Santa Fe Financial (SFEF) 10-Q 27 Apr 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2018	Apr. 26, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Registrant Name	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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2018	Jun. 30, 2017
ASSETS
Investment in hotel, net	$ 36,607,000	$ 38,390,000
Investment in real estate, net	4,981,000	5,007,000
Investment in marketable securities	2,759,000	5,874,000
Other investments, net	510,000	696,000
Cash and cash equivalents	2,497,000	2,097,000
Restricted cash	6,339,000	5,173,000
Accounts receivable - hotel, net	958,000	1,436,000
Other assets, net	1,501,000	1,683,000
Deferred tax assets	7,864,000	10,927,000
Total assets	64,016,000	71,283,000
Liabilities:
Accounts payable and other liabilities	16,742,000	17,402,000
Due to securities broker	252,000	1,005,000
Obligations for securities sold	455,000	1,271,000
Related party and other notes payable	9,971,000	10,209,000
Mortgage notes payable - real estate	3,205,000	3,256,000
Mortgage notes payable - hotel, net	114,670,000	115,615,000
Total liabilities	145,295,000	148,758,000
Shareholders' deficit:
Common stock - par value $.10 per share; Authorized - 2,000,000; Issued 1,339,638 and outstanding 1,241,810 as of March 31, 2018 and June 30, 2017	134,000	134,000
Additional paid-in capital	8,808,000	8,808,000
Accumulated deficit	(61,947,000)	(58,938,000)
Treasury stock, at cost, 97,828 shares	(951,000)	(951,000)
Total Santa Fe shareholders' deficit	(53,956,000)	(50,947,000)
Noncontrolling interest	(27,323,000)	(26,528,000)
Total shareholders' deficit	(81,279,000)	(77,475,000)
Total liabilities and shareholders' deficit	$ 64,016,000	$ 71,283,000

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Mar. 31, 2018	Jun. 30, 2017
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		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Hotel	$ 14,344,000	$ 13,495,000	$ 41,968,000	$ 40,937,000
Real estate	86,000	85,000	257,000	262,000
Total revenues	14,430,000	13,580,000	42,225,000	41,199,000
Costs and operating expenses:
Hotel operating expenses	(10,573,000)	(10,333,000)	(31,905,000)	(30,515,000)
Real estate operating expenses	(55,000)	(43,000)	(148,000)	(135,000)
Depreciation and amortization expense	(670,000)	(690,000)	(2,052,000)	(2,213,000)
General and administrative expense	(448,000)	(236,000)	(1,077,000)	(719,000)
Total costs and operating expenses	(11,746,000)	(11,302,000)	(35,182,000)	(33,582,000)
Income from operations	2,684,000	2,278,000	7,043,000	7,617,000
Other income (expense):
Interest expense - mortgage	(1,939,000)	(2,027,000)	(5,951,000)	(5,970,000)
Net loss on marketable securities	(206,000)	(359,000)	(1,488,000)	(1,475,000)
Unrealized loss on other investments	(21,000)	0	(21,000)	0
Impairment loss on other investments	0	(75,000)	(124,000)	(97,000)
Dividend and interest income	22,000	25,000	53,000	61,000
Trading and margin interest expense	(78,000)	(77,000)	(253,000)	(221,000)
Total other expense, net	(2,222,000)	(2,513,000)	(7,784,000)	(7,702,000)
Income (loss) before income taxes	462,000	(235,000)	(741,000)	(85,000)
Income tax benefit (expense)	101,000	(18,000)	(3,063,000)	(346,000)
Net income (loss)	563,000	(253,000)	(3,804,000)	(431,000)
Less: Net loss (income) attributable to the noncontrolling interest	(286,000)	(24,000)	795,000	(252,000)
Net income (loss) attributable to Santa Fe	$ 277,000	$ (277,000)	$ (3,009,000)	$ (683,000)
Basic and diluted net income (loss) per share attributable to Santa Fe	$ 0.22	$ (0.22)	$ (2.42)	$ (0.55)
Weighted average number of common shares outstanding - basic and diluted	1,241,810	1,241,810	1,241,810	1,241,810

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (3,804,000)	$ (431,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net unrealized loss on marketable securities	1,667,000	1,643,000
Unrealized loss on other investments	21,000
Impairment loss on other investments	124,000	97,000
Deferred taxes	3,063,000	346,000
Depreciation and amortization	2,091,000	2,297,000
Changes in assets and liabilities:
Investment in marketable securities	1,448,000	(1,330,000)
Accounts receivable	478,000	2,226,000
Other assets	182,000	329,000
Accounts payable and other liabilities	(660,000)	(1,819,000)
Due to securities broker	(753,000)	745,000
Obligations for securities sold	(816,000)	522,000
Net cash provided by operating activities	3,041,000	4,625,000
Cash flows from investing activities:
Payments for hotel and real estate investments	(243,000)	(266,000)
Proceeds from other investments	41,000	0
Payments for other investments	0	(180,000)
Net cash used in investing activities	(202,000)	(446,000)
Cash flows from financing activities:
Restricted cash - payments to mortgage impounds, net	(1,166,000)	(1,445,000)
Net payments of related party and other notes payable	(1,273,000)	(528,000)
Net cash used in financing activities	(2,439,000)	(1,973,000)
Net increase in cash and cash equivalents:	400,000	2,206,000
Cash and cash equivalents at the beginning of the period	2,097,000	3,397,000
Cash and cash equivalents at the end of the period	2,497,000	5,603,000
Supplemental information:
Interest paid	6,075,000	6,078,000
Non-cash transaction:
Key money incentive fee	$ 0	$ 2,000,000

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements included herein have been prepared by 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, 2017. The June 30, 2017 Condensed Consolidated Balance Sheet was derived from the Company’s Form 10-K for the year ended June 30, 2017. The results of operations for the nine months ended March 31, 2018 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2018. Santa Fe Financial owns approximately 68.8 81.9 13.4 Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors Limited Partnership; a California limited partnership (“Justice” or the “Partnership”). 93.1 Justice, through its subsidiaries Justice Holdings Company, LLC (“Holdings”), a Delaware Limited Liability Company, Justice Operating Company, LLC (“Operating”) and Justice Mezzanine Company, LLC (“Mezzanine”), owns a 544-room hotel property located at 750 Kearny Street, San Francisco California, known as the Hilton San Francisco Financial District (the “Hotel”) and related facilities including a five-level underground parking garage. Holdings and Mezzanine are both wholly-owned subsidiaries of the Partnership; Operating is a wholly-owned subsidiary of Mezzanine. Mezzanine is the borrower under certain mezzanine indebtedness of Justice, and in December 2013, the Partnership conveyed ownership of the Hotel to Operating. The Hotel is operated by the partnership as a full-service Hilton brand hotel pursuant to a Franchise License Agreement with HLT Franchise Holding LLC (Hilton). Justice had a management agreement with Prism Hospitality L.P. (“Prism”) to perform certain management functions for the Hotel. The management agreement with Prism had an original term of ten years, subject to the Partnership’s right to terminate at any time with or without cause. Effective January 2014, the management agreement with Prism was amended by the Partnership to change the nature of the services provided by Prism and the compensation payable to Prism, among other things. Prism’s management agreement was terminated upon its expiration date of February 3, 2017. Effective December 1, 2013, GMP Management, Inc. (“GMP”), a company owned by a Justice limited partner and a related party, also provided management services for the Partnership pursuant to a management services agreement, with a three-year term, subject to the Partnership’s right to terminate earlier for cause. In June 2016, GMP resigned. On February 1, 2017, Justice entered into a Hotel management agreement (“HMA”) with Interstate Management Company, LLC (“Interstate”) to manage the Hotel with an effective takeover date of February 3, 2017. The term of the HMA is for an initial period of ten years commencing on the takeover date and automatically renewals for an additional year not to exceed five years in aggregate subject to certain conditions. The HMA also provides for Interstate to advance a key money incentive fee to the Hotel for capital improvements in the amount of $2,000,000 under certain terms and conditions described in a separate key money agreement. The $2,000,000 is included in the restricted cash and related party and other notes payable balances in the condensed consolidated balance sheets as of March 31, 2018 and June 30, 2017. The parking garage that is part of the Hotel property was managed by Ace Parking pursuant to a contract with the Partnership. The contract was terminated with an effective termination date of October 4, 2016. The Company began managing the parking garage in-house after the termination of Ace Parking. Effective February 3, 2017, Interstate took over the management of the parking garage along with the Hotel. Various securities brokers have advanced funds to the Company for the purchase of marketable securities under standard margin agreements. These advanced funds are recorded as a liability. Obligation for securities sold represents the fair market value of shares sold with the promise to deliver that security at some future date and the fair market value of shares underlying the written call options with the obligation to deliver that security when and if the option is exercised. The obligation may be satisfied with current holdings of the same security or by subsequent purchases of that security. Unrealized gains and losses from changes in the obligation are included in the condensed consolidated statements of operations. The Company consolidates Justice (“Hotel”) for financial reporting purposes and is not taxed on its non-controlling interest in the Hotel. The income tax expense (benefit) during the three and nine months ended March 31, 2018 and 2017 represents the income tax effect on the Company s pretax income which includes its share in the net income of the Hotel. Additionally, the income tax expense (benefit) includes adjustments relating to the changes in the tax rates and effect on the deferred tax assets as a result of the recent tax law changes. The Company’s cash flows are primarily generated from its Hotel operations. The Company also receives cash generated from the investment of its cash and marketable securities and other investments. To fund the redemption of limited partnership interests and to repay the prior mortgage of $ 42,940,000 97,000,000 20,000,000 5.275 9.75 Effective as of May 11, 2017, InterGroup agreed to become an additional guarantor under the limited guaranty and an additional indemnitor under the environmental indemnity for Justice Investors limited partnership’s $ 97,000,000 20,000,000 Despite an uncertain economy, the Hotel has continued to generate positive operating income. While the debt service requirements related the loans may create some additional risk for the Company and its ability to generate cash flows in the future, management believes that cash flows from the operations of the Hotel and the garage will continue to be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. The Company has invested in short-term, income-producing instruments and in equity and debt securities when deemed appropriate. The Company's marketable securities are classified as trading with unrealized gains and losses recorded through the consolidated statements of operations. Management believes that its cash, marketable securities, and the cash flows generated from those assets and from the partnership management fees, will be adequate to meet the Company’s current and future obligations. Additionally, management believes there is significant appreciated value in the Hotel property to support additional borrowings, if necessary. In 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 In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern On June 16, 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing corporate income tax by, among other things, lowering corporate income tax rates. As the Company has a June 30 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a statutory federal rate of approximately 28 21 21 3,313,000 The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the company has utilized to calculate the transition impact. The Securities Exchange Commission has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending June 30, 2018.

INVESTMENT IN HOTEL, NET

INVESTMENT IN HOTEL, NET	9 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Cost Depreciation Value Land $ 1,896,000 $ - $ 1,896,000 Furniture and equipment 27,966,000 (25,592,000) 2,374,000 Building and improvements 59,798,000 (27,461,000) 32,337,000 $ 89,660,000 $ (53,053,000) $ 36,607,000 Accumulated Net Book June 30, 2017 Cost Depreciation Value Land $ 1,896,000 $ - $ 1,896,000 Furniture and equipment 27,681,000 (24,570,000) 3,111,000 Building and improvements 59,771,000 (26,388,000) 33,383,000 $ 89,348,000 $ (50,958,000) $ 38,390,000

INVESTMENT IN REAL ESTATE, NET

INVESTMENT IN REAL ESTATE, NET	9 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Investment In Real Estate [Text Block]	NOTE 3 – INVESTMENT IN REAL ESTATE, NET As of March 31, 2018 June 30, 2017 Land $ 2,430,000 $ 2,430,000 Buildings, improvements and equipment 2,905,000 2,854,000 Accumulated depreciation (1,327,000) (1,250,000) 4,008,000 4,034,000 Land held for development 973,000 973,000 Investment in real estate, net $ 4,981,000 $ 5,007,000

INVESTMENT IN MARKETABLE SECURI

INVESTMENT IN MARKETABLE SECURITIES	9 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 4 – INVESTMENT IN MARKETABLE SECURITIES The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also periodically invested in corporate bonds and income producing securities, which may include interests in real estate based companies and REITs, where financial benefit could transfer to its shareholders through income and/or capital gain. At March 31, 2018 and June 30, 2017, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows: Gross Gross Net Fair Investment Cost Unrealized Gain Unrealized Loss Unrealized Loss Value As of March 31, 2018 Corporate Equities $ 10,778,000 $ 480,000 $ (8,499,000) $ (8,019,000) $ 2,759,000 As of June 30, 2017 Corporate Equities $ 12,190,000 $ 538,000 $ (6,854,000) $ (6,316,000) $ 5,874,000 As of March 31, 2018, and June 30, 2017, approximately 24 40 As of March 31, 2018, and June 30, 2017, the Company had $ 8,450,000 6,783,000 Net loss on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of the net loss on marketable securities for the three and nine months ended March 31, 2018 and 2017, respectively. For the three months ended March 31, 2018 2017 Realized gain on marketable securities $ 249,000 $ 87,000 Unrealized (loss) gain on marketable securities (79,000) 91,000 Unrealized loss on marketable securities related to Comstock (376,000) (537,000) Net loss on marketable securities $ (206,000) $ (359,000) For the nine months ended March 31, 2018 2017 Realized gain on marketable securities $ 179,000 $ 168,000 Unrealized gain on marketable securities 89,000 102,000 Unrealized loss on marketable securities related to Comstock (1,756,000) (1,745,000) Net loss on marketable securities $ (1,488,000) $ (1,475,000)

OTHER INVESTMENTS, NET

OTHER INVESTMENTS, NET	9 Months Ended
	Mar. 31, 2018
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, net consist of the following: Type March 31, 2018 June 30, 2017 Private equity hedge fund, at cost $ 344,000 $ 485,000 Other investments 166,000 211,000 $ 510,000 $ 696,000

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 6 – FAIR VALUE MEASUREMENTS The carrying values of the Company’s financial instruments not required to be carried at fair value on a recurring basis approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities) 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: March 31, 2018 June 30, 2017 As of Total - Level 1 Total - Level 1 Assets: Investment in marketable securities: Basic materials $ 671,000 $ 2,766,000 Technology 585,000 1,386,000 Energy - 689,000 Other 1,503,000 1,033,000 $ 2,759,000 $ 5,874,000 The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, 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 nine months Assets Level 3 March 31, 2018 ended March 31, 2018 Other non-marketable investments $ 510,000 $ 510,000 $ (124,000) Net loss for the nine months Assets Level 3 June 30, 2017 ended March 31, 2017 Other non-marketable investments $ 696,000 $ 696,000 $ (97,000) 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

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Mar. 31, 2018
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. As of and for the three months Hotel Real Estate Investment ended March 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 14,344,000 $ 86,000 $ - $ - $ 14,430,000 Segment operating expenses (10,573,000) (55,000) - (448,000) (11,076,000) Segment income (loss) 3,771,000 31,000 - (448,000) 3,354,000 Interest expense - mortgage (1,918,000) (21,000) - - (1,939,000) Depreciation and amortization expense (643,000) (27,000) - - (670,000) Loss from investments - - (283,000) - (283,000) Income tax benefit - - - 101,000 101,000 Net income (loss) $ 1,210,000 $ (17,000) $ (283,000) $ (347,000) $ 563,000 Total assets $ 46,755,000 $ 4,981,000 $ 3,269,000 $ 9,011,000 $ 64,016,000 As of and for the three months Hotel Real Estate Investment ended March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 13,495,000 $ 85,000 $ - $ - $ 13,580,000 Segment operating expenses (10,333,000) (43,000) - (236,000) (10,612,000) Segment income (loss) 3,162,000 42,000 - (236,000) 2,968,000 Interest expense - mortgage (2,005,000) (22,000) - - (2,027,000) Depreciation and amortization expense (664,000) (26,000) - - (690,000) Loss from investments - - (486,000) - (486,000) Income tax expense - - - (18,000) (18,000) Net income (loss) $ 493,000 $ (6,000) $ (486,000) $ (254,000) $ (253,000) Total assets $ 48,728,000 $ 5,033,000 $ 6,749,000 $ 13,925,000 $ 74,435,000 As of and for the nine months Hotel Real Estate Investment ended March 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 41,968,000 $ 257,000 $ - $ - $ 42,225,000 Segment operating expenses (31,905,000) (148,000) - (1,077,000) (33,130,000) Segment income (loss) 10,063,000 109,000 - (1,077,000) 9,095,000 Interest expense - mortgage (5,885,000) (66,000) - - (5,951,000) Depreciation and amortization expense (1,974,000) (78,000) - - (2,052,000) Loss from investments - - (1,833,000) - (1,833,000) Income tax expense - - - (3,063,000) (3,063,000) Net income (loss) $ 2,204,000 $ (35,000) $ (1,833,000) $ (4,140,000) $ (3,804,000) Total assets $ 46,755,000 $ 4,981,000 $ 3,269,000 $ 9,011,000 $ 64,016,000 As of and for the nine months Hotel Real Estate Investment ended March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 40,937,000 $ 262,000 $ - $ - $ 41,199,000 Segment operating expenses (30,515,000) (135,000) - (719,000) (31,369,000) Segment income (loss) 10,422,000 127,000 - (719,000) 9,830,000 Interest expense - mortgage (5,902,000) (68,000) - - (5,970,000) Depreciation and amortization expense (2,137,000) (76,000) - - (2,213,000) Loss from investments - - (1,732,000) - (1,732,000) Income tax expense - - - (346,000) (346,000) Net income (loss) $ 2,383,000 $ (17,000) $ (1,732,000) $ (1,065,000) $ (431,000) Total assets $ 48,728,000 $ 5,033,000 $ 6,749,000 $ 13,925,000 $ 74,435,000

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 8 – RELATED PARTY TRANSACTIONS On July 2, 2014, the Partnership obtained from InterGroup (a related party) an unsecured loan in the principal amount of $ 4,250,000 12 2 3 Also included in the balance of related party note payable at March 31, 2018 is the obligation to Hilton (Franchisor) in the form of a self-exhausting, interest free development incentive note which is reduced by approximately $ 316,000 3,720,000 3,958,000 On February 1, 2017, Justice entered into a Hotel management agreement (“HMA”) with Interstate Management Company, LLC (“Interstate”) to manage the Hotel with an effective takeover date of February 3, 2017. The term of management agreement is for an initial period of 10 2,000,000 nd In April 2017, Portsmouth obtained from InterGroup an unsecured short-term loan in the amount of $ 1,000,000 5 Effective May 12, 2017, InterGroup agreed to become an additional guarantor under the limited guaranty and an additional indemnitor under environmental indemnity for Justice Investors limited partnership’s $ 97,000,000 20,000,000 In connection with the redemption of the limited partnership interest of Justice, Justice Operating Company, LLC agreed to pay a total of $ 1,550,000 200,000 Justice had an outstanding accounts payable balance to InterGroup for $ 116,000 Four of the Portsmouth directors serve as directors of InterGroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of InterGroup. As Chairman of the Securities Investment Committee, the Company’s President and Chief Executive Officer (CEO), John V. Winfield, directs the investment activity of the Company in public and private markets pursuant to authority granted by the Board of Directors. Mr. Winfield also serves as Chief Executive Officer and Chairman of the Portsmouth and InterGroup and oversees the investment activity of those companies. 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. Such investments align the interests of the Company with the interests of related parties because it places the personal resources of the Chief Executive Officer and the resources of the Portsmouth and InterGroup, at risk in substantially the same manner as the Company in connection with investment decisions made on behalf of the Company.

BASIS OF PRESENTATION AND SIG14

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Due To And From Broker Dealers [Policy Text Block]	Due to Securities Broker Various securities brokers have advanced funds to the Company for the purchase of marketable securities under standard margin agreements. These advanced funds are recorded as a liability.
Obligations For Securities Sold [Policy Text Block]	Obligations for Securities Sold Obligation for securities sold represents the fair market value of shares sold with the promise to deliver that security at some future date and the fair market value of shares underlying the written call options with the obligation to deliver that security when and if the option is exercised. The obligation may be satisfied with current holdings of the same security or by subsequent purchases of that security. Unrealized gains and losses from changes in the obligation are included in the condensed consolidated statements of operations.
Income Tax, Policy [Policy Text Block]	Income Tax The Company consolidates Justice (“Hotel”) for financial reporting purposes and is not taxed on its non-controlling interest in the Hotel. The income tax expense (benefit) during the three and nine months ended March 31, 2018 and 2017 represents the income tax effect on the Company s pretax income which includes its share in the net income of the Hotel. Additionally, the income tax expense (benefit) includes adjustments relating to the changes in the tax rates and effect on the deferred tax assets as a result of the recent tax law changes.
Financial Condition And Liquidity [Policy Text Block]	Financial Condition and Liquidity The Company’s cash flows are primarily generated from its Hotel operations. The Company also receives cash generated from the investment of its cash and marketable securities and other investments. To fund the redemption of limited partnership interests and to repay the prior mortgage of $ 42,940,000 97,000,000 20,000,000 5.275 9.75 Effective as of May 11, 2017, InterGroup agreed to become an additional guarantor under the limited guaranty and an additional indemnitor under the environmental indemnity for Justice Investors limited partnership’s $ 97,000,000 20,000,000 Despite an uncertain economy, the Hotel has continued to generate positive operating income. While the debt service requirements related the loans may create some additional risk for the Company and its ability to generate cash flows in the future, management believes that cash flows from the operations of the Hotel and the garage will continue to be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. The Company has invested in short-term, income-producing instruments and in equity and debt securities when deemed appropriate. The Company's marketable securities are classified as trading with unrealized gains and losses recorded through the consolidated statements of operations. Management believes that its cash, marketable securities, and the cash flows generated from those assets and from the partnership management fees, will be adequate to meet the Company’s current and future obligations. Additionally, management believes there is significant appreciated value in the Hotel property to support additional borrowings, if necessary. 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
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements and U.S. Tax Reform In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern On June 16, 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing corporate income tax by, among other things, lowering corporate income tax rates. As the Company has a June 30 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a statutory federal rate of approximately 28 21 21 3,313,000 The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the company has utilized to calculate the transition impact. The Securities Exchange Commission has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending June 30, 2018.

INVESTMENT IN HOTEL, NET (Table

INVESTMENT IN HOTEL, NET (Tables)	9 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Cost Depreciation Value Land $ 1,896,000 $ - $ 1,896,000 Furniture and equipment 27,966,000 (25,592,000) 2,374,000 Building and improvements 59,798,000 (27,461,000) 32,337,000 $ 89,660,000 $ (53,053,000) $ 36,607,000 Accumulated Net Book June 30, 2017 Cost Depreciation Value Land $ 1,896,000 $ - $ 1,896,000 Furniture and equipment 27,681,000 (24,570,000) 3,111,000 Building and improvements 59,771,000 (26,388,000) 33,383,000 $ 89,348,000 $ (50,958,000) $ 38,390,000

INVESTMENT IN REAL ESTATE, NET

INVESTMENT IN REAL ESTATE, NET (Tables)	9 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule of Investment In Real Estate [Table Text Block]	As of March 31, 2018 June 30, 2017 Land $ 2,430,000 $ 2,430,000 Buildings, improvements and equipment 2,905,000 2,854,000 Accumulated depreciation (1,327,000) (1,250,000) 4,008,000 4,034,000 Land held for development 973,000 973,000 Investment in real estate, net $ 4,981,000 $ 5,007,000

INVESTMENT IN MARKETABLE SECU17

INVESTMENT IN MARKETABLE SECURITIES (Tables)	9 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable Securities [Table Text Block]	At March 31, 2018 and June 30, 2017, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows: Gross Gross Net Fair Investment Cost Unrealized Gain Unrealized Loss Unrealized Loss Value As of March 31, 2018 Corporate Equities $ 10,778,000 $ 480,000 $ (8,499,000) $ (8,019,000) $ 2,759,000 As of June 30, 2017 Corporate Equities $ 12,190,000 $ 538,000 $ (6,854,000) $ (6,316,000) $ 5,874,000
Gain (Loss) on Investments [Table Text Block]	Net loss on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of the net loss on marketable securities for the three and nine months ended March 31, 2018 and 2017, respectively. For the three months ended March 31, 2018 2017 Realized gain on marketable securities $ 249,000 $ 87,000 Unrealized (loss) gain on marketable securities (79,000) 91,000 Unrealized loss on marketable securities related to Comstock (376,000) (537,000) Net loss on marketable securities $ (206,000) $ (359,000) For the nine months ended March 31, 2018 2017 Realized gain on marketable securities $ 179,000 $ 168,000 Unrealized gain on marketable securities 89,000 102,000 Unrealized loss on marketable securities related to Comstock (1,756,000) (1,745,000) Net loss on marketable securities $ (1,488,000) $ (1,475,000)

OTHER INVESTMENTS, NET (Tables)

OTHER INVESTMENTS, NET (Tables)	9 Months Ended
	Mar. 31, 2018
Investments, All Other Investments [Abstract]
Schedule Of Other Investments Not Readily Marketable [Table Text Block]	Other investments, net consist of the following: Type March 31, 2018 June 30, 2017 Private equity hedge fund, at cost $ 344,000 $ 485,000 Other investments 166,000 211,000 $ 510,000 $ 696,000

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	The assets measured at fair value on a recurring basis are as follows: March 31, 2018 June 30, 2017 As of Total - Level 1 Total - Level 1 Assets: Investment in marketable securities: Basic materials $ 671,000 $ 2,766,000 Technology 585,000 1,386,000 Energy - 689,000 Other 1,503,000 1,033,000 $ 2,759,000 $ 5,874,000
Fair Value Measurements, Nonrecurring [Table Text Block]	The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows: Net loss for the nine months Assets Level 3 March 31, 2018 ended March 31, 2018 Other non-marketable investments $ 510,000 $ 510,000 $ (124,000) Net loss for the nine months Assets Level 3 June 30, 2017 ended March 31, 2017 Other non-marketable investments $ 696,000 $ 696,000 $ (97,000)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information below represents reporting segments for the three and nine months ended March 31, 2018 and 2017, respectively. Segment income from Hotel operations consists of the operation of the Hotel and operation of the garage. Segment income from real estate operations consists of the operation of the rental properties. Segment (loss) gain from investments consists of net investment gain (loss), dividend and interest income and investment related expenses. As of and for the three months Hotel Real Estate Investment ended March 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 14,344,000 $ 86,000 $ - $ - $ 14,430,000 Segment operating expenses (10,573,000) (55,000) - (448,000) (11,076,000) Segment income (loss) 3,771,000 31,000 - (448,000) 3,354,000 Interest expense - mortgage (1,918,000) (21,000) - - (1,939,000) Depreciation and amortization expense (643,000) (27,000) - - (670,000) Loss from investments - - (283,000) - (283,000) Income tax benefit - - - 101,000 101,000 Net income (loss) $ 1,210,000 $ (17,000) $ (283,000) $ (347,000) $ 563,000 Total assets $ 46,755,000 $ 4,981,000 $ 3,269,000 $ 9,011,000 $ 64,016,000 As of and for the three months Hotel Real Estate Investment ended March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 13,495,000 $ 85,000 $ - $ - $ 13,580,000 Segment operating expenses (10,333,000) (43,000) - (236,000) (10,612,000) Segment income (loss) 3,162,000 42,000 - (236,000) 2,968,000 Interest expense - mortgage (2,005,000) (22,000) - - (2,027,000) Depreciation and amortization expense (664,000) (26,000) - - (690,000) Loss from investments - - (486,000) - (486,000) Income tax expense - - - (18,000) (18,000) Net income (loss) $ 493,000 $ (6,000) $ (486,000) $ (254,000) $ (253,000) Total assets $ 48,728,000 $ 5,033,000 $ 6,749,000 $ 13,925,000 $ 74,435,000 As of and for the nine months Hotel Real Estate Investment ended March 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 41,968,000 $ 257,000 $ - $ - $ 42,225,000 Segment operating expenses (31,905,000) (148,000) - (1,077,000) (33,130,000) Segment income (loss) 10,063,000 109,000 - (1,077,000) 9,095,000 Interest expense - mortgage (5,885,000) (66,000) - - (5,951,000) Depreciation and amortization expense (1,974,000) (78,000) - - (2,052,000) Loss from investments - - (1,833,000) - (1,833,000) Income tax expense - - - (3,063,000) (3,063,000) Net income (loss) $ 2,204,000 $ (35,000) $ (1,833,000) $ (4,140,000) $ (3,804,000) Total assets $ 46,755,000 $ 4,981,000 $ 3,269,000 $ 9,011,000 $ 64,016,000 As of and for the nine months Hotel Real Estate Investment ended March 31, 2017 Operations Operations Transactions Corporate Total Revenues $ 40,937,000 $ 262,000 $ - $ - $ 41,199,000 Segment operating expenses (30,515,000) (135,000) - (719,000) (31,369,000) Segment income (loss) 10,422,000 127,000 - (719,000) 9,830,000 Interest expense - mortgage (5,902,000) (68,000) - - (5,970,000) Depreciation and amortization expense (2,137,000) (76,000) - - (2,213,000) Loss from investments - - (1,732,000) - (1,732,000) Income tax expense - - - (346,000) (346,000) Net income (loss) $ 2,383,000 $ (17,000) $ (1,732,000) $ (1,065,000) $ (431,000) Total assets $ 48,728,000 $ 5,033,000 $ 6,749,000 $ 13,925,000 $ 74,435,000

BASIS OF PRESENTATION AND SIG21

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	May 11, 2017
Basis Of Presentation And Significant Accounting Policies [Line Items]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest		93.10%
Key Money Incentive Advance To Related Party		$ 2,000,000
Proceeds from Sale of Loans and Leases Held-for-investment		42,940,000
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 97,000,000	$ 97,000,000
Mortgage Loans on Real Estate, Interest Rate		5.275%
Mortgage Loans on Real Estate, Final Maturity Date		Jan. 31, 2024
Mortgage Loans on Real Estate, Carrying Amount of Mortgages					$ 97,000,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	3,313,000
Scenario, Forecast [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Effective Income Tax Rate Reconciliation, Percent			21.00%	28.00%
Mezzanine Loan [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 20,000,000	$ 20,000,000
Mortgage Loans on Real Estate, Interest Rate		9.75%
Mortgage Loans on Real Estate, Final Maturity Date		Jan. 31, 2024
Mortgage Loans on Real Estate, Carrying Amount of Mortgages					$ 20,000,000
Portsmouth [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage	68.80%	68.80%
Intergroup [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage	81.90%	81.90%
Noncontrolling Interest, Ownership Percentage by Parent	13.40%	13.40%
Woodland Village Inc [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage	55.40%	55.40%

INVESTMENT IN HOTEL, NET (Detai

INVESTMENT IN HOTEL, NET (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Property, Plant and Equipment [Line Items]
Cost	$ 89,660,000	$ 89,348,000
Accumulated Depreciation	(53,053,000)	(50,958,000)
Net Book Value	36,607,000	38,390,000
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	27,966,000	27,681,000
Accumulated Depreciation	(25,592,000)	(24,570,000)
Net Book Value	2,374,000	3,111,000
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	59,798,000	59,771,000
Accumulated Depreciation	(27,461,000)	(26,388,000)
Net Book Value	$ 32,337,000	$ 33,383,000

INVESTMENT IN REAL ESTATE, NE23

INVESTMENT IN REAL ESTATE, NET (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Property, Plant and Equipment [Line Items]
Land	$ 2,430,000	$ 2,430,000
Buildings, improvements and equipment	2,905,000	2,854,000
Accumulated depreciation	(1,327,000)	(1,250,000)
Real Estate Investment Property Net	4,008,000	4,034,000
Land held for development	973,000	973,000
Investment in real estate, net	$ 4,981,000	$ 5,007,000

INVESTMENT IN MARKETABLE SECU24

INVESTMENT IN MARKETABLE SECURITIES (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Investment - Corporate Equities
Gross Unrealized Loss			$ (1,667,000)	$ (1,643,000)
Net Unrealized Loss	$ (79,000)	$ 91,000	89,000	$ 102,000
Fair Value	2,759,000		2,759,000		$ 5,874,000
Equity Securities [Member]
Investment - Corporate Equities
Equities	10,778,000		10,778,000		12,190,000
Gross Unrealized Gain			480,000		538,000
Gross Unrealized Loss			(8,499,000)		(6,854,000)
Net Unrealized Loss			(8,019,000)		(6,316,000)
Fair Value	$ 2,759,000		$ 2,759,000		$ 5,874,000

INVESTMENT IN MARKETABLE SECU25

INVESTMENT IN MARKETABLE SECURITIES (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Schedule of Trading Securities and Other Trading Assets [Line Items]
Realized gain on marketable securities	$ 249,000	$ 87,000	$ 179,000	$ 168,000
Unrealized gain on marketable securities	(79,000)	91,000	89,000	102,000
Unrealized loss on marketable securities related to Comstock	(376,000)	(537,000)	(1,756,000)	(1,745,000)
Net loss on marketable securities	$ (206,000)	$ (359,000)	$ (1,488,000)	$ (1,475,000)

INVESTMENT IN MARKETABLE SECU26

INVESTMENT IN MARKETABLE SECURITIES (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2018	Jun. 30, 2017
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	$ 8,450,000	$ 6,783,000
Percentage Of Investment Marketable Securities	24.00%	40.00%

OTHER INVESTMENTS, NET (Details

OTHER INVESTMENTS, NET (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Other Investment [Line Items]
Other investments, net	$ 510,000	$ 696,000
Other Investments [Member]
Other Investment [Line Items]
Other investments, net	166,000	211,000
Private equity hedge fund, at cost [Member]
Other Investment [Line Items]
Other investments, net	$ 344,000	$ 485,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	$ 2,759,000	$ 5,874,000
Basic materials [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	671,000	2,766,000
Technology [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	585,000	1,386,000
Other [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	1,503,000	1,033,000
Energy [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in marketable securities	$ 0	$ 689,000

FAIR VALUE MEASUREMENTS (Deta29

FAIR VALUE MEASUREMENTS (Details 1) - USD ($)	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	$ 510,000		$ 696,000
Net loss	(124,000)	$ (97,000)
Other Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other non-marketable investments	$ 510,000		$ 696,000

FAIR VALUE MEASUREMENTS (Deta30

FAIR VALUE MEASUREMENTS (Details Textual)	9 Months Ended
	Mar. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other Investments In Nonmarketable Securities Ownership Percentage	less than 20%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Segment Reporting Information [Line Items]
Segment income (loss)	$ 2,684,000	$ 2,278,000	$ 7,043,000	$ 7,617,000
Interest expense - mortgage	(1,939,000)	(2,027,000)	(5,951,000)	(5,970,000)
Depreciation and amortization expense	(670,000)	(690,000)	(2,052,000)	(2,213,000)
Income tax expense	101,000	(18,000)	(3,063,000)	(346,000)
Net income (loss)	563,000	(253,000)	(3,804,000)	(431,000)
Total assets	64,016,000		64,016,000		$ 71,283,000
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	14,430,000	13,580,000	42,225,000	41,199,000
Segment operating expenses	(11,076,000)	(10,612,000)	(33,130,000)	(31,369,000)
Segment income (loss)	3,354,000	2,968,000	9,095,000	9,830,000
Interest expense - mortgage	(1,939,000)	(2,027,000)	(5,951,000)	(5,970,000)
Depreciation and amortization expense	(670,000)	(690,000)	(2,052,000)	(2,213,000)
Loss from investments	(283,000)	(486,000)	(1,833,000)	(1,732,000)
Income tax expense	101,000	(18,000)	(3,063,000)	(346,000)
Net income (loss)	563,000	(253,000)	(3,804,000)	(431,000)
Total assets	64,016,000	74,435,000	64,016,000	74,435,000
Hotel Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	14,344,000	13,495,000	41,968,000	40,937,000
Segment operating expenses	(10,573,000)	(10,333,000)	(31,905,000)	(30,515,000)
Segment income (loss)	3,771,000	3,162,000	10,063,000	10,422,000
Interest expense - mortgage	(1,918,000)	(2,005,000)	(5,885,000)	(5,902,000)
Depreciation and amortization expense	(643,000)	(664,000)	(1,974,000)	(2,137,000)
Loss from investments	0	0	0	0
Income tax expense	0	0	0	0
Net income (loss)	1,210,000	493,000	2,204,000	2,383,000
Total assets	46,755,000	48,728,000	46,755,000	48,728,000
Real Estate Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	86,000	85,000	257,000	262,000
Segment operating expenses	(55,000)	(43,000)	(148,000)	(135,000)
Segment income (loss)	31,000	42,000	109,000	127,000
Interest expense - mortgage	(21,000)	(22,000)	(66,000)	(68,000)
Depreciation and amortization expense	(27,000)	(26,000)	(78,000)	(76,000)
Loss from investments	0	0	0	0
Income tax expense	0	0	0	0
Net income (loss)	(17,000)	(6,000)	(35,000)	(17,000)
Total assets	4,981,000	5,033,000	4,981,000	5,033,000
Investment Transactions [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Segment operating expenses	0	0	0	0
Segment income (loss)	0	0	0	0
Interest expense - mortgage	0	0	0	0
Depreciation and amortization expense	0	0	0	0
Loss from investments	(283,000)	(486,000)	(1,833,000)	(1,732,000)
Income tax expense	0	0	0	0
Net income (loss)	(283,000)	(486,000)	(1,833,000)	(1,732,000)
Total assets	3,269,000	6,749,000	3,269,000	6,749,000
Corporate Segments [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Segment operating expenses	(448,000)	(236,000)	(1,077,000)	(719,000)
Segment income (loss)	(448,000)	(236,000)	(1,077,000)	(719,000)
Interest expense - mortgage	0	0	0	0
Depreciation and amortization expense	0	0	0	0
Loss from investments	0	0	0	0
Income tax expense	101,000	(18,000)	(3,063,000)	(346,000)
Net income (loss)	(347,000)	(254,000)	(4,140,000)	(1,065,000)
Total assets	$ 9,011,000	$ 13,925,000	$ 9,011,000	$ 13,925,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	Feb. 03, 2017	Jul. 02, 2014	Apr. 30, 2017	Mar. 31, 2018	Jun. 30, 2017	May 12, 2017
Related Party Transaction [Line Items]
Management Fee Payable				$ 200,000
Debt Instrument, Maturity Date			Sep. 15, 2017
Other Notes Payable				9,971,000	$ 10,209,000
Management Agreement Term For Managing Hotel	10 years
Key Money Incentive Advance To Related Party				2,000,000
Intergroup Corporation [Member] | Unsecured Debt [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			5.00%
Debt Instrument, Face Amount			$ 1,000,000
Mezzanine Loan [Member]
Related Party Transaction [Line Items]
Guarantor Obligations, Current Carrying Value						$ 20,000,000
Mortage loans [Member]
Related Party Transaction [Line Items]
Guarantor Obligations, Current Carrying Value						$ 97,000,000
General Partner [Member]
Related Party Transaction [Line Items]
Other Notes Payable				3,720,000	$ 3,958,000
Intergroup [Member]
Related Party Transaction [Line Items]
Payments of Ordinary Dividends, Noncontrolling Interest		$ 4,250,000
Debt Instrument, Interest Rate, Stated Percentage		12.00%
Percentage Increase in Management Fee		3.00%
Debt Instrument, Term		2 years
Justice [Member]
Related Party Transaction [Line Items]
Payment for Management Fee				1,550,000
Accounts Payable, Related Parties				116,000
Interest Free Development Incentive Note [Member]
Related Party Transaction [Line Items]
Notes Reduction				$ 316,000