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REVENUE
 12 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE

NOTE 3 – REVENUE

 

The following table presents the Company’s revenue disaggregated by major revenue streams:

 

As of June 30,  2026   2025 
Hotel rooms  $48,396,000   $39,648,000 
Food and beverage   3,164,000    2,862,000 
Parking   3,307,000    3,214,000 
Other operating departments   930,000    639,000 
Total Hotel revenue   55,797,000    46,363,000 
Real estate revenue   18,154,000    18,015,000 
Total revenues  $73,951,000   $64,378,000 

 

Real estate revenue consists primarily of rental income from the Company’s multifamily and commercial properties and other property-related income.

 

Contract Assets and Liabilities

 

The Company had no material contract assets as of June 30, 2026 or 2025. Trade and other receivables arising from contracts with customers are presented separately in the consolidated balance sheets, net of the applicable allowance for credit losses.

 

Portsmouth records contract liabilities when cash payments are received or due in advance of guests staying at our hotel, which are presented within Accounts payable and other liabilities-Hotel on our consolidated balance sheets had an opening balance on July 1, 2025 of $505,000. As of June 30, 2026 contract liabilities were $472,000. The advance deposits received from customers for services to be performed after June 30, 2026.

 

Contract liabilities were $505,000 as of June 30, 2025 compared to $370,000 as of June 30, 2024. The increase for the twelve months ended June 30, 2025 was primarily driven by an increase in advance deposits received from customers for services to be performed after June 30, 2025. Contract liabilities are generally recognized as revenue within twelve months. The Company does not disclose the amount of remaining performance obligations for contracts with an original expected duration of one year or less.

 

Contract Costs

 

The Company applies the practical expedient that permits incremental costs of obtaining a contract to be expensed as incurred when the amortization period that otherwise would have applied is one year or less. Travel-agent and group booking commissions related to completed stays are expensed as incurred.