Company Name: The Intergroup Corporation
Stock Market: NASDAQ (INTG)
Industry Sector: Operators of Apartment Buildings
Market Capitalisation: $31.9 million (as of October 31, 2008)
Yearly Revenue: $50.4 million (as of June, 2008)
Operating Income: $3.7 million
Net Income: $0.3 million (loss)
Total Assets: $148.1 million
Key People: John V. Winfield (Chairman of the Board, President and Chief Executive Officer), Josef A. Grunwald (Director and Vice Chairman of the Board), Gary N. Jacobs (Secretary, Director)
Headquarters Address: 820 Moraga Drive, Los Angeles, California
Number of Employees: 7 full-time
Company Overview
The Intergroup Corporation was formed in Delaware in 1985. It succeeding Mutual Real Estate Investment Trust, a real estate investment base formed in 1965 in New York. Since 1966, the company’s shares were held in public, prior to its acquisition by Mutual Real Estate Investment Trust (M-REIT).
The operations of the company are focused on buying, rehabilitating, operating and disposing real estate property of different kinds and descriptions, and conducting other businesses in which the company and the shareholders will have profitable gain. Intergroup Corporation is dedicated to upholding its initial commitment and responsibility to society, which is to provide inexpensive and decent housing. In 1985, the company discovered the effects of local, state and federal equal housing laws that lead to change in its organisation from a real estate investment trust to a corporation; to promote and perform its social responsibility, increase its shareholder revenues, and establish a better and fairer society through entering into various investments other than real estate.
The Intergroup Corporation’s principal business activities are operated through a general and limited partnership interest of Portsmouth to Justice. Justice is a hotel in California, as famous as the Hilton in the San Francisco financial district. Other income is obtained from Justice’s payment for Portsmouth’s management fees and management of its wholly owned real estates. The properties that generate the company’s income consist of 18 apartment buildings, 2 single-family buildings and 2 commercial real estates located all over the United States, but with a focus in South California and Texas. The company also engages in underdeveloped real property investments, while all of its residential real properties are supervised by third-party companies, but not including San Antonio and Irving Texas properties.
The Intergroup Corporation’s consolidated investments are derived from real estate and several investments using securities or debt and cash in accordance to the Board of Director’s guidelines. The company invests in instruments, and debt and equity securities that produce income. Other investments are also considered depending on their potential growth and profitability. A pull up banner stand is great for brand recognition and therefore profitability as a stand out graphic at corporate events.
Current Financial Overview
On June 30, 2008, Intergroup Corporation gained 79.9% voting control over Santa Fe Corporation Financial Corporation (Santa Fe). Santa Fe is a public company, which obtains its revenues from Portsmouth Square, Inc, its subsidiary and also a public company of which Santa Fe owned 68.8%. The company owned 11.7% of Portsmouth, which is a partner of Justice Investors. In April 2006, 0.20% limited partnership interest was held by Portsmouth; its partnership interest to Justice Investors was 50%.
The Intergroup Corporation has a market capitalisation of $31.9 million, yearly revenue of $50.4 million, operating income of $3.7 million, and total assets of $148.1 million. It also incurred a net loss of $0.3 million.
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