INVESTMENTS IN REAL ESTATE (Tables)
|
12 Months Ended |
Jun. 30, 2026 |
|---|
| INVESTMENTS IN REAL ESTATE [Abstract] |
|
| Consolidated Operating Properties Information |
The following tables provide summary information regarding our operating properties, which are owned through our subsidiaries. The ownership interest shown below is the percentage of the property owned by the subsidiary, not the percentage of the subsidiary owned by the Company. | Property Name: | Commodore Apartments | The Park View Apartments | Hollywood Apartments | Shoreline Apartments | | Property Owner: | Madison-PVT Partners LLC | PVT-Madison Partners LLC | PT Hillview GP, LLC | MacKenzie-BAA IG Shoreline LLC | | Location: | Oakland, CA | Oakland, CA | Los Angeles, CA | Concord, CA | | Number of Tenants: | 43 | 35 | 48 | 75 | | Year Built: | 1912 | 1929 | 1917 | 1968 | | Ownership Interest: | 100% | 100% | 100% | 100% | | | | | | | | Property Name: | Satellite Place Office Building | First & Main Office Building | 1300 Main Office Building | Woodland Corporate Center | | Property Owner: | MacKenzie Satellite Place Corp. | First & Main, LP | 1300 Main, LP | Woodland Corporate Center Two, LP | | Location: | Duluth, GA | Napa, CA | Napa, CA | Woodland, CA | | Number of Tenants: | 5 | 8 | 6 | 13 | | Year Built: | 2002 | 2001 | 2020 | 2004 | | Ownership Interest: | 100% | 100% | 100% | 100% | | | | | | | | Property Name: | Main Street West Office Building | 220 Campus Lane Office Building | Green Valley Executive Center | One Harbor Center | | Property Owner: | Main Street West, LP | 220 Campus Lane, LLC | GV Executive Center, LLC | One Harbor Center, LP | | Location: | Napa, CA | Fairfield, CA | Fairfield, CA | Suisun, CA | | Number of Tenants: | 9 | 4 | 15 | 11 | | Year Built: | 2007 | 1990 | 2006 | 2001 | | Ownership Interest: | 100% | 100% | 100% | 100% | | | | | | | | Property Name: | Green Valley Medical Center | Aurora at Green Valley | | | | Property Owner: | Green Valley Medical Center, LP | MRC Aurora, LLC | | | | Location: | Fairfield, CA | Fairfield, CA | | | | Number of Tenants: | 12 | 67 | | | | Year Built: | 2002 | 2025 | | | | Ownership Interest: | 100% | 100% | | |
|
| Components of Income from Real Estate Operations |
The following table presents the components of income from real estate operations for the years ended June 30, 2026 and 2025:
|
|
|
Year Ended June 30,
|
|
|
|
|
2026
|
|
|
2025
|
|
|
Lease income - Operating leases
|
|
$
|
18,358,243 |
|
|
$
|
20,781,843 |
|
|
Variable lease income (1)
|
|
|
1,649,171 |
|
|
|
1,278,000 |
|
|
|
|
$
|
20,007,414 |
|
|
$
|
22,059,843 |
|
(1) Primarily includes tenant reimbursements for utilities and common area maintenance.
|
| Real Estate Properties under Non-Cancelable Operating Leases |
As of June 30, 2026, the future minimum rental income from our real estate properties under non-cancelable operating leases are as follows:
|
Year ended June 30,:
|
|
Rental Income
|
|
|
2027
|
|
$
|
13,128,503 |
|
|
2028
|
|
|
9,433,168 |
|
|
2029
|
|
|
7,212,452 |
|
|
2030
|
|
|
5,709,568 |
|
|
2031
|
|
|
3,965,064 |
|
|
Thereafter
|
|
|
10,066,204 |
|
|
Total
|
|
$
|
49,514,959 |
|
|
| Acquired Lease Intangibles, Above-Market Lease Assets and Below-Market Lease Liabilities |
As of June 30, 2026 and 2025, our acquired lease intangibles, above-market lease assets, and below-market lease liabilities were as follows:
| | | As of June 30, 2026 | | | | | Lease Intangibles | | | Above-Market
Lease Assets | | | Below-Market
Lease Liabilities | | | Cost | | $ | 10,543,760 | | | $ | 628,573 | | | $ | 2,125,446 | | | Accumulated amortization | | | (7,437,644 | ) | | | (462,223 | ) | | | (1,846,327 | ) | | Accumulated impairment loss | | | (232,915 | ) | | | (7,840 | ) | | | (58,112 | ) | | Total | | $ | 2,873,201 | | | $ | 158,510 | | | $ | 221,007 | | | | | | | | | | | | | | | | | Weighted average amortization period (years) | | | 5.5 | | | | 4.6 | | | | 4.8 | |
| | | As of June 30, 2025 | | | | | Lease Intangibles | | | Above-Market
Lease Assets | | | Below-Market
Lease Liabilities | | | Cost | | $ | 11,184,664 | | | $ | 628,572 | | | $ | 2,643,300 | | | Accumulated amortization | | | (7,038,895 | ) | | | (338,589 | ) | | | (2,082,971 | ) | | Accumulated impairment loss | | | (121,974 | ) | | | (4,440 | ) | | | (29,855 | ) | | Total | | $ | 4,023,795 | | | $ | 285,543 | | | $ | 530,474 | | | | | | | | | | | | | | | | | Weighted average amortization period (years) | | | 4.8 | | | | 4.6 | | | | 4.8 | |
|
| Amortization of Lease Intangibles, Above-Market Lease Assets and Below-Market Lease Liabilities |
Our amortization of lease intangibles, above-market lease assets and below-market lease liabilities for the year ended June 30, 2026, were as follows:
|
|
|
Lease Intangibles
|
|
|
Above-Market
Lease Assets
|
|
|
Below-Market
Lease Liabilities
|
|
|
Amortization
|
|
$
|
1,902,449 |
|
|
$
|
130,646 |
|
|
$
|
(292,291 |
)
|
Our amortization of lease intangibles, above-market lease assets and below-market lease liabilities for the year ended June 30, 2025, were as follows:
|
|
|
Lease Intangibles
|
|
|
Above-Market
Lease Assets
|
|
|
Below-Market
Lease Liabilities
|
|
|
Amortization
|
|
$
|
3,530,128 |
|
|
$
|
204,116 |
|
|
$
|
(748,219 |
)
|
|
| Projected Amortization Expense and Adjustments |
The following table provides the projected amortization expense and adjustments to revenue from tenants for intangible assets and liabilities for the next five years:
|
|
|
Year Ended June 30,
|
|
|
|
|
2027
|
|
|
2028
|
|
|
2029
|
|
|
2030
|
|
|
2031
|
|
|
Thereafter
|
|
|
In-place leases, to be included in amortization
|
|
$
|
882,505 |
|
|
$
|
571,431 |
|
|
$
|
430,973 |
|
|
$
|
347,449 |
|
|
$
|
217,135 |
|
|
$
|
423,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Above-market lease intangibles
|
|
$
|
63,822 |
|
|
$
|
36,119 |
|
|
$
|
30,827 |
|
|
$
|
24,388 |
|
|
$
|
3,354 |
|
|
$
|
- |
|
|
Below-market lease liabilities
|
|
|
(126,032 |
)
|
|
|
(42,126 |
)
|
|
|
(31,299 |
)
|
|
|
(6,829 |
)
|
|
|
(6,026 |
)
|
|
|
(8,695 |
)
|
|
|
|
$
|
(62,210 |
)
|
|
$
|
(6,007 |
)
|
|
$
|
(472 |
)
|
|
$
|
17,559 |
|
|
$
|
(2,672 |
)
|
|
$
|
(8,695 |
)
|
|