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<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 1 - BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES:</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Description of the Business</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The InterGroup Corporation, a Delaware corporation, (“InterGroup” or the “Company”) was formed to buy, develop, operate and dispose of real property and to engage in various investment activities to benefit the Company and its shareholders.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">As of June 30, 2012, the Company had the power to vote 83.9% of the voting shares of Santa Fe Financial Corporation (“Santa Fe”), a public company (OTCBB: SFEF). This percentage includes the power to vote an approximately 4% interest in the common stock in Santa Fe owned by the Company’s Chairman and President pursuant to a voting trust agreement entered into on June 30, 1998.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Santa Fe’s revenue is primarily generated through the management of its 68.8% owned subsidiary, Portsmouth Square, Inc. (“Portsmouth”), a public company (OTCBB: PRSI). InterGroup also directly owns approximately 12.5% of the common stock of Portsmouth. Portsmouth has a 50.0% limited partnership interest in Justice Investors (“Justice”, “the Partnership” or “the Hotel”) and serves as one of the two general partners. The other general partner, Evon Corporation (“Evon”), served as the managing general partner until December 1, 2008 at which time Portsmouth assumed the role of managing general partner. As discussed in Note 2, the financial statements of Justice are consolidated with those of the Company.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Justice owns a 543-room hotel property located at 750 Kearny Street, San Francisco California, known as the <i>Hilton San Francisco Financial District </i>(the Hotel) and related facilities including a five level underground parking garage. The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. Justice also has a Management Agreement with Prism Hospitality L.P. (Prism) to perform the day-to-day management functions of the Hotel.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Justice leased the parking garage to Evon through September 30, 2008. Effective October 1, 2008, Justice and Evon entered into an Installment Sale Agreement whereby Justice purchased all of Evon’s right, title, and interest in the remaining term of its lease of the parking garage, which was to expire on November 30, 2010, and other related assets. Justice also agreed to assume Evon’s contract with Ace Parking Management, Inc. (“Ace Parking”) for the management of the garage and any other liabilities related to the operation of the garage commencing October 1, 2008. The management agreement with Ace Parking was extended for another 62 months, effective November 1, 2010. The Partnership also leases a day spa on the lobby level to Tru Spa. Portsmouth also receives management fees as a general partner of Justice for its services in overseeing and managing the Partnership’s assets. Those fees are eliminated in consolidation.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Due to the temporary closing of the Hotel to undergo major renovations from May 2005 until January 2006 to transition and reposition the Hotel from a Holiday Inn to a Hilton, and the substantial depreciation and amortization expenses resulting from the renovations and operating losses incurred as the Hotel ramped up operations after reopening, Justice has recorded net losses. These losses were anticipated and planned for as part of the Partnership’s renovation and repositioning plan for Hotel and management considers those net losses to be temporary. The Hotel has been generating positive cash flows from operations since June 2006. For the fiscal years ended June 30, 2012 and 2011, the Partnership reversed that trend as net income was $3,913,000 and $512,000, respectively. Hotel operations improved significantly during the last two fiscal years and depreciation and amortization expenses decreased as many of the furniture and fixture improvements from the renovation of the Hotel reached full deprecation during the fiscal 2011. Management believes that the revenues expected to be generated from the Hotel, garage and the Partnership’s leases will be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. Management also believes that there is significant equity in the Hotel to support additional borrowings, if necessary.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In addition to the operations of the Hotel, the Company also generates income from the ownership of real estate. Properties include apartment complexes, commercial real estate, and two single-family houses as strategic investments. The properties are located throughout the United States, but are concentrated in Texas and Southern California. The Company also has investments in unimproved real property. The Company’s residential rental properties located in California are managed by a professional third party property management company.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Principles of Consolidation </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The consolidated financial statements include the accounts of the Company and all controlled subsidiaries. All significant inter-company transactions and balances have been eliminated.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><b>Investment in
Hotel, Net</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Hotel property and equipment are stated at cost less accumulated depreciation. Building improvements are being depreciated on a straight-line basis over their useful lives ranging from 3 to 39 years. Furniture, fixtures, and equipment are being depreciated on a straight-line basis over their useful lives ranging from 3 to 7 years.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Repairs and maintenance are charged to expense as incurred. Costs of significant renewals and improvements are capitalized and depreciated over the shorter of its remaining estimated useful life or life of the asset. The cost of assets sold or retired and the related accumulated depreciation are removed from the accounts; any resulting gain or loss is included in other income (expenses).</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of the asset, including any intangible assets associated with that asset, exceeds its estimated undiscounted net cash flow, before interest, the Partnership will recognize an impairment loss equal to the difference between its carrying amount and its estimated fair value. If impairment is recognized, the reduced carrying amount of the asset will be accounted for as its new cost. For a depreciable asset, the new cost will be depreciated over the asset’s remaining useful life. Generally, fair values are estimated using discounted cash flow, replacement cost or market comparison analyses. The process of evaluating for impairment requires estimates as to future events and conditions, which are subject to varying market and economic factors. Therefore, it is reasonably possible that a change in estimate resulting from judgments as to future events could occur which would affect the recorded amounts of the property. No impairment losses were recorded for the years ended June 30, 2012 and 2011.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Investment in Real Estate, Net</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Rental properties are stated at cost less accumulated depreciation. Depreciation of rental property is provided on the straight-line method based upon estimated useful lives of 5 to 40 years for buildings and improvements and 5 to 10 years for equipment. Expenditures for repairs and maintenance are charged to expense as incurred and major improvements are capitalized.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company also reviews its rental property assets for impairment. No impairment losses on the investment in real estate have been recorded for the years ended June 30, 2012 and 2011.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The fair value of the tangible assets of an acquired property, which includes land, building and improvements, is determined by valuing the property as if they were vacant, and incorporates costs during the lease-up periods considering current market conditions and costs to execute similar leases such lost rental revenue and tenant improvements. The value of tangible assets are depreciated using straight-line method based upon the assets estimated useful lives.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The value of above or below market lease is based on the present value, using an interest rate which reflects the risks associated with the lease acquired, of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management’s estimate of fair market lease rate for the corresponding in-place lease, measured over a period that the leases are expected to remain in effect. In connection with the Company’s acquisition of a real property during the year ended June 30, 2011, the Company recorded below-market lease liability of approximately $427,000 and amortizes such amount as an increase to rental income over period that the leases are expected to remain in effect, which range from 1 year to 15 years.<b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b></b> </p>
<div style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Investment in Marketable Securities </b></div>
<div style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </div>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Marketable securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date. Marketable securities are classified as trading securities with all unrealized gains and losses on the Company's investment portfolio recorded through the consolidated statements of operations.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Other Investments, Net</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Other investments include non-marketable securities (carried at cost, net of any impairments loss), non –marketable warrants (carried at fair value) and certain preferred securities, received in exchange for debt instruments, carried at a book basis, initially determined using the estimated fair value on the exchange date. The Company has no significant influence or control over the entities that issue these investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company<font style="color: black;"> reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time
sufficient to allow for any anticipated recovery in fair value.</font> For the years ended June 30, 2012 and 2011, the Company recorded impairment losses related to other investments of $917,000 and $976,000, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;"><b>Derivative Financial Instruments</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;">The Company has investments in stock warrants and has entered into an interest rate swap, both of which are considered derivative instruments.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Derivative financial instruments consist of financial instruments or other contracts that contain a notional amount and one or more underlying (e.g. interest rate, security price or other variable), require no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. Further, derivative financial instruments are initially, and subsequently, measured at fair value on the Company’s consolidated balance sheets.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">For the investment in stock warrants, the Company used the Black-Scholes option valuation model to estimate the fair value these instruments which requires management to make significant assumptions including trading volatility, estimated terms, and risk free rates. Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based models are highly volatile and sensitive to changes in the trading market price of the underlying common stock, which has a high-historical volatility. Since derivative financial instruments are initially and subsequently carried at fair values, the Company’s consolidated statement of operations will reflect the volatility in these estimate and assumption changes.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company measures the interest rate swap agreement at fair value at the end of each reporting period. The Company opted not designate the interest rate swap agreement as a cash flow hedge; hence, the change in fair value of the interest rate swap agreement is reported as unrealized gain or loss in the consolidated statement of operations.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Cash and Cash Equivalents</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Cash equivalents consist of highly liquid investments with an original maturity of three months or less when purchased and are carried at cost, which approximates fair value.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b></b> </p>
<div style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Restricted Cash</b></div>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Restricted cash is comprised of amounts held by lenders for payment of real estate taxes, insurance, replacement reserves for the operating properties and tenant security deposits that are invested in certificates of deposit.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><b>Other Assets, Net</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Other assets include accounts receivable, prepaid insurance, loan fees, franchise fees, license fees, inventory and other miscellaneous assets. Loan fees are stated at cost and amortized over the term of the loan using the effective interest method. Franchise fees are stated at cost and amortized over the life of the agreement (15 years). License fees are stated at cost and amortized over 10 years.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Accounts receivable from the Hotel and rental property customers are carried at cost less an allowance for doubtful accounts that is based on management’s assessment of the collectability of accounts receivable. The Company extends unsecured credit to its customers but mitigates the associated credit risk by performing ongoing credit evaluations of its customers.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Due to Securities Broker</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company may utilize margin for its marketable securities purchases through the use of standard margin agreements with national brokerage firms. Various securities brokers have advanced funds to the Company for the purchase of marketable securities under standard margin agreements. These advanced funds are recorded as a liability.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Obligation for Securities Sold</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Obligation for securities sold represents the fair market value of shares sold with the promise to deliver that security at some future date and the fair market value of shares underlying the written call options with the obligation to deliver that security when and if the option is exercised. The obligation may be satisfied with current holdings of the same security or by subsequent purchases of that security. Unrealized gains and losses from changes in the obligation are included in the statement of
operations.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Accounts Payable and Other Liabilities</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Accounts payable and other liabilities include trade payables, advance deposits and other liabilities.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Treasury Stock</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company records the acquisition of treasury stock under the cost method.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Fair Value of Financial Instruments</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. Accounting standards for fair value measurement establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><i></i> </p>
<div style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><i>Level 1</i>–inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</div>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><i>Level 2</i>–inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><i>Level 3</i>–inputs to the valuation methodology are unobservable and significant to the fair value.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Revenue Recognition</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Room revenue is recognized on the date upon which a guest occupies a room and/or utilizes the Hotel’s services. Food and beverage revenues are recognized upon delivery. Garage revenue is recognized when a guest uses the garage space.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Rental revenue is recognized on the straight-line method of accounting whereby contractual rent payment increases are recognized evenly over the lease term, regardless of when the rent payments are received by Justice. The leases contain provisions for base rent plus a percentage of the lessees’ revenues, which are recognized when earned.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Revenue recognition from apartment rentals commences when an apartment unit is placed in service and occupied by a rent-paying tenant. Apartment units are leased on a short-term basis, with no lease extending beyond one year.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Advertising Costs</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Advertising costs are expensed as incurred. Advertising costs were $445,000 and $337,000 for the years ended June 30, 2012 and 2011, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Income Taxes</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Deferred income taxes are calculated under the liability method. Deferred income tax assets and liabilities are based on differences between the financial statement and tax basis of assets and liabilities at the current enacted tax rates. Changes in deferred income tax assets and liabilities are included as a component of income tax expense. Changes in deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense in the period of enactment. Valuation allowances are established for certain deferred tax assets where realization is not likely.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold based on the technical merits of the positions.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Environmental Remediation Costs</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; color: blue;"> </p>
<p style="font: 10pt times new roman, times,
serif; margin: 0pt 0;">Liabilities for environmental remediation costs are recorded and charged to expense when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Recoveries of such costs are recognized when received. As of June 30, 2012 and 2011, there were no liabilities for environmental remediation.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Earnings (Loss) Per Share</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding. The computation of diluted income (loss) per share is similar to the computation of basic earnings per share except that the weighted-average number of common shares is increased to include the number of additional common shares that would have been outstanding if potential dilutive common shares had been issued. The Company's only potentially dilutive common shares are stock options and restricted stock units (RSUs). As of June 30, 2012, the Company had 47,255 stock options and RSUs that were considered potentially dilutive common shares. As of June 30, 2011, the Company had 95,646 stock options and RSUs that were considered potentially dilutive common shares. The basic and diluted earnings per share were the same for the year ended June 30, 2012 because of the Company’s net loss from continuing operations.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b></b> </p>
<div style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Use of Estimates</b></div>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Reclassifications </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-indent: 0.5in;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Certain prior year balances have been reclassified to conform with the current year presentation.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Recent Accounting Pronouncements</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2011-04 (ASU 2011-04), “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (<font style="color: black;">International Financial Reporting Standard<font style="font-family: times new roman, times, serif;">)</font></font>.” ASU 2011-04 attempts to improve the comparability of fair value measurements disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. Amendments in ASU 2011-04 clarify the intent of the application of existing fair value measurement and disclosure requirements, as well as change certain measurement requirements and disclosures. ASU 2011-04 is effective for the Company beginning January 1, 2012 and has been applied on a prospective basis.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” ASU 2011-05 changes the way other comprehensive income (“OCI”) appears within the financial statements. Companies will be required to show net income, OCI and total comprehensive income in one continuous statement or in two separate but consecutive statements. Components of OCI may no longer be presented solely in the statement of changes in shareholders’ deficit. ASU 2011-05 will be effective for the Company beginning July 1, 2012. For the years ended June 30, 2012 and 2011, the Company had no components of Comprehensive Income other than Net Income (loss) itself.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In September 2011, the FASB issued ASU No. 2011-09, Compensation - Retirement Benefits - Multiemployer Plans (Subtopic 715-80) — Disclosures about an Employer's Participation in a Multiemployer Plan, which requires employers that participate in multiemployer pension plans to provide additional quantitative and qualitative disclosures in order to provide more information about an employer's involvement in multiemployer pension plans. Although the majority of the amendments in this ASU apply only to multiemployer pension plans, there are also amendments that require changes in disclosures for multiemployer plans that provide postretirement benefits other than pensions. The Company adopted this ASU on June 30, 2012. This ASU impacted the Company's disclosures only and did not have any impact on the Company's financial position, results of operations, or cash flows.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The disclosures required by this ASU are presented in Note 18 to the consolidated financial statements.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 2 - JUSTICE INVESTORS</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">On July 14, 2005, the FASB issued Staff Position (FSP) SOP 78-9-1, “Interaction of AICPA Statement of Position 78-9 and EITF Issue No. 04-5” which was codified into ASC Topic 910-810, “Real Estate – General – Consolidation”, to amend the guidance in AICPA Statement of Position 78-9, “Accounting for Investments in Real Estate Ventures” (SOP 78-9) to be consistent with the consensus in Emerging Issues Task Force Issue No. 04-5 “Determining Whether a General Partner, or General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights” which was codified into ASC 810-20, “Consolidation”, eliminated the concept of “important rights”(ASC Topic 970-810) and replaces it with the concepts of “kick out rights” and “substantive participating rights”. In accordance with guidance set forth in ASC Topic 970-20, Portsmouth has applied the principles of accounting applicable for investments in subsidiaries due to its substantial limited partnership interest and general partnership rights and has consolidated the financial statements of Justice with those of the Company effective as of July 1, 2006. For the years ended June 30, 2012 and 2011, the results of operations for Justice were consolidated with those of the Company.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">On December 1, 2008, Portsmouth and Evon, as the two general partners of Justice, entered into a 2008 Amendment to the Limited Partnership Agreement (the “Amendment”) that provides for a change in the respective roles of the general partners. Pursuant to the Amendment, Portsmouth assumed the role of Managing General Partner and Evon continued on as the Co-General Partner of Justice. The Amendment was ratified by approximately 98% of the limited partnership interests. The Amendment also provides that future amendments to the Limited Partnership Agreement may be made only upon the consent of the general partners and at least seventy five percent (75%) of the interests of the limited partners. Consent of at least 75% of the interests of the limited partners will also be required to remove a general partner pursuant to the Amendment.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Effective November 30, 2010, the general and limited partners of Justice Investors entered into an Amended and Restated Agreement of Limited Partnership, which was approved and ratified by more than 98% of the limited partnership interests of Justice. The Partnership Agreement was amended and restated in its entirety to comply with the new provisions of the California Corporations Code known as the “Uniform Limited Partnership Act of 2008”. The amendment did not result in any material modifications of the rights or obligations of the general and limited partners.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Concurrent with the Amendment to the Limited Partnership Agreement, a new General Partner Compensation Agreement (the “Compensation Agreement”) was entered into on December 1, 2008, among Justice, Portsmouth and Evon to terminate and supersede all prior compensation agreement for the general partners. Pursuant to the Compensation Agreement, the general partners of Justice will be entitled to receive an amount equal to 1.5% of the gross annual revenues of the Partnership (as defined), less $75,000 to be used as a contribution toward the cost of Justice engaging an asset manager. In no event shall the annual compensation be less than a minimum base of approximately $285,000, with eighty percent (80%) of that amount being allocated to Portsmouth for its services as managing general partner and twenty percent (20%) allocated to Evon as the co-general partner. Compensation earned by the general partners in each calendar year in excess of the minimum base, will be payable in equal fifty percent (50%) shares to Portsmouth and Evon.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 3 – INVESTMENT IN HOTEL, NET</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Investment in hotel consisted of the following as of:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2">Accumulated</td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2">Net Book</td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">June 30, 2012</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Cost</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Depreciation</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Value</td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 61%;">Land</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">2,738,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">2,738,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Furniture and equipment</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">20,856,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(18,185,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,671,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Building and improvements</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">56,909,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(21,640,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">35,269,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">80,503,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(39,825,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">40,678,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2">Accumulated</td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2">Net Book</td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">June 30, 2011</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Cost</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Depreciation</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Value</td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 61%;">Land</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">2,738,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td
style="width: 10%; text-align: right;">2,738,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Furniture and equipment</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">19,584,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(17,075,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,509,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Building and improvements</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">55,363,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(20,467,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">34,896,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">77,685,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(37,542,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">40,143,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;">Depreciation expense for the years ended June 30, 2012 and 2011 were $2,299,000 and $3,605,000 respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Partnership leases certain equipment under agreements that are classified as capital leases. The cost of equipment under capital leases was $2,131,000 at June 30, 2012 and 2011, respectively. The accumulated depreciation on capital leases was $1,668,000 and $1,405,000 as of June 30, 2012 and 2011, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 4 - INVESTMENT IN REAL ESTATE, NET</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">At June 30, 2012, the Company's investment in real estate consisted of twenty-three properties located throughout the United States. These properties include eighteen apartment complexes, two single-family houses as strategic investments, and two commercial real estate properties. The Company also owns two unimproved real estate properties located in Austin, Texas and Maui, Hawaii.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Investment in real estate included the following:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">As of June 30,</td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%;">Land</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">25,781,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">25,781,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Buildings, improvements and equipment</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">71,119,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">70,826,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Accumulated depreciation</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(31,849,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(29,763,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">65,051,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">66,844,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Depreciation expense from continuing operations for the years ended June 30, 2012 and 2011, was $2,086,000 and $2,638,000, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Three of the Company’s properties located in Texas sustained damages due to hailstorm and fire during fiscal 2010.  The Company’s properties are covered by insurance. The Company estimated and reduced the carrying value of the properties damaged by approximately $651,000 during the year ended June 30, 2010. As of June 30, 2010, the Company received $147,000 from the insurance company for one of the properties.  The Company also recorded an insurance receivable totaling $682,000 (which is included in the “Other Assets, net”) for insurance claim made for the other two properties because the realizability of such amount was probable as of June 30, 2010.   The proceeds and receivable from insurance totaling $829,000 exceeded the amount of property damage by $178,000. The excess amount was recorded as net gain from insurance recovery and was included in the “Real estate operating expenses” in the consolidated statements of operations during the year ended June 30, 2010.  During the year ended June 30, 2011, the Company received additional proceeds of $322,000 related to the storm damage suffered during the fiscal year 2010. This amount was recorded as part of real estate revenue in fiscal 2011. </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 5 – PROPERTY HELD FOR SALE AND DISCONTINUED OPERATIONS</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">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.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In January 2011, the Company sold its 132-unit apartment complex located in San Antonio, Texas for $5,500,000 and recognized a gain on the sale of real estate of $3,290,000. The Company received net proceeds of $2,030,000 after selling costs and the pay-off of the related outstanding mortgage note payable of $3,215,000. The proceeds were placed with a third party accommodator (included as part of other assets) for the purpose of executing a Section 1031 tax-deferred exchange for another property. In April 2011, the Company purchased a 9-unit beachside apartment complex located in Marina Del Rey, California for $4,000,000 to effectuate that exchange. As part of the purchase, the Company obtained a 10-year mortgage note payable in the amount of $1,487,000. The interest rate on the loan is fixed at 5.60% per annum, with monthly principal and interest payments based on a 30-year amortization schedule. The note matures in May 2021. As part of the purchase, the Company recorded an asset of $427,000 related to having in-place apartment leases and a $427,000 liability related to having in-place leases that were below market leases in a rent control environment. The asset will be amortized over 27.5 years and the liability over 15 years.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In June 2011, the Company re-evaluated one of its property’s that was previously classified as held for sale and concluded that the property no longer met the criteria for being classified as held for sale. As the result, the property was reclassified to operations and a depreciation catch-up of $726,000 was recorded in the consolidated statement of operations.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">As of June 30, 2012, the Company did not have any property that was classified as held for sale.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The gain on the sale of real estate and the revenues and expenses from the operation of the properties that were sold are reported as income from discontinued operations in the consolidated statements of operations for the respective periods. The revenues and expenses are summarized as follows:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 60%; border-collapse: collapse; font: 10pt times new roman,times,serif; margin-left: 1.5in;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">For the years ended June 30,</td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 54%;">Revenues</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 20%; text-align: right;">208,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 20%; text-align: right;">900,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;">Expenses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(149,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(595,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;">Income from discontinued operations</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">59,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">305,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 6 - INVESTMENT IN MARKETABLE SECURITIES</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><font style="background-color: white;">The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also invested in corporate bonds and income producing securities, which may include interests in real estate based companies and REITs, where financial benefit could insure to its shareholders through income and/or capital gain. </font></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><font style="background-color: white;"> </font></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><font style="background-color: white;">At June 30, 2012 and 2011, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows:</font></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><font style="background-color: white;"> </font></p>
<table align="center" style="width: 94%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Gross</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Gross</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Net</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Fair</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: 1pt solid black;" nowrap="nowrap">Investment</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Cost</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Unrealized Gain</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Unrealized Loss</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Unrealized Gain</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Value</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td><b>As of June 30, 2012</b> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 35%;">Equities</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">7,181,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">3,797,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">(1,997,000</td>
<td style="width: 1%; text-align: left;">)</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">1,800,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">8,981,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td
style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td><b>As of June 30, 2011</b> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Equities</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">15,288,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">6,147,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">(1,997,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">4,150,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">19,438,000</td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><font style="background-color: white;"> </font></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">As of June 30, 2012 and 2011, the Company had $1,507,000 and $969,000, respectively, of unrealized losses related to securities held for over one year.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><font style="background-color: white;"> </font></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Net gain (loss) on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of the two components for the years ended June 30, 2012 and 2011, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 90%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">For the year ended June 30,</td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%; text-align: left;">Realized (loss) gain on marketable securities</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">(2,628,000</td>
<td style="width: 1%; text-align: left;">)</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">47,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Unrealized (loss) gain on marketable securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,816,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,628,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Net (loss) gain on marketable securities</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(4,444,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">2,675,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 7 – OTHER INVESTMENTS, NET</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company may also invest, with the approval of the Securities Investment Committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Other investments, net consist of the following:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;">Type</td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">June 30, 2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">June 30, 2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%; text-align: left;">Preferred stock - Comstock, at cost</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">13,231,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">13,231,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Private equity hedge fund, at cost</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,879,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,736,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Corporate debt and equity instruments, at cost</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">269,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">569,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Warrants - at fair value</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">282,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">749,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">15,661,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">17,285,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">On October 20, 2010, as part of a debt restructuring of one of its investments, the Company exchanged approximately $13,231,000 in notes, convertible notes and debt instruments that it held in Comstock Mining, Inc. (“Comstock” – now NYSE MKT: LODE) for 13,231 shares ($1,000 stated value) of newly created 7 1/2% Series A-1 Convertible Preferred Stock (the “A-1 Preferred”) of Comstock. Prior to the exchange, those notes and convertible debt instruments had a carrying value of $1,809,000, net of impairment adjustments. The Company accounted for the transaction as an exchange of its debt securities and recorded the new instruments (A-1 Preferred) received based on their fair value. The Company estimated the fair value of the A-1 Preferred at $1,000 per share, which was the stated value of the instrument, for a total of $13,231,000. The fair value of the A-1 Preferred had a similar value to the Series B preferred stock financing (stated value of $1,000 per share) by which Comstock concurrently raised $35.7 million in new capital from other investors in October 2010. The Company recorded an unrealized gain of $11,422,000 related to the preferred stock received in exchange for debt as part of the debt restructuring. This unrealized gain is included in the net unrealized gain on other investments in the Company’s consolidated statements of operations for the year ended June 30, 2011.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company’s Chairman and President also exchanged approximately $7,681,000 in notes and convertible notes held personally by him for 7,681 shares of A-1 Preferred. Together, the Company and Mr. Winfield will constitute all of the holders of the A-1 Preferred.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Each share of A-1 Preferred has a stated value of $1,000 per share and a liquidation and change of control preference equal to the stated value plus accrued and unpaid dividends. Commencing January 1, 2011, the holders are entitled to semi-annual dividends at a rate of 7.5% per annum, payable in cash, common stock, preferred stock or any combination of the foregoing, at the
election of Comstock. At the holder’s election, each share of A-1 Preferred is convertible at a fixed conversion rate (subject to anti-dilution) into 1,536 shares of common stock of Comstock, therefore converting into common stock at a conversion price of $0.6510. Each share of A-1 Preferred will entitle the holder to vote with the holders of common stock as a single class on all matters submitted to the vote of the common stock (on an as converted basis) and, for purposes of voting only, each share of A-1 Preferred shall be entitled to five times the number of votes per common share to which it would otherwise be entitled. Each share of A-1 Preferred shall entitle its holder to one (1) vote in any matter submitted to vote of holders of Preferred Stock, voting as a separate class. The A-1 Preferred, in conjunction with the other series of newly created Preferred Stock of Comstock, also has certain rights requiring consent of the Preferred Stock holders for Comstock to take certain corporate and business actions. The holders will have registration rights with respect to the shares of common stock underlying the A-1 Preferred and also preemptive rights. The foregoing description of the A-1 Preferred and the specific terms of the A-1 Preferred is qualified in its entirety by reference to the provisions of the Series A Securities Purchase Agreement, the Certificate of Designation of Preferences and Rights and Limitations of 7 1/2% Series A-1 Convertible Preferred Stock and the Registration Rights Agreement for the Series A Preferred Stock, which were filed as exhibits to the Company’s Current Report on Form 8-K, dated October 20, 2010.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">As of June 30, 2012 and 2011, the Company had investments in corporate debt and equity instruments which had attached warrants that were considered derivative instruments. These warrants have an allocated cost basis of $400,000 as of June 30, 2012 and 2011 and a fair value of $282,000 and $749,000 as of June 30, 2012 and 2011, respectively. During the year ended June 30, 2012 and 2011, the Company had an unrealized loss of $467,000 and an unrealized gain of $143,000, respectively, related to these warrants.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 8 - FAIR VALUE MEASUREMENTS </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The carrying values of the Company’s non-financial instruments approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The assets measured at fair value on a recurring basis are as follows:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; border-bottom: 1pt solid black;">As of June 30, 2012</td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 1</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 2</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 3</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Assets:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 48%; text-align: left; padding-bottom: 1pt;">Cash equivalents - money market</td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">3,000</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">3,000</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Restricted cash</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,977,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,977,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Other investments - warrants</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;"> </td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">282,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td
style="border-bottom: 1pt solid black; text-align: right;">282,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Investment in marketable securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Basic materials</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,706,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,706,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-left: 9pt;">Technology</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,203,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,203,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">REITs and real estate companies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">866,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">866,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Financial services</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">743,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">743,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt; padding-left: 9pt;">Other</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,463,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,463,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">8,981,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">8,981,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">10,961,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">282,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td
style="border-bottom: 2.5pt double black; text-align: right;">11,243,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Liabilities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Interest rate swap</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">60,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">60,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="margin: 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; border-bottom: 1pt solid black;">As of June 30, 2011</td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 1</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 2</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 3</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Assets:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 48%; text-align: left; padding-bottom: 1pt;">Cash equivalents - money market</td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">3,000</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">3,000</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Restricted cash</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,148,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td
style="border-bottom: 1pt solid black; text-align: right;">2,148,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Other investments - warrants</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;"> </td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">749,000.00</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">749,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Investment in marketable securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Basic materials</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,978,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,978,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-left: 9pt;">Services</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,740,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,740,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Investment funds</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,358,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,358,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Financial services</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,012,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,012,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">REITs and real estate companies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,851,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,851,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 1pt; padding-left: 9pt;">Other</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,499,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,499,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black;
text-align: right;">19,438,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">19,438,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">21,589,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">749,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">22,338,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>Liabilities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Interest rate swap</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">91,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">91,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 70%; border-collapse: collapse; font: 10pt times new roman,times,serif; margin-left: 0.75in;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap">Warrants - Transfer into Level 3 Reconciliation</td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 3</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Beginning balance as of  June 30, 2011 - Level 3</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 77%; text-align: left;">Transfer in from Level 2 Other investments - warrants</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 20%; text-align: right;">749,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Unrealized loss for they year ended June 30, 2012</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(467,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;">Ending balance as of June 30, 2012 - Level 3</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">282,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a <font style="color: black;">Black-Scholes option valuation model.</font></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments in non-marketable securities,” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to
record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:</p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Net loss for the year</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: 1pt solid black;" nowrap="nowrap">Assets</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 1</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 2</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 3</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">June 30, 2011</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">ended June 30, 2012</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 35%;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Other non-marketable investments</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">15,379,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">15,379,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">(917,000</td>
<td style="text-align: left;">)</td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Net gain for the year</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: 1pt solid black;" nowrap="nowrap">Assets</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 1</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 2</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 3</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">June 30, 2011</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">ended June 30, 2011</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 35%;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width:
1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Other non-marketable investments</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">16,536,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">16,536,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">10,446,000</td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 9 – OTHER ASSETS, NET</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Other assets consist of the following as of June 30:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table align="center" style="width: 85%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%; text-align: left;">Accounts receivable, net</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">1,641,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">1,683,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Prepaid expenses</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">945,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">939,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Inventory</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">907,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">543,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Miscellaneous assets, net</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,880,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,553,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total other assets</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">5,373,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">4,718,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Amortization expense of loan fees and franchise costs for the years ended June 30, 2012 and 2011 was $61,000 and $60,000, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 10 – OTHER NOTES PAYABLE AND LINE OF CREDIT</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Partnership had a $2,500,000 unsecured revolving line of credit facility with a bank that was to mature on April 30, 2010. Effective April 29, 2010, the Partnership obtained a modification from the bank which converted its revolving line of credit facility to a term loan. The Partnership also obtained a waiver of any prior noncompliance with financial covenants.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The modification provides that Justice will pay the $2,500,000 balance on its line of credit facility over a period of four years, to mature on April 30, 2014. This term loan calls for monthly principal and interest payments, calculated on a six-year amortization schedule, with interest only from May 1, 2010 to August 31, 2010. Pursuant to the modification, the annual floating interest rate was reduced by 0.5% to the WSJ Prime Rate plus 2.5% (with a minimum floor rate of 5.0% per annum). The modification provides for new financial covenants that include specific financial ratios and a return to minimum profitability after June 30, 2011. Management believes that the partnership has the ability to meet the specific covenants. The Partnership was in compliance with the covenants as of June 30, 2012 and 2011. The loan continues as unsecured. The Partnership made additional principal payments totaling $124,000 in fiscal year 2012. The outstanding balance was $1,702,000 and $2,202,000 as of June 30, 2012 and 2011 respectively; the interest rate was 5.75% as of June 30, 2012.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Partnership has short-term financing agreements with a financial institution for the payment of its general, property, and workers’ compensation insurance. The notes payable under these financing agreements bear interest at 3.8% per annum and payable in equal monthly installments (principal and interest) through July 2012. The notes payable at June 30, 2012 and 2011, were $61,000 and $112,000, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">As of June 30, 2012 and 2011, the Company had capital lease obligations outstanding of $309,000 and $472,000, respectively, which were included in Other Notes Payable.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 11 - MORTGAGE NOTES PAYABLE </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Mortgage notes payable secured by real estate and hotel as of June 30, 2012 and 2011 are summarized as follows:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">  </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;" colspan="6" nowrap="nowrap"><b>As of June 30, 2012</b></td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">Number</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap">Note</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap">Note</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: 1pt solid windowtext; text-align: left; vertical-align: bottom;" nowrap="nowrap">Property</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center; vertical-align: bottom;" nowrap="nowrap">of Units</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">     </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap">Origination Date</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap">Maturity Date</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap">Mortgage Balance</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center; vertical-align: bottom;" nowrap="nowrap">Interest Rate</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top;">
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td style="width: 25%;" nowrap="nowrap">SF Hotel</td>
<td style="width: 1%; font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 6%; text-align: center;" nowrap="nowrap">543 rooms</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 15%;" nowrap="nowrap">July</td>
<td style="width: 7%; text-align: right;" nowrap="nowrap">2005</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 15%;" nowrap="nowrap">August</td>
<td style="width: 7%; text-align: center;" nowrap="nowrap">2015</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap">$</td>
<td style="text-align: right; width: 9%;" nowrap="nowrap">26,599,000</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 9%; text-align: right;" nowrap="nowrap">5.22</td>
<td style="width: 1%;" nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">SF Hotel</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap">543 rooms</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2005</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: center;" nowrap="nowrap">2015</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext; text-align: right;" nowrap="nowrap">17,722,000</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.42</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;"
nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td colspan="4" nowrap="nowrap">Mortgage notes payable - hotel</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black;" nowrap="nowrap">$</td>
<td style="text-align: right; border-bottom: 2.5pt double black;" nowrap="nowrap">44,321,000</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Austin</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">249</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">June</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">July</td>
<td style="text-align: right;" nowrap="nowrap">2023</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6,872,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.46</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Florence</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">157</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">June</td>
<td style="text-align: right;" nowrap="nowrap">2005</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">July</td>
<td style="text-align: right;" nowrap="nowrap">2014</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">3,878,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.96</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Las Colinas</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">358</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2004</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">17,671,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.99</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Morris County</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">151</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9,010,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.43</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">St. Louis</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">264</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2008</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5,770,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.95</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2000</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: right;" nowrap="nowrap">2030</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">381,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7.59</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2002</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2032</td>
<td
nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">388,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.45</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">February</td>
<td style="text-align: right;" nowrap="nowrap">2001</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2030</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">417,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">8.44</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">31</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2010</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2020</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5,660,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.85</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">30</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: right;" nowrap="nowrap">2007</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2022</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6,605,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.97</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">27</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2010</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2020</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">3,189,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.85</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">14</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,829,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.89</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">12</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2022</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2,081,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.25</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,467,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.60</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,247,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.89</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">8</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2001</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2029</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">486,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2.49</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2018</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">945,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.38</td>
<td nowrap="nowrap">%</td>
</tr>
<tr
style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2018</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">643,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.38</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">October</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2033</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">445,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.50</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">Office</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2009</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2014</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,078,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.02</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">Office</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2000</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext; text-align: right;" nowrap="nowrap">592,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.00</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="4" nowrap="nowrap">Mortgage notes payable - real estate</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">70,654,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;" colspan="6" nowrap="nowrap"><b>As of June 30, 2011</b></td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap">Number</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Note</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Note</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap">Property</td>
<td style="text-align: center;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center;" nowrap="nowrap">of Units</td>
<td style="text-align: center;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center;" colspan="2" nowrap="nowrap">Origination Date</td>
<td style="text-align: center;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center;" colspan="2" nowrap="nowrap">Maturity Date</td>
<td style="text-align: center;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center;" colspan="2" nowrap="nowrap">Mortgage Balance</td>
<td style="text-align: center;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center;" nowrap="nowrap">Interest Rate</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top;">
<td
nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td style="width: 25%;" nowrap="nowrap">SF Hotel</td>
<td style="width: 1%; font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 6%; text-align: center;" nowrap="nowrap">544 rooms</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 15%;" nowrap="nowrap">July</td>
<td style="width: 7%; text-align: right;" nowrap="nowrap">2005</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 15%;" nowrap="nowrap">August</td>
<td style="width: 7%; text-align: center;" nowrap="nowrap">2015</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap">$</td>
<td style="text-align: right; width: 9%;" nowrap="nowrap">27,176,000</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 9%; text-align: right;" nowrap="nowrap">5.22</td>
<td style="width: 1%;" nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">SF Hotel</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap">544 rooms</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2005</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: center;" nowrap="nowrap">2015</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext; text-align: right;" nowrap="nowrap">18,003,000</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.42</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td colspan="4" nowrap="nowrap">Mortgage notes payable - hotel</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">45,179,000</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Austin</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">249</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">June</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">July</td>
<td style="text-align: right;" nowrap="nowrap">2023</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7,041,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.46</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Florence</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">157</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">June</td>
<td style="text-align: right;" nowrap="nowrap">2005</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">July</td>
<td style="text-align: right;" nowrap="nowrap">2014</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">3,950,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.96</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Las Colinas</td>
<td
nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">358</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2004</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">18,051,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.99</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Morris County</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">151</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9,220,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.43</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">St. Louis</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">264</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2008</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5,878,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.95</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2000</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: right;" nowrap="nowrap">2030</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">390,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7.59</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2002</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2032</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">398,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.45</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">February</td>
<td style="text-align: right;" nowrap="nowrap">2001</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2030</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">426,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">8.44</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">31</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2010</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2020</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5,745,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.85</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">30</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: right;" nowrap="nowrap">2007</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2022</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6,699,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.97</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">27</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2010</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2020</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">3,236,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.85</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">14</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td
nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,850,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.89</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">12</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2018</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">934,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.38</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,485,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.60</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,262,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.89</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">8</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2001</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2029</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">506,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2.49</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2018</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">965,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.38</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2018</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">657,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.38</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">October</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2033</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">459,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.50</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">Office</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2009</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2014</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,118,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.02</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">Office</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2000</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext; text-align: right;" nowrap="nowrap">627,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.00</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td
nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="4" nowrap="nowrap">Mortgage notes payable - real estate</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">70,897,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">24</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2001</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2031</td>
<td nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext; text-align: right;" nowrap="nowrap">1,540,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2.49</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="5" nowrap="nowrap">Mortgage notes payable - properties held for sale</td>
<td nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">1,540,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">On July 27, 2005, Justice entered into a first mortgage loan with The Prudential Insurance Company of America in a principal amount of $30,000,000 (the “Prudential Loan”). The term of the Prudential Loan is for 120 months at a fixed interest rate of 5.22% per annum. The Prudential Loan calls for monthly installments of principal and interest in the amount of approximately $165,000, calculated on a 30-year amortization schedule. The Loan is collateralized by a first deed of trust on the Partnership’s Hotel property, including all improvements and personal property thereon and an assignment of all present and future leases and rents. The Prudential Loan is without recourse to the limited and general partners of Justice.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In March 2007, Justice entered into a second mortgage loan with The Prudential Insurance Company of America (the “Second Prudential Loan”) in a principal amount of $19,000,000. The term of the Second Prudential Loan is for approximately 100 months and matures on August 5, 2015, the same date as the Partnership’s first mortgage loan with Prudential. The Second Prudential Loan is at a fixed interest rate of 6.42% per annum and calls for monthly installments of principal and interest in the amount of approximately $119,000, calculated on a 30-year amortization schedule. The Loan is collateralized by a second deed of trust on the Partnership’s Hotel property, including all improvements and personal property thereon and an assignment of all present and future leases and rents. The Loan is without recourse to the limited and general partners of Justice.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In December 2011, the Company refinanced its $926,000 mortgage note payable on its 12-unit apartment building located in Los Angeles, California for a new 10-year mortgage in the amount of $2,095,000. The interest rate on the new loan is fixed at 4.25% per annum for the first 5 years and variable for the remaining 5 years, with monthly principal and interest payments based on a 30-year amortization schedule. The note matures in January 2022. The Company received net proceeds of approximately $1,122,000 from the refinancing.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In February 2011, the Company refinanced its $715,000 adjustable rate mortgage note payable on its 9-unit apartment building located in Los Angeles, California for a new 10-year fixed rate mortgage in the amount of $1,265,000. The interest rate on the new loan is fixed at 5.89% per annum, with monthly principal and interest payments based on a 30-year amortization schedule. The note matures in March 2021. The Company received net proceeds of approximately $367,000 from the refinancing.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In February 2011, the Company refinanced its $958,000 adjustable rate mortgage note payable on its 14-unit apartment building located in Los Angeles, California for a new 10-year fixed rate mortgage in the amount of $1,855,000.
The interest rate on the new loan is fixed at 5.89% per annum, with monthly principal and interest payments based on a 30-year amortization schedule. The note matures in March 2021. The Company received net proceeds of approximately $687,000 from the refinancing.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In December 2010, the Company modified its $5,932,000 mortgage note payable on the property located in St. Louis, Missouri. Prior to the modification of the mortgage note, the Company paid a fixed rate of 6.16%. Upon modification, the interest rate was based upon LIBOR (London Interbank Offered Rate) plus 3.5%. Concurrent to the modification of the note, the Company entered into a rate swap agreement in order to settle the variable rate (i.e., LIBOR) into a fixed rate of 1.35%, thereby allowing the Company to pay a total fixed interest rate of 4.85%. The swap agreement matures in May 2013. A swap is a contractual agreement to exchange interest rate payments. Under the swap agreement, the Company agrees to pay the bank (counterparty) a fixed rate and the bank agrees to pay the Company a floating rate. The interest rate swap agreement is being measured at fair value, but was not designated by the Company as a cash flow hedge. Should the Company terminate the swap contract prematurely, it would be required to pay the fair value of the swap valued at $60,000 as of June 30, 2012, which is recorded as a liability by the Company under “accounts payable and other liabilities” in the consolidated balance sheet. The change in the fair value of the instrument is recognized and recorded in the “net unrealized gain (loss) on other investments and derivative instruments” in the consolidated statement of operations.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In November 2010, the Company refinanced its $1,641,000 adjustable rate mortgage note payable on its 27-unit apartment building located in Los Angeles, California for a new 10-year fixed rate mortgage in the amount of $3,260,000. The interest rate on the new loan is fixed at 4.85% per annum, with monthly principal and interest payments based on a 30-year amortization schedule. The note matures in December 2020. The Company received net proceeds of approximately $1,507,000 from the refinancing.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In November 2010, the Company also refinanced its $3,569,000 adjustable rate mortgage note payable on its 31-unit apartment building located in Los Angeles, California for a new 10-year fixed rate mortgage in the amount of $5,787,000. The interest rate on the new loan is fixed at 4.85% per annum, with monthly principal and interest payments based on a 30-year amortization schedule. The note matures in December 2020. The Company received net proceeds of approximately $2,078,000 from the refinancing.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Future minimum payments for all notes payable are as follows: </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-indent: 0.5in;"> </p>
<table align="center" style="width: 75%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: center;">For the year ending June 30,</td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 77%; text-align: center;">2013</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 20%; text-align: right;">2,792,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: center;">2014</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,467,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: center;">2015</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,741,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: center;">2016</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">42,192,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: center;">2017</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">794,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: center; padding-bottom: 1pt;">Thereafter</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">66,061,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: center; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">117,047,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 12 – HOTEL RENTAL INCOME </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Partnership has a lease agreement with Tru Spa, LLC (Tru Spa) for the use of the spa facilities expiring in May 2013. The lease provides the Partnership with minimum monthly payments of $14,000, subject to increases based on the Consumer Price Index. Minimum future rentals to be received under the terms of this lease as of June 30, 2012 are $151,000.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 13 – MANAGEMENT AGREEMENT</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">On February 2, 2007, the Partnership entered into an agreement with Prism to manage and operate the Hotel as its agent. The agreement is effective for a term of ten years, unless the agreement is extended or earlier terminated as provided in the agreement. Under the management agreement, the Partnership is required to pay the base management fees of 2.5% of gross operating revenues of the Hotel (i.e., room, food and beverage, and other operating departments) for the fiscal year. However, 0.75% of the stated management fee is due only if the partially adjusted net operating income of the hotel for the fiscal year exceeds the amount of the Hotel return for the fiscal year. Prism is also entitled to an incentive management fee if certain milestones are accomplished. No incentive fees were paid during the years ended June 30, 2012 and 2011. In support of the Partnership’s efforts to reduce costs in this difficult economic environment, Prism agreed to reduce its management fees by fifty percent from January 1, 2009, through December 31, 2010, after which the original fee arrangement went back into effect. Management fees paid to Prism during the years ended June 30, 2012 and 2011 were $626,000 and $469,000, respectively.<b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 14 – INCOME TAXES</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The provision for the Company’s income tax benefit (expense) is comprised of the following:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table align="center" style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap">For the years ended June 30,</td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="10" nowrap="nowrap">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="10" nowrap="nowrap">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Continuing</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Discontinued</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Continuing</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Discontinued</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Federal</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 22%; text-align: left; padding-left: 9pt;">Current tax expense</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">284,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">284,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">50,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">50,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Deferred tax expense (benefit)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,847,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">799,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom:
1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,048,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,815,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,222,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">4,037,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,563,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">799,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(764,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,865,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,222,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">4,087,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>State</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Current tax expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">97,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">109,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">119,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">44,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">163,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Deferred tax expense (benefit)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(15,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">57,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">42,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">624,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">191,000</td>
<td style="padding-bottom: 1pt; text-align:
left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">815,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 1pt; padding-left: 9pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">82,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">69,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">151,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">743,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">235,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">978,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 9pt;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 2.5pt; padding-left: 9pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(1,481,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">868,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(613,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">3,608,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">1,457,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">5,065,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The provision for income taxes from continuing operations differs from the amount of income tax computed by applying the federal statutory income tax rate to income (loss) before taxes as a result of the following differences:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 92%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">For the years ended June 30,</td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%; text-align: left;">Statutory federal tax rate</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">(1,236,000</td>
<td style="width: 1%; text-align: left;">)</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">4,049,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">State income taxes, net of federal tax benefit</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(44,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">527,000</td>
<td style="text-align:
left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Dividend received deduction</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(292,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(349,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Noncontrolling interest</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(635,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(64,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Valuation allowance</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">547,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(733,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;">Other</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">179,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">178,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(1,481,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">3,608,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The components of the deferred tax asset and liabilities are as follows:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-indent: 0.5in;"> </p>
<table align="center" style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: right; border-bottom: 1pt solid black;" colspan="2">June 30, 2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: right; border-bottom: 1pt solid black;" colspan="2">June 30, 2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Deferred tax assets:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 74%; text-align: left; padding-left: 9pt;">Net operating loss carryforwards</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">8,980,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">9,343,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Capital loss carryforwards</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">192,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">615,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Investment impairment reserve</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,049,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,803,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Accruals and reserves</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">668,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">500,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Valuation allowance</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,298,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(752,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">10,591,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">11,509,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align:
left;">Deferred tax liabilities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Deferred gains on real estate sale</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(9,648,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(8,819,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Unrealized gains on marketable securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(4,254,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,426,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Depreciation and amortization</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(315,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">246,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Equity earnings</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,266,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(44,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">State taxes</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(89,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(2,453,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(15,572,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(17,496,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;">Net deferred tax liability</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(4,981,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(5,987,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">As of June 30, 2012, the Company had net operating losses (NOLs) of $22,686,000 and $15,090,000 for federal and state purposes, respectively. Below is the break-down of the NOLs for Intergroup, Santa Fe and Portsmouth. The carryforward expires in varying amounts through the year 2022.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 50%; border-collapse: collapse; font: 10pt times new roman,times,serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Federal</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">State</td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 54%;">InterGroup</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 20%; text-align: right;">5,606,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 20%; text-align: right;">2,226,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Santa Fe</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">6,269,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,860,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 1pt;">Portsmouth</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">10,811,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">10,004,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">22,686,000</td>
<td
style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">15,090,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;">The Company is subject to U.S. federal income tax as well as to income tax in multiple state jurisdictions. Federal income tax returns of the Company are subject to IRS examination for the 2008 through 2011 tax years. State income tax returns are subject to examination for the 2007 through 2011 tax years.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Utilization of the net operating loss carryover may be subject a substantial annual limitation if it should be determined that there has been a change in the ownership of more than 50 percent of the value of the Company's stock, pursuant to Section 382 of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating loss carryovers before utilization.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">For the year ended June 30, 2012, there is no unrecognized tax provision or benefit. Management does not anticipate any future adjustments in the next twelve months which would result in a material change to its tax position. As of June 30, 2012 and 2011, the Company did not have any interest and penalties.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b> <b>NOTE 15 – SEGMENT INFORMATION</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company operates in three reportable segments, the operation of the hotel (“Hotel Operations”), the operation of its multi-family residential properties (“Real Estate Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These three operating segments, as presented in the financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this information.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Information below represents reported segments for the years ended June 30, 2012 and 2011. Net income (loss) from hotel operations consist of the operation of the hotel and operation of the garage. Net income for rental properties consist of rental income. Operating income for investment transactions consist of net investment gain (loss) and dividend and interest income.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<table align="center" style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;" nowrap="nowrap">As of and for the year </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Hotel </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Real Estate </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> Investment</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> Discontinued</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap">ended June 30, 2012</td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Transactions</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Other</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Subtotal</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 10%;">Revenues</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">42,462,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">14,537,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">56,999,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">208,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">57,207,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Operating expenses</td>
<td
style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(35,825,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(9,971,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,844,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(47,640,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(127,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(47,767,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Income (loss) from operations</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">6,637,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,566,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,844,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">9,359,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">81,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">9,440,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Gain on sale of real estate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,710,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,710,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Interest expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,724,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,497,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,221,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(22,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,243,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Loss from investments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,191,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,191,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,191,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Income tax benefit (expense)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black;
text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,481,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,481,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(868,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">613,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Net income (loss)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">3,913,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">1,069,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(6,191,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(363,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(1,572,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">901,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(671,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total assets</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">40,678,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">65,051,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">24,642,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">9,450,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">139,821,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">139,821,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table align="center" style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;" nowrap="nowrap">As of and for the year</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Hotel</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Real Estate</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Investment</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Discontinued</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2"
nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap">ended June 30, 2011</td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Transactions</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Other</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Subtotal</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 10%;">Revenues</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">36,282,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">13,571,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">49,853,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">900,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">50,753,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Operating expenses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(32,964,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(9,987,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,877,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(44,828,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(444,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(45,272,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Income (loss) from operations</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,318,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,584,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,877,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,025,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">456,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,481,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Gain on sale of real estate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td
style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,290,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,290,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Interest expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,806,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,533,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,339,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(151,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,490,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Income from investments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,227,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,227,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,227,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Income tax expense</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(3,608,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(3,608,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,457,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(5,065,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Net income (loss)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">512,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">51,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">13,227,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(5,485,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">8,305,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">2,138,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">10,443,000</td>
<td style="padding-bottom: 2.5pt;
text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total assets</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">40,143,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">66,844,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">36,723,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">8,230,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">151,940,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">2,426,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">154,366,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 16 – STOCK-BASED COMPENSATION PLANS</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company follows the Statement of Financial Accounting Standards 123 (Revised), "Share-Based Payments" ("SFAS No. 123R"), which was primarily codified into ASC Topic 718 “Compensation – Stock Compensation”, which addresses accounting for equity-based compensation arrangements, including employee stock options and restricted stock units. </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company currently has three equity compensation plans, each of which has been approved by the Company’s stockholders. The InterGroup Corporation 2008 Restricted Stock Unit Plan (the “2008 RSU Plan”), the InterGroup Corporation 2007 Stock Compensation Plan for Non-Employee Directors (the “2007 Stock Plan”) and the Intergroup 2010 Omnibus Employee Incentive Plan are described below. Any outstanding options issued under the Key Employee Plan or the Non-Employee Director Plan remain effective in accordance with their terms. </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Intergroup Corporation 2010 Omnibus Employee Incentive Plan</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">On February 24, 2010, the shareholders of the Company approved The Intergroup Corporation 2010 Omnibus Employee Incentive Plan (the “2010 Incentive Plan”), which was formally adopted by the Board of Directors following the annual meeting of shareholders. The Company believes that such awards better align the interests of its employees with those of its shareholders. Option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vest based on 5 years of continuous service. Certain option and share awards provide for accelerated vesting if there is a change in control, as defined in the 2010 Incentive Plan. The 2010 Incentive plan authorizes a total of up to 200,000 shares of common stock to be issued as equity compensation to officers and employees of the Company in an amount and in a manner to be determined by the Compensation Committee in accordance with the terms of the 2010 Incentive Plan. The 2010 Incentive Plan authorizes the awards of several types of equity compensation including stock options, stock appreciation rights, performance awards and other stock based compensation. The 2010 Incentive Plan will expire on February 23, 2020, if not terminated sooner by the Board of Directors upon recommendation of the Compensation Committee. Any awards issued under the 2010 Incentive Plan will expire under the terms of the grant agreement.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">On March 16, 2010, the Compensation Committee authorized the grant of 100,000 stock options to the Company’s Chairman, President and Chief Executive, John V. Winfield to purchase up to 100,000 shares of the Company’s common stock pursuant to the 2010 Incentive Plan. The exercise price of the options is $10.30, which is 100% of the fair market value of the Company’s Common Stock as determined by reference to the closing price of the Company’s Common Stock as reported on the NASDAQ Capital Market on March 16, 2010, the date of grant. The options expire ten years from the date of grant, unless earlier terminated in accordance with the terms of the 2010 Incentive Plan. The options shall be subject to both time and performance based vesting requirements, each of which must be satisfied before options are fully vested and eligible to be exercised. Pursuant to the time vesting requirements, the options vest over a period of five years, with 20,000 options vesting upon each one year anniversary of the date of grant. Pursuant to the performance vesting requirements, the options vest in increments of 20,000 shares upon each increase of $2.00 or more in the market price of the Company’s common stock above the exercise price ($10.30) of the options. To satisfy this requirement, the common stock must trade at that increased level for a period of at least ten trading days during any one quarter. As of June 30, 2012, all the performance vesting requirements have been met.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In February 2012, the Compensation Committee awarded 90,000 stock options to the Company’s Chairmen, President and Chief Executive, John V. Winfield to purchase up to 90,000 shares of common stock. The exercise price of the options is $19.77 which is the fair value of the Company’s Common Stock as reported on NASDAQ on February 28, 2012. The options expire ten years from the date of grant. The options are subject to both time and performance based vesting requirements, each of which must be satisfied before the options are fully vested and eligible to be exercised. Pursuant to the time vesting requirements, the options vest over a period of five years, with 18,000 options vesting upon each one year anniversary of the date of grant. Pursuant to the performance vesting requirements, the options vest in increments of 18,000 shares upon each increase of $2.00 or more in the market price of the Company’s common stock above the exercise price ($19.77) of the options. To satisfy this requirement, the common stock must trade at that increased level for a period of at least ten trading days during any one quarter.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In July 2011, an officer of the Company was awarded 5,000 stock options with an exercise price of $24.92, with 1,000 options vesting each year for the next five years and expiring ten years from the date of grant.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the table below. Because Black-Scholes option valuation models incorporate ranges of assumptions for inputs, those ranges are disclosed. Expected volatilities are based on
historical volatility of the Company’s stock, and other factors. The Company uses historical data to estimate option exercise and employee termination within the valuation model; The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding; The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The fair value of options granted during the year ended June 30, 2012 are measured by applying the Black-Scholes model on grant date using the following assumptions:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 35%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 67%; text-align: left;" nowrap="nowrap">Expected volatility</td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 30%; text-align: right;" nowrap="nowrap">52.2</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;" nowrap="nowrap">Expected term</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7 years</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;" nowrap="nowrap">Expected dividend yield</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">0</td>
<td style="text-align: left;" nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;" nowrap="nowrap">Risk-free interest rate</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1.66</td>
<td style="text-align: left;" nowrap="nowrap">%</td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">During the years ended June 30, 2012 and 2011, the Company recorded stock option compensation expense of $241,000 and $278,000, respectively, related to issuance of stock options. As of June 30, 2012, there was a total of $604,000 of unamortized compensation related to stock options which is expected to be recognized over the weighted-average of 4 years.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The following table summarizes the stock options activity from June 30, 2010 through June 30, 2012:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table align="center" style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Number of</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Weighted Average</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Weighted Average</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Aggregate</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Shares</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Exercise Price</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Remaining Life</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Intrinsic Value</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 35%; text-align: left;" nowrap="nowrap">Oustanding at</td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 12%; text-align: right;" nowrap="nowrap">June 30, 2010</td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">192,000</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap">$</td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">11.32</td>
<td style="width: 1%;
text-align: left;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">6.44 years</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap">$</td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">790,000</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap">Granted</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td nowrap="nowrap">Exercised</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">(3,000</td>
<td style="text-align: left;" nowrap="nowrap">)</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">12.70</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap">Forfeited</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 1pt;" nowrap="nowrap">Exchanged</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">(27,000</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap">)</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">12.96</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Oustanding at</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 2.5pt;" nowrap="nowrap">June 30, 2011</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">162,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">11.02</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">6.48 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">2,252,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Exercisable at</td>
<td style="padding-bottom: 2.5pt;"
nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 2.5pt;" nowrap="nowrap">June 30, 2011</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">79,500</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">11.76</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">4.20 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">1,046,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Vested and Expected to vest at</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 2.5pt;" nowrap="nowrap">June 30, 2011</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">162,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">11.02</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">6.48 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">2,252,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;" nowrap="nowrap">Oustanding at</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">June 30, 2011</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">162,000</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap">$</td>
<td style="text-align: right;" nowrap="nowrap">11.02</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.48 years</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap">$</td>
<td style="text-align: right;" nowrap="nowrap">2,252,000</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td nowrap="nowrap">Granted</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">95,000</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">20.04</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap">Exercised</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;"
nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td nowrap="nowrap">Forfeited</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;" nowrap="nowrap">Exchanged</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">(15,000</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap">)</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">13.72</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Oustanding at</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 2.5pt;" nowrap="nowrap">June 30, 2012</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">242,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">14.55</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">7.46 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">2,050,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Exercisable at</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 2.5pt;" nowrap="nowrap">June 30, 2012</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">87,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">11.48</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">4.92 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">1,171,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Vested and Expected to vest at</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 2.5pt;" nowrap="nowrap">June 30, 2012</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">242,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">14.55</td>
<td style="padding-bottom: 2.5pt;
text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">7.46 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">2,050,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>The InterGroup Corporation 2007 Stock Compensation Plan for Non-Employee Directors</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The InterGroup Corporation 2007 Stock Compensation Plan for Non-Employee Directors (the “2007 Stock Plan”) was approved by the shareholders of the Company on February 21, 2007, and was thereafter adopted by the Board of Directors. The 2007 Stock Plan will terminate upon the earlier of the date all shares reserved for issuance have been awarded or February 21, 2017, if not sooner terminated by the Board upon recommendation by the Compensation Committee. The stock available for issuance under the 2007Stock Plan shall be unrestricted shares of the Company's Common Stock, par value $.01 per share, which may be unissued shares or treasury shares. Subject to certain adjustments upon changes in capitalization, a <font style="color: black;">maximum of 60,000 shares of the Common Stock will be available for issuance to participants under the 2007 Stock Plan. </font></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">All non-employee directors are eligible to participate in the 2007 Plan. Each non-employee director as of the adoption date of the 2007 Stock Plan was granted an award of 600 unrestricted shares of the Company’s Common Stock. On each July 1 following the adoption date of the 2007 Stock Plan, each non-employee director shall receive an automatic grant of a number of shares of Company’s Common Stock equal in value to $18,000 based on 100% of the fair market value (as defined) of the Common Stock on the date of grant, provided he or she holds such position on that date and the number of shares of Common Stock available for grant under the 2007 Stock Plan is sufficient to permit such automatic grant. Any fractional shares resulting from such grant will be rounded up to next highest whole share. All stock awards to non-employee directors will be fully vested on the date of grant. The dollar amount of the annual grant is subject to further adjustment by the Board of Directors upon recommendation by the Compensation Committee.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><font style="color: black;">The stock awards granted under the 2007 Stock Plan are shares of unrestricted Common Stock and are fully vested on the date of grant. The right of the non-employee director to receive his or her annual grant of Common is personal to the director and is not transferable. Once received, shares of Common Stock awarded to the non-employee director are freely transferable </font>subject to any requirements of Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On June 28, 2007, Company filed a registration statement on Form S-8 to register the shares subject to the 2007 Stock Plan and the Company’s two prior stock option plans under the Securities Act of 1933, as amended (the “Securities Act”).</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;"><font style="color: black;"></font> </p>
<div style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;"><font style="color: black;">Upon recommendation of the Compensation Committee, the Board may, at any time and from time to time and in any respect, amend or modify the 2007 Stock Plan. The Board must obtain stockholder approval of any material amendment to the 2007 Stock Plan if required by any applicable law, regulation or stock exchange rule. The Board of Directors may amend the 2007 Stock Plan or any award agreement, which amendment may be retroactive, in order to conform it to any present or future law, regulation or ruling relating </font>to plans of this or similar nature. No amendment or modification of the 2007 Stock Plan or any award agreement may adversely affect any outstanding award without the written consent of the participant holding the award.</div>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;">Upon recommendation of the Compensation Committee, the Board of Directors, on February 23, 2011, voted to increase the annual grant awarded to each of the non-employee directors to a number of shares of Company’s common stock equal in value to $22,000, effective as of the July 1, 2011 grant, while decreasing the annual cash compensation payable to non-employee directors from $16,000 to $12,000 per year.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;">For the years ended June 30, 2012 and 2011, the four non-employee directors of the Company received a total grant of 3,532 and 4,716 shares of Common Stock pursuant to the 2007 Stock Plan<b>, </b>respectively.<b> </b> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>The InterGroup Corporation 2008 Restricted Stock Unit Plan</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">On December 3, 2008, the Board of Directors of the Company adopted, a new equity compensation plan for its officers, directors and key employees entitled, The InterGroup Corporation 2008 Restricted Stock Unit Plan (the “2008 RSU Plan”). The Plan was adopted, in part, to replace the stock option plans that expired on December 7, 2008. The 2008 RSU Plan was approved by shareholders at the Company’s Annual Meeting of
Shareholders on February 18, 2009.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The 2008 RSU Plan authorizes the Company to issue restricted stock units (“RSUs”) as equity compensation to officers, directors and key employees of the Company on such terms and conditions established by the Compensation Committee of the Company. RSUs are not actual shares of the Company’s common stock, but rather promises to deliver common stock in the future, subject to certain vesting requirements and other restrictions as may be determined by the Committee. Holders of RSUs have no voting rights with respect to the underlying shares of common stock and holders are not entitled to receive any dividends until the RSUs vest and the shares are delivered. <font style="color: black;">No awards of RSUs shall vest until at least nine months after shareholder approval of the 2008 RSU Plan on February 18, 2009. </font>Subject to certain adjustments upon changes in capitalization, a <font style="color: black;">maximum of 200,000 shares of the common stock are available for issuance to participants under the 2008 RSU Plan. The 2008 RSU Plan will terminate ten (10) years from December 3, 2008, unless terminated sooner by the Board of Directors. After the 2008 RSU Plan is terminated, no awards may be granted but awards previously granted shall remain outstanding in accordance with the Plan and their applicable terms and conditions.</font></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Under the 2008 RSU Plan, the Compensation Committee also has the power and authority to establish and implement an exchange program that would permit the Company to offer holders of awards issued under prior shareholder approved compensation plans to exchange certain options for new RSUs on terms and conditions to be set by the Committee. <font style="color: black;">The exchange program is designed to increase the retention and motivational value of awards granted under prior plans. In addition, by exchanging options for RSUs, the Company will reduce the number of shares of common stock subject to equity awards, thereby reducing potential dilution to stockholders in the event of significant increases in the value of its common stock. </font></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The table below summarizes the RSUs granted and outstanding.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 90%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Grant Date</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Number of RSUs</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Fair Value</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%;" nowrap="nowrap">RSUs outstanding as of                June 30, 2010</td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">32,564</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap">$</td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">12.89</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td nowrap="nowrap">Granted</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5,884</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap">$</td>
<td style="text-align: right;" nowrap="nowrap">24.92</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap">Converted to common stock</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">(17,564</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap">)</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 1pt solid black; text-align: right;"
nowrap="nowrap">13.07</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap">RSUs outstanding as of                 June 30, 2011</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">20,884</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap">$</td>
<td style="text-align: right;" nowrap="nowrap">16.14</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap">Granted</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">8,245</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap">$</td>
<td style="text-align: right;" nowrap="nowrap">24.94</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap">Converted to common stock</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">(20,884</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap">)</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">16.14</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"><b>RSUs outstanding as of </b>             <b> June 30, 2012</b></td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">8,245</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">24.94</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">During the year ended June 30, 2012 and 2011, no additional compensation expense was recognized related to the exchange of previously issued stock options to RSUs as the fair market value of the options immediately prior to the exchanges, approximated the fair value of the RSUs on the date of issuance. During the year ended June 30, 2012, 15,000 stock options were exchanged for 8,245 RSUs. During the year ended June 30, 2011, 12,000 stock options were exchanged for 5,884 RSUs. </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 17 – RELATED PARTY TRANSACTIONS</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">As Chairman of the Securities Investment Committee, the Company’s President and Chief Executive Officer, John V. Winfield, directs the investment activity of the Company in public and private markets pursuant to authority granted by the Board of Directors. Mr. Winfield also serves as Chief Executive Officer and Chairman of InterGroup and oversees the investment activity of the Company. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family and the Company may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and his family members, and the resources of InterGroup, at risk in connection with investment decisions made on behalf of the Company.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In fiscal year ended June 30, 2004, the disinterested members of the respective Boards of Directors of the Company and its subsidiaries, Santa Fe and Portsmouth, established a performance based compensation program for the Company’s CEO to keep and retain his services as a direct and active manager of the Company’s securities portfolio. Pursuant to the current criteria established by the Board, Mr. Winfield is entitled to performance based compensation for his management of the Company’s securities portfolio equal to 20% of all net investment gains generated in excess of an annual return equal to the Prime Rate of Interest (as published in the Wall Street Journal) plus 2%. Compensation amounts are calculated and paid quarterly based on the results of the Company’s investment portfolio for that quarter. Should the Company have a net investment loss during any quarter, Mr. Winfield would not be entitled to any further performance-based compensation until any such investment losses are recouped by the Company. This performance based compensation program may be further modified or terminated at the discretion of the respective Boards of Directors. The Company’s CEO did not earn any performance based compensation for the years ended June 30, 2012 and 2011. </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>NOTE 18 – COMMITMENTS AND CONTINGENCIES</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b><i>Operating Leases</i></b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Partnership leases equipment under operating leases with expiration dates through 2012.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b><i>Administrative Fees–General Partners</i></b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">During each of the years ended June 30, 2012 and 2011, the general partners were paid a total of $562,000 and $468,000, respectively. The total amount paid represents the minimum base compensation of $285,000 each year plus $277,000 and $183,000 respectively, based upon the agreement.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b><i>Franchise Agreements</i></b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Partnership entered into a Franchise License agreement (the License agreement) with the Hilton Hotels Corporation (Hilton) on December 10, 2004. The term of the License agreement is for a period of 15 years commencing on the opening date, with an option to extend the license agreement for another five years, subject to certain conditions.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Beginning on the opening date in January 2006, the Partnership paid monthly royalty fees for the first two years of three percent (3%) of the Hotel’s gross room revenue for the preceding calendar month; the third year was at four percent (4%) of the Hotel’s gross room revenue; and the fourth year until the end of the term will be five percent (5%) of the Hotel’s gross room revenue. The Partnership also pays a monthly program fee of four percent (4%) of the Hotel’s gross revenue. The amount of the monthly program fee is subject to change; however, the increase cannot exceed one percent (1%) of the Hotel gross room revenue in any calendar year, and the cumulative increases in the monthly fees will not exceed five percent (5%) of gross room revenue. Franchise fees for the years ended June 30, 2012 and 2011 were $3,008,000 and $2,574,000, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Partnership also pays Hilton a monthly information technology recapture charge of 0.75% of the Hotel’s gross revenues. Due to the difficult economic environment, Hilton agreed to reduce its information technology fees to 0.65%. For the years ended June 30, 2012 and 2011, those charges were $214,000 and $181,000, respectively, and are included as part of “General and administrative” expenses in the Statements of Operations.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b><i>Legal Matters</i></b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Partnership is involved from time to time in various claims in the ordinary course of business. Management does not believe that the impact of such matters will have a material effect on the financial conditions or result of operations when resolved. </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt;"><b>NOTE 19 – EMPLOYEE BENEFIT PLAN</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Justice has a 401(k) Profit Sharing Plan (the Plan) for employees who have completed six months of service. Justice provides a matching contribution up to 4% of the contribution to the Plan based upon a certain percentage on the employees’ elective deferrals. Justice may also make discretionary contributions to the Plan each year. Contributions made to the Plan amounted to $63,000 and $60,000 during the years ended June 30, 2012 and 2011, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Certain employees of Justice who are members of various unions are covered by union-sponsored, collectively bargained, multi-employer health and welfare and benefit pension plans. Justice does not contribute separately to those multi-employer plans.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Description of the Business</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The InterGroup Corporation, a Delaware corporation, (“InterGroup” or the “Company”) was formed to buy, develop, operate and dispose of real property and to engage in various investment activities to benefit the Company and its shareholders.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">As of June 30, 2012, the Company had the power to vote 83.9% of the voting shares of Santa Fe Financial Corporation (“Santa Fe”), a public company (OTCBB: SFEF). This percentage includes the power to vote an approximately 4% interest in the common stock in Santa Fe owned by the Company’s Chairman and President pursuant to a voting trust agreement entered into on June 30, 1998.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Santa Fe’s revenue is primarily generated through the management of its 68.8% owned subsidiary, Portsmouth Square, Inc. (“Portsmouth”), a public company (OTCBB: PRSI). InterGroup also directly owns approximately 12.5% of the common stock of Portsmouth. Portsmouth has a 50.0% limited partnership interest in Justice Investors (“Justice”, “the Partnership” or “the Hotel”) and serves as one of the two general partners. The other general partner, Evon Corporation (“Evon”), served as the managing general partner until December 1, 2008 at which time Portsmouth assumed the role of managing general partner. As discussed in Note 2, the financial statements of Justice are consolidated with those of the Company.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Justice owns a 543-room hotel property located at 750 Kearny Street, San Francisco California, known as the <i>Hilton San Francisco Financial District </i>(the Hotel) and related facilities including a five level underground parking garage. The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. Justice also has a Management Agreement with Prism Hospitality L.P. (Prism) to perform the day-to-day management functions of the Hotel.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Justice leased the parking garage to Evon through September 30, 2008. Effective October 1, 2008, Justice and Evon entered into an Installment Sale Agreement whereby Justice purchased all of Evon’s right, title, and interest in the remaining term of its lease of the parking garage, which was to expire on November 30, 2010, and other related assets. Justice also agreed to assume Evon’s contract with Ace Parking Management, Inc. (“Ace Parking”) for the management of the garage and any other liabilities related to the operation of the garage commencing October 1, 2008. The management agreement with Ace Parking was extended for another 62 months, effective November 1, 2010. The Partnership also leases a day spa on the lobby level to Tru Spa. Portsmouth also receives management fees as a general partner of Justice for its services in overseeing and managing the Partnership’s assets. Those fees are eliminated in consolidation.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Due to the temporary closing of the Hotel to undergo major renovations from May 2005 until January 2006 to transition and reposition the Hotel from a Holiday Inn to a Hilton, and the substantial depreciation and amortization expenses resulting from the renovations and operating losses incurred as the Hotel ramped up operations after reopening, Justice has recorded net losses. These losses were anticipated and planned for as part of the Partnership’s renovation and repositioning plan for Hotel and management considers those net losses to be temporary. The Hotel has been generating positive cash flows from operations since June 2006. For the fiscal years ended June 30, 2012 and 2011, the Partnership reversed that trend as net income was $3,913,000 and $512,000, respectively. Hotel operations improved significantly during the last two fiscal years and depreciation and amortization expenses decreased as many of the furniture and fixture improvements from the renovation of the Hotel reached full deprecation during the fiscal 2011. Management believes that the revenues expected to be generated from the Hotel, garage and the Partnership’s leases will be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. Management also believes that there is significant equity in the Hotel to support additional borrowings, if necessary.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In addition to the operations of the Hotel, the Company also generates income from the ownership of real estate. Properties include apartment complexes, commercial real estate, and two single-family houses as strategic investments. The properties are located throughout the United States, but are concentrated in Texas and Southern California. The Company also has investments in unimproved real property. The Company’s residential rental properties located in California are managed by a professional third party property management company.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Principles of Consolidation </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The consolidated financial statements include the accounts of the Company and all controlled subsidiaries. All significant inter-company transactions and balances have been eliminated.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><b>Investment in Hotel, Net</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Hotel property and equipment are stated at cost less accumulated depreciation. Building improvements are being depreciated on a straight-line basis over their useful lives ranging from 3 to 39 years. Furniture, fixtures, and equipment are being depreciated on a straight-line basis over their useful lives ranging from 3 to 7 years.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Repairs and maintenance are charged to expense as incurred. Costs of significant renewals and improvements are capitalized and depreciated over the shorter of its remaining estimated useful life or life of the asset. The cost of assets sold or retired and the related accumulated depreciation are removed from the accounts; any resulting gain or loss is included in other income (expenses).</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of the asset, including any intangible assets associated with that asset, exceeds its estimated undiscounted net cash flow, before interest, the Partnership will recognize an impairment loss equal to the difference between its carrying amount and its estimated fair value. If impairment is recognized, the reduced carrying amount of the asset will be accounted for as its new cost. For a depreciable asset, the new cost will be depreciated over the asset’s remaining useful life. Generally, fair values are estimated using discounted cash flow, replacement cost or market comparison analyses. The process of evaluating for impairment requires estimates as to future events and conditions, which are subject to varying market and economic factors. Therefore, it is reasonably possible that a change in estimate resulting from judgments as to future events could occur which would affect the recorded amounts of the property. No impairment losses were recorded for the years ended June 30, 2012 and 2011.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Investment in Real Estate, Net</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Rental properties are stated at cost less accumulated depreciation. Depreciation of rental property is provided on the straight-line method based upon estimated useful lives of 5 to 40 years for buildings and improvements and 5 to 10 years for equipment. Expenditures for repairs and maintenance are charged to expense as incurred and major improvements are capitalized.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company also reviews its rental property assets for impairment. No impairment losses on the investment in real estate have been recorded for the years ended June 30, 2012 and 2011.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The fair value of the tangible assets of an acquired property, which includes land, building and improvements, is determined by valuing the property as if they were vacant, and incorporates costs during the lease-up periods considering current market conditions and costs to execute similar leases such lost rental revenue and tenant improvements. The value of tangible assets are depreciated using straight-line method based upon the assets estimated useful lives.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The value of above or below market lease is based on the present value, using an interest rate which reflects the risks associated with the lease acquired, of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management’s estimate of fair market lease rate for the corresponding in-place lease, measured over a period that the leases are expected to remain in effect. In connection with the Company’s acquisition of a real property during the year ended June 30, 2011, the Company recorded below-market lease liability of approximately $427,000 and amortizes such amount as an increase to rental income over period that the leases are expected to remain in effect, which range from 1 year to 15 years.<b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Investment in Marketable Securities </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Marketable securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date. Marketable securities are classified as trading securities with all unrealized gains and losses on the Company's investment portfolio recorded through the consolidated statements of operations.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Other Investments, Net</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Other investments include non-marketable securities (carried at cost, net of any impairments loss), non –marketable warrants (carried at fair value) and certain preferred securities, received in exchange for debt instruments, carried at a book basis, initially determined using the estimated fair value on the exchange date. The Company has no significant influence or control over the entities that issue these investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company<font style="color: black;"> reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.</font> For the years ended June 30, 2012 and 2011, the Company recorded impairment losses related to other investments of $917,000 and $976,000, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;"><b>Derivative Financial Instruments</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;">The Company has investments in stock warrants and has entered into an interest rate swap, both of which are considered derivative instruments.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; background-color: white;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Derivative financial instruments consist of financial instruments or other contracts that contain a notional amount and one or more underlying (e.g. interest rate, security price or other variable), require no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. Further, derivative financial instruments are initially, and subsequently, measured at fair value on the Company’s consolidated balance sheets.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">For the investment in stock warrants, the Company used the Black-Scholes option valuation model to estimate the fair value these instruments which requires management to make significant assumptions including trading volatility, estimated terms, and risk free rates. Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based models are highly volatile and sensitive to changes in the trading market price of the underlying common stock, which has a high-historical volatility. Since derivative financial instruments are initially and subsequently carried at fair values, the Company’s consolidated statement of operations will reflect the volatility in these estimate and assumption changes.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company measures the interest rate swap agreement at fair value at the end of each reporting period. The Company opted not designate the interest rate swap agreement as a cash flow hedge; hence, the change in fair value of the interest rate swap agreement is reported as unrealized gain or loss in the consolidated statement of operations.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Cash and Cash Equivalents</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Cash equivalents consist of highly liquid investments with an original maturity of three months or less when purchased and are carried at cost, which approximates fair value.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Restricted Cash</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Restricted cash is comprised of amounts held by lenders for payment of real estate taxes, insurance, replacement reserves for the operating properties and tenant security deposits that are invested in certificates of deposit.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><b>Other Assets, Net</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Other assets include accounts receivable, prepaid insurance, loan fees, franchise fees, license fees, inventory and other miscellaneous assets. Loan fees are stated at cost and amortized over the term of the loan using the effective interest method. Franchise fees are stated at cost and amortized over the life of the agreement (15 years). License fees are stated at cost and amortized over 10 years.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Accounts receivable from the Hotel and rental property customers are carried at cost less an allowance for doubtful accounts that is based on management’s assessment of the collectability of accounts receivable. The Company extends unsecured credit to its customers but mitigates the associated credit risk by performing ongoing credit evaluations of its customers.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Due to Securities Broker</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company may utilize margin for its marketable securities purchases through the use of standard margin agreements with national brokerage firms. Various securities brokers have advanced funds to the Company for the purchase of marketable securities under standard margin agreements. These advanced funds are recorded as a liability.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Obligation for Securities Sold</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Obligation for securities sold represents the fair market value of shares sold with the promise to deliver that security at some future date and the fair market value of shares underlying the written call options with the obligation to deliver that security when and if the option is exercised. The obligation may be satisfied with current holdings of the same security or by subsequent purchases of that security. Unrealized gains and losses from changes in the obligation are included in the statement of operations.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Accounts Payable and Other Liabilities</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Accounts payable and other liabilities include trade payables, advance deposits and other liabilities.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Treasury Stock</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The Company records the acquisition of treasury stock under the cost method.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Fair Value of Financial Instruments</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. Accounting standards for fair value measurement establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><i></i> </p>
<div style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><i>Level 1</i>–inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</div>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><i>Level 2</i>–inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-align: justify;"><i>Level 3</i>–inputs to the valuation methodology are unobservable and significant to the fair value.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Revenue Recognition</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Room revenue is recognized on the date upon which a guest occupies a room and/or utilizes the Hotel’s services. Food and beverage revenues are recognized upon delivery. Garage revenue is recognized when a guest uses the garage space.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Rental revenue is recognized on the straight-line method of accounting whereby contractual rent payment increases are recognized evenly over the lease term, regardless of when the rent payments are received by Justice. The leases contain provisions for base rent plus a percentage of the lessees’ revenues, which are recognized when earned.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Revenue recognition from apartment rentals commences when an apartment unit is placed in service and occupied by a rent-paying tenant. Apartment units are leased on a short-term basis, with no lease extending beyond one year.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Advertising Costs</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Advertising costs are expensed as incurred. Advertising costs were $445,000 and $337,000 for the years ended June 30, 2012 and 2011, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Income Taxes</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Deferred income taxes are calculated under the liability method. Deferred income tax assets and liabilities are based on differences between the financial statement and tax basis of assets and liabilities at the current enacted tax rates. Changes in deferred income tax assets and liabilities are included as a component of income tax expense. Changes in deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense in the period of enactment. Valuation allowances are established for certain deferred tax assets where realization is not likely.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold based on the technical merits of the positions.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Environmental Remediation Costs</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; color: blue;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Liabilities for environmental remediation costs are recorded and charged to expense when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Recoveries of such costs are recognized when received. As of June 30, 2012 and 2011, there were no liabilities for environmental remediation.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Earnings (Loss) Per Share</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding. The computation of diluted income (loss) per share is similar to the computation of basic earnings per share except that the weighted-average number of common shares is increased to include the number of additional common shares that would have been outstanding if potential dilutive common shares had been issued. The Company's only potentially dilutive common shares are stock options and restricted stock units (RSUs). As of June 30, 2012, the Company had 47,255 stock options and RSUs that were considered potentially dilutive common shares. As of June 30, 2011, the Company had 95,646 stock options and RSUs that were considered potentially dilutive common shares. The basic and diluted earnings per share were the same for the year ended June 30, 2012 because of the Company’s net loss from continuing operations.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Use of Estimates</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Reclassifications </b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-indent: 0.5in;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Certain prior year balances have been reclassified to conform with the current year presentation.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b>Recent Accounting Pronouncements</b></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2011-04 (ASU 2011-04), “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (<font style="color: black;">International Financial Reporting Standard<font style="font-family: times new roman, times, serif;">)</font></font>.” ASU 2011-04 attempts to improve the comparability of fair value measurements disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. Amendments in ASU 2011-04 clarify the intent of the application of existing fair value measurement and disclosure requirements, as well as change certain measurement requirements and disclosures. ASU 2011-04 is effective for the Company beginning January 1, 2012 and has been applied on a prospective basis.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” ASU 2011-05 changes the way other comprehensive income (“OCI”) appears within the financial statements. Companies will be required to show net income, OCI and total comprehensive income in one continuous statement or in two separate but consecutive statements. Components of OCI may no longer be presented solely in the statement of changes in shareholders’ deficit. ASU 2011-05 will be effective for the Company beginning July 1, 2012. For the years ended June 30, 2012 and 2011, the Company had no components of Comprehensive Income other than Net Income (loss) itself.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">In September 2011, the FASB issued ASU No. 2011-09, Compensation - Retirement Benefits - Multiemployer Plans (Subtopic 715-80) — Disclosures about an Employer's Participation in a Multiemployer Plan, which requires employers that participate in multiemployer pension plans to provide additional quantitative and qualitative disclosures in order to provide more information about an employer's involvement in multiemployer pension plans. Although the majority of the amendments in this ASU apply only to multiemployer pension plans, there are also amendments that require changes in disclosures for multiemployer plans that provide postretirement benefits other than pensions. The Company adopted this ASU on June 30, 2012. This ASU impacted the Company's disclosures only and did not have any impact on the Company's financial position, results of operations, or cash flows.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The disclosures required by this ASU are presented in Note 18 to the consolidated financial statements.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Investment in hotel consisted of the following as of:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2">Accumulated</td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2">Net Book</td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">June 30, 2012</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Cost</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Depreciation</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Value</td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 61%;">Land</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">2,738,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">2,738,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Furniture and equipment</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">20,856,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(18,185,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,671,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Building and improvements</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">56,909,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(21,640,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">35,269,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">80,503,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(39,825,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">40,678,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2">Accumulated</td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2">Net Book</td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">June 30, 2011</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Cost</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Depreciation</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Value</td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 61%;">Land</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">2,738,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">2,738,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Furniture
and equipment</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">19,584,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(17,075,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,509,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Building and improvements</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">55,363,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(20,467,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">34,896,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">77,685,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(37,542,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">40,143,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Investment in real estate included the following:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">As of June 30,</td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%;">Land</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">25,781,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">25,781,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Buildings, improvements and equipment</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">71,119,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">70,826,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Accumulated depreciation</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(31,849,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(29,763,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">65,051,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">66,844,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The revenues and expenses are summarized as follows:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 60%; border-collapse: collapse; font: 10pt times new roman,times,serif; margin-left: 1.5in;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">For the years ended June 30,</td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 54%;">Revenues</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 20%; text-align: right;">208,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 20%; text-align: right;">900,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;">Expenses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(149,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(595,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;">Income from discontinued operations</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">59,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">305,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><font style="background-color: white;">At June 30, 2012 and 2011, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows:</font></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><font style="background-color: white;"> </font></p>
<table align="center" style="width: 94%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Gross</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Gross</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Net</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Fair</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: 1pt solid black;" nowrap="nowrap">Investment</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Cost</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Unrealized Gain</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Unrealized Loss</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Unrealized Gain</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Value</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td><b>As of June 30, 2012</b> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 35%;">Equities</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">7,181,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">3,797,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">(1,997,000</td>
<td style="width: 1%; text-align: left;">)</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">1,800,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">8,981,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td><b>As of June 30, 2011</b> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td
style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Equities</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">15,288,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">6,147,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">(1,997,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">4,150,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">19,438,000</td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><font style="background-color: white;"> </font></p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Net gain (loss) on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of the two components for the years ended June 30, 2012 and 2011, respectively.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 90%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">For the year ended June 30,</td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%; text-align: left;">Realized (loss) gain on marketable securities</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">(2,628,000</td>
<td style="width: 1%; text-align: left;">)</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">47,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Unrealized (loss) gain on marketable securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,816,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,628,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Net (loss) gain on marketable securities</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(4,444,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">2,675,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Other investments, net consist of the following:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;">Type</td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">June 30, 2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">June 30, 2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%; text-align: left;">Preferred stock - Comstock, at cost</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">13,231,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">13,231,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Private equity hedge fund, at cost</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,879,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,736,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Corporate debt and equity instruments, at cost</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">269,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">569,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Warrants - at fair value</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">282,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">749,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">15,661,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">17,285,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The assets measured at fair value on a recurring basis are as follows:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; border-bottom: 1pt solid black;">As of June 30, 2012</td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 1</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 2</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 3</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Assets:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 48%; text-align: left; padding-bottom: 1pt;">Cash equivalents - money market</td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">3,000</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">3,000</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Restricted cash</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,977,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,977,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Other investments - warrants</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;"> </td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">282,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">282,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Investment in marketable securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td
style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Basic materials</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,706,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,706,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-left: 9pt;">Technology</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,203,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,203,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">REITs and real estate companies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">866,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">866,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Financial services</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">743,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">743,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt; padding-left: 9pt;">Other</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,463,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,463,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">8,981,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">8,981,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">10,961,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">282,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">11,243,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Liabilities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td
style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Interest rate swap</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">60,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">60,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="margin: 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; border-bottom: 1pt solid black;">As of June 30, 2011</td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td colspan="2"> </td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 1</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 2</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 3</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt; text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Assets:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 48%; text-align: left; padding-bottom: 1pt;">Cash equivalents - money market</td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">3,000</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
<td style="width: 1%; padding-bottom: 1pt;"> </td>
<td style="width: 1%; border-bottom: 1pt solid black; text-align: left;">$</td>
<td style="width: 10%; border-bottom: 1pt solid black; text-align: right;">3,000</td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Restricted cash</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,148,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,148,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Other investments - warrants</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;"> </td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black;
text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">749,000.00</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">749,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Investment in marketable securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Basic materials</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,978,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,978,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-left: 9pt;">Services</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,740,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,740,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Investment funds</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,358,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,358,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Financial services</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,012,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,012,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">REITs and real estate companies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,851,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,851,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 1pt; padding-left: 9pt;">Other</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,499,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,499,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">19,438,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom:
1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">19,438,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">21,589,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">749,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">22,338,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>Liabilities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Interest rate swap</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">91,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">91,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 70%; border-collapse: collapse; font: 10pt times new roman,times,serif; margin-left: 0.75in;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap">Warrants - Transfer into Level 3 Reconciliation</td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 3</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Beginning balance as of  June 30, 2011 - Level 3</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 77%; text-align: left;">Transfer in from Level 2 Other investments - warrants</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 20%; text-align: right;">749,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Unrealized loss for they year ended June 30, 2012</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(467,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;">Ending balance as of June 30, 2012 - Level 3</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">282,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Net loss for the year</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: 1pt solid black;" nowrap="nowrap">Assets</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 1</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 2</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 3</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">June 30, 2011</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">ended June 30, 2012</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 35%;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Other non-marketable investments</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">15,379,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">15,379,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">(917,000</td>
<td style="text-align: left;">)</td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Net gain for the year</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: 1pt solid black;" nowrap="nowrap">Assets</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 1</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 2</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Level 3</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">June 30, 2011</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">ended June 30, 2011</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 35%;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td
style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;"> </td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Other non-marketable investments</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">16,536,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">16,536,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">10,446,000</td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Other assets consist of the following as of June 30:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table align="center" style="width: 85%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%; text-align: left;">Accounts receivable, net</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">1,641,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">1,683,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Prepaid expenses</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">945,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">939,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Inventory</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">907,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">543,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Miscellaneous assets, net</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,880,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,553,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total other assets</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">5,373,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">4,718,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"></td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Mortgage notes payable secured by real estate and hotel as of June 30, 2012 and 2011 are summarized as follows:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">  </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;" colspan="6" nowrap="nowrap"><b>As of June 30, 2012</b></td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">Number</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap">Note</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap">Note</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: 1pt solid windowtext; text-align: left; vertical-align: bottom;" nowrap="nowrap">Property</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center; vertical-align: bottom;" nowrap="nowrap">of Units</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">     </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap">Origination Date</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap">Maturity Date</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center; vertical-align: bottom;" colspan="2" nowrap="nowrap">Mortgage Balance</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center; vertical-align: bottom;" nowrap="nowrap">Interest Rate</td>
<td style="text-align: center; vertical-align: bottom;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top;">
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td style="width: 25%;" nowrap="nowrap">SF Hotel</td>
<td style="width: 1%; font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 6%; text-align: center;" nowrap="nowrap">543 rooms</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 15%;" nowrap="nowrap">July</td>
<td style="width: 7%; text-align: right;" nowrap="nowrap">2005</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 15%;" nowrap="nowrap">August</td>
<td style="width: 7%; text-align: center;" nowrap="nowrap">2015</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap">$</td>
<td style="text-align: right; width: 9%;" nowrap="nowrap">26,599,000</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 9%; text-align: right;" nowrap="nowrap">5.22</td>
<td style="width: 1%;" nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">SF Hotel</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap">543 rooms</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2005</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: center;" nowrap="nowrap">2015</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext; text-align: right;" nowrap="nowrap">17,722,000</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.42</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td
style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td colspan="4" nowrap="nowrap">Mortgage notes payable - hotel</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black;" nowrap="nowrap">$</td>
<td style="text-align: right; border-bottom: 2.5pt double black;" nowrap="nowrap">44,321,000</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Austin</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">249</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">June</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">July</td>
<td style="text-align: right;" nowrap="nowrap">2023</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6,872,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.46</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Florence</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">157</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">June</td>
<td style="text-align: right;" nowrap="nowrap">2005</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">July</td>
<td style="text-align: right;" nowrap="nowrap">2014</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">3,878,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.96</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Las Colinas</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">358</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2004</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">17,671,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.99</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Morris County</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">151</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9,010,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.43</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">St. Louis</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">264</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2008</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5,770,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.95</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2000</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: right;" nowrap="nowrap">2030</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">381,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7.59</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2002</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2032</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">388,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.45</td>
<td
nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">February</td>
<td style="text-align: right;" nowrap="nowrap">2001</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2030</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">417,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">8.44</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">31</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2010</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2020</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5,660,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.85</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">30</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: right;" nowrap="nowrap">2007</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2022</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6,605,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.97</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">27</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2010</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2020</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">3,189,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.85</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">14</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,829,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.89</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">12</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2022</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2,081,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.25</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,467,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.60</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,247,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.89</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">8</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2001</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2029</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">486,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2.49</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2018</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">945,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.38</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4</td>
<td nowrap="nowrap"> </td>
<td
nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2018</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">643,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.38</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">October</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2033</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">445,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.50</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">Office</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2009</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2014</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,078,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.02</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">Office</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2000</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext; text-align: right;" nowrap="nowrap">592,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.00</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="4" nowrap="nowrap">Mortgage notes payable - real estate</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">70,654,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;" colspan="6" nowrap="nowrap"><b>As of June 30, 2011</b></td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap">Number</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Note</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Note</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap">Property</td>
<td style="text-align: center;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center;" nowrap="nowrap">of Units</td>
<td style="text-align: center;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center;" colspan="2" nowrap="nowrap">Origination Date</td>
<td style="text-align: center;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center;" colspan="2" nowrap="nowrap">Maturity Date</td>
<td style="text-align: center;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center;" colspan="2" nowrap="nowrap">Mortgage Balance</td>
<td style="text-align: center;" nowrap="nowrap">      </td>
<td style="border-bottom: 1pt solid windowtext; text-align: center;" nowrap="nowrap">Interest Rate</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top;">
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;"
nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td style="width: 25%;" nowrap="nowrap">SF Hotel</td>
<td style="width: 1%; font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 6%; text-align: center;" nowrap="nowrap">544 rooms</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 15%;" nowrap="nowrap">July</td>
<td style="width: 7%; text-align: right;" nowrap="nowrap">2005</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 15%;" nowrap="nowrap">August</td>
<td style="width: 7%; text-align: center;" nowrap="nowrap">2015</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap">$</td>
<td style="text-align: right; width: 9%;" nowrap="nowrap">27,176,000</td>
<td style="width: 1%; text-align: center;" nowrap="nowrap"> </td>
<td style="width: 9%; text-align: right;" nowrap="nowrap">5.22</td>
<td style="width: 1%;" nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">SF Hotel</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap">544 rooms</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2005</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: center;" nowrap="nowrap">2015</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext; text-align: right;" nowrap="nowrap">18,003,000</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.42</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td colspan="4" nowrap="nowrap">Mortgage notes payable - hotel</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">45,179,000</td>
<td style="text-align: center;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Austin</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">249</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">June</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">July</td>
<td style="text-align: right;" nowrap="nowrap">2023</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7,041,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.46</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Florence</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">157</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">June</td>
<td style="text-align: right;" nowrap="nowrap">2005</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">July</td>
<td style="text-align: right;" nowrap="nowrap">2014</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">3,950,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.96</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Las Colinas</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">358</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2004</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td
nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">18,051,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.99</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Morris County</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">151</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9,220,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.43</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">St. Louis</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">264</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2008</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5,878,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.95</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2000</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: right;" nowrap="nowrap">2030</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">390,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7.59</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2002</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2032</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">398,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.45</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">February</td>
<td style="text-align: right;" nowrap="nowrap">2001</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2030</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">426,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">8.44</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">31</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">January</td>
<td style="text-align: right;" nowrap="nowrap">2010</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2020</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5,745,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.85</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">30</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">August</td>
<td style="text-align: right;" nowrap="nowrap">2007</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2022</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6,699,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.97</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">27</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2010</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2020</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">3,236,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.85</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">14</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,850,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.89</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td
nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">12</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2018</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">934,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.38</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,485,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.60</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">9</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2011</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2021</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,262,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.89</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">8</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2001</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2029</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">506,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2.49</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2018</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">965,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.38</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2018</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">657,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.38</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">October</td>
<td style="text-align: right;" nowrap="nowrap">2003</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">November</td>
<td style="text-align: right;" nowrap="nowrap">2033</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">459,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">4.50</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">Office</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2009</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">March</td>
<td style="text-align: right;" nowrap="nowrap">2014</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1,118,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5.02</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">Office</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">September</td>
<td style="text-align: right;" nowrap="nowrap">2000</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">December</td>
<td style="text-align: right;" nowrap="nowrap">2013</td>
<td nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext; text-align: right;" nowrap="nowrap">627,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.00</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="4" nowrap="nowrap">Mortgage notes payable - real estate</td>
<td nowrap="nowrap"> </td>
<td
nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">70,897,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap">Los Angeles</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">24</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">May</td>
<td style="text-align: right;" nowrap="nowrap">2001</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap">April</td>
<td style="text-align: right;" nowrap="nowrap">2031</td>
<td nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid windowtext; text-align: right;" nowrap="nowrap">1,540,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">2.49</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: top; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: top; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="5" nowrap="nowrap">Mortgage notes payable - properties held for sale</td>
<td nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">1,540,000</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Future minimum payments for all notes payable are as follows: </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-indent: 0.5in;"> </p>
<table align="center" style="width: 75%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: center;">For the year ending June 30,</td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 77%; text-align: center;">2013</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 20%; text-align: right;">2,792,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: center;">2014</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,467,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: center;">2015</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,741,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: center;">2016</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">42,192,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: center;">2017</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">794,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: center; padding-bottom: 1pt;">Thereafter</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">66,061,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: center; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">117,047,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The provision for the Company’s income tax benefit (expense) is comprised of the following:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table align="center" style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap">For the years ended June 30,</td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="10" nowrap="nowrap">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="10" nowrap="nowrap">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Continuing</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Discontinued</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Continuing</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Discontinued</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td>Federal</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 22%; text-align: left; padding-left: 9pt;">Current tax expense</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">284,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">284,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">50,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 10%; text-align: right;">50,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Deferred tax expense (benefit)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,847,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">799,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,048,000</td>
<td style="padding-bottom:
1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,815,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,222,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">4,037,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,563,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">799,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(764,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">2,865,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,222,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">4,087,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td>State</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Current tax expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">97,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">109,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">119,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">44,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">163,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Deferred tax expense (benefit)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(15,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">57,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">42,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">624,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">191,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align:
right;">815,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 1pt; padding-left: 9pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">82,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">69,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">151,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">743,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">235,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">978,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 9pt;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 2.5pt; padding-left: 9pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(1,481,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">868,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(613,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">3,608,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">1,457,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">5,065,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The provision for income taxes from continuing operations differs from the amount of income tax computed by applying the federal statutory income tax rate to income (loss) before taxes as a result of the following differences:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 92%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;">For the years ended June 30,</td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2">2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%; text-align: left;">Statutory federal tax rate</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">(1,236,000</td>
<td style="width: 1%; text-align: left;">)</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">4,049,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">State income taxes, net of federal tax benefit</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(44,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">527,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Dividend received deduction</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(292,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(349,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Noncontrolling interest</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(635,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(64,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Valuation allowance</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">547,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(733,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;">Other</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">179,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">178,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(1,481,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">3,608,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The components of the deferred tax asset and liabilities are as follows:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0; text-indent: 0.5in;"> </p>
<table align="center" style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: right; border-bottom: 1pt solid black;" colspan="2">June 30, 2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;"> </td>
<td style="font-weight: bold; text-align: right; border-bottom: 1pt solid black;" colspan="2">June 30, 2011</td>
<td style="padding-bottom: 1pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Deferred tax assets:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 74%; text-align: left; padding-left: 9pt;">Net operating loss carryforwards</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">8,980,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">9,343,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Capital loss carryforwards</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">192,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">615,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Investment impairment reserve</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,049,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,803,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Accruals and reserves</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">668,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">500,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Valuation allowance</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,298,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(752,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">10,591,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">11,509,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Deferred tax liabilities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Deferred gains on real estate sale</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(9,648,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(8,819,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Unrealized gains on marketable securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(4,254,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,426,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-left: 9pt;">Depreciation and amortization</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(315,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">246,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Equity earnings</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,266,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(44,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">State taxes</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(89,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td
style="border-bottom: 1pt solid black; text-align: right;">(2,453,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(15,572,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(17,496,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;">Net deferred tax liability</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(4,981,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(5,987,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"></p>
<table style="width: 50%; border-collapse: collapse; font: 10pt times new roman,times,serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">Federal</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2">State</td>
<td style="padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 54%;">InterGroup</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 20%; text-align: right;">5,606,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 20%; text-align: right;">2,226,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Santa Fe</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">6,269,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,860,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 1pt;">Portsmouth</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">10,811,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">10,004,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">22,686,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">15,090,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">Information below represents reported segments for the years ended June 30, 2012 and 2011. Net income (loss) from hotel operations consist of the operation of the hotel and operation of the garage. Net income for rental properties consist of rental income. Operating income for investment transactions consist of net investment gain (loss) and dividend and interest income.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"><b> </b></p>
<table align="center" style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;" nowrap="nowrap">As of and for the year </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Hotel </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Real Estate </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> Investment</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> Discontinued</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap">ended June 30, 2012</td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Transactions</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Other</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Subtotal</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 10%;">Revenues</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">42,462,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">14,537,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">56,999,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">208,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">57,207,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Operating expenses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(35,825,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(9,971,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black;
text-align: right;">(1,844,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(47,640,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(127,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(47,767,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Income (loss) from operations</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">6,637,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,566,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,844,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">9,359,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">81,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">9,440,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Gain on sale of real estate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,710,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,710,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Interest expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,724,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,497,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,221,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(22,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,243,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Loss from investments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,191,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,191,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,191,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Income tax benefit (expense)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,481,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">1,481,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(868,000</td>
<td style="padding-bottom: 1pt; text-align:
left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">613,000</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Net income (loss)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">3,913,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">1,069,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(6,191,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(363,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(1,572,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">901,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(671,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total assets</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">40,678,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">65,051,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">24,642,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">9,450,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">139,821,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">-</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">139,821,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table align="center" style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;" nowrap="nowrap">As of and for the year</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Hotel</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Real Estate</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Investment</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Discontinued</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap">ended June 30, 2011</td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;
border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Transactions</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Other</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Subtotal</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Operations</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Total</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 10%;">Revenues</td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">36,282,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">13,571,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">-</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">49,853,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">900,000</td>
<td style="width: 1%; text-align: left;"> </td>
<td style="width: 1%;"> </td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">50,753,000</td>
<td style="width: 1%; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Operating expenses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(32,964,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(9,987,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,877,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(44,828,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(444,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(45,272,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;">Income (loss) from operations</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,318,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,584,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,877,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,025,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">456,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,481,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Gain on sale of real estate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,290,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,290,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color:
#ccffcc;">
<td style="text-align: left;">Interest expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,806,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,533,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,339,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(151,000</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(6,490,000</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Income from investments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,227,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,227,000</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,227,000</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;">Income tax expense</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">-</td>
<td style="padding-bottom: 1pt; text-align: left;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(3,608,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(3,608,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(1,457,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;">(5,065,000</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Net income (loss)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">512,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">51,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">13,227,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">(5,485,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">8,305,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">2,138,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;">10,443,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total assets</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">40,143,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">66,844,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">36,723,000</td>
<td
style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">8,230,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">151,940,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">2,426,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;">154,366,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> The fair value of options granted during the year ended June 30, 2012 are measured by applying the Black-Scholes model on grant date using the following assumptions:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 35%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 67%; text-align: left;" nowrap="nowrap">Expected volatility</td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 30%; text-align: right;" nowrap="nowrap">52.2</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;" nowrap="nowrap">Expected term</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">7 years</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left;" nowrap="nowrap">Expected dividend yield</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">0</td>
<td style="text-align: left;" nowrap="nowrap">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;" nowrap="nowrap">Risk-free interest rate</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">1.66</td>
<td style="text-align: left;" nowrap="nowrap">%</td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The following table summarizes the stock options activity from June 30, 2010 through June 30, 2012:</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table align="center" style="width: 100%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Number of</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Weighted Average</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Weighted Average</td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">Aggregate</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Shares</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Exercise Price</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Remaining Life</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Intrinsic Value</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" colspan="2" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 35%; text-align: left;" nowrap="nowrap">Oustanding at</td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 12%; text-align: right;" nowrap="nowrap">June 30, 2010</td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">192,000</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap">$</td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">11.32</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">6.44 years</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap">$</td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">790,000</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap">Granted</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td nowrap="nowrap">Exercised</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">(3,000</td>
<td style="text-align: left;" nowrap="nowrap">)</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">12.70</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap">Forfeited</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;"
nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 1pt;" nowrap="nowrap">Exchanged</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">(27,000</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap">)</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">12.96</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Oustanding at</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 2.5pt;" nowrap="nowrap">June 30, 2011</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">162,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">11.02</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">6.48 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">2,252,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Exercisable at</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 2.5pt;" nowrap="nowrap">June 30, 2011</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">79,500</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">11.76</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">4.20 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">1,046,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Vested and Expected to vest at</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 2.5pt;" nowrap="nowrap">June 30, 2011</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">162,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">11.02</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">6.48 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">2,252,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;"
nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;" nowrap="nowrap">Oustanding at</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">June 30, 2011</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">162,000</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap">$</td>
<td style="text-align: right;" nowrap="nowrap">11.02</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">6.48 years</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap">$</td>
<td style="text-align: right;" nowrap="nowrap">2,252,000</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td nowrap="nowrap">Granted</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">95,000</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">20.04</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap">Exercised</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td nowrap="nowrap">Forfeited</td>
<td nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">-</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;" nowrap="nowrap">Exchanged</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">(15,000</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap">)</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">13.72</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Oustanding at</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom:
2.5pt;" nowrap="nowrap">June 30, 2012</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">242,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">14.55</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">7.46 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">2,050,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Exercisable at</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 2.5pt;" nowrap="nowrap">June 30, 2012</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">87,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">11.48</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">4.92 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">1,171,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap">Vested and Expected to vest at</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="text-align: right; padding-bottom: 2.5pt;" nowrap="nowrap">June 30, 2012</td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">242,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">14.55</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">7.46 years</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">2,050,000</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
</table>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;">The table below summarizes the RSUs granted and outstanding.</p>
<p style="font: 10pt times new roman, times, serif; margin: 0pt 0;"> </p>
<table style="width: 90%; border-collapse: collapse; font: 10pt times new roman,times,serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" colspan="2" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap">Grant Date</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Number of RSUs</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: 1pt solid black;" colspan="2" nowrap="nowrap">Fair Value</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="width: 74%;" nowrap="nowrap">RSUs outstanding as of                June 30, 2010</td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">32,564</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
<td style="width: 1%;" nowrap="nowrap"> </td>
<td style="width: 1%; text-align: left;" nowrap="nowrap">$</td>
<td style="width: 10%; text-align: right;" nowrap="nowrap">12.89</td>
<td style="width: 1%; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td nowrap="nowrap">Granted</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">5,884</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap">$</td>
<td style="text-align: right;" nowrap="nowrap">24.92</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap">Converted to common stock</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">(17,564</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap">)</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">13.07</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap">RSUs outstanding as of                 June 30, 2011</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">20,884</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap">$</td>
<td style="text-align: right;" nowrap="nowrap">16.14</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap">Granted</td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap">8,245</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap">$</td>
<td style="text-align: right;" nowrap="nowrap">24.94</td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap">Converted to common stock</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom:
1pt solid black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">(20,884</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap">)</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 1pt solid black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 1pt solid black; text-align: right;" nowrap="nowrap">16.14</td>
<td style="padding-bottom: 1pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
<td style="text-align: right;" nowrap="nowrap"> </td>
<td style="text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #ccffcc;">
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"><b>RSUs outstanding as of </b>             <b> June 30, 2012</b></td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">8,245</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2.5pt;" nowrap="nowrap"> </td>
<td style="border-bottom: 2.5pt double black; text-align: left;" nowrap="nowrap">$</td>
<td style="border-bottom: 2.5pt double black; text-align: right;" nowrap="nowrap">24.94</td>
<td style="padding-bottom: 2.5pt; text-align: left;" nowrap="nowrap"> </td>
</tr>
</table>
0.6880
0.125
0.50
P7Y
P5Y
P40Y
P3Y
P39Y
P10Y
P3Y
P5Y
976000
917000
P10Y
P15Y
337000
445000
0.04
0.839
427000
P15Y
P1Y
0.98
0.75
0.0150
75000
285000
0.80
0.20
0.50
0.50
77685000
55363000
2738000
19584000
80503000
2738000
20856000
56909000
37542000
20467000
0
17075000
39825000
0
18185000
21640000
3605000
2638000
2299000
2086000
2131000
2131000
1405000
1668000
29763000
31849000
25781000
25781000
70826000
71119000
651000
147000
682000
178000
322000
829000
900000
208000
595000
149000
132
24
5500000
112000
3215000
1487000
61000
9
4000000
0.0616
0.0560
0.0499
0.0597
0.0249
0.0522
0.0495
0.0759
0.0450
0.0844
0.0560
0.0502
0.0638
0.0249
0.0589
0.0485
0.0600
0.0589
0.0546
0.0642
0.0543
0.0485
0.0645
0.0496
0.0638
0.0638
0.0380
0.0642
0.0597
0.0638
0.0499
0.0638
0.0502
0.0844
0.0546
0.0543
0.0759
0.0645
0.0638
0.0522
0.0496
0.045
0.0249
0.0485
0.056
0.0589
0.0485
0.0589
0.0495
0.06
May-2021
P30Y
427000
427000
P27Y6M
P15Y
726000
2030000
15288000
7181000
6147000
3797000
-1997000
-1997000
4150000
1800000
19438000
4978000
2012000
2851000
0
4978000
0
0
0
0
3358000
0
0
0
2851000
19438000
0
2499000
3358000
3740000
0
0
0
0
3740000
0
2499000
2012000
8981000
8981000
0
0
743000
866000
1463000
743000
866000
1463000
4706000
4706000
1203000
1203000
0
0
0
0
0
0
0
0
0
0
47000
-2628000
2628000
-1816000
969000
1507000
13231
0.0750
1809000
11422000
13231000
7681000
1536
7681
0.6510
400000
400000
749000
282000
143000
467000
3000
0
0
3000
3000
3000
0
0
749000
0
0
282000
0
282000
22338000
0
749000
21589000
11243000
10961000
0
282000
16536000
16536000
0
0
15379000
0
0
15379000
10446000
-917000
1683000
1641000
939000
945000
543000
907000
1553000
1880000
60000
61000
2500000
2202000
1702000
2010-04-30
The annual floating interest rate was reduced by 0.5% to the WSJ Prime Rate plus 2.5% (with a minimum floor rate of 5.0% per annum).
2014-04-30
0.0575
472000
309000
544
544
543
543
9
358
30
24
264
4
1
1
7
8
9
31
14
249
151
27
2
157
4
12
30
7
358
4
0
1
249
151
4
2
7
157
1
8
27
9
9
31
14
264
0
April 2011
April 2004
August 2007
May 2001
July 2005
May 2008
September 2000
October 2003
February 2001
March 2009
November 2003
May 2001
April 2011
January 2010
September 2000
April 2011
June 2003
March 2005
April 2003
November 2010
January 2002
June 2005
November 2003
November 2003
April 2011
April 2004
August 2007
May 2001
July 2005
May 2008
September 2000
October 2003
February 2001
March 2009
November 2003
May 2001
April 2011
January 2010
September 2000
April 2011
June 2003
March 2005
April 2003
November 2010
January 2002
June 2005
November 2003
November 2003
May 2021
May 2013
September 2022
April 2031
August 2015
May 2013
August 2030
November 2033
December 2030
March 2014
December 2018
November 2029
March 2021
December 2020
December 2013
March 2021
July 2023
August 2015
May 2013
December 2020
January 2032
July 2014
December 2018
December 2018
May 2021
May 2013
September 2022
November 2029
August 2015
May 2013
August 2030
November 2033
December 2030
March 2014
December 2018
November 2029
March 2021
December 2020
December 2013
March 2021
July 2023
August 2015
May 2013
December 2020
January 2032
July 2014
December 2018
December 2018
2792000
3467000
1741000
42192000
794000
66061000
117047000
30000000
19000000
P120M
P100M
P10Y
P10Y
P10Y
P10Y
P10Y
0.0522
0.0642
0.0485
0.0485
0.0589
0.0589
0.0425
165000
119000
P30Y
P30Y
P30Y
P30Y
P30Y
P30Y
P30Y
2015-08-05
1641000
3569000
5932000
715000
958000
926000
3260000
5787000
1265000
1855000
2095000
LIBOR (London Interbank Offered Rate) plus 3.5
0.0135
0.0485
91000
91000
0
0
60000
0
60000
0
1507000
2078000
367000
687000
1122000
14000
0.0250
0.0075
469000
626000
50000
0
50000
284000
0
284000
4037000
1222000
2815000
-1048000
799000
-1847000
4087000
1222000
2865000
-764000
799000
-1563000
163000
44000
119000
109000
12000
97000
815000
191000
624000
42000
57000
-15000
978000
235000
743000
151000
69000
82000
4049000
-1236000
527000
-44000
349000
292000
64000
635000
-733000
547000
178000
179000
3608000
-1481000
9343000
8980000
615000
192000
1803000
2049000
500000
668000
752000
1298000
11509000
10591000
-8819000
-9648000
-6426000
-4254000
246000
-315000
-44000
-1266000
-2453000
-89000
-17496000
-15572000
-5987000
-4981000
22686000
6269000
10811000
5606000
15090000
2860000
10004000
2226000
50753000
36282000
0
13571000
900000
49853000
0
57207000
42462000
0
14537000
208000
56999000
0
-45272000
-32964000
-1877000
-9987000
-444000
-44828000
0
-47767000
-35825000
-1844000
-9971000
-127000
-47640000
0
13227000
0
0
0
0
13227000
13227000
-6191000
0
0
0
0
-6191000
-6191000
0.522
P7Y
0.00
0.0166
192000
162000
242000
0
95000
0
0
-27000
-15000
79500
87000
20000
11.32
11.02
14.55
0
20.04
12.70
0
0
0
12.96
13.72
11.76
11.48
11.02
14.55
P10Y
P10Y
P4Y2M12D
P10Y
P4Y11M1D
P6Y5M23D
P7Y5M16D
790000
2252000
2050000
1046000
1171000
2252000
2050000
20884
32564
8245
5884
8245
-17564
-20884
16.14
12.89
24.94
24.92
24.94
13.07
16.14
P5Y
200000
100000
5000
4716
600
60000
200000
3532
100000
5000
90000
10.30
10.30
2.00
16000
278000
241000
604000
P4Y
1000
18000
22000
0.20
Performance based compensation for his management of the Company's securities portfolio equal to 20% of all net investment gains generated in excess of an annual return equal to the Prime Rate of Interest (as published in the Wall Street Journal) plus 2%.
468000
562000
285000
183000
277000
P15Y
P5Y
0.03
0.03
0.04
0.04
0.05
0.01
0.05
2574000
3008000
0.0075
0.0065
0.0065
181000
214000
0.04
60000
63000
8112000
8119000
145000
-101000
0
-44000
0
0
-44000
151000
1504000
4370000
124000
24.92
19.77
749000
-467000
P6Y5M23D
0
0000069422intg:FourPointTwoFivePercentageLosAngelesMember2012-06-30
0000069422intg:FourPointTwoFivePercentageLosAngelesMember2011-07-012012-06-30
2
2081000
December 2011
January 2022
242000
162000
P6Y5M23D
P6Y5M8D
P7Y5M16D