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INVESTMENT IN REAL ESTATE, NET
 6 Months Ended
Dec. 31, 2025
INVESTMENT IN REAL ESTATE, NET

NOTE 5 – INVESTMENT IN REAL ESTATE, NET

 

At December 31, 2025, the Company’s investment in real estate consisted of twenty properties located throughout the United States. These properties include fifteen apartment complexes, three single-family houses as strategic investments, and one commercial real estate property. The Company also owns unimproved land located in Maui, Hawaii.

 

Investment in real estate consisted of the following:

 

As of  December 31, 2025   June 30, 2025 
Land  $22,293,000   $22,293,000 
Buildings, improvements and equipment   76,611,000    76,176,000 
Accumulated depreciation   (56,663,000)   (55,146,000)
Investment in real estate, gross   42,241,000    43,323,000 
Land held for development   1,930,000    1,930,000 
Investment in real estate, net  $44,171,000   $45,253,000 

 

In April 2025, the Company determined that one multifamily property located in Los Angeles met the criteria for classification as held for sale as of June 30, 2025. The property was sold in December 2025, and the Company recognized a gain on sale of $3,508,000 during the six months ended December 31, 2025 (see Note 15 – Disposition of Real Estate).

 

Building, improvements, and equipment are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 5 to 40 years. During the six months ended December 31, 2025, the Company invested $521,000 in capitalized improvements. Depreciation expense related to the Company’s investment in real estate for the six months ended December 31, 2025 and 2024 was $1,517,000 and $1,484,000, respectively.