InterGroup Corp Files 2024 10-K

TL;DR

InterGroup Corp filed its 2024 10-K. All systems go.

AI Summary

InterGroup Corp, an operator of apartment buildings, filed its 10-K for the fiscal year ending June 30, 2024. The company, formerly known as Mutual Real Estate Investment Trust, is incorporated in Delaware and headquartered in Los Angeles, California. The filing covers financial data and business operations for the period.

Why It Matters

This filing provides a comprehensive overview of InterGroup Corp's financial health and operational performance for the fiscal year 2024, crucial for investors and stakeholders to assess the company's standing.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Players & Entities

• INTERGROUP CORP (company) — Filer
• MUTUAL REAL ESTATE INVESTMENT TRUST (company) — Former company name
• 11620 WILSHIRE BOULEVARD (location) — Business and Mail Address
• LOS ANGELES (location) — City
• DE (location) — State of Incorporation
• 0630 (date) — Fiscal Year End
• 20240630 (date) — Conformed Period of Report

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value INTG The NASDAQ Stock Mar
• $706,000 — 24 and 2023, hotel management fees were $706,000 and $711,000, and incentive fees of $0
• $711,000 — hotel management fees were $706,000 and $711,000, and incentive fees of $0 and $505,000,
• $0 — 000 and $711,000, and incentive fees of $0 and $505,000, respectively, offset by k
• $505,000 — $711,000, and incentive fees of $0 and $505,000, respectively, offset by key money amor
• $250,000 — ly, offset by key money amortization of $250,000 for both years and are included in Hote
• $5,000 — onthly event space fee in the amount of $5,000, adjusted annually based on the local C
• $7,000 — 0, 2024, the monthly event space fee is $7,000. The term of the amended lease expired
• $4,000 — ion, the Hotel shall pay the Foundation $4,000 per day for using the event space. Duri
• $8,000 — and 2023, the Hotel paid the Foundation $8,000 and $20,000 for such fees, respectively
• $20,000 — he Hotel paid the Foundation $8,000 and $20,000 for such fees, respectively. SALES AN
• $4,823,000 m — ay 31, 2023, the Company refinanced its $4,823,000 mortgage note payable on its 264-unit apa
• $5,360,000 — nd obtained a new two-year mortgage for $5,360,000. The Company deposited the existing cas
• $616,000 — crow for Capital Expenditure Reserve of $616,000 and $244,000 in Additional Reserve for
• $244,000 — tal Expenditure Reserve of $616,000 and $244,000 in Additional Reserve for taxes and ins

Filing Documents

• form10-k.htm (10-K) — 1794KB
• ex14.htm (EX-14) — 12KB
• ex19.htm (EX-19) — 6KB
• ex21.htm (EX-21) — 19KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 9KB
• ex32-2.htm (EX-32.2) — 8KB
• ex97.htm (EX-97) — 6KB
• ex19_001.jpg (GRAPHIC) — 423KB
• ex19_002.jpg (GRAPHIC) — 494KB
• ex19_003.jpg (GRAPHIC) — 416KB
• ex19_004.jpg (GRAPHIC) — 353KB
• ex19_005.jpg (GRAPHIC) — 69KB
• ex97_001.jpg (GRAPHIC) — 552KB
• ex97_002.jpg (GRAPHIC) — 628KB
• ex97_003.jpg (GRAPHIC) — 614KB
• ex97_004.jpg (GRAPHIC) — 92KB
• ex97_005.jpg (GRAPHIC) — 142KB
• 0001493152-24-038852.txt ( ) — 14085KB
• intg-20240630.xsd (EX-101.SCH) — 66KB
• intg-20240630_cal.xml (EX-101.CAL) — 86KB
• intg-20240630_def.xml (EX-101.DEF) — 246KB
• intg-20240630_lab.xml (EX-101.LAB) — 542KB
• intg-20240630_pre.xml (EX-101.PRE) — 412KB
• form10-k_htm.xml (XML) — 1414KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 33 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 66 Item 9A.

Controls and Procedures

Controls and Procedures. 66 Item 9B. Other Information. 67 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 67 PART III Item 10. Directors, Executive Officers and Corporate Governance. 68 Item 11.

Executive Compensation

Executive Compensation. 71 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 76 Item 13. Certain Relationships and Related Transactions, and Director Independence. 77 Item 14. Principal Accounting Fees and Services. 78 PART IV Item 15. Exhibits, Financial Statement Schedules. 79

Signatures

Signatures 82 2 FORWARD-LOOKING This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Forward-looking results, our liquidity and capital resources, including anticipated repayment of certain of the Company's indebtedness, the impact to our business and financial condition, the effects of competition and the effects of future legislation or regulations and other non-historical recession and geopolitical conflicts). Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect our results of operations, financial condition, cash flows, performance or future achievements or events. All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not place undue reliance on any forward-looki

forward-looking statements

forward-looking statements. Other factors that may cause actual results to differ materially from current expectations include, but are not limited to: risks associated with the lodging industry, including competition, increases in wages, labor relations, energy and fuel costs, actual and threatened pandemics, actual and threatened terrorist attacks, and downturns in domestic and international economic and market conditions, particularly in the San Francisco Bay area; risks associated with the real estate industry, including changes in real estate and zoning laws or regulations, increases in real property taxes, rising insurance premiums, costs of compliance with environmental laws and other governmental regulations; the availability and terms of financing and capital and the general volatility of securities markets; increases in interest rates; changes in the competitive environment in the hotel industry; economic volatility and potential recessive trends; risks related to natural disasters; hyperinflation; litigation; and other risk factors discussed below in this Report. All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. You should not put undue reliance on any forward-looking statements and we urge investors to carefully review the disclosures we make concerning risks and uncertainties in Item 1A: "Risk Factors" in this Annual Report on Form 10-K, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov, as well as risks, uncertainties and other factors discussed in this Annual Report on Form 10-K. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether