Company: INTG
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021858
Chunk: 42

Company: INTERGROUP CORP
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 Book 
  
    June 30,
    2025 
    Cost  
    Depreciation  
    Value 

    Land 
    $2,738,000  
    $-  
    $2,738,000 
  
    Finance lease ROU assets 
     1,805,000  
     (1,665,000) 
     140,000 
  
    Furniture and equipment 
     41,195,000  
     (33,248,000) 
     7,947,000 
  
    Building and improvements 
     68,527,000  
     (39,833,000) 
     28,694,000 
  
    Investment in Hotel,
    net 
    $114,265,000  
    $(74,746,000) 
    $39,519,000 

Finance
lease right-of-use (“ROU”) assets, furniture and equipment are stated at cost and depreciated on a straight-line basis over
estimated useful lives of approximately 3 to 7 years (finance lease ROU assets are amortized over the shorter of the asset’s useful
life or the lease term). Building and building improvements are stated at cost and depreciated on a straight-line basis over estimated
useful lives of approximately 15 to 39 years. Leasehold improvements are amortized over the shorter of their estimated useful lives or
the remaining lease term. Construction-in-progress is not depreciated until the assets are placed in service.

Depreciation
expense related to our investment in hotel for the three months ended September 30, 2025 and 2024 are $898,000 and $929,000, respectively.

NOTE
5 – INVESTMENT IN REAL ESTATE, NET

At
September 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 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:

SCHEDULE OF INVESTMENT IN REAL ESTATE 

    As of 
    September
    30, 2025  
    June
    30, 2025 
  
    Land 
    $22,293,000  
    $22,293,000 
  
    Buildings, improvements