The Intergroup Corporation
InterGroup Corp is a U.S. real estate holding company with a concentrated operating base in hospitality and multifamily/commercial property ownership. Through its majority-owned subsidiary Portsmouth Square, it owns the Hilton San Francisco Financial District, while its direct portfolio includes apartment complexes, a commercial property, single-family houses, and investment securities.
Tilikausi 2026 · muutos edellisvuodesta
Kehitys 2021–2026
Liiketoiminta
Osuus liikevaihdostaRevenue from the Hilton San Francisco Financial District and related guest services.
Apartment complexes owned and managed for recurring rental income.
One commercial property and related leasing income from business tenants.
Income from cash, marketable securities, and other investments.
Tuotteet
Raportoitu · osuus liikevaihdosta- Hotel Rooms65,4 %
- Real Estate24,5 %
- Parking4,5 %
- Food and Beverage4,3 %
- Other Operating Departments1,3 %
Lähde: 10-K FY2026, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
InterGroup serves hotel guests through its San Francisco hotel asset and residential tenants through its apartment portfolio. Its commercial property tenants and investment counterparties are secondary sources of revenue, while the company also relies on capital markets and lenders to refinance property-level debt. Demand is driven by local occupancy, rental market conditions, and business-travel activity in San Francisco.
Business and leisure travelers staying at the San Francisco hotel and using its rooms and amenities.
Households renting apartments across the company’s multifamily portfolio for recurring housing needs.
Businesses leasing the company’s commercial real estate for office or operating space.
Banks and financing providers supporting mortgage refinancing, liquidity, and debt service.
Strategia
InterGroup is focused on improving cash flow from its property portfolio while managing leverage and refinancing risk at the asset level. The company emphasizes in-house management of its multifamily and commercial properties to improve responsiveness and avoid third-party fees, while also selectively recycling capital through asset sales or refinancings when conditions allow. Preserving liquidity and stabilizing the San Francisco hotel remain central to the strategy.
The hotel and rental portfolio fund debt service, capex, and corporate liquidity.
Property-level mortgages affect liquidity and interest expense, especially in volatile markets.
Direct ownership and in-house management can improve cost control and operating responsiveness.
Maantiede
The company’s operating footprint is concentrated in the United States, with the hotel in San Francisco and the real estate portfolio spread across Texas, Southern California, St. Louis, Florence, Kentucky, and Hawaii. Management explicitly notes that apartment and commercial properties are primarily in Texas and Los Angeles County, while the hotel creates a meaningful exposure to the San Francisco market. This concentration makes local economic conditions, tourism, labor costs, and refinancing markets especially important.
Riskit
InterGroup faces concentrated exposure to the San Francisco hotel market, where competition, local economic conditions, and travel demand can materially affect results. The company also carries refinancing and liquidity risk at the property level, plus Nasdaq listing risk tied to low market value of listed securities and negative stockholders’ equity. As a real estate owner, it is also exposed to tenant credit issues, asset impairment, and cybersecurity risks affecting operations and data integrity.
- San Francisco market concentrationVaikutus: KorkeaTodennäköisyys: Korkea
A single hotel asset in one urban market drives a meaningful share of cash flow.
Kohdistuu: Hotel operations and upstream distributions from Portsmouth
- Competitive pressure in hotel operationsVaikutus: KorkeaTodennäköisyys: Korkea
Nearby hotels and resorts compete on amenities, pricing, location, and marketing.
Kohdistuu - Nasdaq listing complianceVaikutus: KorkeaTodennäköisyys: Korkea
The company has disclosed MVLS and stockholders’ equity deficiencies and possible delisting.
Kohdistuu - Refinancing and debt maturity riskVaikutus: KeskitasoTodennäköisyys: Korkea
Property-level mortgages must be refinanced or repaid, and terms depend on credit markets.
Kohdistuu - Cybersecurity and IT disruptionVaikutus: KeskitasoTodennäköisyys: Matala
Operations depend on third-party and internal systems for property and financial processes.
Kohdistuu - Tenant credit and rent collectionVaikutus: Keskitaso
Rental receivables and allowances show exposure to delinquency and collection timing.
Kohdistuu: Apartment and commercial property cash flow
Kirjanpito
Harkinnanvaraiset erätRental receivables and hotel receivables require judgment on collectability.
Vaikutus: Can materially affect operating income and balance-sheet receivables
Real estate, hotel assets, and investments may need write-downs if values decline.
Vaikutus: Can reduce earnings and book value in weak property markets
The hotel subsidiary is majority-owned and consolidated into InterGroup’s statements.
Vaikutus: Drives reported hotel revenue, debt, and operating results
Large federal and state NOLs may shelter future taxable income.
Vaikutus: Affects future cash taxes and effective tax rate
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
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Päivitetty: 24.9.2026