The InterGroup Corporation was organized to buy, develop, operate, rehabilitate and dispose of real property of various types and descriptions, and to engage in such other business and investment activities. The Company operates in three 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). As of June 30, 2012, the Company owned approximately 79.9% of the common shares of Santa Fe Financial Corporation (Santa Fe). Santa Fe�s revenue is generated through its 68.8% owned subsidiary, Portsmouth Square, Inc. (Portsmouth). The Company also directly owns approximately 12.5% of Portsmouth. Portsmouth�s principal business is conducted through its general and limited partnership interest in the Justice Investors limited partnership (Justice).