Company: INTG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010724
Chunk: 81

Company: INTERGROUP CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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 ended June 30, 2024. These risks and uncertainties
could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as to the date hereof. The Company undertakes no obligation to publicly release the results of any revisions
to those forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.

RESULTS
OF OPERATIONS

As
of March 31, 2025, the Company owned approximately 75.9% of the common shares of Portsmouth Square, Inc. The Company’s principal
sources of revenue are revenues from the hotel owned by Portsmouth, rental income from its investments in multi-family and commercial
real estate properties, and income received from investment of its cash and securities assets.

Portsmouth’s
primary asset is a 544-room hotel property located at 750 Kearny Street, San Francisco, California 94108, known as the “Hilton
San Francisco Financial District” (the “Hotel” or the “Property”) and related facilities, including a five-level
underground parking garage. The financial statements of Portsmouth have 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 March 31, 2025 Compared to Three Months Ended March 31, 2024

The
Company had net income of $750,000 for the three months ended March 31, 2025 compared to net loss of $3,861,000 for the three months ended
March 31, 2024. The decrease in loss is primarily attributable to the refinance waiver of default interest and forbearance fee.

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Hotel
Operations

The
Company had net income from Hotel operations of $583,