INVESTMENT IN REAL ESTATE, NET

3 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

INVESTMENT IN REAL ESTATE, NET

NOTE 5 – INVESTMENT IN REAL ESTATE, NET

At September 30, 2022, the Company’s investment in real estate consisted of twenty properties located throughout the United States. These properties include sixteen apartment complexes, three single-family houses as strategic investments, and one commercial real estate property. The Company also owns unimproved land located in Maui, Hawaii.

Investment in real estate consisted of the following:

As of	September 30, 2022			June 30, 2022
Land	$	22,998,000		$	22,998,000
Buildings, improvements and equipment		71,731,000			70,933,000
Accumulated depreciation		(48,050,000	)		(47,374,000	)
		46,679,000			46,557,000
Land held for development		1,468,000			1,468,000
Investment in real estate, net	$	48,147,000		$	48,025,000

Building, improvements, and equipment are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 5 to 40 years. During the three months ended September 30, 2022 the Company invested $800,000 in capitalized improvements. Depreciation expense related to our investment in real estate for the three months ended September 30, 2022 and 2021 are $678,000 and $594,000, respectively.