INVESTMENT IN REAL ESTATE, NET

6 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

INVESTMENT IN REAL ESTATE, NET

NOTE 5 – 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 land located in Maui, Hawaii.

Investment in real estate consisted of the following:

As of	December 31, 2021			June 30, 2021
Land	$	22,998,000		$	22,998,000
Buildings, improvements and equipment		68,827,000			68,173,000
Accumulated depreciation		(46,120,000	)		(44,930,000	)
		45,705,000			46,241,000
Land held for development		1,468,000			1,468,000
Investment in real estate, net	$	47,173,000		$	47,709,000

Building, improvements, and equipment are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 5 to 40 years. Depreciation expense related to our investment in real estate for the six months ended December 31, 2021 and December 31, 2020 are $1,190,000 and $1,210,000, respectively.