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INVESTMENTS IN REAL ESTATE (Tables)
 12 Months Ended
Jun. 30, 2023
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 Parent Company or the Operating Partnership.
 
Consolidated Operating Properties

Property Name:
Commodore Apartments
Pon de Leo 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
Hollywood, CA
 Concord, CA
Number of Tenants:
47
36
45
 80
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:
2
8
8
 14
Year Built:
2002
2001
2020
 2004
Ownership Interest:
100%
100%
100%
 100%
       
Property Name: Main Street West Office Building      
Property Owner: Main Street West, LP      
Location: Napa, CA      
Number of Tenants: 7      
Year Built: 2007      
Ownership Interest: 100%      
Allocation of Real Estate Assets Acquired
The following table presents the purchase price allocation of real estate assets acquired during the year ended June 30, 2023 based on asset acquisition accounting.

Property Name:
  
First & Main Office Building
 
Acquisition Date:
  
July 23, 2022
 
Purchase Price Allocation
      
Land
  
$
966,315
  
Building
    
15,597,370
  
Site Improvements
    
795,197
  
Tenant Improvements
    
524,399
  
Lease in Place
    
796,341
  
Leasing Commissions
    
347,204
  
Legal & Marketing Lease Up Costs
    
52,007
  
Total assets acquired
    
19,078,833
  
         
Net Leasehold Asset (Liability)
    
(220,100
)
         
Total assets acquired, net
  
$
18,858,733
  

Property Name:
  
1300 Main Office Building
  
Acquisition Date:
  
October 1, 2022
  
Purchase Price Allocation
  
 
Land
  
$
805,575
  
Building
    
14,134,096
  
Tenant Improvements
    
323,882
  
Lease In Place
    
682,140
  
Leasing Commissions
    
250,296
  
Legal & Marketing Lease Up Costs
    
57,849
  
Debt Mark-to-Market
    
338,000
  
Solar Finance Lease
    
76,715
  
Total assets acquired
  
 
16,668,553
  

       
Net Leasehold Asset (Liability)
    
44,422
  

       
Total assets acquired, net
  
$
16,712,975
  

Property Name:
  
Woodland Corporate Center
 
Acquisition Date:
  
January 3, 2023
 
Purchase Price Allocation
      
Land
  
$
1,840,468
  
Building
    
8,766,789
  
Site Improvements
    
564,014
  
Tenant Improvements
    
397,263
  
Lease In Place
    
790,382
  
Leasing Commissions
    
163,540
  
Legal & Marketing Lease Up Costs
    
77,264
  
Total assets acquired
    
12,599,720
  

       
Net Leasehold Asset (Liability)
    
(74,440
)

       
Total assets acquired, net
  
$
12,525,280
  

Property Name:
  
Main Street West Office Building
  
Acquisition Date:
  
February 1, 2023
  
Purchase Price Allocation
      
Land
  
$
1,433,698
  
Building
    
24,438,447
  
Site Improvements
    
9,956
  
Tenant Improvements
    
542,390
  
Lease In Place
    
926,521
  
Leasing Commissions
    
379,516
  
Legal & Marketing Lease Up Costs
    
41,152
  
Debt Mark-to-Market
    
717,000
  
Total assets acquired
    
28,488,681
  

       
Net Leasehold Asset (Liability)
    
(222,065
)
         
Total assets acquired, net
  
$
28,266,616
  
Components of Income from Real Estate Operations
The following table presents the components of income from real estate operations for the year ended June 30, 2023 and 2022:
 
 
  
Year Ended June 30,
  
 
  
2023
    
2022
  
 
            
Lease Income - Operating leases
  
$
13,531,788
    
$
8,783,327
  
Variable lease income (1)
    
1,575,431
      
1,585,847
  
 
  
$
15,107,219
    
$
10,369,174
  


(1)
Primarily includes tenant reimbursements for utilities and common area maintenance.
Real Estate Properties under Non-Cancelable Operating Leases
As of June 30, 2023, the future minimum rental income from our real estate properties under non-cancelable operating leases are as follows:
Year ended June 30, :
  
Rental Income
  
2024
  
$
7,053,680
  
2025
    
6,459,497
  
2026
    
4,705,652
  
2027
    
3,616,481
  
2028
    
3,328,280
  
Thereafter
    
9,178,223
  
Total
  
$
34,341,813
  
Acquired Lease Intangibles, Above-Market Lease Assets and Below-Market Lease Liabilities
As of June 30, 2023 and 2022, our acquired lease intangibles, above-market lease assets, and below-market lease liabilities were as follows:
 
 
  
As of June 30, 2023
  
 
  
Lease Intangibles
    
Above-Market
Lease Asset
    
Below-Market
Lease Liabilities
  
 
                  
Cost
  
$
7,760,923
    
$
419,166
    
$
2,346,666
  
Accumulated amortization
    
(2,124,799
)
    
(70,653
)
    
(936,576
)
Total
  
$
5,636,124
    
$
348,513
    
$
1,410,090
  
 
                        
Weighted average amortization period (years)
    
4.9
      
5.4
      
5.1
  
 
 
  
As of June 30, 2022
  
 
  
Lease Intangibles
    
Above-Market
Lease Asset
    
Below-Market
Lease Liabilities
  
 
                  
Cost
  
$
2,889,828
    
$
-
    
$
1,455,317
  
Accumulated amortization
    
(586,168
)
    
-
   
(391,738
)
Total
  
$
2,303,660
    
$
-
    
$
1,063,579
  
 
                        
Weighted average amortization period (years)
    
5.2
      
-
      
4.9
  
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, 2023, were as follows:
 
 
  
Year Ended June 30, 2023
  
 
  
Lease
Intangibles
    
Above-Market
Lease Asset
    
Below-Market
Lease Liabilities
  
Amortization
  
$
1,538,631
    
$
70,653
    
$
(544,838
)
 
Our amortization of lease intangibles, above-market lease assets and below-market lease liabilities for the year ended June 30, 2022, were as follows:
 
 
  
Year Ended June 30, 2022
  
 
  
Lease
Intangibles
    
Above-Market
Lease Asset
    
Below-Market
Lease Liabilities
  
Amortization
  
$
1,677,943
    
$
127,904
    
$
(292,599
)
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, :
  
 
  
2024
    
2025
    
2026
    
2027
    
2028
    
Thereafter
  
In-place leases, to be included in amortization
  
$
1,604,141
    
$
1,285,059
    
$
896,991
    
$
520,036
    
$
454,565
    
$
875,332
  
 
                                                
Above-market lease intangibles
  
$
115,725
    
$
70,864
    
$
41,731
    
$
30,177
    
$
26,314
    
$
63,702
  
Below-market lease liabilities
    
(451,247
)
    
(286,084
)
    
(195,626
)
    
(158,666
)
    
(133,125
)
    
(185,342
)

 
$
(335,522
)
  
$
(215,220
)
  
$
(153,895
)
  
$
(128,489
)
  
$
(106,811
)
  
$
(121,640
)