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INVESTMENT IN REAL ESTATE, NET
 12 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
INVESTMENT IN REAL ESTATE, NET

NOTE 5 - INVESTMENT IN REAL ESTATE, NET

 

At June 30, 2025, the Company’s investment in real estate consisted of twenty properties located throughout the United States. These properties include sixteen apartment complexes, three single-family houses and one commercial real estate property. The Company also owns unimproved land located in Maui, Hawaii. Properties are held for use; one is classified as held for sale. See Note 10 for mortgage information and Note 1 for depreciation policies and impairment considerations.

 

 

Investment in real estate included the following:

 

As of June 30,  2025   2024 
Land  $22,293,000   $22,998,000 
Buildings, improvements and equipment   76,176,000    75,460,000 
Accumulated depreciation   (55,146,000)   (52,846,000)
Investment in real estate, gross   43,323,000    45,612,000 
Land held for development (a)   1,930,000    1,930,000 
Investment in real estate, net  $45,253,000   $47,542,000 

 

(a)Represents approximately the two-acre parcel in Kihei, Maui, Hawaii (carried at cost, including capitalized amounts).

 

In April 2025, the Company determined that one multifamily property located in Los Angeles met the criteria for classification as held for sale, as described in Note 18 — Assets Held for Sale. Accordingly, the property is reported separately as Assets held for sale in the consolidated balance sheet as of June 30, 2025. The amounts presented in Note 5 — Investment in Real Estate, net exclude this property as of June 30, 2025.

 

The following table reconciles investment in real estate, net from June 30, 2024 to June 30, 2025.

 

For the year ended June 30, 2025  Amount 
Balance at June 30, 2024  $47,542,000 
Additions (capital improvements)   1,664,000 
Depreciation expense   (2,990,000)
Held for sale   (963,000)
Disposals/transfers   - 
Balance at June 30, 2025  $45,253,000 

 

Additions reflect capital improvements to the Company’s multifamily and commercial properties during the year. Depreciation expense reflects the change in accumulated depreciation for the period (from $52,846,000 to $55,842,000). There were no disposals or transfers, and one property was classified as held for sale during the period.