INVESTMENT IN REAL ESTATE, NET |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENT IN REAL ESTATE, NET | NOTE 5 – INVESTMENT IN REAL ESTATE, NET
At March 31, 2026, the Company’s investment in real estate consisted of twenty properties located throughout the United States. These properties include fifteen 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:
In April 2025, the Company determined that one multifamily property located in Los Angeles met the criteria for classification as held for sale as of June 30, 2025. The property was sold in December 2025, and the Company recognized a gain on sale of $3,508,000 during the nine months ended March 31, 2026 (see Note 15 – Disposition of Real Estate).
Building, improvements, and equipment are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 5 to 40 years. During the nine months ended March 31, 2026, the Company invested $685,000 in capitalized improvements. Depreciation expense related to the Company’s investment in real estate for the nine months ended March 31, 2026 and 2025 was $2,284,000 and $2,236,000, respectively, and is included in depreciation and amortization expense in the Company’s condensed consolidated statements of operations.
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