Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Nov. 15, 2017 | Mar. 31, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MONMOUTH REAL ESTATE INVESTMENT CORP | ||
Entity Central Index Key | 67,625 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 980,786,000 | ||
Entity Common Stock, Shares Outstanding | 76,568,948 | ||
Trading Symbol | MNR | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Real Estate Investments: | ||
Land | $ 188,494,819 | $ 162,110,595 |
Buildings and Improvements | 1,250,626,187 | 995,489,304 |
Total Real Estate Investments | 1,439,121,006 | 1,157,599,899 |
Accumulated Depreciation | (172,730,273) | (144,496,585) |
Real Estate Investments | 1,266,390,733 | 1,013,103,314 |
Real Estate Held for Sale | 9,071,351 | 9,380,012 |
Cash and Cash Equivalents | 10,226,046 | 95,749,508 |
Securities Available for Sale at Fair Value | 123,764,770 | 73,604,894 |
Tenant and Other Receivables | 1,753,054 | 1,444,824 |
Deferred Rent Receivable | 8,049,275 | 6,917,431 |
Prepaid Expenses | 5,434,874 | 4,830,987 |
Intangible Assets, net of Accumulated Amortization of $13,404,318 and $12,332,599, respectively | 10,010,165 | 5,816,153 |
Capitalized Lease Costs, net of Accumulated Amortization of $3,393,187 and $3,238,516, respectively | 4,180,907 | 4,165,268 |
Financing Costs, net of Accumulated Amortization of $619,555 and $246,678, respectively | 875,709 | 1,245,923 |
Other Assets | 3,280,871 | 7,227,571 |
TOTAL ASSETS | 1,443,037,755 | 1,223,485,885 |
Liabilities: | ||
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | 591,364,371 | 477,476,010 |
Loans Payable | 120,091,417 | 80,790,684 |
Accounts Payable and Accrued Expenses | 4,450,753 | 3,998,771 |
Other Liabilities | 14,265,518 | 9,868,572 |
Preferred Stock Called for Redemption | 0 | 53,493,750 |
Total Liabilities | 730,172,059 | 625,627,787 |
COMMITMENTS AND CONTINGENCIES | ||
Shareholders' Equity: | ||
Common Stock, $0.01 Par Value Per Share: 192,039,750 and 194,600,000 Shares Authorized as of September 30, 2017 and 2016, respectively; 75,630,521 and 68,920,972 Shares Issued and Outstanding as of September 30, 2017 and 2016, respectively | 756,305 | 689,210 |
Excess Stock, $0.01 Par Value Per Share: 200,000,000 Shares Authorized as of September 30, 2017 and 2016; No Shares Issued or Outstanding as of September 30, 2017 and 2016 | 0 | 0 |
Additional Paid-In Capital | 459,552,701 | 391,726,621 |
Accumulated Other Comprehensive Income | 6,570,565 | 12,942,267 |
Undistributed Income | 0 | 0 |
Total Shareholders' Equity | 712,865,696 | 597,858,098 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | 1,443,037,755 | 1,223,485,885 |
Series B Preferred Stock [Member] | ||
Shareholders' Equity: | ||
Preferred stock, value | 0 | 57,500,000 |
Series C Preferred Stock [Member] | ||
Shareholders' Equity: | ||
Preferred stock, value | $ 245,986,125 | $ 135,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Accumulated amortization of intangible assets | $ 13,404,318 | $ 12,332,599 |
Accumulated amortization of lease costs | 3,393,187 | 3,238,516 |
Accumulated amortization of financing costs | $ 619,555 | $ 246,678 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 192,039,750 | 194,600,000 |
Common Stock, shares issued | 75,630,521 | 68,920,972 |
Common Stock, shares outstanding | 75,630,521 | 68,920,972 |
Excess Stock, par value | $ 0.01 | $ 0.01 |
Excess Stock , shares authorized | 200,000,000 | 200,000,000 |
Excess Stock , shares issued | ||
Excess Stock , shares outstanding | ||
Series B Preferred Stock [Member] | ||
Cumulative redeemable preferred, stock dividend rate | 7.875% | 7.875% |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 0 | 2,300,000 |
Preferred stock, shares issued | 0 | 2,300,000 |
Preferred stock, shares outstanding | 0 | 2,300,000 |
Series C Preferred Stock [Member] | ||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 12,400,000 | 5,400,000 |
Preferred stock, shares issued | 9,839,445 | 5,400,000 |
Preferred stock, shares outstanding | 9,839,445 | 5,400,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
INCOME: | |||
Rental Revenue | $ 97,659,778 | $ 81,592,429 | $ 67,059,385 |
Reimbursement Revenue | 15,886,204 | 13,323,681 | 10,716,112 |
Lease Termination Income | 0 | 0 | 238,625 |
TOTAL INCOME | 113,545,982 | 94,916,110 | 78,014,122 |
EXPENSES: | |||
Real Estate Taxes | 12,427,311 | 10,455,401 | 8,362,135 |
Operating Expenses | 4,887,922 | 4,273,899 | 4,127,884 |
General and Administrative Expenses | 7,809,546 | 7,936,124 | 6,305,928 |
Acquisition Costs | 178,526 | 730,441 | 1,546,088 |
Depreciation | 29,634,998 | 24,055,022 | 19,705,320 |
Amortization of Capitalized Lease Costs and Intangible Assets | 1,824,751 | 2,032,658 | 2,067,408 |
TOTAL EXPENSES | 56,763,054 | 49,483,545 | 42,114,763 |
OTHER INCOME (EXPENSE): | |||
Dividend and Interest Income | 6,930,564 | 5,616,392 | 3,723,867 |
Gain on Sale of Securities Transactions, net | 2,311,714 | 4,398,599 | 805,513 |
Interest Expense, including Amortization of Financing Costs | (25,754,121) | (22,953,049) | (19,844,166) |
TOTAL OTHER INCOME (EXPENSE) | (16,511,843) | (12,938,058) | (15,314,786) |
INCOME FROM CONTINUING OPERATIONS | 40,271,085 | 32,494,507 | 20,584,573 |
Gain on Sale of Real Estate Investment | 0 | 0 | 5,021,242 |
NET INCOME | 40,271,085 | 32,494,507 | 25,605,815 |
Less: Preferred Dividends | 14,861,686 | 9,020,470 | 8,607,032 |
Less: Redemption of Preferred Stock | 2,467,165 | 2,942,149 | 0 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 22,942,234 | $ 20,531,888 | $ 16,998,783 |
BASIC INCOME – PER SHARE | |||
Net Income | $ 0.56 | $ 0.50 | $ 0.43 |
Less: Preferred Dividends | (0.21) | (0.14) | (0.14) |
Less: Redemption of Preferred Stock | (0.03) | (0.05) | 0 |
Net Income Attributable to Common Shareholders – Basic | 0.32 | 0.31 | 0.29 |
DILUTED INCOME – PER SHARE | |||
Net Income | 0.56 | 0.50 | 0.43 |
Less: Preferred Dividends | (0.21) | (0.14) | (0.14) |
Less: Redemption of Preferred Stock | (0.03) | (0.05) | 0 |
Net Income Attributable to Common Shareholders – Diluted | $ 0.32 | $ 0.31 | $ 0.29 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||
Basic | 72,114,078 | 65,468,564 | 59,085,888 |
Diluted | 72,249,691 | 65,558,284 | 59,201,296 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 40,271,085 | $ 32,494,507 | $ 25,605,815 |
Other Comprehensive Income: | |||
Unrealized Holding Gains (Losses) Arising During the Period | (4,059,988) | 22,782,469 | (4,757,446) |
Reclassification Adjustment for Net Gains of Sales of Securities Transactions Realized in Income | (2,311,714) | (4,398,599) | (805,513) |
Total Comprehensive Income | 33,899,383 | 50,878,377 | 20,042,856 |
Less: Preferred Dividends | 14,861,686 | 9,020,470 | 8,607,032 |
Less: Redemption of Preferred Stock | 2,467,165 | 2,942,149 | 0 |
Comprehensive Income Attributable to Common Shareholders | $ 16,570,532 | $ 38,915,758 | $ 11,435,824 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Additional Paid in Capital [Member] | Undistributed Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | |
Balance Beginning at Sep. 30, 2014 | $ 570,088 | $ 53,493,750 | $ 57,500,000 | $ 0 | $ 308,945,888 | $ 0 | $ 121,356 | $ 420,631,082 | |
Shares Issued in Connection with the DRIP | [1] | 49,755 | 0 | 0 | 0 | 48,354,801 | 0 | 0 | 48,404,556 |
Shares Issued Through the Exercise of Stock Options | 812 | 0 | 0 | 0 | 611,598 | 0 | 0 | 612,410 | |
Shares Issued Through Restricted Stock Awards | 580 | 0 | 0 | 0 | (580) | 0 | 0 | 0 | |
Stock Compensation Expense | 0 | 0 | 0 | 0 | 448,895 | 0 | 0 | 448,895 | |
Distributions To Common Shareholders | 0 | 0 | 0 | 0 | (18,523,344) | (16,998,783) | 0 | (35,522,127) | |
Net Income | 0 | 0 | 0 | 0 | 0 | 25,605,815 | 0 | 25,605,815 | |
Preferred Dividends | 0 | 0 | 0 | 0 | 0 | (8,607,032) | 0 | (8,607,032) | |
Change in Unrealized Net Holding Gain (Loss) on Securities Available for Sale, Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | 0 | 0 | (5,562,959) | (5,562,959) | |
Balance Ending at Sep. 30, 2015 | 621,235 | 53,493,750 | 57,500,000 | 0 | 339,837,258 | 0 | (5,441,603) | 446,010,640 | |
Shares Issued in Connection with the DRIP | [1] | 65,157 | 0 | 0 | 0 | 72,110,640 | 0 | 0 | 72,175,797 |
Shares Issued in Connection with Underwritten Public Offering of 6.125% Series C Preferred Stock, net of offering costs | 0 | 0 | 0 | 135,000,000 | (4,456,578) | 0 | 0 | 130,543,422 | |
Shares Issued Through the Exercise of Stock Options | 2,450 | 0 | 0 | 0 | 1,880,850 | 0 | 0 | 1,883,300 | |
Shares Issued Through Restricted Stock Awards | 400 | 0 | 0 | 0 | (400) | 0 | 0 | 0 | |
Stock Compensation Expense | 0 | 0 | 0 | 0 | 926,465 | 0 | 0 | 926,465 | |
Distributions To Common Shareholders | 0 | 0 | 0 | 0 | (21,502,295) | (20,531,888) | 0 | (42,034,183) | |
Net Income | 0 | 0 | 0 | 0 | 0 | 32,494,507 | 0 | 32,494,507 | |
Preferred Dividends | 0 | 0 | 0 | 0 | 0 | (9,020,470) | 0 | (9,020,470) | |
Change in Unrealized Net Holding Gain (Loss) on Securities Available for Sale, Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | 0 | 0 | 18,383,870 | 18,383,870 | |
Preferred Stock Called for Redemption | 0 | (53,493,750) | 0 | 0 | 2,930,649 | (2,942,149) | 0 | (53,505,250) | |
Cancellation of Shares Related to Forfeiture of Restricted Stock Awards | (32) | 0 | 0 | 0 | 32 | 0 | 0 | 0 | |
Balance Ending at Sep. 30, 2016 | 689,210 | 0 | 57,500,000 | 135,000,000 | 391,726,621 | 0 | 12,942,267 | 597,858,098 | |
Shares Issued in Connection with the DRIP | [1] | 66,327 | 0 | 0 | 0 | 91,865,504 | 0 | 0 | 91,931,831 |
Shares Issued in Connection with Underwritten Public Offering of 6.125% Series C Preferred Stock, net of offering costs | 0 | 0 | 0 | 75,000,000 | (3,996,907) | 0 | 0 | 71,003,093 | |
Shares Issued in Connection with At-The-Market Offerings of 6.125% Series C Preferred Stock, net of offering costs | 0 | 0 | 0 | 35,986,125 | (255,906) | 0 | 0 | 35,730,219 | |
Shares Issued Through the Exercise of Stock Options | 650 | 0 | 0 | 0 | 468,650 | 0 | 0 | 469,300 | |
Shares Issued Through Restricted Stock Awards | 110 | 0 | 0 | 0 | (110) | 0 | 0 | 0 | |
Stock Compensation Expense | 8 | 0 | 0 | 0 | 624,698 | 0 | 0 | 624,706 | |
Distributions To Common Shareholders | 0 | 0 | 0 | 0 | (23,347,014) | (22,942,334) | 0 | (46,289,248) | |
Net Income | 0 | 0 | 0 | 0 | 0 | 40,271,085 | 0 | 40,271,085 | |
Preferred Dividends | 0 | 0 | 0 | 0 | 0 | (14,861,686) | 0 | (14,861,686) | |
Change in Unrealized Net Holding Gain (Loss) on Securities Available for Sale, Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | 0 | 0 | (6,371,702) | (6,371,702) | |
Preferred Stock Called for Redemption | 0 | 0 | (57,500,000) | 0 | 2,467,165 | (2,467,165) | 0 | (57,500,000) | |
Balance Ending at Sep. 30, 2017 | $ 756,305 | $ 0 | $ 0 | $ 245,986,125 | $ 459,552,701 | $ 0 | $ 6,570,565 | $ 712,865,696 | |
[1] | Dividend Reinvestment and Stock Purchase Plan |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - Series C Preferred Stock [Member] | 12 Months Ended |
Sep. 30, 2017 | |
Preferred, stock dividend rate | 6.125% |
Underwritten Public Offering [Member] | |
Preferred, stock dividend rate | 6.125% |
At-The-Market Offerings [Member] | |
Preferred, stock dividend rate | 6.125% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 40,271,085 | $ 32,494,507 | $ 25,605,815 |
Noncash Items Included in Net Income: | |||
Depreciation & Amortization | 32,694,009 | 27,203,918 | 23,058,744 |
Stock Compensation Expense | 624,706 | 926,465 | 448,895 |
Deferred Straight Line Rent | (463,842) | (1,080,699) | (1,446,264) |
Gain on Sale of Securities Transactions, net | (2,311,714) | (4,398,599) | (805,513) |
Loss (Gain) on Sale of Real Estate Investments | 95,336 | 0 | (5,021,242) |
Changes in: | |||
Tenant & Other Receivables | (206,262) | (559,805) | 646,061 |
Prepaid Expenses | (603,887) | (899,371) | (1,166,821) |
Other Assets & Capitalized Lease Costs | 15,353 | (1,814,638) | (2,359,895) |
Accounts Payable, Accrued Expenses & Other Liabilities | 3,753,082 | 2,827,722 | (897,495) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 73,867,866 | 54,699,500 | 38,062,285 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of Real Estate & Intangible Assets | (286,951,980) | (210,747,340) | (192,187,485) |
Capital Improvements | (4,974,988) | (21,566,561) | (10,541,656) |
Proceeds on Sale of Real Estate | 4,125,819 | 0 | 8,846,686 |
Return of Deposits on Real Estate | 3,400,000 | 2,950,000 | 3,100,000 |
Deposits Paid on Acquisitions of Real Estate | (450,000) | (2,200,000) | (3,700,000) |
Proceeds from Sale of Securities Available for Sale | 17,274,946 | 22,774,768 | 16,201,480 |
Purchase of Securities Available for Sale | (71,494,810) | (19,055,956) | (16,188,760) |
NET CASH USED IN INVESTING ACTIVITIES | (339,071,013) | (227,845,089) | (194,469,735) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from Fixed Rate Mortgage Notes Payable | 188,809,000 | 153,428,485 | 122,173,058 |
Principal Payments on Fixed Rate Mortgage Notes Payable | (73,594,586) | (43,671,506) | (35,977,890) |
Net Proceeds (Repayments) from Loans Payable | 39,300,733 | (4,250,702) | 59,841,386 |
Financing Costs Paid on Debt | (2,190,098) | (2,646,393) | (2,917,663) |
Redemption of 7.625% Series A Preferred Stock | (53,493,750) | 0 | 0 |
Redemption of 7.875% Series B Preferred Stock | (57,500,000) | 0 | 0 |
Proceeds from Underwritten Public Offering of 6.125% Series C Preferred Stock, net of offering costs | 71,003,093 | 130,543,422 | 0 |
Proceeds from At-The-Market Preferred Equity Program, net of offering costs | 35,733,885 | 0 | 0 |
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments | 81,805,937 | 63,806,651 | 39,915,387 |
Proceeds from the Exercise of Stock Options | 469,300 | 1,883,300 | 612,410 |
Preferred Dividends Paid | (14,500,474) | (8,607,032) | (8,607,032) |
Common Dividends Paid, net of Reinvestments | (36,163,355) | (33,665,037) | (27,032,958) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 179,679,685 | 256,821,188 | 148,006,698 |
Net Increase (Decrease) in Cash and Cash Equivalents | (85,523,462) | 83,675,599 | (8,400,752) |
Cash and Cash Equivalents at Beginning of Year | 95,749,508 | 12,073,909 | 20,474,661 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 10,226,046 | $ 95,749,508 | $ 12,073,909 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Series A Preferred Stock [Member] | ||
Preferred, stock dividend rate | 7.625% | |
Series B Preferred Stock [Member] | ||
Preferred, stock dividend rate | 7.875% | |
Series C Preferred Stock [Member] | ||
Preferred, stock dividend rate | 6.125% | |
Series C Preferred Stock [Member] | Underwritten Public Offering [Member] | ||
Preferred, stock dividend rate | 6.125% | 6.125% |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Business Monmouth Real Estate Investment Corporation (a Maryland corporation) and its subsidiaries (the Company) operate as a real estate investment trust (REIT), deriving its income primarily from real estate rental operations. As of September 30, 2017 and 2016, rental properties consisted of 108 and 99 property holdings, respectively. These properties are located in 30 states: Alabama, Arizona, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin. In addition, the Company owns a portfolio of REIT securities which the Company generally limits to no more than approximately 10% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). Segment Reporting & Financial Information The Company’s primary business is the ownership and management of real estate properties. The Company invests in well-located, modern, single tenant, industrial buildings leased primarily to investment-grade tenants or their subsidiaries on long-term net leases. The Company reviews operating and financial information for each property on an individual basis and, therefore, each property represents an individual operating segment. The Company evaluates financial performance using Net Operating Income (NOI) from property operations. NOI is a non-GAAP financial measure, which we define as recurring Rental and Reimbursement Revenue, less Real Estate Taxes and Operating Expenses, such as insurance, utilities and repairs and maintenance. The Company has aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities, including the fact that they are operated as industrial properties subject to long-term net leases primarily to investment-grade tenants or their subsidiaries. For required financial information related to our operations and assets, please refer to our consolidated financial statements, including the notes thereto in this Annual Report. Use of Estimates In preparing the financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Principles of Consolidation and Non-controlling Interest The consolidated financial statements include the Company and its wholly-owned subsidiaries. In 2005, the Company formed MREIC Financial, Inc., a taxable REIT subsidiary which has had no activity since inception. In 2007, the Company merged with Monmouth Capital Corporation (Monmouth Capital), with Monmouth Capital surviving as a wholly-owned subsidiary of the Company. All intercompany transactions and balances have been eliminated in consolidation. At September 30, 2017, Monmouth Capital owns a 51% majority interest in Palmer Terrace Realty Associates, LLC (a New Jersey limited liability company) (Palmer Terrace). The Company consolidates the results of operations of Palmer Terrace. Non-controlling interest represents 49% of the members’ equity in Palmer Terrace and is included in Other Liabilities in the accompanying Consolidated Balance Sheet. Buildings and Improvements Buildings and improvements are stated at the lower of depreciated cost or net realizable value. Depreciation is computed based on the straight-line method over the estimated useful lives of the assets. These lives are 39 years for buildings and range from 5 to 39 years for improvements. The Company applies Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360-10, Property, Plant & Equipment (ASC 360-10) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that an other-than-temporary impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded. Gains (Losses) on Sale of Real Estate Gains (losses) on the sale of real estate investments are recognized when the profit (loss) on a given sale is determinable, and the seller is not obliged to perform significant activities after the sale to earn such profit (loss). Acquisitions Prior to the adoption of ASU 2017-01, upon acquisition of a property, the Company allocated the purchase price of the property based upon the fair value of the assets acquired, which generally consisted of land, buildings and intangible assets, including above and below market leases and in-place leases. The Company allocated the purchase price to the fair value of the tangible assets of an acquired property generally determined by third party appraisal of the property obtained in conjunction with the purchase. The purchase price was further allocated to acquired above and below market leases based on the present value of the difference between prevailing market rates and the in-place lease rates over the remaining term. In addition, any remaining amounts of the purchase price were applied to in-place lease values based on management’s evaluation of the specific characteristics of each tenant’s lease. In-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenant, the tenant’s credit quality and expectations of lease renewals were also considered. Acquired above and below market leases were amortized to rental revenue over the remaining non-cancelable terms of the respective leases. The value of in-place lease intangibles was amortized to amortization expense over the remaining lease term. If a tenant terminated its lease early, the unamortized portion of the tenant improvements, leasing commissions, deferred rent, and the in-place lease value was charged to expense when there was a signed termination agreement, all of the conditions of the termination agreement were met, the tenant is no longer occupying the property and the termination consideration, if any, is probable of collection. As a result of the adoption of Accounting Standards Update (ASU) 2017-01, (as further described herein under “ New Accounting Pronouncements”) Marketable Securities Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 10% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). These marketable securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities may be classified among three categories: held-to-maturity, trading, and available-for-sale. The Company normally holds REIT securities on a long-term basis and has the ability and intent to hold securities to recovery. Therefore as of September 30, 2017 and 2016, the Company’s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices in active markets. Gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in the unrealized net holding gains (losses) is reflected as Comprehensive Income (Loss). The Company individually reviews and evaluates its marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines its intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as: a. Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area. b. Any downgrading of the security by a rating agency. c. Whether the financial condition of the issuer has deteriorated. d. Status of dividends – Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made. e. Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions. The Company normally holds REIT securities on a long-term basis and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis. Cash and Cash Equivalents Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature. Intangible Assets, Capitalized Lease Costs and Financing Costs Intangible assets, consisting primarily of the value of in-place leases, are amortized to expense over the remaining terms of the respective leases. Upon termination of a lease, the unamortized portion is charged to expense. The weighted-average amortization period upon acquisition for intangible assets recorded during 2017, 2016 and 2015 was 13 years, 12 years and 13 years, respectively. Costs incurred in connection with the execution of leases are capitalized and amortized over the term of the respective leases. Unamortized lease costs are charged to expense upon cancellation of leases prior to the expiration of lease terms. Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and are amortized over the term of the related obligations using the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. Amortization expense related to these deferred leasing and financing costs were $2,089,259, $2,072,120 and $2,042,520 for the years ended September 30, 2017, 2016 and 2015, respectively. The Company estimates that aggregate amortization expense for existing assets will be approximately $1,913,000, $1,719,000, $1,365,000, $1,145,000 and $1,065,000 for the fiscal years 2018, 2019, 2020, 2021 and 2022, respectively. Revenue Recognition Rental revenue from tenants with leases having scheduled rental increases are recognized on a straight-line basis over the term of the lease. Tenant recoveries related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred. The reimbursements are recognized and presented gross, as the Company is generally the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. These occupancy charges are recognized as earned. The Company provides an allowance for doubtful accounts against the portion of tenant and other receivables and deferred rent receivable which are estimated to be uncollectible. For accounts receivable the Company deems uncollectible, the Company uses the direct write-off method. The Company did not have an allowance for doubtful accounts as of September 30, 2017 and 2016. Lease Termination Income Lease Termination Income is recognized in operating revenues when there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and the termination consideration is probable of collection. Lease termination amounts are paid by tenants who want to terminate their lease obligations before the end of the contractual term of the lease by agreement with the Company. Of the Company’s 108 properties, only five leases contain an early termination provision. The Company’s leases with early termination provisions are the 26,340 square foot location in Ridgeland (Jackson), MS, the 38,833 square foot location in Rockford, IL, the recently executed lease for the 36,270 square feet location in Urbandale (Des Moines), IA, the 83,000 square foot location in Roanoke, VA and the 102,135 square foot location in O’Fallon (St. Louis), MO. Each lease termination provision contains certain requirements that must be met in order to exercise each termination provision. These requirements include: date termination can be exercised, the time frame that notice must be given by the tenant to the Company and the termination fee that would be required to be paid by the tenant to the Company. The total potential termination fee to be paid to the Company from the five leases with termination provisions amounts to approximately $1,756,000. Net Income Per Share Basic Net Income per Share is calculated by dividing Net Income Attributable to Common Shareholders by the weighted-average number of common shares outstanding during the period. Diluted Net Income per Common Share is calculated by dividing Net Income Attributable to Common Shareholders by the weighted-average number of common shares outstanding plus the weighted-average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. In addition, common stock equivalents of 135,613, 89,720 and 115,408 shares are included in the diluted weighted average shares outstanding for fiscal years 2017, 2016 and 2015, respectively. As of September 30, 2017, 2016 and 2015, options to purchase 65,000, -0- and 65,000 shares, respectively, were antidilutive. Stock Compensation Plan The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs of $624,706, $926,465 and $448,895 have been recognized in 2017, 2016 and 2015, respectively. Included in Note 9 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted shares. Income Tax The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code. The Company will not be taxed on the portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments, and meets certain other requirements for qualification as a REIT. The Company is subject to franchise taxes in several of the states in which the Company owns property. The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of September 30, 2017. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of September 30, 2017, the fiscal tax years 2014 through and including 2017 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. Comprehensive Income Comprehensive income is comprised of net income and other comprehensive income. Other comprehensive income consists of unrealized holding gains or losses arising during the period on securities available for sale, less any reclassification adjustments for net gains of sales of securities transactions realized in income. Reclassifications Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year. New Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (ASU 2017-01). ASU 2017-01 provides revised guidance to determine when an acquisition meets the definition of a business or should be accounted for as an asset acquisition, likely resulting in more acquisitions being accounted for as asset acquisitions as opposed to business combinations. Transaction costs are capitalized for asset acquisitions while they are expensed as incurred for business combinations. ASU 2017-01 requires that, when substantially all of the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset or group of similar identifiable assets does not meet the definition of a business. ASU 2017-01 also revises the definition of a business to include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output. ASU 2017-01 will be effective, on a prospective basis, for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. We adopted ASU 2017-01 as of April 1, 2017, as permitted under the standard. As a result of the implementation of this update, our property acquisitions, which under previous guidance were accounted for as business combinations, are now accounted for as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized as opposed to expensed under accounting for business combinations. For the period April 1, 2017 through September 30, 2017, the Company acquired eight properties, for each of which it was concluded that substantially all of the fair value of the assets acquired with each property acquisition was concentrated in a single identifiable asset and did not meet the definition of a business combination under ASU 2017-01. Therefore, acquisition transaction costs associated with these property acquisitions were capitalized to real estate investments as part of the purchase price. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments” (ASU 2016-15). ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. In March 2016, the FASB issued ASU 2016-09 “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09), which relates to the accounting for employee share-based payments. ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases” (ASU 2016-02). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01). ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company’s fiscal year beginning October 1, 2018. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements and has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-03). ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (Subtopic 835-30), which clarified that debt issuance costs related to line-of-credit arrangements may be presented as an asset and amortized over the term of the line-of-credit arrangement regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted these standards effective October 1, 2016. As a result, debt issuance costs related to debt liabilities that are not line-of-credit arrangements are included as a direct deduction from the related debt liability and those related to line-of-credit arrangements continue to be included as an asset on the accompanying Consolidated Balance Sheets. The effects of this standard were applied retrospectively to all prior periods presented. The effect of the change in accounting principle was the reduction in the amount of $6,272,143 of the Fixed Rate Mortgage Notes Payable liability and a corresponding reduction of the Financing Costs asset as of September 30, 2016 and a reclassification of Amortization of Financing Costs of $1,116,238 and $1,286,016 for the fiscal years ended September 30, 2016 and 2015, respectively, to Interest Expense, including Amortization of Financing Costs in our Consolidated Statement of Income. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” (ASU 2014-09) which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB issued further guidance in ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, that provides clarifying guidance in certain narrow areas and adds some practical expedients. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The effective date of ASU 2014-09 was extended by one year by ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”. The new standard is effective for the first interim period within annual reporting periods beginning after December 15, 2017. Therefore, the Company expects to adopt the standard effective October 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method, and the Company is evaluating which transition method it will elect. The Company is also in the process of evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company does not expect the adoption of this standard to have a significant impact on its consolidated financial statements and related disclosures. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Real Estate Investments | NOTE 2 – REAL ESTATE INVESTMENTS The following is a summary of the cost and accumulated depreciation of the Company’s land, buildings and improvements at September 30, 2017 and 2016: Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748,115 $ 5,913,696 $ 1,092,730 $ 5,569,081 Arizona: Tolleson (Phoenix) Industrial 1,316,075 15,508,151 5,634,312 11,189,914 Colorado: Colorado Springs Industrial 1,270,000 5,934,472 1,644,190 5,560,282 Colorado Springs Industrial 2,150,000 26,350,000 900,855 27,599,145 Denver Industrial 1,150,000 5,204,051 1,570,819 4,783,232 Connecticut: Newington (Hartford) Industrial 410,000 3,084,108 1,288,391 2,205,717 Florida: Cocoa Industrial 1,881,316 12,246,133 2,435,695 11,691,754 Davenport (Orlando) Industrial 7,060,000 30,720,000 918,974 36,861,026 Ft. Myers (Vacant) (1) Industrial 1,910,000 3,107,448 1,057,915 3,959,533 Ft. Myers (FDX Ground) Industrial 2,400,000 19,223,000 353,846 21,269,154 Homestead (Miami) Industrial 4,426,727 33,446,393 214,400 37,658,720 Jacksonville (FDX) Industrial 1,165,000 5,164,784 2,450,615 3,879,169 Jacksonville (FDX Ground) Industrial 6,000,000 24,732,090 1,688,236 29,043,854 Lakeland Industrial 261,000 1,721,532 525,151 1,457,381 Orlando Industrial 2,200,000 6,354,432 1,636,085 6,918,347 Punta Gorda Industrial -0- 4,133,510 945,236 3,188,274 Tampa (FDX Ground) Industrial 5,000,000 14,696,227 4,544,868 15,151,359 Tampa (FDX) Industrial 2,830,000 4,789,924 1,383,938 6,235,986 Tampa (Tampa Bay Grand Prix) Industrial 1,867,000 3,810,982 1,043,048 4,634,934 Georgia: Augusta (FDX Ground) Industrial 614,406 4,748,899 1,385,556 3,977,749 Augusta (FDX) Industrial 380,000 1,597,779 415,251 1,562,528 Griffin (Atlanta) Industrial 760,000 14,108,857 4,128,872 10,739,985 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 (cont’d) Type Land Improvements Depreciation Value Illinois: Burr Ridge (Chicago) Industrial $ 270,000 $ 1,422,901 $ 698,725 $ 994,176 Elgin (Chicago) Industrial 1,280,000 5,697,442 2,284,344 4,693,098 Granite City (St. Louis, MO) Industrial 340,000 12,357,848 4,834,280 7,863,568 Montgomery (Chicago) Industrial 2,000,000 9,298,367 2,522,213 8,776,154 Rockford (Collins Aerospace Systems-United Technologies) Industrial 480,000 4,620,000 355,385 4,744,615 Rockford (Sherwin-Williams Co.) Industrial 1,100,000 4,451,227 744,286 4,806,941 Sauget (St. Louis, MO) Industrial 1,890,000 13,314,950 1,024,382 14,180,568 Schaumburg (Chicago) Industrial 1,039,800 4,138,140 2,159,563 3,018,377 Wheeling (Chicago) Industrial 5,112,120 13,425,532 4,079,587 14,458,065 Indiana: Greenwood (Indianapolis) Industrial 2,250,000 35,262,071 2,186,221 35,325,850 Indianapolis Industrial 3,739,030 21,267,342 1,657,124 23,349,248 Iowa: Urbandale (Des Moines)(Vacant) Industrial 310,000 1,946,613 1,144,794 1,111,819 Kansas: Edwardsville (Kansas City) (Carlisle Tire) Industrial 1,185,000 6,047,986 2,358,818 4,874,168 Edwardsville (Kansas City) (International Paper) Industrial 2,750,000 15,544,108 1,587,164 16,706,944 Olathe (Kansas City) Industrial 2,350,000 29,387,000 879,098 30,857,902 Topeka Industrial -0- 3,679,843 802,124 2,877,719 Kentucky: Buckner (Louisville) Industrial 2,280,000 24,527,852 2,472,411 24,335,441 Frankfort (Lexington) Industrial 1,850,000 26,150,000 1,899,786 26,100,214 Louisville Industrial 1,590,000 9,714,000 332,103 10,971,897 Louisiana: Covington (New Orleans) Industrial 2,720,000 15,690,000 737,564 17,672,436 Maryland: Beltsville (Washington, DC) Industrial 3,200,000 11,312,355 3,843,707 10,668,648 Michigan: Walker (Grand Rapids) Industrial 4,034,363 27,620,623 354,111 31,300,875 Livonia (Detroit) Industrial 320,000 13,442,030 1,698,607 12,063,423 Orion Industrial 4,649,971 18,235,665 4,019,239 18,866,397 Romulus (Detroit) Industrial 531,000 4,136,506 1,922,903 2,744,603 Minnesota: Stewartville (Rochester) Industrial 900,000 4,320,000 443,077 4,776,923 Mississippi: Olive Branch (Memphis, TN)(Anda Pharmaceuticals, Inc.) Industrial 800,000 13,750,000 1,850,962 12,699,038 Olive Branch (Memphis, TN)(Milwaukee Tool) Industrial 2,550,000 34,364,917 3,159,783 33,755,134 Richland (Jackson) Industrial 211,000 1,689,691 904,133 996,558 Ridgeland (Jackson) Industrial 218,000 1,640,591 1,246,001 612,590 Missouri: Kansas City (Bunzl) Industrial 1,000,000 8,651,226 646,520 9,004,706 Kansas City (Kellogg) (1) Industrial 660,000 4,140,474 1,147,694 3,652,780 Liberty (Kansas City) Industrial 723,000 6,674,881 3,325,236 4,072,645 O’Fallon (St. Louis) Industrial 264,000 3,981,913 2,228,921 2,016,992 St. Joseph Industrial 800,000 12,489,270 5,101,907 8,187,363 Nebraska: Omaha Industrial 1,170,000 4,774,691 2,233,901 3,710,790 New Jersey: Carlstadt (New York, NY) Industrial 1,194,000 3,709,589 939,584 3,964,005 Somerset Shopping Center 34,317 3,038,573 1,494,297 1,578,593 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 (cont’d) Type Land Improvements Depreciation Value New York: Cheektowaga (Buffalo) Industrial $ 4,796,765 $ 6,164,058 $ 1,692,362 $ 9,268,461 Halfmoon (Albany) Industrial 1,190,000 4,335,600 611,431 4,914,169 Hamburg (Buffalo) Industrial 1,700,000 33,150,000 850,000 34,000,000 Orangeburg (New York) (1) Industrial 694,720 3,200,955 2,436,637 1,459,038 North Carolina: Concord (Charlotte) Industrial 4,305,000 28,739,797 1,471,238 31,573,559 Concord (Charlotte) Industrial 4,306,684 35,736,461 152,720 39,890,425 Fayetteville Industrial 172,000 5,279,629 2,698,223 2,753,406 Winston-Salem Industrial 980,000 6,258,613 2,401,589 4,837,024 Ohio: Bedford Heights (Cleveland) Industrial 990,000 5,929,836 1,707,394 5,212,442 Cincinnati Industrial 800,000 5,950,000 317,842 6,432,158 Kenton Industrial 854,780 17,026,827 18,188 17,863,419 Lebanon (Cincinnati) Industrial 240,000 4,212,425 594,620 3,857,805 Monroe (Cincinnati) Industrial 1,800,000 11,137,000 737,707 12,199,293 Richfield (Cleveland) Industrial 2,676,848 13,758,630 2,728,544 13,706,934 Stow Industrial 1,429,715 17,504,350 -0- 18,934,065 Streetsboro (Cleveland) Industrial 1,760,000 17,840,000 2,515,897 17,084,103 West Chester Twp. (Cincinnati) Industrial 695,000 5,038,686 2,125,801 3,607,885 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410,000 11,174,462 1,306,735 11,277,727 Oklahoma City (Bunzl) Industrial 844,688 7,883,751 50,537 8,677,902 Tulsa Industrial 790,000 2,958,031 309,194 3,438,837 Pennsylvania: Altoona Industrial 1,200,000 7,808,650 784,660 8,223,990 Imperial (Pittsburgh) Industrial 3,700,000 16,250,000 659,722 19,290,278 Monaca (Pittsburgh) Industrial 401,716 7,484,125 2,642,181 5,243,660 South Carolina: Aiken (Augusta, GA) Industrial 1,362,458 19,677,937 126,141 20,914,254 Ft. Mill (Charlotte, NC) Industrial 1,670,000 13,743,307 2,302,265 13,111,042 Hanahan (Charleston)(SAIC) Industrial 1,129,000 12,245,441 3,961,769 9,412,672 Hanahan (Charleston)(FDX Ground) Industrial 930,000 6,684,653 1,897,664 5,716,989 Tennessee: Chattanooga Industrial 300,000 4,716,518 1,262,219 3,754,299 Lebanon (Nashville) Industrial 2,230,000 11,985,126 1,843,853 12,371,273 Memphis Industrial 1,240,887 13,381,050 2,573,085 12,048,852 Shelby County Vacant Land 11,065 -0- -0- 11,065 Texas: Carrollton (Dallas) Industrial 1,500,000 16,319,203 3,130,523 14,688,680 Corpus Christi Industrial -0- 4,771,913 672,040 4,099,873 Edinburg Industrial 1,000,000 11,039,014 1,188,983 10,850,031 El Paso Industrial 3,225,195 9,205,997 1,709,714 10,721,478 Ft. Worth (Dallas) Industrial 8,200,000 27,100,832 1,505,602 33,795,230 Houston Industrial 1,661,120 6,487,338 1,248,713 6,899,745 Lindale (Tyler) Industrial 540,000 9,396,500 722,416 9,214,084 Mesquite (Dallas) Industrial 6,247,658 43,632,835 279,698 49,600,795 Spring (Houston) Industrial 1,890,000 17,393,798 1,629,658 17,654,140 Waco Industrial 1,350,000 11,201,368 1,210,344 11,341,024 Virginia: Charlottesville Industrial 1,170,000 3,186,988 1,489,266 2,867,722 Mechanicsville (Richmond) Industrial 1,160,000 6,625,011 2,824,533 4,960,478 Richmond Industrial 446,000 4,322,309 1,409,820 3,358,489 Roanoke (CHEP USA) Industrial 1,853,000 5,552,447 1,516,288 5,889,159 Roanoke (FDX Ground) Industrial 1,740,000 8,460,000 930,962 9,269,038 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 (cont’d) Type Land Improvements Depreciation Value Washington: Burlington (Seattle/Everett) Industrial $ 8,000,000 $ 22,228,547 $ 855,500 $ 29,373,047 Wisconsin: Cudahy (Milwaukee) Industrial 980,000 8,402,361 3,075,370 6,306,991 Green Bay Industrial 590,000 5,980,000 613,333 5,956,667 Total as of September 30, 2017 $ 191,759,539 $ 1,261,075,064 $ 177,372,519 $ 1,275,462,084 (1) Classified as Real Estate Held for Sale. Property Buildings & Accumulated Net Book SEPTEMBER 30, 2016 Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748,115 $ 5,857,016 $ 936,862 $ 5,668,269 Arizona: Tolleson (Phoenix) Industrial 1,316,075 15,508,151 5,115,610 11,708,616 Colorado: Colorado Springs Industrial 1,270,000 5,934,472 1,490,351 5,714,121 Colorado Springs Industrial 2,150,000 26,350,000 225,214 28,274,786 Denver Industrial 1,150,000 5,204,051 1,437,516 4,916,535 Connecticut: Newington (Hartford) Industrial 410,000 3,053,824 1,207,938 2,255,886 Florida: Cocoa Industrial 1,881,316 12,246,133 2,113,243 12,014,206 Davenport (Orlando) Industrial 7,060,000 30,720,000 131,282 37,648,718 Ft. Myers (1) Industrial 1,910,000 3,107,447 991,678 4,025,769 Jacksonville (FDX) Industrial 1,165,000 5,081,404 2,295,680 3,950,724 Jacksonville (FDX Ground) Industrial 6,000,000 24,645,954 1,053,246 29,592,708 Lakeland Industrial 261,000 1,721,532 466,240 1,516,292 Orlando Industrial 2,200,000 6,354,432 1,471,814 7,082,618 Punta Gorda Industrial -0- 4,113,265 833,789 3,279,476 Tampa (FDX Ground) Industrial 5,000,000 14,696,102 4,161,734 15,534,368 Tampa (FDX) Industrial 2,830,000 4,762,861 1,258,519 6,334,342 Tampa (Tampa Bay Grand Prix) Industrial 1,867,000 3,810,982 941,848 4,736,134 Georgia: Augusta (FDX Ground) Industrial 614,406 4,739,628 1,258,944 4,095,090 Augusta (FDX) Industrial 380,000 1,591,732 367,357 1,604,375 Griffin (Atlanta) Industrial 760,000 14,108,857 3,767,103 11,101,754 Illinois: Burr Ridge (Chicago) Industrial 270,000 1,422,901 656,159 1,036,742 Elgin (Chicago) Industrial 1,280,000 5,652,916 2,124,899 4,808,017 Granite City (St. Louis, MO) Industrial 340,000 12,202,814 4,485,359 8,057,455 Montgomery (Chicago) Industrial 2,000,000 9,298,367 2,282,887 9,015,480 Rockford (Collins Aerospace Systems) Industrial 480,000 4,620,000 236,923 4,863,077 Rockford (Sherwin-Williams Co.) Industrial 1,100,000 4,451,227 628,612 4,922,615 Sauget (St. Louis, MO) Industrial 1,890,000 13,314,950 682,605 14,522,345 Schaumburg (Chicago) Industrial 1,039,800 3,941,614 2,037,309 2,944,105 Wheeling (Chicago) Industrial 5,112,120 13,425,532 3,735,969 14,801,683 Indiana: Greenwood (Indianapolis) Industrial 2,250,000 35,250,391 1,280,020 36,220,371 Indianapolis Industrial 3,500,000 20,446,000 1,132,868 22,813,132 Iowa: Urbandale (Des Moines) Industrial 310,000 1,851,895 1,094,293 1,067,602 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2016 (cont’d) Type Land Improvements Depreciation Value Kansas: Edwardsville (Kansas City)(Carlisle Tire) Industrial $ 1,185,000 $ 6,040,401 $ 2,158,091 $ 5,067,310 Edwardsville (Kansas City)(International Paper) Industrial 2,750,000 15,544,108 1,172,549 17,121,559 Olathe (Kansas City) Industrial 2,350,000 29,387,000 125,585 31,611,415 Topeka Industrial -0- 3,679,843 707,765 2,972,078 Kentucky: Buckner (Louisville) Industrial 2,280,000 24,487,852 1,834,166 24,933,686 Frankfort (Lexington) Industrial 1,850,000 26,150,000 1,229,274 26,770,726 Louisville Industrial 1,590,000 9,714,000 83,026 11,220,974 Louisiana: Covington (New Orleans) Industrial 2,720,000 15,690,000 335,256 18,074,744 Maryland: Beltsville (Washington, DC) Industrial 3,200,000 11,312,355 3,536,076 10,976,279 Michigan: Livonia (Detroit) Industrial 320,000 13,442,030 1,350,345 12,411,685 Orion Industrial 4,649,971 18,235,665 3,549,648 19,335,988 Romulus (Detroit) Industrial 531,000 4,069,532 1,804,248 2,796,284 Minnesota: Stewartville (Rochester) Industrial 900,000 4,320,000 332,308 4,887,692 White Bear Lake (Minneapolis/St. Paul) Industrial 1,393,000 3,764,126 927,965 4,229,161 Mississippi: Olive Branch (Memphis, TN)( Anda Pharmaceuticals, Inc.) Industrial 800,000 13,750,000 1,498,397 13,051,603 Olive Branch (Memphis, TN)(Milwaukee Tool) Industrial 2,550,000 34,364,917 2,275,368 34,639,549 Richland (Jackson) Industrial 211,000 1,689,691 826,199 1,074,492 Ridgeland (Jackson) Industrial 218,000 1,640,591 1,177,386 681,205 Missouri: Kansas City (Bunzl) Industrial 1,000,000 8,600,000 422,650 9,177,350 Kansas City (Kellogg) (1) Industrial 660,000 4,140,474 1,022,653 3,777,821 Liberty (Kansas City) Industrial 723,000 6,674,881 3,152,489 4,245,392 O’Fallon (St. Louis) Industrial 264,000 3,981,913 2,096,073 2,149,840 St. Joseph Industrial 800,000 12,433,706 4,756,910 8,476,796 Nebraska: Omaha Industrial 1,170,000 4,774,691 2,109,230 3,835,461 New Jersey: Carlstadt (New York, NY) Industrial 1,194,000 3,709,589 849,584 4,054,005 Somerset Shopping Center 34,316 3,038,565 1,399,343 1,673,538 New York: Cheektowaga (Buffalo) Industrial 4,796,765 6,164,058 1,531,509 9,429,314 Halfmoon (Albany) Industrial 1,190,000 4,335,600 500,262 5,025,338 Orangeburg (New York) (1) Industrial 694,720 3,200,955 2,319,253 1,576,422 North Carolina: Concord (Charlotte) Industrial 4,305,000 27,670,897 650,384 31,325,513 Fayetteville Industrial 172,000 5,269,876 2,458,876 2,983,000 Winston-Salem Industrial 980,000 6,258,613 2,185,430 5,053,183 Ohio: Bedford Heights (Cleveland) Industrial 990,000 5,873,879 1,521,396 5,342,483 Cincinnati Industrial 800,000 5,950,000 165,278 6,584,722 Lebanon (Cincinnati) Industrial 240,000 4,212,425 485,114 3,967,311 Monroe (Cincinnati) Industrial 1,800,000 11,137,000 452,143 12,484,857 Richfield (Cleveland) Industrial 2,676,848 13,758,630 2,373,693 14,061,785 Streetsboro (Cleveland) Industrial 1,760,000 17,840,000 2,058,462 17,541,538 West Chester Twp. (Cincinnati) Industrial 695,000 5,033,690 1,947,128 3,781,562 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410,000 11,170,262 1,014,638 11,565,624 Tulsa Industrial 790,000 2,958,031 227,268 3,520,763 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2016 (cont’d) Type Land Improvements Depreciation Value Pennsylvania: Altoona Industrial $ 1,200,000 $ 7,808,650 $ 583,052 $ 8,425,598 Imperial (Pittsburgh) Industrial 3,700,000 16,250,000 243,056 19,706,944 Monaca (Pittsburgh) Industrial 401,716 7,404,507 2,331,288 5,474,935 South Carolina: Ft. Mill (Charlotte, NC) Industrial 1,670,000 13,743,307 1,949,873 13,463,434 Hanahan (Charleston)(SAIC) Industrial 1,129,000 12,211,592 3,577,226 9,763,366 Hanahan (Charleston)(FDX Ground) Industrial 930,000 6,684,653 1,724,191 5,890,462 Tennessee: Chattanooga Industrial 300,000 4,712,203 1,131,706 3,880,497 Lebanon (Nashville) Industrial 2,230,000 11,985,126 1,536,542 12,678,584 Memphis Industrial 1,240,887 13,380,000 2,230,008 12,390,879 Shelby County Vacant Land 11,065 -0- -0- 11,065 Texas: Carrollton (Dallas) Industrial 1,500,000 16,269,106 2,708,020 15,061,086 Corpus Christi Industrial -0- 4,764,500 549,750 4,214,750 Edinburg Industrial 1,000,000 10,423,872 907,803 10,516,069 El Paso Industrial 3,225,195 9,205,997 1,442,146 10,989,046 Ft. Worth (Dallas) Industrial 8,200,000 27,100,832 810,709 34,490,123 Houston Industrial 1,730,000 6,353,107 1,080,294 7,002,813 Lindale (Tyler) Industrial 540,000 9,390,000 481,538 9,448,462 Spring (Houston) Industrial 1,890,000 17,393,798 1,183,663 18,100,135 Waco Industrial 1,350,000 11,196,157 923,263 11,622,894 Virginia: Charlottesville Industrial 1,170,000 3,178,499 1,393,226 2,955,273 Mechanicsville (Richmond) Industrial 1,160,000 6,598,181 2,644,156 5,114,025 Richmond Industrial 446,000 4,322,309 1,229,737 3,538,572 Roanoke (CHEP USA) Industrial 1,853,000 5,552,447 1,329,033 6,076,414 Roanoke (FDX Ground) Industrial 1,740,000 8,460,000 714,038 9,485,962 Washington: Burlington (Seattle/Everett) Industrial 8,000,000 22,210,680 284,752 29,925,928 Wisconsin: Cudahy (Milwaukee) Industrial 980,000 8,402,361 2,853,810 6,528,551 Green Bay Industrial 590,000 5,980,000 460,000 6,110,000 Total as of September 30, 2016 $ 165,375,315 $ 1,005,938,180 $ 148,830,169 $ 1,022,483,326 (1) Classified as Real Estate Held for Sale. |
Acquisitions, Expansions and Di
Acquisitions, Expansions and Disposition | 12 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions, Expansions and Disposition | NOTE 3 – ACQUISITIONS, EXPANSIONS AND DISPOSITION Fiscal 2017 Acquisitions accounted for as business combinations On October 17, 2016, the Company purchased a newly constructed 338,584 square foot industrial building located in Hamburg, NY, which is in the Buffalo Metropolitan Statistical Area (MSA). The building is 100% net-leased to FedEx Ground Package System, Inc. for 15 years through March 2031. The purchase price was $35,100,000. The Company obtained a 15 year fully-amortizing mortgage loan of $23,500,000 at a fixed interest rate of 4.03%. Annual rental revenue over the remaining term of the lease averages approximately $2,309,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company allocated $250,000 to an Intangible Asset associated with the lease in-place. On December 30, 2016, the Company purchased a newly constructed 213,672 square foot industrial building located in Ft. Myers, FL. The building is 100% net-leased to FedEx Ground Package System, Inc. for 10 years through September 2026. The purchase price was $21,001,538. The Company obtained a 15 year fully-amortizing mortgage loan of $14,500,000 at a fixed interest rate of 3.97%. Annual rental revenue over the remaining term of the lease averages approximately $1,365,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company allocated $201,538 to an Intangible Asset associated with the lease in-place. On September 1, 2017, a parking lot expansion for this property was completed for a cost of approximately $862,000, resulting in a new 10 year lease which extended the prior lease expiration date from September 2026 to August 2027. In addition, the expansion resulted in an increase in annual rent effective from the date of completion of approximately $53,000 from approximately $1,365,000 to approximately $1,418,000. Acquisitions accounted for as asset acquisitions On April 5, 2017, the Company purchased a newly constructed 343,483 square foot industrial building located in Walker, MI, which is in the Grand Rapids MSA. The building is 100% net-leased to FedEx Ground Package System, Inc. for 15 years through January 2032. The purchase price was $32,120,000. The Company obtained a 15 year fully-amortizing mortgage loan of $20,875,000 at a fixed interest rate of 3.86%. Annual rental revenue over the remaining term of the lease averages approximately $2,102,000. On June 23, 2017, the Company purchased a newly constructed 351,874 square foot industrial building located in Mesquite, TX, which is in the Dallas MSA. The building is 100% net-leased to FedEx Ground Package System, Inc. for 15 years through March 2032. The purchase price was $50,621,072. The Company obtained a 15 year fully-amortizing mortgage loan of $32,900,000 at a fixed interest rate of 3.60%. Annual rental revenue over the remaining term of the lease averages approximately $3,194,000. On June 27, 2017, the Company purchased a newly constructed 315,560 square foot industrial building located in Aiken, SC, which is in the Augusta, GA MSA. The building is 100% net-leased to Autoneum North America, Inc. for 15 years through April 2032. The purchase price was $21,933,000. The Company obtained a 15 year fully-amortizing mortgage loan of $15,350,000 at a fixed interest rate of 4.20%. Annual rental revenue over the remaining term of the lease averages approximately $1,700,000. On June 28, 2017, the Company purchased a newly-constructed 237,756 square foot industrial building located in Homestead, FL, which is in the Miami MSA. The building is 100% net leased to FedEx Ground Package System, Inc. for 15 years through March 2032. The purchase price was $38,347,933. The Company obtained a 15 year fully-amortizing mortgage loan of $24,800,000 at a fixed interest rate of 3.60%. Annual rental revenue over the remaining term of the lease averages approximately $2,282,000. On June 29, 2017, the Company purchased a newly constructed 110,361 square foot industrial building located in Oklahoma City, OK. The building is 100% net-leased to Bunzl Distribution Oklahoma, Inc. for seven years through August 2024. The purchase price was $9,000,000. The Company obtained a 12 year fully-amortizing mortgage loan of $6,000,000 at a fixed interest rate of 4.125%. Annual rental revenue over the remaining term of the lease averages approximately $721,000. On August 3, 2017, the Company purchased a newly constructed 354,482 square foot industrial building located in Concord, NC which is in the Charlotte MSA. The building is 100% net leased to FedEx Ground Package System, Inc. for 15 years through May 2032. The purchase price was $40,598,446. The Company obtained a 15 year fully-amortizing mortgage loan of $26,184,000 at a fixed interest rate of 3.80%. Annual rental revenue over the remaining term of the lease averages approximately $2,537,000. On September 19, 2017, the Company purchased a newly constructed 298,472 square foot industrial building located in Kenton, OH. The building is 100% net leased to International Paper Company for 10 years through August 2027. The purchase price was $18,299,032. The Company obtained a 15 year fully-amortizing mortgage loan of $12,000,000 at a fixed interest rate of 4.45%. Annual rental revenue over the remaining term of the lease averages approximately $1,243,000. On September 29, 2017, the Company purchased a newly constructed 219,765 square foot industrial building located in Stow, OH. The building is 100% net leased to Mickey Thompson Performance Tires and Wheels for 10 years through August 2027. The purchase price was $19,500,000. The Company obtained a 15 year fully-amortizing mortgage loan of $12,700,000 at a fixed interest rate of 4.17%. Annual rental revenue over the remaining term of the lease averages approximately $1,500,000. The Company evaluated the property acquisitions which took place subsequent to March 31, 2017, under the new framework for determining whether an integrated set of assets and activities meets the definition of a business, pursuant to ASU 2017-01, which the Company early-adopted effective April 1, 2017. Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions (see Note 1). Accordingly, the Company accounted for the properties purchased in Walker (Grand Rapids), MI; Mesquite (Dallas), TX; Aiken (Augusta, GA), SC; Homestead (Miami), FL; Oklahoma City, OK; Concord (Charlotte), NC; Kenton, OH and Stow, OH as asset acquisitions and allocated the total cash consideration, including transaction costs, to the individual assets acquired on a relative fair value basis. There were no liabilities assumed in these acquisitions. The financial information set forth below summarizes the Company’s purchase price allocation for these eight properties acquired during the year ended September 30, 2017 that are accounted for as asset acquisitions: Land $ 23,507,073 Building 202,529,177 In-Place Leases 4,814,192 The following table summarizes the operating results included in the Company’s consolidated statements of income for the year ended September 30, 2017 for the properties acquired during the year ended September 30, 2017: Year Ended 9/30/2017 Rental Revenues $ 7,086,464 Net Income 2,156,885 FedEx Ground Package System, Inc.’s ultimate parent, FedEx Corporation, International Paper Company and Mickey Thompson Performance Tires and Wheels ultimate parent, Cooper Tire & Rubber Company are publicly-owned companies and financial information related to these entities is available at the SEC’s website, www.sec.gov Expansions On October 1, 2016, a 50,625 square foot expansion of the building leased to FedEx Ground Package System, Inc. located in Edinburg, TX was completed for a cost of approximately $4,762,000, resulting in a new 10 year lease, which extended the prior lease expiration date from September 2021 to September 2026. In addition, the expansion resulted in an increase in annual rent effective from the date of completion of approximately $499,000 from approximately $598,000, or $5.26 per square foot, to approximately $1,097,000, or $6.68 per square foot. As discussed above, on September 1, 2017, a parking lot expansion for a property leased to FedEx Ground Package System, Inc. located in Ft. Myers, FL was completed for a cost of approximately $862,000, resulting in a new 10 year lease which extended the prior lease expiration date from September 2026 to August 2027. In addition, the expansion resulted in an increase in annual rent effective from the date of completion of approximately $53,000 from approximately $1,365,000, or $6.39 per square foot to approximately $1,418,000, or $6.64 per square foot. Disposition and Real Estate classified as Held for Sale On October 27, 2016, the Company sold its 59,425 square foot industrial building situated on 4.78 acres located in White Bear Lake (Minneapolis/St. Paul), MN for net proceeds of approximately $4,126,000. Real Estate Held for Sale at September 30, 2017 consists of three properties that the Company has entered into agreements to sell. The three properties consist of a 65,067 square foot facility located in Kansas City, MO that is leased to Kellogg Sales Company (Kellogg) through July 31, 2018; a 50,400 square foot facility located in Orangeburg, NY leased to Kellogg through February 28, 2018 and an 87,500 square foot facility located in Ft. Myers, FL, which is currently vacant. Kellogg has informed the Company that they will not be renewing their leases at these two locations. The Company has entered into an agreement to sell the Kansas City, MO property for approximately $4,900,000, which is approximately $1,200,000 above the Company’s U.S. GAAP net book carrying value and we have entered into an agreement to sell the Orangeburg, NY property for approximately $6,170,000, which is approximately $4,700,000 above the Company’s U.S. GAAP net book carrying value, and the Company anticipates the sales will close during fiscal 2018, subject to customary conditions and requirements. In conjunction with the sale of these two properties, we expect to enter into a lease termination agreement for each property whereby the Company will receive a termination fee from Kellogg in an amount equal to a percentage (95% for the Orangeburg, NY property and 75% for the Kansas City, MO property) of the then remaining rent due under each lease for the period from the closing date for the respective sale transactions (which will be the dates of the respective lease terminations) to the end of the respective lease terms. The Ft. Myers, FL location was leased to FedEx Ground Package System, Inc. through June 30, 2017 at which time the property became vacant because the tenant moved its operations from our 87,500 square foot facility to our newly constructed 213,672 square foot facility, which is also located in Ft. Myers, FL. The currently vacant 87,500 square facility is under contract to sell for approximately $6,400,000, which is approximately $2,400,000 above the Company’s U.S. GAAP net book carrying value, and the Company anticipates the sale will close during fiscal 2018, subject to customary closing conditions and requirements. Since the sale of the property located in White Bear Lake, MN and the future sale of these three properties will not represent a strategic shift that has a major effect on the Company’s operations and financial results, the operations generated from these properties are not included in Discontinued Operations. The following table summarizes the operations that are included in the accompanying Consolidated Statements of Income for the three fiscal years ended September 30, 2017 for the Company’s 160,000 square foot industrial building located in Monroe, NC prior to its sale on September 18, 2015; the Company’s 59,425 square foot industrial building located in White Bear Lake (Minneapolis/St. Paul), MN prior to its sale on October 27, 2016 and the three properties that are classified as Real Estate Held for Sale in the accompanying Consolidated Balance Sheets: 2017 2016 2015 Rental and Reimbursement Revenue $ 1,296,127 $ 1,409,342 $ 2,021,143 Real Estate Taxes (277,837 ) (382,246 ) (459,610 ) Operating Expenses (111,425 ) (129,357 ) (227,190 ) Depreciation & Amortization (343,920 ) (441,417 ) (659,150 ) Interest Expense (78,595 ) (141,651 ) (221,230 ) Income from Operations 484,350 314,671 453,963 Gain (Loss) on Sale of Real Estate Investment (95,336 ) -0- 5,021,242 Net Income $ 389,014 $ 314,671 $ 5,475,205 Fiscal 2016 Acquisitions On November 13, 2015, the Company purchased a newly constructed 330,717 square foot industrial building located in Concord, NC, which is in the Charlotte MSA. The building is 100% net-leased to FedEx Ground Package System, Inc. for 10 years through July 2025. The purchase price was $31,975,897. The Company obtained a 15 year fully-amortizing mortgage of $20,780,000 at a fixed interest rate of 3.87%. Annual rental revenue over the remaining term of the lease averages approximately $2,078,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company has not allocated any amount to an Intangible Asset. On December 2, 2015, the Company purchased a newly constructed 175,315 square foot industrial building located in Covington, LA, which is in the New Orleans MSA. The building is 100% net-leased to FedEx Ground Package System, Inc. for 10 years through June 2025. The purchase price was $18,410,000. The Company obtained a 15 year fully-amortizing mortgage of $12,890,000 at a fixed interest rate of 4.08%. Annual rental revenue over the remaining term of the lease averages approximately $1,258,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company has not allocated any amount to an Intangible Asset. On March 8, 2016, the Company purchased a newly constructed 125,860 square foot industrial building located in Imperial, PA, which is in the Pittsburgh MSA. The building is 100% net-leased to General Electric Company (GE) for 10 years through December 2025. The purchase price was $20,032,864. The Company obtained a 14 year fully-amortizing mortgage of $13,000,000 at a fixed interest rate of 3.63%. Annual rental revenue over the remaining term of the lease averages approximately $1,311,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company allocated $82,864 to an Intangible Asset associated with the lease in-place. On April 8, 2016, the Company purchased a newly constructed 210,445 square foot industrial building located in Burlington, WA, which is in the Seattle/Everett MSA. The building is 100% net-leased to FedEx Ground Package System, Inc. for 15 years through August 2030. The purchase price was $30,662,080. The Company obtained a 15 year fully-amortizing mortgage of $20,221,000 at a fixed interest rate of 3.67%. Annual rental revenue over the remaining term of the lease averages approximately $1,962,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company allocated $451,400 to an Intangible Asset associated with the lease in-place. On June 9, 2016, the Company purchased a newly constructed 225,362 square foot industrial building located in Colorado Springs, CO. The building is 100% net-leased to FedEx Ground Package System, Inc. for 10 years through January 2026. The purchase price was $28,845,500. The Company obtained a 15 year fully-amortizing mortgage of $18,730,000 at a fixed interest rate of 3.90%. Annual rental revenue over the remaining term of the lease averages approximately $1,832,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company allocated $345,500 to an Intangible Asset associated with the lease in-place. On June 30, 2016, the Company purchased a newly constructed 137,500 square foot industrial building located in Louisville, KY. The building is 100% net-leased to Challenger Lifts, Inc., a subsidiary of Snap-on Incorporated (Snap-on), for 10 years through June 2026. The lease is guaranteed by Snap-on. The purchase price was $11,304,000. The Company obtained a 15 year fully-amortizing mortgage of $7,350,000 at a fixed interest rate of 3.74%. Annual rental revenue over the remaining term of the lease averages approximately $835,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company has not allocated any amount to an Intangible Asset. On August 19, 2016, the Company purchased a newly constructed 310,922 square foot industrial building located in Davenport, FL, which is in the Orlando MSA. The building is 100% net-leased to FedEx Ground Package System, Inc. for 15 years through April 2031. The purchase price was $37,780,000. The Company obtained a 15 year fully-amortizing mortgage loan of $26,400,000 at a fixed interest rate of 3.89%. Annual rental revenue over the remaining term of the lease averages approximately $2,604,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company has not allocated any amount to an Intangible Asset. On August 26, 2016, the Company purchased a newly constructed 313,763 square foot industrial building located in Olathe, KS, which is in the Kansas City MSA. The building is 100% net-leased to FedEx Ground Package System, Inc. for 15 years through May 2031. The purchase price was $31,737,000. The Company obtained a 15 year fully-amortizing mortgage loan of $22,215,000 at a fixed interest rate of 3.96%. Annual rental revenue over the remaining term of the lease averages approximately $2,196,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company has not allocated any amount to an Intangible Asset. FedEx Ground Package System, Inc.’s ultimate parent, FedEx Corporation, GE and Challenger Lifts, Inc.’s ultimate parent, Snap-on, are publicly-owned companies and financial information related to these entities is available at the SEC’s website, www.sec.gov. Expansions On July 29, 2016, a 246,434 square foot expansion of a building leased to Milwaukee Electric Tool Corporation (Milwaukee Tool) located in Olive Branch, MS, which is located in the Memphis, TN MSA, was completed for a cost of approximately $9,785,000. This resulted in a new 12 year lease which extended the original lease expiration date from April 2023 to July 2028 and increased the building size from 615,455 to 861,889 square feet. In addition, the expansion resulted in an initial increase in annual rent effective on the date of completion of approximately $847,000 from approximately $1,943,000, or $3.16 per square foot, to approximately $2,790,000, or $3.24 per square foot. Furthermore, annual rent will increase each year by 1.5% resulting in an annualized rent over the new twelve year period of approximately $3,020,000, or $3.50 per square foot. In September 2016, in connection with the expansion, the Company refinanced its prior 3.76% interest rate mortgage with its existing lender of this property. At the time of the refinancing, the prior amortizing loan was approximately $13,158,000 and was set to mature in January 2023. The new loan is a 12 year fully-amortizing mortgage of $25,000,000 and will mature in October 2028. The interest rate of the new loan remained the same as the prior loan at a fixed interest rate of 3.76%. On August 1, 2016, a parking lot expansion for a property leased to FedEx Ground Package System, Inc. located in Tampa, FL was completed for a cost of approximately $1,303,000, resulting in a new 10 year lease which extended the prior lease expiration date from June 2024 to July 2026. In addition, the expansion resulted in an increase in annual rent effective from the date of completion of approximately $131,000 from approximately $1,493,000, or $8.74 per square foot to approximately $1,624,000, or $9.51 per square foot. On August 1, 2016, a 14,941 square foot expansion of a building leased to FedEx Ground Package System, Inc. located in Huntsville, AL was completed for a cost of approximately $1,948,000, resulting in a new 10 year lease which extended the prior lease expiration date from August 2022 to July 2026. In addition, the expansion resulted in an increase in annual rent effective from the date of completion of approximately $193,000 from approximately $412,000, or $5.59 per square foot, to approximately $605,000 or $6.82 per square foot. Pro forma information (unaudited) The following unaudited pro forma condensed financial information has been prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses generated from the properties acquired and expanded subsequent to the fiscal yearend (see Note 17) and from the properties acquired and expanded during fiscal years 2017 and 2016, assuming that these acquisitions and these completed expansions had occurred as of October 1, 2015, after giving effect to certain adjustments including: (a) Rental Revenue adjustments resulting from the straight-lining of scheduled rent increases, (b) Interest Expense resulting from the assumed increase in Fixed Rate Mortgage Notes Payable and Loans Payable related to the new acquisitions, and (c) Depreciation Expense related to the new acquisitions. As further described in Note 13, the net proceeds raised from the issuance of the 6.125% Series C Cumulative Redeemable Preferred Stock less the redemptions of the Company’s 7.625% Series A Cumulative Redeemable Preferred Stock and the Company’s 7.875% Series B Cumulative Redeemable Preferred Stock were used to help fund property acquisitions and, therefore, the pro forma preferred dividend expense has been adjusted to account for its effect on Net Income Attributable to Common Shareholders as if all the preferred stock issuances and redemptions had occurred on October 1, 2015. In addition, Net Income Attributable to Common Shareholders excludes the operating expenses incurred during fiscal 2017 and 2016 for the property located in White Bear Lake, MN, that was sold on October 27, 2016 and excludes the three properties classified as Real Estate Held for Sale. Furthermore, the proceeds raised from the Dividend Reinvestment and Stock Purchase Plan (the DRIP) were used to fund property acquisitions and expansions and therefore, the weighted average shares outstanding used in calculating the Basic and Diluted Net Income per Share Attributable to Common Shareholders has been adjusted to account for the increase in shares raised through the DRIP, as if all the shares raised had occurred on October 1, 2015. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have been achieved had the acquisitions and expansions reflected herein been consummated on the dates indicated or that will be achieved in the future. Fiscal Year 2017 Fiscal Year 2016 Rental Revenues $ 109,953,500 $ 109,374,800 Net Income Attributable to Common Shareholders 24,856,400 21,775,700 Basic Net Income per Share Attributable to Common Shareholders $ 0.33 $ 0.29 Diluted Net Income per Share Attributable to Common Shareholders $ 0.33 $ 0.28 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 4 – INTANGIBLE ASSETS Net intangible assets consist of the estimated value of the acquired in-place leases and the acquired above market rent leases at acquisition for the following properties and are amortized over the remaining term of the lease: September 30,2017 September 30,2016 Richfield, OH (Cleveland) $ -0- $ 11,622 Griffin, GA (Atlanta) -0- 19,815 Orion, MI -0- 19,994 Topeka, KS 137,156 170,700 Carrollton, TX (Dallas) 9,134 15,697 Ft. Mill, SC (Charlotte, NC) 183,191 270,656 Lebanon, TN (Nashville) 140,783 161,385 Rockford, IL (Sherwin-Williams Co.) 125,349 144,817 Edinburg, TX 223,078 279,120 Corpus Christi, TX 89,853 112,794 Halfmoon, NY (Albany) 207,339 255,620 Lebanon, OH (Cincinnati) 147,663 240,939 Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) 886,650 1,078,458 Livonia, MI (Detroit) 307,882 376,306 Stewartville, MN (Rochester) 26,695 31,271 Buckner, KY (Louisville) 351,816 373,690 Edwardsville, KS (Kansas City)(International Paper) 441,243 515,819 Lindale, TX (Tyler) 236,323 271,334 Sauget, IL (St. Louis, MO) 24,659 26,773 Rockford, IL (Collins Aerospace Systems-United Technologies) 76,159 84,106 Kansas City, KS (Bunzl) 20,434 25,546 Monroe, OH (Cincinnati) 396,460 428,411 Cincinnati, OH 42,814 46,407 Imperial, PA (Pittsburgh) 70,116 78,615 Burlington, WA (Seattle/Everett) 406,756 436,518 Colorado Springs, CO 316,703 339,740 Hamburg, NY 232,759 -0- Ft. Myers, FL (FDX Ground) 194,209 -0- Walker, MI (Grand Rapids) 482,498 -0- Aiken, SC (Augusta, GA) 916,969 -0- Mesquite, TX (Dallas) 792,486 -0- Homestead, FL (Miami) 551,216 -0- September 30,2017 September 30,2016 Oklahoma City, OK (Bunzl Distribution Oklahoma, Inc.) 281,110 -0- Concord, NC (Charlotte) 623,890 -0- Kenton, OH 487,160 -0- Stow, OH 579,612 -0- Total Intangible Assets, net of Accumulated Amortization $ 10,010,165 $ 5,816,153 Amortization expense related to the intangible assets attributable to acquired in-place leases was $969,751, $1,076,776 and $1,310,904 for the years ended September 30, 2017, 2016 and 2015, respectively. The Company estimates that the aggregate amortization expense for these existing intangible assets will be approximately $1,229,000, $1,186,000, $1,037,000, $1,031,000, and $880,000 for each of the fiscal years 2018, 2019, 2020, 2021 and 2022, respectively. The amount that is being amortized into rental revenue related to the intangible assets attributable to acquired above market leases was $101,968 for each of the years ended September 30, 2017, 2016 and 2015, respectively. The Company estimates that the aggregate amount that will be amortized into rental revenue for existing intangible assets will be approximately $103,000 for each of the fiscal years 2018, 2019, 2020 and 2021 and will be approximately $34,000 for the fiscal year 2022. |
Significant Concentrations of C
Significant Concentrations of Credit Risk | 12 Months Ended |
Sep. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Significant Concentrations of Credit Risk | NOTE 5 – SIGNIFICANT CONCENTRATIONS OF CREDIT RISK As of September 30, 2017, the Company had approximately 18,790,000 square feet of property, of which approximately 9,391,000 square feet, or 50%, consisting of 58 separate stand-alone leases, were leased to FedEx Corporation (FDX) and its subsidiaries, (7% to FDX and 43% to FDX subsidiaries). These properties are located in 24 different states. As of September 30, 2017, the only tenants that leased 5% or more of the Company’s total square footage were FDX and its subsidiaries and Milwaukee Electric Tool Corporation, which leased approximately 862,000 square feet, comprising approximately 5% of the Company’s rental space. The tenants that leased more than 5% of total rentable square footage as of September 30, 2017, 2016, and 2015 were as follows: 2017 2016 2015 FDX and Subsidiaries 50 % 47 % 43 % Milwaukee Electric Tool Corporation (lease commenced fiscal 2013, expanded fiscal 2016) 5 % 5 % N/A ULTA, Inc. (lease commenced fiscal 2015) N/A N/A 5 % During fiscal 2017, the only tenant that accounted for 5% or more of our rental and reimbursement revenue was FDX (including its subsidiaries). Our rental and reimbursement revenue from FDX and its subsidiaries for the fiscal years ended September 30, 2017, 2016 and 2015, respectively, totaled approximately $68,151,000, $52,793,000 and $41,954,000, or 60% (7% from FDX and 53% from FDX subsidiaries), 56% (7% from FDX and 49% from FDX subsidiaries) and 54% (8% from FDX and 46% from FDX subsidiaries), of total rent and reimbursement revenues. No other tenant accounted for 5% or more of the Company’s total Rental and Reimbursement revenue for the fiscal years ended September 30, 2017, 2016 and 2015. In addition to real estate property holdings, the Company held $123,764,770 in marketable REIT securities at September 30, 2017, representing 7.7% of the Company’s undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). These liquid real estate holdings are not included in calculating the tenant concentration ratios above and therefore further enhance the Company’s diversification. The securities portfolio provides the Company with additional diversification, liquidity, and income, and serves as a proxy for real estate when more favorable risk adjusted returns are not available. |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | NOTE 6 – SECURITIES AVAILABLE FOR SALE The Company’s securities available for sale consist primarily of marketable common and preferred stock securities of other REITs. The Company generally limits its investment in marketable securities to be no more than approximately 10% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). The Company does not own more than 10% of the outstanding shares of any of these issuers, nor does it have a controlling financial interest. The Company normally holds REIT securities long-term and has the ability and intent to hold these securities to recovery. The Company had total net unrealized gains on its securities portfolio of $6,570,565 as of September 30, 2017. The Company held three securities that the Company determined were temporarily impaired investments as of September 30, 2017. The Company considers many factors in determining whether a security is other than temporarily impaired, including the nature of the security and the cause, severity and duration of the impairment. The following is a summary of temporarily impaired securities at September 30, 2017: Less than 12 Months 12 Months or Longer Unrealized Unrealized Description of Securities Fair Value Losses Fair Value Losses Preferred stock $ -0- $ -0- $ -0- $ -0- Common stock 42,403,200 (3,340,735 ) -0- -0- Total $ 42,403,200 $ (3,340,735 ) $ -0- $ -0- The following is a summary of the range of losses: Number of Individual Securities Fair Value Unrealized Losses % Loss 1 $ 15,585,200 $ (382,490 ) 2 % 1 4,165,000 (263,175 ) 6 % 1 22,653,000 (2,695,070 ) 11 % 3 $ 42,403,200 $ (3,340,735 ) The Company had $10,091,417 and $-0- margin loan balance as of September 30, 2017 and 2016. The margin loan balance is collateralized by the securities portfolio. Dividend income for the fiscal years ended September 30, 2017, 2016 and 2015 totaled $6,919,973, $5,607,403, and $3,707,498, respectively. Interest income for the fiscal years ended September 30, 2017, 2016 and 2015 totaled $10,591, $8,989 and $16,369, respectively. The Company received proceeds of $17,274,946, $22,774,768 and $16,201,480 on sales or redemptions of securities available for sale during fiscal years 2017, 2016 and 2015, respectively. The Company recorded the following realized Gain on Sale of Securities Transactions, net for the fiscal years ended September 30: 2017 2016 2015 Gross realized gains $ 2,320,561 $ 4,403,724 $ 880,424 Gross realized losses (8,847 ) (5,125 ) (74,911 ) Gains on Sale of Securities Transactions, net $ 2,311,714 $ 4,398,599 $ 805,513 The following is a listing of investments in securities at September 30, 2017: Interest Rate/ Number of Estimated Market Description Series Dividend Shares Cost Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 200,000 $ 4,807,782 $ 4,888,000 Cedar Realty Trust, Inc. B 7.25 % 13,153 308,759 332,508 Dynex Capital, Inc. A 8.50 % 10,000 250,000 252,500 Investors Real Estate Trust B 7.95 % 20,000 500,000 501,796 iStar Financial, Inc. D 8.00 % 3,468 71,502 87,744 iStar Financial, Inc. E 7.875 % 3,400 54,116 85,510 iStar Financial, Inc. F 8.00 % 20,000 429,846 503,200 iStar Financial, Inc. I 7.50 % 41,383 872,236 1,038,713 Pennsylvania Real Estate Investment Trust A 8.25 % 44,000 1,100,885 1,107,040 Summit Hotel Properties, Inc. B 7.875 % 10,000 250,000 255,617 UMH Properties, Inc. (1) B 8.00 % 100,000 2,500,000 2,766,000 Total Equity Securities - Preferred Stock $ 11,145,126 $ 11,818,628 Number of Estimated Market Description Shares Cost Value Equity Securities - Common Stock: CBL & Associates 2,700,000 $ 25,348,070 $ 22,653,000 Franklin Street Properties 250,000 2,511,460 2,655,000 Government Properties Income Trust 1,070,000 19,295,940 20,083,900 Pennsylvania Real Estate Investment Trust 100,000 1,028,213 1,049,000 Select Income REIT 620,000 13,907,816 14,520,400 Senior Housing Property Trust 700,000 12,325,801 13,685,000 VEREIT, Inc. 1,880,000 15,967,690 15,585,200 Washington Prime Group, Inc. 500,000 4,428,175 4,165,000 UMH Properties, Inc. (1) 1,128,315 11,231,851 17,545,306 Total Equity Securities - Common Stock $ 106,045,016 $ 111,941,806 Interest Rate/ Number of Estimated Market Dividend Shares Cost Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500,000 $ 4,063 $ 4,336 Total Securities Available for Sale $ 117,194,205 $ 123,764,770 (1) Investment is in a related company. See Note No. 11 for further discussion. The following is a listing of investments in securities at September 30, 2016: Description Series Interest Rate/ Dividend Number Of Shares Cost Estimated Market Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 30,000 $ 745,840 $ 750,300 Cedar Realty Trust, Inc. B 7.25 % 30,600 718,317 786,417 Chesapeake Lodging Trust A 7.75 % 20,000 500,000 518,050 Dynex Capital, Inc. A 8.50 % 10,000 250,000 252,850 Investors Real Estate Trust B 7.95 % 20,000 500,000 516,000 iStar Financial, Inc. D 8.00 % 3,468 71,502 84,688 iStar Financial, Inc. E 7.875 % 3,400 54,116 83,300 iStar Financial, Inc. F 8.00 % 20,000 429,846 487,400 iStar Financial, Inc. I 7.50 % 41,383 872,236 1,005,607 Pennsylvania Real Estate Investment Trust A 8.25 % 44,000 1,100,885 1,128,380 Summit Hotel Properties, Inc. B 7.875 % 10,000 250,000 263,081 UMH Properties, Inc. (1) A 8.25 % 200,000 5,000,000 5,138,000 UMH Properties, Inc. (1) B 8.00 % 100,000 2,500,000 2,755,000 Total Equity Securities - Preferred Stock $ 12,992,742 $ 13,769,073 Description Number Shares Cost Estimated Equity Securities - Common Stock: Gladstone Commercial Corporation 65,000 $ 1,102,608 $ 1,210,950 Government Properties Income Trust 700,000 12,585,316 15,834,000 Select Income REIT 586,500 13,112,908 15,776,850 Senior Housing Property Trust 670,000 11,558,116 15,215,700 UMH Properties, Inc. (1) 989,326 9,305,685 11,792,771 Total Equity Securities - Common Stock $ 47,664,633 $ 59,830,271 Interest Rate/ Dividend Number Shares Cost Estimated Market Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500,000 $ 5,252 $ 5,550 Total Securities Available for Sale $ 60,662,627 $ 73,604,894 (1) Investment is in a related company. See Note No. 11 for further discussion. |
Mortgage Notes and Loans Payabl
Mortgage Notes and Loans Payable | 12 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Notes and Loans Payable | NOTE 7- MORTGAGE NOTES AND LOANS PAYABLE Mortgage Notes Payable: Mortgage Notes Payable represents the principal amounts outstanding as of September 30, 2017. Interest is payable on these mortgages at fixed rates ranging from 3.45% to 7.60%, with a weighted average interest rate of 4.18%. This compares to a weighted average interest rate of 4.48% as of September 30, 2016. As of September 30, 2017, the weighted average loan maturity of the Mortgage Notes Payable was 11.6 years. This compares to a weighted average loan maturity of the Mortgage Notes Payable of 10.5 years as of September 30, 2016. As described in Note 3, during fiscal year ended September 30, 2017, the Company entered into 10 mortgages totaling $188,809,000 in connection with the acquisitions of properties in Hamburg (Buffalo), NY; Ft. Myers, FL; Walker (Grand Rapids), MI; Mesquite (Dallas), TX; Aiken (Augusta, GA), SC; Homestead (Miami), FL; Oklahoma City, OK; Concord (Charlotte), NC; Kenton, OH and Stow, OH. During the fiscal year ended September 30, 2017, the Company fully repaid 16 mortgage loans associated with 15 of its properties located in Jacksonville, FL; El Paso, TX; Lebanon (Cincinnati), OH; Halfmoon (Albany), NY; Bedford Heights (Cleveland), OH; Hanahan (Charleston), SC; Elgin (Chicago), IL; Kansas City, MO; Chattanooga, TN; Roanoke, VA; Orion, MI; Edwardsville, KS; Punta Gorda, FL; Cheektowaga (Buffalo), NY and Cocoa, FL, totaling approximately $40,037,000. The following is a summary of our Fixed Rate Mortgage Notes Payable as of September 30, 2017 and 2016: 9/30/2017 9/30/2016 Amount Weighted Average Interest Rate (1) Amount Weighted Average Interest Rate (1) Fixed Rate Mortgage Notes Payable $ 598,962,567 4.18 % $ 483,748,153 4.48 % Debt Issuance Costs $ 10,597,083 $ 9,424,697 Accumulated Amortization of Debt Issuance Costs (2,998,887 ) (3,152,554 ) Unamortized Debt Issuance Costs $ 7,598,196 $ 6,272,143 Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs $ 591,364,371 $ 477,476,010 (1) Weighted average interest rate excludes amortization of debt issuance costs. The following is a summary of mortgage notes payable by property at September 30, 2017 and 2016: Property Fixed Rate Maturity Date Balance 9/30/17 Balance 9/30/16 Jacksonville, FL (FDX) 6.92 % 12/01/16 $ -0- $ 84,194 Jacksonville, FL (FDX) 6.00 % 12/01/16 -0- 1,300,000 El Paso, TX 5.50 % 01/05/17 -0- 3,259,726 Bedford Heights, OH (Cleveland) 5.96 % 04/01/17 -0- 2,685,791 Chattanooga, TN 5.96 % 05/01/17 -0- 1,551,081 Elgin, IL (Chicago) 6.97 % 05/01/17 -0- 349,658 Hanahan, SC (Charleston) (SAIC) 7.36 % 05/01/17 -0- 5,605,514 Roanoke, VA (CHEP USA) 5.96 % 05/01/17 -0- 2,519,243 Edwardsville, KS (Kansas City)(Carlisle Tire) 7.38 % 07/01/17 -0- 397,513 Kansas City, MO (Kellogg) 6.11 % 08/01/17 -0- 2,241,680 Orion, MI 6.57 % 09/01/17 -0- 8,580,058 Cheektowaga, NY (Buffalo) (1 ) 6.78 % 10/01/17 -0- 343,548 Punta Gorda, FL (1 ) 6.29 % 10/01/17 -0- 1,990,764 Cocoa, FL (1 ) 6.29 % 12/01/17 -0- 5,063,864 Richfield, OH (Cleveland) 5.22 % 01/01/18 2,724,856 3,078,731 Tampa, FL (FDX) 5.65 % 04/01/18 3,654,913 3,900,447 West Chester Twp., OH (Cincinnati) 6.80 % 06/01/18 1,820,753 2,071,107 Orlando, FL 6.56 % 10/01/18 4,098,856 4,342,604 Tampa, FL (FDX Ground) 6.00 % 03/01/19 5,910,953 6,633,049 Lebanon, OH (Cincinnati) (1 ) 5.55 % 05/01/19 -0- 2,592,182 Lebanon, TN (Nashville) 7.60 % 07/10/19 7,446,653 7,659,116 Ft. Mill, SC (Charlotte, NC) 7.00 % 10/10/19 1,346,845 1,926,986 Denver, CO 6.07 % 11/01/19 746,617 1,059,646 Hanahan, SC (Charleston)(FDX Ground) 5.54 % 01/21/20 773,234 1,064,185 Augusta, GA (FDX Ground) 5.54 % 02/01/20 562,454 774,093 Huntsville, AL 5.50 % 03/01/20 589,073 795,594 Colorado Springs, CO 5.41 % 01/01/21 1,043,704 1,329,709 Topeka, KS 6.50 % 08/10/21 1,119,836 1,363,023 Streetsboro, OH (Cleveland) 5.50 % 11/01/21 9,887,817 10,446,469 Kansas City, MO (Bunzl) 5.18 % 12/01/21 6,799,803 6,958,091 Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) 4.80 % 04/01/22 8,171,480 8,750,368 Waco, TX 4.75 % 08/01/22 4,524,045 4,799,919 Houston, TX 6.88 % 09/10/22 2,619,835 3,124,904 Tolleson, AZ (Phoenix) 3.95 % 11/01/22 4,525,118 5,299,383 Edwardsville, KS (Kansas City)(International Paper) 3.45 % 11/01/23 9,931,292 10,648,115 Spring, TX (Houston) 4.01 % 12/01/23 8,537,878 9,126,834 Memphis, TN 4.50 % 01/01/24 5,882,668 6,667,886 Oklahoma City, OK (FDX Ground) 4.35 % 07/01/24 3,919,663 4,401,832 Indianapolis, IN 4.00 % 09/01/24 11,381,906 12,289,676 Frankfort, KY (Lexington) 4.84 % 12/15/24 17,560,855 18,352,289 Carrollton, TX (Dallas) 6.75 % 02/01/25 7,233,486 7,960,781 Altoona, PA (2 ) 4.00 % 10/01/25 3,642,839 4,017,147 Green Bay, WI (2 ) 4.00 % 10/01/25 2,956,605 3,260,401 Stewartville, MN (Rochester) (2 ) 4.00 % 10/01/25 2,369,334 2,612,978 Carlstadt, NJ (New York, NY) 5.25 % 05/15/26 1,743,353 1,898,198 Roanoke, VA (FDX Ground) 3.84 % 07/01/26 4,867,194 5,321,390 Livonia, MI (Detroit) 4.45 % 12/01/26 6,912,375 7,503,400 Olive Branch, MS (Memphis, TN)(Milwaukee Tool) 3.76 % 10/01/28 23,461,936 25,000,000 Tulsa, OK 4.58 % 11/01/28 1,812,575 1,934,175 Oklahoma City, OK (Bunzl) 4.13 % 07/01/29 5,935,346 -0- Lindale, TX (Tyler) 4.57 % 11/01/29 6,016,758 6,378,382 Sauget, IL (St. Louis, MO) 4.40 % 11/01/29 9,145,097 9,701,419 Jacksonville, FL (FDX Ground) 3.93 % 12/01/29 17,370,102 18,453,112 Imperial, PA (Pittsburgh) 3.63 % 04/01/30 11,963,800 12,700,739 Property Fixed Rate Maturity Date Balance 9/30/17 Balance 9/30/16 Monroe, OH (Cincinnati) 3.77 % 04/01/30 $ 7,608,083 $ 8,071,987 Greenwood, IN (Indianapolis) 3.91 % 06/01/30 21,485,141 22,760,488 Ft. Worth, TX (Dallas) 3.56 % 09/01/30 22,116,268 23,431,093 Concord, NC (Charlotte) 3.87 % 12/01/30 18,928,835 20,001,944 Covington, LA (New Orleans) 4.08 % 01/01/31 11,814,941 12,468,713 Burlington, WA (Seattle/Everett) 3.67 % 05/01/31 18,839,050 19,881,817 Louisville, KY 3.74 % 07/01/31 6,914,142 7,288,891 Colorado Springs, CO 3.90 % 07/01/31 17,632,728 18,576,282 Davenport, FL (Orlando) 3.89 % 09/01/31 25,077,642 26,400,000 Olathe, KS (Kansas City) 3.96 % 09/01/31 21,108,249 22,215,000 Hamburg, NY (Buffalo) 4.03 % 11/01/31 22,532,881 -0- Ft. Myers, FL (FDX Ground) 3.97 % 01/01/32 14,021,964 -0- Walker, MI (Grand Rapids) 3.86 % 05/01/32 20,530,135 -0- Mesquite, TX (Dallas) 3.60 % 07/01/32 32,623,355 -0- Aiken, SC (Augusta, GA) 4.20 % 07/01/32 15,227,062 -0- Homestead, FL (Miami) 3.60 % 07/01/32 24,591,465 -0- Concord, NC (Charlotte) 3.80 % 09/01/32 26,184,000 -0- Kenton, OH 4.45 % 10/01/32 12,000,000 -0- Stow, OH 4.17 % 10/01/32 12,700,000 -0- Buckner, KY (Louisville) 4.17 % 11/01/33 16,014,719 16,694,846 Halfmoon, NY (Albany) (1) 5.25 % 01/13/37 -0- 3,786,098 Total Mortgage Notes Payable $ 598,962,567 $ 483,748,153 (1) Loan was prepaid in full during fiscal 2017. (2) One loan is secured by Altoona, PA, Green Bay, WI and Stewartville (Rochester), MN. Principal on the foregoing debt at September 30, 2017 is scheduled to be paid as follows: Year Ending September 30, 2018 $ 47,115,220 2019 55,601,883 2020 39,722,075 2021 40,598,551 2022 61,945,863 Thereafter 353,978,975 $ 598,962,567 The above table does not include a 15 year, fully-amortizing mortgage loan of $14,200,000 at a fixed interest rate of 4.23%, which was obtained in connection with the purchase of one property for $21,872,170 subsequent to the fiscal yearend. In addition, the above table does not include commitments the Company has entered into to obtain three mortgages totaling $72,400,000 at fixed rates ranging from 3.53% to 4.25%, with a weighted average interest rate of 3.75% and with a weighted average maturity of 13.2 years. Loans Payable: BMO Capital Markets On August 27, 2015, the Company replaced its prior $60,000,000 unsecured revolving line of credit, with a new unsecured line of credit facility (the Facility). The Facility is syndicated with three banks led by BMO Capital Markets (BMO), as sole lead arranger, sole book runner, and Bank of Montreal as administrative agent, and includes JPMorgan Chase Bank, N.A. (J.P. Morgan) and RBC Capital Markets (RBC) as co-syndication agents. The Facility provided for up to $130,000,000 in available borrowings with a $70,000,000 accordion feature under the Facility, bringing the total potential availability up to $200,000,000, subject to certain conditions. The Facility was set to mature in August 2019 and had a one-year extension option, at the option of the Company. On September 30, 2016, the Company entered into a first amendment to the Facility (the Amendment) pursuant to which the Company exercised the $70,000,000 accordion feature under the Facility, bringing the maximum availability under the Facility to $200,000,000, and amended the Facility to provide an additional $100,000,000 accordion feature, bringing the total potential availability up to $300,000,000, subject to certain conditions, including, without limitation, obtaining commitments from additional lenders. In addition, the Amendment extended the maturity date of the Facility from August 27, 2019 to September 30, 2020, with a one-year extension option, at the option of the Company, subject to certain conditions. Availability under the Facility is limited to 60% of the value of the borrowing base properties. The value of the borrowing base properties is determined by applying a 7.0% capitalization rate to the NOI generated by the Company’s unencumbered, wholly-owned industrial properties. Borrowings under the Facility, will, at the Company’s election, either i) bear interest at LIBOR plus 140 basis points to 220 basis points, depending on the Company’s leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 40 basis points to 120 basis points, depending on the Company’s leverage ratio. The Company’s borrowings as of September 30, 2017, based on the Company’s leverage ratio as of September 30, 2017, bear interest at LIBOR plus 170 basis points, which was at an interest rate of 2.94% as of September 30, 2017. As of September 30, 2017 and 2016, $110,000,000 and $76,000,000, respectively, was drawn down under the Facility. Two River Community Bank and The Bank of Princeton As of September 30, 2016, the Company had total loans payable of $4,790,684 consisting of a $2,284,633 term loan secured by 200,000 shares of UMH Properties, Inc. (UMH) 8.25% Series A preferred stock from Two River Community Bank at an annual interest rate of 4.90%, which was paid in full on October 28, 2016, and a $2,506,051 term loan secured by 500,000 shares of UMH common stock from The Bank of Princeton at a variable annual interest rate of prime plus 0.75% with a floor of 4.50%, which was paid in full on December 1, 2016. The interest rate on the $2,506,051 term loan with The Bank of Princeton was 4.50% as of September 30, 2016. Margin Loans The Company from time to time uses a margin loan for purchasing securities, for temporary funding of acquisitions, and for working capital purposes. This loan is due on demand and is collateralized by the Company’s securities portfolio. The Company must maintain a coverage ratio of approximately 50%. The interest rate charged on the margin loan is the bank’s margin rate and was 2.05% and 2.00% as of September 30, 2017 and 2016, respectively. At September 30, 2017 and 2016, there was $10,091,417 and $-0- outstanding on the margin loan, respectively. For the three fiscal years ended September 30, 2017, amortization of financing costs included in interest expense was $1,234,259, $1,116,238 and $1,286,016, respectively. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Sep. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | NOTE 8 - OTHER LIABILITIES Other liabilities consist of the following as of September 30th: 9/30/17 9/30/16 Rent paid in advance $ 9,108,097 $ 6,631,139 Unearned reimbursement revenue 3,996,340 2,407,717 Tenant security deposits 582,170 464,287 Other 578,911 365,429 Total $ 14,265,518 $ 9,868,572 |
Stock Compensation Plan
Stock Compensation Plan | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Plan | NOTE 9 - STOCK COMPENSATION PLAN On March 13, 2017, upon recommendation of the Compensation Committee of the Board, the Board approved the Amended and Restated 2007 Incentive Award Plan (the Plan), conditioned upon shareholder approval. At the Company’s Annual Meeting held on May 18, 2017, the Company’s common shareholders approved the Plan. The Plan constitutes an amendment and restatement of the 2007 Plan, extends the term of the 2007 Plan for an additional 10 years through March 12, 2027, adds 1,600,000 shares of common stock to the share reserve, expands the types of awards available for grant under the Plan and makes other improvements to the 2007 Plan. The Compensation Committee, in its capacity as Plan Administrator, shall determine, among other things: the recipients of awards; the type and number of awards participants will receive; the terms, conditions and forms of the awards; the times and conditions subject to which awards may be exercised or become vested, deliverable or exercisable, or as to which any restrictions may apply or lapse; and may amend or modify the terms and conditions of an award, except that repricing of options or Stock Appreciation Rights (SAR) is not permitted without shareholder approval. No participant may receive awards during any calendar year covering more than 200,000 shares of common stock or more than $1,500,000 in cash. Regular annual awards granted to non-employee directors as compensation for services as non-employee directors during any fiscal year of the Company may not exceed $100,000 in value on the date of grant, and the grant date value of any special or one-time award upon election or appointment to the Board of Directors may not exceed $200,000. Awards granted pursuant to the Plan generally may not vest until the first anniversary of the date the award was granted, provided, however, that up to 5% of the Common Shares available under the Plan may be awarded to any one or more Eligible Individuals without the minimum vesting period. If an award made under the Plan is forfeited, expires or is converted into shares of another entity in connection with a recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, exchange of shares or other similar event, or the award is settled in cash, the shares associated with the forfeited, expired, converted or settled award will become available for additional awards under the Plan. The term of any stock option or SAR generally may not be more than 10 years from the date of grant. The exercise price per common share under the Plan generally may not be below 100% of the fair market value of a common share at the date of grant. The Company accounts for stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). Stock Options During fiscal 2017, eleven employees were granted options to purchase 280,000 shares. During fiscal 2016 and 2015, one employee was granted options to purchase 65,000 shares each fiscal year. The fair value of these options was $416,400, $48,100, and $60,315 in fiscal 2017, 2016, and 2015, respectively, based on the assumptions below and is being amortized over a one-year vesting period. For the fiscal years ended September 30, 2017, 2016 and 2015, amounts charged to compensation expense related to stock options totaled $350,364, $51,334 and $53,873, respectively. The remaining unamortized stock option expense was $78,121 as of September 30, 2017 which will be expensed in fiscal 2018. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal 2017, 2016 and 2015: 2017 2016 2015 Dividend yield 4.44 % 6.17 % 5.38 % Expected volatility 18.84 % 20.20 % 19.78 % Risk-free interest rate 2.26 % 2.09 % 1.97 % Expected lives (years) 8 8 8 Estimated forfeitures -0- -0- -0- A summary of the status of the Company’s stock option plan as of September 30, 2017, 2016 and 2015 is as follows: 2017 2016 2015 2017 Shares Weighted Average Exercise Price 2016 Shares Weighted Average Exercise Price 2015 Shares Weighted Average Exercise Price Outstanding at beginning of year 455,000 $ 9.46 635,000 $ 8.68 651,200 $ 8.29 Granted 280,000 14.43 65,000 10.37 65,000 11.16 Exercised (65,000 ) 7.22 (245,000 ) 7.69 (81,200 ) 7.54 Expired/Forfeited -0- -0- -0- -0- -0- -0- Outstanding at end of year 670,000 11.75 455,000 9.46 635,000 8.68 Exercisable at end of year 390,000 390,000 570,000 Weighted-average fair value of options granted during the year $ 1.49 $ 0.74 $ 0.93 The following is a summary of stock options outstanding as of September 30, 2017: Date of Grant Number of Grants Number of Shares Option Price Expiration Date 01/03/11 1 65,000 $ 8.72 01/03/19 01/03/12 1 65,000 9.33 01/03/20 01/03/13 1 65,000 10.46 01/03/21 01/03/14 1 65,000 8.94 01/03/22 01/05/15 1 65,000 11.16 01/05/23 01/05/16 1 65,000 10.37 01/05/24 12/09/16 10 215,000 14.24 12/09/24 01/04/17 1 65,000 15.04 01/04/25 670,000 The aggregate intrinsic value of options outstanding as of September 30, 2017, 2016 and 2015 was $2,974,400, $2,189,850 and $816,800, respectively. The intrinsic value of options exercised in fiscal years 2017, 2016 and 2015 was $585,650, $884,350, and $333,369, respectively. The weighted-average remaining contractual term of the above options was 5.1, 4.2 and 3.1 years as of September 30, 2017, 2016 and 2015, respectively. Restricted Stock In September 2017, the Company awarded 11,000 shares of restricted stock to eleven participants under the Plan. In September 2016, the Company awarded 40,000 shares of restricted stock to one participant under the Plan. In July 2015, the Company awarded 47,000 shares of restricted stock to twelve participants and in September 2015, the Company awarded 11,000 shares of restricted stock to eleven participants under the Plan. The grant date fair value of restricted stock grants awarded to participants was $175,120, $545,600 and $572,840 in fiscal 2017, 2016 and 2015, respectively. These grants vest in equal installments over five years. As of September 30, 2017, there remained a total of $496,866 of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded under the Plan and outstanding at that date. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 3.4 years. For the fiscal years ended September 30, 2017, 2016 and 2015, amounts charged to compensation expense related to restricted stock grants totaled $261,033, $875,131 and $395,022, respectively. A summary of the status of the Company’s non-vested restricted stock awards as of September 30, 2017, 2016 and 2015 are presented below: 2017 2016 2015 2017 Shares Weighted- Average 2016 Shares Weighted- Average 2015 Shares Weighted- Average Non-vested at beginning of year 117,897 $ 11.35 123,496 $ 10.08 108,200 $ 9.96 Granted 11,000 15.92 40,000 13.64 58,000 9.88 Dividend Reinvested Shares 5,103 13.99 6,771 11.08 7,180 9.52 Vested (44,286 ) (15.74 ) (49,136 ) (10.06 ) (49,884 ) (9.56 ) Forfeited -0- -0- (3,234 ) (11.38 ) -0- -0- Non-vested at end of year 89,714 $ 12.15 117,897 $ 11.35 123,496 $ 10.08 As of September 30, 2017, there were 1,753,042 shares available for grant under the Plan. |
Income from Leases
Income from Leases | 12 Months Ended |
Sep. 30, 2017 | |
Leases [Abstract] | |
Income from Leases | NOTE 10 - INCOME FROM LEASES The Company derives income primarily from operating leases on its commercial properties. In general, these leases are written for periods up to 10 years or more with various provisions for renewal. These leases generally contain clauses for reimbursement (or direct payment) of real estate taxes, maintenance, insurance and certain other operating expenses of the properties. As of September 30, 2017, the Company had a weighted average lease maturity of 7.9 years. Approximate minimum base rents due under non-cancellable leases as of September 30, 2017 are scheduled as follows: Fiscal Year Amount 2018 $ 105,909,000 2019 98,254,000 2020 93,927,000 2021 92,636,000 2022 86,696,000 thereafter 426,351,000 Total $ 903,773,000 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 11 - RELATED PARTY TRANSACTIONS Five of the Company’s 12 directors are also directors and shareholders of UMH. The Company holds common and preferred stock of UMH in its securities portfolio. See Note 6 for current holdings. During fiscal 2017, the Company made total purchases of 138,989 common shares of UMH for a total cost of $1,926,166, or a weighted average cost of $13.86 per share, of which 125,989 shares were purchased through UMH’s Dividend Reinvestment and Stock Purchase Plan. During fiscal 2017, UMH made total purchases of 102,103 common shares of the Company through the Company’s DRIP for a total cost of $1,437,355, or a weighted average cost of $14.08 per share. The Company currently has fourteen full-time employees and one part-time employee. One of the Company’s employees (Director of Investor Relations, promoted to Vice President of Investor Relations in June 2015) was shared with a related entity, UMH, through September 30, 2015. Through September 30, 2015, the Vice President of Investor Relations’ salary was allocated 70% to the Company and 30% to UMH based on the time she worked for each entity. Effective October 1, 2015, the Vice President of Investor Relations began working solely for the Company at which point the Company no longer allocated any portion of her salary to UMH. In addition, the Company’s Chairman of the Board is also the Chairman of the Board of UMH. Effective as of October 1, 2015, other than the Company’s Chairman of the Board, the Company does not share any employees with UMH. Some general and administrative expenses are allocated between the Company and UMH based on use or services provided. These allocations are reviewed by our Audit Committee. Net shared expenses charged by UMH to the Company for the fiscal years ended September 30, 2017, 2016 and 2015 were $94,951, $113,515 and $158,727, respectively. Effective January 12, 2015, the Company entered into a seven-year lease agreement to occupy 5,680 square feet for its corporate office space. Rent for the Company’s corporate office space is at an annual rate of $99,400 or $17.50 per square foot for years one through five and an annual rate of $100,820 or $17.75 per square foot for years six and seven. The Company is also responsible for its proportionate share of real estate taxes and common area maintenance. Mr. Eugene W. Landy, the Founder and Chairman of the Board of the Company, owns a 24% interest in the entity that is the landlord of the property where the Company’s corporate office space is located. Management believes that the aforesaid rent is no more than what the Company would pay for comparable space elsewhere. Daniel D. Cronheim is a director of the Company and Executive Vice President of David Cronheim Company (Cronheim) and Cronheim Management Services, Inc. (CMSI). Daniel Cronheim received $75,880, $49,500 and $56,520 for director’s fees in fiscal 2017, 2016 and 2015, respectively. The David Cronheim Mortgage Corporation, an affiliated company of CMSI, received $-0-, $-0- and $196,000 in mortgage brokerage commissions in fiscal 2017, 2016 and 2015, respectively. The industrial property in Carlstadt, New Jersey is owned by Palmer Terrace Realty Associates, LLC. The Company owns 51% of Palmer Terrace Realty Associates, LLC. This property is managed by Marcus Associates, an entity affiliated with the 49% non-controlling interest. Annual management fees of $15,804 were paid to Marcus Associates for each of the fiscal years ended 2017, 2016 and 2015. |
Taxes
Taxes | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Taxes | NOTE 12 - TAXES Income Tax The Company has elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code under Sections 856 to 860 and the comparable New Jersey Statutes. Under such provisions, the Company will not be taxed on that portion of its taxable income distributed currently to shareholders, provided that at least 90% of its taxable income is distributed. As the Company has and intends to continue to distribute all of its income currently, no provision has been made for income taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state, and local income taxes. Federal Excise Tax The Company does not have a Federal excise tax liability for the calendar years 2017, 2016 and 2015, since it intends to or has distributed all of its annual Federal taxable net income. Reconciliation Between U.S. GAAP Net Income and Taxable Income The following table reconciles Net Income Attributable to common shares to taxable income for the years ended September 30, 2017, 2016 and 2015: 2017 Estimated (unaudited) 2016 Actual 2015 Actual Net income applicable to common shareholders $ 22,942,234 $ 20,531,888 $ 16,998,783 Book / tax difference on gains realized from capital transactions (2,311,714 ) (4,398,599 ) (5,824,405 ) Stock compensation expense 624,706 926,465 448,895 Deferred compensation -0- -0- -0- Other book / tax differences, net 353,285 1,298,104 2,342,751 Taxable income before adjustments 21,608,511 18,357,858 13,966,024 Add: capital gains 1,311,714 3,643,569 5,000,683 Estimated taxable income subject to 90% dividend requirement $ 22,920,225 $ 22,001,427 $ 18,966,707 Reconciliation Between Cash Dividends Paid and Dividends Paid Deduction The following table reconciles cash dividends paid with the dividends paid deduction for the years ended September 30, 2017, 2016 and 2015: 2017 Estimated (unaudited) 2016 Actual 2015 Actual Cash dividends paid $ 50,663,829 $ 42,034,183 $ 35,522,127 Less: Portion designated capital gains distribution (1,311,714 ) (3,643,569 ) (5,000,683 ) Less: Return of capital (10,414,753 ) (7,828,595 ) (2,939,882 ) Estimated dividends paid deduction $ 38,937,362 $ 30,562,019 $ 27,581,562 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 13 - SHAREHOLDERS’ EQUITY Common Stock The Company implemented a Dividend Reinvestment and Stock Purchase Plan (the DRIP) effective December 15, 1987. Under the terms of the DRIP, as subsequently amended, shareholders who participate may reinvest all or part of their dividends in additional shares of the Company at a discounted price (approximately 95% of market value) directly from the Company, from authorized but unissued shares of the Company common stock. Shareholders may also purchase additional shares through the DRIP by making optional cash payments monthly. Amounts received in connection with the DRIP and shares issued in connection with the DRIP for the fiscal years ended September 30, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Amounts received $ 91,931,831 $ 72,175,797 $ 48,404,556 Less: Dividend reinvestments 10,125,894 8,369,146 8,489,169 Amounts received, net $ 81,805,937 $ 63,806,651 $ 39,915,387 Number of Shares Issued 6,632,713 6,515,750 4,975,500 The following cash distributions were paid to common shareholders during the years ended September 30, 2017, 2016 and 2015: 2017 2016 2015 Quarter Ended Amount Per Share Amount Per Share Amount Per Share December 31 $ 11,184,399 $ 0.16 $ 10,083,160 $ 0.16 $ 8,598,414 $ 0.15 March 31 11,428,917 0.16 10,384,295 0.16 8,765,446 0.15 June 30 11,697,727 0.16 10,647,332 0.16 8,952,767 0.15 September 30 11,978,205 0.16 10,919,396 0.16 9,205,500 0.15 $ 46,289,248 $ 0.64 $ 42,034,183 $ 0.64 $ 35,522,127 $ 0.60 On October 1, 2015, the Company’s Board of Directors approved a 6.7% increase in the Company’s quarterly common stock dividend, raising it to $0.16 per share from $0.15 per share. This represented an annualized dividend rate of $0.64 per share. On October 2, 2017, the Company’s Board of Directors approved a 6.25% increase in the Company’s quarterly common stock dividend, raising it to $0.17 per share from $0.16 per share. This represents an annualized dividend rate of $0.68 per share. The Company has maintained or increased its cash dividend for 26 consecutive years. On October 2, 2017, the Company’s Board of Directors declared a quarterly dividend of $0.17 per share of its common stock to be paid December 15, 2017 to shareholders of record as of the close of business on November 15, 2017. Preferred Stock 7.625% Series A Cumulative Redeemable Preferred Stock On September 14, 2016, the Company announced that it intended to redeem all 2,139,750 issued and outstanding shares of its 7.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (7.625% Series A Preferred Stock). The Company redeemed all of the 7.625% Series A Preferred Stock on October 14, 2016 at a redemption price of $25.00 per share, plus all dividends accrued and unpaid to and including the redemption date, in an amount equal to $0.23299 per share. As of September 30, 2016, the outstanding 7.625% Series A Preferred Stock was reclassified out of stockholder’s equity and was reflected as a liability at redemption value and the Company recognized a deemed dividend of $2,942,149 on the Consolidated Statement of Income for the fiscal year ended September 30, 2016, which represents the difference between redemption value and carrying value net of original deferred issuance costs. Prior to its redemption, the annual dividend of the 7.625% Series A Preferred Stock was $1.90625 per share, or 7.625%, of the $25.00 per share liquidation value and was payable quarterly in arrears on March 15, June 15, September 15, and December 15. The Company’s Board of Directors has authorized and the Company has paid the following dividends on the 7.625% Series A Preferred Stock for the fiscal years ended September 30, 2017, 2016 and 2015: Declaration Date Record Date Payment Date Dividend Dividend per Share (1) 9/14/16 10/14/16 10/14/16 $ 498,540 $ 0.23299 (1) Represents final dividend payment at time of redemption of the 7.625% Series A Preferred Stock Declaration Date Record Date Payment Date Dividend Dividend per Share 10/1/15 11/16/15 12/15/15 $ 1,019,725 $ 0.4765625 1/19/16 2/16/16 3/15/16 1,019,726 0.4765625 4/5/16 5/16/16 6/15/16 1,019,725 0.4765625 7/1/16 8/15/16 9/15/16 1,019,726 0.4765625 $ 4,078,902 $ 1.9062500 Declaration Date Record Date Payment Date Dividend Dividend per Share 10/1/14 11/17/14 12/15/14 $ 1,019,725 $ 0.4765625 1/21/15 2/17/15 3/16/15 1,019,726 0.4765625 4/1/15 5/15/15 6/15/15 1,019,725 0.4765625 7/1/15 8/17/15 9/15/15 1,019,726 0.4765625 $ 4,078,902 $ 1.9062500 7.875% Series B Cumulative Redeemable Preferred Stock On May 5, 2017, the Company announced that it intended to redeem all 2,300,000 issued and outstanding shares of its 7.875% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share (7.875% Series B Preferred Stock). The Company redeemed all of the outstanding shares of the 7.875% Series B Preferred Stock on June 7, 2017, at a redemption price of $25.00 per share, totaling $57,500,000, plus accumulated and unpaid dividends for the period from June 1, 2017 up to and not including, the redemption date, in an amount equal to $0.0328125, totaling $75,469, for a total cash payment of $25.0328125 per share, totaling $57,575,469. The Company recognized a deemed dividend of $2,467,165 on the Consolidated Statement of Income for the fiscal year ended September 30, 2017, which represents the difference between redemption value and carrying value net of original deferred issuance costs. Prior to its redemption, the annual dividend of the 7.875% Series B Preferred Stock was $1.96875 per share, or 7.875%, of the $25.00 per share liquidation value and was payable quarterly in arrears on March 15, June 15, September 15, and December 15. The Company’s Board of Directors has authorized and the Company has paid the following dividends on the Series B Preferred Stock for the year ended September 30, 2017, 2016 and 2015: Declaration Date Record Date Payment Date Dividend Dividend per Share 10/3/16 11/15/16 12/15/16 $ 1,132,032 $ 0.4921875 1/17/17 2/15/17 3/15/17 1,132,033 0.4921875 4/4/17 5/15/17 6/15/17 1,132,032 0.4921875 (1) 5/5/17 6/7/17 6/7/17 75,470 0.0328125 $ 3,471,567 $ 1.5093750 (1) Represents final dividend payment at time of redemption of the 7.875% Series B Preferred Stock Declaration Date Record Date Payment Date Dividend Dividend per Share 10/1/15 11/16/15 12/15/15 $ 1,132,032 $ 0.4921875 1/19/16 2/16/16 3/15/16 1,132,033 0.4921875 4/5/16 5/16/16 6/15/16 1,132,032 0.4921875 7/1/16 8/15/16 9/15/16 1,132,033 0.4921875 $ 4,528,130 $ 1.9687500 Declaration Date Record Date Payment Date Dividend Dividend per Share 10/1/14 11/17/14 12/15/14 $ 1,132,032 $ 0.4921875 1/21/15 2/17/15 3/16/15 1,132,033 0.4921875 4/1/15 5/15/15 6/15/15 1,132,032 0.4921875 7/1/15 8/17/15 9/15/15 1,132,033 0.4921875 $ 4,528,130 $ 1.9687500 6.125% Series C Cumulative Redeemable Preferred Stock On September 13, 2016, the Company issued 5,400,000 shares of a 6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share (6.125% Series C Preferred Stock) at an offering price of $25.00 per share in an underwritten public offering. The Company received net proceeds from the offering, after deducting the underwriting discount and other estimated offering expenses, of approximately $130,543,000. On September 15, 2016, the Company used $45,000,000 of such net proceeds from the offering to reduce the amounts outstanding under its Facility and on October 14, 2016, and as discussed above, the Company used $53,493,750 of such net proceeds from the offering to redeem all of the 2,139,750 issued and outstanding shares of its 7.625% Series A Preferred Stock. In addition, on October 14, 2016, the Company used $498,540 of such net proceeds from the offering to pay all dividends, accrued and unpaid, up to and including the redemption date of the 7.625% Series A Preferred Stock. On March 9, 2017, the Company issued an additional 3,000,000 shares of its 6.125% Series C Preferred Stock, liquidation preference of $25.00 per share, at a public offering price of $24.50 per share, for gross proceeds of $73,500,000 before deducting the underwriting discount and offering expenses. Net proceeds from the offering, after deducting underwriting discounts and other offering expenses were approximately $71,003,000. As discussed above, the Company used the net proceeds from this offering to redeem all of the outstanding shares of its 7.875% Series B Preferred Stock. In addition, the Company used $75,469 of such net proceeds from the offering to pay all dividends, accrued and unpaid, up to and not including the redemption date of the 7.875% Series B Preferred Stock. On June 29, 2017, the Company entered into an At-The-Market Preferred Equity Program (Preferred Stock ATM Program), with FBR Capital Markets & Co. in which the Company may, from time to time, offer and sell additional shares of its 6.125% Series C Preferred Stock, with a liquidation preference of $25.00 per share, having an aggregate sales price of up to $100,000,000. The Company began selling shares through the Preferred Stock ATM Program on July 3, 2017. As of September 30, 2017, the Company sold 1,439,445 shares under its Preferred Stock ATM Program at a weighted average price of $25.31 per share, and generated net proceeds, after offering expenses, of approximately $35,730,000. The Company intends to use the proceeds raised through the Preferred Stock ATM Program to purchase properties and fund expansions of its existing properties in the ordinary course of business and for general corporate purposes. As of September 30, 2017, the Company has a total of 9,839,445 shares of 6.125% Series C Preferred Stock outstanding representing an aggregate liquidation preference of $245,986,125. The Company’s Board of Directors has authorized and the Company has paid the following dividends on the 6.125% Series C Preferred Stock for the year ended September 30, 2017, 2016 and 2015: Declaration Date Record Date Payment Date Dividend Dividend per Share 10/3/16 11/15/16 12/15/16 $ 1,791,563 $ 0.3317708 1/17/17 2/15/17 3/15/17 2,067,190 0.3828125 4/4/17 5/15/17 6/15/17 3,215,629 0.3828125 7/3/17 8/15/17 9/15/17 3,455,985 0.3828125 $ 10,530,367 $ 1.4802083 The annual dividend of the 6.125% Series C Preferred Stock is $1.53125 per share, or 6.125% of the $25.00 per share liquidation value and is payable quarterly in arrears on March 15, June 15, September 15, and December 15. The 6.125% Series C Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, and as described below, the 6.125% Series C Preferred Stock is not redeemable prior to September 15, 2021. On and after September 15, 2021, at any time and, from time to time, the 6.125% Series C Preferred Stock will be redeemable in whole, or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. Upon the occurrence of a Delisting Event, as defined in the Articles Supplementary (Series C Articles Supplementary) classifying and designating the 6.125% Series C Preferred Stock, the Company may, at its option and subject to certain conditions, redeem the 6.125% Series C Preferred Stock, in whole or in part, within 90 days after the Delisting Event, for a cash redemption price per share of 6.125% Series C Preferred Stock equal to $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared), to, but not including, the redemption date. Upon the occurrence of a Change of Control, as defined in the Series C Articles Supplementary, the Company may, at its option and subject to certain conditions, redeem the 6.125% Series C Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for a cash redemption price per share of 6.125% Series C Preferred Stock equal to $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the redemption date. On October 2, 2017, the Company’s Board of Directors declared a quarterly dividend for the period September 1, 2017 through November 30, 2017, of $0.3828125 per share to be paid December 15, 2017 to shareholders of record as of the close of business on November 15, 2017. Repurchase of Stock On January 17, 2017, the Board of Directors reaffirmed its Share Repurchase Program (Repurchase Program) that authorizes the Company to purchase up to $10,000,000 in the aggregate of the Company’s common stock. The Repurchase Program was originally created on March 3, 2009 and is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The Repurchase Program does not require the Company to acquire any particular amount of common stock, and the program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. The Company did not reacquire any of its shares of Common Stock during the fiscal year ended September 30, 2017, nor does the Company possess any reacquired shares of Common Stock as of September 30, 2017. The maximum dollar value that may be purchased under the Repurchase Program as of September 30, 2017 is $10,000,000. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 14 - FAIR VALUE MEASUREMENTS The Company follows ASC 825, Financial Instruments, for financial assets and liabilities recognized at fair value on a recurring basis. We measure certain financial assets and liabilities at fair value on a recurring basis, including securities available for sale. The Company’s financial assets consist mainly of marketable REIT securities. The fair value of these certain financial assets was determined using the following inputs at September 30, 2017 and 2016 : Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2017: Securities available for sale $ 123,764,770 $ 123,764,770 $ -0- $ -0- September 30, 2016: Securities available for sale $ 73,604,894 $ 73,604,894 $ -0- $ -0- In addition to the Company’s investments in Securities Available for Sale at Fair Value, the Company is required to disclose certain information about fair values of its other financial instruments. Estimates of fair value are made at a specific point in time based upon, where available, relevant market prices and information about the financial instrument. Such estimates do not include any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. For a portion of the Company’s other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties; future expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent estimates only, and therefore cannot be compared to the historical accounting model. The use of different assumptions or methodologies is likely to result in significantly different fair value estimates. The fair value of Cash and Cash Equivalents approximates their current carrying amounts since all such items are short-term in nature. The fair value of variable rate Loans Payable approximates their current carrying amounts since such amounts payable are at approximately a weighted-average current market rate of interest. The estimated fair value of fixed rate mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rate currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. At September 30, 2017, the fixed rate Mortgage Notes Payable fair value (estimated based upon expected cash outflows discounted at current market rates) amounted to $608,245,000 and the carrying value amounted to $598,962,567. When the Company acquires a property that is accounted for as a business combination, it is required to fair value all of the assets and liabilities, including intangible assets and liabilities, relating to the properties acquired lease (See Note 3). Those fair value measurements are estimated based on independent third party appraisals and fall within level 3 of the fair value hierarchy. |
Cash Flow
Cash Flow | 12 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow | NOTE 15 - CASH FLOW During fiscal years 2017, 2016 and 2015, the Company paid cash for interest of $24,290,811, $21,967,741 and $18,617,553, respectively. During fiscal years 2017, 2016 and 2015, the Company had $10,125,894, $8,369,146 and $8,489,169, respectively, of dividends which were reinvested that required no cash transfers. |
Contingencies, Commitments and
Contingencies, Commitments and Legal Matters | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Legal Matters | NOTE 16 – CONTINGENCIES, COMMITMENTS AND LEGAL MATTERS From time to time, the Company can be subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the consolidated balance sheet or results of operations. In addition to the property purchased subsequent to the fiscal yearend, as described in Note 17, the Company has entered into agreements to purchase three new build-to-suit, industrial buildings that are currently being developed in Florida, Georgia and Oklahoma, consisting of approximately 1,531,000 square feet, with net-leased terms of 10 years each. The purchase price for these properties is approximately $117,437,000. Approximately 1,132,000 square feet, or 74%, is leased to an investment grade tenant or its subsidiary. Subject to satisfactory due diligence and other customary closing conditions and requirements, we anticipate closing these transactions during fiscal 2018. In connection with the three properties, the Company has entered into commitments to obtain three mortgages totaling $72,400,000 at fixed rates ranging from 3.53% to 4.25%, with a weighted average interest rate of 3.75% and with a weighted average maturity of 13.2 years. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17 – SUBSEQUENT EVENTS Material subsequent events have been evaluated and are disclosed herein. On October 2, 2017, the Company’s Board of Directors approved a 6.25% increase in the Company’s quarterly common stock dividend, raising it to $0.17 per share from $0.16 per share. This represents an annualized dividend rate of $0.68 per share. The Company has maintained or increased its cash dividend for 26 consecutive years. On October 2, 2017, the Company’s Board of Directors declared a quarterly dividend of $0.17 per share of its common stock to be paid December 15, 2017 to shareholders of record as of the close of business on November 15, 2017. On October 2, 2017, the Company’s Board of Directors authorized a quarterly dividend for the 6.125% Series C Preferred Stock for the period September 1, 2017 through November 30, 2017, of $0.3828125 per share to be paid December 15, 2017 to shareholders of record as of the close of business on November 15, 2017. On November 2, 2017, the Company purchased a newly constructed 121,683 square foot industrial building, situated on 16.2 acres, located in Charleston, SC. The building is 100% net-leased to FDX for 15 years through August 2032. The purchase price was $21,872,170. The Company obtained a 15 year fully-amortizing mortgage loan of $14,200,000 at a fixed interest rate of 4.23%. Annual rental revenue over the remaining term of the lease averages approximately $1,312,000. On November 1, 2017, a parking lot expansion for a property leased to FedEx Ground Package System, Inc. located in Indianapolis, IN was completed for a total project cost of approximately $1,840,000, resulting in a new 10 year lease which extended the prior lease expiration date from April 2024 to October 2027. In addition, the expansion resulted in an increase in annual rent effective from the date of completion of approximately $184,000 from approximately $1,533,000, or $4.67 per square foot, to approximately $1,717,000, or $5.24 per square foot. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | NOTE 18 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following is the Unaudited Selected Quarterly Financial Data: SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) THREE MONTHS ENDED FISCAL 2017 12/31/16 3/31/17 6/30/17 9/30/17 Rental and Reimbursement Revenue $ 27,181,611 $ 27,308,191 $ 28,609,096 $ 30,447,084 Total Expenses 13,262,730 13,785,498 14,130,508 15,584,318 Other Income (Expense) (4,064,960 ) (5,098,082 ) (2,748,225 ) (4,600,576 ) Net Income 9,853,921 8,424,611 11,730,363 10,262,190 Net Income Attributable to Common Shareholders 6,156,161 4,842,575 5,217,411 6,726,087 Net Income Attributable to Common Shareholders per diluted share $ 0.09 $ 0.07 $ 0.07 $ 0.09 FISCAL 2016 12/31/15 3/31/16 6/30/16 9/30/16 Rental and Reimbursement Revenue $ 22,259,362 $ 22,966,838 $ 24,113,999 $ 25,575,911 Total Expenses 11,167,093 12,537,914 11,835,546 13,942,992 Other Income (Expense) (4,153,614 ) (3,296,977 ) (4,047,158 ) (1,440,309 ) Net Income 6,938,655 7,131,947 8,231,295 10,192,610 Net Income Attributable to Common Shareholders 4,786,897 4,980,189 6,079,537 4,685,265 Net Income Attributable to Common Shareholders per diluted share $ 0.08 $ 0.08 $ 0.09 $ 0.07 |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Sep. 30, 2017 | |
Real Estate And Accumulated Depreciation | |
Real Estate and Accumulated Depreciation | MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2017 Column A Column B Column C Column D Capitalization Buildings and Subsequent to Description Encumbrances Land Improvements Acquisition Industrial Buildings Monaca (Pittsburgh), PA $ -0- $ 401,716 $ 878,081 $ 6,606,044 Ridgeland (Jackson), MS -0- 218,000 1,233,500 407,091 Urbandale (Des Moines), IA (Vacant) -0- 310,000 1,758,000 188,613 Richland (Jackson), MS -0- 211,000 1,195,000 494,691 O’Fallon (St. Louis), MO -0- 264,000 3,302,000 679,913 Fayetteville, NC -0- 172,000 4,467,885 811,744 Schaumburg (Chicago), IL -0- 1,039,800 3,694,320 443,820 Burr Ridge (Chicago), IL -0- 270,000 1,236,599 186,302 Romulus (Detroit), MI -0- 531,000 3,653,883 482,623 Liberty (Kansas City), MO -0- 723,000 6,498,324 176,557 Omaha, NE -0- 1,170,000 4,425,500 349,191 Charlottesville, VA -0- 1,170,000 2,845,000 341,988 Jacksonville, FL (FDX) -0- 1,165,000 4,668,080 496,704 West Chester Twp. (Cincinnati), OH 1,820,753 695,000 3,342,000 1,696,686 Mechanicsville (Richmond), VA -0- 1,160,000 6,413,305 211,706 St. Joseph, MO -0- 800,000 11,753,964 735,306 Newington (Hartford), CT -0- 410,000 2,961,000 123,108 Cudahy (Milwaukee), WI -0- 980,000 5,050,997 3,351,364 Beltsville (Washington, DC), MD -0- 3,200,000 5,958,773 5,353,582 Granite City (St. Louis, MO), IL -0- 340,000 12,046,675 311,173 Winston-Salem, NC -0- 980,000 5,610,000 648,613 Elgin (Chicago), IL -0- 1,280,000 5,529,488 167,954 Tolleson (Phoenix), AZ 4,525,118 1,316,075 13,329,000 2,179,151 Edwardsville (Kansas City), KS (Carlisle Tire) -0- 1,185,000 5,815,148 232,838 Tampa, FL (FDX Ground) 5,910,953 5,000,000 12,660,003 2,036,224 Denver, CO 746,617 1,150,000 3,890,300 1,313,751 Hanahan (Charleston), SC (SAIC) -0- 1,129,000 11,831,321 414,120 Hanahan (Charleston), SC (FDX Ground) 773,234 930,000 3,426,362 3,258,291 Augusta, GA (FDX Ground) 562,454 614,406 3,026,409 1,722,490 Huntsville, AL 589,073 748,115 2,724,418 3,189,278 Richfield (Cleveland), OH 2,724,856 2,676,848 7,197,945 6,560,685 Colorado Springs, CO 1,043,704 1,270,000 3,821,000 2,113,472 Tampa, FL (FDX) 3,654,913 2,830,000 4,704,531 85,393 Griffin (Atlanta), GA -0- 760,000 13,692,115 416,742 Roanoke, VA (CHEP USA) -0- 1,853,000 4,817,298 735,149 Orion, MI -0- 4,649,971 13,053,289 5,182,376 Carlstadt (New York, NY), NJ 1,743,353 1,194,000 3,645,501 64,088 Wheeling (Chicago), IL -0- 5,112,120 9,186,606 4,238,926 Cheektowaga (Buffalo), NY -0- 4,796,765 3,883,971 2,280,087 Richmond, VA -0- 446,000 3,910,500 411,809 Montgomery (Chicago), IL -0- 2,000,000 9,225,683 72,684 Tampa, FL (Tampa Bay Grand Prix) -0- 1,867,000 3,684,794 126,188 Augusta, GA (FDX) -0- 380,000 1,400,943 196,836 Lakeland, FL -0- 261,000 1,621,163 100,369 El Paso, TX -0- 3,225,195 4,514,427 4,691,570 Chattanooga, TN -0- 300,000 4,464,711 251,807 Bedford Heights (Cleveland), OH -0- 990,000 4,893,912 1,035,924 Punta Gorda, FL -0- -0- 4,104,915 28,595 Cocoa, FL -0- 1,881,316 8,623,564 3,622,569 Orlando, FL 4,098,856 2,200,000 6,133,800 220,632 Topeka, KS 1,119,836 -0- 3,679,843 -0- Memphis, TN 5,882,668 1,240,887 13,380,000 1,050 Houston, TX 2,619,835 1,661,120 6,320,000 167,338 Carrollton (Dallas), TX 7,233,486 1,500,000 16,240,000 79,203 Ft. Mill (Charlotte, NC), SC 1,346,845 1,670,000 10,045,000 3,698,307 Lebanon (Nashville), TN 7,446,653 2,230,000 11,985,126 -0- Rockford, IL (Sherwin-Williams Co.) -0- 1,100,000 4,440,000 11,227 Edinburg, TX -0- 1,000,000 6,414,000 4,625,014 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2017 Column A Column B Column C Column D Capitalization Buildings and Subsequent to Description Encumbrances Land Improvements Acquisition Streetsboro (Cleveland), OH $ 9,887,817 $ 1,760,000 $ 17,840,000 $ -0- Corpus Christi, TX -0- -0- 4,764,500 7,413 Halfmoon (Albany), NY -0- 1,190,000 4,335,600 -0- Lebanon (Cincinnati), OH -0- 240,000 4,176,000 36,425 Olive Branch (Memphis, TN), MS (Anda) 8,171,480 800,000 13,750,000 -0- Oklahoma City, OK (FDX Ground) 3,919,663 1,410,000 8,043,000 3,131,462 Waco, TX 4,524,045 1,350,000 7,383,000 3,818,368 Livonia (Detroit), MI 6,912,375 320,000 13,380,000 62,030 Olive Branch (Memphis, TN), MS (Milwaukee Tool) 23,461,936 2,550,000 24,818,816 9,546,101 Roanoke, VA (FDX Ground) 4,867,194 1,740,000 8,460,000 -0- Green Bay, WI 2,956,605 590,000 5,980,000 -0- Stewartville (Rochester), MN 2,369,334 900,000 4,320,000 -0- Tulsa, OK 1,812,575 790,000 2,910,000 48,031 Buckner (Louisville), KY 16,014,719 2,280,000 24,353,125 174,727 Edwardsville (Kansas City), KS (International Paper) 9,931,292 2,750,000 15,335,492 208,616 Altoona, PA 3,642,839 1,200,000 7,790,000 18,650 Spring (Houston), TX 8,537,878 1,890,000 13,391,318 4,002,480 Indianapolis, IN (FDX Ground) 11,381,906 3,739,030 20,446,000 821,342 Sauget (St. Louis, MO), IL 9,145,097 1,890,000 13,310,000 4,950 Lindale (Tyler), TX 6,016,758 540,000 9,390,000 6,500 Kansas City, MO (Bunzl) 6,799,803 1,000,000 8,600,000 51,226 Frankfort (Lexington), KY 17,560,855 1,850,000 26,150,000 -0- Jacksonville, FL (FDX Ground) 17,370,102 6,000,000 24,645,954 86,136 Monroe (Cincinnati), OH 7,608,083 1,800,000 11,137,000 -0- Greenwood (Indianapolis), IN 21,485,141 2,250,000 35,234,574 27,497 Ft. Worth (Dallas), TX 22,116,268 8,200,000 27,100,832 -0- Cincinnati, OH -0- 800,000 5,950,000 -0- Rockford, IL (Collins Aerospace Systems) -0- 480,000 4,620,000 -0- Concord (Charlotte), NC 18,928,835 4,305,000 27,670,897 1,068,900 Covington (New Orleans), LA 11,814,941 2,720,000 15,690,000 -0- Imperial (Pittsburgh), PA 11,963,800 3,700,000 16,250,000 -0- Burlington (Seattle/Everett), WA 18,839,050 8,000,000 22,210,680 17,867 Colorado Springs, CO 17,632,728 2,150,000 26,350,000 -0- Louisville, KY 6,914,142 1,590,000 9,714,000 -0- Davenport (Orlando), FL 25,077,642 7,060,000 30,720,000 -0- Olathe (Kansas City), KS 21,108,249 2,350,000 29,387,000 -0- Hamburg (Buffalo), NY 22,532,881 1,700,000 33,150,000 -0- Ft. Myers, FL (FDX Ground) 14,021,964 2,400,000 18,400,000 823,000 Walker (Grand Rapids), MI 20,530,135 4,034,363 27,620,623 -0- Mesquite (Dallas), TX 32,623,355 6,247,658 43,632,835 -0- Aiken (Augusta, GA), SC 15,227,062 1,362,458 19,677,937 -0- Homestead (Miami), FL 24,591,465 4,426,727 33,446,393 -0- Oklahoma City, OK (Bunzl) 5,935,346 844,688 7,883,751 -0- Concord (Charlotte), NC 26,184,000 4,306,684 35,736,461 -0- Kenton, OH 12,000,000 854,780 17,026,827 -0- Stow, OH 12,700,000 1,429,715 17,504,350 -0- Shopping Center Somerset, NJ -0- 34,317 637,097 2,401,476 Vacant Land Shelby County, TN -0- 11,065 -0- -0- $ 598,962,567 $ 188,494,819 $ 1,144,634,034 $ 105,992,153 Real Estate Held for Sale Orangeburg (New York), NY -0- 694,720 2,977,372 223,583 Ft. Myers, FL (Vacant) -0- 1,910,000 2,499,093 608,354 Kansas City, MO (Kellogg) -0- 660,000 4,049,832 90,642 $ -0- $ 3,264,720 $ 9,526,297 $ 922,579 $ 598,962,567 $ 191,759,539 $ 1,154,160,331 $ 106,914,732 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2017 Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2017 Description Land Bldg & Imp Total Industrial Buildings Monaca (Pittsburgh), PA $ 401,716 $ 7,484,125 $ 7,885,841 Ridgeland (Jackson), MS 218,000 1,640,591 1,858,591 Urbandale (Des Moines), IA (Vacant) 310,000 1,946,613 2,256,613 Richland (Jackson), MS 211,000 1,689,691 1,900,691 O’Fallon (St. Louis), MO 264,000 3,981,913 4,245,913 Fayetteville, NC 172,000 5,279,629 5,451,629 Schaumburg (Chicago), IL 1,039,800 4,138,140 5,177,940 Burr Ridge (Chicago), IL 270,000 1,422,901 1,692,901 Romulus (Detroit), MI 531,000 4,136,506 4,667,506 Liberty (Kansas City), MO 723,000 6,674,881 7,397,881 Omaha, NE 1,170,000 4,774,691 5,944,691 Charlottesville, VA 1,170,000 3,186,988 4,356,988 Jacksonville, FL (FDX) 1,165,000 5,164,784 6,329,784 West Chester Twp. (Cincinnati), OH 695,000 5,038,686 5,733,686 Mechanicsville (Richmond), VA 1,160,000 6,625,011 7,785,011 St. Joseph, MO 800,000 12,489,270 13,289,270 Newington (Hartford), CT 410,000 3,084,108 3,494,108 Cudahy (Milwaukee), WI 980,000 8,402,361 9,382,361 Beltsville (Washington, DC), MD 3,200,000 11,312,355 14,512,355 Granite City (St. Louis, MO), IL 340,000 12,357,848 12,697,848 Winston-Salem, NC 980,000 6,258,613 7,238,613 Elgin (Chicago), IL 1,280,000 5,697,442 6,977,442 Tolleson (Phoenix), AZ 1,316,075 15,508,151 16,824,226 Edwardsville (Kansas City), KS (Carlisle Tire) 1,185,000 6,047,986 7,232,986 Tampa, FL (FDX Ground) 5,000,000 14,696,227 19,696,227 Denver, CO 1,150,000 5,204,051 6,354,051 Hanahan (Charleston), SC (SAIC) 1,129,000 12,245,441 13,374,441 Hanahan (Charleston), SC (FDX Ground) 930,000 6,684,653 7,614,653 Augusta, GA (FDX Ground) 614,406 4,748,899 5,363,305 Huntsville, AL 748,115 5,913,696 6,661,811 Richfield (Cleveland), OH 2,676,848 13,758,630 16,435,478 Colorado Springs, CO 1,270,000 5,934,472 7,204,472 Tampa, FL (FDX) 2,830,000 4,789,924 7,619,924 Griffin (Atlanta), GA 760,000 14,108,857 14,868,857 Roanoke, VA (CHEP USA) 1,853,000 5,552,447 7,405,447 Orion, MI 4,649,971 18,235,665 22,885,636 Carlstadt (New York, NY), NJ 1,194,000 3,709,589 4,903,589 Wheeling (Chicago), IL 5,112,120 13,425,532 18,537,652 Cheektowaga (Buffalo), NY 4,796,765 6,164,058 10,960,823 Richmond, VA 446,000 4,322,309 4,768,309 Montgomery (Chicago), IL 2,000,000 9,298,367 11,298,367 Tampa, FL (Tampa Bay Grand Prix) 1,867,000 3,810,982 5,677,982 Augusta, GA (FDX) 380,000 1,597,779 1,977,779 Lakeland, FL 261,000 1,721,532 1,982,532 El Paso, TX 3,225,195 9,205,997 12,431,192 Chattanooga, TN 300,000 4,716,518 5,016,518 Bedford Heights (Cleveland), OH 990,000 5,929,836 6,919,836 Punta Gorda, FL -0- 4,133,510 4,133,510 Cocoa, FL 1,881,316 12,246,133 14,127,449 Orlando, FL 2,200,000 6,354,432 8,554,432 Topeka, KS -0- 3,679,843 3,679,843 Memphis, TN 1,240,887 13,381,050 14,621,937 Houston, TX 1,661,120 6,487,338 8,148,458 Carrollton (Dallas), TX 1,500,000 16,319,203 17,819,203 Ft. Mill (Charlotte, NC), SC 1,670,000 13,743,307 15,413,307 Lebanon (Nashville), TN 2,230,000 11,985,126 14,215,126 Rockford, IL (Sherwin-Williams Co.) 1,100,000 4,451,227 5,551,227 Edinburg, TX 1,000,000 11,039,014 12,039,014 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2017 Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2017 Description Land Bldg & Imp Total Streetsboro (Cleveland), OH $ 1,760,000 $ 17,840,000 $ 19,600,000 Corpus Christi, TX -0- 4,771,913 4,771,913 Halfmoon (Albany), NY 1,190,000 4,335,600 5,525,600 Lebanon (Cincinnati), OH 240,000 4,212,425 4,452,425 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 800,000 13,750,000 14,550,000 Oklahoma City, OK (FDX Ground) 1,410,000 11,174,462 12,584,462 Waco, TX 1,350,000 11,201,368 12,551,368 Livonia (Detroit), MI 320,000 13,442,030 13,762,030 Olive Branch (Memphis, TN), MS (Milwaukee Tool) 2,550,000 34,364,917 36,914,917 Roanoke, VA (FDX Ground) 1,740,000 8,460,000 10,200,000 Green Bay, WI 590,000 5,980,000 6,570,000 Stewartville (Rochester), MN 900,000 4,320,000 5,220,000 Tulsa, OK 790,000 2,958,031 3,748,031 Buckner (Louisville), KY 2,280,000 24,527,852 26,807,852 Edwardsville (Kansas City), KS (International Paper) 2,750,000 15,544,108 18,294,108 Altoona, PA 1,200,000 7,808,650 9,008,650 Spring (Houston), TX 1,890,000 17,393,798 19,283,798 Indianapolis, IN (FDX Ground) 3,739,030 21,267,342 25,006,372 Sauget (St. Louis, MO), IL 1,890,000 13,314,950 15,204,950 Lindale (Tyler), TX 540,000 9,396,500 9,936,500 Kansas City, MO (Bunzl) 1,000,000 8,651,226 9,651,226 Frankfort (Lexington), KY 1,850,000 26,150,000 28,000,000 Jacksonville, FL (FDX Ground) 6,000,000 24,732,090 30,732,090 Monroe (Cincinnati), OH 1,800,000 11,137,000 12,937,000 Greenwood (Indianapolis), IN 2,250,000 35,262,071 37,512,071 Ft. Worth (Dallas), TX 8,200,000 27,100,832 35,300,832 Cincinnati, OH 800,000 5,950,000 6,750,000 Rockford, IL (Collins Aerospace Systems-United Technologies) 480,000 4,620,000 5,100,000 Concord (Charlotte), NC 4,305,000 28,739,797 33,044,797 Covington (New Orleans), LA 2,720,000 15,690,000 18,410,000 Imperial (Pittsburgh), PA 3,700,000 16,250,000 19,950,000 Burlington (Seattle/Everett), WA 8,000,000 22,228,547 30,228,547 Colorado Springs, CO 2,150,000 26,350,000 28,500,000 Louisville, KY 1,590,000 9,714,000 11,304,000 Davenport (Orlando), FL 7,060,000 30,720,000 37,780,000 Olathe (Kansas City), KS 2,350,000 29,387,000 31,737,000 Hamburg (Buffalo), NY 1,700,000 33,150,000 34,850,000 Ft. Myers, FL (FDX Ground) 2,400,000 19,223,000 21,623,000 Walker (Grand Rapids), MI 4,034,363 27,620,623 31,654,986 Mesquite (Dallas), TX 6,247,658 43,632,835 49,880,493 Aiken (Augusta, GA), SC 1,362,458 19,677,937 21,040,395 Homestead (Miami), FL 4,426,727 33,446,393 37,873,120 Oklahoma City, OK (Bunzl) 844,688 7,883,751 8,728,439 Concord (Charlotte), NC 4,306,684 35,736,461 40,043,145 Kenton, OH 854,780 17,026,827 17,881,607 Stow, OH 1,429,715 17,504,350 18,934,065 Shopping Center Somerset, NJ 34,317 3,038,573 3,072,890 Vacant Land Shelby County, TN 11,065 -0- 11,065 $ 188,494,819 $ 1,250,626,187 $ 1,439,121,006 Real Estate Held for Sale Orangeburg (New York), NY 694,720 3,200,955 3,895,675 Ft. Myers, FL (Vacant) 1,910,000 3,107,447 5,017,447 Kansas City, MO (Kellogg) 660,000 4,140,474 4,800,474 $ 3,264,720 $ 10,448,876 $ 13,713,596 $ 191,759,539 $ 1,261,075,063 $ 1,452,834,602 (1) See pages 153-155 for reconciliation. (2) The aggregate cost for Federal tax purposes approximates historical cost. MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2017 Column A Column F Column G Column H Column I Accumulated Date of Date Depreciable Description Depreciation Construction Acquired Life Industrial Buildings Monaca (Pittsburgh), PA 2,642,181 1977 1977 (3 ) Ridgeland (Jackson), MS 1,246,001 1988 1993 (3 ) Urbandale (Des Moines), IA (Vacant) 1,144,794 1985 1994 (3 ) Richland (Jackson), MS 904,133 1986 1994 (3 ) O’Fallon (St. Louis), MO 2,228,921 1989 1994 (3 ) Fayetteville, NC 2,698,223 1996 1997 (3 ) Schaumburg (Chicago), IL 2,159,563 1997 1997 (3 ) Burr Ridge (Chicago), IL 698,725 1997 1997 (3 ) Romulus (Detroit), MI 1,922,903 1998 1998 (3 ) Liberty (Kansas City), MO 3,325,236 1997 1998 (3 ) Omaha, NE 2,233,901 1999 1999 (3 ) Charlottesville, VA 1,489,266 1998 1999 (3 ) Jacksonville, FL (FDX) 2,450,615 1998 1999 (3 ) West Chester Twp. (Cincinnati), OH 2,125,801 1999 2000 (3 ) Mechanicsville (Richmond), VA 2,824,533 2000 2001 (3 ) St. Joseph, MO 5,101,907 2000 2001 (3 ) Newington (Hartford), CT 1,288,391 2001 2001 (3 ) Cudahy (Milwaukee), WI 3,075,370 2001 2001 (3 ) Beltsville (Washington, DC), MD 3,843,707 2000 2001 (3 ) Granite City (St. Louis, MO), IL 4,834,280 2001 2001 (3 ) Winston-Salem, NC 2,401,589 2001 2002 (3 ) Elgin (Chicago), IL 2,284,344 2002 2002 (3 ) Tolleson (Phoenix), AZ 5,634,312 2002 2002 (3 ) Edwardsville (Kansas City), KS (Carlisle Tire) 2,358,818 2002 2003 (3 ) Tampa, FL (FDX Ground) 4,544,868 2004 2004 (3 ) Denver, CO 1,570,819 2005 2005 (3 ) Hanahan (Charleston), SC (SAIC) 3,961,769 2002 2005 (3 ) Hanahan (Charleston), SC (FDX Ground) 1,897,664 2005 2005 (3 ) Augusta, GA (FDX Ground) 1,385,556 2005 2005 (3 ) Huntsville, AL 1,092,730 2005 2005 (3 ) Richfield (Cleveland), OH 2,728,544 2006 2006 (3 ) Colorado Springs, CO 1,644,190 2006 2006 (3 ) Tampa, FL (FDX) 1,383,938 2006 2006 (3 ) Griffin (Atlanta), GA 4,128,872 2006 2006 (3 ) Roanoke, VA (CHEP USA) 1,516,288 1996 2007 (3 ) Orion, MI 4,019,239 2007 2007 (3 ) Carlstadt (New York, NY), NJ 939,584 1977 2007 (3 ) Wheeling (Chicago), IL 4,079,587 2003 2007 (3 ) Cheektowaga (Buffalo), NY 1,692,362 2002 2007 (3 ) Richmond, VA 1,409,820 2004 2007 (3 ) Montgomery (Chicago), IL 2,522,213 2004 2007 (3 ) Tampa, FL (Tampa Bay Grand Prix) 1,043,048 1989 2007 (3 ) Augusta, GA (FDX) 415,251 1993 2007 (3 ) Lakeland, FL 525,151 1993 2007 (3 ) El Paso, TX 1,709,714 2005 2007 (3 ) Chattanooga, TN 1,262,219 2002 2007 (3 ) Bedford Heights (Cleveland), OH 1,707,394 1998 2007 (3 ) Punta Gorda, FL 945,236 2007 2007 (3 ) Cocoa, FL 2,435,695 2006 2008 (3 ) Orlando, FL 1,636,085 1997 2008 (3 ) Topeka, KS 802,124 2006 2009 (3 ) Memphis, TN 2,573,085 1994 2010 (3 ) Houston, TX 1,248,713 2005 2010 (3 ) Carrollton (Dallas), TX 3,130,523 2009 2010 (3 ) Ft. Mill (Charlotte, NC), SC 2,302,265 2009 2010 (3 ) Lebanon (Nashville), TN 1,843,853 1993 2011 (3 ) Rockford, IL (Sherwin-Williams Co.) 744,286 1998-2008 2011 (3 ) Edinburg, TX 1,188,983 2011 2011 (3 ) MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2017 Column A Column F Column G Column H Column I Accumulated Date of Date Depreciable Description Depreciation Construction Acquired Life Streetsboro (Cleveland), OH 2,515,897 2012 2012 (3 ) Corpus Christi, TX 672,040 2012 2012 (3 ) Halfmoon (Albany), NY 611,431 2012 2012 (3 ) Lebanon (Cincinnati), OH 594,620 2012 2012 (3 ) Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 1,850,962 2012 2012 (3 ) Oklahoma City, OK (FDX Ground) 1,306,735 2012 2012 (3 ) Waco, TX 1,210,344 2012 2012 (3 ) Livonia (Detroit), MI 1,698,607 1999 2013 (3 ) Olive Branch (Memphis, TN), MS (Milwaukee Tool) 3,159,783 2013 2013 (3 ) Roanoke, VA (FDX Ground) 930,962 2013 2013 (3 ) Green Bay, WI 613,333 2013 2013 (3 ) Stewartville (Rochester), MN 443,077 2013 2013 (3 ) Tulsa, OK 309,194 2009 2014 (3 ) Buckner (Louisville), KY 2,472,411 2014 2014 (3 ) Edwardsville (Kansas City), KS (International Paper) 1,587,164 2014 2014 (3 ) Altoona, PA 784,660 2014 2014 (3 ) Spring (Houston), TX 1,629,658 2014 2014 (3 ) Indianapolis, IN (FDX Ground) 1,657,124 2014 2014 (3 ) Sauget (St. Louis, MO), IL 1,024,382 2015 2015 (3 ) Lindale (Tyler), TX 722,416 2015 2015 (3 ) Kansas City, MO (Bunzl) 646,520 2015 2015 (3 ) Frankfort (Lexington), KY 1,899,786 2015 2015 (3 ) Jacksonville, FL (FDX Ground) 1,688,236 2015 2015 (3 ) Monroe (Cincinnati), OH 737,707 2015 2015 (3 ) Greenwood (Indianapolis), IN 2,186,221 2015 2015 (3 ) Ft. Worth (Dallas), TX 1,505,602 2015 2015 (3 ) Cincinnati, OH 317,842 2014 2015 (3 ) Rockford, IL (Collins Aerospace Systems - United Technologies ) 355,385 2012 2015 (3 ) Concord (Charlotte), NC 1,471,238 2016 2016 (3 ) Covington (New Orleans), LA 737,564 2016 2016 (3 ) Imperial (Pittsburgh), PA 659,722 2016 2016 (3 ) Burlington (Seattle/Everett), WA 855,500 2016 2016 (3 ) Colorado Springs, CO 900,855 2016 2016 (3 ) Louisville, KY 332,103 2016 2016 (3 ) Davenport (Orlando), FL 918,974 2016 2016 (3 ) Olathe (Kansas City), KS 879,098 2016 2016 (3 ) Hamburg (Buffalo), NY 850,000 2017 2017 (3 ) Ft. Myers, FL (FDX Ground) 353,846 2017 2017 (3 ) Walker (Grand Rapids), MI 354,111 2017 2017 (3 ) Mesquite (Dallas), TX 279,698 2017 2017 (3 ) Aiken (Augusta, GA), SC 126,141 2017 2017 (3 ) Homestead (Miami), FL 214,400 2017 2017 (3 ) Oklahoma City, OK (Bunzl) 50,537 2017 2017 (3 ) Concord (Charlotte), NC 152,720 2017 2017 (3 ) Kenton, OH 18,188 2017 2017 (3 ) Stow, OH -0- 2017 2017 (3 ) Shopping Center Somerset, NJ 1,494,297 1970 1970 (3 ) Vacant Land Shelby County, TN -0- N/A 2007 N/A $ 172,730,273 Real Estate Held for Sale Orangeburg (New York), NY 2,436,637 1990 1993 (3 ) Ft. Myers, FL (Vacant) 1,057,915 1974 2002 (3 ) Kansas City, MO (Kellogg) 1,147,693 2002 2007 (3 ) $ 4,642,245 $ 177,372,518 (3) Depreciation is computed based upon the following estimated lives: Building: 31.5 to 39 years; Building Improvements: 3 to 39 years; Tenant Improvements: Lease Term MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2017 (1) Reconciliation REAL ESTATE INVESTMENTS 9/30/2017 9/30/2016 9/30/2015 Balance-Beginning of Year $ 1,157,599,899 $ 927,348,409 $ 730,053,278 Additions: Acquisitions 282,509,249 209,867,577 190,948,360 Improvements 4,168,984 20,383,913 11,847,468 Total Additions 286,678,233 230,251,490 202,795,828 Deletions: Sales (5,157,126 ) -0- (5,500,697 ) Total Deletions (5,157,126 ) -0- (5,500,697 ) Balance-End of Year $ 1,439,121,006 $ 1,157,599,899 $ 927,348,409 ACCUMULATED DEPRECIATION 9/30/2017 9/30/2016 9/30/2015 Balance-Beginning of Year $ 144,496,585 $ 120,882,503 $ 102,988,048 Depreciation 29,169,659 23,614,082 19,625,748 Sales (935,971 ) -0- (1,731,293 ) Balance-End of Year $ 172,730,273 $ 144,496,585 $ 120,882,503 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III SEPTEMBER 30, 2017 (1) Reconciliation 2017 2016 2015 Balance – Beginning of Year $ 1,157,599,899 $ 927,348,409 $ 730,053,278 Additions: Somerset, NJ -0- 377,637 182,573 Monaca (Pittsburgh), PA 79,618 37,255 1,907,292 Orangeburg (New York), NY -0- -0- 96,800 Ridgeland (Jackson), MS -0- 7,797 -0- Urbandale (Des Moines), IA (Vacant) 94,717 -0- -0- Richland (Jackson), MS -0- -0- -0- O’Fallon (St. Louis), MO -0- -0- 317,457 Fayetteville, NC 9,753 557,354 13,773 Schaumburg (Chicago), IL 196,526 13,775 -0- Burr Ridge (Chicago), IL -0- 8,700 -0- Romulus (Detroit), MI 66,974 -0- 116,919 Liberty (Kansas City), MO -0- 24,263 2,500 Omaha, NE -0- 7,410 7,391 Charlottesville, VA 8,489 4,462 -0- Jacksonville, FL (FDX) 83,383 16,983 -0- West Chester Twp. (Cincinnati), OH 4,996 -0- -0- Mechanicsville (Richmond), VA (FDX) 26,830 18,510 7,356 St. Joseph, MO 55,564 50,934 53,922 Newington (Hartford), CT 30,284 -0- -0- Cudahy (Milwaukee), WI -0- 8,689 -0- Beltsville (Washington, DC), MD -0- 44,600 9,271 Granite City (St. Louis, MO), IL 155,034 156,139 -0- Winston-Salem, NC -0- 316,527 -0- Elgin (Chicago), IL 44,526 5,960 30,312 Tolleson (Phoenix), AZ -0- 1,655,640 (3,925 ) Ft. Myers, FL (Vacant) -0- -0- -0- Edwardsville (Kansas City), KS (Carlisle Tire) 7,585 -0- -0- Tampa, FL (FDX Ground) 125 1,247,140 6,147 Denver, CO -0- -0- -0- Hanahan (Charleston), SC (SAIC) 33,849 40,000 328,118 Hanahan (Charleston), SC (FDX Ground) -0- -0- -0- Augusta, GA (FDX Ground) 9,270 25,161 -0- Huntsville, AL 56,688 1,853,390 -0- Richfield (Cleveland), OH -0- -0- (91,709 ) Colorado Springs, CO -0- 9,357 -0- Tampa, FL (FDX) 27,063 27,144 -0- Griffin (Atlanta), GA -0- -0- -0- Roanoke, VA (CHEP USA) -0- -0- (59,348 ) Orion, MI -0- 5,867 5,021 Carlstadt (New York, NY), NJ -0- 13,877 51,120 Wheeling (Chicago), IL -0- -0- -0- Cheektowaga (Buffalo), NY -0- -0- -0- Richmond, VA -0- 7,540 19,764 Montgomery (Chicago), IL -0- -0- -0- Tampa, FL (Tampa Bay Grand Prix) -0- 26,916 -0- Augusta, GA (FDX) 6,047 24,700 6,850 Lakeland, FL -0- 16,321 -0- El Paso, TX -0- -0- 1,198,544 Chattanooga, TN 4,315 41,042 -0- Bedford Heights (Cleveland), OH 55,957 84,288 4,450 Punta Gorda, FL 20,245 8,350 -0- Cocoa, FL -0- 37,606 73,962 Orlando, FL -0- 13,195 -0- Topeka, KS -0- -0- -0- Memphis, TN 1,050 -0- -0- Houston, TX 65,351 -0- 2,279 Carrollton (Dallas), TX 50,097 24,806 4,300 Ft. Mill (Charlotte, NC), SC -0- -0- -0- Lebanon (Nashville), TN -0- -0- -0- Rockford, IL (Sherwin-Williams Co.) -0- -0- 11,227 Edinburg, TX 615,142 3,985,389 -0- MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III, (CONT’D) SEPTEMBER 30, 2017 (1) Reconciliation (cont’d) 2017 2016 2015 Streetsboro (Cleveland), OH $ -0- $ -0- $ -0- Corpus Christi, TX 7,413 -0- -0- Halfmoon (Albany), NY -0- -0- -0- Lebanon (Cincinnati), OH -0- -0- 36,425 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals) -0- -0- -0- Oklahoma City, OK (FDX Ground) 4,200 (13,611 ) 2,989,708 Waco, TX 5,210 -0- 3,813,157 Livonia (Detroit), MI -0- 31,497 30,533 Olive Branch (Memphis, TN), MS (Milwaukee Tool) -0- 9,412,120 133,981 Roanoke, VA (FDX Ground) -0- -0- -0- Green Bay, WI -0- -0- -0- Stewartville (Rochester), MN -0- -0- -0- Tulsa, OK -0- -0- 48,031 Buckner (Louisville), KY 40,000 48,136 86,591 Edwardsville (Kansas City), KS (International Paper) -0- 5,355 203,261 Altoona, PA -0- 18,650 -0- Spring (Houston), TX -0- 56,275 1,415 Indianapolis, IN (FDX Ground) 1,060,372 -0- 202,000 Sauget (St. Louis, MO), IL -0- 4,950 15,200,000 Lindale (Tyler), TX 6,500 -0- 9,930,000 Kansas City, MO (Bunzl) 51,226 -0- 9,600,000 Frankfort (Lexington), KY -0- -0- 28,000,000 Jacksonville, FL (FDX Ground) 86,136 -0- 30,645,954 Monroe (Cincinnati), OH -0- -0- 12,937,000 Greenwood (Indianapolis), IN 11,680 15,817 37,484,574 Ft. Worth (Dallas), TX -0- -0- 35,300,832 Cincinnati, OH -0- -0- 6,750,000 Rockford, IL (Collins Aerospace Systems) -0- -0- 5,100,000 Concord (Charlotte), NC 1,068,900 31,975,897 -0- Covington (New Orleans), LA -0- 18,410,000 -0- Imperial (Pittsburgh), PA -0- 19,950,000 -0- Burlington (Seattle/Everett), WA 17,867 30,210,680 -0- Colorado Springs, CO -0- 28,500,000 -0- Louisville, KY -0- 11,304,000 -0- Davenport (Orlando), FL -0- 37,780,000 -0- Olathe (Kansas City), KS -0- 31,737,000 -0- Hamburg (Buffalo), NY 34,850,000 -0- -0- Ft. Myers, FL (FDX Ground) 21,623,000 -0- -0- Walker (Grand Rapids), MI 31,654,985 -0- -0- Mesquite (Dallas), TX 49,880,493 -0- -0- Aiken (Augusta, GA), SC 21,040,396 -0- -0- Homestead (Miami), FL 37,873,120 -0- -0- Oklahoma City, OK (Bunzl) 8,728,439 -0- -0- Concord (Charlotte), NC 40,043,145 -0- -0- Kenton, OH 17,881,608 -0- -0- Stow, OH 18,934,065 -0- -0- Total Additions $ 286,678,233 $ 230,251,490 $ 202,795,828 Total Disposals (5,157,126 ) -0- (5,500,697 ) Balance – End of Year $ 1,439,121,006 $ 1,157,599,899 $ 927,348,409 |
Organization and Summary of S29
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | Description of the Business Monmouth Real Estate Investment Corporation (a Maryland corporation) and its subsidiaries (the Company) operate as a real estate investment trust (REIT), deriving its income primarily from real estate rental operations. As of September 30, 2017 and 2016, rental properties consisted of 108 and 99 property holdings, respectively. These properties are located in 30 states: Alabama, Arizona, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin. In addition, the Company owns a portfolio of REIT securities which the Company generally limits to no more than approximately 10% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). |
Segment Reporting & Financial Information | Segment Reporting & Financial Information The Company’s primary business is the ownership and management of real estate properties. The Company invests in well-located, modern, single tenant, industrial buildings leased primarily to investment-grade tenants or their subsidiaries on long-term net leases. The Company reviews operating and financial information for each property on an individual basis and, therefore, each property represents an individual operating segment. The Company evaluates financial performance using Net Operating Income (NOI) from property operations. NOI is a non-GAAP financial measure, which we define as recurring Rental and Reimbursement Revenue, less Real Estate Taxes and Operating Expenses, such as insurance, utilities and repairs and maintenance. The Company has aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities, including the fact that they are operated as industrial properties subject to long-term net leases primarily to investment-grade tenants or their subsidiaries. For required financial information related to our operations and assets, please refer to our consolidated financial statements, including the notes thereto in this Annual Report. |
Use of Estimates | Use of Estimates In preparing the financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. |
Principles of Consolidation and Non-controlling Interest | Principles of Consolidation and Non-controlling Interest The consolidated financial statements include the Company and its wholly-owned subsidiaries. In 2005, the Company formed MREIC Financial, Inc., a taxable REIT subsidiary which has had no activity since inception. In 2007, the Company merged with Monmouth Capital Corporation (Monmouth Capital), with Monmouth Capital surviving as a wholly-owned subsidiary of the Company. All intercompany transactions and balances have been eliminated in consolidation. At September 30, 2017, Monmouth Capital owns a 51% majority interest in Palmer Terrace Realty Associates, LLC (a New Jersey limited liability company) (Palmer Terrace). The Company consolidates the results of operations of Palmer Terrace. Non-controlling interest represents 49% of the members’ equity in Palmer Terrace and is included in Other Liabilities in the accompanying Consolidated Balance Sheet. |
Buildings and Improvements | Buildings and Improvements Buildings and improvements are stated at the lower of depreciated cost or net realizable value. Depreciation is computed based on the straight-line method over the estimated useful lives of the assets. These lives are 39 years for buildings and range from 5 to 39 years for improvements. The Company applies Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360-10, Property, Plant & Equipment (ASC 360-10) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that an other-than-temporary impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded. |
Gains (Losses) on Sale of Real Estate | Gains (Losses) on Sale of Real Estate Gains (losses) on the sale of real estate investments are recognized when the profit (loss) on a given sale is determinable, and the seller is not obliged to perform significant activities after the sale to earn such profit (loss). |
Acquisitions | Acquisitions Prior to the adoption of ASU 2017-01, upon acquisition of a property, the Company allocated the purchase price of the property based upon the fair value of the assets acquired, which generally consisted of land, buildings and intangible assets, including above and below market leases and in-place leases. The Company allocated the purchase price to the fair value of the tangible assets of an acquired property generally determined by third party appraisal of the property obtained in conjunction with the purchase. The purchase price was further allocated to acquired above and below market leases based on the present value of the difference between prevailing market rates and the in-place lease rates over the remaining term. In addition, any remaining amounts of the purchase price were applied to in-place lease values based on management’s evaluation of the specific characteristics of each tenant’s lease. In-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenant, the tenant’s credit quality and expectations of lease renewals were also considered. Acquired above and below market leases were amortized to rental revenue over the remaining non-cancelable terms of the respective leases. The value of in-place lease intangibles was amortized to amortization expense over the remaining lease term. If a tenant terminated its lease early, the unamortized portion of the tenant improvements, leasing commissions, deferred rent, and the in-place lease value was charged to expense when there was a signed termination agreement, all of the conditions of the termination agreement were met, the tenant is no longer occupying the property and the termination consideration, if any, is probable of collection. As a result of the adoption of Accounting Standards Update (ASU) 2017-01, (as further described herein under “ New Accounting Pronouncements”) |
Marketable Securities | Marketable Securities Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 10% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). These marketable securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities may be classified among three categories: held-to-maturity, trading, and available-for-sale. The Company normally holds REIT securities on a long-term basis and has the ability and intent to hold securities to recovery. Therefore as of September 30, 2017 and 2016, the Company’s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices in active markets. Gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in the unrealized net holding gains (losses) is reflected as Comprehensive Income (Loss). The Company individually reviews and evaluates its marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines its intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as: a. Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area. b. Any downgrading of the security by a rating agency. c. Whether the financial condition of the issuer has deteriorated. d. Status of dividends – Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made. e. Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions. The Company normally holds REIT securities on a long-term basis and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature. |
Intangible Assets, Capitalized Lease Costs and Financing Costs | Intangible Assets, Capitalized Lease Costs and Financing Costs Intangible assets, consisting primarily of the value of in-place leases, are amortized to expense over the remaining terms of the respective leases. Upon termination of a lease, the unamortized portion is charged to expense. The weighted-average amortization period upon acquisition for intangible assets recorded during 2017, 2016 and 2015 was 13 years, 12 years and 13 years, respectively. Costs incurred in connection with the execution of leases are capitalized and amortized over the term of the respective leases. Unamortized lease costs are charged to expense upon cancellation of leases prior to the expiration of lease terms. Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and are amortized over the term of the related obligations using the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. Amortization expense related to these deferred leasing and financing costs were $2,089,259, $2,072,120 and $2,042,520 for the years ended September 30, 2017, 2016 and 2015, respectively. The Company estimates that aggregate amortization expense for existing assets will be approximately $1,913,000, $1,719,000, $1,365,000, $1,145,000 and $1,065,000 for the fiscal years 2018, 2019, 2020, 2021 and 2022, respectively. |
Revenue Recognition | Revenue Recognition Rental revenue from tenants with leases having scheduled rental increases are recognized on a straight-line basis over the term of the lease. Tenant recoveries related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred. The reimbursements are recognized and presented gross, as the Company is generally the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. These occupancy charges are recognized as earned. The Company provides an allowance for doubtful accounts against the portion of tenant and other receivables and deferred rent receivable which are estimated to be uncollectible. For accounts receivable the Company deems uncollectible, the Company uses the direct write-off method. The Company did not have an allowance for doubtful accounts as of September 30, 2017 and 2016. |
Lease Termination Income | Lease Termination Income Lease Termination Income is recognized in operating revenues when there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and the termination consideration is probable of collection. Lease termination amounts are paid by tenants who want to terminate their lease obligations before the end of the contractual term of the lease by agreement with the Company. Of the Company’s 108 properties, only five leases contain an early termination provision. The Company’s leases with early termination provisions are the 26,340 square foot location in Ridgeland (Jackson), MS, the 38,833 square foot location in Rockford, IL, the recently executed lease for the 36,270 square feet location in Urbandale (Des Moines), IA, the 83,000 square foot location in Roanoke, VA and the 102,135 square foot location in O’Fallon (St. Louis), MO. Each lease termination provision contains certain requirements that must be met in order to exercise each termination provision. These requirements include: date termination can be exercised, the time frame that notice must be given by the tenant to the Company and the termination fee that would be required to be paid by the tenant to the Company. The total potential termination fee to be paid to the Company from the five leases with termination provisions amounts to approximately $1,756,000. |
Net Income Per Share | Net Income Per Share Basic Net Income per Share is calculated by dividing Net Income Attributable to Common Shareholders by the weighted-average number of common shares outstanding during the period. Diluted Net Income per Common Share is calculated by dividing Net Income Attributable to Common Shareholders by the weighted-average number of common shares outstanding plus the weighted-average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. In addition, common stock equivalents of 135,613, 89,720 and 115,408 shares are included in the diluted weighted average shares outstanding for fiscal years 2017, 2016 and 2015, respectively. As of September 30, 2017, 2016 and 2015, options to purchase 65,000, -0- and 65,000 shares, respectively, were antidilutive. |
Stock Compensation Plan | Stock Compensation Plan The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs of $624,706, $926,465 and $448,895 have been recognized in 2017, 2016 and 2015, respectively. Included in Note 9 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted shares. |
Income Tax | Income Tax The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code. The Company will not be taxed on the portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments, and meets certain other requirements for qualification as a REIT. The Company is subject to franchise taxes in several of the states in which the Company owns property. The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of September 30, 2017. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of September 30, 2017, the fiscal tax years 2014 through and including 2017 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. |
Comprehensive Income | Comprehensive Income Comprehensive income is comprised of net income and other comprehensive income. Other comprehensive income consists of unrealized holding gains or losses arising during the period on securities available for sale, less any reclassification adjustments for net gains of sales of securities transactions realized in income. |
Reclassifications | Reclassifications Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year. |
New Accounting Pronouncements | New Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (ASU 2017-01). ASU 2017-01 provides revised guidance to determine when an acquisition meets the definition of a business or should be accounted for as an asset acquisition, likely resulting in more acquisitions being accounted for as asset acquisitions as opposed to business combinations. Transaction costs are capitalized for asset acquisitions while they are expensed as incurred for business combinations. ASU 2017-01 requires that, when substantially all of the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset or group of similar identifiable assets does not meet the definition of a business. ASU 2017-01 also revises the definition of a business to include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output. ASU 2017-01 will be effective, on a prospective basis, for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. We adopted ASU 2017-01 as of April 1, 2017, as permitted under the standard. As a result of the implementation of this update, our property acquisitions, which under previous guidance were accounted for as business combinations, are now accounted for as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized as opposed to expensed under accounting for business combinations. For the period April 1, 2017 through September 30, 2017, the Company acquired eight properties, for each of which it was concluded that substantially all of the fair value of the assets acquired with each property acquisition was concentrated in a single identifiable asset and did not meet the definition of a business combination under ASU 2017-01. Therefore, acquisition transaction costs associated with these property acquisitions were capitalized to real estate investments as part of the purchase price. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments” (ASU 2016-15). ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. In March 2016, the FASB issued ASU 2016-09 “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09), which relates to the accounting for employee share-based payments. ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases” (ASU 2016-02). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01). ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company’s fiscal year beginning October 1, 2018. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements and has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-03). ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (Subtopic 835-30), which clarified that debt issuance costs related to line-of-credit arrangements may be presented as an asset and amortized over the term of the line-of-credit arrangement regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted these standards effective October 1, 2016. As a result, debt issuance costs related to debt liabilities that are not line-of-credit arrangements are included as a direct deduction from the related debt liability and those related to line-of-credit arrangements continue to be included as an asset on the accompanying Consolidated Balance Sheets. The effects of this standard were applied retrospectively to all prior periods presented. The effect of the change in accounting principle was the reduction in the amount of $6,272,143 of the Fixed Rate Mortgage Notes Payable liability and a corresponding reduction of the Financing Costs asset as of September 30, 2016 and a reclassification of Amortization of Financing Costs of $1,116,238 and $1,286,016 for the fiscal years ended September 30, 2016 and 2015, respectively, to Interest Expense, including Amortization of Financing Costs in our Consolidated Statement of Income. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” (ASU 2014-09) which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB issued further guidance in ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, that provides clarifying guidance in certain narrow areas and adds some practical expedients. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The effective date of ASU 2014-09 was extended by one year by ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”. The new standard is effective for the first interim period within annual reporting periods beginning after December 15, 2017. Therefore, the Company expects to adopt the standard effective October 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method, and the Company is evaluating which transition method it will elect. The Company is also in the process of evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company does not expect the adoption of this standard to have a significant impact on its consolidated financial statements and related disclosures. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investments | The following is a summary of the cost and accumulated depreciation of the Company’s land, buildings and improvements at September 30, 2017 and 2016: Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748,115 $ 5,913,696 $ 1,092,730 $ 5,569,081 Arizona: Tolleson (Phoenix) Industrial 1,316,075 15,508,151 5,634,312 11,189,914 Colorado: Colorado Springs Industrial 1,270,000 5,934,472 1,644,190 5,560,282 Colorado Springs Industrial 2,150,000 26,350,000 900,855 27,599,145 Denver Industrial 1,150,000 5,204,051 1,570,819 4,783,232 Connecticut: Newington (Hartford) Industrial 410,000 3,084,108 1,288,391 2,205,717 Florida: Cocoa Industrial 1,881,316 12,246,133 2,435,695 11,691,754 Davenport (Orlando) Industrial 7,060,000 30,720,000 918,974 36,861,026 Ft. Myers (Vacant) (1) Industrial 1,910,000 3,107,448 1,057,915 3,959,533 Ft. Myers (FDX Ground) Industrial 2,400,000 19,223,000 353,846 21,269,154 Homestead (Miami) Industrial 4,426,727 33,446,393 214,400 37,658,720 Jacksonville (FDX) Industrial 1,165,000 5,164,784 2,450,615 3,879,169 Jacksonville (FDX Ground) Industrial 6,000,000 24,732,090 1,688,236 29,043,854 Lakeland Industrial 261,000 1,721,532 525,151 1,457,381 Orlando Industrial 2,200,000 6,354,432 1,636,085 6,918,347 Punta Gorda Industrial -0- 4,133,510 945,236 3,188,274 Tampa (FDX Ground) Industrial 5,000,000 14,696,227 4,544,868 15,151,359 Tampa (FDX) Industrial 2,830,000 4,789,924 1,383,938 6,235,986 Tampa (Tampa Bay Grand Prix) Industrial 1,867,000 3,810,982 1,043,048 4,634,934 Georgia: Augusta (FDX Ground) Industrial 614,406 4,748,899 1,385,556 3,977,749 Augusta (FDX) Industrial 380,000 1,597,779 415,251 1,562,528 Griffin (Atlanta) Industrial 760,000 14,108,857 4,128,872 10,739,985 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 (cont’d) Type Land Improvements Depreciation Value Illinois: Burr Ridge (Chicago) Industrial $ 270,000 $ 1,422,901 $ 698,725 $ 994,176 Elgin (Chicago) Industrial 1,280,000 5,697,442 2,284,344 4,693,098 Granite City (St. Louis, MO) Industrial 340,000 12,357,848 4,834,280 7,863,568 Montgomery (Chicago) Industrial 2,000,000 9,298,367 2,522,213 8,776,154 Rockford (Collins Aerospace Systems-United Technologies) Industrial 480,000 4,620,000 355,385 4,744,615 Rockford (Sherwin-Williams Co.) Industrial 1,100,000 4,451,227 744,286 4,806,941 Sauget (St. Louis, MO) Industrial 1,890,000 13,314,950 1,024,382 14,180,568 Schaumburg (Chicago) Industrial 1,039,800 4,138,140 2,159,563 3,018,377 Wheeling (Chicago) Industrial 5,112,120 13,425,532 4,079,587 14,458,065 Indiana: Greenwood (Indianapolis) Industrial 2,250,000 35,262,071 2,186,221 35,325,850 Indianapolis Industrial 3,739,030 21,267,342 1,657,124 23,349,248 Iowa: Urbandale (Des Moines)(Vacant) Industrial 310,000 1,946,613 1,144,794 1,111,819 Kansas: Edwardsville (Kansas City) (Carlisle Tire) Industrial 1,185,000 6,047,986 2,358,818 4,874,168 Edwardsville (Kansas City) (International Paper) Industrial 2,750,000 15,544,108 1,587,164 16,706,944 Olathe (Kansas City) Industrial 2,350,000 29,387,000 879,098 30,857,902 Topeka Industrial -0- 3,679,843 802,124 2,877,719 Kentucky: Buckner (Louisville) Industrial 2,280,000 24,527,852 2,472,411 24,335,441 Frankfort (Lexington) Industrial 1,850,000 26,150,000 1,899,786 26,100,214 Louisville Industrial 1,590,000 9,714,000 332,103 10,971,897 Louisiana: Covington (New Orleans) Industrial 2,720,000 15,690,000 737,564 17,672,436 Maryland: Beltsville (Washington, DC) Industrial 3,200,000 11,312,355 3,843,707 10,668,648 Michigan: Walker (Grand Rapids) Industrial 4,034,363 27,620,623 354,111 31,300,875 Livonia (Detroit) Industrial 320,000 13,442,030 1,698,607 12,063,423 Orion Industrial 4,649,971 18,235,665 4,019,239 18,866,397 Romulus (Detroit) Industrial 531,000 4,136,506 1,922,903 2,744,603 Minnesota: Stewartville (Rochester) Industrial 900,000 4,320,000 443,077 4,776,923 Mississippi: Olive Branch (Memphis, TN)(Anda Pharmaceuticals, Inc.) Industrial 800,000 13,750,000 1,850,962 12,699,038 Olive Branch (Memphis, TN)(Milwaukee Tool) Industrial 2,550,000 34,364,917 3,159,783 33,755,134 Richland (Jackson) Industrial 211,000 1,689,691 904,133 996,558 Ridgeland (Jackson) Industrial 218,000 1,640,591 1,246,001 612,590 Missouri: Kansas City (Bunzl) Industrial 1,000,000 8,651,226 646,520 9,004,706 Kansas City (Kellogg) (1) Industrial 660,000 4,140,474 1,147,694 3,652,780 Liberty (Kansas City) Industrial 723,000 6,674,881 3,325,236 4,072,645 O’Fallon (St. Louis) Industrial 264,000 3,981,913 2,228,921 2,016,992 St. Joseph Industrial 800,000 12,489,270 5,101,907 8,187,363 Nebraska: Omaha Industrial 1,170,000 4,774,691 2,233,901 3,710,790 New Jersey: Carlstadt (New York, NY) Industrial 1,194,000 3,709,589 939,584 3,964,005 Somerset Shopping Center 34,317 3,038,573 1,494,297 1,578,593 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 (cont’d) Type Land Improvements Depreciation Value New York: Cheektowaga (Buffalo) Industrial $ 4,796,765 $ 6,164,058 $ 1,692,362 $ 9,268,461 Halfmoon (Albany) Industrial 1,190,000 4,335,600 611,431 4,914,169 Hamburg (Buffalo) Industrial 1,700,000 33,150,000 850,000 34,000,000 Orangeburg (New York) (1) Industrial 694,720 3,200,955 2,436,637 1,459,038 North Carolina: Concord (Charlotte) Industrial 4,305,000 28,739,797 1,471,238 31,573,559 Concord (Charlotte) Industrial 4,306,684 35,736,461 152,720 39,890,425 Fayetteville Industrial 172,000 5,279,629 2,698,223 2,753,406 Winston-Salem Industrial 980,000 6,258,613 2,401,589 4,837,024 Ohio: Bedford Heights (Cleveland) Industrial 990,000 5,929,836 1,707,394 5,212,442 Cincinnati Industrial 800,000 5,950,000 317,842 6,432,158 Kenton Industrial 854,780 17,026,827 18,188 17,863,419 Lebanon (Cincinnati) Industrial 240,000 4,212,425 594,620 3,857,805 Monroe (Cincinnati) Industrial 1,800,000 11,137,000 737,707 12,199,293 Richfield (Cleveland) Industrial 2,676,848 13,758,630 2,728,544 13,706,934 Stow Industrial 1,429,715 17,504,350 -0- 18,934,065 Streetsboro (Cleveland) Industrial 1,760,000 17,840,000 2,515,897 17,084,103 West Chester Twp. (Cincinnati) Industrial 695,000 5,038,686 2,125,801 3,607,885 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410,000 11,174,462 1,306,735 11,277,727 Oklahoma City (Bunzl) Industrial 844,688 7,883,751 50,537 8,677,902 Tulsa Industrial 790,000 2,958,031 309,194 3,438,837 Pennsylvania: Altoona Industrial 1,200,000 7,808,650 784,660 8,223,990 Imperial (Pittsburgh) Industrial 3,700,000 16,250,000 659,722 19,290,278 Monaca (Pittsburgh) Industrial 401,716 7,484,125 2,642,181 5,243,660 South Carolina: Aiken (Augusta, GA) Industrial 1,362,458 19,677,937 126,141 20,914,254 Ft. Mill (Charlotte, NC) Industrial 1,670,000 13,743,307 2,302,265 13,111,042 Hanahan (Charleston)(SAIC) Industrial 1,129,000 12,245,441 3,961,769 9,412,672 Hanahan (Charleston)(FDX Ground) Industrial 930,000 6,684,653 1,897,664 5,716,989 Tennessee: Chattanooga Industrial 300,000 4,716,518 1,262,219 3,754,299 Lebanon (Nashville) Industrial 2,230,000 11,985,126 1,843,853 12,371,273 Memphis Industrial 1,240,887 13,381,050 2,573,085 12,048,852 Shelby County Vacant Land 11,065 -0- -0- 11,065 Texas: Carrollton (Dallas) Industrial 1,500,000 16,319,203 3,130,523 14,688,680 Corpus Christi Industrial -0- 4,771,913 672,040 4,099,873 Edinburg Industrial 1,000,000 11,039,014 1,188,983 10,850,031 El Paso Industrial 3,225,195 9,205,997 1,709,714 10,721,478 Ft. Worth (Dallas) Industrial 8,200,000 27,100,832 1,505,602 33,795,230 Houston Industrial 1,661,120 6,487,338 1,248,713 6,899,745 Lindale (Tyler) Industrial 540,000 9,396,500 722,416 9,214,084 Mesquite (Dallas) Industrial 6,247,658 43,632,835 279,698 49,600,795 Spring (Houston) Industrial 1,890,000 17,393,798 1,629,658 17,654,140 Waco Industrial 1,350,000 11,201,368 1,210,344 11,341,024 Virginia: Charlottesville Industrial 1,170,000 3,186,988 1,489,266 2,867,722 Mechanicsville (Richmond) Industrial 1,160,000 6,625,011 2,824,533 4,960,478 Richmond Industrial 446,000 4,322,309 1,409,820 3,358,489 Roanoke (CHEP USA) Industrial 1,853,000 5,552,447 1,516,288 5,889,159 Roanoke (FDX Ground) Industrial 1,740,000 8,460,000 930,962 9,269,038 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 (cont’d) Type Land Improvements Depreciation Value Washington: Burlington (Seattle/Everett) Industrial $ 8,000,000 $ 22,228,547 $ 855,500 $ 29,373,047 Wisconsin: Cudahy (Milwaukee) Industrial 980,000 8,402,361 3,075,370 6,306,991 Green Bay Industrial 590,000 5,980,000 613,333 5,956,667 Total as of September 30, 2017 $ 191,759,539 $ 1,261,075,064 $ 177,372,519 $ 1,275,462,084 (1) Classified as Real Estate Held for Sale. Property Buildings & Accumulated Net Book SEPTEMBER 30, 2016 Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748,115 $ 5,857,016 $ 936,862 $ 5,668,269 Arizona: Tolleson (Phoenix) Industrial 1,316,075 15,508,151 5,115,610 11,708,616 Colorado: Colorado Springs Industrial 1,270,000 5,934,472 1,490,351 5,714,121 Colorado Springs Industrial 2,150,000 26,350,000 225,214 28,274,786 Denver Industrial 1,150,000 5,204,051 1,437,516 4,916,535 Connecticut: Newington (Hartford) Industrial 410,000 3,053,824 1,207,938 2,255,886 Florida: Cocoa Industrial 1,881,316 12,246,133 2,113,243 12,014,206 Davenport (Orlando) Industrial 7,060,000 30,720,000 131,282 37,648,718 Ft. Myers (1) Industrial 1,910,000 3,107,447 991,678 4,025,769 Jacksonville (FDX) Industrial 1,165,000 5,081,404 2,295,680 3,950,724 Jacksonville (FDX Ground) Industrial 6,000,000 24,645,954 1,053,246 29,592,708 Lakeland Industrial 261,000 1,721,532 466,240 1,516,292 Orlando Industrial 2,200,000 6,354,432 1,471,814 7,082,618 Punta Gorda Industrial -0- 4,113,265 833,789 3,279,476 Tampa (FDX Ground) Industrial 5,000,000 14,696,102 4,161,734 15,534,368 Tampa (FDX) Industrial 2,830,000 4,762,861 1,258,519 6,334,342 Tampa (Tampa Bay Grand Prix) Industrial 1,867,000 3,810,982 941,848 4,736,134 Georgia: Augusta (FDX Ground) Industrial 614,406 4,739,628 1,258,944 4,095,090 Augusta (FDX) Industrial 380,000 1,591,732 367,357 1,604,375 Griffin (Atlanta) Industrial 760,000 14,108,857 3,767,103 11,101,754 Illinois: Burr Ridge (Chicago) Industrial 270,000 1,422,901 656,159 1,036,742 Elgin (Chicago) Industrial 1,280,000 5,652,916 2,124,899 4,808,017 Granite City (St. Louis, MO) Industrial 340,000 12,202,814 4,485,359 8,057,455 Montgomery (Chicago) Industrial 2,000,000 9,298,367 2,282,887 9,015,480 Rockford (Collins Aerospace Systems) Industrial 480,000 4,620,000 236,923 4,863,077 Rockford (Sherwin-Williams Co.) Industrial 1,100,000 4,451,227 628,612 4,922,615 Sauget (St. Louis, MO) Industrial 1,890,000 13,314,950 682,605 14,522,345 Schaumburg (Chicago) Industrial 1,039,800 3,941,614 2,037,309 2,944,105 Wheeling (Chicago) Industrial 5,112,120 13,425,532 3,735,969 14,801,683 Indiana: Greenwood (Indianapolis) Industrial 2,250,000 35,250,391 1,280,020 36,220,371 Indianapolis Industrial 3,500,000 20,446,000 1,132,868 22,813,132 Iowa: Urbandale (Des Moines) Industrial 310,000 1,851,895 1,094,293 1,067,602 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2016 (cont’d) Type Land Improvements Depreciation Value Kansas: Edwardsville (Kansas City)(Carlisle Tire) Industrial $ 1,185,000 $ 6,040,401 $ 2,158,091 $ 5,067,310 Edwardsville (Kansas City)(International Paper) Industrial 2,750,000 15,544,108 1,172,549 17,121,559 Olathe (Kansas City) Industrial 2,350,000 29,387,000 125,585 31,611,415 Topeka Industrial -0- 3,679,843 707,765 2,972,078 Kentucky: Buckner (Louisville) Industrial 2,280,000 24,487,852 1,834,166 24,933,686 Frankfort (Lexington) Industrial 1,850,000 26,150,000 1,229,274 26,770,726 Louisville Industrial 1,590,000 9,714,000 83,026 11,220,974 Louisiana: Covington (New Orleans) Industrial 2,720,000 15,690,000 335,256 18,074,744 Maryland: Beltsville (Washington, DC) Industrial 3,200,000 11,312,355 3,536,076 10,976,279 Michigan: Livonia (Detroit) Industrial 320,000 13,442,030 1,350,345 12,411,685 Orion Industrial 4,649,971 18,235,665 3,549,648 19,335,988 Romulus (Detroit) Industrial 531,000 4,069,532 1,804,248 2,796,284 Minnesota: Stewartville (Rochester) Industrial 900,000 4,320,000 332,308 4,887,692 White Bear Lake (Minneapolis/St. Paul) Industrial 1,393,000 3,764,126 927,965 4,229,161 Mississippi: Olive Branch (Memphis, TN)( Anda Pharmaceuticals, Inc.) Industrial 800,000 13,750,000 1,498,397 13,051,603 Olive Branch (Memphis, TN)(Milwaukee Tool) Industrial 2,550,000 34,364,917 2,275,368 34,639,549 Richland (Jackson) Industrial 211,000 1,689,691 826,199 1,074,492 Ridgeland (Jackson) Industrial 218,000 1,640,591 1,177,386 681,205 Missouri: Kansas City (Bunzl) Industrial 1,000,000 8,600,000 422,650 9,177,350 Kansas City (Kellogg) (1) Industrial 660,000 4,140,474 1,022,653 3,777,821 Liberty (Kansas City) Industrial 723,000 6,674,881 3,152,489 4,245,392 O’Fallon (St. Louis) Industrial 264,000 3,981,913 2,096,073 2,149,840 St. Joseph Industrial 800,000 12,433,706 4,756,910 8,476,796 Nebraska: Omaha Industrial 1,170,000 4,774,691 2,109,230 3,835,461 New Jersey: Carlstadt (New York, NY) Industrial 1,194,000 3,709,589 849,584 4,054,005 Somerset Shopping Center 34,316 3,038,565 1,399,343 1,673,538 New York: Cheektowaga (Buffalo) Industrial 4,796,765 6,164,058 1,531,509 9,429,314 Halfmoon (Albany) Industrial 1,190,000 4,335,600 500,262 5,025,338 Orangeburg (New York) (1) Industrial 694,720 3,200,955 2,319,253 1,576,422 North Carolina: Concord (Charlotte) Industrial 4,305,000 27,670,897 650,384 31,325,513 Fayetteville Industrial 172,000 5,269,876 2,458,876 2,983,000 Winston-Salem Industrial 980,000 6,258,613 2,185,430 5,053,183 Ohio: Bedford Heights (Cleveland) Industrial 990,000 5,873,879 1,521,396 5,342,483 Cincinnati Industrial 800,000 5,950,000 165,278 6,584,722 Lebanon (Cincinnati) Industrial 240,000 4,212,425 485,114 3,967,311 Monroe (Cincinnati) Industrial 1,800,000 11,137,000 452,143 12,484,857 Richfield (Cleveland) Industrial 2,676,848 13,758,630 2,373,693 14,061,785 Streetsboro (Cleveland) Industrial 1,760,000 17,840,000 2,058,462 17,541,538 West Chester Twp. (Cincinnati) Industrial 695,000 5,033,690 1,947,128 3,781,562 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410,000 11,170,262 1,014,638 11,565,624 Tulsa Industrial 790,000 2,958,031 227,268 3,520,763 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2016 (cont’d) Type Land Improvements Depreciation Value Pennsylvania: Altoona Industrial $ 1,200,000 $ 7,808,650 $ 583,052 $ 8,425,598 Imperial (Pittsburgh) Industrial 3,700,000 16,250,000 243,056 19,706,944 Monaca (Pittsburgh) Industrial 401,716 7,404,507 2,331,288 5,474,935 South Carolina: Ft. Mill (Charlotte, NC) Industrial 1,670,000 13,743,307 1,949,873 13,463,434 Hanahan (Charleston)(SAIC) Industrial 1,129,000 12,211,592 3,577,226 9,763,366 Hanahan (Charleston)(FDX Ground) Industrial 930,000 6,684,653 1,724,191 5,890,462 Tennessee: Chattanooga Industrial 300,000 4,712,203 1,131,706 3,880,497 Lebanon (Nashville) Industrial 2,230,000 11,985,126 1,536,542 12,678,584 Memphis Industrial 1,240,887 13,380,000 2,230,008 12,390,879 Shelby County Vacant Land 11,065 -0- -0- 11,065 Texas: Carrollton (Dallas) Industrial 1,500,000 16,269,106 2,708,020 15,061,086 Corpus Christi Industrial -0- 4,764,500 549,750 4,214,750 Edinburg Industrial 1,000,000 10,423,872 907,803 10,516,069 El Paso Industrial 3,225,195 9,205,997 1,442,146 10,989,046 Ft. Worth (Dallas) Industrial 8,200,000 27,100,832 810,709 34,490,123 Houston Industrial 1,730,000 6,353,107 1,080,294 7,002,813 Lindale (Tyler) Industrial 540,000 9,390,000 481,538 9,448,462 Spring (Houston) Industrial 1,890,000 17,393,798 1,183,663 18,100,135 Waco Industrial 1,350,000 11,196,157 923,263 11,622,894 Virginia: Charlottesville Industrial 1,170,000 3,178,499 1,393,226 2,955,273 Mechanicsville (Richmond) Industrial 1,160,000 6,598,181 2,644,156 5,114,025 Richmond Industrial 446,000 4,322,309 1,229,737 3,538,572 Roanoke (CHEP USA) Industrial 1,853,000 5,552,447 1,329,033 6,076,414 Roanoke (FDX Ground) Industrial 1,740,000 8,460,000 714,038 9,485,962 Washington: Burlington (Seattle/Everett) Industrial 8,000,000 22,210,680 284,752 29,925,928 Wisconsin: Cudahy (Milwaukee) Industrial 980,000 8,402,361 2,853,810 6,528,551 Green Bay Industrial 590,000 5,980,000 460,000 6,110,000 Total as of September 30, 2016 $ 165,375,315 $ 1,005,938,180 $ 148,830,169 $ 1,022,483,326 (1) Classified as Real Estate Held for Sale. |
Acquisitions, Expansions and 31
Acquisitions, Expansions and Disposition (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Allocation for Assets Acquisitions | The financial information set forth below summarizes the Company’s purchase price allocation for these eight properties acquired during the year ended September 30, 2017 that are accounted for as asset acquisitions: Land $ 23,507,073 Building 202,529,177 In-Place Leases 4,814,192 |
Summary of Operations Results for Properties Acquisition | The following table summarizes the operating results included in the Company’s consolidated statements of income for the year ended September 30, 2017 for the properties acquired during the year ended September 30, 2017: Year Ended 9/30/2017 Rental Revenues $ 7,086,464 Net Income 2,156,885 |
Schedule of Disposition and Real Estate Classified as Held for Sale | 2017 2016 2015 Rental and Reimbursement Revenue $ 1,296,127 $ 1,409,342 $ 2,021,143 Real Estate Taxes (277,837 ) (382,246 ) (459,610 ) Operating Expenses (111,425 ) (129,357 ) (227,190 ) Depreciation & Amortization (343,920 ) (441,417 ) (659,150 ) Interest Expense (78,595 ) (141,651 ) (221,230 ) Income from Operations 484,350 314,671 453,963 Gain (Loss) on Sale of Real Estate Investment (95,336 ) -0- 5,021,242 Net Income $ 389,014 $ 314,671 $ 5,475,205 |
Schedule of Pro Forma Information | The unaudited pro forma condensed financial information is not indicative of the results of operations that would have been achieved had the acquisitions and expansions reflected herein been consummated on the dates indicated or that will be achieved in the future. Fiscal Year 2017 Fiscal Year 2016 Rental Revenues $ 109,953,500 $ 109,374,800 Net Income Attributable to Common Shareholders 24,856,400 21,775,700 Basic Net Income per Share Attributable to Common Shareholders $ 0.33 $ 0.29 Diluted Net Income per Share Attributable to Common Shareholders $ 0.33 $ 0.28 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets Under Leases in-place Acquisition | Net intangible assets consist of the estimated value of the acquired in-place leases and the acquired above market rent leases at acquisition for the following properties and are amortized over the remaining term of the lease: September 30,2017 September 30,2016 Richfield, OH (Cleveland) $ -0- $ 11,622 Griffin, GA (Atlanta) -0- 19,815 Orion, MI -0- 19,994 Topeka, KS 137,156 170,700 Carrollton, TX (Dallas) 9,134 15,697 Ft. Mill, SC (Charlotte, NC) 183,191 270,656 Lebanon, TN (Nashville) 140,783 161,385 Rockford, IL (Sherwin-Williams Co.) 125,349 144,817 Edinburg, TX 223,078 279,120 Corpus Christi, TX 89,853 112,794 Halfmoon, NY (Albany) 207,339 255,620 Lebanon, OH (Cincinnati) 147,663 240,939 Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) 886,650 1,078,458 Livonia, MI (Detroit) 307,882 376,306 Stewartville, MN (Rochester) 26,695 31,271 Buckner, KY (Louisville) 351,816 373,690 Edwardsville, KS (Kansas City)(International Paper) 441,243 515,819 Lindale, TX (Tyler) 236,323 271,334 Sauget, IL (St. Louis, MO) 24,659 26,773 Rockford, IL (Collins Aerospace Systems-United Technologies) 76,159 84,106 Kansas City, KS (Bunzl) 20,434 25,546 Monroe, OH (Cincinnati) 396,460 428,411 Cincinnati, OH 42,814 46,407 Imperial, PA (Pittsburgh) 70,116 78,615 Burlington, WA (Seattle/Everett) 406,756 436,518 Colorado Springs, CO 316,703 339,740 Hamburg, NY 232,759 -0- Ft. Myers, FL (FDX Ground) 194,209 -0- Walker, MI (Grand Rapids) 482,498 -0- Aiken, SC (Augusta, GA) 916,969 -0- Mesquite, TX (Dallas) 792,486 -0- Homestead, FL (Miami) 551,216 -0- September 30,2017 September 30,2016 Oklahoma City, OK (Bunzl Distribution Oklahoma, Inc.) 281,110 -0- Concord, NC (Charlotte) 623,890 -0- Kenton, OH 487,160 -0- Stow, OH 579,612 -0- Total Intangible Assets, net of Accumulated Amortization $ 10,010,165 $ 5,816,153 |
Significant Concentrations of33
Significant Concentrations of Credit Risk (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk | The tenants that leased more than 5% of total rentable square footage as of September 30, 2017, 2016, and 2015 were as follows: 2017 2016 2015 FDX and Subsidiaries 50 % 47 % 43 % Milwaukee Electric Tool Corporation (lease commenced fiscal 2013, expanded fiscal 2016) 5 % 5 % N/A ULTA, Inc. (lease commenced fiscal 2015) N/A N/A 5 % |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Temporary Impaired Securities | The following is a summary of temporarily impaired securities at September 30, 2017: Less than 12 Months 12 Months or Longer Unrealized Unrealized Description of Securities Fair Value Losses Fair Value Losses Preferred stock $ -0- $ -0- $ -0- $ -0- Common stock 42,403,200 (3,340,735 ) -0- -0- Total $ 42,403,200 $ (3,340,735 ) $ -0- $ -0- |
Summary of Range of Losses | The following is a summary of the range of losses: Number of Individual Securities Fair Value Unrealized Losses % Loss 1 $ 15,585,200 $ (382,490 ) 2 % 1 4,165,000 (263,175 ) 6 % 1 22,653,000 (2,695,070 ) 11 % 3 $ 42,403,200 $ (3,340,735 ) |
Schedule of Gain (loss) on Securities Transactions, Net | The Company recorded the following realized Gain on Sale of Securities Transactions, net for the fiscal years ended September 30: 2017 2016 2015 Gross realized gains $ 2,320,561 $ 4,403,724 $ 880,424 Gross realized losses (8,847 ) (5,125 ) (74,911 ) Gains on Sale of Securities Transactions, net $ 2,311,714 $ 4,398,599 $ 805,513 |
Summary of Investments in Debt and Equity Securities | The following is a listing of investments in securities at September 30, 2017: Interest Rate/ Number of Estimated Market Description Series Dividend Shares Cost Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 200,000 $ 4,807,782 $ 4,888,000 Cedar Realty Trust, Inc. B 7.25 % 13,153 308,759 332,508 Dynex Capital, Inc. A 8.50 % 10,000 250,000 252,500 Investors Real Estate Trust B 7.95 % 20,000 500,000 501,796 iStar Financial, Inc. D 8.00 % 3,468 71,502 87,744 iStar Financial, Inc. E 7.875 % 3,400 54,116 85,510 iStar Financial, Inc. F 8.00 % 20,000 429,846 503,200 iStar Financial, Inc. I 7.50 % 41,383 872,236 1,038,713 Pennsylvania Real Estate Investment Trust A 8.25 % 44,000 1,100,885 1,107,040 Summit Hotel Properties, Inc. B 7.875 % 10,000 250,000 255,617 UMH Properties, Inc. (1) B 8.00 % 100,000 2,500,000 2,766,000 Total Equity Securities - Preferred Stock $ 11,145,126 $ 11,818,628 Number of Estimated Market Description Shares Cost Value Equity Securities - Common Stock: CBL & Associates 2,700,000 $ 25,348,070 $ 22,653,000 Franklin Street Properties 250,000 2,511,460 2,655,000 Government Properties Income Trust 1,070,000 19,295,940 20,083,900 Pennsylvania Real Estate Investment Trust 100,000 1,028,213 1,049,000 Select Income REIT 620,000 13,907,816 14,520,400 Senior Housing Property Trust 700,000 12,325,801 13,685,000 VEREIT, Inc. 1,880,000 15,967,690 15,585,200 Washington Prime Group, Inc. 500,000 4,428,175 4,165,000 UMH Properties, Inc. (1) 1,128,315 11,231,851 17,545,306 Total Equity Securities - Common Stock $ 106,045,016 $ 111,941,806 Interest Rate/ Number of Estimated Market Dividend Shares Cost Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500,000 $ 4,063 $ 4,336 Total Securities Available for Sale $ 117,194,205 $ 123,764,770 (1) Investment is in a related company. See Note No. 11 for further discussion. The following is a listing of investments in securities at September 30, 2016: Description Series Interest Rate/ Dividend Number Of Shares Cost Estimated Market Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 30,000 $ 745,840 $ 750,300 Cedar Realty Trust, Inc. B 7.25 % 30,600 718,317 786,417 Chesapeake Lodging Trust A 7.75 % 20,000 500,000 518,050 Dynex Capital, Inc. A 8.50 % 10,000 250,000 252,850 Investors Real Estate Trust B 7.95 % 20,000 500,000 516,000 iStar Financial, Inc. D 8.00 % 3,468 71,502 84,688 iStar Financial, Inc. E 7.875 % 3,400 54,116 83,300 iStar Financial, Inc. F 8.00 % 20,000 429,846 487,400 iStar Financial, Inc. I 7.50 % 41,383 872,236 1,005,607 Pennsylvania Real Estate Investment Trust A 8.25 % 44,000 1,100,885 1,128,380 Summit Hotel Properties, Inc. B 7.875 % 10,000 250,000 263,081 UMH Properties, Inc. (1) A 8.25 % 200,000 5,000,000 5,138,000 UMH Properties, Inc. (1) B 8.00 % 100,000 2,500,000 2,755,000 Total Equity Securities - Preferred Stock $ 12,992,742 $ 13,769,073 Description Number Shares Cost Estimated Equity Securities - Common Stock: Gladstone Commercial Corporation 65,000 $ 1,102,608 $ 1,210,950 Government Properties Income Trust 700,000 12,585,316 15,834,000 Select Income REIT 586,500 13,112,908 15,776,850 Senior Housing Property Trust 670,000 11,558,116 15,215,700 UMH Properties, Inc. (1) 989,326 9,305,685 11,792,771 Total Equity Securities - Common Stock $ 47,664,633 $ 59,830,271 Interest Rate/ Dividend Number Shares Cost Estimated Market Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500,000 $ 5,252 $ 5,550 Total Securities Available for Sale $ 60,662,627 $ 73,604,894 (1) Investment is in a related company. See Note No. 11 for further discussion. |
Mortgage Notes and Loans Paya35
Mortgage Notes and Loans Payable (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Fixed Rate Mortgage Notes Payable | The following is a summary of our Fixed Rate Mortgage Notes Payable as of September 30, 2017 and 2016: 9/30/2017 9/30/2016 Amount Weighted Average Interest Rate (1) Amount Weighted Average Interest Rate (1) Fixed Rate Mortgage Notes Payable $ 598,962,567 4.18 % $ 483,748,153 4.48 % Debt Issuance Costs $ 10,597,083 $ 9,424,697 Accumulated Amortization of Debt Issuance Costs (2,998,887 ) (3,152,554 ) Unamortized Debt Issuance Costs $ 7,598,196 $ 6,272,143 Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs $ 591,364,371 $ 477,476,010 (1) Weighted average interest rate excludes amortization of debt issuance costs. |
Summary of Mortgage Notes Payable | The following is a summary of mortgage notes payable by property at September 30, 2017 and 2016: Property Fixed Rate Maturity Date Balance 9/30/17 Balance 9/30/16 Jacksonville, FL (FDX) 6.92 % 12/01/16 $ -0- $ 84,194 Jacksonville, FL (FDX) 6.00 % 12/01/16 -0- 1,300,000 El Paso, TX 5.50 % 01/05/17 -0- 3,259,726 Bedford Heights, OH (Cleveland) 5.96 % 04/01/17 -0- 2,685,791 Chattanooga, TN 5.96 % 05/01/17 -0- 1,551,081 Elgin, IL (Chicago) 6.97 % 05/01/17 -0- 349,658 Hanahan, SC (Charleston) (SAIC) 7.36 % 05/01/17 -0- 5,605,514 Roanoke, VA (CHEP USA) 5.96 % 05/01/17 -0- 2,519,243 Edwardsville, KS (Kansas City)(Carlisle Tire) 7.38 % 07/01/17 -0- 397,513 Kansas City, MO (Kellogg) 6.11 % 08/01/17 -0- 2,241,680 Orion, MI 6.57 % 09/01/17 -0- 8,580,058 Cheektowaga, NY (Buffalo) (1 ) 6.78 % 10/01/17 -0- 343,548 Punta Gorda, FL (1 ) 6.29 % 10/01/17 -0- 1,990,764 Cocoa, FL (1 ) 6.29 % 12/01/17 -0- 5,063,864 Richfield, OH (Cleveland) 5.22 % 01/01/18 2,724,856 3,078,731 Tampa, FL (FDX) 5.65 % 04/01/18 3,654,913 3,900,447 West Chester Twp., OH (Cincinnati) 6.80 % 06/01/18 1,820,753 2,071,107 Orlando, FL 6.56 % 10/01/18 4,098,856 4,342,604 Tampa, FL (FDX Ground) 6.00 % 03/01/19 5,910,953 6,633,049 Lebanon, OH (Cincinnati) (1 ) 5.55 % 05/01/19 -0- 2,592,182 Lebanon, TN (Nashville) 7.60 % 07/10/19 7,446,653 7,659,116 Ft. Mill, SC (Charlotte, NC) 7.00 % 10/10/19 1,346,845 1,926,986 Denver, CO 6.07 % 11/01/19 746,617 1,059,646 Hanahan, SC (Charleston)(FDX Ground) 5.54 % 01/21/20 773,234 1,064,185 Augusta, GA (FDX Ground) 5.54 % 02/01/20 562,454 774,093 Huntsville, AL 5.50 % 03/01/20 589,073 795,594 Colorado Springs, CO 5.41 % 01/01/21 1,043,704 1,329,709 Topeka, KS 6.50 % 08/10/21 1,119,836 1,363,023 Streetsboro, OH (Cleveland) 5.50 % 11/01/21 9,887,817 10,446,469 Kansas City, MO (Bunzl) 5.18 % 12/01/21 6,799,803 6,958,091 Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) 4.80 % 04/01/22 8,171,480 8,750,368 Waco, TX 4.75 % 08/01/22 4,524,045 4,799,919 Houston, TX 6.88 % 09/10/22 2,619,835 3,124,904 Tolleson, AZ (Phoenix) 3.95 % 11/01/22 4,525,118 5,299,383 Edwardsville, KS (Kansas City)(International Paper) 3.45 % 11/01/23 9,931,292 10,648,115 Spring, TX (Houston) 4.01 % 12/01/23 8,537,878 9,126,834 Memphis, TN 4.50 % 01/01/24 5,882,668 6,667,886 Oklahoma City, OK (FDX Ground) 4.35 % 07/01/24 3,919,663 4,401,832 Indianapolis, IN 4.00 % 09/01/24 11,381,906 12,289,676 Frankfort, KY (Lexington) 4.84 % 12/15/24 17,560,855 18,352,289 Carrollton, TX (Dallas) 6.75 % 02/01/25 7,233,486 7,960,781 Altoona, PA (2 ) 4.00 % 10/01/25 3,642,839 4,017,147 Green Bay, WI (2 ) 4.00 % 10/01/25 2,956,605 3,260,401 Stewartville, MN (Rochester) (2 ) 4.00 % 10/01/25 2,369,334 2,612,978 Carlstadt, NJ (New York, NY) 5.25 % 05/15/26 1,743,353 1,898,198 Roanoke, VA (FDX Ground) 3.84 % 07/01/26 4,867,194 5,321,390 Livonia, MI (Detroit) 4.45 % 12/01/26 6,912,375 7,503,400 Olive Branch, MS (Memphis, TN)(Milwaukee Tool) 3.76 % 10/01/28 23,461,936 25,000,000 Tulsa, OK 4.58 % 11/01/28 1,812,575 1,934,175 Oklahoma City, OK (Bunzl) 4.13 % 07/01/29 5,935,346 -0- Lindale, TX (Tyler) 4.57 % 11/01/29 6,016,758 6,378,382 Sauget, IL (St. Louis, MO) 4.40 % 11/01/29 9,145,097 9,701,419 Jacksonville, FL (FDX Ground) 3.93 % 12/01/29 17,370,102 18,453,112 Imperial, PA (Pittsburgh) 3.63 % 04/01/30 11,963,800 12,700,739 Property Fixed Rate Maturity Date Balance 9/30/17 Balance 9/30/16 Monroe, OH (Cincinnati) 3.77 % 04/01/30 $ 7,608,083 $ 8,071,987 Greenwood, IN (Indianapolis) 3.91 % 06/01/30 21,485,141 22,760,488 Ft. Worth, TX (Dallas) 3.56 % 09/01/30 22,116,268 23,431,093 Concord, NC (Charlotte) 3.87 % 12/01/30 18,928,835 20,001,944 Covington, LA (New Orleans) 4.08 % 01/01/31 11,814,941 12,468,713 Burlington, WA (Seattle/Everett) 3.67 % 05/01/31 18,839,050 19,881,817 Louisville, KY 3.74 % 07/01/31 6,914,142 7,288,891 Colorado Springs, CO 3.90 % 07/01/31 17,632,728 18,576,282 Davenport, FL (Orlando) 3.89 % 09/01/31 25,077,642 26,400,000 Olathe, KS (Kansas City) 3.96 % 09/01/31 21,108,249 22,215,000 Hamburg, NY (Buffalo) 4.03 % 11/01/31 22,532,881 -0- Ft. Myers, FL (FDX Ground) 3.97 % 01/01/32 14,021,964 -0- Walker, MI (Grand Rapids) 3.86 % 05/01/32 20,530,135 -0- Mesquite, TX (Dallas) 3.60 % 07/01/32 32,623,355 -0- Aiken, SC (Augusta, GA) 4.20 % 07/01/32 15,227,062 -0- Homestead, FL (Miami) 3.60 % 07/01/32 24,591,465 -0- Concord, NC (Charlotte) 3.80 % 09/01/32 26,184,000 -0- Kenton, OH 4.45 % 10/01/32 12,000,000 -0- Stow, OH 4.17 % 10/01/32 12,700,000 -0- Buckner, KY (Louisville) 4.17 % 11/01/33 16,014,719 16,694,846 Halfmoon, NY (Albany) (1) 5.25 % 01/13/37 -0- 3,786,098 Total Mortgage Notes Payable $ 598,962,567 $ 483,748,153 (1) Loan was prepaid in full during fiscal 2017. (2) One loan is secured by Altoona, PA, Green Bay, WI and Stewartville (Rochester), MN. |
Schedule of Maturities of Long-term Debt | Principal on the foregoing debt at September 30, 2017 is scheduled to be paid as follows: Year Ending September 30, 2018 $ 47,115,220 2019 55,601,883 2020 39,722,075 2021 40,598,551 2022 61,945,863 Thereafter 353,978,975 $ 598,962,567 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | Other liabilities consist of the following as of September 30th: 9/30/17 9/30/16 Rent paid in advance $ 9,108,097 $ 6,631,139 Unearned reimbursement revenue 3,996,340 2,407,717 Tenant security deposits 582,170 464,287 Other 578,911 365,429 Total $ 14,265,518 $ 9,868,572 |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Options, Valuation Assumptions | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal 2017, 2016 and 2015: 2017 2016 2015 Dividend yield 4.44 % 6.17 % 5.38 % Expected volatility 18.84 % 20.20 % 19.78 % Risk-free interest rate 2.26 % 2.09 % 1.97 % Expected lives (years) 8 8 8 Estimated forfeitures -0- -0- -0- |
Summary of Status of Company's Stock Option Plan | A summary of the status of the Company’s stock option plan as of September 30, 2017, 2016 and 2015 is as follows: 2017 2016 2015 2017 Shares Weighted Average Exercise Price 2016 Shares Weighted Average Exercise Price 2015 Shares Weighted Average Exercise Price Outstanding at beginning of year 455,000 $ 9.46 635,000 $ 8.68 651,200 $ 8.29 Granted 280,000 14.43 65,000 10.37 65,000 11.16 Exercised (65,000 ) 7.22 (245,000 ) 7.69 (81,200 ) 7.54 Expired/Forfeited -0- -0- -0- -0- -0- -0- Outstanding at end of year 670,000 11.75 455,000 9.46 635,000 8.68 Exercisable at end of year 390,000 390,000 570,000 Weighted-average fair value of options granted during the year $ 1.49 $ 0.74 $ 0.93 |
Summary of Stock Options Outstanding | The following is a summary of stock options outstanding as of September 30, 2017: Date of Grant Number of Grants Number of Shares Option Price Expiration Date 01/03/11 1 65,000 $ 8.72 01/03/19 01/03/12 1 65,000 9.33 01/03/20 01/03/13 1 65,000 10.46 01/03/21 01/03/14 1 65,000 8.94 01/03/22 01/05/15 1 65,000 11.16 01/05/23 01/05/16 1 65,000 10.37 01/05/24 12/09/16 10 215,000 14.24 12/09/24 01/04/17 1 65,000 15.04 01/04/25 670,000 |
Summary of Nonvested Restricted Stock Awards | A summary of the status of the Company’s non-vested restricted stock awards as of September 30, 2017, 2016 and 2015 are presented below: 2017 2016 2015 2017 Shares Weighted- Average 2016 Shares Weighted- Average 2015 Shares Weighted- Average Non-vested at beginning of year 117,897 $ 11.35 123,496 $ 10.08 108,200 $ 9.96 Granted 11,000 15.92 40,000 13.64 58,000 9.88 Dividend Reinvested Shares 5,103 13.99 6,771 11.08 7,180 9.52 Vested (44,286 ) (15.74 ) (49,136 ) (10.06 ) (49,884 ) (9.56 ) Forfeited -0- -0- (3,234 ) (11.38 ) -0- -0- Non-vested at end of year 89,714 $ 12.15 117,897 $ 11.35 123,496 $ 10.08 |
Income from Leases (Tables)
Income from Leases (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of September 30, 2017, the Company had a weighted average lease maturity of 7.9 years. Approximate minimum base rents due under non-cancellable leases as of September 30, 2017 are scheduled as follows: Fiscal Year Amount 2018 $ 105,909,000 2019 98,254,000 2020 93,927,000 2021 92,636,000 2022 86,696,000 thereafter 426,351,000 Total $ 903,773,000 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Net Income and Taxable Income | The following table reconciles Net Income Attributable to common shares to taxable income for the years ended September 30, 2017, 2016 and 2015: 2017 Estimated (unaudited) 2016 Actual 2015 Actual Net income applicable to common shareholders $ 22,942,234 $ 20,531,888 $ 16,998,783 Book / tax difference on gains realized from capital transactions (2,311,714 ) (4,398,599 ) (5,824,405 ) Stock compensation expense 624,706 926,465 448,895 Deferred compensation -0- -0- -0- Other book / tax differences, net 353,285 1,298,104 2,342,751 Taxable income before adjustments 21,608,511 18,357,858 13,966,024 Add: capital gains 1,311,714 3,643,569 5,000,683 Estimated taxable income subject to 90% dividend requirement $ 22,920,225 $ 22,001,427 $ 18,966,707 |
Schedule of Cash Dividends Paid and Dividends Paid Deduction | The following table reconciles cash dividends paid with the dividends paid deduction for the years ended September 30, 2017, 2016 and 2015: 2017 Estimated (unaudited) 2016 Actual 2015 Actual Cash dividends paid $ 50,663,829 $ 42,034,183 $ 35,522,127 Less: Portion designated capital gains distribution (1,311,714 ) (3,643,569 ) (5,000,683 ) Less: Return of capital (10,414,753 ) (7,828,595 ) (2,939,882 ) Estimated dividends paid deduction $ 38,937,362 $ 30,562,019 $ 27,581,562 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Dividends Payable [Line Items] | |
Schedule of Shares Issued in Connection with Dividend Reinvestment and Stock Purchase Plan | Amounts received in connection with the DRIP and shares issued in connection with the DRIP for the fiscal years ended September 30, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Amounts received $ 91,931,831 $ 72,175,797 $ 48,404,556 Less: Dividend reinvestments 10,125,894 8,369,146 8,489,169 Amounts received, net $ 81,805,937 $ 63,806,651 $ 39,915,387 Number of Shares Issued 6,632,713 6,515,750 4,975,500 |
Summary of Cash Distributions to Common Shareholders | The following cash distributions were paid to common shareholders during the years ended September 30, 2017, 2016 and 2015: 2017 2016 2015 Quarter Ended Amount Per Share Amount Per Share Amount Per Share December 31 $ 11,184,399 $ 0.16 $ 10,083,160 $ 0.16 $ 8,598,414 $ 0.15 March 31 11,428,917 0.16 10,384,295 0.16 8,765,446 0.15 June 30 11,697,727 0.16 10,647,332 0.16 8,952,767 0.15 September 30 11,978,205 0.16 10,919,396 0.16 9,205,500 0.15 $ 46,289,248 $ 0.64 $ 42,034,183 $ 0.64 $ 35,522,127 $ 0.60 |
Series A Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Schedule of Dividend Declared and Paid on Preferred Stock | The Company’s Board of Directors has authorized and the Company has paid the following dividends on the 7.625% Series A Preferred Stock for the fiscal years ended September 30, 2017, 2016 and 2015: Declaration Date Record Date Payment Date Dividend Dividend per Share (1) 9/14/16 10/14/16 10/14/16 $ 498,540 $ 0.23299 (1) Represents final dividend payment at time of redemption of the 7.625% Series A Preferred Stock Declaration Date Record Date Payment Date Dividend Dividend per Share 10/1/15 11/16/15 12/15/15 $ 1,019,725 $ 0.4765625 1/19/16 2/16/16 3/15/16 1,019,726 0.4765625 4/5/16 5/16/16 6/15/16 1,019,725 0.4765625 7/1/16 8/15/16 9/15/16 1,019,726 0.4765625 $ 4,078,902 $ 1.9062500 Declaration Date Record Date Payment Date Dividend Dividend per Share 10/1/14 11/17/14 12/15/14 $ 1,019,725 $ 0.4765625 1/21/15 2/17/15 3/16/15 1,019,726 0.4765625 4/1/15 5/15/15 6/15/15 1,019,725 0.4765625 7/1/15 8/17/15 9/15/15 1,019,726 0.4765625 $ 4,078,902 $ 1.9062500 |
Series B Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Schedule of Dividend Declared and Paid on Preferred Stock | The Company’s Board of Directors has authorized and the Company has paid the following dividends on the Series B Preferred Stock for the year ended September 30, 2017, 2016 and 2015: Declaration Date Record Date Payment Date Dividend Dividend per Share 10/3/16 11/15/16 12/15/16 $ 1,132,032 $ 0.4921875 1/17/17 2/15/17 3/15/17 1,132,033 0.4921875 4/4/17 5/15/17 6/15/17 1,132,032 0.4921875 (1) 5/5/17 6/7/17 6/7/17 75,470 0.0328125 $ 3,471,567 $ 1.5093750 (1) Represents final dividend payment at time of redemption of the 7.875% Series B Preferred Stock Declaration Date Record Date Payment Date Dividend Dividend per Share 10/1/15 11/16/15 12/15/15 $ 1,132,032 $ 0.4921875 1/19/16 2/16/16 3/15/16 1,132,033 0.4921875 4/5/16 5/16/16 6/15/16 1,132,032 0.4921875 7/1/16 8/15/16 9/15/16 1,132,033 0.4921875 $ 4,528,130 $ 1.9687500 Declaration Date Record Date Payment Date Dividend Dividend per Share 10/1/14 11/17/14 12/15/14 $ 1,132,032 $ 0.4921875 1/21/15 2/17/15 3/16/15 1,132,033 0.4921875 4/1/15 5/15/15 6/15/15 1,132,032 0.4921875 7/1/15 8/17/15 9/15/15 1,132,033 0.4921875 $ 4,528,130 $ 1.9687500 |
Series C Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Schedule of Dividend Declared and Paid on Preferred Stock | The Company’s Board of Directors has authorized and the Company has paid the following dividends on the 6.125% Series C Preferred Stock for the year ended September 30, 2017, 2016 and 2015: Declaration Date Record Date Payment Date Dividend Dividend per Share 10/3/16 11/15/16 12/15/16 $ 1,791,563 $ 0.3317708 1/17/17 2/15/17 3/15/17 2,067,190 0.3828125 4/4/17 5/15/17 6/15/17 3,215,629 0.3828125 7/3/17 8/15/17 9/15/17 3,455,985 0.3828125 $ 10,530,367 $ 1.4802083 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value of Financial Assets | The fair value of these certain financial assets was determined using the following inputs at September 30, 2017 and 2016 : Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2017: Securities available for sale $ 123,764,770 $ 123,764,770 $ -0- $ -0- September 30, 2016: Securities available for sale $ 73,604,894 $ 73,604,894 $ -0- $ -0- |
Selected Quarterly Financial 42
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | The following is the Unaudited Selected Quarterly Financial Data: SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) THREE MONTHS ENDED FISCAL 2017 12/31/16 3/31/17 6/30/17 9/30/17 Rental and Reimbursement Revenue $ 27,181,611 $ 27,308,191 $ 28,609,096 $ 30,447,084 Total Expenses 13,262,730 13,785,498 14,130,508 15,584,318 Other Income (Expense) (4,064,960 ) (5,098,082 ) (2,748,225 ) (4,600,576 ) Net Income 9,853,921 8,424,611 11,730,363 10,262,190 Net Income Attributable to Common Shareholders 6,156,161 4,842,575 5,217,411 6,726,087 Net Income Attributable to Common Shareholders per diluted share $ 0.09 $ 0.07 $ 0.07 $ 0.09 FISCAL 2016 12/31/15 3/31/16 6/30/16 9/30/16 Rental and Reimbursement Revenue $ 22,259,362 $ 22,966,838 $ 24,113,999 $ 25,575,911 Total Expenses 11,167,093 12,537,914 11,835,546 13,942,992 Other Income (Expense) (4,153,614 ) (3,296,977 ) (4,047,158 ) (1,440,309 ) Net Income 6,938,655 7,131,947 8,231,295 10,192,610 Net Income Attributable to Common Shareholders 4,786,897 4,980,189 6,079,537 4,685,265 Net Income Attributable to Common Shareholders per diluted share $ 0.08 $ 0.08 $ 0.09 $ 0.07 |
Organization and Summary of S43
Organization and Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | ||
Sep. 30, 2017USD ($)ft²shares | Sep. 30, 2016USD ($)ft²shares | Sep. 30, 2015USD ($)shares | |
Number of real estate properties owned | ft² | 108 | 99 | |
REIT investment securities, description | The Company generally limits to no more than approximately 10% of its undepreciated assets (which is the Companys total assets excluding accumulated depreciation). | ||
Estimated useful life of buildings and improvements | 39 years | ||
Weighted-average amortization period upon acquisition for intangible assets | 13 years | 12 years | 13 years |
Amortization expense related to deferred leasing and financing costs | $ 2,089,259 | $ 2,072,120 | $ 2,042,520 |
Amortization expense for existing assets in year 2018 | 1,913,000 | ||
Amortization expense for existing assets in year 2019 | 1,719,000 | ||
Amortization expense for existing assets in year 2020 | 1,365,000 | ||
Amortization expense for existing assets in year 2021 | 1,145,000 | ||
Amortization expense for existing assets in year 2022 | $ 1,065,000 | ||
Lease termination income description | The Companys leases with early termination provisions are the 26,340 square foot location in Ridgeland (Jackson), MS, the 38,833 square foot location in Rockford, IL, the recently executed lease for the 36,270 square feet location in Urbandale (Des Moines), IA, the 83,000 square foot location in Roanoke, VA and the 102,135 square foot location in OFallon (St. Louis), MO. | ||
Potential lease termination income | $ 0 | $ 0 | $ 238,625 |
Common stock equivalents included in the diluted weighted average shares outstanding | shares | 135,613 | 89,720 | 115,408 |
Stock based compensation expense | $ 624,706 | $ 926,465 | $ 448,895 |
Portion of income which is not taxable, description | The Company will not be taxed on the portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments | ||
Percentage of taxable income | 90.00% | ||
Percentage of assets in real estate investments | 75.00% | ||
Accounting Standards Update 2015-03 [Member] | |||
Reduction in fixed rate mortgage note payable liability | $ 6,272,143 | ||
Reclassification of amortization of financing costs | $ 1,116,238 | $ 1,286,016 | |
Employee Stock Option [Member] | |||
Number of antidilutive options to purchase shares | shares | 65,000 | 0 | 65,000 |
Five Lease [Member] | |||
Potential lease termination income | $ 1,756,000 | ||
Ridgeland (Jackson), MS [Member] | |||
Total square foot of property | ft² | 26,340 | ||
Rockford, IL (Sherwin-Williams Co.) [Member] | |||
Total square foot of property | ft² | 38,833 | ||
Urbandale (Des Moines), IA [Member] | |||
Total square foot of property | ft² | 36,270 | ||
Roanoke, VA (FDX Ground) [Member] | |||
Total square foot of property | ft² | 83,000 | ||
O'Fallon (St. Louis) MO [Member] | |||
Total square foot of property | ft² | 102,135 | ||
Minimum [Member] | |||
Estimated useful life of buildings and improvements | 5 years | ||
Maximum [Member] | |||
Estimated useful life of buildings and improvements | 39 years | ||
Fair value of security cost percentage | 20.00% | ||
PalmerTerrace Realty Associates LLC [Member] | |||
Majority ownership percentage owned | 51.00% | ||
Ownership percentage by noncontrolling owners | 49.00% |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Real Estate Investments (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Land | $ 188,494,819 | $ 162,110,595 | |
Building & Improvements | 1,250,626,187 | 995,489,304 | |
Accumulated Depreciation | 172,730,273 | 144,496,585 | |
Net Book Value | $ 1,266,390,733 | $ 1,013,103,314 | |
Huntsville [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 748,115 | $ 748,115 | |
Building & Improvements | 5,913,696 | 5,857,016 | |
Accumulated Depreciation | 1,092,730 | 936,862 | |
Net Book Value | $ 5,569,081 | $ 5,668,269 | |
Tolleson (Phoenix) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,316,075 | $ 1,316,075 | |
Building & Improvements | 15,508,151 | 15,508,151 | |
Accumulated Depreciation | 5,634,312 | 5,115,610 | |
Net Book Value | $ 11,189,914 | $ 11,708,616 | |
Colorado Springs, CO [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,270,000 | $ 1,270,000 | |
Building & Improvements | 5,934,472 | 5,934,472 | |
Accumulated Depreciation | 1,644,190 | 1,490,351 | |
Net Book Value | $ 5,560,282 | $ 5,714,121 | |
Colorado Springs [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,150,000 | $ 2,150,000 | |
Building & Improvements | 26,350,000 | 26,350,000 | |
Accumulated Depreciation | 900,855 | 225,214 | |
Net Book Value | $ 27,599,145 | $ 28,274,786 | |
Denver [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,150,000 | $ 1,150,000 | |
Building & Improvements | 5,204,051 | 5,204,051 | |
Accumulated Depreciation | 1,570,819 | 1,437,516 | |
Net Book Value | $ 4,783,232 | $ 4,916,535 | |
Newington (Hartford) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 410,000 | $ 410,000 | |
Building & Improvements | 3,084,108 | 3,053,824 | |
Accumulated Depreciation | 1,288,391 | 1,207,938 | |
Net Book Value | $ 2,205,717 | $ 2,255,886 | |
Cocoa [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,881,316 | $ 1,881,316 | |
Building & Improvements | 12,246,133 | 12,246,133 | |
Accumulated Depreciation | 2,435,695 | 2,113,243 | |
Net Book Value | $ 11,691,754 | $ 12,014,206 | |
Davenport (Orlando) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 7,060,000 | $ 7,060,000 | |
Building & Improvements | 30,720,000 | 30,720,000 | |
Accumulated Depreciation | 918,974 | 131,282 | |
Net Book Value | $ 36,861,026 | $ 37,648,718 | |
Ft. Myers (Vacant) [Member] | |||
Property Type | [1] | Industrial | Industrial |
Land | [1] | $ 1,910,000 | $ 1,910,000 |
Building & Improvements | [1] | 3,107,447 | 3,107,447 |
Accumulated Depreciation | [1] | 1,057,915 | 991,678 |
Net Book Value | [1] | $ 3,959,533 | $ 4,025,769 |
Ft. Myers (FDX Ground) [Member] | |||
Property Type | Industrial | ||
Land | $ 2,400,000 | ||
Building & Improvements | 19,223,000 | ||
Accumulated Depreciation | 353,846 | ||
Net Book Value | $ 21,269,154 | ||
Homestead (Miami) [Member] | |||
Property Type | Industrial | ||
Land | $ 4,426,727 | ||
Building & Improvements | 33,446,393 | ||
Accumulated Depreciation | 214,400 | ||
Net Book Value | $ 37,658,720 | ||
Jacksonville (FDX) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,165,000 | $ 1,165,000 | |
Building & Improvements | 5,164,784 | 5,081,404 | |
Accumulated Depreciation | 2,450,615 | 2,295,680 | |
Net Book Value | $ 3,879,169 | $ 3,950,724 | |
Jacksonville (FDX Ground) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 6,000,000 | $ 6,000,000 | |
Building & Improvements | 24,732,090 | 24,645,954 | |
Accumulated Depreciation | 1,688,236 | 1,053,246 | |
Net Book Value | $ 29,043,854 | $ 29,592,708 | |
Lakeland [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 261,000 | $ 261,000 | |
Building & Improvements | 1,721,532 | 1,721,532 | |
Accumulated Depreciation | 525,151 | 466,240 | |
Net Book Value | $ 1,457,381 | $ 1,516,292 | |
Orlando [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,200,000 | $ 2,200,000 | |
Building & Improvements | 6,354,432 | 6,354,432 | |
Accumulated Depreciation | 1,636,085 | 1,471,814 | |
Net Book Value | $ 6,918,347 | $ 7,082,618 | |
Punta Gorda [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 0 | $ 0 | |
Building & Improvements | 4,133,510 | 4,113,265 | |
Accumulated Depreciation | 945,236 | 833,789 | |
Net Book Value | $ 3,188,274 | $ 3,279,476 | |
Tampa (FDX Ground) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 5,000,000 | $ 5,000,000 | |
Building & Improvements | 14,696,227 | 14,696,102 | |
Accumulated Depreciation | 4,544,868 | 4,161,734 | |
Net Book Value | $ 15,151,359 | $ 15,534,368 | |
Tampa (Tampa Bay Grand Prix) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,867,000 | $ 1,867,000 | |
Building & Improvements | 3,810,982 | 3,810,982 | |
Accumulated Depreciation | 1,043,048 | 941,848 | |
Net Book Value | $ 4,634,934 | $ 4,736,134 | |
Augusta (FDX Ground) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 614,406 | $ 614,406 | |
Building & Improvements | 4,748,899 | 4,739,628 | |
Accumulated Depreciation | 1,385,556 | 1,258,944 | |
Net Book Value | $ 3,977,749 | $ 4,095,090 | |
Augusta GA (FDX) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 380,000 | $ 380,000 | |
Building & Improvements | 1,597,779 | 1,591,732 | |
Accumulated Depreciation | 415,251 | 367,357 | |
Net Book Value | $ 1,562,528 | $ 1,604,375 | |
Griffin (Atlanta) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 760,000 | $ 760,000 | |
Building & Improvements | 14,108,857 | 14,108,857 | |
Accumulated Depreciation | 4,128,872 | 3,767,103 | |
Net Book Value | $ 10,739,985 | $ 11,101,754 | |
Burr Ridge (Chicago) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 270,000 | $ 270,000 | |
Building & Improvements | 1,422,901 | 1,422,901 | |
Accumulated Depreciation | 698,725 | 656,159 | |
Net Book Value | $ 994,176 | $ 1,036,742 | |
Elgin (Chicago) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,280,000 | $ 1,280,000 | |
Building & Improvements | 5,697,442 | 5,652,916 | |
Accumulated Depreciation | 2,284,344 | 2,124,899 | |
Net Book Value | $ 4,693,098 | $ 4,808,017 | |
Granite City (St. Louis, MO) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 340,000 | $ 340,000 | |
Building & Improvements | 12,357,848 | 12,202,814 | |
Accumulated Depreciation | 4,834,280 | 4,485,359 | |
Net Book Value | $ 7,863,568 | $ 8,057,455 | |
Montgomery (Chicago) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,000,000 | $ 2,000,000 | |
Building & Improvements | 9,298,367 | 9,298,367 | |
Accumulated Depreciation | 2,522,213 | 2,282,887 | |
Net Book Value | $ 8,776,154 | $ 9,015,480 | |
Rockford (Collins Aerospace Systems) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 480,000 | $ 480,000 | |
Building & Improvements | 4,620,000 | 4,620,000 | |
Accumulated Depreciation | 355,385 | 236,923 | |
Net Book Value | $ 4,744,615 | $ 4,863,077 | |
Rockford (Sherwin-Williams Co.) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,100,000 | $ 1,100,000 | |
Building & Improvements | 4,451,227 | 4,451,227 | |
Accumulated Depreciation | 744,286 | 628,612 | |
Net Book Value | $ 4,806,941 | $ 4,922,615 | |
Sauget (St. Louis, MO) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,890,000 | $ 1,890,000 | |
Building & Improvements | 13,314,950 | 13,314,950 | |
Accumulated Depreciation | 1,024,382 | 682,605 | |
Net Book Value | $ 14,180,568 | $ 14,522,345 | |
Schaumburg (Chicago) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,039,800 | $ 1,039,800 | |
Building & Improvements | 4,138,140 | 3,941,614 | |
Accumulated Depreciation | 2,159,563 | 2,037,309 | |
Net Book Value | $ 3,018,377 | $ 2,944,105 | |
Wheeling (Chicago) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 5,112,120 | $ 5,112,120 | |
Building & Improvements | 13,425,532 | 13,425,532 | |
Accumulated Depreciation | 4,079,587 | 3,735,969 | |
Net Book Value | $ 14,458,065 | $ 14,801,683 | |
Greenwood (Indianapolis) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,250,000 | $ 2,250,000 | |
Building & Improvements | 35,262,071 | 35,250,391 | |
Accumulated Depreciation | 2,186,221 | 1,280,020 | |
Net Book Value | $ 35,325,850 | $ 36,220,371 | |
Indianapolis [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 3,739,030 | $ 3,500,000 | |
Building & Improvements | 21,267,342 | 20,446,000 | |
Accumulated Depreciation | 1,657,124 | 1,132,868 | |
Net Book Value | $ 23,349,248 | $ 22,813,132 | |
Urbandale (Des Moines) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 310,000 | $ 310,000 | |
Building & Improvements | 1,946,613 | 1,851,895 | |
Accumulated Depreciation | 1,144,794 | 1,094,293 | |
Net Book Value | $ 1,111,819 | $ 1,067,602 | |
Edwardsville (Kansas City)(Carlisle Tire) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,185,000 | $ 1,185,000 | |
Building & Improvements | 6,047,986 | 6,040,401 | |
Accumulated Depreciation | 2,358,818 | 2,158,091 | |
Net Book Value | $ 4,874,168 | $ 5,067,310 | |
Edwardsville (Kansas City)(International Paper) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,750,000 | $ 2,750,000 | |
Building & Improvements | 15,544,108 | 15,544,108 | |
Accumulated Depreciation | 1,587,164 | 1,172,549 | |
Net Book Value | $ 16,706,944 | $ 17,121,559 | |
Olathe (Kansas City) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,350,000 | $ 2,350,000 | |
Building & Improvements | 29,387,000 | 29,387,000 | |
Accumulated Depreciation | 879,098 | 125,585 | |
Net Book Value | $ 30,857,902 | $ 31,611,415 | |
Topeka [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 0 | $ 0 | |
Building & Improvements | 3,679,843 | 3,679,843 | |
Accumulated Depreciation | 802,124 | 707,765 | |
Net Book Value | $ 2,877,719 | $ 2,972,078 | |
Buckner (Louisville) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,280,000 | $ 2,280,000 | |
Building & Improvements | 24,527,852 | 24,487,852 | |
Accumulated Depreciation | 2,472,411 | 1,834,166 | |
Net Book Value | $ 24,335,441 | $ 24,933,686 | |
Frankfort (Lexington) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,850,000 | $ 1,850,000 | |
Building & Improvements | 26,150,000 | 26,150,000 | |
Accumulated Depreciation | 1,899,786 | 1,229,274 | |
Net Book Value | $ 26,100,214 | $ 26,770,726 | |
Louisville [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,590,000 | $ 1,590,000 | |
Building & Improvements | 9,714,000 | 9,714,000 | |
Accumulated Depreciation | 332,103 | 83,026 | |
Net Book Value | $ 10,971,897 | $ 11,220,974 | |
Covington (New Orleans) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,720,000 | $ 2,720,000 | |
Building & Improvements | 15,690,000 | 15,690,000 | |
Accumulated Depreciation | 737,564 | 335,256 | |
Net Book Value | $ 17,672,436 | $ 18,074,744 | |
Beltsville (Washington, DC) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 3,200,000 | $ 3,200,000 | |
Building & Improvements | 11,312,355 | 11,312,355 | |
Accumulated Depreciation | 3,843,707 | 3,536,076 | |
Net Book Value | $ 10,668,648 | $ 10,976,279 | |
Walker (Grand Rapids) [Member] | |||
Property Type | Industrial | ||
Land | $ 4,034,363 | ||
Building & Improvements | 27,620,623 | ||
Accumulated Depreciation | 354,111 | ||
Net Book Value | $ 31,300,875 | ||
Livonia (Detroit) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 320,000 | $ 320,000 | |
Building & Improvements | 13,442,030 | 13,442,030 | |
Accumulated Depreciation | 1,698,607 | 1,350,345 | |
Net Book Value | $ 12,063,423 | $ 12,411,685 | |
Orion [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 4,649,971 | $ 4,649,971 | |
Building & Improvements | 18,235,665 | 18,235,665 | |
Accumulated Depreciation | 4,019,239 | 3,549,648 | |
Net Book Value | $ 18,866,397 | $ 19,335,988 | |
Romulus (Detroit) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 531,000 | $ 531,000 | |
Building & Improvements | 4,136,506 | 4,069,532 | |
Accumulated Depreciation | 1,922,903 | 1,804,248 | |
Net Book Value | $ 2,744,603 | $ 2,796,284 | |
Stewartville (Rochester) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 900,000 | $ 900,000 | |
Building & Improvements | 4,320,000 | 4,320,000 | |
Accumulated Depreciation | 443,077 | 332,308 | |
Net Book Value | $ 4,776,923 | $ 4,887,692 | |
Olive Branch (Memphis, TN) (Anda Pharmaceuticals, Inc.) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 800,000 | $ 800,000 | |
Building & Improvements | 13,750,000 | 13,750,000 | |
Accumulated Depreciation | 1,850,962 | 1,498,397 | |
Net Book Value | $ 12,699,038 | $ 13,051,603 | |
Olive Branch (Memphis, TN)(Milwaukee Tool) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,550,000 | $ 2,550,000 | |
Building & Improvements | 34,364,917 | 34,364,917 | |
Accumulated Depreciation | 3,159,783 | 2,275,368 | |
Net Book Value | $ 33,755,134 | $ 34,639,549 | |
Richland (Jackson) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 211,000 | $ 211,000 | |
Building & Improvements | 1,689,691 | 1,689,691 | |
Accumulated Depreciation | 904,133 | 826,199 | |
Net Book Value | $ 996,558 | $ 1,074,492 | |
Ridgeland (Jackson) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 218,000 | $ 218,000 | |
Building & Improvements | 1,640,591 | 1,640,591 | |
Accumulated Depreciation | 1,246,001 | 1,177,386 | |
Net Book Value | $ 612,590 | $ 681,205 | |
Kansas City (Bunzl) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,000,000 | $ 1,000,000 | |
Building & Improvements | 8,651,226 | 8,600,000 | |
Accumulated Depreciation | 646,520 | 422,650 | |
Net Book Value | $ 9,004,706 | $ 9,177,350 | |
Kansas City (Kellogg) [Member] | |||
Property Type | [1] | Industrial | Industrial |
Land | [1] | $ 660,000 | $ 660,000 |
Building & Improvements | [1] | 4,140,474 | 4,140,474 |
Accumulated Depreciation | [1] | 1,147,694 | 1,022,653 |
Net Book Value | [1] | $ 3,652,780 | $ 3,777,821 |
Liberty (Kansas City) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 723,000 | $ 723,000 | |
Building & Improvements | 6,674,881 | 6,674,881 | |
Accumulated Depreciation | 3,325,236 | 3,152,489 | |
Net Book Value | $ 4,072,645 | $ 4,245,392 | |
O'Fallon (St. Louis) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 264,000 | $ 264,000 | |
Building & Improvements | 3,981,913 | 3,981,913 | |
Accumulated Depreciation | 2,228,921 | 2,096,073 | |
Net Book Value | $ 2,016,992 | $ 2,149,840 | |
St. Joseph [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 800,000 | $ 800,000 | |
Building & Improvements | 12,489,270 | 12,433,706 | |
Accumulated Depreciation | 5,101,907 | 4,756,910 | |
Net Book Value | $ 8,187,363 | $ 8,476,796 | |
Omaha [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,170,000 | $ 1,170,000 | |
Building & Improvements | 4,774,691 | 4,774,691 | |
Accumulated Depreciation | 2,233,901 | 2,109,230 | |
Net Book Value | $ 3,710,790 | $ 3,835,461 | |
Carlstadt (New York, NY) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,194,000 | $ 1,194,000 | |
Building & Improvements | 3,709,589 | 3,709,589 | |
Accumulated Depreciation | 939,584 | 849,584 | |
Net Book Value | $ 3,964,005 | $ 4,054,005 | |
Somerset [Member] | |||
Property Type | Shopping Center | Shopping Center | |
Land | $ 34,317 | $ 34,316 | |
Building & Improvements | 3,038,573 | 3,038,565 | |
Accumulated Depreciation | 1,494,297 | 1,399,343 | |
Net Book Value | $ 1,578,593 | $ 1,673,538 | |
Cheektowaga (Buffalo) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 4,796,765 | $ 4,796,765 | |
Building & Improvements | 6,164,058 | 6,164,058 | |
Accumulated Depreciation | 1,692,362 | 1,531,509 | |
Net Book Value | $ 9,268,461 | $ 9,429,314 | |
Halfmoon (Albany) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,190,000 | $ 1,190,000 | |
Building & Improvements | 4,335,600 | 4,335,600 | |
Accumulated Depreciation | 611,431 | 500,262 | |
Net Book Value | $ 4,914,169 | $ 5,025,338 | |
Hamburg (Buffalo) [Member] | |||
Property Type | Industrial | ||
Land | $ 1,700,000 | ||
Building & Improvements | 33,150,000 | ||
Accumulated Depreciation | 850,000 | ||
Net Book Value | $ 34,000,000 | ||
Orangeburg (New York) [Member] | |||
Property Type | [1] | Industrial | Industrial |
Land | [1] | $ 694,720 | $ 694,720 |
Building & Improvements | [1] | 3,200,955 | 3,200,955 |
Accumulated Depreciation | [1] | 2,436,637 | 2,319,253 |
Net Book Value | [1] | $ 1,459,038 | $ 1,576,422 |
Concord (Charlotte) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 4,305,000 | $ 4,305,000 | |
Building & Improvements | 28,739,797 | 27,670,897 | |
Accumulated Depreciation | 1,471,238 | 650,384 | |
Net Book Value | $ 31,573,559 | $ 31,325,513 | |
Concord (Charlotte) [Member] | |||
Property Type | Industrial | ||
Land | $ 4,306,684 | ||
Building & Improvements | 35,736,461 | ||
Accumulated Depreciation | 152,720 | ||
Net Book Value | $ 39,890,425 | ||
Fayetteville [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 172,000 | $ 172,000 | |
Building & Improvements | 5,279,629 | 5,269,876 | |
Accumulated Depreciation | 2,698,223 | 2,458,876 | |
Net Book Value | $ 2,753,406 | $ 2,983,000 | |
Winston-Salem [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 980,000 | $ 980,000 | |
Building & Improvements | 6,258,613 | 6,258,613 | |
Accumulated Depreciation | 2,401,589 | 2,185,430 | |
Net Book Value | $ 4,837,024 | $ 5,053,183 | |
Bedford Heights (Cleveland) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 990,000 | $ 990,000 | |
Building & Improvements | 5,929,836 | 5,873,879 | |
Accumulated Depreciation | 1,707,394 | 1,521,396 | |
Net Book Value | $ 5,212,442 | $ 5,342,483 | |
Cincinnati [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 800,000 | $ 800,000 | |
Building & Improvements | 5,950,000 | 5,950,000 | |
Accumulated Depreciation | 317,842 | 165,278 | |
Net Book Value | $ 6,432,158 | $ 6,584,722 | |
Kenton [Member] | |||
Property Type | Industrial | ||
Land | $ 854,780 | ||
Building & Improvements | 17,026,827 | ||
Accumulated Depreciation | 18,188 | ||
Net Book Value | $ 17,863,419 | ||
Lebanon (Cincinnati) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 240,000 | $ 240,000 | |
Building & Improvements | 4,212,425 | 4,212,425 | |
Accumulated Depreciation | 594,620 | 485,114 | |
Net Book Value | $ 3,857,805 | $ 3,967,311 | |
Monroe (Cincinnati) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,800,000 | $ 1,800,000 | |
Building & Improvements | 11,137,000 | 11,137,000 | |
Accumulated Depreciation | 737,707 | 452,143 | |
Net Book Value | $ 12,199,293 | $ 12,484,857 | |
Richfield (Cleveland) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,676,848 | $ 2,676,848 | |
Building & Improvements | 13,758,630 | 13,758,630 | |
Accumulated Depreciation | 2,728,544 | 2,373,693 | |
Net Book Value | $ 13,706,934 | $ 14,061,785 | |
Stow [Member] | |||
Property Type | Industrial | ||
Land | $ 1,429,715 | ||
Building & Improvements | 17,504,350 | ||
Accumulated Depreciation | 0 | ||
Net Book Value | $ 18,934,065 | ||
Streetsboro (Cleveland) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,760,000 | $ 1,760,000 | |
Building & Improvements | 17,840,000 | 17,840,000 | |
Accumulated Depreciation | 2,515,897 | 2,058,462 | |
Net Book Value | $ 17,084,103 | $ 17,541,538 | |
West Chester Twp. (Cincinnati) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 695,000 | $ 695,000 | |
Building & Improvements | 5,038,686 | 5,033,690 | |
Accumulated Depreciation | 2,125,801 | 1,947,128 | |
Net Book Value | $ 3,607,885 | $ 3,781,562 | |
Oklahoma City (FDX Ground)[Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,410,000 | $ 1,410,000 | |
Building & Improvements | 11,174,462 | 11,170,262 | |
Accumulated Depreciation | 1,306,735 | 1,014,638 | |
Net Book Value | $ 11,277,727 | $ 11,565,624 | |
Oklahoma City (Bunzl) [Member] | |||
Property Type | Industrial | ||
Land | $ 844,688 | ||
Building & Improvements | 7,883,751 | ||
Accumulated Depreciation | 50,537 | ||
Net Book Value | $ 8,677,902 | ||
Tulsa [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 790,000 | $ 790,000 | |
Building & Improvements | 2,958,031 | 2,958,031 | |
Accumulated Depreciation | 309,194 | 227,268 | |
Net Book Value | $ 3,438,837 | $ 3,520,763 | |
Altoona [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,200,000 | $ 1,200,000 | |
Building & Improvements | 7,808,650 | 7,808,650 | |
Accumulated Depreciation | 784,660 | 583,052 | |
Net Book Value | $ 8,223,990 | $ 8,425,598 | |
Imperial (Pittsburgh) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 3,700,000 | $ 3,700,000 | |
Building & Improvements | 16,250,000 | 16,250,000 | |
Accumulated Depreciation | 659,722 | 243,056 | |
Net Book Value | $ 19,290,278 | $ 19,706,944 | |
Monaca (Pittsburgh) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 401,716 | $ 401,716 | |
Building & Improvements | 7,484,125 | 7,404,507 | |
Accumulated Depreciation | 2,642,181 | 2,331,288 | |
Net Book Value | $ 5,243,660 | $ 5,474,935 | |
Aiken (Augusta, GA) [Member] | |||
Property Type | Industrial | ||
Land | $ 1,362,458 | ||
Building & Improvements | 19,677,937 | ||
Accumulated Depreciation | 126,141 | ||
Net Book Value | $ 20,914,254 | ||
Ft. Mill (Charlotte, NC) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,670,000 | $ 1,670,000 | |
Building & Improvements | 13,743,307 | 13,743,307 | |
Accumulated Depreciation | 2,302,265 | 1,949,873 | |
Net Book Value | $ 13,111,042 | $ 13,463,434 | |
Hanahan (Charleston) (SAIC) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,129,000 | $ 1,129,000 | |
Building & Improvements | 12,245,441 | 12,211,592 | |
Accumulated Depreciation | 3,961,769 | 3,577,226 | |
Net Book Value | $ 9,412,672 | $ 9,763,366 | |
Hanahan (Charleston) (FDX Ground) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 930,000 | $ 930,000 | |
Building & Improvements | 6,684,653 | 6,684,653 | |
Accumulated Depreciation | 1,897,664 | 1,724,191 | |
Net Book Value | $ 5,716,989 | $ 5,890,462 | |
Chattanooga [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 300,000 | $ 300,000 | |
Building & Improvements | 4,716,518 | 4,712,203 | |
Accumulated Depreciation | 1,262,219 | 1,131,706 | |
Net Book Value | $ 3,754,299 | $ 3,880,497 | |
Lebanon (Nashville) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,230,000 | $ 2,230,000 | |
Building & Improvements | 11,985,126 | 11,985,126 | |
Accumulated Depreciation | 1,843,853 | 1,536,542 | |
Net Book Value | $ 12,371,273 | $ 12,678,584 | |
Memphis [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,240,887 | $ 1,240,887 | |
Building & Improvements | 13,381,050 | 13,380,000 | |
Accumulated Depreciation | 2,573,085 | 2,230,008 | |
Net Book Value | $ 12,048,852 | $ 12,390,879 | |
Shelby County [Member] | |||
Property Type | Vacant Land | Vacant Land | |
Land | $ 11,065 | $ 11,065 | |
Building & Improvements | 0 | 0 | |
Accumulated Depreciation | 0 | 0 | |
Net Book Value | $ 11,065 | $ 11,065 | |
Carrollton (Dallas) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,500,000 | $ 1,500,000 | |
Building & Improvements | 16,319,203 | 16,269,106 | |
Accumulated Depreciation | 3,130,523 | 2,708,020 | |
Net Book Value | $ 14,688,680 | $ 15,061,086 | |
Corpus Christi [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 0 | $ 0 | |
Building & Improvements | 4,771,913 | 4,764,500 | |
Accumulated Depreciation | 672,040 | 549,750 | |
Net Book Value | $ 4,099,873 | $ 4,214,750 | |
Edinburg [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,000,000 | $ 1,000,000 | |
Building & Improvements | 11,039,014 | 10,423,872 | |
Accumulated Depreciation | 1,188,983 | 907,803 | |
Net Book Value | $ 10,850,031 | $ 10,516,069 | |
El Paso [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 3,225,195 | $ 3,225,195 | |
Building & Improvements | 9,205,997 | 9,205,997 | |
Accumulated Depreciation | 1,709,714 | 1,442,146 | |
Net Book Value | $ 10,721,478 | $ 10,989,046 | |
Ft. Worth (Dallas) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 8,200,000 | $ 8,200,000 | |
Building & Improvements | 27,100,832 | 27,100,832 | |
Accumulated Depreciation | 1,505,602 | 810,709 | |
Net Book Value | $ 33,795,230 | $ 34,490,123 | |
Houston [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,661,120 | $ 1,730,000 | |
Building & Improvements | 6,487,338 | 6,353,107 | |
Accumulated Depreciation | 1,248,713 | 1,080,294 | |
Net Book Value | $ 6,899,745 | $ 7,002,813 | |
Lindale (Tyler) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 540,000 | $ 540,000 | |
Building & Improvements | 9,396,500 | 9,390,000 | |
Accumulated Depreciation | 722,416 | 481,538 | |
Net Book Value | $ 9,214,084 | $ 9,448,462 | |
Mesquite (Dallas) [Member] | |||
Property Type | Industrial | ||
Land | $ 6,247,658 | ||
Building & Improvements | 43,632,835 | ||
Accumulated Depreciation | 279,698 | ||
Net Book Value | $ 49,600,795 | ||
Spring (Houston) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,890,000 | $ 1,890,000 | |
Building & Improvements | 17,393,798 | 17,393,798 | |
Accumulated Depreciation | 1,629,658 | 1,183,663 | |
Net Book Value | $ 17,654,140 | $ 18,100,135 | |
Waco [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,350,000 | $ 1,350,000 | |
Building & Improvements | 11,201,368 | 11,196,157 | |
Accumulated Depreciation | 1,210,344 | 923,263 | |
Net Book Value | $ 11,341,024 | $ 11,622,894 | |
Charlottesville [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,170,000 | $ 1,170,000 | |
Building & Improvements | 3,186,988 | 3,178,499 | |
Accumulated Depreciation | 1,489,266 | 1,393,226 | |
Net Book Value | $ 2,867,722 | $ 2,955,273 | |
Mechanicsville (Richmond) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,160,000 | $ 1,160,000 | |
Building & Improvements | 6,625,011 | 6,598,181 | |
Accumulated Depreciation | 2,824,533 | 2,644,156 | |
Net Book Value | $ 4,960,478 | $ 5,114,025 | |
Richmond [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 446,000 | $ 446,000 | |
Building & Improvements | 4,322,309 | 4,322,309 | |
Accumulated Depreciation | 1,409,820 | 1,229,737 | |
Net Book Value | $ 3,358,489 | $ 3,538,572 | |
Roanoke (CHEP USA) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,853,000 | $ 1,853,000 | |
Building & Improvements | 5,552,447 | 5,552,447 | |
Accumulated Depreciation | 1,516,288 | 1,329,033 | |
Net Book Value | $ 5,889,159 | $ 6,076,414 | |
Roanoke (FDX Ground) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,740,000 | $ 1,740,000 | |
Building & Improvements | 8,460,000 | 8,460,000 | |
Accumulated Depreciation | 930,962 | 714,038 | |
Net Book Value | $ 9,269,038 | $ 9,485,962 | |
Burlington (Seattle/Everett) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 8,000,000 | $ 8,000,000 | |
Building & Improvements | 22,228,547 | 22,210,680 | |
Accumulated Depreciation | 855,500 | 284,752 | |
Net Book Value | $ 29,373,047 | $ 29,925,928 | |
Cudahy (Milwaukee) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 980,000 | $ 980,000 | |
Building & Improvements | 8,402,361 | 8,402,361 | |
Accumulated Depreciation | 3,075,370 | 2,853,810 | |
Net Book Value | $ 6,306,991 | $ 6,528,551 | |
Green Bay [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 590,000 | $ 590,000 | |
Building & Improvements | 5,980,000 | 5,980,000 | |
Accumulated Depreciation | 613,333 | 460,000 | |
Net Book Value | $ 5,956,667 | $ 6,110,000 | |
White Bear Lake (Minneapolis/St. Paul) [Member] | |||
Property Type | Industrial | ||
Land | $ 1,393,000 | ||
Building & Improvements | 3,764,126 | ||
Accumulated Depreciation | 927,965 | ||
Net Book Value | $ 4,229,161 | ||
Tampa (FDX) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,830,000 | $ 2,830,000 | |
Building & Improvements | 4,789,924 | 4,762,861 | |
Accumulated Depreciation | 1,383,938 | 1,258,519 | |
Net Book Value | $ 6,235,986 | $ 6,334,342 | |
[1] | Classified as Real Estate Held for Sale. |
Acquisitions, Expansions and 45
Acquisitions, Expansions and Disposition (Details Narrative) | Sep. 29, 2017USD ($)ft² | Sep. 19, 2017USD ($)ft² | Sep. 01, 2017USD ($)a | Sep. 01, 2017USD ($)a$ / shares | Aug. 03, 2017USD ($)ft² | Jun. 29, 2017USD ($)ft² | Jun. 28, 2017USD ($)ft² | Jun. 27, 2017USD ($)ft² | Jun. 23, 2017USD ($)ft² | Apr. 05, 2017USD ($)ft² | Dec. 30, 2016USD ($)ft² | Oct. 27, 2016USD ($)ft² | Oct. 17, 2016USD ($)ft² | Oct. 02, 2016USD ($)ft²$ / shares | Aug. 26, 2016USD ($)ft² | Aug. 19, 2016USD ($)ft² | Aug. 01, 2016USD ($)ft²$ / shares | Jul. 29, 2016USD ($)ft²a$ / shares | Jun. 30, 2016USD ($)ft² | Jun. 09, 2016USD ($)ft² | Apr. 08, 2016USD ($)ft² | Mar. 08, 2016USD ($)ft² | Dec. 02, 2015USD ($)ft² | Dec. 02, 2015USD ($)ft² | Nov. 13, 2015USD ($)ft² | Sep. 30, 2017USD ($)ft² | Sep. 30, 2017USD ($)ft² | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Proceeds from sale of real estate | $ 4,125,819 | $ 0 | $ 8,846,686 | ||||||||||||||||||||||||||
Amount being amortized into rental revenue related to the intangible assets | $ 101,968 | $ 101,968 | $ 101,968 | $ 101,968 | |||||||||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||||||||||||
Preferred, stock dividend rate | 6.125% | ||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||
Preferred, stock dividend rate | 7.625% | ||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||||||||
Preferred, stock dividend rate | 7.875% | ||||||||||||||||||||||||||||
Kansas City, MO (Kellogg) [Member] | |||||||||||||||||||||||||||||
Lease expiration date | through July 31, 2018 | ||||||||||||||||||||||||||||
Edinburg, TX [Member] | |||||||||||||||||||||||||||||
Expansion of industrial building | ft² | 50,625 | ||||||||||||||||||||||||||||
Lease term | 10 years | ||||||||||||||||||||||||||||
Lease expiration date change | September 2021 to September 2026 | ||||||||||||||||||||||||||||
Cost of parking lot expansion | $ 4,762,000 | ||||||||||||||||||||||||||||
Increase in annual rent | 499,000 | ||||||||||||||||||||||||||||
Rent prior to expansion | $ 598,000 | ||||||||||||||||||||||||||||
Rent prior to expansion, per square foot | $ / shares | $ 5.26 | ||||||||||||||||||||||||||||
Rent increase to after expansion | $ 1,097,000 | ||||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | $ / shares | $ 6.68 | ||||||||||||||||||||||||||||
Ft. Myers, FL [Member] | |||||||||||||||||||||||||||||
Size of industrial building | a | 213,672 | 213,672 | |||||||||||||||||||||||||||
Lease term | 10 years | ||||||||||||||||||||||||||||
Lease expiration date change | September 2026 to August 2027 | ||||||||||||||||||||||||||||
Cost of parking lot expansion | $ 862,000 | $ 862,000 | |||||||||||||||||||||||||||
Increase in annual rent | 53,000 | ||||||||||||||||||||||||||||
Rent prior to expansion | $ 1,365,000 | ||||||||||||||||||||||||||||
Rent prior to expansion, per square foot | $ / shares | $ 6.39 | ||||||||||||||||||||||||||||
Rent increase to after expansion | $ 1,418,000 | ||||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | $ / shares | $ 6.64 | ||||||||||||||||||||||||||||
Kansas City, MO (Kellogg) [Member] | |||||||||||||||||||||||||||||
Size of industrial building | ft² | 65,067 | 65,067 | |||||||||||||||||||||||||||
Contracted price | $ 4,900,000 | ||||||||||||||||||||||||||||
Lease termination fees percentage | 75.00% | ||||||||||||||||||||||||||||
Gain on sale of real estate | $ 1,200,000 | ||||||||||||||||||||||||||||
White Bear Lake (Minneapolis/St. Paul), MN [Member] | |||||||||||||||||||||||||||||
Sale of industrial building | ft² | 59,425 | ||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 4,126,000 | ||||||||||||||||||||||||||||
Orangeburg NY [Member] | |||||||||||||||||||||||||||||
Size of industrial building | ft² | 50,400 | 50,400 | |||||||||||||||||||||||||||
Orangeburg NY (Kellogg) [Member] | |||||||||||||||||||||||||||||
Lease expiration date description | through February 28, 2018 | ||||||||||||||||||||||||||||
Ft. Myers, FL (FDX Ground) [Member] | |||||||||||||||||||||||||||||
Size of industrial building | ft² | 87,500 | 87,500 | |||||||||||||||||||||||||||
Ft. Myers, FL [Member] | |||||||||||||||||||||||||||||
Gain on sale of real estate | $ 2,400,000 | ||||||||||||||||||||||||||||
Contracted price to sell | $ 6,400,000 | $ 6,400,000 | |||||||||||||||||||||||||||
Kansas City, MO (Kellogg) [Member] | |||||||||||||||||||||||||||||
Size of industrial building | ft² | 65,067 | 65,067 | |||||||||||||||||||||||||||
Orangeburg NY [Member] | |||||||||||||||||||||||||||||
Contracted price | $ 6,400,000 | ||||||||||||||||||||||||||||
Lease termination fees percentage | 95.00% | ||||||||||||||||||||||||||||
Gain on sale of real estate | $ 4,900,000 | ||||||||||||||||||||||||||||
Monroe, NC [Member] | |||||||||||||||||||||||||||||
Sale of industrial building | ft² | 160,000 | 160,000 | |||||||||||||||||||||||||||
White Bear Lake (Minneapolis/St. Paul), MN [Member] | |||||||||||||||||||||||||||||
Sale of industrial building | ft² | 59,425 | 59,425 | |||||||||||||||||||||||||||
Concord, NC [Member] | Charlotte Metropolitan Statistical Area [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 330,717 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 31,975,897 | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 20,780,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.87% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,078,000 | ||||||||||||||||||||||||||||
Lease expiration date description | 10 years through July 2025 | ||||||||||||||||||||||||||||
Covington, LA [Member] | New Orleans MSA [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 175,315 | 175,315 | |||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 18,410,000 | $ 18,410,000 | |||||||||||||||||||||||||||
Face amount of mortgages | $ 12,890,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.08% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,258,000 | $ 1,258,000 | |||||||||||||||||||||||||||
Lease expiration date description | 10 years through June 2025 | ||||||||||||||||||||||||||||
Imperial, PA [Member] | Pittsburgh MSA [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 125,860 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 14 years | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 20,032,864 | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 13,000,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.63% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,311,000 | ||||||||||||||||||||||||||||
Lease expiration date description | 10 years through December 2025 | ||||||||||||||||||||||||||||
Intangible asset related to the lease in-place | $ 82,864 | ||||||||||||||||||||||||||||
Burlington, WA [Member] | Seattle/Everett MSA [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 210,445 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 30,662,080 | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 20,221,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.67% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,962,000 | ||||||||||||||||||||||||||||
Lease expiration date description | 15 years through August 2030 | ||||||||||||||||||||||||||||
Intangible asset related to the lease in-place | $ 451,400 | ||||||||||||||||||||||||||||
Colorado Springs, CO [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 225,362 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 28,845,500 | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 18,730,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.90% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,832,000 | ||||||||||||||||||||||||||||
Lease expiration date description | 10 years through January 2026 | ||||||||||||||||||||||||||||
Intangible asset related to the lease in-place | $ 345,500 | ||||||||||||||||||||||||||||
Louisville, KY [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 137,500 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 11,304,000 | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 7,350,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.74% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 835,000 | ||||||||||||||||||||||||||||
Lease expiration date description | 10 years through June 2026 | ||||||||||||||||||||||||||||
Davenport, FL [Member] | Orlando MSA [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 310,922 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 37,780,000 | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 26,400,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.89% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,604,000 | ||||||||||||||||||||||||||||
Lease expiration date description | 15 years through April 2031 | ||||||||||||||||||||||||||||
Olathe, KS [Member] | Kansas City MSA [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 313,763 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 31,737,000 | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 22,215,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.96% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,196,000 | ||||||||||||||||||||||||||||
Lease expiration date description | 15 years through May 2031 | ||||||||||||||||||||||||||||
Olive Branch, MS [Member] | |||||||||||||||||||||||||||||
Lease term | 12 years | ||||||||||||||||||||||||||||
Lease expiration date after expansion | Jul. 31, 2028 | ||||||||||||||||||||||||||||
Lease expiration prior to expansion | Apr. 30, 2023 | ||||||||||||||||||||||||||||
Face amount of mortgage prior to expansion | $ 13,158,000 | ||||||||||||||||||||||||||||
Face amount of mortgage after expansion | $ 25,000,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.76% | ||||||||||||||||||||||||||||
Expansion square feet | ft² | 246,434 | ||||||||||||||||||||||||||||
Lease expiration date change | April 2023 to July 2028 | ||||||||||||||||||||||||||||
Cost of parking lot expansion | $ 9,785,000 | ||||||||||||||||||||||||||||
Rent increase to after expansion | $ 2,790,000 | ||||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | $ / shares | $ 3.24 | ||||||||||||||||||||||||||||
Annualized rent after expansion | $ 3,020,000 | ||||||||||||||||||||||||||||
Lease on real estate terms | 12 years | ||||||||||||||||||||||||||||
Percentage of annual rent increase | 1.50% | ||||||||||||||||||||||||||||
Annualized rent after expansion, per square foot | 3.50 | ||||||||||||||||||||||||||||
Olive Branch, MS [Member] | Minimum [Member] | |||||||||||||||||||||||||||||
Increase in annual rent | $ 847,000 | ||||||||||||||||||||||||||||
Square feet before expansion | ft² | 615,455 | ||||||||||||||||||||||||||||
Olive Branch, MS [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Rent prior to expansion | $ 1,943,000 | ||||||||||||||||||||||||||||
Rent prior to expansion, per square foot | $ / shares | $ 3.16 | ||||||||||||||||||||||||||||
Size of building after expansion | a | 861,889 | ||||||||||||||||||||||||||||
Tampa, FL [Member] | |||||||||||||||||||||||||||||
Lease expiration date description | June 2024 to July 2026 | ||||||||||||||||||||||||||||
Lease period | 10 years | ||||||||||||||||||||||||||||
Cost of parking expansion | $ 1,303,000 | ||||||||||||||||||||||||||||
Increase in annual rent | 131,000 | ||||||||||||||||||||||||||||
Rent prior to expansion | $ 1,493,000 | ||||||||||||||||||||||||||||
Rent prior to expansion, per square foot | $ / shares | $ 8.74 | ||||||||||||||||||||||||||||
Rent increase to after expansion | $ 1,624,000 | ||||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | $ / shares | $ 9.51 | ||||||||||||||||||||||||||||
Huntsville, AL [Member] | |||||||||||||||||||||||||||||
Expansion square feet | ft² | 14,941 | ||||||||||||||||||||||||||||
Lease expiration date description | August 2022 to July 2026 | ||||||||||||||||||||||||||||
Cost of parking lot expansion | $ 1,948,000 | ||||||||||||||||||||||||||||
Lease period | 10 years | ||||||||||||||||||||||||||||
Increase in annual rent | $ 193,000 | ||||||||||||||||||||||||||||
Rent prior to expansion | $ 412,000 | ||||||||||||||||||||||||||||
Rent prior to expansion, per square foot | $ / shares | $ 5.59 | ||||||||||||||||||||||||||||
Rent increase to after expansion | $ 605,000 | ||||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | $ / shares | $ 6.82 | ||||||||||||||||||||||||||||
Covington, LA [Member] | |||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Hamburg, NY [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 338,584 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Lease term | 15 years | ||||||||||||||||||||||||||||
Lease expiration date | Mar. 31, 2031 | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 35,100,000 | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 23,500,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.03% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,309,000 | ||||||||||||||||||||||||||||
Ft. Myers, FL [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 213,672 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Lease term | 10 years | 10 years | |||||||||||||||||||||||||||
Lease expiration date | Sep. 30, 2026 | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 21,001,538 | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 14,500,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.97% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,365,000 | ||||||||||||||||||||||||||||
Lease expiration date change | September 2026 to August 2027 | ||||||||||||||||||||||||||||
Cost of parking expansion | $ 862,000 | ||||||||||||||||||||||||||||
Increase in annual rent | 53,000 | ||||||||||||||||||||||||||||
Rent prior to expansion | 1,365,000 | ||||||||||||||||||||||||||||
Rent increase to after expansion | $ 1,418,000 | ||||||||||||||||||||||||||||
Walker, MI [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 343,483 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Lease term | 15 years | ||||||||||||||||||||||||||||
Lease expiration date | Jan. 31, 2032 | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 32,120,000 | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 20,875,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.86% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,102,000 | ||||||||||||||||||||||||||||
Mesquite, TX [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 351,874 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Lease term | 15 years | ||||||||||||||||||||||||||||
Lease expiration date | Mar. 31, 2032 | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 50,621,072 | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 32,900,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.60% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 3,194,000 | ||||||||||||||||||||||||||||
Aiken, SC [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 315,560 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Lease term | 15 years | ||||||||||||||||||||||||||||
Lease expiration date | Apr. 30, 2032 | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 21,933,000 | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 15,350,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.20% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,700,000 | ||||||||||||||||||||||||||||
Homestead, FL [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 237,756 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Lease term | 15 years | ||||||||||||||||||||||||||||
Lease expiration date | Mar. 31, 2032 | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 38,347,933 | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 24,800,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.60% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,282,000 | ||||||||||||||||||||||||||||
Oklahoma City, OK [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 110,361 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Lease term | 7 years | ||||||||||||||||||||||||||||
Lease expiration date | Aug. 31, 2024 | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 9,000,000 | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 12 years | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 6,000,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.125% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 721,000 | ||||||||||||||||||||||||||||
Concord, NC [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 354,482 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Lease term | 15 years | ||||||||||||||||||||||||||||
Lease expiration date | May 31, 2032 | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 40,598,446 | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 26,184,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.80% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,537,000 | ||||||||||||||||||||||||||||
Kenton, OH [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 298,472 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Lease term | 10 years | ||||||||||||||||||||||||||||
Lease expiration date | Aug. 31, 2027 | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 18,299,032 | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 12,000,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.45% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,243,000 | ||||||||||||||||||||||||||||
Stow, OH [Member] | |||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 219,765 | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||||||||||||||||||||
Lease term | 10 years | ||||||||||||||||||||||||||||
Lease expiration date | Aug. 31, 2027 | ||||||||||||||||||||||||||||
Purchase price of industrial building | $ 19,500,000 | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | ||||||||||||||||||||||||||||
Face amount of mortgages | $ 12,700,000 | ||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.17% | ||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,500,000 |
Acquisitions, Expansions and 46
Acquisitions, Expansions and Disposition - Schedule of Properties Acquired During the Period Accounted for Asset Acquisitions (Details) | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Land [Member] | |
Purchase price allocation of properties acquired | $ 23,507,073 |
Building [Member] | |
Purchase price allocation of properties acquired | 202,529,177 |
In-Place Leases [Member] | |
Purchase price allocation of properties acquired | $ 4,814,192 |
Acquisitions, Expansions and 47
Acquisitions, Expansions and Disposition - Summary of Consolidated Statements of Income for Properties Acquired (Details) - Fedex Ground Package System Inc. [Member] | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Rental Revenue | $ 7,086,464 |
Net Income | $ 2,156,885 |
Acquisitions, Expansions and 48
Acquisitions, Expansions and Disposition - Summary of Income or Operation Statements (Details) - Monroe, NC [Member] - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Rental and Reimbursement Revenue | $ 1,296,127 | $ 1,409,342 | $ 2,021,143 |
Real Estate Taxes | (277,837) | (382,246) | (459,610) |
Operating Expenses | (111,425) | (129,357) | (227,190) |
Depreciation & Amortization | (343,920) | (441,417) | (659,150) |
Interest Expense | (78,595) | (141,651) | (221,230) |
Income (Loss) from Operations | 484,350 | 314,671 | 453,963 |
Gain (Loss) on Sale of Real Estate Investment | (95,336) | 0 | 5,021,242 |
Net Income | $ 389,014 | $ 314,671 | $ 5,475,205 |
Acquisitions, Expansions and 49
Acquisitions, Expansions and Disposition - Schedule of Pro forma information (Details) - Pro Forma [Member] - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Rental Revenues | $ 109,953,500 | $ 109,374,800 |
Net Income Attributable to Common Shareholders | $ 24,856,400 | $ 21,775,700 |
Basic Net Income per Share Attributable to Common Shareholders | $ 0.33 | $ 0.29 |
Diluted Net Income per Share Attributable to Common Shareholders | $ 0.33 | $ 0.28 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Amortization expense for existing intangible assets in year 2018 | $ 1,229,000 | ||
Amortization expense for existing intangible assets in year 2019 | 1,186,000 | ||
Amortization expense for existing intangible assets in year 2020 | 1,037,000 | ||
Amortization expense for existing intangible assets in year 2021 | 1,031,000 | ||
Amortization expense for existing intangible assets in year 2022 | 880,000 | ||
Rental revenue related to intangible assets | 101,968 | $ 101,968 | $ 101,968 |
Fiscal Year 2018 [Member] | |||
Rental revenue related to intangible assets | 103,000 | ||
Fiscal Year 2019 [Member] | |||
Rental revenue related to intangible assets | 103,000 | ||
Fiscal Year 2020 [Member] | |||
Rental revenue related to intangible assets | 103,000 | ||
Fiscal Year 2021 [Member] | |||
Rental revenue related to intangible assets | 103,000 | ||
Fiscal Year 2022 [Member] | |||
Rental revenue related to intangible assets | 34,000 | ||
Acquired in-place Leases [Member] | |||
Amortization of intangible assets | $ 969,751 | $ 1,076,776 | $ 1,310,904 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets Under Leases in-place Acquisition (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | $ 10,010,165 | $ 5,816,153 |
Richfield, OH (Cleveland) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 0 | 11,622 |
Griffin, GA (Atlanta) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 0 | 19,815 |
Orion, MI [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 0 | 19,994 |
Topeka, KS [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 137,156 | 170,700 |
Carrollton, TX (Dallas) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 9,134 | 15,697 |
Ft. Mill, SC (Charlotte, NC) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 183,191 | 270,656 |
Lebanon, TN (Nashville) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 140,783 | 161,385 |
Rockford, IL (Sherwin-Williams Co.) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 125,349 | 144,817 |
Edinburg, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 223,078 | 279,120 |
Corpus Christi, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 89,853 | 112,794 |
Halfmoon, NY (Albany) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 207,339 | 255,620 |
Lebanon, OH (Cincinnati) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 147,663 | 240,939 |
Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 886,650 | 1,078,458 |
Livonia, MI (Detroit) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 307,882 | 376,306 |
Stewartville MN (Rochester) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 26,695 | 31,271 |
Buckner, KY (Louisville) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 351,816 | 373,690 |
Edwardsville, KS (Kansas City) (International Paper) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 441,243 | 515,819 |
Lindale, TX (Tyler) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 236,323 | 271,334 |
Sauget, IL (St. Louis, MO) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 24,659 | 26,773 |
Rockford, IL (Collins Aerospace Systems-United Technologies) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 76,159 | 84,106 |
Kansas City, KS (Bunzl) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 20,434 | 25,546 |
Monroe, OH (Cincinnati) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 396,460 | 428,411 |
Cincinnati, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 42,814 | 46,407 |
Imperial, PA (Pittsburgh) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 70,116 | 78,615 |
Burlington WA (Seattle/Everett), WA [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 406,756 | 436,518 |
Colorado Springs, CO [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 316,703 | 339,740 |
Hamburg, NY [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 232,759 | 0 |
Ft. Myers, FL (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 194,209 | 0 |
Walker, MI (Grand Rapids) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 482,498 | 0 |
Aiken, SC (Augusta, GA) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 916,969 | 0 |
Mesquite, TX (Dallas) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 792,486 | 0 |
Homestead, FL (Miami) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 551,216 | 0 |
Oklahoma City, OK (Bunzl Distribution Oklahoma, Inc.) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 281,110 | 0 |
Concord, NC (Charlotte) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 623,890 | 0 |
Kenton, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 487,160 | 0 |
Stow, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | $ 579,612 | $ 0 |
Significant Concentrations of52
Significant Concentrations of Credit Risk (Details Narrative) | 12 Months Ended | ||
Sep. 30, 2017USD ($)ft² | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Concentration Risk [Line Items] | |||
Total property (in square feet) | 18,790,000 | ||
Percentage of marketable securities to undepreciated assets | 7.70% | ||
Securities available for sale at fair value | $ | $ 123,764,770 | ||
FDX and Subsidiaries [Member] | |||
Concentration Risk [Line Items] | |||
Leases percentage of total property | 50.00% | 47.00% | 43.00% |
FDX and Subsidiaries [Member] | Rental And Reimbursement Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Description of total rentable space leased | No other tenant accounted for 5% or more of the Company's total Rental and Reimbursement revenue . | No other tenant accounted for 5% or more of the Company's total Rental and Reimbursement revenue . | No other tenant accounted for 5% or more of the Company's total Rental and Reimbursement revenue . |
Rental and reimbursement revenue | $ | $ 68,151,000 | $ 52,793,000 | $ 41,954,000 |
Rental and reimbursement revenue, percentage | 60.00% | 56.00% | 54.00% |
Fdx [Member] | |||
Concentration Risk [Line Items] | |||
Leases percentage of total property | 7.00% | 7.00% | 8.00% |
FedEx Corporation [Member] | |||
Concentration Risk [Line Items] | |||
Total property (in square feet) | 9,391,000 | ||
Concentration risk based on square feet, percentage | 50.00% | ||
Fdx [Member] | |||
Concentration Risk [Line Items] | |||
Leases percentage of total property | 7.00% | ||
FDX and Subsidiaries [Member] | |||
Concentration Risk [Line Items] | |||
Leases percentage of total property | 43.00% | ||
FDX And Subsidiaries And Milwaukee Electric Tool Corporation [Member] | |||
Concentration Risk [Line Items] | |||
Total property (in square feet) | 862,000 | ||
Fedex And Fedex Subsidiaries [Member] | |||
Concentration Risk [Line Items] | |||
Description of total rentable space leased | No other tenant accounted for 5% or more of the Company's total Rental and Reimbursement revenue . | No other tenant accounted for 5% or more of the Company's total Rental and Reimbursement revenue . | No other tenant accounted for 5% or more of the Company's total Rental and Reimbursement revenue . |
Significant Concentrations of53
Significant Concentrations of Credit Risk - Schedules of Concentration of Risk (Details) - Lease Concentration Risk [Member] | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
FDX and Subsidiaries [Member] | |||
Concentration risk based on square feet, percentage | 50.00% | 47.00% | 43.00% |
Milwaukee Electric Tool Corporation [Member] | |||
Concentration risk based on square feet, percentage | 5.00% | 5.00% | |
ULTA, Inc. [Member] | |||
Concentration risk based on square feet, percentage | 5.00% |
Securities Available for Sale54
Securities Available for Sale (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Percentage of marketable securities to undepreciated assets, maximum percentage of ownership | 10.00% | ||
Net unrealized gain on securities portfolio | $ 6,570,565 | ||
Dividend income on securities available for sale | 6,919,973 | $ 5,607,403 | $ 3,707,498 |
Interest income | 10,591 | 8,989 | 16,369 |
Proceeds from sales or redemptions of securities available for sale | 17,274,946 | 22,774,768 | $ 16,201,480 |
Margin Loans [Member] | |||
Loan payable | $ 10,091,417 | $ 0 |
Securities Available for Sale -
Securities Available for Sale - Schedule of Temporary Impaired Securities (Details) | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Less than 12 Months, Fair Value | $ 42,403,200 |
Less than 12 Months, Unrealized Losses | (3,340,735) |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Losses | 0 |
Preferred Stock [Member] | |
Less than 12 Months, Fair Value | 0 |
Less than 12 Months, Unrealized Losses | 0 |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Losses | 0 |
Common Stock [Member] | |
Less than 12 Months, Fair Value | 42,403,200 |
Less than 12 Months, Unrealized Losses | (3,340,735) |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Losses | $ 0 |
Securities Available for Sale56
Securities Available for Sale - Summary of Range of Losses (Details) | 12 Months Ended |
Sep. 30, 2017USD ($)Security | |
Number of Individual Securities | Security | 3 |
Fair Value | $ 42,403,200 |
Unrealized Losses | $ (3,340,735) |
Security One [Member] | |
Number of Individual Securities | Security | 1 |
Fair Value | $ 15,585,200 |
Unrealized Losses | $ (382,490) |
Range of Loss (Percentage) | 2.00% |
Security Two [Member] | |
Number of Individual Securities | Security | 1 |
Fair Value | $ 4,165,000 |
Unrealized Losses | $ (263,175) |
Range of Loss (Percentage) | 6.00% |
Security Three [Member] | |
Number of Individual Securities | Security | 1 |
Fair Value | $ 22,653,000 |
Unrealized Losses | $ (2,695,070) |
Range of Loss (Percentage) | 11.00% |
Securities Available for Sale57
Securities Available for Sale - Schedule of Gain (loss) On Securities Transactions, Net (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 2,320,561 | $ 4,403,724 | $ 880,424 |
Gross realized losses | (8,847) | (5,125) | (74,911) |
Gains on Sales of Securities Transactions, net | $ 2,311,714 | $ 4,398,599 | $ 805,513 |
Securities Available for Sale58
Securities Available for Sale - Summary of Investments in Debt and Equity Securities (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 | |
Total Securities Available for Sale, Estimated Market Value | $ 123,764,770 | $ 73,604,894 | |
Available-for-sale Securities [Member] | |||
Total Securities Available for Sale, Cost | 117,194,205 | 60,662,627 | |
Total Securities Available for Sale, Estimated Market Value | $ 123,764,770 | $ 73,604,894 | |
Government National Mortgage Association [Member] | Available-for-sale Securities [Member] | |||
Modified Pass-Through Mortgage-Backed Securities, Interest Rate | 6.50% | 6.50% | |
Modified Pass-Through Mortgage-Backed Securities, Number of Shares | 500,000 | 500,000 | |
Modified Pass-Through Mortgage-Backed Securities, Cost | $ 4,063 | $ 5,252 | |
Modified Pass-Through Mortgage-Backed Securities, Estimated Market Value | 4,336 | 5,550 | |
Preferred Stock [Member] | |||
Equity securities available for sale, Cost | 11,145,126 | 12,992,742 | |
Equity Securities available for sale, Estimated Market Value | 11,818,628 | 13,769,073 | |
Common Stock [Member] | |||
Equity securities available for sale, Cost | 106,045,016 | 47,664,633 | |
Equity Securities available for sale, Estimated Market Value | $ 111,941,806 | $ 59,830,271 | |
CBL & Associates Properties, Inc [Member] | Series D Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | 7.375% | 7.375% | |
Equity securities available for sale, Number of Shares | 200,000 | 30,000 | |
Equity securities available for sale, Cost | $ 4,807,782 | $ 745,840 | |
Equity Securities available for sale, Estimated Market Value | $ 4,888,000 | $ 750,300 | |
CBL & Associates Properties, Inc [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 2,700,000 | ||
Equity securities available for sale, Cost | $ 25,348,070 | ||
Equity Securities available for sale, Estimated Market Value | $ 22,653,000 | ||
Cedar Realty Trust, Inc [Member] | Series B Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | 7.25% | 7.25% | |
Equity securities available for sale, Number of Shares | 13,153 | 30,600 | |
Equity securities available for sale, Cost | $ 308,759 | $ 718,317 | |
Equity Securities available for sale, Estimated Market Value | $ 332,508 | $ 786,417 | |
Dynex Capital, Inc [Member] | Series A Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | 8.50% | 8.50% | |
Equity securities available for sale, Number of Shares | 10,000 | 10,000 | |
Equity securities available for sale, Cost | $ 250,000 | $ 250,000 | |
Equity Securities available for sale, Estimated Market Value | $ 252,500 | $ 252,850 | |
Investors Real Estate Trust [Member] | Series B Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | 7.95% | 7.95% | |
Equity securities available for sale, Number of Shares | 20,000 | 20,000 | |
Equity securities available for sale, Cost | $ 500,000 | $ 500,000 | |
Equity Securities available for sale, Estimated Market Value | $ 501,796 | $ 516,000 | |
iStar Financial, Inc [Member] | Series D Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | 8.00% | 8.00% | |
Equity securities available for sale, Number of Shares | 3,468 | 3,468 | |
Equity securities available for sale, Cost | $ 71,502 | $ 71,502 | |
Equity Securities available for sale, Estimated Market Value | $ 87,744 | $ 84,688 | |
iStar Financial, Inc [Member] | Series E Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | 7.875% | 7.875% | |
Equity securities available for sale, Number of Shares | 3,400 | 3,400 | |
Equity securities available for sale, Cost | $ 54,116 | $ 54,116 | |
Equity Securities available for sale, Estimated Market Value | $ 85,510 | $ 83,300 | |
iStar Financial, Inc [Member] | Series F Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | 8.00% | 8.00% | |
Equity securities available for sale, Number of Shares | 20,000 | 20,000 | |
Equity securities available for sale, Cost | $ 429,846 | $ 429,846 | |
Equity Securities available for sale, Estimated Market Value | $ 503,200 | $ 487,400 | |
iStar Financial, Inc [Member] | Series I Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | 7.50% | 7.50% | |
Equity securities available for sale, Number of Shares | 41,383 | 41,383 | |
Equity securities available for sale, Cost | $ 872,236 | $ 872,236 | |
Equity Securities available for sale, Estimated Market Value | $ 1,038,713 | $ 1,005,607 | |
Pennsylvania Real Estate Investment Trust [Member] | Series A Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | 8.25% | 8.25% | |
Equity securities available for sale, Number of Shares | 44,000 | 44,000 | |
Equity securities available for sale, Cost | $ 1,100,885 | $ 1,100,885 | |
Equity Securities available for sale, Estimated Market Value | $ 1,107,040 | $ 1,128,380 | |
Pennsylvania Real Estate Investment Trust [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 100,000 | ||
Equity securities available for sale, Cost | $ 1,028,213 | ||
Equity Securities available for sale, Estimated Market Value | $ 1,049,000 | ||
Summit Hotel Properties, Inc [Member] | Series B Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | 7.875% | 7.875% | |
Equity securities available for sale, Number of Shares | 10,000 | 10,000 | |
Equity securities available for sale, Cost | $ 250,000 | $ 250,000 | |
Equity Securities available for sale, Estimated Market Value | $ 255,617 | $ 263,081 | |
UMH Properties, Inc [Member] | Series B Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | [1] | 8.00% | 8.00% |
Equity securities available for sale, Number of Shares | [1] | 100,000 | 100,000 |
Equity securities available for sale, Cost | [1] | $ 2,500,000 | $ 2,500,000 |
Equity Securities available for sale, Estimated Market Value | [1] | $ 2,766,000 | $ 2,755,000 |
UMH Properties, Inc [Member] | Series A Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | [1] | 8.25% | |
Equity securities available for sale, Number of Shares | [1] | 200,000 | |
Equity securities available for sale, Cost | [1] | $ 5,000,000 | |
Equity Securities available for sale, Estimated Market Value | [1] | $ 5,138,000 | |
UMH Properties, Inc [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | [1] | 1,128,315 | 989,326 |
Equity securities available for sale, Cost | [1] | $ 11,231,851 | $ 9,305,685 |
Equity Securities available for sale, Estimated Market Value | [1] | $ 17,545,306 | $ 11,792,771 |
Franklin Street Properties [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 250,000 | ||
Equity securities available for sale, Cost | $ 2,511,460 | ||
Equity Securities available for sale, Estimated Market Value | $ 2,655,000 | ||
Government Properties Income Trust [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 1,070,000 | 700,000 | |
Equity securities available for sale, Cost | $ 19,295,940 | $ 12,585,316 | |
Equity Securities available for sale, Estimated Market Value | $ 20,083,900 | $ 15,834,000 | |
Select Income REIT [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 620,000 | 586,500 | |
Equity securities available for sale, Cost | $ 13,907,816 | $ 13,112,908 | |
Equity Securities available for sale, Estimated Market Value | $ 14,520,400 | $ 15,776,850 | |
Senior Housing Property Trust [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 700,000 | 670,000 | |
Equity securities available for sale, Cost | $ 12,325,801 | $ 11,558,116 | |
Equity Securities available for sale, Estimated Market Value | $ 13,685,000 | $ 15,215,700 | |
VEREIT, Inc. [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 1,880,000 | ||
Equity securities available for sale, Cost | $ 15,967,690 | ||
Equity Securities available for sale, Estimated Market Value | $ 15,585,200 | ||
Washington Prime Group, Inc [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 500,000 | ||
Equity securities available for sale, Cost | $ 4,428,175 | ||
Equity Securities available for sale, Estimated Market Value | $ 4,165,000 | ||
Chesapeake Lodging Trust [Member] | Series A Preferred Stock [Member] | |||
Equity securities available for sale, Dividend Rate | 7.75% | ||
Equity securities available for sale, Number of Shares | 20,000 | ||
Equity securities available for sale, Cost | $ 500,000 | ||
Equity Securities available for sale, Estimated Market Value | $ 518,050 | ||
Gladstone Commercial Corporation [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 65,000 | ||
Equity securities available for sale, Cost | $ 1,102,608 | ||
Equity Securities available for sale, Estimated Market Value | $ 1,210,950 | ||
[1] | Investment is in a related company. See Note No. 11 for further discussion. |
Mortgage Notes and Loans Paya59
Mortgage Notes and Loans Payable (Details Narrative) - USD ($) | Oct. 28, 2016 | Aug. 27, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Mortgage loans on real estate, weighted average interest rate | 4.18% | 4.48% | |||
Weighted average loan maturity of mortgage notes payable | 11 years 7 months 6 days | 10 years 6 months | |||
Mortgage loans on real estate, new acquisitions | $ 188,809,000 | ||||
Repayment of mortgage loan | 40,037,000 | ||||
Loans payable | 120,091,417 | $ 80,790,684 | |||
Interest expense | $ 1,234,259 | 1,116,238 | $ 1,286,016 | ||
BMO Capital Markets [Member] | |||||
Line of credit facility, description | The Facility was set to mature in August 2019 | Amendment extended the maturity date of the Facility from August 27, 2019 to September 30, 2020, with a one-year extension option, at the option of the Company, subject to certain conditions. Availability under the Facility is limited to 60% of the value of the borrowing base properties. The value of the borrowing base properties is determined by applying a 7.0% capitalization rate to the NOI generated by the Companys unencumbered, wholly-owned industrial properties. Borrowings under the Facility, will, at the Companys election, either i) bear interest at LIBOR plus 140 basis points to 220 basis points, depending on the Companys leverage ratio, or ii) bear interest at BMOs prime lending rate plus 40 basis points to 120 basis points, depending on the Companys leverage ratio. The Companys borrowings as of September 30, 2017, based on the Company's leverage ratio as of September 30, 2017, bear interest at LIBOR plus 170 basis points, which was at an interest rate of 2.94% as of September 30, 2017. As of September 30, 2017 and 2016, $110,000,000 and $76,000,000, respectively, was drawn down under the Facility. | |||
Mortgage loans on commitment, interest rate | 2.94% | ||||
Old line of credit facility | $ 60,000,000 | $ 0 | |||
Amount available on old line of credit | 130,000,000 | 200,000,000 | 200,000,000 | ||
Additional amount available on the accordion feature on old line of credit facility | 70,000,000 | 100,000,000 | 100,000,000 | ||
Total amount available including the accordion on the line of credit facility | $ 200,000,000 | 300,000,000 | 300,000,000 | ||
Line of credit | $ 110,000,000 | 76,000,000 | |||
Percentage of capitalization rate | 7.00% | ||||
Unsecured revolving line of credit, interest rate description | LIBOR plus 140 basis points to 220 basis points | ||||
Unsecured revolving line of credit, BMO interest rate description | BMOs prime lending rate plus 40 basis points to 120 basis points | ||||
Unsecured revolving line of credit, interest rate description on current leverage ratio | LIBOR plus 170 basis points | ||||
UMH Properties, Inc [Member] | |||||
Total loans payable | $ 4,790,684 | ||||
UMH Properties, Inc [Member] | October 28, 2016 [Member] | |||||
Interest rate | 4.50% | ||||
Loans payable | $ 2,506,051 | ||||
Shares for secure loan | 500,000 | ||||
UMH Properties, Inc [Member] | Series A Preferred Stock [Member] | |||||
Loan interest rate | 8.25% | ||||
Two River Community Bank [Member] | |||||
Term loan | $ 2,284,633 | ||||
Shares for secure loan | 200,000 | ||||
Loan interest rate | 4.90% | ||||
Margin Loans [Member] | |||||
Loans payable | $ 10,091,417 | $ 0 | |||
Percentage of amount available to borrow on margin | 50.00% | ||||
Percentage of amount available to borrow on margin, interest rate | 2.05% | 2.00% | |||
Mortgage Loans On Real Estate Under Commitment [Member] | |||||
Mortgage loans on real estate, weighted average interest rate | 3.75% | ||||
Weighted average loan maturity of mortgage notes payable | 13 years 2 months 12 days | ||||
Mortgage loans on real estate, new acquisitions | $ 72,400,000 | ||||
Mortgage Loan Subsequently Fiscal Yearend [Member] | |||||
Mortgage loan | 14,200,000 | ||||
Aggregate purchase price of industrial properties | $ 21,872,170 | ||||
Interest rate | 4.23% | ||||
Minimum [Member] | |||||
Mortgage loans on real estate, weighted average interest rate | 3.45% | ||||
Minimum [Member] | Mortgage Notes Payable [Member] | |||||
Mortgage loans on commitment, interest rate | 3.53% | ||||
Maximum [Member] | |||||
Mortgage loans on real estate, weighted average interest rate | 7.60% | ||||
Maximum [Member] | Mortgage Notes Payable [Member] | |||||
Mortgage loans on commitment, interest rate | 4.25% |
Mortgage Notes and Loans Paya60
Mortgage Notes and Loans Payable - Summary of Fixed Rate Mortgage Notes Payable (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Weighted Average Interest Rate | 4.18% | 4.48% | |
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ 591,364,371 | $ 477,476,010 | |
Mortgage Notes Payable [Member] | |||
Fixed Rate Mortgage Notes Payable, Amount | $ 598,962,567 | $ 483,748,153 | |
Weighted Average Interest Rate | [1] | 4.18% | 4.48% |
Debt Issuance Costs | $ 10,597,083 | $ 9,424,697 | |
Accumulated Amortization of Debt Issuance Costs | (2,998,887) | (3,152,554) | |
Unamortized Debt Issuance Costs | 7,598,196 | 6,272,143 | |
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ 591,364,371 | $ 477,476,010 | |
[1] | Weighted average interest rate excludes amortization of debt issuance costs. |
Mortgage Notes and Loans Paya61
Mortgage Notes and Loans Payable - Summary of Mortgage Notes Payable (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | |||
Mortgage Notes Payable | $ 591,364,371 | $ 477,476,010 | ||
Mortgage Notes Payable [Member] | ||||
Mortgage Notes Payable | $ 598,962,567 | $ 483,748,153 | ||
Mortgage Notes Payable [Member] | Jacksonville, FL (FDX) [Member] | ||||
Fixed Rate | 6.92% | 6.92% | ||
Maturity date | Dec. 1, 2016 | Dec. 1, 2016 | ||
Mortgage Notes Payable | $ 0 | $ 84,194 | ||
Mortgage Notes Payable [Member] | Jacksonville, FL (FDX) [Member] | ||||
Fixed Rate | 6.00% | 6.00% | ||
Maturity date | Dec. 1, 2016 | Dec. 1, 2016 | ||
Mortgage Notes Payable | $ 0 | $ 1,300,000 | ||
Mortgage Notes Payable [Member] | El Paso, TX [Member] | ||||
Fixed Rate | 5.50% | 5.50% | ||
Maturity date | Jan. 5, 2017 | Jan. 5, 2017 | ||
Mortgage Notes Payable | $ 0 | $ 3,259,726 | ||
Mortgage Notes Payable [Member] | Bedford Heights, OH (Cleveland) [Member] | ||||
Fixed Rate | 5.96% | 5.96% | ||
Maturity date | Apr. 1, 2017 | Apr. 1, 2017 | ||
Mortgage Notes Payable | $ 0 | $ 2,685,791 | ||
Mortgage Notes Payable [Member] | Chattanooga, TN [Member] | ||||
Fixed Rate | 5.96% | 5.96% | ||
Maturity date | May 1, 2017 | May 1, 2017 | ||
Mortgage Notes Payable | $ 0 | $ 1,551,081 | ||
Mortgage Notes Payable [Member] | Elgin, IL (Chicago) [Member] | ||||
Fixed Rate | 6.97% | 6.97% | ||
Maturity date | May 1, 2017 | May 1, 2017 | ||
Mortgage Notes Payable | $ 0 | $ 349,658 | ||
Mortgage Notes Payable [Member] | Hanahan, SC (Charleston) (SAIC) [Member] | ||||
Fixed Rate | 7.36% | 7.36% | ||
Maturity date | May 1, 2017 | May 1, 2017 | ||
Mortgage Notes Payable | $ 0 | $ 5,605,514 | ||
Mortgage Notes Payable [Member] | Roanoke, VA (CHEP USA) [Member] | ||||
Fixed Rate | 5.96% | 5.96% | ||
Maturity date | May 1, 2017 | May 1, 2017 | ||
Mortgage Notes Payable | $ 0 | $ 2,519,243 | ||
Mortgage Notes Payable [Member] | Edwardsville, KS (Kansas City)(Carlisle Tire) [Member] | ||||
Fixed Rate | 7.38% | 7.38% | ||
Maturity date | Jul. 1, 2017 | Jul. 1, 2017 | ||
Mortgage Notes Payable | $ 0 | $ 397,513 | ||
Mortgage Notes Payable [Member] | Kansas City, MO (Kellogg) [Member] | ||||
Fixed Rate | 6.11% | 6.11% | ||
Maturity date | Aug. 1, 2017 | Aug. 1, 2017 | ||
Mortgage Notes Payable | $ 0 | $ 2,241,680 | ||
Mortgage Notes Payable [Member] | Orion, MI [Member] | ||||
Fixed Rate | 6.57% | 6.57% | ||
Maturity date | Sep. 1, 2017 | Sep. 1, 2017 | ||
Mortgage Notes Payable | $ 0 | $ 8,580,058 | ||
Mortgage Notes Payable [Member] | Cheektowaga, NY (Buffalo) [Member] | ||||
Fixed Rate | [1] | 6.78% | 6.78% | |
Maturity date | [1] | Oct. 1, 2017 | Oct. 1, 2017 | |
Mortgage Notes Payable | [1] | $ 0 | $ 343,548 | |
Mortgage Notes Payable [Member] | Punta Gorda, FL [Member] | ||||
Fixed Rate | [1] | 6.29% | 6.29% | |
Maturity date | [1] | Oct. 1, 2017 | Oct. 1, 2017 | |
Mortgage Notes Payable | [1] | $ 0 | $ 1,990,764 | |
Mortgage Notes Payable [Member] | Cocoa, FL [Member] | ||||
Fixed Rate | [1] | 6.29% | 6.29% | |
Maturity date | [1] | Dec. 1, 2017 | Dec. 1, 2017 | |
Mortgage Notes Payable | [1] | $ 0 | $ 5,063,864 | |
Mortgage Notes Payable [Member] | Richfield, OH (Cleveland) [Member] | ||||
Fixed Rate | 5.22% | 5.22% | ||
Maturity date | Jan. 1, 2018 | Jan. 1, 2018 | ||
Mortgage Notes Payable | $ 2,724,856 | $ 3,078,731 | ||
Mortgage Notes Payable [Member] | Tampa, FL (FDX) [Member] | ||||
Fixed Rate | 5.65% | 5.65% | ||
Maturity date | Apr. 1, 2018 | Apr. 1, 2018 | ||
Mortgage Notes Payable | $ 3,654,913 | $ 3,900,447 | ||
Mortgage Notes Payable [Member] | West Chester Twp., OH (Cincinnati) [Member] | ||||
Fixed Rate | 6.80% | 6.80% | ||
Maturity date | Jun. 1, 2018 | Jun. 1, 2018 | ||
Mortgage Notes Payable | $ 1,820,753 | $ 2,071,107 | ||
Mortgage Notes Payable [Member] | Orlando, FL [Member] | ||||
Fixed Rate | 6.56% | 6.56% | ||
Maturity date | Oct. 1, 2018 | Oct. 1, 2018 | ||
Mortgage Notes Payable | $ 4,098,856 | $ 4,342,604 | ||
Mortgage Notes Payable [Member] | Tampa, FL (FDX Ground) [Member] | ||||
Fixed Rate | 6.00% | 6.00% | ||
Maturity date | Mar. 1, 2019 | Mar. 1, 2019 | ||
Mortgage Notes Payable | $ 5,910,953 | $ 6,633,049 | ||
Mortgage Notes Payable [Member] | Lebanon, OH (Cincinnati) [Member] | ||||
Fixed Rate | [1] | 5.55% | 5.55% | |
Maturity date | [1] | May 1, 2019 | May 1, 2019 | |
Mortgage Notes Payable | [1] | $ 0 | $ 2,592,182 | |
Mortgage Notes Payable [Member] | Lebanon, TN (Nashville) [Member] | ||||
Fixed Rate | 7.60% | 7.60% | ||
Maturity date | Jul. 10, 2019 | Jul. 10, 2019 | ||
Mortgage Notes Payable | $ 7,446,653 | $ 7,659,116 | ||
Mortgage Notes Payable [Member] | Ft. Mill, SC (Charlotte, NC) [Member] | ||||
Fixed Rate | 7.00% | 7.00% | ||
Maturity date | Oct. 10, 2019 | Oct. 10, 2019 | ||
Mortgage Notes Payable | $ 1,346,845 | $ 1,926,986 | ||
Mortgage Notes Payable [Member] | Denver, CO [Member] | ||||
Fixed Rate | 6.07% | 6.07% | ||
Maturity date | Nov. 1, 2019 | Nov. 1, 2019 | ||
Mortgage Notes Payable | $ 746,617 | $ 1,059,646 | ||
Mortgage Notes Payable [Member] | Hanahan, SC (Charleston) (FDX Ground) [Member] | ||||
Fixed Rate | 5.54% | 5.54% | ||
Maturity date | Jan. 21, 2020 | Jan. 21, 2020 | ||
Mortgage Notes Payable | $ 773,234 | $ 1,064,185 | ||
Mortgage Notes Payable [Member] | Augusta, GA (FDX Ground) [Member] | ||||
Fixed Rate | 5.54% | 5.54% | ||
Maturity date | Feb. 1, 2020 | Feb. 1, 2020 | ||
Mortgage Notes Payable | $ 562,454 | $ 774,093 | ||
Mortgage Notes Payable [Member] | Huntsville, AL [Member] | ||||
Fixed Rate | 5.50% | 5.50% | ||
Maturity date | Mar. 1, 2020 | Mar. 1, 2020 | ||
Mortgage Notes Payable | $ 589,073 | $ 795,594 | ||
Mortgage Notes Payable [Member] | Colorado Springs, CO [Member] | ||||
Fixed Rate | 5.41% | 5.41% | ||
Maturity date | Jan. 1, 2021 | Jan. 1, 2021 | ||
Mortgage Notes Payable | $ 1,043,704 | $ 1,329,709 | ||
Mortgage Notes Payable [Member] | Topeka, KS [Member] | ||||
Fixed Rate | 6.50% | 6.50% | ||
Maturity date | Aug. 10, 2021 | Aug. 10, 2021 | ||
Mortgage Notes Payable | $ 1,119,836 | $ 1,363,023 | ||
Mortgage Notes Payable [Member] | Streetsboro, OH (Cleveland) [Member] | ||||
Fixed Rate | 5.50% | 5.50% | ||
Maturity date | Nov. 1, 2021 | Nov. 1, 2021 | ||
Mortgage Notes Payable | $ 9,887,817 | $ 10,446,469 | ||
Mortgage Notes Payable [Member] | Kansas City, MO (Bunzl) [Member] | ||||
Fixed Rate | 5.18% | 5.18% | ||
Maturity date | Dec. 1, 2021 | Dec. 1, 2021 | ||
Mortgage Notes Payable | $ 6,799,803 | $ 6,958,091 | ||
Mortgage Notes Payable [Member] | Olive Branch, MS (Memphis, TN) (Anda Distribution) [Member] | ||||
Fixed Rate | 4.80% | 4.80% | ||
Maturity date | Apr. 1, 2022 | Apr. 1, 2022 | ||
Mortgage Notes Payable | $ 8,171,480 | $ 8,750,368 | ||
Mortgage Notes Payable [Member] | Waco, TX [Member] | ||||
Fixed Rate | 4.75% | 4.75% | ||
Maturity date | Aug. 1, 2022 | Aug. 1, 2022 | ||
Mortgage Notes Payable | $ 4,524,045 | $ 4,799,919 | ||
Mortgage Notes Payable [Member] | Houston, TX [Member] | ||||
Fixed Rate | 6.88% | 6.88% | ||
Maturity date | Sep. 10, 2022 | Sep. 10, 2022 | ||
Mortgage Notes Payable | $ 2,619,835 | $ 3,124,904 | ||
Mortgage Notes Payable [Member] | Tolleson, AZ (Phoenix) [Member] | ||||
Fixed Rate | 3.95% | 3.95% | ||
Maturity date | Nov. 1, 2022 | Nov. 1, 2022 | ||
Mortgage Notes Payable | $ 4,525,118 | $ 5,299,383 | ||
Mortgage Notes Payable [Member] | Edwardsville, KS (Kansas City) (International Paper) [Member] | ||||
Fixed Rate | 3.45% | 3.45% | ||
Maturity date | Nov. 1, 2023 | Nov. 1, 2023 | ||
Mortgage Notes Payable | $ 9,931,292 | $ 10,648,115 | ||
Mortgage Notes Payable [Member] | Spring, TX (Houston) [Member] | ||||
Fixed Rate | 4.01% | 4.01% | ||
Maturity date | Dec. 1, 2023 | Dec. 1, 2023 | ||
Mortgage Notes Payable | $ 8,537,878 | $ 9,126,834 | ||
Mortgage Notes Payable [Member] | Memphis, TN [Member] | ||||
Fixed Rate | 4.50% | 4.50% | ||
Maturity date | Jan. 1, 2024 | Jan. 1, 2024 | ||
Mortgage Notes Payable | $ 5,882,668 | $ 6,667,886 | ||
Mortgage Notes Payable [Member] | Oklahoma City, OK [Member] | ||||
Fixed Rate | 4.35% | 4.35% | ||
Maturity date | Jul. 1, 2024 | Jul. 1, 2024 | ||
Mortgage Notes Payable | $ 3,919,663 | $ 4,401,832 | ||
Mortgage Notes Payable [Member] | Indianapolis, IN [Member] | ||||
Fixed Rate | 4.00% | 4.00% | ||
Maturity date | Sep. 1, 2024 | Sep. 1, 2024 | ||
Mortgage Notes Payable | $ 11,381,906 | $ 12,289,676 | ||
Mortgage Notes Payable [Member] | Frankfort, KY (Lexington) [Member] | ||||
Fixed Rate | 4.84% | 4.84% | ||
Maturity date | Dec. 15, 2024 | Dec. 15, 2024 | ||
Mortgage Notes Payable | $ 17,560,855 | $ 18,352,289 | ||
Mortgage Notes Payable [Member] | Carrollton, TX (Dallas) [Member] | ||||
Fixed Rate | 6.75% | 6.75% | ||
Maturity date | Feb. 1, 2025 | Feb. 1, 2025 | ||
Mortgage Notes Payable | $ 7,233,486 | $ 7,960,781 | ||
Mortgage Notes Payable [Member] | Altoona, PA [Member] | ||||
Fixed Rate | [2] | 4.00% | 4.00% | |
Maturity date | [2] | Oct. 1, 2025 | Oct. 1, 2025 | |
Mortgage Notes Payable | [2] | $ 3,642,839 | $ 4,017,147 | |
Mortgage Notes Payable [Member] | Green Bay, WI [Member] | ||||
Fixed Rate | [2] | 4.00% | 4.00% | |
Maturity date | [2] | Oct. 1, 2025 | Oct. 1, 2025 | |
Mortgage Notes Payable | [2] | $ 2,956,605 | $ 3,260,401 | |
Mortgage Notes Payable [Member] | Stewartville MN (Rochester) [Member] | ||||
Fixed Rate | [2] | 4.00% | 4.00% | |
Maturity date | [2] | Oct. 1, 2025 | Oct. 1, 2025 | |
Mortgage Notes Payable | [2] | $ 2,369,334 | $ 2,612,978 | |
Mortgage Notes Payable [Member] | Carlstadt (New York, NY), NJ [Member] | ||||
Fixed Rate | 5.25% | 5.25% | ||
Maturity date | May 15, 2026 | May 15, 2026 | ||
Mortgage Notes Payable | $ 1,743,353 | $ 1,898,198 | ||
Mortgage Notes Payable [Member] | Roanoke, VA (FDX Ground) [Member] | ||||
Fixed Rate | 3.84% | 3.84% | ||
Maturity date | Jul. 1, 2026 | Jul. 1, 2026 | ||
Mortgage Notes Payable | $ 4,867,194 | $ 5,321,390 | ||
Mortgage Notes Payable [Member] | Livonia, MI (Detroit) [Member] | ||||
Fixed Rate | 4.45% | 4.45% | ||
Maturity date | Dec. 1, 2026 | Dec. 1, 2026 | ||
Mortgage Notes Payable | $ 6,912,375 | $ 7,503,400 | ||
Mortgage Notes Payable [Member] | Olive Branch (Memphis, TN), MS (Milwaukee Tool) [Member] | ||||
Fixed Rate | 3.76% | 3.76% | ||
Maturity date | Oct. 1, 2028 | Oct. 1, 2028 | ||
Mortgage Notes Payable | $ 23,461,936 | $ 25,000,000 | ||
Mortgage Notes Payable [Member] | Tulsa, OK [Member] | ||||
Fixed Rate | 4.58% | 4.58% | ||
Maturity date | Nov. 1, 2028 | Nov. 1, 2028 | ||
Mortgage Notes Payable | $ 1,812,575 | $ 1,934,175 | ||
Mortgage Notes Payable [Member] | Oklahoma City, OK (Bunzl) [Member] | ||||
Fixed Rate | 4.13% | |||
Maturity date | Jul. 1, 2029 | |||
Mortgage Notes Payable | $ 5,935,346 | $ 0 | ||
Mortgage Notes Payable [Member] | Lindale, TX (Tyler) [Member] | ||||
Fixed Rate | 4.57% | 4.57% | ||
Maturity date | Nov. 1, 2029 | Nov. 1, 2029 | ||
Mortgage Notes Payable | $ 6,016,758 | $ 6,378,382 | ||
Mortgage Notes Payable [Member] | Sauget, IL (St. Louis, MO) [Member] | ||||
Fixed Rate | 4.40% | 4.40% | ||
Maturity date | Nov. 1, 2029 | Nov. 1, 2029 | ||
Mortgage Notes Payable | $ 9,145,097 | $ 9,701,419 | ||
Mortgage Notes Payable [Member] | Jacksonville, FL (FDX Ground) [Member] | ||||
Fixed Rate | 3.93% | 3.93% | ||
Maturity date | Dec. 1, 2029 | Dec. 1, 2029 | ||
Mortgage Notes Payable | $ 17,370,102 | $ 18,453,112 | ||
Mortgage Notes Payable [Member] | Imperial, PA (Pittsburgh) [Member] | ||||
Fixed Rate | 3.63% | 3.63% | ||
Maturity date | Apr. 1, 2030 | Dec. 1, 2029 | ||
Mortgage Notes Payable | $ 11,963,800 | $ 12,700,739 | ||
Mortgage Notes Payable [Member] | Monroe, OH (Cincinnati) [Member] | ||||
Fixed Rate | 3.77% | 3.77% | ||
Maturity date | Apr. 1, 2030 | Apr. 1, 2030 | ||
Mortgage Notes Payable | $ 7,608,083 | $ 8,071,987 | ||
Mortgage Notes Payable [Member] | Greenwood, IN [Member] | ||||
Fixed Rate | 3.91% | 3.91% | ||
Maturity date | Jun. 1, 2030 | Jun. 1, 2030 | ||
Mortgage Notes Payable | $ 21,485,141 | $ 22,760,488 | ||
Mortgage Notes Payable [Member] | Ft. Worth, TX [Member] | ||||
Fixed Rate | 3.56% | 3.56% | ||
Maturity date | Sep. 1, 2030 | Sep. 1, 2030 | ||
Mortgage Notes Payable | $ 22,116,268 | $ 23,431,093 | ||
Mortgage Notes Payable [Member] | Concord, NC (Charlotte) [Member] | ||||
Fixed Rate | 3.87% | 3.87% | ||
Maturity date | Dec. 1, 2030 | Dec. 1, 2030 | ||
Mortgage Notes Payable | $ 18,928,835 | $ 20,001,944 | ||
Mortgage Notes Payable [Member] | Covington, LA (New Orleans) [Member] | ||||
Fixed Rate | 4.08% | 4.08% | ||
Maturity date | Jan. 1, 2031 | Jan. 1, 2031 | ||
Mortgage Notes Payable | $ 11,814,941 | $ 12,468,713 | ||
Mortgage Notes Payable [Member] | Burlington WA (Seattle/Everett), WA [Member] | ||||
Fixed Rate | 3.67% | 3.67% | ||
Maturity date | May 1, 2031 | May 1, 2031 | ||
Mortgage Notes Payable | $ 18,839,050 | $ 19,881,817 | ||
Mortgage Notes Payable [Member] | Louisville, KY [Member] | ||||
Fixed Rate | 3.74% | 3.74% | ||
Maturity date | Jul. 1, 2031 | Jul. 1, 2031 | ||
Mortgage Notes Payable | $ 6,914,142 | $ 7,288,891 | ||
Mortgage Notes Payable [Member] | Colorado Springs, CO [Member] | ||||
Fixed Rate | 3.90% | 3.90% | ||
Maturity date | Jul. 1, 2031 | Jul. 1, 2031 | ||
Mortgage Notes Payable | $ 17,632,728 | $ 18,576,282 | ||
Mortgage Notes Payable [Member] | Davenport, FL (Orlando) [Member] | ||||
Fixed Rate | 3.89% | 3.89% | ||
Maturity date | Sep. 1, 2031 | Sep. 1, 2031 | ||
Mortgage Notes Payable | $ 25,077,642 | $ 26,400,000 | ||
Mortgage Notes Payable [Member] | Olathe, KS (Kansas City) [Member] | ||||
Fixed Rate | 3.96% | 3.96% | ||
Maturity date | Sep. 1, 2031 | Sep. 1, 2031 | ||
Mortgage Notes Payable | $ 21,108,249 | $ 22,215,000 | ||
Mortgage Notes Payable [Member] | Hamburg, NY (Buffalo) [Member] | ||||
Fixed Rate | 4.03% | 4.03% | ||
Maturity date | Nov. 1, 2031 | Nov. 1, 2031 | ||
Mortgage Notes Payable | $ 22,532,881 | $ 0 | ||
Mortgage Notes Payable [Member] | Ft. Myers, FL [Member] | ||||
Fixed Rate | 3.97% | 3.97% | ||
Maturity date | Jan. 1, 2032 | Jan. 1, 2032 | ||
Mortgage Notes Payable | $ 14,021,964 | $ 0 | ||
Mortgage Notes Payable [Member] | Walker, MI [Member] | ||||
Fixed Rate | 3.86% | 3.86% | ||
Maturity date | May 1, 2032 | May 1, 2032 | ||
Mortgage Notes Payable | $ 20,530,135 | $ 0 | ||
Mortgage Notes Payable [Member] | Mesquite, TX (Dallas) [Member] | ||||
Fixed Rate | 3.60% | 3.60% | ||
Maturity date | Jul. 1, 2032 | Jul. 1, 2032 | ||
Mortgage Notes Payable | $ 32,623,355 | $ 0 | ||
Mortgage Notes Payable [Member] | Aiken, SC (Augusta, GA) [Member] | ||||
Fixed Rate | 4.20% | 4.20% | ||
Maturity date | Jul. 1, 2032 | Jul. 1, 2032 | ||
Mortgage Notes Payable | $ 15,227,062 | $ 0 | ||
Mortgage Notes Payable [Member] | Homestead, FL (Miami) [Member] | ||||
Fixed Rate | 3.60% | 3.60% | ||
Maturity date | Jul. 1, 2032 | Jul. 1, 2032 | ||
Mortgage Notes Payable | $ 24,591,465 | $ 0 | ||
Mortgage Notes Payable [Member] | Concord, NC (Charlotte) One [Member] | ||||
Fixed Rate | 3.80% | 3.80% | ||
Maturity date | Sep. 1, 2032 | Sep. 1, 2032 | ||
Mortgage Notes Payable | $ 26,184,000 | $ 0 | ||
Mortgage Notes Payable [Member] | Kenton, OH [Member] | ||||
Fixed Rate | 4.45% | 4.45% | ||
Maturity date | Oct. 1, 2032 | Oct. 1, 2032 | ||
Mortgage Notes Payable | $ 12,000,000 | $ 0 | ||
Mortgage Notes Payable [Member] | Stow, OH [Member] | ||||
Fixed Rate | 4.17% | 4.17% | ||
Maturity date | Oct. 1, 2032 | Oct. 1, 2032 | ||
Mortgage Notes Payable | $ 12,700,000 | $ 0 | ||
Mortgage Notes Payable [Member] | Buckner, KY (Louisville) [Member] | ||||
Fixed Rate | 4.17% | 4.17% | ||
Maturity date | Nov. 1, 2033 | Nov. 1, 2033 | ||
Mortgage Notes Payable | $ 16,014,719 | $ 16,694,846 | ||
Mortgage Notes Payable [Member] | Halfmoon, NY (Albany) [Member] | ||||
Fixed Rate | [1] | 5.25% | 5.25% | |
Maturity date | Jan. 13, 2037 | Jan. 13, 2037 | [1] | |
Mortgage Notes Payable | [1] | $ 0 | $ 3,786,098 | |
[1] | Loan was prepaid in full during fiscal 2017. | |||
[2] | One loan is secured by Altoona, PA, Green Bay, WI and Stewartville (Rochester), MN. |
Mortgage Notes and Loans Paya62
Mortgage Notes and Loans Payable - Schedule of Maturities of Long-term Debt (Details) | Sep. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 47,115,220 |
2,019 | 55,601,883 |
2,020 | 39,722,075 |
2,021 | 40,598,551 |
2,022 | 61,945,863 |
Thereafter | 353,978,975 |
Total | $ 598,962,567 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Rent paid in advance | $ 9,108,097 | $ 6,631,139 |
Unearned reimbursement revenue | 3,996,340 | 2,407,717 |
Tenant security deposits | 582,170 | 464,287 |
Other | 578,911 | 365,429 |
Total | $ 14,265,518 | $ 9,868,572 |
Stock Compensation Plan (Detail
Stock Compensation Plan (Details Narrative) | Mar. 13, 2014shares | Sep. 30, 2015USD ($)Participantsshares | Sep. 30, 2015USD ($)Participantsshares | Sep. 30, 2017USD ($)Participantsshares | Sep. 30, 2016USD ($)Participantsshares | Sep. 30, 2015USD ($)shares |
Number of options granted shares | shares | 280,000 | 65,000 | 65,000 | |||
Compensation expense | $ 624,706 | $ 926,465 | $ 448,895 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
Number of shares of restricted stock issued during the year | shares | 11,000 | 40,000 | 58,000 | |||
Employee Stock [Member] | ||||||
Number of options granted shares | shares | 280,000 | 65,000 | 65,000 | |||
Fair value of option granted shares | $ 416,400 | $ 48,100 | $ 60,315 | |||
Vesting period of stock option | 1 year | 1 year | 1 year | |||
Compensation expense | $ 350,364 | $ 51,334 | $ 53,873 | |||
Remaining unamortized stock option expenses | 78,121 | |||||
Aggregate intrinsic value of options outstanding | $ 816,800 | $ 816,800 | 2,974,400 | 2,189,850 | 816,800 | |
Intrinsic value of options exercised | $ 585,650 | $ 884,350 | $ 333,369 | |||
Options, Weighted average remaining contractual term | 5 years 1 month 6 days | 4 years 2 months 12 days | 3 years 1 month 6 days | |||
Non-Employee Directors [Member] | ||||||
Maximum share based compensation award granted in value | $ 100,000 | |||||
Board of Directors [Member] | ||||||
Maximum share based compensation award granted in value | $ 200,000 | |||||
Amended and Restated 2007 Incentive Award Plan [Member] | ||||||
Common stock shares reserved for future issuance | shares | 1,600,000 | |||||
Extend the term of plan | 10 years | |||||
Stock based awards descripiton | No participant may receive awards during any calendar year covering more than 200,000 shares of common stock or more than $1,500,000 in cash. | |||||
Percentage of common shares available under plan without minimum vesting period | 5.00% | |||||
Stock option term | 10 years | |||||
Exercise price per common share percentage | 100.00% | |||||
Shares available for grant as stock options | shares | 1,753,042 | |||||
Amended and Restated 2007 Incentive Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Vesting period of stock option | 5 years | 5 years | 5 years | |||
Number of shares of restricted stock issued during the year | shares | 11,000 | 47,000 | 11,000 | 40,000 | ||
Number of participants | Participants | 11 | 12 | 11 | 1 | ||
Grant date fair value of option granted | $ 572,840 | $ 175,120 | $ 545,600 | |||
Unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded | $ 496,866 | |||||
Unrecognized restricted stock compensation remaining weighted average period | 3 years 4 months 24 days | |||||
Restricted Stock Compensation expense | $ 395,022 | $ 261,033 | $ 875,131 |
Stock Compensation Plan - Sched
Stock Compensation Plan - Schedule of Stock Options, Valuation Assumptions (Details) - shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend yield | 4.44% | 6.17% | 5.38% |
Expected volatility | 18.84% | 20.20% | 19.78% |
Risk-free interest rate | 2.26% | 2.09% | 1.97% |
Expected lives (years) | 8 years | 8 years | 8 years |
Estimated forfeitures | 0 | 0 | 0 |
Stock Compensation Plan - Summa
Stock Compensation Plan - Summary of Status of Company's Stock Option Plan (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of shares, Outstanding at beginning of year | 455,000 | 635,000 | 651,200 |
Number of shares, Granted | 280,000 | 65,000 | 65,000 |
Number of shares, Exercised | (65,000) | (245,000) | (81,200) |
Number of shares, Expired/Forfeited | 0 | 0 | 0 |
Number of shares, Outstanding at end of year | 670,000 | 455,000 | 635,000 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 9.46 | $ 8.68 | $ 8.29 |
Weighted Average Exercise Price, Granted | 14.43 | 10.37 | 11.16 |
Weighted Average Exercise Price, Exercised | 7.22 | 7.69 | 7.54 |
Weighted Average Exercise Price, Expired/Forfeited | 0 | 0 | 0 |
Weighted Average Exercise Price, Outstanding at end of year | $ 11.75 | $ 9.46 | $ 8.68 |
Exercisable at end of year | 390,000 | 390,000 | 570,000 |
Weighted-average fair value of options granted during the year | $ 1.49 | $ 0.74 | $ 0.93 |
Stock Compensation Plan - Sum67
Stock Compensation Plan - Summary of Stock Options Outstanding (Details) | 12 Months Ended | |||
Sep. 30, 2017Grants$ / sharesshares | Sep. 30, 2016shares | Sep. 30, 2015shares | Sep. 30, 2014shares | |
Number of shares outstanding | 670,000 | 455,000 | 635,000 | 651,200 |
Stock Option One [Member] | ||||
Date of grant | Jan. 3, 2011 | |||
Number of grants | Grants | 1 | |||
Number of shares outstanding | 65,000 | |||
Option price | $ / shares | $ 8.72 | |||
Expiration date | Jan. 3, 2019 | |||
Stock Option Two [Member] | ||||
Date of grant | Jan. 3, 2012 | |||
Number of grants | Grants | 1 | |||
Number of shares outstanding | 65,000 | |||
Option price | $ / shares | $ 9.33 | |||
Expiration date | Jan. 3, 2020 | |||
Stock Option Three [Member] | ||||
Date of grant | Jan. 3, 2013 | |||
Number of grants | Grants | 1 | |||
Number of shares outstanding | 65,000 | |||
Option price | $ / shares | $ 10.46 | |||
Expiration date | Jan. 3, 2021 | |||
Stock Option Four [Member] | ||||
Date of grant | Jan. 3, 2014 | |||
Number of grants | Grants | 1 | |||
Number of shares outstanding | 65,000 | |||
Option price | $ / shares | $ 8.94 | |||
Expiration date | Jan. 3, 2022 | |||
Stock Option Five [Member] | ||||
Date of grant | Jan. 5, 2015 | |||
Number of grants | Grants | 1 | |||
Number of shares outstanding | 65,000 | |||
Option price | $ / shares | $ 11.16 | |||
Expiration date | Jan. 5, 2023 | |||
Stock Option Six [Member] | ||||
Date of grant | Jan. 5, 2016 | |||
Number of grants | Grants | 1 | |||
Number of shares outstanding | 65,000 | |||
Option price | $ / shares | $ 10.37 | |||
Expiration date | Jan. 5, 2024 | |||
Stock Option Seven [Member] | ||||
Date of grant | Dec. 9, 2016 | |||
Number of grants | Grants | 10 | |||
Number of shares outstanding | 215,000 | |||
Option price | $ / shares | $ 14.24 | |||
Expiration date | Dec. 9, 2024 | |||
Stock Option Eight [Member] | ||||
Date of grant | Jan. 4, 2017 | |||
Number of grants | Grants | 1 | |||
Number of shares outstanding | 65,000 | |||
Option price | $ / shares | $ 15.04 | |||
Expiration date | Jan. 4, 2025 |
Stock Compensation Plan - Sum68
Stock Compensation Plan - Summary of Nonvested Restricted Stock Awards (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Non-vested, Shares, Beginning balance | 117,897 | 123,496 | 108,200 |
Non-vested, Shares, Granted | 11,000 | 40,000 | 58,000 |
Non-vested, Shares, Dividend reinvested shares | 5,103 | 6,771 | 7,180 |
Non-vested, Shares, Vested | (44,286) | (49,136) | (49,884) |
Non-vested, Shares, Forfeited | 0 | (3,234) | 0 |
Non-vested, Shares, Ending balance | 89,714 | 117,897 | 123,496 |
Non-vested, Weighted average grant date fair value, Beginning balance | $ 11.35 | $ 10.08 | $ 9.96 |
Non-vested, Weighted average grant date fair value, Granted | 15.92 | 13.64 | 9.88 |
Non-vested, Weighted average grant date fair value, Dividend reinvested shares | 13.99 | 11.08 | 9.52 |
Non-vested, Weighted average grant date fair value, Vested | (15.74) | (10.06) | (9.56) |
Non-vested, Weighted average grant date fair value, Forfeited | 0 | (11.38) | 0 |
Non-vested, Weighted average grant date fair value, Ending balance | $ 12.15 | $ 11.35 | $ 10.08 |
Income from Leases (Details Nar
Income from Leases (Details Narrative) | 12 Months Ended |
Sep. 30, 2017 | |
Leases [Abstract] | |
Weighted average lease maturity term | 7.9 years |
Income from Leases - Schedule o
Income from Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details) | Sep. 30, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 105,909,000 |
2,019 | 98,254,000 |
2,020 | 93,927,000 |
2,021 | 92,636,000 |
2,022 | 86,696,000 |
thereafter | 426,351,000 |
Total | $ 903,773,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | 12 Months Ended | ||
Sep. 30, 2017USD ($)ft²Employee$ / sharesshares | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Number of full-time employees | Employee | 14 | ||
Number of part-time employee | Employee | 1 | ||
PalmerTerrace Realty Associates LLC [Member] | |||
Ownership percentage by company | 51.00% | ||
Ownership percentage by noncontrolling owners | 49.00% | ||
Marcus Assosiates [Member] | |||
Annual management fee | $ 15,804 | $ 15,804 | $ 15,804 |
Lease Agreement [Member] | |||
Lease term | 7 years | ||
Square feet of corporate office | ft² | 5,680 | ||
Ownership percentage by company | 24.00% | ||
Lease Agreement Year 1 [Member] | |||
Corporate office rent expense | $ 99,400 | ||
Corporate office rent per square foot | 17.50 | ||
Lease Agreement Year 2 [Member] | |||
Corporate office rent expense | $ 99,400 | ||
Corporate office rent per square foot | 17.50 | ||
Lease Agreement Year 3 [Member] | |||
Corporate office rent expense | $ 99,400 | ||
Corporate office rent per square foot | 17.50 | ||
Lease Agreement Year 4 [Member] | |||
Corporate office rent expense | $ 99,400 | ||
Corporate office rent per square foot | 17.50 | ||
Lease Agreement Year 5 [Member] | |||
Corporate office rent expense | $ 99,400 | ||
Corporate office rent per square foot | 17.50 | ||
Lease Agreement Year 6 [Member] | |||
Corporate office rent expense | $ 100,820 | ||
Corporate office rent per square foot | 17.75 | ||
Lease Agreement Year 7 [Member] | |||
Corporate office rent expense | $ 100,820 | ||
Corporate office rent per square foot | 17.75 | ||
Director [Member] | |||
Director's fees - Daniel D. Cronheim | $ 75,880 | 49,500 | 56,520 |
Mortgage brokerage commissions received by David Cronheim Mortgage Corporation | $ 0 | 0 | 196,000 |
UMH Properties, Inc [Member] | |||
UMH common stock shares purchased during the period | shares | 138,989 | ||
UMH common stock value purchased during the period | $ 1,926,166 | ||
Weighted average price per share | $ / shares | $ 13.86 | ||
Number of shares purchased through UMH's dividend reinvestment | shares | 125,989 | ||
Net shared expenses billed from UMH | $ 94,951 | $ 113,515 | $ 158,727 |
UMH Properties, Inc [Member] | Vice President of Investor Relations [Member] | |||
Percentage of Vice President of Investor Relation's salary allocate to company | 70.00% | ||
Percentage of salary allocate to UMH | 30.00% | ||
UMH Properties, Inc [Member] | Dividend Reinvestment and Stock Purchase Plan [Member] | |||
Weighted average price per share | $ / shares | $ 14.08 | ||
UMH purchase of the company's common stock shares purchased during the period | shares | 102,103 | ||
UMH purchase of the company's common stock value purchased during the period | $ 1,437,355 |
Taxes (Details Narrative)
Taxes (Details Narrative) | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Dividend requirement for estimated taxable income | 90.00% |
Taxes - Schedule of Net Income
Taxes - Schedule of Net Income and Taxable Income (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||
Net income applicable to common shareholders | $ 22,942,234 | $ 20,531,888 | $ 16,998,783 |
Book / tax difference on gains realized from capital transactions | (2,311,714) | (4,398,599) | (5,824,405) |
Stock compensation expense | 624,706 | 926,465 | 448,895 |
Deferred compensation | 0 | 0 | 0 |
Other book / tax differences, net | 353,285 | 1,298,104 | 2,342,751 |
Taxable income before adjustments | 21,608,511 | 18,357,858 | 13,966,024 |
Add: capital gains | 1,311,714 | 3,643,569 | 5,000,683 |
Estimated taxable income subject to 90% dividend requirement | $ 22,920,225 | $ 22,001,427 | $ 18,966,707 |
Taxes - Schedule of Cash Divide
Taxes - Schedule of Cash Dividends Paid and Dividends Paid Deduction (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||
Cash dividends paid | $ 50,663,829 | $ 42,034,183 | $ 35,522,127 |
Less: Portion designated capital gains losses distribution | (1,311,714) | (3,643,569) | (5,000,683) |
Less: Return of capital | (10,414,753) | (7,828,595) | (2,939,882) |
Estimated dividends paid deduction | $ 38,937,362 | $ 30,562,019 | $ 27,581,562 |
Shareholders' Equity (Details N
Shareholders' Equity (Details Narrative) - USD ($) | Sep. 15, 2017 | Sep. 13, 2017 | Jun. 29, 2017 | Jun. 07, 2017 | Mar. 09, 2017 | Oct. 14, 2016 | Oct. 02, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 14, 2017 | May 05, 2017 | Jan. 17, 2017 | |
Percentage of discount price from market price Through DRIP Program | 95.00% | |||||||||||||
Redemption of preferred stock Series A Preferred Stock | $ 2,467,165 | $ 2,942,149 | $ 0 | |||||||||||
Cash dividends paid | (46,289,248) | (42,034,183) | (35,522,127) | |||||||||||
Preferred shares redemption charges | 0 | 53,493,750 | ||||||||||||
Net proceeds from public offering | 71,003,093 | 130,543,422 | 0 | |||||||||||
Maximum dollar value that may be purchased under the Share Repurchase Program | 10,000,000 | $ 10,000,000 | ||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||
Cash dividends paid | $ 0 | $ 0 | $ 0 | |||||||||||
Series C Preferred Stock [Member] | Board of Directors [Member] | ||||||||||||||
Dividend declared per share | $ 0.3828125 | |||||||||||||
Declaration date | Nov. 30, 2017 | |||||||||||||
Dividends payable, date to be paid | Dec. 15, 2017 | |||||||||||||
Record date | Nov. 15, 2017 | |||||||||||||
Preferred Stock ATM Program [Member] | ||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | |||||||||||||
Liquidation price per share | $ 25 | |||||||||||||
Proceeds from issuance of sale of equity | $ 100,000,000 | $ 35,730,000 | ||||||||||||
Number of preferred stock shares sold | 1,439,445 | |||||||||||||
Weighted average exercise price per share | $ 25.31 | |||||||||||||
Series A Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||
Preferred stock, shares issued | 0 | 2,139,750 | ||||||||||||
Preferred stock, shares outstanding | 2,139,750 | |||||||||||||
Cumulative redeemable preferred, stock dividend rate | 7.625% | 7.625% | 7.625% | |||||||||||
Preferred stock par value | $ 0.01 | |||||||||||||
Preferred stock redemption price | $ 25 | $ 25 | ||||||||||||
Preferred stock accrued dividend per share | $ 0.23299 | $ 1.90625 | ||||||||||||
Redemption of preferred stock Series A Preferred Stock | $ 2,942,149 | |||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||
Declaration date | [1] | Sep. 14, 2016 | ||||||||||||
Dividends payable, date to be paid | Oct. 14, 2016 | |||||||||||||
Record date | Oct. 14, 2016 | |||||||||||||
Dividend rate on preferred stock Series A Preferred Stock | 7.625% | |||||||||||||
Series B Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||
Preferred stock, shares issued | 2,300,000 | |||||||||||||
Preferred stock, shares outstanding | 2,300,000 | |||||||||||||
Cumulative redeemable preferred, stock dividend rate | 7.875% | 7.875% | 7.875% | |||||||||||
Preferred stock par value | $ 0.01 | |||||||||||||
Preferred stock redemption price | $ 25 | $ 25 | ||||||||||||
Preferred stock accrued dividend per share | $ 0.0328125 | $ 1.96875 | ||||||||||||
Dividend rate on preferred stock Series A Preferred Stock | 7.875% | |||||||||||||
Accrued dividends | $ 57,500,000 | |||||||||||||
Net Accrued Dividend Paid at Redemption | $ 75,469 | |||||||||||||
Dividend per preferred stock | $ 25.0328125 | |||||||||||||
Cash dividends paid | $ 57,575,469 | |||||||||||||
Preferred shares redemption charges | $ 2,467,165 | |||||||||||||
Series C Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||
Preferred stock, shares issued | 5,400,000 | 3,000,000 | 2,139,750 | |||||||||||
Preferred stock, shares outstanding | 3,000,000 | 2,139,750 | ||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% | ||||||||||||
Preferred stock par value | $ 0.01 | |||||||||||||
Dividend rate on preferred stock Series A Preferred Stock | 7.875% | 7.625% | ||||||||||||
Net Accrued Dividend Paid at Redemption | $ 75,469 | $ 498,540 | ||||||||||||
Offering price per share | $ 25 | $ 24.50 | ||||||||||||
Net proceeds from public offering | $ 130,543,000 | |||||||||||||
Proceeds from offering used to pay down line of credit | $ 45,000,000 | |||||||||||||
Net proceeds from public offering used to Redeem Series A Preferred Stock | $ 53,493,750 | |||||||||||||
Liquidation price per share | $ 25 | |||||||||||||
Gross proceeds from offering | $ 73,500,000 | |||||||||||||
Net proceeds from offering | $ 71,003,000 | |||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||
Preferred stock, shares issued | 9,839,445 | 5,400,000 | ||||||||||||
Preferred stock, shares outstanding | 9,839,445 | 5,400,000 | ||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% | ||||||||||||
Preferred stock par value | $ 0.01 | $ 0.01 | ||||||||||||
Preferred stock redemption price | 25 | |||||||||||||
Preferred stock accrued dividend per share | 25 | |||||||||||||
Liquidation price per share | $ 25 | |||||||||||||
Aggregate liquidation preference | $ 245,986,125 | |||||||||||||
Annual rate of dividends cumulative and payable | $ 1.53125 | |||||||||||||
Description of redemption of preferred stock outstanding | Within 90 days after the Delisting Event, for a cash redemption price per share of 6.125% Series C Preferred Stock equal to $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared), to, but not including, the redemption date. | |||||||||||||
Description of redemption of preferred stock outstanding upon the occurrence of Change of Control | Within 120 days after the first date on which such Change of Control occurred, for a cash redemption price per share of 6.125% Series C Preferred Stock equal to $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the redemption date. | |||||||||||||
Board of Directors [Member] | ||||||||||||||
Percentage of increase in common stock dividend | 6.70% | |||||||||||||
Annualized dividend rate per share | $ 0.64 | |||||||||||||
Declaration date | Oct. 2, 2017 | |||||||||||||
Dividends payable, date to be paid | Dec. 15, 2017 | |||||||||||||
Record date | Nov. 15, 2017 | |||||||||||||
Board of Directors [Member] | October 2, 2017 [Member] | ||||||||||||||
Percentage of increase in common stock dividend | 6.25% | |||||||||||||
Dividend declared per share | $ 0.16 | |||||||||||||
Annualized dividend rate per share | $ 0.68 | |||||||||||||
Period of maintained or increased its cash dividend | 26 days | |||||||||||||
Board of Directors [Member] | Maximum [Member] | ||||||||||||||
Dividend declared per share | 0.16 | |||||||||||||
Board of Directors [Member] | Maximum [Member] | October 2, 2017 [Member] | ||||||||||||||
Dividend declared per share | $ 0.17 | |||||||||||||
Board of Directors [Member] | Minimum [Member] | ||||||||||||||
Dividend declared per share | $ 0.15 | |||||||||||||
Board of Directors [Member] | Minimum [Member] | October 2, 2017 [Member] | ||||||||||||||
Dividend declared per share | $ 0.16 | |||||||||||||
[1] | Represents final dividend payment at time of redemption of the 7.625% Series A Preferred Stock |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Shares Issued in Connection with Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Equity [Abstract] | |||
Amounts received | $ 91,931,831 | $ 72,175,797 | $ 48,404,556 |
Less: Dividend reinvestments | 10,125,894 | 8,369,146 | 8,489,169 |
Amounts received, net | $ 81,805,937 | $ 63,806,651 | $ 39,915,387 |
Number of Shares Issued | 6,632,713 | 6,515,750 | 4,975,500 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Cash Distributions to Common Shareholders (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash distributions paid to common shareholders, Amount | $ 46,289,248 | $ 42,034,183 | $ 35,522,127 |
Cash distributions paid to common shareholders, Per Share | $ 0.64 | $ 0.64 | $ 0.60 |
December 31 [Member] | |||
Cash distributions paid to common shareholders, Amount | $ 11,184,399 | $ 10,083,160 | $ 8,598,414 |
Cash distributions paid to common shareholders, Per Share | $ 0.16 | $ 0.16 | $ 0.15 |
March 31 [Member] | |||
Cash distributions paid to common shareholders, Amount | $ 11,428,917 | $ 10,384,295 | $ 8,765,446 |
Cash distributions paid to common shareholders, Per Share | $ 0.16 | $ 0.16 | $ 0.15 |
June 30 [Member] | |||
Cash distributions paid to common shareholders, Amount | $ 11,697,727 | $ 10,647,332 | $ 8,952,767 |
Cash distributions paid to common shareholders, Per Share | $ 0.16 | $ 0.16 | $ 0.15 |
September 30 [Member] | |||
Cash distributions paid to common shareholders, Amount | $ 11,978,205 | $ 10,919,396 | $ 9,205,500 |
Cash distributions paid to common shareholders, Per Share | $ 0.16 | $ 0.16 | $ 0.15 |
Shareholders' Equity - Schedu78
Shareholders' Equity - Schedule of Dividend Declared and Paid On Preferred Stock (Details) - USD ($) | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |||
Dividend | $ 14,861,686 | $ 9,020,470 | $ 8,607,032 | ||
Dividend per Share | $ (0.21) | $ (0.14) | $ (0.14) | ||
Series A Preferred Stock [Member] | |||||
Declaration Date | [1] | Sep. 14, 2016 | |||
Record Date | Oct. 14, 2016 | ||||
Payment date | Oct. 14, 2016 | ||||
Dividend | $ 498,540 | $ 4,078,902 | $ 4,078,902 | ||
Dividend per Share | $ 0.23299 | $ 1.9062500 | $ 1.9062500 | ||
Series A Preferred Stock [Member] | Dividend Distribution One [Member] | |||||
Declaration Date | Oct. 1, 2015 | Oct. 1, 2014 | |||
Record Date | Nov. 16, 2015 | Nov. 17, 2014 | |||
Payment date | Dec. 15, 2015 | Dec. 15, 2014 | |||
Dividend | $ 1,019,725 | $ 1,019,725 | |||
Dividend per Share | $ 0.4765625 | $ 0.4765625 | |||
Series A Preferred Stock [Member] | Dividend Distribution Two [Member] | |||||
Declaration Date | Jan. 19, 2016 | Jan. 21, 2015 | |||
Record Date | Feb. 16, 2016 | Feb. 17, 2015 | |||
Payment date | Mar. 15, 2016 | Mar. 16, 2015 | |||
Dividend | $ 1,019,726 | $ 1,019,726 | |||
Dividend per Share | $ 0.4765625 | $ 0.4765625 | |||
Series A Preferred Stock [Member] | Dividend Distribution Three [Member] | |||||
Declaration Date | Apr. 5, 2016 | Apr. 1, 2015 | |||
Record Date | May 16, 2016 | May 15, 2015 | |||
Payment date | Jun. 15, 2016 | Jun. 15, 2015 | |||
Dividend | $ 1,019,725 | $ 1,019,725 | |||
Dividend per Share | $ 0.4765625 | $ 0.4765625 | |||
Series A Preferred Stock [Member] | Dividend Distribution Four [Member] | |||||
Declaration Date | Jul. 1, 2016 | Jul. 1, 2015 | |||
Record Date | Aug. 15, 2016 | Aug. 17, 2015 | |||
Payment date | Sep. 15, 2016 | Sep. 15, 2015 | |||
Dividend | $ 1,019,726 | $ 1,019,726 | |||
Dividend per Share | $ 0.4765625 | $ 0.4765625 | |||
Series B Preferred Stock [Member] | |||||
Dividend | $ 3,471,567 | $ 4,528,130 | $ 4,528,130 | ||
Dividend per Share | $ 1.5093750 | $ 1.9687500 | $ 1.9687500 | ||
Series B Preferred Stock [Member] | Dividend Distribution One [Member] | |||||
Declaration Date | Oct. 3, 2016 | Oct. 1, 2015 | Oct. 1, 2014 | ||
Record Date | Nov. 15, 2016 | Nov. 16, 2015 | Nov. 17, 2014 | ||
Payment date | Dec. 15, 2016 | Dec. 15, 2015 | Dec. 15, 2014 | ||
Dividend | $ 1,132,032 | $ 1,132,032 | $ 1,132,032 | ||
Dividend per Share | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | ||
Series B Preferred Stock [Member] | Dividend Distribution Two [Member] | |||||
Declaration Date | Jan. 17, 2017 | Jan. 19, 2016 | Jan. 21, 2015 | ||
Record Date | Feb. 15, 2017 | Feb. 16, 2016 | Feb. 17, 2015 | ||
Payment date | Mar. 15, 2017 | Mar. 15, 2016 | Mar. 16, 2015 | ||
Dividend | $ 1,132,033 | $ 1,132,033 | $ 1,132,033 | ||
Dividend per Share | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | ||
Series B Preferred Stock [Member] | Dividend Distribution Three [Member] | |||||
Declaration Date | Apr. 4, 2017 | Apr. 5, 2016 | Apr. 1, 2015 | ||
Record Date | May 15, 2017 | May 16, 2016 | May 15, 2015 | ||
Payment date | Jun. 15, 2017 | Jun. 15, 2016 | Jun. 15, 2015 | ||
Dividend | $ 1,132,032 | $ 1,132,032 | $ 1,132,032 | ||
Dividend per Share | $ 0.4921875 | $ 0.4921875 | $ 0.4921875 | ||
Series B Preferred Stock [Member] | Dividend Distribution Four [Member] | |||||
Declaration Date | May 5, 2017 | [2] | Jul. 1, 2016 | Jul. 1, 2015 | |
Record Date | Jun. 7, 2017 | Aug. 15, 2016 | Aug. 17, 2015 | ||
Payment date | Jun. 7, 2017 | Sep. 15, 2016 | Sep. 15, 2015 | ||
Dividend | $ 75,470 | $ 1,132,033 | $ 1,132,033 | ||
Dividend per Share | $ 0.0328125 | $ 0.4921875 | $ 0.4921875 | ||
Series C Preferred Stock [Member] | |||||
Dividend | $ 10,530,367 | ||||
Dividend per Share | $ 1.4802083 | ||||
Series C Preferred Stock [Member] | Dividend Distribution One [Member] | |||||
Declaration Date | Oct. 3, 2016 | ||||
Record Date | Nov. 15, 2016 | ||||
Payment date | Dec. 15, 2016 | ||||
Dividend | $ 1,791,563 | ||||
Dividend per Share | $ 0.3317708 | ||||
Series C Preferred Stock [Member] | Dividend Distribution Two [Member] | |||||
Declaration Date | Jan. 17, 2017 | ||||
Record Date | Feb. 15, 2017 | ||||
Payment date | Mar. 15, 2017 | ||||
Dividend | $ 2,067,190 | ||||
Dividend per Share | $ 0.3828125 | ||||
Series C Preferred Stock [Member] | Dividend Distribution Three [Member] | |||||
Declaration Date | Apr. 4, 2017 | ||||
Record Date | May 15, 2017 | ||||
Payment date | Jun. 15, 2017 | ||||
Dividend | $ 3,215,629 | ||||
Dividend per Share | $ 0.3828125 | ||||
Series C Preferred Stock [Member] | Dividend Distribution Four [Member] | |||||
Declaration Date | Jul. 3, 2017 | ||||
Record Date | Aug. 15, 2017 | ||||
Payment date | Sep. 15, 2017 | ||||
Dividend | $ 3,455,985 | ||||
Dividend per Share | $ 0.3828125 | ||||
[1] | Represents final dividend payment at time of redemption of the 7.625% Series A Preferred Stock | ||||
[2] | Represents final dividend payment at time of redemption of the 7.875% Series B Preferred Stock |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Fixed rate mortgage notes payable at carrying value | $ 591,364,371 | $ 477,476,010 |
Mortgage Notes Payable Fair Value [Member] | ||
Fixed rate mortgage notes payable at fair value | 608,245,000 | |
Fixed rate mortgage notes payable at carrying value | $ 598,962,567 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value of Financial Assets (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available for Sale | $ 123,764,770 | $ 73,604,894 |
Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available for Sale | 123,764,770 | 73,604,894 |
Fair Value Measurements [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available for Sale | 123,764,770 | 73,604,894 |
Fair Value Measurements [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available for Sale | 0 | 0 |
Fair Value Measurements [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available for Sale | $ 0 | $ 0 |
Cash Flow (Details Narrative)
Cash Flow (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest | $ 24,290,811 | $ 21,967,741 | $ 18,617,553 |
Amount of dividend reinvested | $ 10,125,894 | $ 8,369,146 | $ 8,489,169 |
Contingencies, Commitments an82
Contingencies, Commitments and Legal Matters (Details Narrative) - Industrial Building [Member] | 12 Months Ended |
Sep. 30, 2017USD ($)ft²Properties | |
Contingencies and Commitments [Line Items] | |
Number of real estate properties committed to purchase | Properties | 3 |
Number of real estate properties committed to mortgage | Properties | 3 |
Mortgage Loans committed on real estate | $ | $ 72,400,000 |
Mortgages, minimum interest rate | 3.53% |
Mortgages, maximum interest rate | 4.25% |
Mortgage loans weighted average interest rate | 3.75% |
Mortgage loan amortization period | 13 years 2 months 12 days |
Property Purchase Agreement [Member] | |
Contingencies and Commitments [Line Items] | |
Area of buildings | ft² | 1,531,000 |
Net lease maturity term | 10 years |
Aggregate purchase price of industrial properties | $ | $ 117,437,000 |
Property Purchase Agreement [Member] | Subsidiaries [Member] | |
Contingencies and Commitments [Line Items] | |
Area leased to investment grade tenant | ft² | 1,132,000 |
Percentage of building area leased to investment grade tenant | 74.00% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | Nov. 02, 2017USD ($)ft²a | Nov. 01, 2017USD ($)$ / shares | Oct. 02, 2017$ / shares | Sep. 30, 2017 | Sep. 30, 2016 |
Series C Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% | |||
Subsequent Event [Member] | Board of Directors [Member] | |||||
Subsequent Event [Line Items] | |||||
Percentage of increase in common stock dividend | 6.25% | ||||
Annualized dividend rate per share | $ / shares | $ 0.68 | ||||
Period of maintained or increased its cash dividend | 26 years | ||||
Declaration date | Oct. 2, 2017 | ||||
Dividends payable, date to be paid | Dec. 15, 2017 | ||||
Dividend payable date of record | Nov. 15, 2017 | ||||
Subsequent Event [Member] | Series C Preferred Stock [Member] | Board of Directors [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividend declared per share | $ / shares | $ 0.3828125 | ||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | ||||
Declaration date | Oct. 2, 2017 | ||||
Dividends payable, date to be paid | Dec. 15, 2017 | ||||
Dividend payable date of record | Nov. 15, 2017 | ||||
Subsequent Event [Member] | Maximum [Member] | Board of Directors [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividend declared per share | $ / shares | $ 0.17 | ||||
Subsequent Event [Member] | Minimum [Member] | Board of Directors [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividend declared per share | $ / shares | $ 0.16 | ||||
Subsequent Event [Member] | Charleston, SC [Member] | |||||
Subsequent Event [Line Items] | |||||
Purchase of industrial building | ft² | 121,683 | ||||
Area of land | a | 16.2 | ||||
Percentage of real estate property leased | 100.00% | ||||
Lease expiration date description | 15 years through August 2032 | ||||
Purchase price of industrial building | $ 21,872,170 | ||||
Mortgage loans on real estate, term of loan | 15 years | ||||
Face amount of mortgages | $ 14,200,000 | ||||
Mortgage loans on real estate, interest rate | 4.23% | ||||
Annual rental income over the remaining term of lease | $ 1,312,000 | ||||
Subsequent Event [Member] | Fedex Ground Package System Inc. [Member] | Indianapolis, IN [Member] | |||||
Subsequent Event [Line Items] | |||||
Lease expiration date description | April 2024 to October 2027 | ||||
Cost of expansion | $ 1,840,000 | ||||
Lease term | 10 years | ||||
Rent prior to expansion | $ 1,533,000 | ||||
Increase in rent from expansion | $ 184,000 | ||||
Rent prior to expansion, per square foot | $ / shares | $ 4.67 | ||||
Rent increased to after expansion | $ 1,717,000 | ||||
Rent increased to expansion per square foot | $ / shares | $ 5.24 |
Selected Quarterly Financial 84
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Rental and Reimbursement Revenue | $ 30,447,084 | $ 28,609,096 | $ 27,308,191 | $ 27,181,611 | $ 25,575,911 | $ 24,113,999 | $ 22,966,838 | $ 22,259,362 | |||
Total Expenses | 15,584,318 | 14,130,508 | 13,785,498 | 13,262,730 | 13,942,992 | 11,835,546 | 12,537,914 | 11,167,093 | $ 56,763,054 | $ 49,483,545 | $ 42,114,763 |
Other Income (Expense) | (4,600,576) | (2,748,225) | (5,098,082) | (4,064,960) | (1,440,309) | (4,047,158) | (3,296,977) | (4,153,614) | (16,511,843) | (12,938,058) | (15,314,786) |
Net Income | 10,262,190 | 11,730,363 | 8,424,611 | 9,853,921 | 10,192,610 | 8,231,295 | 7,131,947 | 6,938,655 | 40,271,085 | 32,494,507 | 25,605,815 |
Net Income Attributable to Common Shareholders | $ 6,726,087 | $ 5,217,411 | $ 4,842,575 | $ 6,156,161 | $ 4,685,265 | $ 6,079,537 | $ 4,980,189 | $ 4,786,897 | $ 22,942,234 | $ 20,531,888 | $ 16,998,783 |
Net Income Attributable to Common Shareholders per diluted share | $ 0.09 | $ 0.07 | $ 0.07 | $ 0.09 | $ 0.07 | $ 0.09 | $ 0.08 | $ 0.08 | $ 0.32 | $ 0.31 | $ 0.29 |
Real Estate and Accumulated D85
Real Estate and Accumulated Depreciation (Details Narrative) | 12 Months Ended |
Sep. 30, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 39 years |
Minimum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Maximum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 39 years |
New Buildings [Member] | Minimum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 31 years 6 months |
New Buildings [Member] | Maximum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 39 years |
Building Improvements [Member] | Minimum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Building Improvements [Member] | Maximum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 39 years |
Tenant Improvements [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, estimated useful lives | Lease Term |
Real Estate and Accumulated D86
Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) | Sep. 30, 2017USD ($) |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | $ 598,962,567 |
Land | 191,759,539 |
Buildings and Improvements | 1,154,160,331 |
Capitalization Subsequent to Acquisition | 106,914,732 |
Industrial Building [Member] | Monaca (Pittsburgh), PA [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 401,716 |
Buildings and Improvements | 878,081 |
Capitalization Subsequent to Acquisition | 6,606,044 |
Industrial Building [Member] | Ridgeland (Jackson), MS [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 218,000 |
Buildings and Improvements | 1,233,500 |
Capitalization Subsequent to Acquisition | 407,091 |
Industrial Building [Member] | Urbandale (Des Moines),IA (Vacant) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 310,000 |
Buildings and Improvements | 1,758,000 |
Capitalization Subsequent to Acquisition | 188,613 |
Industrial Building [Member] | Richland (Jackson), MS [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 211,000 |
Buildings and Improvements | 1,195,000 |
Capitalization Subsequent to Acquisition | 494,691 |
Industrial Building [Member] | O'Fallon (St. Louis) MO [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 264,000 |
Buildings and Improvements | 3,302,000 |
Capitalization Subsequent to Acquisition | 679,913 |
Industrial Building [Member] | Fayetteville, NC [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 172,000 |
Buildings and Improvements | 4,467,885 |
Capitalization Subsequent to Acquisition | 811,744 |
Industrial Building [Member] | Schaumburg (Chicago), IL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,039,800 |
Buildings and Improvements | 3,694,320 |
Capitalization Subsequent to Acquisition | 443,820 |
Industrial Building [Member] | Burr Ridge (Chicago), IL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 270,000 |
Buildings and Improvements | 1,236,599 |
Capitalization Subsequent to Acquisition | 186,302 |
Industrial Building [Member] | Romulus (Detroit), MI [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 531,000 |
Buildings and Improvements | 3,653,883 |
Capitalization Subsequent to Acquisition | 482,623 |
Industrial Building [Member] | Liberty (Kansas City), MO [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 723,000 |
Buildings and Improvements | 6,498,324 |
Capitalization Subsequent to Acquisition | 176,557 |
Industrial Building [Member] | Omaha, NE [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,170,000 |
Buildings and Improvements | 4,425,500 |
Capitalization Subsequent to Acquisition | 349,191 |
Industrial Building [Member] | Charlottesville, VA [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,170,000 |
Buildings and Improvements | 2,845,000 |
Capitalization Subsequent to Acquisition | 341,988 |
Industrial Building [Member] | Jacksonville, FL (FDX) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,165,000 |
Buildings and Improvements | 4,668,080 |
Capitalization Subsequent to Acquisition | 496,704 |
Industrial Building [Member] | West Chester Twp. (Cincinnati), OH [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,820,753 |
Land | 695,000 |
Buildings and Improvements | 3,342,000 |
Capitalization Subsequent to Acquisition | 1,696,686 |
Industrial Building [Member] | Richmond, VA [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,160,000 |
Buildings and Improvements | 6,413,305 |
Capitalization Subsequent to Acquisition | 211,706 |
Industrial Building [Member] | St. Joseph, MO [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 800,000 |
Buildings and Improvements | 11,753,964 |
Capitalization Subsequent to Acquisition | 735,306 |
Industrial Building [Member] | Newington (Hartford), CT [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 410,000 |
Buildings and Improvements | 2,961,000 |
Capitalization Subsequent to Acquisition | 123,108 |
Industrial Building [Member] | Cudahy (Milwaukee), WI [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 980,000 |
Buildings and Improvements | 5,050,997 |
Capitalization Subsequent to Acquisition | 3,351,364 |
Industrial Building [Member] | Beltsville (Washington DC), MD [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 3,200,000 |
Buildings and Improvements | 5,958,773 |
Capitalization Subsequent to Acquisition | 5,353,582 |
Industrial Building [Member] | Granite City (St. Louis, MO), IL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 340,000 |
Buildings and Improvements | 12,046,675 |
Capitalization Subsequent to Acquisition | 311,173 |
Industrial Building [Member] | Winston-Salem, NC [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 980,000 |
Buildings and Improvements | 5,610,000 |
Capitalization Subsequent to Acquisition | 648,613 |
Industrial Building [Member] | Elgin (Chicago), IL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,280,000 |
Buildings and Improvements | 5,529,488 |
Capitalization Subsequent to Acquisition | 167,954 |
Industrial Building [Member] | Tolleson (Phoenix), AZ [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,525,118 |
Land | 1,316,075 |
Buildings and Improvements | 13,329,000 |
Capitalization Subsequent to Acquisition | 2,179,151 |
Industrial Building [Member] | Edwardsville (Kansas City), KS (Carlisle Tire) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,185,000 |
Buildings and Improvements | 5,815,148 |
Capitalization Subsequent to Acquisition | 232,838 |
Industrial Building [Member] | Tampa, FL (FDX) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,910,953 |
Land | 5,000,000 |
Buildings and Improvements | 12,660,003 |
Capitalization Subsequent to Acquisition | 2,036,224 |
Industrial Building [Member] | Denver, CO [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 746,617 |
Land | 1,150,000 |
Buildings and Improvements | 3,890,300 |
Capitalization Subsequent to Acquisition | 1,313,751 |
Industrial Building [Member] | Hanahan (Charleston), SC (SAIC) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,129,000 |
Buildings and Improvements | 11,831,321 |
Capitalization Subsequent to Acquisition | 414,120 |
Industrial Building [Member] | Hanahan (Charleston), SC (FDX Ground) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 773,234 |
Land | 930,000 |
Buildings and Improvements | 3,426,362 |
Capitalization Subsequent to Acquisition | 3,258,291 |
Industrial Building [Member] | Augusta, GA (FDX Ground) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 562,454 |
Land | 614,406 |
Buildings and Improvements | 3,026,409 |
Capitalization Subsequent to Acquisition | 1,722,490 |
Industrial Building [Member] | Huntsville, AL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 589,073 |
Land | 748,115 |
Buildings and Improvements | 2,724,418 |
Capitalization Subsequent to Acquisition | 3,189,278 |
Industrial Building [Member] | Richfield (Cleveland), OH [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,724,856 |
Land | 2,676,848 |
Buildings and Improvements | 7,197,945 |
Capitalization Subsequent to Acquisition | 6,560,685 |
Industrial Building [Member] | Colorado Springs, CO [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,043,704 |
Land | 1,270,000 |
Buildings and Improvements | 3,821,000 |
Capitalization Subsequent to Acquisition | 2,113,472 |
Industrial Building [Member] | Tampa, FL (FDX) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,654,913 |
Land | 2,830,000 |
Buildings and Improvements | 4,704,531 |
Capitalization Subsequent to Acquisition | 85,393 |
Industrial Building [Member] | Griffin (Atlanta), GA [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 760,000 |
Buildings and Improvements | 13,692,115 |
Capitalization Subsequent to Acquisition | 416,742 |
Industrial Building [Member] | Roanoke, VA (CHEP USA) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,853,000 |
Buildings and Improvements | 4,817,298 |
Capitalization Subsequent to Acquisition | 735,149 |
Industrial Building [Member] | Orion, MI [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 4,649,971 |
Buildings and Improvements | 13,053,289 |
Capitalization Subsequent to Acquisition | 5,182,376 |
Industrial Building [Member] | Carlstadt (New York, NY) , NJ [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,743,353 |
Land | 1,194,000 |
Buildings and Improvements | 3,645,501 |
Capitalization Subsequent to Acquisition | 64,088 |
Industrial Building [Member] | Wheeling (Chicago), IL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 5,112,120 |
Buildings and Improvements | 9,186,606 |
Capitalization Subsequent to Acquisition | 4,238,926 |
Industrial Building [Member] | Cheektowaga (Buffalo),NY [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 4,796,765 |
Buildings and Improvements | 3,883,971 |
Capitalization Subsequent to Acquisition | 2,280,087 |
Industrial Building [Member] | Richmond, VA [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 446,000 |
Buildings and Improvements | 3,910,500 |
Capitalization Subsequent to Acquisition | 411,809 |
Industrial Building [Member] | Montgomery (Chicago), IL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 2,000,000 |
Buildings and Improvements | 9,225,683 |
Capitalization Subsequent to Acquisition | 72,684 |
Industrial Building [Member] | Tampa, FL (Tampa Bay Grand Prix) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,867,000 |
Buildings and Improvements | 3,684,794 |
Capitalization Subsequent to Acquisition | 126,188 |
Industrial Building [Member] | Augusta GA (FDX) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 380,000 |
Buildings and Improvements | 1,400,943 |
Capitalization Subsequent to Acquisition | 196,836 |
Industrial Building [Member] | Lakeland, FL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 261,000 |
Buildings and Improvements | 1,621,163 |
Capitalization Subsequent to Acquisition | 100,369 |
Industrial Building [Member] | El Paso, TX [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 3,225,195 |
Buildings and Improvements | 4,514,427 |
Capitalization Subsequent to Acquisition | 4,691,570 |
Industrial Building [Member] | Chattanooga, TN [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 300,000 |
Buildings and Improvements | 4,464,711 |
Capitalization Subsequent to Acquisition | 251,807 |
Industrial Building [Member] | Bedford Heights (Cleveland), OH [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 990,000 |
Buildings and Improvements | 4,893,912 |
Capitalization Subsequent to Acquisition | 1,035,924 |
Industrial Building [Member] | Punta Gorda, FL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 0 |
Buildings and Improvements | 4,104,915 |
Capitalization Subsequent to Acquisition | 28,595 |
Industrial Building [Member] | Cocoa, FL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,881,316 |
Buildings and Improvements | 8,623,564 |
Capitalization Subsequent to Acquisition | 3,622,569 |
Industrial Building [Member] | Orlando, FL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,098,856 |
Land | 2,200,000 |
Buildings and Improvements | 6,133,800 |
Capitalization Subsequent to Acquisition | 220,632 |
Industrial Building [Member] | Topeka, KS [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,119,836 |
Land | 0 |
Buildings and Improvements | 3,679,843 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Memphis, TN [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,882,668 |
Land | 1,240,887 |
Buildings and Improvements | 13,380,000 |
Capitalization Subsequent to Acquisition | 1,050 |
Industrial Building [Member] | Houston, TX [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,619,835 |
Land | 1,661,120 |
Buildings and Improvements | 6,320,000 |
Capitalization Subsequent to Acquisition | 167,338 |
Industrial Building [Member] | Carrollton (Dallas), TX [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,233,486 |
Land | 1,500,000 |
Buildings and Improvements | 16,240,000 |
Capitalization Subsequent to Acquisition | 79,203 |
Industrial Building [Member] | Ft. Mill (Charlotte, NC), SC [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,346,845 |
Land | 1,670,000 |
Buildings and Improvements | 10,045,000 |
Capitalization Subsequent to Acquisition | 3,698,307 |
Industrial Building [Member] | Lebanon (Nashville), TN [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,446,653 |
Land | 2,230,000 |
Buildings and Improvements | 11,985,126 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Rockford, IL (Sherwin-Williams Co.) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,100,000 |
Buildings and Improvements | 4,440,000 |
Capitalization Subsequent to Acquisition | 11,227 |
Industrial Building [Member] | Edinburg, TX [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,000,000 |
Buildings and Improvements | 6,414,000 |
Capitalization Subsequent to Acquisition | 4,625,014 |
Industrial Building [Member] | Streetsboro (Cleveland), OH [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,887,817 |
Land | 1,760,000 |
Buildings and Improvements | 17,840,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Corpus Christi, TX [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 0 |
Buildings and Improvements | 4,764,500 |
Capitalization Subsequent to Acquisition | 7,413 |
Industrial Building [Member] | Halfmoon (Albany), NY [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,190,000 |
Buildings and Improvements | 4,335,600 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Lebanon (Cincinnati), OH [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 240,000 |
Buildings and Improvements | 4,176,000 |
Capitalization Subsequent to Acquisition | 36,425 |
Industrial Building [Member] | Olive Branch (Memphis, TN), MS (AndaPharmaceuticals Inc.) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,171,480 |
Land | 800,000 |
Buildings and Improvements | 13,750,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Oklahoma City, OK (FDX Ground) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,919,663 |
Land | 1,410,000 |
Buildings and Improvements | 8,043,000 |
Capitalization Subsequent to Acquisition | 3,131,462 |
Industrial Building [Member] | Waco, TX [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,524,045 |
Land | 1,350,000 |
Buildings and Improvements | 7,383,000 |
Capitalization Subsequent to Acquisition | 3,818,368 |
Industrial Building [Member] | Livonia (Detroit), MI [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,912,375 |
Land | 320,000 |
Buildings and Improvements | 13,380,000 |
Capitalization Subsequent to Acquisition | 62,030 |
Industrial Building [Member] | Olive Branch (Memphis, TN), MS (Milwaukee Tool) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 23,461,936 |
Land | 2,550,000 |
Buildings and Improvements | 24,818,816 |
Capitalization Subsequent to Acquisition | 9,546,101 |
Industrial Building [Member] | Roanoke, VA (FDX Ground) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,867,194 |
Land | 1,740,000 |
Buildings and Improvements | 8,460,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Green Bay, WI [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,956,605 |
Land | 590,000 |
Buildings and Improvements | 5,980,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Stewartville (Rochester), MN [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,369,334 |
Land | 900,000 |
Buildings and Improvements | 4,320,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Tulsa, OK [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,812,575 |
Land | 790,000 |
Buildings and Improvements | 2,910,000 |
Capitalization Subsequent to Acquisition | 48,031 |
Industrial Building [Member] | Buckner (Louisville), KY [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,014,719 |
Land | 2,280,000 |
Buildings and Improvements | 24,353,125 |
Capitalization Subsequent to Acquisition | 174,727 |
Industrial Building [Member] | Edwardsville (Kansas City), KS (Carlisle Tire) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,931,292 |
Land | 2,750,000 |
Buildings and Improvements | 15,335,492 |
Capitalization Subsequent to Acquisition | 208,616 |
Industrial Building [Member] | Altoona, PA [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,642,839 |
Land | 1,200,000 |
Buildings and Improvements | 7,790,000 |
Capitalization Subsequent to Acquisition | 18,650 |
Industrial Building [Member] | Spring (Houston), TX [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,537,878 |
Land | 1,890,000 |
Buildings and Improvements | 13,391,318 |
Capitalization Subsequent to Acquisition | 4,002,480 |
Industrial Building [Member] | Indianapolis, IN (FDX Ground) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,381,906 |
Land | 3,739,030 |
Buildings and Improvements | 20,446,000 |
Capitalization Subsequent to Acquisition | 821,342 |
Industrial Building [Member] | Sauget (St. Louis, MO), IL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,145,097 |
Land | 1,890,000 |
Buildings and Improvements | 13,310,000 |
Capitalization Subsequent to Acquisition | 4,950 |
Industrial Building [Member] | Lindale (Tyler), TX [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,016,758 |
Land | 540,000 |
Buildings and Improvements | 9,390,000 |
Capitalization Subsequent to Acquisition | 6,500 |
Industrial Building [Member] | Kansas City, MO (Bunzl) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,799,803 |
Land | 1,000,000 |
Buildings and Improvements | 8,600,000 |
Capitalization Subsequent to Acquisition | 51,226 |
Industrial Building [Member] | Frankfort (Lexington), KY [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,560,855 |
Land | 1,850,000 |
Buildings and Improvements | 26,150,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Jacksonville, FL (FDX Ground) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,370,102 |
Land | 6,000,000 |
Buildings and Improvements | 24,645,954 |
Capitalization Subsequent to Acquisition | 86,136 |
Industrial Building [Member] | Monroe (Cincinnati), OH [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,608,083 |
Land | 1,800,000 |
Buildings and Improvements | 11,137,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Greenwood (Indianapolis), IN [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 21,485,141 |
Land | 2,250,000 |
Buildings and Improvements | 35,234,574 |
Capitalization Subsequent to Acquisition | 27,497 |
Industrial Building [Member] | Ft. Worth (Dallas), TX [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 22,116,268 |
Land | 8,200,000 |
Buildings and Improvements | 27,100,832 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Cincinnati, OH [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 800,000 |
Buildings and Improvements | 5,950,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Rockford, IL (Collins Aerospace Systems) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 480,000 |
Buildings and Improvements | 4,620,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Concord (Charlotte), NC [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,928,835 |
Land | 4,305,000 |
Buildings and Improvements | 27,670,897 |
Capitalization Subsequent to Acquisition | 1,068,900 |
Industrial Building [Member] | Covington (New Orleans), LA [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,814,941 |
Land | 2,720,000 |
Buildings and Improvements | 15,690,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Imperial (Pittsburgh), PA [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,963,800 |
Land | 3,700,000 |
Buildings and Improvements | 16,250,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Burlington (Seattle/Everett), WA [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,839,050 |
Land | 8,000,000 |
Buildings and Improvements | 22,210,680 |
Capitalization Subsequent to Acquisition | 17,867 |
Industrial Building [Member] | Colorado Springs, CO [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,632,728 |
Land | 2,150,000 |
Buildings and Improvements | 26,350,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Louisville, KY [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,914,142 |
Land | 1,590,000 |
Buildings and Improvements | 9,714,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Davenport (Orlando), FL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 25,077,642 |
Land | 7,060,000 |
Buildings and Improvements | 30,720,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Olathe (Kansas City), KS [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 21,108,249 |
Land | 2,350,000 |
Buildings and Improvements | 29,387,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Hamburg (Buffalo), NY [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 22,532,881 |
Land | 1,700,000 |
Buildings and Improvements | 33,150,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Ft. Myers, FL (FDX Ground) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,021,964 |
Land | 2,400,000 |
Buildings and Improvements | 18,400,000 |
Capitalization Subsequent to Acquisition | 823,000 |
Industrial Building [Member] | Walker (Grand Rapids), MI [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 20,530,135 |
Land | 4,034,363 |
Buildings and Improvements | 27,620,623 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Mesquite (Dallas), TX [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 32,623,355 |
Land | 6,247,658 |
Buildings and Improvements | 43,632,835 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Aiken (Augusta, GA), SC [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,227,062 |
Land | 1,362,458 |
Buildings and Improvements | 19,677,937 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Homestead (Miami), FL [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 24,591,465 |
Land | 4,426,727 |
Buildings and Improvements | 33,446,393 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Oklahoma City, OK (Bunzl) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,935,346 |
Land | 844,688 |
Buildings and Improvements | 7,883,751 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Concord (Charlotte), NC One [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 26,184,000 |
Land | 4,306,684 |
Buildings and Improvements | 35,736,461 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Kenton, OH [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,000,000 |
Land | 854,780 |
Buildings and Improvements | 17,026,827 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Stow, OH [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,700,000 |
Land | 1,429,715 |
Buildings and Improvements | 17,504,350 |
Capitalization Subsequent to Acquisition | 0 |
Shopping Center [Member] | Somerset, NJ [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 34,317 |
Buildings and Improvements | 637,097 |
Capitalization Subsequent to Acquisition | 2,401,476 |
Vacant Land [Member] | Shelby County [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 11,065 |
Buildings and Improvements | 0 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Buildings ,Shopping Center and Vacant Land [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 598,962,567 |
Land | 188,494,819 |
Buildings and Improvements | 1,144,634,034 |
Capitalization Subsequent to Acquisition | 105,992,153 |
Real Estate Held for Sale [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 3,264,720 |
Buildings and Improvements | 9,526,297 |
Capitalization Subsequent to Acquisition | 922,579 |
Real Estate Held for Sale [Member] | Orangeburg (New York), NY [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 694,720 |
Buildings and Improvements | 2,977,372 |
Capitalization Subsequent to Acquisition | 223,583 |
Real Estate Held for Sale [Member] | Ft. Myers, FL (Vacant) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,910,000 |
Buildings and Improvements | 2,499,093 |
Capitalization Subsequent to Acquisition | 608,354 |
Real Estate Held for Sale [Member] | Kansas City, MO (Kellogg) [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 660,000 |
Buildings and Improvements | 4,049,832 |
Capitalization Subsequent to Acquisition | $ 90,642 |
Real Estate and Accumulated D87
Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Gross (Details) | Sep. 30, 2017USD ($) | [1],[2] |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | $ 191,759,539 | |
Building & Improvements | 1,261,075,063 | |
Total | 1,452,834,602 | |
Industrial Building [Member] | Monaca (Pittsburgh), PA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 401,716 | |
Building & Improvements | 7,484,125 | |
Total | 7,885,841 | |
Industrial Building [Member] | Ridgeland (Jackson), MS [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 218,000 | |
Building & Improvements | 1,640,591 | |
Total | 1,858,591 | |
Industrial Building [Member] | Urbandale (Des Moines),IA (Vacant) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 310,000 | |
Building & Improvements | 1,946,613 | |
Total | 2,256,613 | |
Industrial Building [Member] | Richland (Jackson), MS [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 211,000 | |
Building & Improvements | 1,689,691 | |
Total | 1,900,691 | |
Industrial Building [Member] | O'Fallon (St. Louis) MO [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 264,000 | |
Building & Improvements | 3,981,913 | |
Total | 4,245,913 | |
Industrial Building [Member] | Fayetteville [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 172,000 | |
Building & Improvements | 5,279,629 | |
Total | 5,451,629 | |
Industrial Building [Member] | Schaumburg (Chicago), IL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,039,800 | |
Building & Improvements | 4,138,140 | |
Total | 5,177,940 | |
Industrial Building [Member] | Burr Ridge (Chicago), IL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 270,000 | |
Building & Improvements | 1,422,901 | |
Total | 1,692,901 | |
Industrial Building [Member] | Romulus (Detroit), MI [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 531,000 | |
Building & Improvements | 4,136,506 | |
Total | 4,667,506 | |
Industrial Building [Member] | Liberty (Kansas City), MO [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 723,000 | |
Building & Improvements | 6,674,881 | |
Total | 7,397,881 | |
Industrial Building [Member] | Omaha, NE [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,170,000 | |
Building & Improvements | 4,774,691 | |
Total | 5,944,691 | |
Industrial Building [Member] | Charlottesville, VA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,170,000 | |
Building & Improvements | 3,186,988 | |
Total | 4,356,988 | |
Industrial Building [Member] | Jacksonville, FL (FDX) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,165,000 | |
Building & Improvements | 5,164,784 | |
Total | 6,329,784 | |
Industrial Building [Member] | West Chester Twp. (Cincinnati), OH [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 695,000 | |
Building & Improvements | 5,038,686 | |
Total | 5,733,686 | |
Industrial Building [Member] | Richmond, VA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,160,000 | |
Building & Improvements | 6,625,011 | |
Total | 7,785,011 | |
Industrial Building [Member] | St. Joseph, MO [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 800,000 | |
Building & Improvements | 12,489,270 | |
Total | 13,289,270 | |
Industrial Building [Member] | Newington (Hartford), CT [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 410,000 | |
Building & Improvements | 3,084,108 | |
Total | 3,494,108 | |
Industrial Building [Member] | Cudahy (Milwaukee), WI [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 980,000 | |
Building & Improvements | 8,402,361 | |
Total | 9,382,361 | |
Industrial Building [Member] | Beltsville (Washington DC), MD [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 3,200,000 | |
Building & Improvements | 11,312,355 | |
Total | 14,512,355 | |
Industrial Building [Member] | Granite City (St. Louis, MO), IL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 340,000 | |
Building & Improvements | 12,357,848 | |
Total | 12,697,848 | |
Industrial Building [Member] | Winston-Salem, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 980,000 | |
Building & Improvements | 6,258,613 | |
Total | 7,238,613 | |
Industrial Building [Member] | Elgin (Chicago), IL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,280,000 | |
Building & Improvements | 5,697,442 | |
Total | 6,977,442 | |
Industrial Building [Member] | Tolleson (Phoenix), AZ [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,316,075 | |
Building & Improvements | 15,508,151 | |
Total | 16,824,226 | |
Industrial Building [Member] | Edwardsville (Kansas City), KS (Carlisle Tire) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,185,000 | |
Building & Improvements | 6,047,986 | |
Total | 7,232,986 | |
Industrial Building [Member] | Tampa, FL (FDX) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 5,000,000 | |
Building & Improvements | 14,696,227 | |
Total | 19,696,227 | |
Industrial Building [Member] | Denver, CO [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,150,000 | |
Building & Improvements | 5,204,051 | |
Total | 6,354,051 | |
Industrial Building [Member] | Hanahan (Charleston), SC (SAIC) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,129,000 | |
Building & Improvements | 12,245,441 | |
Total | 13,374,441 | |
Industrial Building [Member] | Hanahan (Charleston), SC (FDX Ground) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 930,000 | |
Building & Improvements | 6,684,653 | |
Total | 7,614,653 | |
Industrial Building [Member] | Augusta, GA (FDX Ground) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 614,406 | |
Building & Improvements | 4,748,899 | |
Total | 5,363,305 | |
Industrial Building [Member] | Huntsville, AL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 748,115 | |
Building & Improvements | 5,913,696 | |
Total | 6,661,811 | |
Industrial Building [Member] | Richfield (Cleveland), OH [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,676,848 | |
Building & Improvements | 13,758,630 | |
Total | 16,435,478 | |
Industrial Building [Member] | Colorado Springs, CO [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,270,000 | |
Building & Improvements | 5,934,472 | |
Total | 7,204,472 | |
Industrial Building [Member] | Tampa, FL (FDX) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,830,000 | |
Building & Improvements | 4,789,924 | |
Total | 7,619,924 | |
Industrial Building [Member] | Griffin (Atlanta), GA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 760,000 | |
Building & Improvements | 14,108,857 | |
Total | 14,868,857 | |
Industrial Building [Member] | Roanoke, VA (DHL) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,853,000 | |
Building & Improvements | 5,552,447 | |
Total | 7,405,447 | |
Industrial Building [Member] | Orion, MI [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,649,971 | |
Building & Improvements | 18,235,665 | |
Total | 22,885,636 | |
Industrial Building [Member] | Carlstadt (New York, NY) , NJ [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,194,000 | |
Building & Improvements | 3,709,589 | |
Total | 4,903,589 | |
Industrial Building [Member] | Wheeling (Chicago), IL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 5,112,120 | |
Building & Improvements | 13,425,532 | |
Total | 18,537,652 | |
Industrial Building [Member] | Cheektowaga (Buffalo),NY [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,796,765 | |
Building & Improvements | 6,164,058 | |
Total | 10,960,823 | |
Industrial Building [Member] | Richmond, VA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 446,000 | |
Building & Improvements | 4,322,309 | |
Total | 4,768,309 | |
Industrial Building [Member] | Montgomery (Chicago), IL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,000,000 | |
Building & Improvements | 9,298,367 | |
Total | 11,298,367 | |
Industrial Building [Member] | Tampa, FL (Tampa Bay Grand Prix) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,867,000 | |
Building & Improvements | 3,810,982 | |
Total | 5,677,982 | |
Industrial Building [Member] | Augusta GA (FDX) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 380,000 | |
Building & Improvements | 1,597,779 | |
Total | 1,977,779 | |
Industrial Building [Member] | Lakeland, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 261,000 | |
Building & Improvements | 1,721,532 | |
Total | 1,982,532 | |
Industrial Building [Member] | El Paso, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 3,225,195 | |
Building & Improvements | 9,205,997 | |
Total | 12,431,192 | |
Industrial Building [Member] | Chattanooga, TN [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 300,000 | |
Building & Improvements | 4,716,518 | |
Total | 5,016,518 | |
Industrial Building [Member] | Bedford Heights (Cleveland), OH [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 990,000 | |
Building & Improvements | 5,929,836 | |
Total | 6,919,836 | |
Industrial Building [Member] | Punta Gorda, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 0 | |
Building & Improvements | 4,133,510 | |
Total | 4,133,510 | |
Industrial Building [Member] | Cocoa, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,881,316 | |
Building & Improvements | 12,246,133 | |
Total | 14,127,449 | |
Industrial Building [Member] | Orlando, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,200,000 | |
Building & Improvements | 6,354,432 | |
Total | 8,554,432 | |
Industrial Building [Member] | Topeka, KS [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 0 | |
Building & Improvements | 3,679,843 | |
Total | 3,679,843 | |
Industrial Building [Member] | Memphis, TN [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,240,887 | |
Building & Improvements | 13,381,050 | |
Total | 14,621,937 | |
Industrial Building [Member] | Houston, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,661,120 | |
Building & Improvements | 6,487,338 | |
Total | 8,148,458 | |
Industrial Building [Member] | Carrollton (Dallas), TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,500,000 | |
Building & Improvements | 16,319,203 | |
Total | 17,819,203 | |
Industrial Building [Member] | Ft. Mill (Charlotte, NC), SC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,670,000 | |
Building & Improvements | 13,743,307 | |
Total | 15,413,307 | |
Industrial Building [Member] | Lebanon (Nashville), TN [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,230,000 | |
Building & Improvements | 11,985,126 | |
Total | 14,215,126 | |
Industrial Building [Member] | Rockford, IL (Sherwin-Williams Co.) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,100,000 | |
Building & Improvements | 4,451,227 | |
Total | 5,551,227 | |
Industrial Building [Member] | Edinburg, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,000,000 | |
Building & Improvements | 11,039,014 | |
Total | 12,039,014 | |
Industrial Building [Member] | Streetsboro (Cleveland), OH [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,760,000 | |
Building & Improvements | 17,840,000 | |
Total | 19,600,000 | |
Industrial Building [Member] | Corpus Christi, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 0 | |
Building & Improvements | 4,771,913 | |
Total | 4,771,913 | |
Industrial Building [Member] | Halfmoon (Albany), NY [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,190,000 | |
Building & Improvements | 4,335,600 | |
Total | 5,525,600 | |
Industrial Building [Member] | Lebanon (Cincinnati), OH [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 240,000 | |
Building & Improvements | 4,212,425 | |
Total | 4,452,425 | |
Industrial Building [Member] | Olive Branch (Memphis, TN), MS (AndaPharmaceuticals Inc.) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 800,000 | |
Building & Improvements | 13,750,000 | |
Total | 14,550,000 | |
Industrial Building [Member] | Oklahoma City, OK (FDX Ground) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,410,000 | |
Building & Improvements | 11,174,462 | |
Total | 12,584,462 | |
Industrial Building [Member] | Waco, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,350,000 | |
Building & Improvements | 11,201,368 | |
Total | 12,551,368 | |
Industrial Building [Member] | Livonia (Detroit), MI [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 320,000 | |
Building & Improvements | 13,442,030 | |
Total | 13,762,030 | |
Industrial Building [Member] | Olive Branch (Memphis, TN), MS (Milwaukee Tool) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,550,000 | |
Building & Improvements | 34,364,917 | |
Total | 36,914,917 | |
Industrial Building [Member] | Roanoke, VA (FDX Ground) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,740,000 | |
Building & Improvements | 8,460,000 | |
Total | 10,200,000 | |
Industrial Building [Member] | Green Bay, WI [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 590,000 | |
Building & Improvements | 5,980,000 | |
Total | 6,570,000 | |
Industrial Building [Member] | Stewartville (Rochester), MN [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 900,000 | |
Building & Improvements | 4,320,000 | |
Total | 5,220,000 | |
Industrial Building [Member] | Tulsa, OK [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 790,000 | |
Building & Improvements | 2,958,031 | |
Total | 3,748,031 | |
Industrial Building [Member] | Buckner (Louisville), KY [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,280,000 | |
Building & Improvements | 24,527,852 | |
Total | 26,807,852 | |
Industrial Building [Member] | Edwardsville (Kansas City), KS (Carlisle Tire) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,750,000 | |
Building & Improvements | 15,544,108 | |
Total | 18,294,108 | |
Industrial Building [Member] | Altoona, PA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,200,000 | |
Building & Improvements | 7,808,650 | |
Total | 9,008,650 | |
Industrial Building [Member] | Spring (Houston), TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,890,000 | |
Building & Improvements | 17,393,798 | |
Total | 19,283,798 | |
Industrial Building [Member] | Indianapolis, IN (FDX Ground) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 3,739,030 | |
Building & Improvements | 21,267,342 | |
Total | 25,006,372 | |
Industrial Building [Member] | Sauget (St. Louis, MO), IL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,890,000 | |
Building & Improvements | 13,314,950 | |
Total | 15,204,950 | |
Industrial Building [Member] | Lindale (Tyler), TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 540,000 | |
Building & Improvements | 9,396,500 | |
Total | 9,936,500 | |
Industrial Building [Member] | Kansas City, MO (Bunzl) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,000,000 | |
Building & Improvements | 8,651,226 | |
Total | 9,651,226 | |
Industrial Building [Member] | Frankfort (Lexington), KY [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,850,000 | |
Building & Improvements | 26,150,000 | |
Total | 28,000,000 | |
Industrial Building [Member] | Jacksonville, FL (FDX Ground) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 6,000,000 | |
Building & Improvements | 24,732,090 | |
Total | 30,732,090 | |
Industrial Building [Member] | Monroe (Cincinnati), OH [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,800,000 | |
Building & Improvements | 11,137,000 | |
Total | 12,937,000 | |
Industrial Building [Member] | Greenwood (Indianapolis), IN [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,250,000 | |
Building & Improvements | 35,262,071 | |
Total | 37,512,071 | |
Industrial Building [Member] | Ft. Worth (Dallas), TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 8,200,000 | |
Building & Improvements | 27,100,832 | |
Total | 35,300,832 | |
Industrial Building [Member] | Cincinnati, OH [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 800,000 | |
Building & Improvements | 5,950,000 | |
Total | 6,750,000 | |
Industrial Building [Member] | Rockford, IL (Collins Aerospace Systems) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 480,000 | |
Building & Improvements | 4,620,000 | |
Total | 5,100,000 | |
Industrial Building [Member] | Concord (Charlotte), NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,305,000 | |
Building & Improvements | 28,739,797 | |
Total | 33,044,797 | |
Industrial Building [Member] | Covington (New Orleans), LA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,720,000 | |
Building & Improvements | 15,690,000 | |
Total | 18,410,000 | |
Industrial Building [Member] | Imperial (Pittsburgh), PA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 3,700,000 | |
Building & Improvements | 16,250,000 | |
Total | 19,950,000 | |
Industrial Building [Member] | Burlington (Seattle/Everett), WA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 8,000,000 | |
Building & Improvements | 22,228,547 | |
Total | 30,228,547 | |
Industrial Building [Member] | Colorado Springs, CO [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,150,000 | |
Building & Improvements | 26,350,000 | |
Total | 28,500,000 | |
Industrial Building [Member] | Louisville, KY [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,590,000 | |
Building & Improvements | 9,714,000 | |
Total | 11,304,000 | |
Industrial Building [Member] | Davenport (Orlando), FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 7,060,000 | |
Building & Improvements | 30,720,000 | |
Total | 37,780,000 | |
Industrial Building [Member] | Olathe (Kansas City), KS [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,350,000 | |
Building & Improvements | 29,387,000 | |
Total | 31,737,000 | |
Industrial Building [Member] | Hamburg (Buffalo), NY [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,700,000 | |
Building & Improvements | 33,150,000 | |
Total | 34,850,000 | |
Industrial Building [Member] | Ft. Myers, FL (FDX Ground) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,400,000 | |
Building & Improvements | 19,223,000 | |
Total | 21,623,000 | |
Industrial Building [Member] | Walker (Grand Rapids), MI [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,034,363 | |
Building & Improvements | 27,620,623 | |
Total | 31,654,986 | |
Industrial Building [Member] | Mesquite (Dallas), TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 6,247,658 | |
Building & Improvements | 43,632,835 | |
Total | 49,880,493 | |
Industrial Building [Member] | Aiken (Augusta, GA), SC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,362,458 | |
Building & Improvements | 19,677,937 | |
Total | 21,040,395 | |
Industrial Building [Member] | Homestead (Miami), FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,426,727 | |
Building & Improvements | 33,446,393 | |
Total | 37,873,120 | |
Industrial Building [Member] | Oklahoma City, OK (Bunzl) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 844,688 | |
Building & Improvements | 7,883,751 | |
Total | 8,728,439 | |
Industrial Building [Member] | Concord (Charlotte), NC One [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,306,684 | |
Building & Improvements | 35,736,461 | |
Total | 40,043,145 | |
Industrial Building [Member] | Kenton, OH [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 854,780 | |
Building & Improvements | 17,026,827 | |
Total | 17,881,607 | |
Industrial Building [Member] | Stow, OH [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,429,715 | |
Building & Improvements | 17,504,350 | |
Total | 18,934,065 | |
Shopping Center [Member] | Somerset, NJ [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 34,317 | |
Building & Improvements | 3,038,573 | |
Total | 3,072,890 | |
Vacant Land [Member] | Shelby County [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 11,065 | |
Building & Improvements | 0 | |
Total | 11,065 | |
Industrial Buildings ,Shopping Center and Vacant Land [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 188,494,819 | |
Building & Improvements | 1,250,626,187 | |
Total | 1,439,121,006 | |
Real Estate Held for Sale [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 3,264,720 | |
Building & Improvements | 10,448,876 | |
Total | 13,713,596 | |
Real Estate Held for Sale [Member] | Orangeburg (New York), NY [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 694,720 | |
Building & Improvements | 3,200,955 | |
Total | 3,895,675 | |
Real Estate Held for Sale [Member] | Ft. Myers, FL (Vacant) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,910,000 | |
Building & Improvements | 3,107,447 | |
Total | 5,017,447 | |
Real Estate Held for Sale [Member] | Kansas City, MO (Kellogg) [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 660,000 | |
Building & Improvements | 4,140,474 | |
Total | $ 4,800,474 | |
[1] | See pages 153-155 for reconciliation. | |
[2] | The aggregate cost for Federal tax purposes approximates historical cost. |
Real Estate and Accumulated D88
Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation Life (Details) - USD ($) | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Accumulated Depreciation | $ 172,730,273 | $ 144,496,585 | $ 120,882,503 | $ 102,988,048 | |
Industrial Building [Member] | Monaca (Pittsburgh), PA [Member] | |||||
Accumulated Depreciation | [1] | $ 2,642,181 | |||
Date of Construction | [1] | 1,977 | |||
Date Acquired | [1] | 1,977 | |||
Industrial Building [Member] | Ridgeland (Jackson), MS [Member] | |||||
Accumulated Depreciation | [1] | $ 1,246,001 | |||
Date of Construction | [1] | 1,988 | |||
Date Acquired | [1] | 1,993 | |||
Industrial Building [Member] | Urbandale (Des Moines),IA (Vacant) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,144,794 | |||
Date of Construction | [1] | 1,985 | |||
Date Acquired | [1] | 1,994 | |||
Industrial Building [Member] | Richland (Jackson), MS [Member] | |||||
Accumulated Depreciation | [1] | $ 904,133 | |||
Date of Construction | [1] | 1,989 | |||
Date Acquired | [1] | 1,994 | |||
Industrial Building [Member] | O'Fallon (St. Louis) MO [Member] | |||||
Accumulated Depreciation | [1] | $ 2,228,921 | |||
Date of Construction | [1] | 1,986 | |||
Date Acquired | [1] | 1,994 | |||
Industrial Building [Member] | Fayetteville [Member] | |||||
Accumulated Depreciation | [1] | $ 2,698,223 | |||
Date of Construction | [1] | 1,996 | |||
Date Acquired | [1] | 1,997 | |||
Industrial Building [Member] | Schaumburg (Chicago), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 2,159,563 | |||
Date of Construction | [1] | 1,997 | |||
Date Acquired | [1] | 1,997 | |||
Industrial Building [Member] | Burr Ridge (Chicago), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 698,725 | |||
Date of Construction | [1] | 1,997 | |||
Date Acquired | [1] | 1,997 | |||
Industrial Building [Member] | Romulus (Detroit), MI [Member] | |||||
Accumulated Depreciation | [1] | $ 1,922,903 | |||
Date of Construction | [1] | 1,998 | |||
Date Acquired | [1] | 1,998 | |||
Industrial Building [Member] | Liberty (Kansas City), MO [Member] | |||||
Accumulated Depreciation | [1] | $ 3,325,236 | |||
Date of Construction | [1] | 1,997 | |||
Date Acquired | [1] | 1,998 | |||
Industrial Building [Member] | Omaha, NE [Member] | |||||
Accumulated Depreciation | [1] | $ 2,233,901 | |||
Date of Construction | [1] | 1,999 | |||
Date Acquired | [1] | 1,999 | |||
Industrial Building [Member] | Charlottesville, VA [Member] | |||||
Accumulated Depreciation | [1] | $ 1,489,266 | |||
Date of Construction | [1] | 1,998 | |||
Date Acquired | [1] | 1,999 | |||
Industrial Building [Member] | Jacksonville, FL (FDX) [Member] | |||||
Accumulated Depreciation | [1] | $ 2,450,615 | |||
Date of Construction | [1] | 1,998 | |||
Date Acquired | [1] | 1,999 | |||
Industrial Building [Member] | West Chester Twp. (Cincinnati), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 2,125,801 | |||
Date of Construction | [1] | 1,999 | |||
Date Acquired | [1] | 2,000 | |||
Industrial Building [Member] | Richmond, VA (FDX) [Member] | |||||
Accumulated Depreciation | [1] | $ 2,824,533 | |||
Date of Construction | [1] | 2,000 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | St. Joseph, MO [Member] | |||||
Accumulated Depreciation | [1] | $ 5,101,907 | |||
Date of Construction | [1] | 2,000 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | Newington (Hartford), CT [Member] | |||||
Accumulated Depreciation | [1] | $ 1,288,391 | |||
Date of Construction | [1] | 2,001 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | Cudahy (Milwaukee), WI [Member] | |||||
Accumulated Depreciation | [1] | $ 3,075,370 | |||
Date of Construction | [1] | 2,001 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | Beltsville (Washington DC), MD [Member] | |||||
Accumulated Depreciation | [1] | $ 3,843,707 | |||
Date of Construction | [1] | 2,000 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | Granite City (St. Louis, MO), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 4,834,280 | |||
Date of Construction | [1] | 2,001 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | Winston-Salem, NC [Member] | |||||
Accumulated Depreciation | [1] | $ 2,401,589 | |||
Date of Construction | [1] | 2,001 | |||
Date Acquired | [1] | 2,002 | |||
Industrial Building [Member] | Elgin (Chicago), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 2,284,344 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,002 | |||
Industrial Building [Member] | Tolleson (Phoenix), AZ [Member] | |||||
Accumulated Depreciation | [1] | $ 5,634,312 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,002 | |||
Industrial Building [Member] | Edwardsville (Kansas City), KS (Carlisle Tire) [Member] | |||||
Accumulated Depreciation | [1] | $ 2,358,818 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,003 | |||
Industrial Building [Member] | Tampa, FL (FDX) [Member] | |||||
Accumulated Depreciation | [1] | $ 4,544,868 | |||
Date of Construction | [1] | 2,004 | |||
Date Acquired | [1] | 2,004 | |||
Industrial Building [Member] | Denver, CO [Member] | |||||
Accumulated Depreciation | [1] | $ 1,570,819 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,005 | |||
Industrial Building [Member] | Hanahan (Charleston), SC (SAIC) [Member] | |||||
Accumulated Depreciation | [1] | $ 3,961,769 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,005 | |||
Industrial Building [Member] | Hanahan (Charleston), SC (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,897,664 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,005 | |||
Industrial Building [Member] | Augusta, GA (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,385,556 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,005 | |||
Industrial Building [Member] | Huntsville, AL [Member] | |||||
Accumulated Depreciation | [1] | $ 1,092,730 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,005 | |||
Industrial Building [Member] | Richfield (Cleveland), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 2,728,544 | |||
Date of Construction | [1] | 2,006 | |||
Date Acquired | [1] | 2,006 | |||
Industrial Building [Member] | Tampa, FL (FDX) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,383,938 | |||
Date of Construction | [1] | 2,006 | |||
Date Acquired | [1] | 2,006 | |||
Industrial Building [Member] | Griffin (Atlanta), GA [Member] | |||||
Accumulated Depreciation | [1] | $ 4,128,872 | |||
Date of Construction | [1] | 2,006 | |||
Date Acquired | [1] | 2,006 | |||
Industrial Building [Member] | Roanoke, VA (CHEP USA) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,516,288 | |||
Date of Construction | [1] | 1,996 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Orion, MI [Member] | |||||
Accumulated Depreciation | [1] | $ 4,019,239 | |||
Date of Construction | [1] | 2,007 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Carlstadt (New York, NY), NJ [Member] | |||||
Accumulated Depreciation | [1] | $ 939,584 | |||
Date of Construction | [1] | 1,977 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Wheeling (Chicago), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 4,079,587 | |||
Date of Construction | [1] | 2,003 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Cheektowaga (Buffalo), NY [Member] | |||||
Accumulated Depreciation | [1] | $ 1,692,362 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Richmond, VA (Carrier) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,409,820 | |||
Date of Construction | [1] | 2,004 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Montgomery (Chicago), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 2,522,213 | |||
Date of Construction | [1] | 2,004 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Tampa, FL (Tampa Bay Grand Prix) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,043,048 | |||
Date of Construction | [1] | 1,989 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Augusta, GA (FDX) [Member] | |||||
Accumulated Depreciation | [1] | $ 415,251 | |||
Date of Construction | [1] | 1,993 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Lakeland, FL [Member] | |||||
Accumulated Depreciation | [1] | $ 525,151 | |||
Date of Construction | [1] | 1,993 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | El Paso, TX [Member] | |||||
Accumulated Depreciation | [1] | $ 1,709,714 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Chattanooga, TN [Member] | |||||
Accumulated Depreciation | [1] | $ 1,262,219 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Bedford Heights (Cleveland), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 1,707,394 | |||
Date of Construction | [1] | 1,998 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Punta Gorda, FL [Member] | |||||
Accumulated Depreciation | [1] | $ 945,236 | |||
Date of Construction | [1] | 2,007 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Cocoa, FL [Member] | |||||
Accumulated Depreciation | [1] | $ 2,435,695 | |||
Date of Construction | [1] | 2,006 | |||
Date Acquired | [1] | 2,008 | |||
Industrial Building [Member] | Orlando, FL [Member] | |||||
Accumulated Depreciation | [1] | $ 1,636,085 | |||
Date of Construction | [1] | 1,997 | |||
Date Acquired | [1] | 2,008 | |||
Industrial Building [Member] | Topeka, KS [Member] | |||||
Accumulated Depreciation | [1] | $ 802,124 | |||
Date of Construction | [1] | 2,006 | |||
Date Acquired | [1] | 2,009 | |||
Industrial Building [Member] | Memphis, TN [Member] | |||||
Accumulated Depreciation | [1] | $ 2,573,085 | |||
Date of Construction | [1] | 1,994 | |||
Date Acquired | [1] | 2,010 | |||
Industrial Building [Member] | Houston, TX [Member] | |||||
Accumulated Depreciation | [1] | $ 1,248,713 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,010 | |||
Industrial Building [Member] | Carrollton (Dallas), TX [Member] | |||||
Accumulated Depreciation | [1] | $ 3,130,523 | |||
Date of Construction | [1] | 2,009 | |||
Date Acquired | [1] | 2,010 | |||
Industrial Building [Member] | Ft. Mill (Charlotte, NC), SC [Member] | |||||
Accumulated Depreciation | [1] | $ 2,302,265 | |||
Date of Construction | [1] | 2,009 | |||
Date Acquired | [1] | 2,010 | |||
Industrial Building [Member] | Lebanon (Nashville), TN [Member] | |||||
Accumulated Depreciation | [1] | $ 1,843,853 | |||
Date of Construction | [1] | 1,993 | |||
Date Acquired | [1] | 2,011 | |||
Industrial Building [Member] | Rockford, IL (Sherwin-Williams) [Member] | |||||
Accumulated Depreciation | [1] | $ 744,286 | |||
Date of Construction | [1] | 1998-2008 | |||
Date Acquired | [1] | 2,011 | |||
Industrial Building [Member] | Edinburg, TX [Member] | |||||
Accumulated Depreciation | [1] | $ 1,188,983 | |||
Date of Construction | [1] | 2,011 | |||
Date Acquired | [1] | 2,011 | |||
Industrial Building [Member] | Streetsboro (Cleveland), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 2,515,897 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Corpus Christi, TX [Member] | |||||
Accumulated Depreciation | [1] | $ 672,040 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Halfmoon (Albany), NY [Member] | |||||
Accumulated Depreciation | [1] | $ 611,431 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Lebanon (Cincinnati), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 594,620 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc. ) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,850,962 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Oklahoma City, OK [Member] | |||||
Accumulated Depreciation | [1] | $ 1,306,735 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Waco, TX [Member] | |||||
Accumulated Depreciation | [1] | $ 1,210,344 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Livonia (Detroit), MI [Member] | |||||
Accumulated Depreciation | [1] | $ 1,698,607 | |||
Date of Construction | [1] | 1,999 | |||
Date Acquired | [1] | 2,013 | |||
Industrial Building [Member] | Olive Branch (Memphis, TN), MS (Milwaukee Tool) [Member] | |||||
Accumulated Depreciation | [1] | $ 3,159,783 | |||
Date of Construction | [1] | 2,013 | |||
Date Acquired | [1] | 2,013 | |||
Industrial Building [Member] | Roanoke, VA (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 930,962 | |||
Date of Construction | [1] | 2,013 | |||
Date Acquired | [1] | 2,013 | |||
Industrial Building [Member] | Green Bay, WI [Member] | |||||
Accumulated Depreciation | [1] | $ 613,333 | |||
Date of Construction | [1] | 2,013 | |||
Date Acquired | [1] | 2,013 | |||
Industrial Building [Member] | Stewartville (Rochester), MN [Member] | |||||
Accumulated Depreciation | [1] | $ 443,077 | |||
Date of Construction | [1] | 2,013 | |||
Date Acquired | [1] | 2,013 | |||
Industrial Building [Member] | Tulsa, OK [Member] | |||||
Accumulated Depreciation | [1] | $ 309,194 | |||
Date of Construction | [1] | 2,009 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Buckner (Louisville), KY [Member] | |||||
Accumulated Depreciation | [1] | $ 2,472,411 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Edwardsville (Kansas City), KS (International Paper) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,587,164 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Altoona, PA [Member] | |||||
Accumulated Depreciation | [1] | $ 784,660 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Spring (Houston), TX [Member] | |||||
Accumulated Depreciation | [1] | $ 1,629,658 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Indianapolis, IN (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,657,124 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Sauget (St. Louis, MO), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 1,024,382 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Lindale (Tyler), TX [Member] | |||||
Accumulated Depreciation | [1] | $ 722,416 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Kansas City, MO (Bunzl) [Member] | |||||
Accumulated Depreciation | [1] | $ 646,520 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Frankfort (Lexington), KY [Member] | |||||
Accumulated Depreciation | [1] | $ 1,899,786 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Jacksonville, FL (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,688,236 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Monroe (Cincinnati), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 737,707 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Greenwood (Indianapolis), IN [Member] | |||||
Accumulated Depreciation | [1] | $ 2,186,221 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Ft. Worth (Dallas), TX [Member] | |||||
Accumulated Depreciation | [1] | $ 1,505,602 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Cincinnati, OH [Member] | |||||
Accumulated Depreciation | [1] | $ 317,842 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Rockford, IL (Collins Aerospace Systems) [Member] | |||||
Accumulated Depreciation | [1] | $ 355,385 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Concord (Charlotte), NC [Member] | |||||
Accumulated Depreciation | [1] | $ 1,471,238 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Covington (New Orleans), LA [Member] | |||||
Accumulated Depreciation | [1] | $ 737,564 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Imperial (Pittsburgh), PA [Member] | |||||
Accumulated Depreciation | [1] | $ 659,722 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Burlington (Seattle/Everett), WA [Member] | |||||
Accumulated Depreciation | [1] | $ 855,500 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Colorado Springs, CO [Member] | |||||
Accumulated Depreciation | [1] | $ 900,855 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Louisville, KY [Member] | |||||
Accumulated Depreciation | [1] | $ 332,103 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Davenport (Orlando), FL [Member] | |||||
Accumulated Depreciation | [1] | $ 918,974 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Olathe (Kansas City), KS [Member] | |||||
Accumulated Depreciation | [1] | $ 879,098 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Hamburg (Buffalo), NY [Member] | |||||
Accumulated Depreciation | [1] | $ 850,000 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Ft. Myers, FL (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 353,846 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Walker (Grand Rapids), MI [Member] | |||||
Accumulated Depreciation | [1] | $ 354,111 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Mesquite (Dallas), TX [Member] | |||||
Accumulated Depreciation | [1] | $ 279,698 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Aiken (Augusta, GA), SC [Member] | |||||
Accumulated Depreciation | [1] | $ 126,141 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Homestead (Miami), FL [Member] | |||||
Accumulated Depreciation | [1] | $ 214,400 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Oklahoma City, OK (Bunzl) [Member] | |||||
Accumulated Depreciation | [1] | $ 50,537 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Concord (Charlotte), NC One [Member] | |||||
Accumulated Depreciation | [1] | $ 152,720 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Kenton, OH [Member] | |||||
Accumulated Depreciation | [1] | $ 18,188 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Stow, OH [Member] | |||||
Accumulated Depreciation | [1] | $ 0 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Colorado Springs, CO [Member] | |||||
Accumulated Depreciation | [1] | $ 1,644,190 | |||
Date of Construction | [1] | 2,006 | |||
Date Acquired | [1] | 2,006 | |||
Shopping Center [Member] | Somerset, NJ [Member] | |||||
Accumulated Depreciation | [1] | $ 1,494,297 | |||
Date of Construction | [1] | 1,970 | |||
Date Acquired | [1] | 1,970 | |||
Shelby County [Member] | Vacant Land [Member] | |||||
Accumulated Depreciation | $ 0 | ||||
Date Acquired | 2,007 | ||||
Industrial Buildings ,Shopping Center and Vacant Land [Member] | |||||
Accumulated Depreciation | [1] | $ 172,730,273 | |||
Real Estate Held for Sale [Member] | |||||
Accumulated Depreciation | 4,642,245 | ||||
Real Estate Held for Sale [Member] | Orangeburg (New York), NY [Member] | |||||
Accumulated Depreciation | [1] | $ 2,436,637 | |||
Date of Construction | [1] | 1,990 | |||
Date Acquired | [1] | 1,993 | |||
Real Estate Held for Sale [Member] | Ft. Myers, FL (Vacant) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,057,915 | |||
Date of Construction | [1] | 1,974 | |||
Date Acquired | [1] | 2,002 | |||
Real Estate Held for Sale [Member] | Kansas City, MO (Kellogg) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,147,693 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,007 | |||
[1] | Depreciation is computed based upon the following estimated lives: Building: 31.5 to 39 years; Building Improvements: 3 to 39 years; Tenant Improvements: Lease Term |
Real Estate and Accumulated D89
Real Estate and Accumulated Depreciation - Schedule of Real Estate Investment (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance-Beginning of Year | $ 1,157,599,899 | $ 927,348,409 | $ 730,053,278 |
Acquisitions | 282,509,249 | 209,867,577 | 190,948,360 |
Improvements | 4,168,984 | 20,383,913 | 11,847,468 |
Total Additions | 286,678,233 | 230,251,490 | 202,795,828 |
Sales | (5,157,126) | 0 | (5,500,697) |
Total Deletions | (5,157,126) | 0 | (5,500,697) |
Balance-End of Year | $ 1,439,121,006 | $ 1,157,599,899 | $ 927,348,409 |
Real Estate and Accumulated D90
Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance-Beginning of Year | $ 144,496,585 | $ 120,882,503 | $ 102,988,048 |
Depreciation | 29,169,659 | 23,614,082 | 19,625,748 |
Sales | (935,971) | 0 | (1,731,293) |
Balance-End of Year | $ 172,730,273 | $ 144,496,585 | $ 120,882,503 |
Real Estate and Accumulated D91
Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Balance-Beginning of Year | $ 1,157,599,899 | $ 927,348,409 | $ 730,053,278 |
Total Additions | 286,678,233 | 230,251,490 | 202,795,828 |
Total Disposals | (5,157,126) | 0 | (5,500,697) |
Balance-End of Year | 1,439,121,006 | 1,157,599,899 | 927,348,409 |
Somerset, NJ [Member] | |||
Total Additions | 0 | 377,637 | 182,573 |
Monaca (Pittsburgh), PA [Member] | |||
Total Additions | 79,618 | 37,255 | 1,907,292 |
Orangeburg (New York), NY [Member] | |||
Total Additions | 0 | 0 | 96,800 |
Ridgeland (Jackson), MS [Member] | |||
Total Additions | 0 | 7,797 | 0 |
Urbandale (Des Moines), IA [Member] | |||
Total Additions | 94,717 | 0 | 0 |
Richland (Jackson), MS [Member] | |||
Total Additions | 0 | 0 | 0 |
O'Fallon (St. Louis), MO [Member] | |||
Total Additions | 0 | 0 | 317,457 |
Fayetteville, NC [Member] | |||
Total Additions | 9,753 | 557,354 | 13,773 |
Schaumburg (Chicago), IL [Member] | |||
Total Additions | 196,526 | 13,775 | 0 |
Burr Ridge (Chicago), IL [Member] | |||
Total Additions | 0 | 8,700 | 0 |
Romulus (Detroit), MI [Member] | |||
Total Additions | 66,974 | 0 | 116,919 |
Liberty (Kansas City), MO [Member] | |||
Total Additions | 0 | 24,263 | 2,500 |
Omaha, NE [Member] | |||
Total Additions | 0 | 7,410 | 7,391 |
Charlottesville, VA [Member] | |||
Total Additions | 8,489 | 4,462 | 0 |
Jacksonville, FL (FDX) [Member] | |||
Total Additions | 83,383 | 16,983 | 0 |
West Chester Twp (Cincinnati), OH [Member] | |||
Total Additions | 4,996 | 0 | 0 |
Mechanicsville (Richmond), VA (FDX) [Member] | |||
Total Additions | 26,830 | 18,510 | 7,356 |
St. Joseph, MO [Member] | |||
Total Additions | 55,564 | 50,934 | 53,922 |
Newington (Hartford), CT [Member] | |||
Total Additions | 30,284 | 0 | 0 |
Cudahy (Milwaukee), WI [Member] | |||
Total Additions | 0 | 8,689 | 0 |
Beltsville (Washington, DC), MD [Member] | |||
Total Additions | 0 | 44,600 | 9,271 |
Granite City (St. Louis, MO), IL [Member] | |||
Total Additions | 155,034 | 156,139 | 0 |
Winston Salem, NC [Member] | |||
Total Additions | 0 | 316,527 | 0 |
Elgin (Chicago), IL [Member] | |||
Total Additions | 44,526 | 5,960 | 30,312 |
Tolleson (Phoenix), AZ [Member] | |||
Total Additions | 0 | 1,655,640 | (3,925) |
Ft. Myers, FL (Vacant) [Member] | |||
Total Additions | 0 | 0 | 0 |
Edwardsville (Kansas City), KS (Carlisle) [Member] | |||
Total Additions | 7,585 | 0 | 0 |
Tampa, FL (FDX Ground) [Member] | |||
Total Additions | 125 | 1,247,140 | 6,147 |
Denver, CO [Member] | |||
Total Additions | 0 | 0 | 0 |
Hanahan (Charleston), SC (SAIC) [Member] | |||
Total Additions | 33,849 | 40,000 | 328,118 |
Hanahan (Charleston), SC (FDX Ground) [Member] | |||
Total Additions | 0 | 0 | 0 |
Augusta, GA (FDX Ground) [Member] | |||
Total Additions | 9,270 | 25,161 | 0 |
Huntsville, AL [Member] | |||
Total Additions | 56,688 | 1,853,390 | 0 |
Richfield (Cleveland), OH [Member] | |||
Total Additions | 0 | 0 | (91,709) |
Colorado Springs, CO [Member] | |||
Total Additions | 0 | 9,357 | 0 |
Tampa, FL (FDX) [Member] | |||
Total Additions | 27,063 | 27,144 | 0 |
Griffin (Atlanta), GA [Member] | |||
Total Additions | 0 | 0 | 0 |
Roanoke, VA (CHEP USA) [Member] | |||
Total Additions | 0 | 0 | (59,348) |
Orion, MI [Member] | |||
Total Additions | 0 | 5,867 | 5,021 |
Carlstadt (New York, NY), NJ [Member] | |||
Total Additions | 0 | 13,877 | 51,120 |
Wheeling (Chicago), IL [Member] | |||
Total Additions | 0 | 0 | 0 |
Cheektowaga (Buffalo), NY [Member] | |||
Total Additions | 0 | 0 | 0 |
Richmond, VA [Member] | |||
Total Additions | 0 | 7,540 | 19,764 |
Montgomery (Chicago), IL [Member] | |||
Total Additions | 0 | 0 | 0 |
Tampa, FL (Tampa Bay Grand Prix) [Member] | |||
Total Additions | 0 | 26,916 | 0 |
Augusta, GA (FDX) [Member] | |||
Total Additions | 6,047 | 24,700 | 6,850 |
Lakeland, FL [Member] | |||
Total Additions | 0 | 16,321 | 0 |
El Paso, TX [Member] | |||
Total Additions | 0 | 0 | 1,198,544 |
Chattanooga, TN [Member] | |||
Total Additions | 4,315 | 41,042 | 0 |
Bedford Heights (Cleveland), OH [Member] | |||
Total Additions | 55,957 | 84,288 | 4,450 |
Punta Gorda, FL [Member] | |||
Total Additions | 20,245 | 8,350 | 0 |
Cocoa, FL [Member] | |||
Total Additions | 0 | 37,606 | 73,962 |
Orlando, FL [Member] | |||
Total Additions | 0 | 13,195 | 0 |
Topeka, KS [Member] | |||
Total Additions | 0 | 0 | 0 |
Memphis, TN [Member] | |||
Total Additions | 1,050 | 0 | 0 |
Houston, TX [Member] | |||
Total Additions | 65,351 | 0 | 2,279 |
Carrollton (Dallas), TX [Member] | |||
Total Additions | 50,097 | 24,806 | 4,300 |
Ft. Mill (Charlotte, NC), SC [Member] | |||
Total Additions | 0 | 0 | 0 |
Lebanon (Nashville), TN [Member] | |||
Total Additions | 0 | 0 | 0 |
Rockford, IL (Sherwin-Williams Co.) [Member] | |||
Total Additions | 0 | 0 | 11,227 |
Edinburg, TX [Member] | |||
Total Additions | 615,142 | 3,985,389 | 0 |
Streetsboro (Cleveland), OH [Member] | |||
Total Additions | 0 | 0 | 0 |
Corpus Christi, TX [Member] | |||
Total Additions | 7,413 | 0 | 0 |
Halfmoon (Albany), NY [Member] | |||
Total Additions | 0 | 0 | 0 |
Lebanon (Cincinnati), OH [Member] | |||
Total Additions | 0 | 0 | 36,425 |
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc. ) [Member] | |||
Total Additions | 0 | 0 | 0 |
Oklahoma City, OK (FDX Ground) [Member] | |||
Total Additions | 4,200 | (13,611) | 2,989,708 |
Waco, TX [Member] | |||
Total Additions | 5,210 | 0 | 3,813,157 |
Livonia (Detroit), MI [Member] | |||
Total Additions | 0 | 31,497 | 30,533 |
Olive Branch (Memphis, TN), MS (Milwaukee Tool) [Member] | |||
Total Additions | 0 | 9,412,120 | 133,981 |
Roanoke, VA (FDX Ground) [Member] | |||
Total Additions | 0 | 0 | 0 |
Green Bay, WI [Member] | |||
Total Additions | 0 | 0 | 0 |
Stewartville (Rochester), MN [Member] | |||
Total Additions | 0 | 0 | 0 |
Tulsa, OK [Member] | |||
Total Additions | 0 | 0 | 48,031 |
Buckner (Louisville), KY [Member] | |||
Total Additions | 40,000 | 48,136 | 86,591 |
Edwardsville (Kansas City), KS (International Paper) [Member] | |||
Total Additions | 0 | 5,355 | 203,261 |
Altoona, PA [Member] | |||
Total Additions | 0 | 18,650 | 0 |
Spring (Houston), TX [Member] | |||
Total Additions | 0 | 56,275 | 1,415 |
Indianapolis, IN (FDX Ground) [Member] | |||
Total Additions | 1,060,372 | 0 | 202,000 |
Sauget (St. Louis, MO), IL [Member] | |||
Total Additions | 0 | 4,950 | 15,200,000 |
Lindale (Tyler), TX [Member] | |||
Total Additions | 6,500 | 0 | 9,930,000 |
Kansas City, MO (Bunzl) [Member] | |||
Total Additions | 51,226 | 0 | 9,600,000 |
Frankfort (Lexington), KY [Member] | |||
Total Additions | 0 | 0 | 28,000,000 |
Jacksonville, FL (FDX Ground) [Member] | |||
Total Additions | 86,136 | 0 | 30,645,954 |
Monroe (Cincinnati), OH [Member] | |||
Total Additions | 0 | 0 | 12,937,000 |
Greenwood (Indianapolis), IN [Member] | |||
Total Additions | 11,680 | 15,817 | 37,484,574 |
Ft. Worth (Dallas), TX [Member] | |||
Total Additions | 0 | 0 | 35,300,832 |
Cincinnati, OH [Member] | |||
Total Additions | 0 | 0 | 6,750,000 |
Rockford, IL (Collins Aerospace Systems) [Member] | |||
Total Additions | 0 | 0 | 5,100,000 |
Concord (Charlotte), NC [Member] | |||
Total Additions | 1,068,900 | 31,975,897 | 0 |
Covington (New Orleans), LA [Member] | |||
Total Additions | 0 | 18,410,000 | 0 |
Imperial (Pittsburgh), PA [Member] | |||
Total Additions | 0 | 19,950,000 | 0 |
Burlington (Seattle/Everett), WA [Member] | |||
Total Additions | 17,867 | 30,210,680 | 0 |
Colorado Springs, CO [Member] | |||
Total Additions | 0 | 28,500,000 | 0 |
Louisville, KY [Member] | |||
Total Additions | 0 | 11,304,000 | 0 |
Davenport (Orlando), FL [Member] | |||
Total Additions | 0 | 37,780,000 | 0 |
Olathe (Kansas City), KS [Member] | |||
Total Additions | 0 | 31,737,000 | 0 |
Hamburg (Buffalo), NY [Member] | |||
Total Additions | 34,850,000 | 0 | 0 |
Ft. Myers, FL (FDX Ground) [Member] | |||
Total Additions | 21,623,000 | 0 | 0 |
Walker (Grand Rapids), MI [Member] | |||
Total Additions | 31,654,985 | 0 | 0 |
Mesquite (Dallas), TX [Member] | |||
Total Additions | 49,880,493 | 0 | 0 |
Aiken (Augusta, GA), SC [Member] | |||
Total Additions | 21,040,396 | 0 | 0 |
Homestead (Miami), FL [Member] | |||
Total Additions | 37,873,120 | 0 | 0 |
Oklahoma City, OK (Bunzl) [Member] | |||
Total Additions | 8,728,439 | 0 | 0 |
Concord (Charlotte), NC 1 [Member] | |||
Total Additions | 40,043,145 | 0 | 0 |
Kenton, OH [Member] | |||
Total Additions | 17,881,608 | 0 | 0 |
Stow, OH [Member] | |||
Total Additions | $ 18,934,065 | $ 0 | $ 0 |