PROPERTY HELD FOR SALE AND DISCONTINUED OPERATIONS

12 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

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

NOTE 5 – PROPERTY HELD FOR SALE AND DISCONTINUED OPERATIONS

As of June 30, 2013, the Company did not have any properties that were classified as held for sale.

In January 2012, the Company sold its 24-unit apartment complex located in Los Angeles, California for $4,370,000. The Company realized a gain on the sale of real estate of $1,710,000 and received net proceeds of $4,111,000 from the sale after selling costs. The Company paid off the related mortgage note payable balance of $1,504,000.

The gain on the sale of real estate and the revenues and expenses from the operation of the property that was sold in fiscal year 2012 is reported as income from discontinued operations in the consolidated statements of operations for the respective period. The revenues and expenses are summarized as follows:

For the years ended June 30,	2012
Revenues	$	208,000
Expenses		(149,000)
Income from discontinued operations	$	59,000