketable securities	201,000	(792,000)
Net gain (loss) on marketable securities	$ 178,000	$ (696,000)

INVESTMENT IN MARKETABLE SECU26

INVESTMENT IN MARKETABLE SECURITIES (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	$ 1,407,000	$ 1,420,000

OTHER INVESTMENTS, NET (Details

OTHER INVESTMENTS, NET (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Other Investment [Line Items]
Other investments, net	$ 1,015,000	$ 7,711,000
Preferred stock - Comstock, at cost [Member]
Other Investment [Line Items]
Other investments, net	0	6,659,000
Private equity hedge fund, at cost [Member]
Other Investment [Line Items]
Other investments, net	777,000	777,000
Other preferred stock, at cost [Member]
Other Investment [Line Items]
Other investments, net	204,000	223,000
Warrants - at fair value [Member]
Other Investment [Line Items]
Other investments, net	$ 34,000	$ 52,000

OTHER INVESTMENTS, NET (Detai28

OTHER INVESTMENTS, NET (Details Textual) - Comstock Mining Inc [Member]	Jun. 30, 2015USD ($)shares
Schedule of Investments [Line Items]
Preferred Stock, Value, Issued | $	$ 6,659,000
Preferred Stock, Shares Issued	6,659

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments - warrants	$ 34,000	$ 52,000
Investment in marketable securities	8,597,000	1,955,000
Assets, Fair Value Disclosure	8,631,000	2,007,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments - warrants	0	0
Investment in marketable securities	8,597,000	1,955,000
Assets, Fair Value Disclosure	8,597,000	1,955,000
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
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]
Other investments - warrants	34,000	52,000
Investment in marketable securities	0	0
Assets, Fair Value Disclosure	34,000	52,000
Basic materials [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	8,187,000	1,392,000
Basic materials [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	8,187,000	1,392,000
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
Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	410,000	563,000
Other [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	410,000	563,000
Other [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	0	0
Other [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 (Deta30

FAIR VALUE MEASUREMENTS (Details 1) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	$ 981,000		$ 7,659,000
Net loss	0	$ 0
Other Investments [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	0		0
Other Investments [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	0		0
Other Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	$ 981,000		$ 7,659,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Segment Reporting Information [Line Items]
Revenues	$ 15,261,000	$ 14,996,000
Segment operating expenses	(11,555,000)	(12,174,000)
Segment income (loss)	2,950,000	2,141,000
Interest expense - mortgage	(1,965,000)	(2,049,000)
Loss on disposal of assets	(30,000)	0
Depreciation and amortization expense	(756,000)	(681,000)
Income (Loss) from investments	84,000	(852,000)
Income tax Expenses (Benefit)	(443,000)	182,000
Net income (loss)	596,000	(578,000)
Total assets	74,208,000	93,186,000	$ 75,886,000
Hotel [Member]
Segment Reporting Information [Line Items]
Revenues	15,138,000	14,830,000
Segment operating expenses	(11,193,000)	(11,838,000)
Segment income (loss)	3,945,000	2,992,000
Interest expense - mortgage	(1,941,000)	(2,024,000)
Loss on disposal of assets	(30,000)
Depreciation and amortization expense	(737,000)	(666,000)
Income (Loss) from investments	0	0
Income tax Expenses (Benefit)	0	0
Net income (loss)	1,237,000	302,000
Total assets	48,321,000	38,504,000
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Revenues	123,000	166,000
Segment operating expenses	(64,000)	(60,000)
Segment income (loss)	59,000	106,000
Interest expense - mortgage	(24,000)	(25,000)
Loss on disposal of assets	0
Depreciation and amortization expense	(19,000)	(15,000)
Income (Loss) from investments	0	0
Income tax Expenses (Benefit)	0	0
Net income (loss)	16,000	66,000
Total assets	5,015,000	4,965,000
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
Loss on disposal of assets	0
Depreciation and amortization expense	0	0
Income (Loss) from investments	84,000	(852,000)
Income tax Expenses (Benefit)	0	0
Net income (loss)	84,000	(852,000)
Total assets	9,612,000	12,170,000
Other Property [Member]
Segment Reporting Information [Line Items]
Revenues	0	0
Segment operating expenses	(298,000)	(276,000)
Segment income (loss)	(298,000)	(276,000)
Interest expense - mortgage	0	0
Loss on disposal of assets	0
Depreciation and amortization expense	0	0
Income (Loss) from investments	0	0
Income tax Expenses (Benefit)	(443,000)	182,000
Net income (loss)	(741,000)	(94,000)
Total assets	$ 11,260,000	$ 37,547,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Management Fees Revenue, Total	$ 163,000	$ 140,000
Costs and Expenses, Related Party	36,000	$ 36,000
Management Fee Payable	400,000
Justice [Member]
Related Party Transaction [Line Items]
Payment for Management Fee	$ 1,550,000