Company: INTG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010724
Chunk: 20

Company: INTERGROUP CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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     (31,396,000) 
     8,914,000 
  
    Building and improvements 
     67,159,000  
     (38,194,000) 
     28,965,000 
  
    Investment in Hotel,
    net 
    $112,012,000  
    $(71,111,000) 
    $40,901,000 

Finance
lease ROU assets, furniture and equipment are stated at cost, depreciated on a straight-line basis over their useful lives ranging from
3 to 7 years and amortized over the life of the lease. Building and improvements are stated at cost, depreciated on a straight-line basis
over their useful lives ranging from 15 to 39 years. Depreciation expense related to our investment in Hotel for the nine months ended
March 31, 2025 and 2024 are $2,731,000 and $2,596,000, respectively.

NOTE
5 – INVESTMENT IN REAL ESTATE, NET

The
Company’s investment in real estate includes sixteen apartment complexes, one commercial real estate property and three single-family
houses. The properties are located throughout the United States, but are concentrated in Dallas, Texas and Southern California. The Company
also has an investment in unimproved land located in Maui, Hawaii.

Investment
in real estate consisted of the following:

SCHEDULE OF INVESTMENT IN REAL ESTATE 

    As
    of 
    March
    31, 2025  
    June
    30, 2024 
  
    Land 
    $22,998,000  
    $22,998,000 
  
    Buildings, improvements and equipment 
     76,789,000  
     75,460,000 
  
    Accumulated depreciation 
     (55,082,000) 
     (52,846,000)
  
    Investment in real estate, gross 
     44,705,000  
     45,612,000 
  
    Land held for development 
     1,930,000  
     1,930,000 
  
    Investment in real estate,
    net 
    $46,635,000  
    $47,542,000 

Building,
improvements, and equipment are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 5 to