Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 35

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 1
Chunk 35
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 2.5% over the
6-month LIBOR Index with semi-annual rate and payment adjustments. Semi-annual rate cap is 1.25% after the initial interest rate change
with a floor equal to the start rate and ceiling of 9.95%. The maturity date is August 1, 2051.

The
third Los Angeles single-family house is a 2,387 square foot home. The Company acquired the property in July of 2015 as a strategic asset
for $1,975,000. For the year ended June 30, 2025, real estate property taxes were approximately $28,000. Depreciation is recorded on
the straight-line method, based upon an estimated useful life of 40 years. The outstanding mortgage balance was approximately $886,000
as of June 30, 2025, with a five-year fixed interest rate of 3.5% per annum adjustable thereafter at 2.5% over the 6-month LIBOR Index
with semi-annual rate and payment adjustments. Semi-annual rate cap is 1.25% after the initial interest rate change with a floor equal
to the start rate and ceiling of 9.95%. The maturity date is October 1, 2048.

19

Maui,
Hawaii. In August 2004, the Company purchased an approximately two-acre parcel of unimproved land in Kihei, Maui, Hawaii for $1,467,000.
As of June 30, 2025, this property is not encumbered by a mortgage.

MORTGAGES

Further
information with respect to mortgage notes payable of the Company is set forth in Note 10 of the Notes to Consolidated Financial Statements.

ECONOMIC
AND PHYSICAL OCCUPANCY RATES

The
Company leases units in its residential rental properties on a short-term basis, with no lease extending beyond one year. The economic
occupancy (gross potential less rent below market, vacancy loss, bad debt, discounts and concessions divided by gross potential rent)
and the physical occupancy (gross potential rent less vacancy loss divided by gross potential rent) for each of the Company’s operating
properties for fiscal year ended June 30, 2025 are provided below.

    Property 
    Economic  Occupancy  
    Physical  Occupancy 
  
    1. Las Colinas, TX 
     85% 
     95%
  
    2. Morris County, NJ