Investment in Real Estate, Net

9 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Investment in Real Estate, Net

NOTE 4 – INVESTMENT IN REAL ESTATE, NET

The Company’s investment in real estate includes sixteen apartment complexes, one commercial real estate property and three single-family houses. The properties are located throughout the United States, but are concentrated in Dallas, Texas and Southern California. The Company also has an investment in unimproved real property. Investment in real estate consisted of the following:

As of	March 31, 2020			June 30, 2019
Land	$	23,566,000		$	23,566,000
Buildings, improvements and equipment		69,216,000			68,369,000
Accumulated depreciation		(43,489,000	)		(41,629,000	)
		49,293,000			50,306,000
Land held for development		1,468,000			1,467,000
Investment in real estate, net	$	50,761,000		$	51,773,000