0001144204-12-006873.txt : 20120209 0001144204-12-006873.hdr.sgml : 20120209 20120209143501 ACCESSION NUMBER: 0001144204-12-006873 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120209 DATE AS OF CHANGE: 20120209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PORTSMOUTH SQUARE INC CENTRAL INDEX KEY: 0000079661 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 941674111 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-04057 FILM NUMBER: 12586408 BUSINESS ADDRESS: STREET 1: 10940 WILSHIRE, BLVD. STREET 2: SUITE 2150 CITY: LOS ANGELES STATE: CA ZIP: 90024 BUSINESS PHONE: (310) 889-2500 MAIL ADDRESS: STREET 1: 10940 WILSHIRE, BLVD. STREET 2: SUITE 2150 CITY: LOS ANGELES STATE: CA ZIP: 90024 10-Q 1 v301304_10q.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2011

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to_________

Commission File Number 0-4057

PORTSMOUTH SQUARE, INC.

(Exact name of registrant as specified in its charter)

CALIFORNIA	94-1674111
(State or other jurisdiction of	(I.R.S. Employer
Incorporation or organization)	Identification No.)

10940 Wilshire Blvd., Suite 2150, Los Angeles, California 90024

(Address of principal executive offices)(Zip Code)

(310) 889-2500

(Registrant’s telephone number, including area code)

_________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

S Yes £ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

S Yes £ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer £	Accelerated filer £

Non-accelerated filer £	Smaller reporting company S

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act):

£ Yes S No

The number of shares outstanding of registrant’s Common Stock, as of February 6, 2012, was 734,183.

TABLE OF CONTENTS

	PART I – FINANCIAL INFORMATION	Page

Item 1.	Financial Statements.

	Condensed Consolidated Balance Sheets as of December 31, 2011 (Unaudited) and June 30, 2011.	3

	Condensed Consolidated Statements of Operations (Unaudited) for the Three Months ended December 31, 2011 and 2010.	4

	Condensed Consolidated Statements of Operations (Unaudited) for the Six Months ended December 31, 2011 and 2010.	5
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months ended December 31, 2011 and 2010.	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	14

Item 4.	Controls and Procedures.	21


	PART II – OTHER INFORMATION

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	22

Item 6.	Exhibits.	23

Signatures		23

- 2 -

PART 1

FINANCIAL INFORMATION

Item 1 – Condensed Consolidated Financial Statements

PORTSMOUTH SQUARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

As of	December 31, 2011			June 30, 2011
	(Unaudited)
ASSETS
Investment in hotel, net	$	32,817,000		$	32,089,000
Investment in real estate		973,000			973,000
Investment in marketable securities		2,873,000			4,866,000
Other investments, net		5,428,000			5,913,000
Cash and cash equivalents		1,198,000			610,000
Accounts receivable, net		1,607,000			1,683,000
Other assets, net		2,697,000			1,976,000
Deferred tax asset		3,374,000			3,199,000

Total assets	$	50,967,000		$	51,309,000

LIABILITIES AND SHAREHOLDERS' DEFICIT
Liabilities:
Accounts payable and other liabilities	$	7,982,000		$	7,961,000
Due to securities broker		1,094,000			1,835,000
Obligations for securities sold		75,000			153,000
Other notes payable		2,820,000			2,786,000
Mortgage notes payable		44,756,000			45,179,000

Total liabilities		56,727,000			57,914,000

Commitments and contingencies
Shareholders' deficit:
Common stock, no par value: Authorized shares - 750,000;
734,183 shares issued and outstanding		2,092,000			2,092,000
Additional paid-in-capital		916,000			916,000
Retained earnings (accumulated deficit)		(106,000	)		29,000
Total Portsmouth shareholders' equity		2,902,000			3,037,000
Noncontrolling interest		(8,662,000	)		(9,642,000	)
Total shareholders' deficit		(5,760,000	)		(6,605,000	)

Total liabilities and shareholders' deficit	$	50,967,000		$	51,309,000

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PORTSMOUTH SQUARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

For the three months ended December 31,	2011			2010

Revenue - Hotel	$	10,412,000		$	9,142,000

Costs and operating expenses
Hotel operating expenses		(7,796,000	)		(6,816,000	)
Depreciation and amortization expense		(529,000	)		(1,210,000	)
General and administrative expense		(147,000	)		(150,000	)

Total costs and operating expenses		(8,472,000	)		(8,176,000	)

Income from operations		1,940,000			966,000

Other income (expense)
Interest expense		(695,000	)		(713,000	)
Net (loss) gain on marketable securities		(157,000	)		1,395,000
Net unrealized (loss) gain on other investments		(43,000	)		3,823,000
Impairment loss on other investments		(91,000	)		(113,000	)
Dividend and interest income		169,000			160,000
Trading and margin interest expense		(47,000	)		(68,000	)

Other (expense) income, net		(864,000	)		4,484,000

Income before income taxes		1,076,000			5,450,000
Income tax expense		(128,000	)		(2,063,000	)

Net income		948,000			3,387,000
Less: Net income attributable to the noncontrolling interest		(645,000	)		(154,000	)

Net income attributable to Portsmouth	$	303,000		$	3,233,000

Basic and diluted net income per share attributable to Portsmouth	$	0.41		$	4.40

Weighted average number of common shares outstanding		734,183			734,183

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 4 -

PORTSMOUTH SQUARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

For the six months ended December 31,	2011			2010

Revenue - Hotel	$	21,521,000		$	18,668,000

Costs and operating expenses
Hotel operating expenses		(15,941,000	)		(14,133,000	)
Depreciation and amortization expense		(1,045,000	)		(2,448,000	)
General and administrative expense		(289,000	)		(276,000	)

Total costs and operating expenses		(17,275,000	)		(16,857,000	)

Income from operations		4,246,000			1,811,000

Other income (expense)
Interest expense		(1,383,000	)		(1,416,000	)
Net (loss) gain on marketable securities		(1,371,000	)		1,333,000
Net unrealized (loss) gain on other investments		(170,000	)		3,837,000
Impairment loss on other investments		(235,000	)		(197,000	)
Dividend and interest income		193,000			212,000
Trading and margin interest expense		(111,000	)		(118,000	)

Other (expense) income, net		(3,077,000	)		3,651,000

Income before income taxes		1,169,000			5,462,000
Income tax benefit (expense)		175,000			(2,022,000	)

Net income		1,344,000			3,440,000
Less: Net income attributable to the noncontrolling interest		(1,479,000	)		(247,000	)

Net (loss) income attributable to Portsmouth	$	(135,000	)	$	3,193,000

Basic and diluted net (loss) income per share attributable to Portsmouth	$	(0.18	)	$	4.35

Weighted average number of common shares outstanding		734,183			734,183

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 5 -

PORTSMOUTH SQUARE, INC.
CONDENDSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

For the six months ended December 31,	2011			2010
Cash flows from operating activities:
Net income	$	1,344,000		$	3,440,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Net unrealized loss (gain) on marketable securities		1,194,000			(1,394,000	)
Unrealized loss (gain) on other investments		170,000			(3,837,000	)
Impairment loss on other investments		235,000			197,000
Depreciation and amortization		1,045,000			2,448,000
Changes in assets and liabilities:
Investment in marketable securities		799,000			(1,833,000	)
Accounts receivable		76,000			233,000
Other assets		(757,000	)		(722,000	)
Accounts payable and other liabilities		22,000			(910,000	)
Due to securities broker		(741,000	)		1,988,000
Obligations for securities sold		(78,000	)		(79,000	)
Deferred income taxes		(175,000	)		2,022,000
Net cash provided by operating activities		3,134,000			1,553,000

Cash flows from investing activities:
Payments for hotel furniture, equipment and building improvements		(1,737,000	)		(1,008,000	)
Other investments		80,000			16,000
Net cash used in investing activities		(1,657,000	)		(992,000	)

Cash flows from financing activities:
Distributions to noncontrolling interest		(500,000	)		—
Payments on mortgage notes payable		(423,000	)		(400,000	)
Net borrowings from (payments on) other notes payable		34,000			(95,000	)
Net cash used in financing activities		(889,000	)		(495,000	)

Net increase in cash and cash equivalents		588,000			66,000
Cash and cash equivalents at the beginning of the period		610,000			522,000
Cash and cash equivalents at the end of the period	$	1,198,000		$	588,000

Supplemental information:
Interest paid	$	1,403,000		$	1,447,000

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 6 -

PORTSMOUTH SQUARE, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The condensed consolidated financial statements included herein have been prepared by Portsmouth Square, Inc. (“Portsmouth” or the “Company”), without audit, according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all adjustments (which included only normal recurring adjustments) necessary for a fair statement of the financial position, cash flows and results of operations as of and for the periods indicated. It is suggested that these financial statements be read in conjunction with the audited financial statements of Portsmouth and the notes therein included in the Company's Annual Report on Form 10-K for the year ended June 30, 2011. The June 30, 2011 Condensed Consolidated Balance Sheet was obtained from the Company’s Form 10-K for the year ended June 30, 2011.

The results of operations for the three and six months ended December 31, 2011 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2012.

As of December 31, 2011, Santa Fe Financial Corporation (“Santa Fe”), a public company, owns approximately 68.8% of the outstanding common shares of Portsmouth Square, Inc. (“Portsmouth” or the “Company”). Santa Fe is a 79.9%-owned subsidiary of The InterGroup Corporation (“InterGroup”), a public company. InterGroup also directly owns approximately 11.8% of the common stock of Portsmouth.

Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). Portsmouth has a 50.0% limited partnership interest in Justice and serves as one of the two general partners. The other general partner, Evon Corporation (“Evon”), served as the managing general partner until December 1, 2008 at which time Portsmouth assumed the role of managing general partner. The financial statements of Justice are consolidated with those of the Company.

Justice owns a 543-room hotel property located at 750 Kearny Street, San Francisco California, known as the Hilton San Francisco Financial District (the Hotel) and related facilities including a five level underground parking garage. The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. Justice also has a Management Agreement with Prism Hospitality L.P. (Prism) to perform the day-to-day management functions of the Hotel.

Until September 30, 2008, the Partnership also derived income from the lease of the parking garage to Evon. Effective October 1, 2008, Justice entered into an installment sale agreement with Evon to purchase the remaining term of the garage lease and related garage assets, and assumed the contract with Ace Parking for the operations of the garage. That installment sale agreement was fully paid as of November 30, 2010. Justice also agreed to assume Evon’s contract with Ace Parking Management, Inc. (“Ace Parking”) for the management of the garage and any other liabilities related to the operation of the garage commencing October 1, 2008. The management agreement with Ace Parking was extended for another 62 months, effective November 1, 2010. The Partnership also leases a day spa on the lobby level to Tru Spa. Portsmouth also receives management fees as a general partner of Justice for its services in overseeing and managing the Partnership’s assets. Those fees are eliminated in consolidation.

Due to the temporary closing of the Hotel to undergo major renovations from May 2005 until January 2006 to transition and reposition the Hotel from a Holiday Inn to a Hilton, and the substantial depreciation and amortization expenses resulting from the renovations and operating losses incurred as the Hotel ramped up operations after reopening, Justice has recorded net losses. These losses were anticipated and planned for as part of the Partnership’s renovation and repositioning plan for the Hotel and management considers those net losses to be temporary. The Hotel has been generating positive cash flows from operations since June 2006 and net income is expected to improve in the future, especially since depreciation and amortization expenses attributable to the renovation will decrease substantially. For the fiscal year ended June 30, 2011, that trend of net losses was reversed as the Company recorded net income from hotel operations of $710,000. For the six months ended December 31, 2011, that positive trend continued as the Company recorded net income from hotel operations of $3,152,000. Even in an uncertain economy, management believes that the revenues expected to be generated from the Hotel, garage and the Partnership’s leases will be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. Management also believes that there is significant equity in the Hotel to support additional borrowings, if necessary.

- 7 -

Basic income (loss) per share is calculated based upon the weighted average number of common shares outstanding during each period. During the three and six months ended December 31, 2011 and 2010, the Company did not have any potentially dilutive securities outstanding.

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2011-04 (ASU 2011-04), “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (International Financial Reporting Standard).” ASU 2011-04 attempts to improve the comparability of fair value measurements disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. Amendments in ASU 2011-04 clarify the intent of the application of existing fair value measurement and disclosure requirements, as well as change certain measurement requirements and disclosures. ASU 2011-04 is effective for the Company beginning January 1, 2012 and will be applied on a prospective basis. We do not believe that the adoption of ASU 2011-04 will have a material effect on our consolidated financial statements.

In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” ASU 2011-05 changes the way other comprehensive income (“OCI”) appears within the financial statements. Companies will be required to show net income, OCI and total comprehensive income in one continuous statement or in two separate but consecutive statements. Components of OCI may no longer be presented solely in the statement of changes in shareholders’ deficit. ASU 2011-05 is effective for the Company beginning January 1, 2012. The adoption of ASU 2011-05 will not impact the measurement of net income or other comprehensive income.

The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued.

NOTE 2 – INVESTMENT IN HOTEL, NET

Investment in hotel consisted of the following as of:

			Accumulated			Net Book
December 31, 2011	Cost		Depreciation			Value

Land	$	1,124,000	$	—		$	1,124,000
Furniture and equipment		20,253,000		(17,613,000	)		2,640,000
Building and improvements		48,049,000		(18,996,000	)		29,053,000
	$	69,426,000	$	(36,609,000	)	$	32,817,000

			Accumulated			Net Book
June 30, 2011	Cost		Depreciation			Value

Land	$	1,124,000	$	—		$	1,124,000
Furniture and equipment		19,583,000		(17,076,000	)		2,507,000
Building and improvements		46,982,000		(18,524,000	)		28,458,000
	$	67,689,000	$	(35,600,000	)	$	32,089,000

- 8 -

NOTE 3 - INVESTMENT IN MARKETABLE SECURITIES

The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also invested in corporate bonds and income producing securities, which may include interests in real estate based companies and REITs, where financial benefit could insure to its shareholders through income and/or capital gain.

At December 31, 2011 and June 30, 2011, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows:

			Gross		Gross			Net		Fair
Investment	Cost		Unrealized Gain		Unrealized Loss			Unrealized Gain		Value

As of December 31, 2011
Corporate
Equities	$	2,708,000	$	956,000	$	(791,000	)	$	165,000	$	2,873,000

As of June 30, 2011

Corporate
Equities	$	3,336,000	$	2,084,000	$	(554,000	)	$	1,530,000	$	4,866,000

As of December 31, 2011 and June 30, 2011, the Company had $668,000 and $412,000, respectively, of unrealized losses related to securities held for over one year.

Net gain (loss) on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of the two components for the three and six months ended December 31, 2011 and 2010, respectively.

For the three months ended December 31,	2011			2010
Realized gain (loss) on marketable securities	$	39,000		$	(40,000	)
Unrealized (loss) gain on marketable securities		(196,000	)		1,435,000

Net (loss) gain on marketable securities	$	(157,000	)	$	1,395,000


For the six months ended December 31,		2011			2010
Realized loss on marketable securities	$	(177,000	)	$	(61,000	)
Unrealized (loss) gain on marketable securities		(1,194,000	)		1,394,000

Net (loss) gain on marketable securities	$	(1,371,000	)	$	1,333,000

NOTE 4 – OTHER INVESTMENTS, NET

The Company may also invest, with the approval of the Securities Investment Committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses.

- 9 -

Other investments, net consist of the following:

Type	December 31, 2011		June 30, 2011
Preferred stock - Comstock, at cost	$	4,410,000	$	4,410,000
Private equity hedge fund, at cost		781,000		996,000
Corporate debt and equity instruments, at cost		101,000		201,000
Warrants - at fair value		136,000		306,000
	$	5,428,000	$	5,913,000

NOTE 5 - FAIR VALUE MEASUREMENTS

The carrying values of the Company’s non-financial instruments approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).

The assets measured at fair value on a recurring basis are as follows:

As of December 31, 2011
Assets:	Level 1		Level 2		Level 3		Total
Cash equivalents - money market	$	3,000	$	—	$	—	$	3,000
Other investments - warrants		—		—		136,000		136,000
Investment in marketable securities:
Basic materials		1,276,000		—		—		1,276,000
Technology		571,000		—		—		571,000
REITs and real estate companies		299,000		—		—		299,000
Financial services		238,000		—		—		238,000
Services		196,000		—		—		196,000
Other		293,000		—		—		293,000
		2,873,000		—		—		2,873,000
	$	2,876,000	$	—	$	136,000	$	3,012,000

As of June 30, 2011
Assets:	Level 1		Level 2		Level 3		Total
Cash equivalents - money market	$	3,000	$	—	$	—	$	3,000
Other investments - warrants		—		306,000		—		306,000
Investment in marketable securities:
Basic materials		1,687,000		—		—		1,687,000
Investment funds		924,000		—		—		924,000
Services		815,000		—		—		815,000
REITs and real estate companies		587,000		—		—		587,000
Financial services		443,000		—		—		443,000
Other		410,000		—		—		410,000
		4,866,000		—		—		4,866,000
	$	4,869,000	$	306,000	$	—	$	5,175,000

The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model.

- 10 -

Warrants - Transfer into Level 3 Reconciliation	Level 3
Beginning balance as of June 30, 2011 - Level 3	$	—
Transfer in from Level 2 Other investments - warrants		306,000
Unrealized loss during the six months ended December 31, 2011		(170,000	)
Ending balance as of December 31, 2011 - Level 3	$	136,000

Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, net (non-marketable securities),” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:

									Net loss for the six months
Assets	Level 1		Level 2		Level 3		December 31, 2011		ended December 31, 2011

Other non-marketable investments	$	—	$	—	$	5,292,000	$	5,292,000	$	(170,000	)

									Net gain for the six months
Assets	Level 1		Level 2		Level 3		June 30, 2011		ended December 31, 2010

Other non-marketable investments	$	—	$	—	$	5,607,000	$	5,607,000	$	3,640,000

Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.

NOTE 6 - SEGMENT INFORMATION

The Company operates in two reportable segments, the operation of the hotel (“Hotel Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These two operating segments, as presented in the consolidated financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this same information.

Information below represents reporting segments for the three and six months ended December 31, 2011 and 2010, respectively. Operating income (loss) from Hotel operations consists of the operation of the hotel and operation of the garage. Operating income (loss) for investment transactions consist of net investment gain (loss) and dividend and interest income.

- 11 -

As of and for the three months	Hotel			Investment
ended December 31, 2011	Operations			Transactions			Other			Total

Revenues	$	10,412,000		$	—		$	—		$	10,412,000
Operating expenses		(8,325,000	)		—			(147,000	)		(8,472,000	)
Income (loss) from operations		2,087,000			—			(147,000	)		1,940,000
Interest expense		(695,000	)		—			—			(695,000	)
Loss from investments		—			(169,000	)		—			(169,000	)
Income tax expense		—			—			(128,000	)		(128,000	)
Net income (loss)	$	1,392,000		$	(169,000	)	$	(275,000	)	$	948,000
Total assets	$	32,817,000		$	8,301,000		$	9,849,000		$	50,967,000

As of and for the three months	Hotel			Investment
ended December 31, 2010	Operations			Transactions		Other			Total

Revenues	$	9,142,000		$	—	$	—		$	9,142,000
Operating expenses		(8,026,000	)		—		(150,000	)		(8,176,000	)
Income (loss) from operations		1,116,000			—		(150,000	)		966,000
Interest expense		(713,000	)		—		—			(713,000	)
Income from investments		—			5,197,000		—			5,197,000
Income tax expense		—			—		(2,063,000	)		(2,063,000	)
Net income (loss)	$	403,000		$	5,197,000	$	(2,213,000	)	$	3,387,000
Total assets	$	32,297,000		$	11,687,000	$	8,024,000		$	52,008,000

As of and for the six months	Hotel			Investment
ended December 31, 2011	Operations			Transactions			Other			Total

Revenues	$	21,521,000		$	—		$	—		$	21,521,000
Operating expenses		(16,986,000	)		—			(289,000	)		(17,275,000	)
Income (loss) from operations		4,535,000			—			(289,000	)		4,246,000
Interest expense		(1,383,000	)		—			—			(1,383,000	)
Loss from investments		—			(1,694,000	)		—			(1,694,000	)
Income tax benefit		—			—			175,000			175,000
Net income (loss)	$	3,152,000		$	(1,694,000	)	$	(114,000	)	$	1,344,000
Total assets	$	32,817,000		$	8,301,000		$	9,849,000		$	50,967,000

As of and for the six months	Hotel			Investment
ended December 31, 2010	Operations			Transactions		Other			Total

Revenues	$	18,668,000		$	—	$	—		$	18,668,000
Operating expenses		(16,581,000	)		—		(276,000	)		(16,857,000	)
Income (loss) from operations		2,087,000			—		(276,000	)		1,811,000
Interest expense		(1,416,000	)		—		—			(1,416,000	)
Income from investments		—			5,067,000		—			5,067,000
Income tax expense		—			—		(2,022,000	)		(2,022,000	)
Net income (loss)	$	671,000		$	5,067,000	$	(2,298,000	)	$	3,440,000
Total assets	$	32,297,000		$	11,687,000	$	8,024,000		$	52,008,000

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NOTE 7 - RELATED PARTY TRANSACTIONS

Certain shared costs and expenses, primarily administrative expenses, rent and insurance are allocated among the Company, the Company’s parent, Santa Fe and InterGroup, the parent of Santa Fe, based on management's estimate of the pro rata utilization of resources. For the three months ended December 31, 2011 and 2010, these expenses were approximately $18,000 for each respective period. For the six months ended December 31, 2011 and 2010, these expenses were approximately $36,000 for each respective period.

Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of Intergroup.

During the three months ended December 31, 2011 and 2010, the Company received management fees from Justice Investors totaling $98,000 and $93,000, respectively. During the six months ended December 31, 2011 and 2010, the Company received management fees from Justice Investors totaling $189,000 and $172,000, respectively. These amounts were eliminated in consolidation.

John V. Winfield serves as Chief Executive Officer and Chairman of the Company, Santa Fe, and InterGroup. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family, Santa Fe and InterGroup may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and his family members, and the resources of Santa Fe and InterGroup, at risk in connection with investment decisions made on behalf of the Company.

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Item 2 -	MANAGEMENT'S DISCUSSION AND ANALYSIS OF
	FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS AND PROJECTIONS

The Company may from time to time make forward-looking statements and projections concerning future expectations. When used in this discussion, the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “could,” “might” and similar expressions, are intended to identify forward-looking statements. These statements are subject to certain risks and uncertainties, such as national and worldwide economic conditions, including the impact of recessionary conditions on tourism, travel and the lodging industry, the impact of terrorism and war on the national and international economies, including tourism and securities markets, energy and fuel costs, natural disasters, general economic conditions and competition in the hotel industry in the San Francisco area, seasonality, labor relations and labor disruptions, actual and threatened pandemics such as swine flu, partnership distributions, the ability to obtain financing at favorable interest rates and terms, securities markets, regulatory factors, litigation and other factors discussed below in this Report and in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2011, that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

RESULTS OF OPERATIONS

The Company's principal business is conducted through its general and limited partnership interest in the Justice Investors limited partnership (“Justice” or the “Partnership”). The Company has a 50.0% limited partnership interest in Justice and serves as the managing general partner of Justice. Evon Corporation (“Evon”) serves as the other general partner. Justice owns the land, improvements and leaseholds at 750 Kearny Street, San Francisco, California, known as the Hilton San Francisco Financial District (the “Hotel”). The financial statements of Justice have been consolidated with those of the Company.

The Hotel is operated by the Partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. The term of the Agreement is for a period of 15 years commencing on January 12, 2006, with an option to extend the license term for another five years, subject to certain conditions. Justice also has a Management Agreement with Prism Hospitality L.P. (“Prism”) to perform the day-to-day management functions of the Hotel.

Three Months Ended December 31, 2011 Compared to Three Months Ended December 31, 2010

The Company had net income of $948,000 for the three months ended December 31, 2011 compared to net income of $3,387,000 for the three months ended December 31, 2010. The decrease in net income is primarily attributable to the net loss from investing activities partially offset by the significant improvement in the hotel operations during the current quarter.

The Company had net income from hotel operations of $1,392,000 for the three months ended December 31, 2011, compared to net income of $403,000 for the three months ended December 31, 2010. That increase in net income is primarily attributable to a $681,000 decrease in depreciation and amortization expense, as many of the furniture and fixture improvements from the renovation of the Hotel reached full deprecation during January 2011, and a significant increase in total operating revenues compared to the prior year.

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The following table sets forth a more detailed presentation of Hotel operations for the three months ended December 31, 2011 and 2010.

For the three months ended December 31,	2011			2010
Hotel revenues:
Hotel rooms	$	8,098,000		$	6,701,000
Food and beverage		1,431,000			1,502,000
Garage		651,000			645,000
Other revenues		232,000			294,000
Total hotel revenues		10,412,000			9,142,000
Operating expenses excluding interest, depreciation and amortization		(7,796,000	)		(6,816,000	)
Operating income before interest, depreciation and amortization		2,616,000			2,326,000
Interest		(695,000	)		(713,000	)
Depreciation and amortization		(529,000	)		(1,210,000	)

Net income from hotel operations	$	1,392,000		$	403,000

For the three months ended December 31, 2011, the Hotel generated operating income of $2,616,000 before interest, depreciation and amortization, on total operating revenues of $10,412,000 compared to operating income of $2,326,000 before interest, depreciation and amortization, on operating revenues of $9,142,000 for the three months ended December 31, 2010. The increase in income from Hotel operations is primarily attributable to increases in room revenues in the current quarter, partially offset by an increase in operating expenses due to higher labor costs and increased staffing to improve guest satisfaction as well as greater franchise and management fees which are based on a percentage of revenues.

Room revenues increased by $1,397,000 for the three months ended December 31, 2011 compared to the three months ended December 31, 2010. The increase in room revenues was primarily attributable to a significant increase in average daily room rates during the current period as the Hotel continued to see an increase in higher rated leisure, corporate and group business travel.

The following table sets forth the average daily room rate, average occupancy percentage and room revenue per available room (“RevPar”) of the Hotel for the three months ended December 31, 2011 and 2010.

Three Months Ended December 31,	Average Daily Rate	Average Occupancy %	RevPar

2011	$190	85%	$162
2010	$159	84%	$134

The operations of the Hotel experienced an increase in the higher rated business and group travel segments in the three months ended December 31, 2011 as the hospitality industry in the San Francisco market continued to show signs of recovery. As a result, the Hotel’s average daily rate increased significantly by $31 for the three months ended December 31, 2011 compared to the three months ended December 31, 2010. The increase in occupancy of 1% was due to increased demand for hotel rooms in San Francisco and the Hotel’s ability to capture a greater share of those rooms within its market set. Due to that increased demand, the Hotel was able to reduce the amount of discounted Internet business that it was forced to take in the prior period to maintain occupancy in a very competitive market. As a result, the Hotel was able to achieve a RevPar number that was $28 higher than the comparative three month period.

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During the past year we have seen our management team guide our Hotel through a difficult economic period by taking bold steps to reduce expenses and implement innovative strategies in order to improve operations and enhance our competitiveness in the market. As a result, we were well positioned to take advantage of the gradual recovery that took place in the San Francisco market. We saw a significant improvement in room rates as the Hotel was able to expand its share of higher rated business and leisure travel which increased our operating revenues and profitability. Those results made it possible for Justice Investors to declare its first limited partnership distribution since September 2008 as the Partnership made a total distribution in the amount of $1,000,000 in December 2011, of which Portsmouth received $500,000.

We will continue in our efforts to upgrade our guest rooms and facilities and explore new and innovative ways to differentiate the Hotel from its competition. Our new executive lounge on the 26^th floor of the Hotel that opened in October 2011 is one of our latest projects designed to enhance the guest experience. We have upgraded our internet connectivity throughout the Hotel and are providing more technological amenities for our guests. We have also made improvements to our restaurant facilities and are currently upgrading the lobby and common areas of the Hotel. We made the Hotel more energy efficient and have enhanced our recycling program to support the concept of a greener world while reducing our operating costs. The Hotel also became a groundbreaker in implementing Hilton’s Huanying (“Welcome”) program which features a tailored experience for Chinese travelers. We have also taken important steps to further develop our ties to the local Chinese community and the City as part of being a good corporate citizen and to promote new business.

Moving forward, we will continue to focus on cultivating more international business, especially from China, and capturing a greater percentage of high rated business, leisure and group travel. During the last twelve months, we have seen improvement in business and leisure travel. If that trend in the San Francisco market and the hotel industry continues, it should translate into an increase in room revenues and profitability. However, like all hotels, it will remain subject to the uncertain domestic and global economic environment.

The Company had a net loss on marketable securities of $157,000 for the three months ended December 31, 2011 compared to a net gain on marketable securities of $1,395,000 for the three months ended December 31, 2010. For the three months ended December 31, 2011, the Company had a net realized gain of $39,000 and a net unrealized loss of $196,000. For the three months ended December 31, 2010, the Company had a net realized loss of $40,000 and a net unrealized gain of $1,435,000. Gains and losses on marketable securities may fluctuate significantly from period to period in the future and could have a significant impact on the Company’s results of operations. However, the amount of gain or loss on marketable securities for any given period may have no predictive value and variations in amount from period to period may have no analytical value. For a more detailed description of the composition of the Company’s marketable securities see the Marketable Securities section below.

During the three months ended December 31, 2011, the Company had an unrealized loss of $43,000 related to other investments compared to an unrealized gain of $3,823,000 for the three months ended December 31, 2010. The significant difference is due to an unrealized gain of $3,686,000 related to the Company’s Comstock investment in the prior year comparable quarter. Comstock had undergone a restructuring which resulted in the unrealized gain for the Company.

During the three months ended December 31, 2011 and 2010, the Company performed an impairment analysis of its other investments and determined that one of its investments had an other than temporary impairment and recorded impairment losses of $91,000 and $113,000, for each respective period.

The Company consolidates Justice (Hotel) for financial reporting purposes and is not taxed on its 50% non-controlling interest in the Hotel. The income tax expense during the three months ended December 31, 2011 and 2010 represents the income tax effect on the Company’s pretax income which include its share in net income (loss) of the Hotel (i.e., 50%). The significant tax expense during the quarter ended December 31, 2010 primarily resulted from the significant unrealized gain of $3,823,000 from other investments and $1,395,000 net gain from marketable securities.

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Six Months Ended December 31, 2011 Compared to Six Months Ended December 31, 2010

The Company had net income of $1,344,000 for the six months ended December 31, 2011 compared to net income of $3,440,000 for the six months ended December 31, 2010. The decrease in net income is primarily attributable to the net loss from investing activities partially offset by the significant improvement in the hotel operations during the six months ended December 31, 2011.

The Company had net income from hotel operations of $3,152,000 for the six months ended December 31, 2011, compared to net income of $671,000 for the six months ended December 31, 2010. That increase in net income is primarily attributable to a $1,403,000 decrease in depreciation and amortization expense, as many of the furniture and fixture improvements from the renovation of the Hotel reached full deprecation during January 2011, and a significant increase in total operating revenues compared to the prior year.

The following table sets forth a more detailed presentation of Hotel operations for the six months ended December 31, 2011 and 2010.

For the six months ended December 31,	2011			2010
Hotel revenues:
Hotel rooms	$	16,795,000		$	14,216,000
Food and beverage		2,805,000			2,683,000
Garage		1,382,000			1,281,000
Other revenues		539,000			488,000
Total hotel revenues		21,521,000			18,668,000
Operating expenses excluding interest, depreciation and amortization		(15,941,000	)		(14,133,000	)
Operating income before interest, depreciation and amortization		5,580,000			4,535,000
Interest		(1,383,000	)		(1,416,000	)
Depreciation and amortization		(1,045,000	)		(2,448,000	)

Net income from hotel operations	$	3,152,000		$	671,000

For the six months ended December 31, 2011, the Hotel generated operating income of $5,580,000 before interest, depreciation and amortization, on total operating revenues of $21,521,000 compared to operating income of $4,535,000 before interest, depreciation and amortization, on operating revenues of $18,668,000 for the six months ended December 31, 2010. The increase in income from Hotel operations is primarily attributable to increases in room, food and beverage, and other revenues in the current year, partially offset by an increase in operating expenses due to higher labor costs and increased staffing to improve guest satisfaction as well as greater franchise and management fees which are based on a percentage of revenues.

Room revenues increased by $2,579,000 for the six months ended December, 2011 compared to the six months ended December 31, 2010 and food and beverage revenues increased by $122,000 for the same period. The increase in room revenues was primarily attributable to a significant increase in average daily room rates during the current period as the Hotel began to see an increase in higher rated leisure, corporate and group business travel, which also resulted in higher in food and beverage revenues. Garage revenues increased by $101,000 due the higher demand for outside parking during the current period.

The following table sets forth the average daily room rate, average occupancy percentage and room revenue per available room (“RevPar”) of the Hotel for the six months ended December 31, 2011 and 2010.

Six Months Ended December 31,	Average Daily Rate	Average Occupancy %	RevPar

2011	$190	88%	$168
2010	$163	87%	$142

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The operations of the Hotel experienced an increase in the higher rated business and group travel segments in the six months ended December 31, 2011 as the hospitality industry in the San Francisco market continued to show signs of recovery. As a result, the Hotel’s average daily rate increased significantly by $27 for the six months ended December 31, 2011 compared to the six months ended December 31, 2010. The increase in occupancy of 1% was due to increased demand for hotel rooms in San Francisco and the Hotel’s ability to capture a greater share of those rooms within its market set. Due to that increased demand, the Hotel was able to reduce the amount of discounted Internet business that it was forced to take in the prior period to maintain occupancy in a very competitive market. As a result, the Hotel was able to achieve a RevPar number that was $26 higher than the comparative six month period.

The Company had a net loss on marketable securities of $1,371,000 for the six months ended December 31, 2011 compared to a net gain on marketable securities of $1,333,000 for the six months ended December 31, 2010. For the six months ended December 31, 2011, the Company had a net realized loss of $177,000 and a net unrealized loss of $1,194,000. For the six months ended December 31, 2010, the Company had a net realized loss of $61,000 and a net unrealized gain of $1,394,000. Gains and losses on marketable securities may fluctuate significantly from period to period in the future and could have a significant impact on the Company’s results of operations. However, the amount of gain or loss on marketable securities for any given period may have no predictive value and variations in amount from period to period may have no analytical value. For a more detailed description of the composition of the Company’s marketable securities see the Marketable Securities section below.

During the six months ended December 31, 2011, the Company had an unrealized loss of $170,000 related to other investments compared to an unrealized gain of $3,837,000 for the six months ended December 31, 2010. The significant difference is due to an unrealized gain of $3,686,000 related to the Company’s Comstock investment in the prior year comparable period. Comstock had undergone a restructuring which resulted in the unrealized gain for the Company.

During the six months ended December 31, 2011 and 2010, the Company performed an impairment analysis of its other investments and determined that one of its investments had an other than temporary impairment and recorded impairment losses of $235,000 and $197,000, for each respective period.

- 18 -

The Company consolidates Justice (Hotel) for financial reporting purposes and is not taxed on its 50% non-controlling interest in the Hotel. The income tax expense during the six months ended December 31, 2011 and 2010 represents the income tax effect on the Company’s pretax income which include its share in net income (loss) of the Hotel (i.e., 50%).

MARKETABLE SECURITIES

As of December 31, 2011 and June 30, 2011, the Company had investments in marketable equity securities of $2,873,000 and $4,866,000, respectively. The following table shows the composition of the Company’s marketable securities portfolio by selected industry groups as:

As of December 31, 2011			% of Total
			Investment
Industry Group	Fair Value		Securities

Basic materials	$	1,276,000		44.4	%
Technology		571,000		19.9	%
REITs and real estate companies		299,000		10.4	%
Financial services		238,000		8.3	%
Services		196,000		6.8	%
Other		293,000		10.2	%
	$	2,873,000		100.0	%

As of June 30, 2011			% of Total
			Investment
Industry Group	Fair Value		Securities

Basic materials	$	1,687,000		34.7	%
Investment funds		924,000		19.0	%
Services		815,000		16.7	%
REITs and real estate companies		587,000		12.1	%
Financial services		443,000		9.1	%
Other		410,000		8.4	%
	$	4,866,000		100.0	%

The Company’s investment portfolio is diversified with 49 different equity positions. The Company holds three individual equity securities that comprise individually more than 5% of the equity value of the portfolio, with the largest being 38.6%. The amount of the Company’s investment in any particular issuer may increase or decrease, and additions or deletions to its securities portfolio may occur, at any time. While it is the internal policy of the

Company to limit its initial investment in any single equity to less than 5% of its total portfolio value, that investment could eventually exceed 5% as a result of equity appreciation or reduction of other positions. Marketable securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date.

LIQUIDITYAND SOURCES OF CAPITAL

The Company’s cash flows are primarily generated from its Hotel operations, and general partner management fees and limited partnership distributions from Justice Investors. The Company also receives cash generated from the investment of its cash and marketable securities and other investments.

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Following the temporary suspension of operations in May 2005 for major renovations, the Hotel started, and continues, to generate positive cash flows from its operations. As a result, Justice was able to pay some limited partnership distributions in fiscal years 2008 and 2009. However, due to the significant downturn in the San Francisco hotel market beginning in September 2008 and the continued weakness in domestic and international economies, no Partnership distributions were paid in fiscal 2011 and 2010. During such periods, the Company had to depend more on the revenues generated from the investment of its cash and marketable securities and from its general partner management fees. Since we have seen significant improvement in the operations of the Hotel, and the San Francisco market in general, Justice was in a position to pay a limited partnership distribution in December 2011 in an aggregate amount of $1,000,000, of which Portsmouth received $500,000. The general partners of Justice will continue to monitor and review the operations and financial results of the Hotel and to set the amount of any future distributions that may be appropriate based on operating results, cash flows and other factors, including establishment of reasonable reserves for debt payments and operating contingencies.

The new Justice Compensation Agreement that became effective on December 1, 2008, when Portsmouth assumed the role of managing general partner of Justice, has provided additional cash flows to the Company. Under the new Compensation Agreement, Portsmouth is now entitled to 80% of the minimum base fee to be paid to the general partners of $285,000, while under the prior agreement, Portsmouth was entitled to receive only 20% of the minimum base fee. As a result of that new agreement and the increase in Hotel gross revenues in the current period, total general partner fees paid to Portsmouth for the six months ended December 31, 2011 increased to $189,000, compared to $172,000 for the six month period ended December 31, 2010.

To meet its substantial financial commitments for the renovation and transition of the Hotel to a Hilton, Justice had to rely on borrowings to meet its obligations. On July 27, 2005, Justice entered into a first mortgage loan with The Prudential Insurance Company of America in a principal amount of $30,000,000 (the “Prudential Loan”). The term of the Prudential Loan is for 120 months at a fixed interest rate of 5.22% per annum. The Prudential Loan calls for monthly installments of principal and interest in the amount of approximately $165,000, calculated on a 30-year amortization schedule. The Loan is collateralized by a first deed of trust on the Partnership’s Hotel property, including all improvements and personal property thereon and an assignment of all present and future leases and rents. The Prudential Loan is without recourse to the limited and general partners of Justice. The principal balance of the Prudential Loan was $26,891,000 as of December 31, 2011.

On March 27, 2007, Justice entered into a second mortgage loan with Prudential (the “Second Prudential Loan”) in a principal amount of $19,000,000. The term of the Second Prudential Loan is for 100 months and matures on August 5, 2015, the same date as the first Prudential Loan. The Second Prudential Loan is at a fixed interest rate of 6.42% per annum and calls for monthly installments of principal and interest in the amount of $119,000, calculated on a 30-year amortization schedule. The Second Prudential Loan is collateralized by a second deed of trust on the Partnership’s Hotel property, including all improvements and personal property thereon and an assignment of all present and future leases and rents. The Second Prudential Loan is also without recourse to the limited and general partners of Justice. The principal balance of the Second Prudential Loan was $17,865,000 as of December 31, 2011.

Effective April 29, 2010, the Partnership obtained a modification of its $2,500,000 unsecured revolving line of credit facility with East West Bank that was to mature on April 30, 2010, and converted that line of credit facility to an unsecured term loan. The modification provides that Justice will pay the $2,500,000 balance on its line of credit facility over a period of four years, to mature on April 30, 2014. This term loan calls for monthly principal and interest payments of $41,000, calculated on a nine-year amortization schedule, with interest only from May 1, 2010 to August 31, 2010. Pursuant to the modification, the annual floating interest rate was reduced by 0.5% to the Wall Street Journal Prime Rate plus 2.5% (with a minimum floor rate of 5.0% per annum). The modification provides for new financial covenants that include specific financial ratios and a return to minimum profitability after June 30, 2011. Management believes that the Partnership has the ability to meet the specific covenants and the Partnership was in compliance with the covenants as of December 31, 2011. As of December 31, 2011, the interest rate was 5.75% and the outstanding balance was $2,017,000.

Despite the downturns in the economy, the Hotel has continued to generate positive cash flows. While the debt service requirements related to the two Prudential loans, as well as the term loan to pay off the line of credit, may create some additional risk for the Company and its ability to generate cash flows in the future, management believes that cash flows from the operations of the Hotel and the garage will continue to be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. Management also believes that there is sufficient equity in the Hotel assets to support future borrowings, if necessary, to fund any new capital improvements and other requirements.

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The Company has invested in short-term, income-producing instruments and in equity and debt securities when deemed appropriate. The Company's marketable securities are classified as trading with unrealized gains and losses recorded through the consolidated statements of operations.

Management believes that its cash, marketable securities, and the cash flows generated from those assets and from partnership distributions and management fees, will be adequate to meet the Company’s current and future obligations

MATERIAL CONTRACTUAL OBLIGATIONS

The following table provides a summary of the Company’s material financial obligations which also includes interest.

	Total		Year 1		Year 2		Year 3		Year 4		Year 5		Thereafter
Mortgage notes payable	$	44,756,000	$	435,000	$	907,000	$	960,000	$	1,015,000	$	41,439,000	$	—
Other notes payable		2,820,000		619,000		638,000		1,558,000		5,000		—		—
Interest		9,298,000		1,358,000		2,629,000		2,522,000		2,396,000		393,000		—
Total	$	56,874,000	$	2,412,000	$	4,174,000	$	5,040,000	$	3,416,000	$	41,832,000	$	—

OFF-BALANCE SHEET ARRANGEMENTS

The Company has no material off balance sheet arrangements.

IMPACT OF INFLATION

Hotel room rates are typically impacted by supply and demand factors, not inflation, since rental of a hotel room is usually for a limited number of nights. Room rates can be, and usually are, adjusted to account for inflationary cost increases. Since Prism has the power and ability under the terms of its management agreement to adjust hotel room rates on an ongoing basis, there should be minimal impact on partnership revenues due to inflation. Partnership revenues are also subject to interest rate risks, which may be influenced by inflation. For the two most recent fiscal years, the impact of inflation on the Company's income is not viewed by management as material.

CRITICAL ACCOUNTING POLICIES

Critical accounting policies are those that are most significant to the portrayal of our financial position and results of operations and require judgments by management in order to make estimates about the effect of matters that are inherently uncertain. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts in our consolidated financial statements. We evaluate our estimates on an on-going basis, including those related to the consolidation of our subsidiaries, to our revenues, allowances for bad debts, accruals, asset impairments, other investments, income taxes and commitments and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The actual results may differ from these estimates or our estimates may be affected by different assumptions or conditions.

Item 4. Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

The Company’s management, with the participation of the Company’s Chief Executive Officer and Principal Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the quarterly period covered by this Quarterly Report on Form 10-Q. Based upon such evaluation, the Chief Executive Officer and Principal Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in ensuring that information required to be disclosed in this filing is accumulated and communicated to management and is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms.

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CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in the Company’s internal control over financial reporting during the last quarterly period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II.

OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) None.

(b) Not applicable.

Portsmouth did not repurchase any of its own securities during the second quarter of its fiscal year ending June 30, 2012 and does not have any publicly announced repurchase program. The following table reflects purchases of Portsmouth’s common stock made by its parent company, The InterGroup Corporation, for its own account, during the second quarter of fiscal 2012. InterGroup can be considered an affiliated purchaser.

SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES

			(c) Total Number	(d) Maximum Number
	(a) Total	(b)	of Shares Purchased	of Shares that May
Fiscal	Number of	Average	as Part of Publicly	Yet be Purchased
2012	Shares	Price Paid	Announced Plans	Under the Plans
Period	Purchased	Per Share	or Programs	or Programs

Month #1
(October 1-	-	-	-	N/A
October 31)

Month #2
(November 1-	240	$21.00	-	N/A
November 30)

Month #3
(December 1-	400	$23.00	-	N/A
December 31)

TOTAL:	640	$22.25	-	N/A

- 22 -

Item 6. Exhibits.

31.1 Certification of Principal Executive Officer of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a).

31.2 Certification of Principal Financial Officer of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a).

32.1 Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350.

32.2 Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PORTSMOUTH SQUARE, INC.
	(Registrant)

Date: February 9, 2012	By:	/s/ John V. Winfield
		John V. Winfield, President, Chairman of the Board and Chief Executive Officer

Date: February 9, 2012	By:	/s/ Michael G. Zybala
		Michael G. Zybala, Vice President and Secretary

Date: February 9, 2012	By:	/s/ David T. Nguyen
		David T. Nguyen, Treasurer and Controller

- 23 -

EX-31.1 2 v301304_ex31-1.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION

I, John V. Winfield, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Portsmouth Square, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements

were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

(a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 9, 2012

/s/ John V. Winfield

John V. Winfield

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 v301304_ex31-2.htm CERTIFICATION

EXHIBIT 31.2

CERTIFICATION

I, David T. Nguyen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Portsmouth Square, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 9, 2012

/s/ David T. Nguyen

David T. Nguyen

Treasurer and Controller

(Principal Financial Officer)

EX-32.1 4 v301304_ex32-1.htm CERTIFICATION

EXHIBIT 32.1

Certification of Principal Executive Officer Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act Of 2002

In connection with the Quarterly Report of Portsmouth Square, Inc. (the "Company") on Form 10-Q for the quarterly period ended December 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John V. Winfield, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

· The Report fully complies with the requirements of Section 13(a) or 5(d) of the Securities Exchange Act of 1934; and

· The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ John V. Winfield

John V. Winfield

President and Chief Executive Officer

(Principal Executive Officer)

Date: February 9, 2012

A signed original of this written statement required by Section 906 has been provided to Portsmouth Square, Inc. and will be retained by Portsmouth Square, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 v301304_ex32-2.htm CERTIFICATION

EXHIBIT 32.2

Certification of Principal Financial Officer Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act Of 2002

In connection with the Quarterly Report of Portsmouth Square, Inc. (the "Company") on Form 10-Q for the quarterly period ended December 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David T. Nguyen, Treasurer and Controller of the Company, serving as its Principal Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

· The Report fully complies with the requirements of Section 13(a) or 5(d) of the Securities Exchange Act of 1934; and

· The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ David T. Nguyen

David T. Nguyen

Treasurer and Controller

(Principal Financial Officer)

Date: February 9, 2012

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NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES   The condensed consolidated financial statements included herein have been prepared by Portsmouth Square, Inc. (“Portsmouth” or the “Company”), without audit, according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all adjustments (which included only normal recurring adjustments) necessary for a fair statement of the financial position, cash flows and results of operations as of and for the periods indicated. It is suggested that these financial statements be read in conjunction with the audited financial statements of Portsmouth and the notes therein included in the Company's Annual Report on Form 10-K for the year ended June 30, 2011. The June 30, 2011 Condensed Consolidated Balance Sheet was obtained from the Company’s Form 10-K for the year ended June 30, 2011.   The results of operations for the three and six months ended December 31, 2011 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2012.   As of December 31, 2011, Santa Fe Financial Corporation (“Santa Fe”), a public company, owns approximately 68.8% of the outstanding common shares of Portsmouth Square, Inc. (“Portsmouth” or the “Company”). Santa Fe is a 79.9%-owned subsidiary of The InterGroup Corporation (“InterGroup”), a public company. InterGroup also directly owns approximately 11.8% of the common stock of Portsmouth.   Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). Portsmouth has a 50.0% limited partnership interest in Justice and serves as one of the two general partners. The other general partner, Evon Corporation (“Evon”), served as the managing general partner until December 1, 2008 at which time Portsmouth assumed the role of managing general partner. The financial statements of Justice are consolidated with those of the Company.   Justice owns a 543-room hotel property located at 750 Kearny Street, San Francisco California, known as the Hilton San Francisco Financial District (the Hotel) and related facilities including a five level underground parking garage. The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. Justice also has a Management Agreement with Prism Hospitality L.P. (Prism) to perform the day-to-day management functions of the Hotel.   Until September 30, 2008, the Partnership also derived income from the lease of the parking garage to Evon. Effective October 1, 2008, Justice entered into an installment sale agreement with Evon to purchase the remaining term of the garage lease and related garage assets, and assumed the contract with Ace Parking for the operations of the garage. That installment sale agreement was fully paid as of November 30, 2010. Justice also agreed to assume Evon’s contract with Ace Parking Management, Inc. (“Ace Parking”) for the management of the garage and any other liabilities related to the operation of the garage commencing October 1, 2008. The management agreement with Ace Parking was extended for another 62 months, effective November 1, 2010. The Partnership also leases a day spa on the lobby level to Tru Spa. Portsmouth also receives management fees as a general partner of Justice for its services in overseeing and managing the Partnership’s assets. Those fees are eliminated in consolidation.   Due to the temporary closing of the Hotel to undergo major renovations from May 2005 until January 2006 to transition and reposition the Hotel from a Holiday Inn to a Hilton, and the substantial depreciation and amortization expenses resulting from the renovations and operating losses incurred as the Hotel ramped up operations after reopening, Justice has recorded net losses. These losses were anticipated and planned for as part of the Partnership’s renovation and repositioning plan for the Hotel and management considers those net losses to be temporary. The Hotel has been generating positive cash flows from operations since June 2006 and net income is expected to improve in the future, especially since depreciation and amortization expenses attributable to the renovation will decrease substantially. For the fiscal year ended June 30, 2011, that trend of net losses was reversed as the Company recorded net income from hotel operations of $710,000. For the six months ended December 31, 2011, that positive trend continued as the Company recorded net income from hotel operations of $3,152,000. Even in an uncertain economy, management believes that the revenues expected to be generated from the Hotel, garage and the Partnership’s leases will be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. Management also believes that there is significant equity in the Hotel to support additional borrowings, if necessary.    Basic income (loss) per share is calculated based upon the weighted average number of common shares outstanding during each period. During the three and six months ended December 31, 2011 and 2010, the Company did not have any potentially dilutive securities outstanding.   In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2011-04 (ASU 2011-04), “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (International Financial Reporting Standard).” ASU 2011-04 attempts to improve the comparability of fair value measurements disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. Amendments in ASU 2011-04 clarify the intent of the application of existing fair value measurement and disclosure requirements, as well as change certain measurement requirements and disclosures. ASU 2011-04 is effective for the Company beginning January 1, 2012 and will be applied on a prospective basis. We do not believe that the adoption of ASU 2011-04 will have a material effect on our consolidated financial statements.   In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” ASU 2011-05 changes the way other comprehensive income (“OCI”) appears within the financial statements. Companies will be required to show net income, OCI and total comprehensive income in one continuous statement or in two separate but consecutive statements. Components of OCI may no longer be presented solely in the statement of changes in shareholders’ deficit. ASU 2011-05 is effective for the Company beginning January 1, 2012. The adoption of ASU 2011-05 will not impact the measurement of net income or other comprehensive income.   The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued.

NOTE 2 – INVESTMENT IN HOTEL, NET   Investment in hotel consisted of the following as of:   <table style="width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Accumulated</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Net Book</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">December 31, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Cost</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Depreciation</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Value</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; width: 46%; font-size: 10pt;">Land</td> <td style="width: 5%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">1,124,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 5%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">—  </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 5%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">1,124,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Furniture and equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">20,253,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(17,613,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">2,640,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Building and improvements</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">48,049,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(18,996,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">29,053,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">69,426,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(36,609,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,817,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> </table>   <table style="width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Accumulated</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Net Book</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">June 30, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Cost</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Depreciation</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Value</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; width: 46%; font-size: 10pt;">Land</td> <td style="width: 5%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">1,124,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 5%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">—  </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 5%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">1,124,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Furniture and equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">19,583,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(17,076,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">2,507,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Building and improvements</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">46,982,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(18,524,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">28,458,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">67,689,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(35,600,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,089,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>

NOTE 3 - INVESTMENT IN MARKETABLE SECURITIES   The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also invested in corporate bonds and income producing securities, which may include interests in real estate based companies and REITs, where financial benefit could insure to its shareholders through income and/or capital gain.   At December 31, 2011 and June 30, 2011, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows:   <table align="center" style="width: 90%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Gross</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Gross</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Net</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Fair</td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt; font-size: 10pt;">Investment</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Cost</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Unrealized Gain</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Unrealized Loss</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Unrealized Gain</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Value</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> </tr> <tr style="background-color: white;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold;" colspan="21">As of December 31, 2011</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; width: 10%; font-size: 10pt;">Corporate</td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Equities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">2,708,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">956,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">(791,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">165,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">2,873,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   <table align="center" style="width: 90%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold;" colspan="21">As of June 30, 2011</td> </tr> <tr style="background-color: white;"> <td style="padding-left: 5.4pt; width: 10%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Corporate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Equities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">3,336,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">2,084,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">(554,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">1,530,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">4,866,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table> As of December 31, 2011 and June 30, 2011, the Company had $668,000 and $412,000, respectively, of unrealized losses related to securities held for over one year.   Net gain (loss) on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of the two components for the three and six months ended December 31, 2011 and 2010, respectively.   <table style="width: 90%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold;">For the three months ended December 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="3">2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="3">2010</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; width: 56%; font-size: 10pt;">Realized gain (loss) on marketable securities</td> <td style="width: 8%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">39,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 8%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">(40,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Unrealized (loss) gain on marketable securities</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(196,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,435,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt;">Net (loss) gain on marketable securities</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(157,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">1,395,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white;"> <td style="padding-left: 5.4pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white;"> <td style="padding-left: 5.4pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold;">For the six months ended December 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;">2011</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;">2010</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Realized loss on marketable securities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">(177,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">(61,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Unrealized (loss) gain on marketable securities</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,194,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,394,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt;">Net (loss) gain on marketable securities</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(1,371,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">1,333,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>

NOTE 4 – OTHER INVESTMENTS, NET   The Company may also invest, with the approval of the Securities Investment Committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses.   Other investments, net consist of the following:   <table style="width: 95%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;">Type</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">December 31, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">June 30, 2011</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; width: 56%; font-size: 10pt;">Preferred stock - Comstock, at cost</td> <td style="width: 8%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">4,410,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 8%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">4,410,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Private equity hedge fund, at cost</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">781,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">996,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Corporate debt and equity instruments, at cost</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">101,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">201,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Warrants - at fair value</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">136,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">306,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5,428,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5,913,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>

NOTE 5 - FAIR VALUE MEASUREMENTS   The carrying values of the Company’s non-financial instruments approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).   The assets measured at fair value on a recurring basis are as follows:   <table style="width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt; font-weight: bold;">As of December 31, 2011</td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt;">Assets:</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 1</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 2</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 3</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Total</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; width: 40%; font-size: 10pt;">Cash equivalents - money market</td> <td style="padding-bottom: 1pt; width: 3%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 10%; font-size: 10pt;">3,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 3%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 3%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 3%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 10%; font-size: 10pt;">3,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Other investments - warrants</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">136,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">136,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Investment in marketable securities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">  Basic materials</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,276,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,276,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">  Technology</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">571,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">571,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">  REITs and real estate companies</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">299,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">299,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">  Financial services</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">238,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">238,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">  Services</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">196,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">196,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">  Other</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">293,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">293,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">2,873,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">2,873,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">2,876,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">136,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">3,012,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   <table style="width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt; font-weight: bold;">As of June 30, 2011</td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt;">Assets:</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 1</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 2</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 3</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Total</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; width: 40%; font-size: 10pt;">Cash equivalents - money market</td> <td style="padding-bottom: 1pt; width: 3%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 10%; font-size: 10pt;">3,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 3%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 3%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 3%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 10%; font-size: 10pt;">3,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Other investments - warrants</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">306,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">306,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Investment in marketable securities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">  Basic materials</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,687,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,687,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">  Investment funds</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">924,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">924,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">  Services</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">815,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">815,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">  REITs and real estate companies</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">587,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">587,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">  Financial services</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">443,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">443,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">  Other</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">410,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">410,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">4,866,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">4,866,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">4,869,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">306,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5,175,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table> The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model. <table style="width: 80%; font: 10pt times new roman, times, serif; margin-left: 36px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-left: 5.4pt;">   Warrants - Transfer into Level 3 Reconciliation</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="3">Level 3</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt;">   Beginning balance as of  June 30, 2011 - Level 3</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">—  </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; width: 70%;">   Transfer in from Level 2 Other investments - warrants</td> <td style="width: 10%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 18%;">306,000</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt;">   Unrealized loss during the six months ended December 31, 2011</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(170,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt;">   Ending balance as of December 31, 2011 - Level 3</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">136,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, net (non-marketable securities),” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows: <table style="width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="3">Net loss for the six months</td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt; font-size: 10pt;">Assets</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 1</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 2</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 3</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">December 31, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="3">ended December 31, 2011</td> </tr> <tr style="background-color: white;"> <td style="padding-left: 5.4pt; width: 35%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Other non-marketable investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">5,292,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">5,292,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">(170,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> </table>   <table style="width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="3">Net gain for the six months</td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt; font-size: 10pt;">Assets</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 1</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 2</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Level 3</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">June 30, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="3">ended December 31, 2010</td> </tr> <tr style="background-color: white;"> <td style="padding-left: 5.4pt; width: 35%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 2%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;"> </td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Other non-marketable investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">5,607,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">5,607,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">3,640,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.

NOTE 6 - SEGMENT INFORMATION   The Company operates in two reportable segments, the operation of the hotel (“Hotel Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These two operating segments, as presented in the consolidated financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this same information.   Information below represents reporting segments for the three and six months ended December 31, 2011 and 2010, respectively. Operating income (loss) from Hotel operations consists of the operation of the hotel and operation of the garage. Operating income (loss) for investment transactions consist of net investment gain (loss) and dividend and interest income.   <table style="width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt; font-weight: bold;">As of and for the three months</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Hotel</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Investment</td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt; font-weight: bold;">ended December 31, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Operations</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Transactions</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Total</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; width: 40%; font-size: 10pt;">Revenues</td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">10,412,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">10,412,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Operating expenses</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(8,325,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(147,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(8,472,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Income (loss) from operations</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">2,087,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(147,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,940,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Interest expense</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(695,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(695,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Loss from investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(169,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(169,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Income tax expense</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(128,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(128,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt;">Net income (loss)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">1,392,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(169,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(275,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">948,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt;">Total assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,817,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">8,301,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">9,849,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">50,967,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   <table style="width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt; font-weight: bold;">As of and for the three months</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Hotel</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Investment</td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt; font-weight: bold;">ended December 31, 2010</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Operations</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Transactions</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Total</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; width: 40%; font-size: 10pt;">Revenues</td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">9,142,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">9,142,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Operating expenses</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(8,026,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(150,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(8,176,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Income (loss) from operations</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,116,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(150,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">966,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Interest expense</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(713,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(713,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Income from investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">5,197,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">5,197,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Income tax expense</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,063,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,063,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt;">Net income (loss)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">403,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5,197,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(2,213,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">3,387,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt;">Total assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,297,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">11,687,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">8,024,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">52,008,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   <table style="width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt; font-weight: bold;">As of and for the six months</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Hotel</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Investment</td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt; font-weight: bold;">ended December 31, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Operations</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Transactions</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Total</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; width: 40%; font-size: 10pt;">Revenues</td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">21,521,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">21,521,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Operating expenses</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(16,986,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(289,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(17,275,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Income (loss) from operations</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">4,535,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(289,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">4,246,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Interest expense</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,383,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,383,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Loss from investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,694,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,694,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Income tax benefit</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">175,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">175,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt;">Net income (loss)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">3,152,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(1,694,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(114,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">1,344,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt;">Total assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,817,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">8,301,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">9,849,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">50,967,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   <table style="width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt; font-weight: bold;">As of and for the six months</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Hotel</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="3">Investment</td> <td> </td> <td style="text-align: center;" colspan="3"> </td> <td> </td> <td style="text-align: center;" colspan="3"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; font-size: 10pt; font-weight: bold;">ended December 31, 2010</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Operations</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Transactions</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="3">Total</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; width: 40%; font-size: 10pt;">Revenues</td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">18,668,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">—  </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 3%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">18,668,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Operating expenses</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(16,581,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(276,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(16,857,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Income (loss) from operations</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">2,087,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(276,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,811,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Interest expense</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,416,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,416,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 5.4pt; font-size: 10pt;">Income from investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">5,067,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">5,067,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt;">Income tax expense</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—  </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,022,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,022,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt;">Net income (loss)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">671,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5,067,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(2,298,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">3,440,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt;">Total assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,297,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">11,687,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">8,024,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">52,008,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>

NOTE 7 - RELATED PARTY TRANSACTIONS   Certain shared costs and expenses, primarily administrative expenses, rent and insurance are allocated among the Company, the Company’s parent, Santa Fe and InterGroup, the parent of Santa Fe, based on management's estimate of the pro rata utilization of resources. For the three months ended December 31, 2011 and 2010, these expenses were approximately $18,000 for each respective period. For the six months ended December 31, 2011 and 2010, these expenses were approximately $36,000 for each respective period.   Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of Intergroup.   During the three months ended December 31, 2011 and 2010, the Company received management fees from Justice Investors totaling $98,000 and $93,000, respectively. During the six months ended December 31, 2011 and 2010, the Company received management fees from Justice Investors totaling $189,000 and $172,000, respectively. These amounts were eliminated in consolidation.   John V. Winfield serves as Chief Executive Officer and Chairman of the Company, Santa Fe, and InterGroup. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family, Santa Fe and InterGroup may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and his family members, and the resources of Santa Fe and InterGroup, at risk in connection with investment decisions made on behalf of the Company.

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Obligations For Securities Sold Obligations for securities sold Carrying value of obligations for securities sold as at the reporting date. Other Notes Payable Other notes payable Mortgage Notes Payable Mortgage notes payable Mortgage notes payable Carrying amount as of the balance sheet date of mortgage notes payable related to the property, plant and equipment. Liabilities Total liabilities Total liabilities Stockholders Equity, Including Portion Attributable To Noncontrolling Interest [Abstract] Shareholders' deficit: Common Stock, Value, Issued Common stock, no par value: Authorized shares - 750,000; 734,183 shares issued and outstanding Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Additional Paid In Capital, Common Stock Additional paid-in-capital Additional Paid in Capital, Common Stock, Beginning Balance Additional Paid in Capital, Common Stock, Ending Balance Retained Earnings (Accumulated Deficit) Retained earnings (accumulated deficit) Retained earnings (accumulated deficit) Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Stockholders Equity Attributable To Parent Total Portsmouth shareholders' equity Total Portsmouth shareholders' equity Stockholders' Equity Attributable to Parent, Beginning Balance Stockholders' Equity Attributable to Parent, Ending Balance Stockholders Equity Attributable To Noncontrolling Interest Noncontrolling interest Noncontrolling interest Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance Stockholders Equity, Including Portion Attributable To Noncontrolling Interest Total shareholders' deficit Total shareholders' deficit Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance Liabilities and Equity Total liabilities and shareholders' deficit Total liabilities and shareholders' deficit Balance Sheets Parenthetical [Abstract] Balance Sheets Parenthetical [Abstract] Balance Sheets Parenthetical. Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common stock , shares outstanding Common Stock, Shares, Outstanding, Beginning Balance Common Stock, Shares, Outstanding, Ending Balance Income Statement [Abstract] Income Statement [Abstract] Revenue From Hotels Revenue - Hotel Revenue - Hotel Costs and Expenses [Abstract] Costs and operating expenses Direct Costs Of Hotels Hotel operating expenses Hotel operations Hotel operating expenses Depreciation, Depletion and Amortization, Nonproduction Depreciation and amortization expense Depreciation and amortization Depreciation and amortization expense General and Administrative Expense General and administrative expense General and administrative General and administrative expense General and administrative expense Costs and Expenses Total costs and operating expenses Total costs and operating expenses Total costs and operating expenses Operating Income (Loss) Income from operations Income from operations Nonoperating Income (Expense) [Abstract] Other income (expense) Interest Expense, Debt Interest expense Interest Expense, Debt, Total Interest expense Marketable Securities, Gain (Loss) Net (loss) gain on marketable securities Net gain on marketable securities Net Unrealized Income On Other Investments Net unrealized (loss) gain on other investments The net change during the reporting period between the fair value and carrying value of other investments. Unrealized loss (gain) on other investments Impairment Loss On Other Investments Impairment loss on other investments Amount of impairment losses on other specified investments recognized in earnings during the reporting period. 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OTHER INVESTMENTS, NET

6 Months Ended

Dec. 31, 2011

Other Investments [Abstract]

Other Investments Disclosure [Text Block]

NOTE 4 – OTHER INVESTMENTS, NET

Other investments, net consist of the following:

Type	December 31, 2011		June 30, 2011
Preferred stock - Comstock, at cost	$	4,410,000	$	4,410,000
Private equity hedge fund, at cost		781,000		996,000
Corporate debt and equity instruments, at cost		101,000		201,000
Warrants - at fair value		136,000		306,000
	$	5,428,000	$	5,913,000

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INVESTMENT IN MARKETABLE SECURITIES

6 Months Ended

Dec. 31, 2011

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3 - INVESTMENT IN MARKETABLE SECURITIES

			Gross		Gross			Net		Fair
Investment	Cost		Unrealized Gain		Unrealized Loss			Unrealized Gain		Value

As of December 31, 2011
Corporate
Equities	$	2,708,000	$	956,000	$	(791,000	)	$	165,000	$	2,873,000

As of June 30, 2011

Corporate
Equities	$	3,336,000	$	2,084,000	$	(554,000	)	$	1,530,000	$	4,866,000

As of December 31, 2011 and June 30, 2011, the Company had $668,000 and $412,000, respectively, of unrealized losses related to securities held for over one year.

For the three months ended December 31,	2011			2010
Realized gain (loss) on marketable securities	$	39,000		$	(40,000	)
Unrealized (loss) gain on marketable securities		(196,000	)		1,435,000

Net (loss) gain on marketable securities	$	(157,000	)	$	1,395,000


For the six months ended December 31,		2011			2010
Realized loss on marketable securities	$	(177,000	)	$	(61,000	)
Unrealized (loss) gain on marketable securities		(1,194,000	)		1,394,000

Net (loss) gain on marketable securities	$	(1,371,000	)	$	1,333,000

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

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-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

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-Name Accounting Standards Codification

-Glossary Equity Security

-URI http://asc.fasb.org/extlink&oid=6511694

-Topic 320

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 3, 19, 20, 21, 22, 137

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2011	Jun. 30, 2011
ASSETS
Investment in hotel, net	$ 32,817,000	$ 32,089,000
Investment in real estate	973,000	973,000
Investment in marketable securities	2,873,000	4,866,000
Other investments, net	5,428,000	5,913,000
Cash and cash equivalents	1,198,000	610,000
Accounts receivable, net	1,607,000	1,683,000
Other assets, net	2,697,000	1,976,000
Deferred tax asset	3,374,000	3,199,000
Total assets	50,967,000	51,309,000
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts payable and other liabilities	7,982,000	7,961,000
Due to securities broker	1,094,000	1,835,000
Obligations for securities sold	75,000	153,000
Other notes payable	2,820,000	2,786,000
Mortgage notes payable	44,756,000	45,179,000
Total liabilities	56,727,000	57,914,000
Commitments and contingencies
Shareholders' deficit:
Common stock, no par value: Authorized shares - 750,000; 734,183 shares issued and outstanding	2,092,000	2,092,000
Additional paid-in-capital	916,000	916,000
Retained earnings (accumulated deficit)	(106,000)	29,000
Total Portsmouth shareholders' equity	2,902,000	3,037,000
Noncontrolling interest	(8,662,000)	(9,642,000)
Total shareholders' deficit	(5,760,000)	(6,605,000)
Total liabilities and shareholders' deficit	$ 50,967,000	$ 51,309,000

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Dec. 31, 2011

Basis Of Presentation and Significant Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The results of operations for the three and six months ended December 31, 2011 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2012.

The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued.

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INVESTMENT IN HOTEL, NET

6 Months Ended

Dec. 31, 2011

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 2 – INVESTMENT IN HOTEL, NET

Investment in hotel consisted of the following as of:

			Accumulated			Net Book
December 31, 2011	Cost		Depreciation			Value

Land	$	1,124,000	$	—		$	1,124,000
Furniture and equipment		20,253,000		(17,613,000	)		2,640,000
Building and improvements		48,049,000		(18,996,000	)		29,053,000
	$	69,426,000	$	(36,609,000	)	$	32,817,000

			Accumulated			Net Book
June 30, 2011	Cost		Depreciation			Value

Land	$	1,124,000	$	—		$	1,124,000
Furniture and equipment		19,583,000		(17,076,000	)		2,507,000
Building and improvements		46,982,000		(18,524,000	)		28,458,000
	$	67,689,000	$	(35,600,000	)	$	32,089,000

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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XML 20 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS [PARENTHETICAL]	Dec. 31, 2011	Jun. 30, 2011
Common stock, shares authorized	750,000	750,000
Common stock, shares issued	734,183	734,183
Common stock , shares outstanding	734,183	734,183

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

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DOCUMENT AND ENTITY INFORMATION	6 Months Ended
DOCUMENT AND ENTITY INFORMATION	Dec. 31, 2011	Feb. 06, 2012
Entity Registrant Name	PORTSMOUTH SQUARE INC
Entity Central Index Key	0000079661
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	prsi
Entity Common Stock, Shares Outstanding		734,183
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2012

XML 22 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011	Dec. 31, 2010
Revenue - Hotel	$ 10,412,000	$ 9,142,000	$ 21,521,000	$ 18,668,000
Costs and operating expenses
Hotel operating expenses	(7,796,000)	(6,816,000)	(15,941,000)	(14,133,000)
Depreciation and amortization expense	(529,000)	(1,210,000)	(1,045,000)	(2,448,000)
General and administrative expense	(147,000)	(150,000)	(289,000)	(276,000)
Total costs and operating expenses	(8,472,000)	(8,176,000)	(17,275,000)	(16,857,000)
Income from operations	1,940,000	966,000	4,246,000	1,811,000
Other income (expense)
Interest expense	(695,000)	(713,000)	(1,383,000)	(1,416,000)
Net (loss) gain on marketable securities	(157,000)	1,395,000	(1,371,000)	1,333,000
Net unrealized (loss) gain on other investments	(43,000)	3,823,000	(170,000)	3,837,000
Impairment loss on other investments	(91,000)	(113,000)	(235,000)	(197,000)
Dividend and interest income	169,000	160,000	193,000	212,000
Trading and margin interest expense	(47,000)	(68,000)	(111,000)	(118,000)
Other (expense) income, net	(864,000)	4,484,000	(3,077,000)	3,651,000
Income before income taxes	1,076,000	5,450,000	1,169,000	5,462,000
Income tax benefit (expense)	(128,000)	(2,063,000)	175,000	(2,022,000)
Net income	948,000	3,387,000	1,344,000	3,440,000
Less: Net income attributable to the noncontrolling interest	(645,000)	(154,000)	(1,479,000)	(247,000)
Net (loss) income attributable to Portsmouth	$ 303,000	$ 3,233,000	$ (135,000)	$ 3,193,000
Basic and diluted net (loss) income per share attributable to Portsmouth (in dollars per share)	$ 0.41	$ 4.40	$ (0.18)	$ 4.35
Weighted average number of common shares outstanding (in shares)	734,183	734,183	734,183	734,183

XML 23 R12.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS

6 Months Ended

Dec. 31, 2011

NOTE 7 - RELATED PARTY TRANSACTIONS

Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of Intergroup.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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XML 24 R11.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION

6 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 6 - SEGMENT INFORMATION

As of and for the three months	Hotel			Investment
ended December 31, 2011	Operations			Transactions			Other			Total

Revenues	$	10,412,000		$	—		$	—		$	10,412,000
Operating expenses		(8,325,000	)		—			(147,000	)		(8,472,000	)
Income (loss) from operations		2,087,000			—			(147,000	)		1,940,000
Interest expense		(695,000	)		—			—			(695,000	)
Loss from investments		—			(169,000	)		—			(169,000	)
Income tax expense		—			—			(128,000	)		(128,000	)
Net income (loss)	$	1,392,000		$	(169,000	)	$	(275,000	)	$	948,000
Total assets	$	32,817,000		$	8,301,000		$	9,849,000		$	50,967,000

As of and for the three months	Hotel			Investment
ended December 31, 2010	Operations			Transactions		Other			Total

Revenues	$	9,142,000		$	—	$	—		$	9,142,000
Operating expenses		(8,026,000	)		—		(150,000	)		(8,176,000	)
Income (loss) from operations		1,116,000			—		(150,000	)		966,000
Interest expense		(713,000	)		—		—			(713,000	)
Income from investments		—			5,197,000		—			5,197,000
Income tax expense		—			—		(2,063,000	)		(2,063,000	)
Net income (loss)	$	403,000		$	5,197,000	$	(2,213,000	)	$	3,387,000
Total assets	$	32,297,000		$	11,687,000	$	8,024,000		$	52,008,000

As of and for the six months	Hotel			Investment
ended December 31, 2011	Operations			Transactions			Other			Total

Revenues	$	21,521,000		$	—		$	—		$	21,521,000
Operating expenses		(16,986,000	)		—			(289,000	)		(17,275,000	)
Income (loss) from operations		4,535,000			—			(289,000	)		4,246,000
Interest expense		(1,383,000	)		—			—			(1,383,000	)
Loss from investments		—			(1,694,000	)		—			(1,694,000	)
Income tax benefit		—			—			175,000			175,000
Net income (loss)	$	3,152,000		$	(1,694,000	)	$	(114,000	)	$	1,344,000
Total assets	$	32,817,000		$	8,301,000		$	9,849,000		$	50,967,000

As of and for the six months	Hotel			Investment
ended December 31, 2010	Operations			Transactions		Other			Total

Revenues	$	18,668,000		$	—	$	—		$	18,668,000
Operating expenses		(16,581,000	)		—		(276,000	)		(16,857,000	)
Income (loss) from operations		2,087,000			—		(276,000	)		1,811,000
Interest expense		(1,416,000	)		—		—			(1,416,000	)
Income from investments		—			5,067,000		—			5,067,000
Income tax expense		—			—		(2,022,000	)		(2,022,000	)
Net income (loss)	$	671,000		$	5,067,000	$	(2,298,000	)	$	3,440,000
Total assets	$	32,297,000		$	11,687,000	$	8,024,000		$	52,008,000

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Cash flows from operating activities:

Net income $ 1,344,000 $ 3,440,000

Adjustments to reconcile net income to net cash provided by operating activities:

Net unrealized loss (gain) on marketable securities 1,194,000 (1,394,000)

Unrealized loss (gain) on other investments 170,000 (3,837,000)

Impairment loss on other investments 235,000 197,000

Depreciation and amortization 1,045,000 2,448,000

Changes in assets and liabilities:

Investment in marketable securities 799,000 (1,833,000)

Accounts receivable 76,000 233,000

Other assets (757,000) (722,000)

Accounts payable and other liabilities 22,000 (910,000)

Due to securities broker (741,000) 1,988,000

Obligations for securities sold (78,000) (79,000)

Deferred income taxes (175,000) 2,022,000

Net cash provided by operating activities 3,134,000 1,553,000

Cash flows from investing activities:

Payments for hotel furniture, equipment and building improvements (1,737,000) (1,008,000)

Other investments 80,000 16,000

Net cash used in investing activities (1,657,000) (992,000)

Cash flows from financing activities:

Distributions to noncontrolling interest (500,000) 0

Payments on mortgage notes payable (423,000) (400,000)

Net borrowings from (payments on) other notes payable 34,000 (95,000)

Net cash used in financing activities (889,000) (495,000)

Net increase in cash and cash equivalents 588,000 66,000

Cash and cash equivalents at the beginning of the period 610,000 522,000

Cash and cash equivalents at the end of the period 1,198,000 588,000

Supplemental information:

Interest paid $ 1,403,000 $ 1,447,000

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FAIR VALUE MEASUREMENTS
6 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]
NOTE 5 - FAIR VALUE MEASUREMENTS

The carrying values of the Company’s non-financial instruments approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).

The assets measured at fair value on a recurring basis are as follows:

As of December 31, 2011

Assets: Level 1 Level 2 Level 3 Total

Cash equivalents - money market $ 3,000 $ — $ — $ 3,000

Other investments - warrants — — 136,000 136,000

Investment in marketable securities:

 Basic materials 1,276,000 — — 1,276,000

 Technology 571,000 — — 571,000

 REITs and real estate companies 299,000 — — 299,000

 Financial services 238,000 — — 238,000

 Services 196,000 — — 196,000

 Other 293,000 — — 293,000

2,873,000 — — 2,873,000

$ 2,876,000 $ — $ 136,000 $ 3,012,000

As of June 30, 2011

Assets: Level 1 Level 2 Level 3 Total

Cash equivalents - money market $ 3,000 $ — $ — $ 3,000

Other investments - warrants — 306,000 — 306,000

Investment in marketable securities:

 Basic materials 1,687,000 — — 1,687,000

 Investment funds 924,000 — — 924,000

 Services 815,000 — — 815,000

 REITs and real estate companies 587,000 — — 587,000

 Financial services 443,000 — — 443,000

 Other 410,000 — — 410,000

4,866,000 — — 4,866,000

$ 4,869,000 $ 306,000 $ — $ 5,175,000

The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model.

 Warrants - Transfer into Level 3 Reconciliation Level 3

 Beginning balance as of June 30, 2011 - Level 3 $ —

 Transfer in from Level 2 Other investments - warrants 306,000

 Unrealized loss during the six months ended December 31, 2011 (170,000 )

 Ending balance as of December 31, 2011 - Level 3 $ 136,000

Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, net (non-marketable securities),” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:

Net loss for the six months

Assets Level 1 Level 2 Level 3 December 31, 2011 ended December 31, 2011

Other non-marketable investments $ — $ — $ 5,292,000 $ 5,292,000 $ (170,000 )

Net gain for the six months

Assets Level 1 Level 2 Level 3 June 30, 2011 ended December 31, 2010

Other non-marketable investments $ — $ — $ 5,607,000 $ 5,607,000 $ 3,640,000

Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2011	Dec. 31, 2010
Cash flows from operating activities:
Net income	$ 1,344,000	$ 3,440,000
Adjustments to reconcile net income to net cash provided by operating activities:
Net unrealized loss (gain) on marketable securities	1,194,000	(1,394,000)
Unrealized loss (gain) on other investments	170,000	(3,837,000)
Impairment loss on other investments	235,000	197,000
Depreciation and amortization	1,045,000	2,448,000
Changes in assets and liabilities:
Investment in marketable securities	799,000	(1,833,000)
Accounts receivable	76,000	233,000
Other assets	(757,000)	(722,000)
Accounts payable and other liabilities	22,000	(910,000)
Due to securities broker	(741,000)	1,988,000
Obligations for securities sold	(78,000)	(79,000)
Deferred income taxes	(175,000)	2,022,000
Net cash provided by operating activities	3,134,000	1,553,000
Cash flows from investing activities:
Payments for hotel furniture, equipment and building improvements	(1,737,000)	(1,008,000)
Other investments	80,000	16,000
Net cash used in investing activities	(1,657,000)	(992,000)
Cash flows from financing activities:
Distributions to noncontrolling interest	(500,000)	0
Payments on mortgage notes payable	(423,000)	(400,000)
Net borrowings from (payments on) other notes payable	34,000	(95,000)
Net cash used in financing activities	(889,000)	(495,000)
Net increase in cash and cash equivalents	588,000	66,000
Cash and cash equivalents at the beginning of the period	610,000	522,000
Cash and cash equivalents at the end of the period	1,198,000	588,000
Supplemental information:
Interest paid	$ 1,403,000	$ 1,447,000