PROPERTY HELD FOR SALE AND DISCONTINUED OPERATIONS

6 Months Ended

Dec. 31, 2011

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE 4 – PROPERTY HELD FOR SALE AND DISCONTINUED OPERATIONS

Property held for sale consisted of the following:

As of	December 31, 2011			June 30, 2011
Land	$	1,140,000		$	1,140,000
Buildings, improvements and equipment		1,819,000			1,819,000
Accumulated depreciation		(558,000	)		(533,000	)
Investment in real estate, net	$	2,401,000		$	2,426,000

As of December 31, 2011, the Company had listed for sale a 24-unit apartment complex located in Los Angeles, California. As of June 30, 2011, this property was reclassified on the Company’s condensed consolidated balance sheet as held for sale for comparative purposes.

In January 2012, this property was sold for $4,370,000. The Company realized a gain on the sale of real estate of approximately $1,700,000, which will be reported in the quarter ending March 31, 2012. The Company paid off the related mortgage note payable balance of $1,504,000 and received net proceeds of $2,564,000 after selling related costs.

The revenues and expenses from the operation of the held for sale property for respective periods are summarized as follows:

For the three months ended December 31,	2011			2010
Revenues	$	92,000		$	94,000
Expenses		(63,000	)		(77,000	)
Income from discontinued operations	$	29,000		$	17,000

For the six months ended December 31,	2011			2010
Revenues	$	180,000		$	184,000
Expenses		(133,000	)		(157,000	)
Income from discontinued operations	$	47,000		$	27,000