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INVESTMENTS IN REAL ESTATE (Tables)
 6 Months Ended
Dec. 31, 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
Hollywood Property
Property Owner:
The Operating Partnership
Madison-PVT Partners LLC
PVT-Madison Partners LLC
The Operating Partnership
Location:
Windsor, CT
Oakland, CA
Oakland, CA
Hollywood, CA
Number of Tenants:
6
48
39
16
Year Built:
1980
1912
1929
1917
Ownership Interest:
100%
100%
100%
100%
Allocation of Real Estate Assets Acquired

The following table presents the allocation of real estate assets acquired during the three months ended December 31, 2021. The acquisition was considered asset acquisitions for accounting purposes.


Property Name:
  
Hollywood Property
  
Acquisition Date:
  
October 4, 2021
  
Purchase Price Allocation
      
Land
  
$
8,704,595
  
Building
    
10,524,548
  
Site Improvements
    
30,436
  
Tenant Improvements
    
41,852
  
Furniture, Fixtures & Equipment
    
361,055
  
Lease In Place
    
204,346
  
Leasing Commissions
    
23,998
  
Total assets acquired
  
$
19,890,830
  
Components of Income From Real Estate Operations
The following table presents the components of income from real estate operations for the three and six months ended December 31, 2021:
 
 
  
Three Months Ended
    
Six Months Ended
  
 
  
December 31, 2021
    
December 31, 2021
  
 
            
Lease Income - Operating leases
  
$
2,119,307
    
$
4,390,225
  
Variable lease income (1)
    
450,907
      
902,571
  
 
  
$
2,570,214
    
$
5,292,796
  
 

 		(1)
Primarily includes tenant reimbursements for utilities and common area maintenance.
Real Estate Properties Under Non-Cancelable Operating Leases
As of December 31, 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
  
$
2,635,938
  
2023
    
3,173,706
  
2024
    
2,970,929
  
2025
    
3,045,674
  
2026
    
2,155,746
  
Thereafter
    
4,740,890
  
Total
  
$
18,722,883
  
Acquired Lease Intangibles, Above-Market Lease Assets and Below-Market Lease Liabilities
As of December 31, 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
  
$
5,398,248
    
$
447,663
    
$
937,452
  
Accumulated amortization
    
(1,877,611
)
    
(127,904
)
    
(247,849
)
Total
  
$
3,520,637
    
$
319,759
    
$
689,603
  
                         
Weighted average amortization period (years)
    
3.0
      
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 December 31, 2021, were as follows:
 
    Three Months Ended
 

 
December 31, 2021
  

 
Lease Intangibles
    
Above-Market
Lease Asset
    
Below-Market Lease
Liabilities
  
Amortization
  
$
424,318
    
$
31,976
     $ (74,356 )

The Company’s amortization of lease intangibles, above-market lease assets and below-market lease liabilities for the six months ended December 31, 2021, were as follows:

 
  
Six Months Ended
  
 
  
December 31, 2021
  
 
  
Lease Intangibles
    
Above-Market Lease Asset
    
Below-Market Lease Liabilities
  
Amortization
  
$
791,125
    
$
63,952
    
$
(148,710
)
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
  
$
836,961
    
$
1,535,450
    
$
823,807
    
$
59,516
    
$
59,516
     $ 205,387  
                                                 
Above-market lease intangibles
  
$
63,951
    
$
127,904
    
$
127,904
    
$
-
    
$
-
     $ -  
Below-market lease liabilities
    
(138,199
)
    
(267,695
)
    
(217,763
)
    
(65,946
)
    
-
       -  
Total to be included in revenue from tenants
  
$
(74,248
)
  
$
(139,791
)
  
$
(89,859
)
  
$
(65,946
)
  
$
-
     $ -