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INVESTMENTS IN REAL ESTATE (Tables)
 3 Months Ended
Sep. 30, 2021
INVESTMENTS IN REAL ESTATE [Abstract]  
Consolidated Operating Properties Information
The following tables provide summary information regarding the Company’s operating properties, which are owned through the Company’s subsidiaries: the Operating Partnership, Madison and PVT.
 
Consolidated Operating Properties
 
Property Name:
Addison Corporate Center
Commodore Apartments
Pon de Leo Apartments
Property Owner:
The Operating Partnership
Madison-PVT Partners LLC
PVT-Madison Partners LLC
Location:
Windsor, CT
Oakland, CA
Oakland, CA
Number of Tenants:
6
48
39
Year Built:
1980
1912
1929
Ownership Interest:
100%
100%
100%
Components of Income From Real Estate Operations
The following table presents the components of income from real estate operations for the three months ended September 30, 2021:
 
Lease Income - Operating leases
  
$
2,270,918
  
Variable lease income (1)
    
451,664
  
   
$
2,722,582
  


(1)
Primarily includes tenant reimbursements for utilities and common area maintenance.
Real Estate Properties Under Non-Cancelable Operating Leases
As of September 30, 2021, the future minimum rental income from the Company’s real estate properties under non-cancelable operating leases are as follows:
 
Year ended June 30,:
  
Rental Income
  
2022
  
$
4,093,473
  
2023
    
3,149,778
  
2024
    
2,970,929
  
2025
    
3,045,674
  
2026
    
2,155,746
  
Thereafter
    
4,740,890
  
Total
  
$
20,156,490
  
Acquired Lease Intangibles, Above-Market Lease Assets and Below-Market Lease Liabilities
As of September 30, 2021, the Company’s acquired lease intangibles, above-market lease assets and below-market lease liabilities, were as follows:
 
   
Lease Intangibles
    
Above-Market Lease
Asset
    
Below-Market Lease
Liabilities
  
                   
Cost
  
$
5,141,279
    
$
447,663
    
$
937,452
  
Accumulated amortization
    
(1,453,293
)
    
(95,928
)
    
(173,494
)
Total
  
$
3,687,986
    
$
351,735
    
$
763,958
  
                         
Weighted average amortization period (years)
    
3.1
      
3.5
      
3.4
  
 
As of June 30, 2021, the Company’s acquired lease intangibles, above-market lease assets and below-market lease liabilities, were as follows:
 
   
Lease Intangibles
    
Above-Market Lease
Asset
    
Below-Market Lease
Liabilities
  
                   
Cost
  
$
5,141,279
    
$
447,663
    
$
937,452
  
Accumulated amortization
    
(1,086,485
)
    
(63,952
)
    
(99,139
)
Total
  
$
4,054,794
    
$
383,711
    
$
838,313
  
                         
Weighted average amortization period (years)
    
3.1
      
3.5
      
3.4
  
Amortization of Lease Intangibles, Above-Market Lease Assets And Below-Market Lease Liabilities
The Company’s amortization of lease intangibles, above-market lease assets and below-market lease liabilities for the three months ended September 30, 2021, were as follows:
 

  
Three Months Ended
September 30, 2021
  

 
Lease Intangibles
    
Above-Market
Lease Asset
    
Below-Market Lease
Liabilities
  
Amortization
  
$
366,808
    
$
31,976
     $ (74,355 )
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, :
  
   
2022 (remainder)
    
2023
    
2024
    
2025
    
2026
     Thereafter
 
In-place leases, to be included in amortization
  
$
1,094,292
    
$
1,437,991
    
$
823,807
    
$
59,515
    
$
59,515
     $
212,866  
                                                 
Above-market lease intangibles
  
$
95,927
    
$
127,904
    
$
127,904
    
$
-
    
$
-
     $
-  
Below-market lease liabilities
    
(212,553
)
    
(267,695
)
    
(217,763
)
    
(65,947
)
    
-
       -  
Total to be included in revenue from tenants
  
$
(116,626
)
  
$
(139,791
)
  
$
(89,859
)
  
$
(65,947
)
  
$
-
     $
 -