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INVESTMENTS IN REAL ESTATE (Tables)
 3 Months Ended
Sep. 30, 2025
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.
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
 
Hollywood, CA
 
Concord, CA
Number of Tenants:
 
45
 
38
 
47
 
78
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
 
7
 
7
 
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:
 
8
 
7
 
15
 
12
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:
 
14
 
14
 
 
 
 
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 three months ended September 30, 2025 and 2024:

 
  
Three Months Ended September 30,
  
 
  
2025
    
2024
  
Lease income - Operating leases
  
$
4,154,767
    
$
4,619,178
  
Variable lease income (1)
    
384,295
      
333,051
  
 
  
$
4,539,062
    
$
4,952,229
  

(1)
Primarily includes tenant reimbursements for utilities and common area maintenance.
Real Estate Properties Under Non-Cancelable Operating Leases
As of September 30, 2025, the future minimum rental income from our real estate properties under non-cancelable operating leases are as follows:

Year ended June 30, :
  
Rental Income
  
2026 (remainder)
  
$
8,881,998
  
2027
    
8,820,339
  
2028
    
6,857,291
  
2029
    
5,336,641
  
2030
    
4,230,762
  
Thereafter
    
8,100,423
  
Total
  
$
42,227,454
  
Acquired Lease Intangibles, Above-Market Lease Assets and Below-Market Lease Liabilities
As of September 30, 2025 and June 30, 2025, our acquired lease intangibles, above-market lease assets, and below-market lease liabilities were as follows:

 
  
As of September 30, 2025
  
 
  
Lease Intangibles
    
Above-Market
Lease Assets
    
Below-Market
Lease Liabilities
  
Cost
  
$
11,157,928
    
$
824,869
    
$
2,396,174
  
Accumulated amortization
    
(6,712,706
)
    
(480,419
)
    
(1,734,834
)
Accumulated impairment loss
    
(232,915
)
    
(7,840
)
    
(58,112
)
Total
  
$
4,212,307
    
$
336,610
    
$
603,228
  
 
                        
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
  
$
12,316,603
    
$
824,869
    
$
2,914,037
  
Accumulated amortization
    
(7,698,820
)
    
(430,744
)
    
(2,180,537
)
Accumulated impairment loss
    
(121,974
)
    
(4,440
)
    
(29,855
)
Total
  
$
4,495,809
    
$
389,685
    
$
703,645
  
 
                        
Weighted average amortization period (years)
    
4.8
      
4.6
      
4.8
  
Acquired 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 three months ended September 30, 2025 and 2024, were as follows:

 
  
Three Months Ended September 30, 2025
  

 
Lease Intangibles
    
Above-Market
Lease Assets
    
Below-Market
Lease Liabilities
  
Amortization
  
$
479,100
    
$
49,675
    
$
(72,161
)

 
  
Three Months Ended September 30, 2024
  
 
  
Lease Intangibles
    
Above-Market
Lease Assets
    
Below-Market
Lease Liabilities
  
Amortization
  
$
699,232
    
$
59,857
    
$
(127,181
)
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,
  
 
  
2026 (remainder)
    
2027
    
2028
    
2029
    
2030
    
Thereafter
  
In-place leases, to be included in amortization
  
$
1,214,667
    
$
963,455
    
$
589,268
    
$
459,322
    
$
369,456
    
$
616,139
  
 
                                                
Above-market lease intangibles
  
$
86,773
    
$
93,090
    
$
53,296
    
$
43,298
    
$
36,175
    
$
23,978
  
Below-market lease liabilities
    
(206,155
)
    
(179,262
)
    
(81,164
)
    
(65,672
)
    
(35,080
)
    
(35,895
)
 
  
$
(119,382
)
  
$
(86,172
)
  
$
(27,868
)
  
$
(22,374
)
  
$
1,095
    
$
(11,917
)