Company: INTG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010724
Chunk: 37

Company: INTERGROUP CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 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.

-21-

Hotel
Operations

The
Company had net income from Hotel operations of $583,000 for the three months ended March 31, 2025 compared to net loss of $1,958,000 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 by the mezzanine lender and increased room revenues.

The
following table sets forth a more detailed presentation of Hotel operations for the three months ended March 31, 2025 and 2024:

    For
    the three months ended March 31, 
    2025  
    2024 
  
    Hotel
    revenues: 

    Hotel
    rooms 
    $10,534,000  
    $9,018,000 
  
    Food
    and beverage 
     728,000  
     924,000 
  
    Garage 
     760,000  
     710,000 
  
    Other
    operating departments 
     188,000  
     106,000 
  
    Total
    Hotel revenues 
     12,210,000  
     10,758,000 
  
    Operating
    expenses