Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 35

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 35
---
 been consolidated with those of the Company.

In
addition to the operations of the Hotel, the Company also generates income from the ownership and management of its real estate. Properties
include sixteen apartment complexes, one commercial real estate property, and three single-family houses as strategic investments. The
properties are located throughout the United States but are concentrated in Texas and Southern California. The Company also has an investment
in unimproved real property in Hawaii.

The
Company acquires its investments in real estate and other investments utilizing cash, securities or debt, subject to approval or guidelines
of the Board of Directors. The Company also invests in income-producing instruments, equity and debt securities and will consider other
investments if such investments offer growth or profit potential.

Three
Months Ended December 31, 2024 Compared to Three Months Ended December 31, 2023

The
Company had net loss of $3,697,000 for the three months ended December 31, 2024 compared to net loss of $2,151,000 for the three months
ended December 31, 2023.

Hotel
Operations

The
Company had net loss from Hotel operations of $2,838,000 for the three months ended December 31, 2024 compared to net loss of $1,645,000
for the three months ended December 31, 2023. The change is primarily attributable to increase in mortgage interest expense from 4% default
additional interest rate.

The
following table sets forth a more detailed presentation of Hotel operations for the three months ended December 31, 2024 and 2023:

    For
    the three months ended December 31, 
    2024  
    2023 
  
    Hotel revenues: 

    Hotel rooms 
    $8,401,000  
    $8,403,000 
  
    Food and beverage 
     654,000  
     972,000 
  
    Garage 
     780,000  
     708,000 
  
    Other
    operating departments 
     130,000  
     142,000 
  
    Total Hotel revenues 
     9,965,000  
     10,225,000 
  
    Operating
    expenses excluding depreciation and amortization 
     (9,055,000) 
     (9,405,000)
  
    Operating income before gain on extinguishment
    of debt,