NASDAQ: INTG
INTERGROUP CORPCIK 0000069422 · SIC 6513 · Operators Of Apartment Buildings
The InterGroup Corporation (“InterGroup” or the “Company,” and together with its consolidated subsidiaries, “we,” “us,” or “our”) is a Delaware corporation whose common stock is listed on the Nasdaq Capital Market under the symbol “INTG.” The Company’s operations principally consist of the… About this business →
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Latest financial statements
From 10-K filed Sep 28, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations
| Description | Years ended June 30, 2026 | Years ended June 30, 2025 |
|---|---|---|
| Revenues: | ||
| Hotel | 55,797,000 | 46,363,000 |
| Real estate | 18,154,000 | 18,015,000 |
| Total revenues | 73,951,000 | 64,378,000 |
| Costs and operating expenses: | ||
| Hotel operating expenses | (43,273,000) | (37,631,000) |
| Real estate operating expenses | (9,301,000) | (9,550,000) |
| Depreciation and amortization expense | (6,793,000) | (6,624,000) |
| General and administrative expense | (2,718,000) | (2,930,000) |
| Total costs and operating expenses | (62,085,000) | (56,735,000) |
| Income from operations | 11,866,000 | 7,643,000 |
| Other (expense) income: | ||
| Interest expense mortgages and mezzanine | (12,666,000) | (13,556,000) |
| Net realized gain (loss) on marketable securities | 167,000 | (329,000) |
| Net unrealized gain (loss) on marketable securities | 786,000 | (1,018,000) |
| Gain from insurance claims | 124,000 | - |
| Gain from sale of real estate | 3,508,000 | - |
| Gain on debt extinguishment | - | 1,416,000 |
| Dividend and interest income | 30,000 | 161,000 |
| Trading and margin interest expense | (1,196,000) | (1,316,000) |
| Net other expense | (9,247,000) | (14,642,000) |
| Income (loss) before income taxes | 2,619,000 | (6,999,000) |
| Income tax expense | (2,283,000) | (548,000) |
| Net income (loss) | 336,000 | (7,547,000) |
| Less: Net loss attributable to the noncontrolling interest | 1,307,000 | 2,199,000 |
| Net income (loss) attributable to InterGroup | 1,643,000 | (5,348,000) |
| Net income (loss) per share | ||
| Basic | 0.16 | (3.49) |
| Diluted | 0.15 | |
| Net income (loss) per share attributable to InterGroup | ||
| Basic | 0.77 | (2.47) |
| Diluted | 0.71 | |
| Weighted average number of common shares outstanding | 2,149,399 | 2,162,153 |
| Weighted average number of diluted shares outstanding | 2,312,594 | N/A |
Consolidated Balance Sheets
| Description | As of June 30, 2026 | As of June 30, 2025 |
|---|---|---|
| ASSETS | ||
| Investment in Hotel, net | 37,977,000 | 39,519,000 |
| Investment in real estate, net | 42,835,000 | 45,253,000 |
| Investment in marketable securities | 4,394,000 | 969,000 |
| Cash and cash equivalents | 6,356,000 | 5,084,000 |
| Restricted cash | 10,943,000 | 10,058,000 |
| Other assets | 2,113,000 | 2,189,000 |
| Assets held for sale | - | 1,029,000 |
| Total assets | 104,618,000 | 104,101,000 |
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||
| Liabilities: | ||
| Accounts payable and other liabilities | 3,254,000 | 3,292,000 |
| Accounts payable and other liabilities Hotel | 13,001,000 | 12,672,000 |
| Due to securities broker | 427,000 | - |
| Obligations for securities sold | 272,000 | - |
| Other notes payable | 1,413,000 | 1,979,000 |
| Deferred tax liability | 7,017,000 | 5,348,000 |
| Mortgage and mezzanine notes payable Hotel | 102,535,000 | 101,519,000 |
| Mortgage notes payable real estate | 90,696,000 | 93,595,000 |
| Total liabilities | 218,615,000 | 218,405,000 |
| Commitments and contingencies - Note 17 | ||
| Shareholders’ deficit: | ||
| Preferred stock, $.01 par value, 100,000 shares authorized; none issued | - | - |
| Common stock, $.01 par value, 4,000,000 shares authorized; 3,459,888 and 3,459,888 issued; 2,148,812 and 2,154,405 outstanding as of June 30, 2026 and 2025, respectively | 38,000 | 38,000 |
| Additional paid-in capital | 3,658,000 | 3,614,000 |
| Accumulated deficit | (66,337,000) | (67,980,000) |
| Treasury stock, at cost, 1,311,076 and 1,305,483 shares as of June 30, 2026 and 2025, respectively | (21,860,000) | (21,787,000) |
| Total InterGroup shareholders’ deficit | (84,501,000) | (86,115,000) |
| Non-controlling interest | (29,496,000) | (28,189,000) |
| Total shareholders’ deficit | (113,997,000) | (114,304,000) |
| Total liabilities and shareholders’ deficit | 104,618,000 | 104,101,000 |
Consolidated Statements of Cash Flows
| Description | Years ended June 30, 2026 | Years ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | 336,000 | (7,547,000) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Net unrealized (gain) loss on marketable securities | (786,000) | 1,018,000 |
| Deferred taxes | 1,669,000 | 624,000 |
| Gain on insurance recovery | (124,000) | - |
| Gain from sale of real estate | (3,508,000) | - |
| Gain on extinguishment of debt | - | (1,416,000) |
| Depreciation and amortization | 6,793,000 | 6,624,000 |
| Amortization of loan cost | 1,152,000 | 1,239,000 |
| Amortization of other notes payable | (566,000) | (409,000) |
| Stock compensation expense | 44,000 | 105,000 |
| Changes in assets and liabilities: | ||
| Investment in marketable securities | (2,639,000) | 5,467,000 |
| Other assets | 287,000 | 1,018,000 |
| Accounts payable and other liabilities | (236,000) | (973,000) |
| Accounts payable and other liabilities Hotel | 329,000 | 331,000 |
| Due to securities broker | 427,000 | - |
| Obligations for securities sold | 272,000 | (188,000) |
| Net cash provided by operating activities | 3,450,000 | 5,893,000 |
| Cash flows from investing activities: | ||
| Capital expenditures for property and equipment Hotel | (2,198,000) | (2,252,000) |
| Capital expenditures for property and equipment real estate | (968,000) | (1,739,000) |
| Proceeds from sale of real estate, net | 4,472,000 | - |
| Investment in Portsmouth | - | (1,000) |
| Insurance proceeds for property damage claims | 456,000 | 75,000 |
| Net cash provided by (used in) investing activities | 1,762,000 | (3,917,000) |
| Cash flows from financing activities: | ||
| Issuance costs from Hotel refinance | - | (2,106,000) |
| Payments of mortgage | (1,201,000) | (81,575,000) |
| Payoff mortgage indebtedness | (1,834,000) | - |
| Proceeds from mortgage, mezzanine and other notes payable | - | 88,600,000 |
| Purchase of treasury stock | (73,000) | (394,000) |
| Net cash (used in) provided by financing activities | (3,108,000) | 4,525,000 |
| Net increase in cash, cash equivalents and restricted cash: | 2,104,000 | 6,501,000 |
| Cash, cash equivalents and restricted cash at the beginning of the year | 15,195,000 | 8,694,000 |
| Cash, cash equivalents and restricted cash at the end of the year | 17,299,000 | 15,195,000 |
| Supplemental information: | ||
| Federal income taxes paid | 144,000 | 20,000 |
| State income taxes paid | 248,000 | 122,000 |
| Interest paid | 9,650,000 | 12,366,000 |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About INTERGROUP CORP
Source: Item 1 (Business) from the 10-K filed September 28, 2026. Description as filed by the company with the SEC.
Item
1. Business.
GENERAL
The
InterGroup Corporation (“InterGroup” or the “Company,” and together with its consolidated subsidiaries, “we,”
“us,” or “our”) is a Delaware corporation whose common stock is listed on the Nasdaq Capital Market under the
symbol “INTG.” The Company’s operations principally consist of the ownership and operation of a hotel, the ownership
and management of multifamily and commercial real estate, and investments in marketable and other securities.
As
of June 30, 2026, the Company owned approximately 75.9% of the outstanding common stock of Portsmouth Square, Inc. (“Portsmouth”),
which is a consolidated subsidiary of the Company.
Through
Portsmouth and its wholly owned subsidiaries, the Company owns and operates the Hilton San Francisco Financial District, a full-service
hotel located at 750 Kearny Street in San Francisco, California (the “Hotel”). Effective September 30, 2025, the Hotel’s
available room inventory increased from 544 to 558 rooms following the conversion of 14 former administrative office spaces into guestrooms.
The Hotel generates revenues principally from guestrooms, food and beverage operations, parking and other ancillary operations and serves
business, convention, group and leisure travelers.
The
Hotel is owned through Portsmouth’s wholly owned subsidiaries, including Justice Operating Company, LLC (“Operating”),
which owns the Hotel.
In
addition to the operations of the Hotel, the Company also generates income from the ownership, management and, when appropriate, sale
of real estate. Property includes fifteen apartment complexes, one commercial real estate property and three single-family houses. The
properties are located throughout the United States but are concentrated in Texas and Los Angeles County, California. The Company also
owns approximately two acres of unimproved land in Maui, Hawaii. As of June 30, 2026, all the Company’s operating real estate properties
are managed in-house.
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The
Company evaluates real estate and other investment opportunities subject to guidelines established by the Board of Directors and its
Executive Strategic Real Estate and Securities Investment Committee and the availability of appropriate financing.
The
Company also invests from time to time in marketable securities and other investments. See Item 7 - Management’s Discussion and
Analysis of Financial Condition and Results of Operations and Marketable Securities Investment Policies” below for additional information
regarding the Company’s marketable securities and other investments.
HILTON
FRANCHISE AGREEMENT
Operating
is party to a franchise agreement with HLT Franchise Holding, LLC (“Hilton”) under which the Hotel operates as the Hilton
San Francisco Financial District. The franchise agreement extends through January 31, 2030.
The
franchise agreement requires the Hotel to comply with applicable Hilton brand standards and capital improvement requirements. Failure
to comply with applicable requirements could result in penalties or termination of the franchise, as discussed in Item 1A – Risk
Factors.
HOTEL
MANAGEMENT AGREEMENT
Operating
entered into a hotel management agreement (“HMA”) with Aimbridge Hospitality (“Aimbridge”) to manage the Hotel,
along with its five-level parking garage, effective February 3, 2017. The HMA has an initial ten-year term ending in February 2027 and
provides for up to five successive one-year renewal periods, subject to the terms of the agreement.
Under
the HMA, Aimbridge receives a base management fee equal to 1.70% of total Hotel revenue and may earn an incentive fee based on Hotel
operating performance, subject to the terms of the HMA. See Note 11 – Management Agreement to the Consolidated Financial Statements
and Item 1A – Risk Factors.
4
CHINESE
CULTURE FOUNDATION LEASE
The
Hotel is subject to a long-term lease with the Chinese Culture Foundation of San Francisco (the “Foundation”) covering the
third-floor Chinese Culture Center. The lease automatically extended for an additional 10-year term in October 2023 while the property
continues to operate as a hotel. Under the lease, the Foundation has the right to reserve the event space for up to 75 days per calendar
year, subject to specified conditions, and the Hotel may use reserved dates upon payment of a contractual fee.
SALE
OF REAL ESTATE PROPERTY
In
December 2025, the Company completed the sale of a 12-unit multifamily property located in Los Angeles County, California for a sales
price of $4.85 million, resulting in a gain on sale of $3,508,000, which is included in gain on sale of real estate in the consolidated
statements of operations. See Note 5 – Investment in Real Estate, Net and Note 18 – Disposition of Real Estate to the Consolidated
Financial Statements.
MARKETABLE
SECURITIES INVESTMENT POLICIES
In
addition to its Hotel and real estate operations, the Company from time to time invests in marketable securities and other investment
instruments.
The
Company’s securities investments are made under the supervision of an Executive Strategic Real Estate and Securities Investment
Committee of the Board of Directors (the “Committee”). The Committee has delegated authority to manage the portfolio to the
Company’s Chairman and Chief Executive Officer subject to investment guidelines established by the Committee.
See
Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 6 – Investment
in Marketable Securities to the Consolidated Financial Statements for additional information regarding the Company’s investment
activities.
SEASONALITY
Historically,
the Hotel’s operation has been seasonal under normal circumstances. The Hotel generally experiences lower demand during the holiday
period from approximately Thanksgiving through early January. These seasonal patterns may cause fluctuations in the Hotel’s quarterly
revenues.
COMPETITION
The
Hotel operates in a highly competitive San Francisco lodging market and competes with full-service and other lodging properties for business,
convention, group and leisure travelers. Competition is based on factors including location, brand affiliation, room rates, property
condition, amenities, service levels and access to corporate, convention and leisure demand. The Hotel’s Financial District location,
Hilton affiliation and recently renovated guestrooms and public areas are important competitive factors.
GOVERNMENT
REGULATION AND ENVIRONMENTAL MATTERS
The
Hotel is subject to federal, state and local laws and regulations applicable to its operations, including laws and regulations relating
to employment and labor, food and beverage service, accessibility, health and safety, privacy, taxation and environmental matters. The
Company’s multifamily and commercial real estate operations are also subject to federal, state and local laws and regulations applicable
to landlords and property owners, including landlord-tenant, rent regulation, zoning, building and safety, accessibility and environmental
requirements. Changes in applicable laws or regulations could increase the Company’s operating or capital costs.
5
The
Company’s operations are subject to various federal, state, and local environmental laws and regulations. Management is not aware
of any pending environmental matters or remediation obligations that are expected to have a material adverse effect on the Company’s
business, financial condition, results of operations, or cash flows. Compliance with existing environmental laws has not had, and is
not currently expected to have, a material effect on the Company’s capital expenditures, earnings or competitive position.
COMPETITION
– RENTAL PROPERTIES
The
multifamily rental market is highly competitive. The Company competes for residents primarily based on location, rental rates, property
condition, amenities and services. Competition from other multifamily properties and alternative housing may adversely affect occupancy,
rental rates and operating results.
EMPLOYEES
As
of June 30, 2026, the Company had 214 employees, including 175 full-time employees. Of the total, 27 were employed in corporate and multifamily
operations and 187 were employed in Hotel operations.
As
of June 30, 2026, approximately 90% of the Hotel employees were represented by one of three labor unions and were covered by collective
bargaining agreements (“CBAs”). Aimbridge, as agent for Justice Operating Company, LLC (“Operating”), administers
the applicable CBAs, and Operating funds the related payroll, employee benefits and other labor costs.
The
CBA covering employees represented by Local 2 (Hotel and Restaurant Employees) expires on August 13, 2028. The CBA covering employees
represented by Local 856 (International Brotherhood of Teamsters) expires on December 31, 2028. The CBA covering employees represented
by Local 39 (Stationary Engineers) expires in July 2030.
The
terms of the CBAs affect the Hotel’s wages, employee benefits and other labor-related operating costs. See Item 1A – Risk
Factors.
ADDITIONAL
INFORMATION
The
Company files required annual and quarterly reports on Forms 10-K and 10-Q, current reports on Form 8-K and other information with the
Securities and Exchange Commission (“SEC” or the “Commission”). The SEC no longer operates a public reference
room. The Commission also maintains an Internet site at https://www.sec.gov, that contains reports, proxy and information statements,
and other information regarding issuers that file electronically with the Commission.
Other
information about the Company can be found on its website www.intgla.com. Reference in this document to that website address does
not constitute incorporation by reference of the information contained on the website. We make our annual reports on Form 10-K, quarterly
reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports available free of charge on our website as soon as
reasonably practicable after such materials are filed with or furnished to the SEC.