Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 34

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 “seeks,” “projects,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates” or the negative version of these words or other comparable words. You should not rely
on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond
our control and which could materially affect our results of operations, financial condition, cash flows, performance or future achievements
or events.

Such
statements are subject to certain risks and uncertainties. These risks and uncertainties include, but are not limited to, the following:
national and worldwide economic conditions, including the impact of recessionary conditions on tourism, travel and the lodging industry;
the impact of terrorism and war on the national and international economies, including tourism, securities markets, energy and fuel costs;
natural disasters; general economic conditions and competition in the hotel industry in the San Francisco area; seasonality, labor relations
and labor disruptions; actual and threatened pandemics such as swine flu or the outbreak of COVID-19 or similar outbreaks; the ability
to obtain financing at favorable interest rates and terms; securities markets, regulatory factors, litigation and other factors discussed
below in this Report and in the Company’s Annual Report on Form 10-K for the fiscal year 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.

-21-

RESULTS
OF OPERATIONS

As
of December 31, 2024, the Company owned approximately 75.8% 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