Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Nov. 15, 2018 | Mar. 31, 2018 | |
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, 2018 | ||
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 Small Business Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,138,940,000 | ||
Entity Common Stock, Shares Outstanding | 91,587,713 | ||
Trading Symbol | MNR | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Real Estate Investments: | ||
Land | $ 224,719,083 | $ 187,224,819 |
Buildings and Improvements | 1,494,859,336 | 1,244,691,715 |
Total Real Estate Investments | 1,719,578,419 | 1,431,916,534 |
Accumulated Depreciation | (207,065,634) | (171,086,083) |
Real Estate Investments | 1,512,512,785 | 1,260,830,451 |
Real Estate Held for Sale | 0 | 14,631,633 |
Cash and Cash Equivalents | 9,324,585 | 10,226,046 |
Securities Available for Sale at Fair Value | 154,920,545 | 123,764,770 |
Tenant and Other Receivables | 1,249,434 | 1,753,054 |
Deferred Rent Receivable | 9,656,179 | 8,049,275 |
Prepaid Expenses | 6,189,796 | 5,434,874 |
Intangible Assets, net of Accumulated Amortization of $13,699,519 and $13,404,318, respectively | 14,589,756 | 10,010,165 |
Capitalized Lease Costs, net of Accumulated Amortization of $3,271,481 and $3,393,187, respectively | 5,231,845 | 4,180,907 |
Financing Costs, net of Accumulated Amortization of $995,135 and $619,555, respectively | 500,129 | 875,709 |
Other Assets | 4,202,832 | 3,280,871 |
TOTAL ASSETS | 1,718,377,886 | 1,443,037,755 |
Liabilities: | ||
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | 711,545,649 | 591,364,371 |
Loans Payable | 186,608,676 | 120,091,417 |
Accounts Payable and Accrued Expenses | 5,891,172 | 4,450,753 |
Other Liabilities | 16,426,622 | 14,265,518 |
Total Liabilities | 920,472,119 | 730,172,059 |
COMMITMENTS AND CONTINGENCIES | ||
Shareholders’ Equity: | ||
6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 Par Value Per Share: 16,400,000 and 12,400,000 Shares Authorized as of September 30, 2018 and 2017, respectively; 11,488,001 and 9,839,445 Shares Issued and Outstanding as of September 30, 2018 and 2017, respectively | 287,200,025 | 245,986,125 |
Common Stock, $0.01 Par Value Per Share: 188,039,750 and 192,039,750 Shares Authorized as of September 30, 2018 and 2017, respectively; 81,503,134 and 75,630,521 Shares Issued and Outstanding as of September 30, 2018 and 2017, respectively | 815,031 | 756,305 |
Excess Stock, $0.01 Par Value Per Share: 200,000,000 Shares Authorized as of September 30, 2018 and 2017; No Shares Issued or Outstanding as of September 30, 2018 and 2017 | 0 | 0 |
Additional Paid-In Capital | 534,635,290 | 459,552,701 |
Accumulated Other Comprehensive Income (Loss) | (24,744,579) | 6,570,565 |
Undistributed Income | 0 | 0 |
Total Shareholders’ Equity | 797,905,767 | 712,865,696 |
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | $ 1,718,377,886 | $ 1,443,037,755 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Accumulated amortization of intangible assets | $ 13,699,519 | $ 13,404,318 |
Accumulated amortization of lease costs | 3,271,481 | 3,393,187 |
Accumulated amortization of financing costs | $ 995,135 | $ 619,555 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 188,039,750 | 192,039,750 |
Common Stock, shares issued | 81,503,134 | 75,630,521 |
Common Stock, shares outstanding | 81,503,134 | 75,630,521 |
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 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 | 16,400,000 | 12,400,000 |
Preferred stock, shares issued | 11,488,001 | 9,839,445 |
Preferred stock, shares outstanding | 11,488,001 | 9,839,445 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
INCOME: | |||
Rental Revenue | $ 115,864,119 | $ 97,659,778 | $ 81,592,429 |
Reimbursement Revenue | 23,297,730 | 18,725,527 | 16,163,004 |
Lease Termination Income | 210,261 | 0 | 0 |
TOTAL INCOME | 139,372,110 | 116,385,305 | 97,755,433 |
EXPENSES: | |||
Real Estate Taxes | 18,596,239 | 15,266,634 | 13,294,724 |
Operating Expenses | 5,793,878 | 4,887,922 | 4,273,899 |
General and Administrative Expenses | 8,776,579 | 7,809,546 | 7,936,124 |
Acquisition Costs | 0 | 178,526 | 730,441 |
Depreciation | 36,175,923 | 29,634,998 | 24,055,022 |
Amortization of Capitalized Lease Costs and Intangible Assets | 2,391,104 | 1,824,751 | 2,032,658 |
TOTAL EXPENSES | 71,733,723 | 59,602,377 | 52,322,868 |
OTHER INCOME (EXPENSE): | |||
Dividend and Interest Income | 13,120,465 | 6,930,564 | 5,616,392 |
Gain on Sale of Securities Transactions | 111,387 | 2,311,714 | 4,398,599 |
Interest Expense, including Amortization of Financing Costs | (32,349,705) | (25,754,121) | (22,953,049) |
TOTAL OTHER INCOME (EXPENSE) | (19,117,853) | (16,511,843) | (12,938,058) |
INCOME FROM CONTINUING OPERATIONS | 48,520,534 | 40,271,085 | 32,494,507 |
Gain on Sale of Real Estate Investments | 7,485,266 | 0 | 0 |
NET INCOME | 56,005,800 | 40,271,085 | 32,494,507 |
Less: Preferred Dividends | 17,190,456 | 14,861,686 | 9,020,470 |
Less: Redemption of Preferred Stock | 0 | 2,467,165 | 2,942,149 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 38,815,344 | $ 22,942,234 | $ 20,531,888 |
BASIC INCOME – PER SHARE | |||
Net Income | $ 0.71 | $ 0.56 | $ 0.50 |
Less: Preferred Dividends | (0.22) | (0.21) | (0.14) |
Less: Redemption of Preferred Stock | 0 | (0.03) | (0.05) |
Net Income Attributable to Common Shareholders – Basic | 0.49 | 0.32 | 0.31 |
DILUTED INCOME – PER SHARE | |||
Net Income | 0.71 | 0.56 | 0.50 |
Less: Preferred Dividends | (0.22) | (0.21) | (0.14) |
Less: Redemption of Preferred Stock | 0 | (0.03) | (0.05) |
Net Income Attributable to Common Shareholders – Diluted | $ 0.49 | $ 0.32 | $ 0.31 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||
Basic | 78,619,440 | 72,114,078 | 65,468,564 |
Diluted | 78,802,208 | 72,249,691 | 65,558,284 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 56,005,800 | $ 40,271,085 | $ 32,494,507 |
Other Comprehensive Income: | |||
Unrealized Holding Gains (Losses) Arising During the Period | (31,203,757) | (4,059,988) | 22,782,469 |
Reclassification Adjustment for Net Gains Realized in Income | (111,387) | (2,311,714) | (4,398,599) |
Total Comprehensive Income | 24,690,656 | 33,899,383 | 50,878,377 |
Less: Preferred Dividends | 17,190,456 | 14,861,686 | 9,020,470 |
Less: Redemption of Preferred Stock | 0 | 2,467,165 | 2,942,149 |
Comprehensive Income Attributable to Common Shareholders | $ 7,500,200 | $ 16,570,532 | $ 38,915,758 |
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, 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 | |
Preferred Stock Called for Redemption | 0 | (53,493,750) | 0 | 0 | 2,930,649 | (2,942,149) | 0 | (53,505,250) | |
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 | |
Cancellation of Shares Related to Forfeiture of Restricted Stock Awards | (32) | 0 | 0 | 0 | 32 | 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 | |
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 | |
Preferred Stock Called for Redemption | 0 | 0 | (57,500,000) | 0 | 2,467,165 | (2,467,165) | 0 | (57,500,000) | |
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) | (22,942,234) | 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) | |
Balance Ending at Sep. 30, 2017 | 756,305 | 0 | 0 | 245,986,125 | 459,552,701 | 0 | 6,570,565 | 712,865,696 | |
Shares Issued in Connection with the DRIP | [1] | 58,164 | 0 | 0 | 0 | 89,970,625 | 0 | 0 | 90,028,789 |
Shares Issued in Connection with At-The-Market Offerings of 6.125% Series C Preferred Stock, net of offering costs | 0 | 0 | 0 | 41,213,900 | (1,120,250) | 0 | 0 | 40,093,650 | |
Shares Issued Through the Exercise of Stock Options | 400 | 0 | 0 | 0 | 569,200 | 0 | 0 | 569,600 | |
Shares Issued Through Restricted Stock Awards | 125 | 0 | 0 | 0 | (125) | 0 | 0 | 0 | |
Stock Compensation Expense | 37 | 0 | 0 | 0 | 433,858 | 0 | 0 | 433,895 | |
Distributions To Common Shareholders | 0 | 0 | 0 | 0 | (14,770,719) | (38,815,344) | 0 | (53,586,063) | |
Net Income | 0 | 0 | 0 | 0 | 0 | 56,005,800 | 0 | 56,005,800 | |
Preferred Dividends | 0 | 0 | 0 | 0 | 0 | (17,190,456) | 0 | (17,190,456) | |
Change in Unrealized Net Holding Gain (Loss) on Securities Available for Sale, Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | 0 | 0 | (31,315,144) | (31,315,144) | |
Balance Ending at Sep. 30, 2018 | $ 815,031 | $ 0 | $ 0 | $ 287,200,025 | $ 534,635,290 | $ 0 | $ (24,744,579) | $ 797,905,767 | |
[1] | Dividend Reinvestment and Stock Purchase Plan |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - Series C Preferred Stock [Member] | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Preferred, stock dividend rate | 6.125% | 6.125% | |
At-The-Market Offerings [Member] | |||
Preferred, stock dividend rate | 6.125% | 6.125% | |
Underwritten Public Offering [Member] | |||
Preferred, stock dividend rate | 6.125% | 6.125% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 56,005,800 | $ 40,271,085 | $ 32,494,507 |
Noncash Items Included in Net Income: | |||
Depreciation & Amortization | 39,788,010 | 32,694,009 | 27,203,918 |
Stock Compensation Expense | 433,895 | 624,706 | 926,465 |
Deferred Straight Line Rent | (1,972,588) | (1,027,927) | (1,709,821) |
Gain on Sale of Securities Transactions | (111,387) | (2,311,714) | (4,398,599) |
(Gain) Loss on Sale of Real Estate Investments | (7,485,266) | 95,336 | 0 |
Changes in: | |||
Tenant & Other Receivables | 1,396,729 | 357,823 | 69,317 |
Prepaid Expenses | (754,922) | (603,887) | (899,371) |
Other Assets & Capitalized Lease Costs | (2,036,854) | 15,353 | (1,814,638) |
Accounts Payable, Accrued Expenses & Other Liabilities | 265,745 | 3,753,082 | 2,827,722 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 85,529,162 | 73,867,866 | 54,699,500 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of Real Estate & Intangible Assets | (283,402,845) | (286,951,980) | (210,747,340) |
Capital Improvements | (9,084,163) | (4,974,988) | (21,566,561) |
Proceeds from Sale of Real Estate Investments | 22,083,340 | 4,125,819 | 0 |
Return of Deposits on Real Estate | 450,000 | 3,400,000 | 2,950,000 |
Deposits Paid on Acquisitions of Real Estate | (200,000) | (450,000) | (2,200,000) |
Proceeds from Sale of Securities Available for Sale | 2,620,166 | 17,274,946 | 22,774,768 |
Purchase of Securities Available for Sale | (64,979,698) | (71,494,810) | (19,055,956) |
NET CASH USED IN INVESTING ACTIVITIES | (332,513,200) | (339,071,013) | (227,845,089) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from Fixed Rate Mortgage Notes Payable | 175,160,000 | 188,809,000 | 153,428,485 |
Principal Payments on Fixed Rate Mortgage Notes Payable | (54,354,212) | (73,594,586) | (43,671,506) |
Net Draws (Repayments) from Loans Payable | 66,517,259 | 39,300,733 | (4,250,702) |
Financing Costs Paid on Debt | (1,469,914) | (2,190,098) | (2,646,393) |
Redemption of 7.625% Series A Preferred Stock | 0 | (53,493,750) | 0 |
Redemption of 7.875% Series B Preferred Stock | 0 | (57,500,000) | 0 |
Proceeds from Underwritten Public Offering of 6.125% Series C Preferred Stock, net of offering costs | 0 | 71,003,093 | 130,543,422 |
Proceeds from At-The-Market Preferred Equity Program, net of offering costs | 40,093,650 | 35,733,885 | 0 |
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments | 77,100,433 | 81,805,937 | 63,806,651 |
Proceeds from the Exercise of Stock Options | 569,600 | 469,300 | 1,883,300 |
Preferred Dividends Paid | (16,876,532) | (14,500,474) | (8,607,032) |
Common Dividends Paid, net of Reinvestments | (40,657,707) | (36,163,355) | (33,665,037) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 246,082,577 | 179,679,685 | 256,821,188 |
Net Increase (Decrease) in Cash and Cash Equivalents | (901,461) | (85,523,462) | 83,675,599 |
Cash and Cash Equivalents at Beginning of Year | 10,226,046 | 95,749,508 | 12,073,909 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 9,324,585 | $ 10,226,046 | $ 95,749,508 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | 12 Months Ended | ||
Sep. 30, 2018 | 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% | 6.125% |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2018 | |
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, together with its consolidated subsidiaries (we, our, us, the Company or MREIC), operates as a real estate investment trust (REIT) deriving its income primarily from real estate rental operations. We were founded in 1968 and are one of the oldest public equity REITs in the world. As of September 30, 2018 and 2017, rental properties consisted of 111 and 108 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. As of September 30, 2018, our weighted average lease maturity was approximately 8.1 years and our annualized average base rent per occupied square foot was $6.01. As of September 30, 2018, the weighted average building age, based on the square footage of our buildings, was 8.7 years. In addition, we own a portfolio of REIT securities which we generally limit to no more than approximately 10% of our undepreciated assets (which is our total assets excluding accumulated depreciation). Use of Estimates In preparing the financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), we are 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 and assumptions. Segment Reporting & Financial Information Our primary business is the ownership and management of real estate properties. We invest in well-located, modern, single tenant, industrial buildings leased primarily to investment-grade tenants or their subsidiaries on long-term net leases. We review operating and financial information for each property on an individual basis and, therefore, each property represents an individual operating segment. We evaluate 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. We have 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. Principles of Consolidation and Non-controlling Interest The consolidated financial statements include the Company and our wholly-owned subsidiaries. In 2005, we formed MREIC Financial, Inc., a taxable REIT subsidiary which has had no activity since inception. In 2007, we merged with Monmouth Capital Corporation (Monmouth Capital), with Monmouth Capital surviving as our wholly-owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. 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 3 to 39 years for improvements. We apply 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, we allocated the purchase price of the property based upon the fair value of the assets acquired, which generally consisted of land, building and intangible assets, including above and below market leases and in-place leases. We allocated the purchase price to the fair value of the tangible assets of an acquired property generally determined by the 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 our 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, effective April 1, 2017, we no longer account for our property acquisitions as business combinations and instead account for our property acquisitions as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized to real estate investments as part of the purchase price as opposed to being expensed as Acquisition Costs under the previous accounting treatment for business combinations. Therefore, as of April 1, 2017, we are no longer required to expense our Acquisition Costs. In addition, acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions whereby the consideration incurred is allocated to the individual assets acquired on a relative fair value basis. Marketable Securities Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which we generally limit to no more than approximately 10% of our undepreciated assets (which is our 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. We normally hold REIT securities on a long-term basis and have the ability and intent to hold securities to recovery. Therefore, as of September 30, 2018 and 2017, our 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. Net 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). In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. 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 became effective for our fiscal year beginning October 1, 2018. The most significant change for us, once ASU 2016-01 was adopted, was the accounting treatment for our investments in marketable securities that are classified as available for sale. The accounting treatment used for our Consolidated Financial Statements through Fiscal 2018, was that our investments in marketable securities, classified as available for sale, were carried at fair value, with net unrealized holding gains and losses being excluded from earnings and reported as a separate component of Shareholders’ Equity until realized and the change in net unrealized holding gains and losses being reflected as comprehensive income (loss). Under ASU 2016-01, effective October 1, 2018, these marketable securities continue to be measured at fair value, however the changes in net unrealized holding gains and losses are now recognized through net income. Subsequent to the fiscal yearend, on October 1, 2018, unrealized net holding losses of $24,744,579 were reclassed to beginning retained earnings to recognize the unrealized losses previously recorded in “accumulated other comprehensive income” on our consolidated balance sheets. We individually review and evaluate our marketable securities for impairment on a quarterly basis or when events or circumstances occur. We consider, 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. We have developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, we make an initial review of every individual security in our portfolio. If the security is impaired, we first determine our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, we determine 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 we have the intent and ability to hold the security, the security is deemed to be temporarily impaired. Otherwise, we review additional information to determine whether the impairment is other than temporary. We discuss and analyze 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. We normally hold REIT securities on a long-term basis and have 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. We maintain our cash in bank accounts in amounts that may exceed federally insured limits. We have 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 2018, 2017 and 2016 was 12 years, 13 years and 12 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 $2,101,427, $2,089,259 and $2,072,120 for the years ended September 30, 2018, 2017 and 2016, respectively. We estimate that aggregate amortization expense for existing assets will be approximately $2,128,000, $1,802,000, $1,553,000, $1,435,000 and $1,356,000 for the fiscal years 2019, 2020, 2021, 2022 and 2023, 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 we are generally the primary obligor and, with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and bears the associated credit risk. These occupancy charges are recognized as earned. When applicable, we provide an allowance for doubtful accounts against the portion of tenant and other receivables and deferred rent receivables, which are estimated to be uncollectible. For accounts receivables that we deem uncollectible, we use the direct write-off method. We did not have an allowance for doubtful accounts balance as of September 30, 2018 and 2017 and there were no write-off’s of any receivable accounts during the fiscal years ended 2018 and 2017. 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 us. Only four of our 111 properties have leases that contain an early termination provision. These four properties contain approximately 184,000 total rentable square feet, representing less than 1% of our total rentable square feet. Our leases with early termination provisions are our 26,340 square foot location in Ridgeland (Jackson), MS, our 36,270 square foot location in Urbandale (Des Moines), IA, our 38,833 square foot location in Rockford, IL, and our 83,000 square foot location in Roanoke, VA. Each lease termination provision contains certain requirements that must be met in order to exercise each termination provision. These requirements include: the date termination can be exercised, the time frame that notice must be given by the tenant to us and the termination fee that would be required to be paid by the tenant to us. The total potential termination fee to be paid to us from the four tenants with leases that have a termination provision amounts to approximately $1,694,000. Net Income Per Share Basic Net Income per Common 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 182,768, 135,613 and 89,720 shares are included in the diluted weighted average shares outstanding for fiscal years 2018, 2017 and 2016, respectively. As of September 30, 2018, 2017 and 2016, options to purchase 65,000, 65,000 and -0- shares, respectively, were antidilutive. Stock Compensation Plan We account for awards of stock, 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 stock awards and restricted stock awards is equal to the fair value of our stock on the grant date. The amortization of compensation costs for the awards of stock, stock option grants and restricted stock are included in General and Administrative Expenses in the accompanying Consolidated Statements of Income and amounted to $433,895, $624,706 and $926,465 have been recognized in 2018, 2017 and 2016, 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 We have elected to be taxed as a REIT under Sections 856-860 of the Code, and we intend to maintain our qualification as a REIT in the future. As a qualified REIT, with limited exceptions, we will not be taxed under Federal and certain state income tax laws at the corporate level on taxable income that we distribute to our shareholders. For special tax provisions applicable to REITs, refer to Sections 856-860 of the Code. We are subject to franchise taxes in several of the states in which we own properties. In December 2017, the Tax Cuts and Jobs Act of 2017 (the TCJA), Code Section 199A, was added to the Code and became effective for tax years beginning after December 31, 2017 and before January 1, 2026. Under the TCJA, subject to certain income limitations, individual taxpayers and trusts and estates may deduct 20% of the aggregate amount of qualified REIT dividends they receive from their taxable income. Qualified REIT dividends do not include any portion of a dividend received from a REIT that is classified as a capital gain dividend or qualified dividend income. We follow 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 our evaluation, we determined that we have no uncertain tax positions and no unrecognized tax benefits as of September 30, 2018. We record interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of September 30, 2018, the fiscal tax years 2015 through and including 2018 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. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, “Leases”. 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 become effective for annual reporting periods beginning after December 15, 2018. The most significant changes related to lessor accounting under ASU 2016-02 include bifurcating revenue into lease and non-lease components and the new standard’s narrow definition of initial direct costs for leases. Since our revenue is primarily derived from leasing activities from long-term net leases and since we currently do not capitalize indirect costs for leases, we believe that will continue to account for our leases and related leasing costs in substantially the same manner as we currently do once the adoption of the ASU 2016-02 becomes effective. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases”. The amendment in ASU 2018-10 affects narrow aspects of the guidance issued earlier in ASU 2016-02 by removing certain inconsistencies and providing additional clarification related to the guidance issued earlier. ASU 2018-10 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2018. We are currently evaluating the potential impact this standard may have on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. 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 became effective for our fiscal year beginning October 1, 2018. The most significant change for us, once ASU 2016-01 was adopted, was the accounting treatment for our investments in marketable securities that are classified as available for sale. The accounting treatment used for our Consolidated Financial Statements through Fiscal 2018, was that our investments in marketable securities, classified as available for sale, were carried at fair value, with net unrealized holding gains and losses being excluded from earnings and reported as a separate component of Shareholders’ Equity until realized and the change in net unrealized holding gains and losses being reflected as comprehensive income (loss). Under ASU 2016-01, effective October 1, 2018, these marketable securities continue to be measured at fair value, however the changes in net unrealized holding gains and losses are now recognized through net income. Subsequent to the fiscal yearend, on October 1, 2018, unrealized net holding losses of $24,744,579 were reclassed to beginning retained earnings to recognize the unrealized losses previously recorded in “accumulated other comprehensive income” on our consolidated balance sheets. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers, 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, we adopted the standard effective October 1, 2018. Our revenue is primarily derived from leasing activities and historically our property dispositions have been cash sales with no contingencies and no future involvement in the property. Since this standard applies to all contracts with customers except those that are within the scope of other guidance, such as leases, the adoption of this standard did not have a significant impact on our consolidated financial statements and related disclosures. We do 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, 2018 | |
Real Estate [Abstract] | |
Real Estate Investments | NOTE 2 – REAL ESTATE INVESTMENTS The following is a summary of the cost and accumulated depreciation of our land, buildings and improvements at September 30, 2018 and 2017: Property Buildings & Accumulated Net Book SEPTEMBER 30, 2018 Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748,115 $ 5,913,696 $ 1,249,093 $ 5,412,718 Mobile Industrial 2,480,474 30,571,842 195,973 32,856,343 Arizona: Tolleson (Phoenix) Industrial 1,316,075 15,508,151 6,144,623 10,679,603 Colorado: Colorado Springs Industrial 2,150,000 27,170,066 1,593,580 27,726,486 Denver Industrial 1,150,000 5,204,051 1,704,122 4,649,929 Connecticut: Newington (Hartford) Industrial 410,000 3,084,108 1,377,254 2,116,854 Florida: Cocoa Industrial 1,881,316 12,246,133 2,758,147 11,369,302 Davenport (Orlando) Industrial 7,060,000 30,720,000 1,706,667 36,073,333 Daytona Beach Industrial 3,119,640 26,853,559 344,276 29,628,923 Ft. Myers (FDX Ground) Industrial 2,486,417 19,177,218 842,928 20,820,707 Homestead (Miami) Industrial 4,426,727 33,446,393 1,072,000 36,801,120 Jacksonville (FDX) Industrial 1,165,000 5,231,958 2,619,003 3,777,955 Jacksonville (FDX Ground) Industrial 6,000,000 24,735,702 2,323,375 28,412,327 Lakeland Industrial 261,000 1,782,226 573,621 1,469,605 Orlando Industrial 2,200,000 6,574,524 1,830,818 6,943,706 Punta Gorda Industrial -0- 4,133,510 1,058,498 3,075,012 Tampa (FDX Ground) Industrial 5,000,000 14,701,575 4,921,899 14,779,676 Tampa (FDX) Industrial 2,830,000 5,027,120 1,515,388 6,341,732 Tampa (Tampa Bay Grand Prix) Industrial 1,867,000 3,810,982 1,144,249 4,533,733 Georgia: Augusta (FDX Ground) Industrial 614,406 4,748,899 1,509,465 3,853,840 Augusta (FDX) Industrial 380,000 1,597,779 463,245 1,514,534 Braselton (Atlanta) Industrial 13,964,652 46,262,482 98,855 60,128,279 Griffin (Atlanta) Industrial 760,000 14,173,683 4,493,178 10,440,505 Savannah Industrial 4,404,988 51,620,957 882,410 55,143,535 Illinois: Burr Ridge (Chicago) Industrial 270,000 1,422,901 741,290 951,611 Elgin (Chicago) Industrial 1,280,000 5,697,442 2,436,368 4,541,074 Granite City (St. Louis, MO) Industrial 340,000 12,357,848 5,183,974 7,513,874 Montgomery (Chicago) Industrial 2,000,000 9,303,317 2,761,952 8,541,365 Rockford (Collins Aerospace) Industrial 480,000 4,620,000 473,846 4,626,154 Rockford (Sherwin-Williams Co.) Industrial 1,100,000 4,451,227 859,960 4,691,267 Sauget (St. Louis, MO) Industrial 1,890,000 13,314,950 1,366,159 13,838,791 Schaumburg (Chicago) Industrial 1,039,800 4,138,140 2,283,345 2,894,595 Wheeling (Chicago) Industrial 5,112,120 13,870,354 4,430,770 14,551,704 Indiana: Greenwood (Indianapolis) Industrial 2,250,000 35,262,071 3,091,837 34,420,234 Indianapolis Industrial 3,745,572 21,758,510 2,239,839 23,264,243 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2018 (cont’d) Type Land Improvements Depreciation Value Iowa: Urbandale (Des Moines) Industrial $ 310,000 $ 2,213,644 $ 1,211,364 $ 1,312,280 Kansas: Edwardsville (Kansas City) (Carlisle Tire) Industrial 1,185,000 6,047,986 2,538,608 4,694,378 Edwardsville (Kansas City) (International Paper) Industrial 2,750,000 15,544,108 2,001,778 16,292,330 Olathe (Kansas City) Industrial 2,350,000 29,387,000 1,632,611 30,104,389 Topeka Industrial -0- 3,679,843 896,483 2,783,360 Kentucky: Buckner (Louisville) Industrial 2,280,000 24,527,852 3,114,323 23,693,529 Frankfort (Lexington) Industrial 1,850,000 26,150,000 2,570,299 25,429,701 Louisville Industrial 1,590,000 9,714,000 581,179 10,722,821 Louisiana: Covington (New Orleans) Industrial 2,720,000 15,690,000 1,139,872 17,270,128 Maryland: Beltsville (Washington, DC) Industrial 3,200,000 11,312,355 4,151,339 10,361,016 Michigan: Walker (Grand Rapids) Industrial 4,034,363 27,620,623 1,062,332 30,592,654 Livonia (Detroit) Industrial 320,000 13,442,030 2,046,869 11,715,161 Orion Industrial 4,649,971 18,240,153 4,488,942 18,401,182 Romulus (Detroit) Industrial 531,000 4,201,671 2,043,189 2,689,482 Minnesota: Stewartville (Rochester) Industrial 900,000 4,320,000 553,846 4,666,154 Mississippi: Olive Branch (Memphis, TN)(Anda Pharmaceuticals, Inc.) Industrial 800,000 13,750,000 2,203,526 12,346,474 Olive Branch (Memphis, TN)(Milwaukee Tool) Industrial 2,550,000 34,364,917 4,044,199 32,870,718 Richland (Jackson) Industrial 211,000 1,689,691 982,066 918,625 Ridgeland (Jackson) Industrial 218,000 1,667,254 1,313,173 572,081 Missouri: Kansas City (Bunzl) Industrial 1,000,000 8,980,250 885,643 9,094,607 Liberty (Kansas City) Industrial 723,000 6,674,881 3,497,982 3,899,899 O’Fallon (St. Louis) Industrial 264,000 3,981,913 2,361,768 1,884,145 St. Joseph Industrial 800,000 12,563,648 5,452,138 7,911,510 Nebraska: Omaha Industrial 1,170,000 4,774,691 2,358,451 3,586,240 New Jersey: Carlstadt (New York, NY) Industrial 1,194,000 3,748,402 1,029,584 3,912,818 Somerset Shopping Center 34,317 3,077,460 1,589,653 1,522,124 New York: Cheektowaga (Buffalo) Industrial 4,796,765 6,164,058 1,851,798 9,109,025 Halfmoon (Albany) Industrial 1,190,000 4,335,600 722,600 4,803,000 Hamburg (Buffalo) Industrial 1,700,000 33,150,000 1,700,000 33,150,000 North Carolina: Concord (Charlotte) Industrial 4,305,000 28,739,797 2,314,361 30,730,436 Concord (Charlotte) Industrial 4,306,684 35,736,461 1,069,039 38,974,106 Fayetteville Industrial 172,000 5,279,629 2,931,202 2,520,427 Winston-Salem Industrial 980,000 6,266,326 2,617,877 4,628,449 Ohio: Bedford Heights (Cleveland) Industrial 990,000 5,929,836 1,893,515 5,026,321 Cincinnati Industrial 800,000 5,950,000 470,406 6,279,594 Kenton Industrial 854,780 17,026,827 454,776 17,426,831 Lebanon (Cincinnati) Industrial 240,000 4,212,425 704,125 3,748,300 Monroe (Cincinnati) Industrial 1,800,000 15,724,760 1,023,271 16,501,489 Richfield (Cleveland) Industrial 2,676,848 13,770,330 3,083,114 13,364,064 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2018 (cont’d) Type Land Improvements Depreciation Value Stow Industrial $ 1,429,715 $ 17,504,350 $ 448,829 $ 18,485,236 Streetsboro (Cleveland) Industrial 1,760,000 17,840,000 2,973,333 16,626,667 West Chester Twp. (Cincinnati) Industrial 695,000 5,038,686 2,305,181 3,428,505 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410,000 11,174,462 1,599,042 10,985,420 Oklahoma City (Bunzl) Industrial 844,688 7,883,751 252,684 8,475,755 Oklahoma City (Amazon) Industrial 1,618,240 28,260,702 603,861 29,275,081 Tulsa Industrial 790,000 2,958,031 391,119 3,356,912 Pennsylvania: Altoona Industrial 1,200,000 7,822,966 986,269 8,036,697 Imperial (Pittsburgh) Industrial 3,700,000 16,250,000 1,076,389 18,873,611 Monaca (Pittsburgh) Industrial 401,716 7,508,950 2,957,471 4,953,195 South Carolina: Aiken (Augusta, GA) Industrial 1,362,458 19,677,937 630,703 20,409,692 Charleston (FDX) Industrial 4,639,283 16,880,128 397,072 21,122,339 Charleston (FDX Ground) Industrial 7,103,106 39,473,274 168,689 46,407,691 Ft. Mill (Charlotte, NC) Industrial 1,746,822 15,327,214 2,654,658 14,419,378 Hanahan (Charleston)(SAIC) Industrial 1,129,000 12,281,102 4,343,346 9,066,756 Hanahan (Charleston)(FDX Ground) Industrial 930,000 6,684,653 2,071,138 5,543,515 Tennessee: Chattanooga Industrial 300,000 4,838,540 1,388,863 3,749,677 Lebanon (Nashville) Industrial 2,230,000 11,985,126 2,151,164 12,063,962 Memphis Industrial 1,234,987 13,380,000 2,916,162 11,698,825 Shelby County Vacant Land 11,065 -0- -0- 11,065 Texas: Carrollton (Dallas) Industrial 1,500,000 16,319,203 3,555,283 14,263,920 Corpus Christi Industrial -0- 4,808,330 797,350 4,010,980 Edinburg Industrial 1,000,000 11,039,014 1,472,631 10,566,383 El Paso Industrial 3,225,195 9,205,997 1,977,282 10,453,910 Ft. Worth (Dallas) Industrial 8,200,000 27,100,832 2,200,495 33,100,337 Houston Industrial 1,661,120 6,502,158 1,440,389 6,722,889 Lindale (Tyler) Industrial 540,000 9,425,550 966,498 8,999,052 Mesquite (Dallas) Industrial 6,247,658 43,632,835 1,398,488 48,482,005 Spring (Houston) Industrial 1,890,000 17,404,396 2,077,166 17,217,230 Waco Industrial 1,350,000 11,201,368 1,498,728 11,052,640 Virginia: Charlottesville Industrial 1,170,000 3,285,702 1,588,202 2,867,500 Mechanicsville (Richmond) Industrial 1,160,000 6,632,395 3,007,443 4,784,952 Richmond Industrial 446,000 4,322,309 1,545,670 3,222,639 Roanoke (CHEP USA) Industrial 1,853,000 5,610,672 1,706,454 5,757,218 Roanoke (FDX Ground) Industrial 1,740,000 8,460,000 1,147,885 9,052,115 Washington: Burlington (Seattle/Everett) Industrial 8,000,000 22,228,547 1,426,792 28,801,755 Wisconsin: Cudahy (Milwaukee) Industrial 980,000 8,786,361 3,296,930 6,469,431 Green Bay Industrial 590,000 5,980,000 766,667 5,803,333 Total as of September 30, 2018 $ 224,719,083 $ 1,494,859,336 $ 207,065,634 $ 1,512,512,785 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 (1) 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 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) 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) 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 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 (cont’d) Type Land Improvements Depreciation Value 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 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 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 (cont’d) Type Land Improvements Depreciation Value 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 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. |
Acquisitions, Expansions and Di
Acquisitions, Expansions and Dispositions | 12 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions, Expansions and Dispositions | NOTE 3 – ACQUISITIONS, EXPANSIONS AND DISPOSITIONS Fiscal 2018 Acquisitions accounted for as asset acquisitions On November 2, 2017, we 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 FedEx Corporation (FDX), for 15 years through August 2032. The purchase price was $21,872,170. We 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 $1,315,000. On November 30, 2017, we purchased a newly constructed 300,000 square foot industrial building, situated on 123.0 acres, located in Oklahoma City, OK. The building is 100% net-leased to Amazon.com Services, Inc. for 10 years through October 2027. The lease is guaranteed by Amazon.com, Inc. The purchase price was $30,250,000. We obtained a 10 year mortgage loan, amortizing over 18 years, of $19,600,000 at a fixed interest rate of 3.64%. Annual rental revenue over the remaining term of the lease averages approximately $1,884,000. On January 22, 2018, we purchased a newly constructed 831,764 square foot industrial building, situated on 62.4 acres, located in Savannah, GA. The building is 100% net-leased to Shaw Industries, Inc. for 10 years through September 2027. The purchase price was $57,483,636. We obtained a 14 year fully-amortizing mortgage loan of $33,300,000 at a fixed interest rate of 3.53%. Annual rental revenue over the remaining term of the lease averages approximately $3,551,000. On April 6, 2018, we purchased a newly constructed 399,440 square foot industrial building, situated on 27.5 acres, located in Daytona Beach, FL. The building is 100% net-leased to B. Braun Medical Inc. for 10 years through April 2028. The purchase price was $30,750,540. We obtained a 15 year fully-amortizing mortgage loan of $19,500,000 at a fixed interest rate of 4.25%. Annual rental revenue over the remaining term of the lease averages approximately $2,130,000. On June 28, 2018, we purchased a newly constructed 362,942 square foot industrial building, situated on 31.3 acres, located in Mobile, AL. The building is 100% net-leased to Amazon.com Services, Inc. for 11 years through November 2028. The lease is guaranteed by Amazon.com, Inc. The purchase price was $33,688,276. We obtained a 14 year fully-amortizing mortgage loan of $19,000,000 at a fixed interest rate of 4.14%. Annual rental revenue over the remaining term of the lease averages approximately $2,020,000. On August 15, 2018, we purchased a newly constructed 265,318 square foot industrial building, situated on 48.9 acres, located in Charleston, SC. The building is 100% net-leased to FedEx Ground Package System, Inc. for 15 years through June 2033. The purchase price was $47,174,296. We obtained a 15 year fully-amortizing mortgage loan of $29,860,000 at a fixed interest rate of 3.82%. Annual rental revenue over the remaining term of the lease averages approximately $2,713,000. On September 6, 2018, we purchased a newly constructed 373,750 square foot industrial building, situated on 92.6 acres, located in Braselton, GA which is in the Atlanta Metropolitan Statistical Area (MSA). The building is 100% net-leased to FedEx Ground Package System, Inc. for 15 years through February 2033. The purchase price was $61,113,264. We obtained a 15 year fully-amortizing mortgage loan of $39,700,000 at a fixed interest rate of 4.02%. Annual rental revenue over the remaining term of the lease averages approximately $3,801,000. We evaluated the property acquisitions which took place during the twelve months ended September 30, 2018, to determine whether an integrated set of assets and activities meets the definition of a business, pursuant to ASU 2017-01. Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions. Accordingly, we accounted for all seven properties purchased during fiscal 2018 as asset acquisitions and allocated the total cash consideration, including transaction costs of approximately $1,071,000, 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 our purchase price allocation for these seven properties acquired during the fiscal year 2018 that were accounted for as asset acquisitions: Land $ 37,330,383 Building 239,890,739 In-Place Leases 6,181,731 The following table summarizes the operating results included in our consolidated statements of income for the fiscal year ended September 30, 2018 for the seven properties acquired during the twelve months ended September 30, 2018: Year Ended 9/30/2018 Rental Revenues $ 7,429,989 Net Income Attributable to Common Shareholders 2,131,150 FedEx Ground Package System, Inc.’s ultimate parent, FDX, Amazon.com, Inc. and Shaw Industries, Inc.’s ultimate parent, Berkshire Hathaway, Inc. are publicly-owned companies and financial information related to these entities is available at the SEC’s website, www.sec.gov. www.sec.gov Fiscal 2018 Expansions 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 $1,683,000, 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 $1,715,000, or $5.23 per square foot. On September 27, 2018, a parking lot expansion for a property leased to FedEx Ground Package System, Inc., located in Ft. Mill, SC was completed for a total project cost of approximately $1,834,000, resulting in a new 10 year lease which extended the prior lease expiration date from October 2023 to August 2028. In addition, the expansion resulted in an increase in annual rent effective from the date of completion of approximately $183,000 from approximately $1,415,000, or $8.00 per square foot, to approximately $1,598,000, or $9.03 per square foot. Fiscal 2018 Dispositions Two leases were set to expire during fiscal 2018 with Kellogg Sales Company (Kellogg) for our 65,067 square foot facility located in Kansas City, MO through July 31, 2018 and our 50,400 square foot facility located in Orangeburg, NY through February 28, 2018. Kellogg informed us that they would not be renewing these leases. On December 18, 2017, we sold our property located in Kansas City, MO for $4,900,000, with net sale proceeds of approximately $4,602,000 and, on December 22, 2017, we sold our property located in Orangeburg, NY for $6,170,000, with net sale proceeds of approximately $5,898,000. In conjunction with the sale of these two properties, we simultaneously entered into a lease termination agreement for each property whereby we received a termination fee from Kellogg totaling approximately $210,000 which represents a weighted average of 80% of the then remaining rent due under each respective lease. On June 1, 2018, we sold a 68,370 square foot building located in Colorado Springs, CO for $5,800,000, with net sale proceeds of approximately $5,465,000. Prior to the sale of this property, it was leased to FedEx Ground Package System, Inc. through September 2018. The tenant informed us that they would not be renewing this lease because they have moved their operations from our former 68,370 square foot facility to our newly constructed 225,362 square foot facility, which is also located in Colorado Springs, CO. On June 9, 2016, we purchased this newly constructed 225,362 square foot industrial building, which is leased to FedEx Ground Package System, Inc. for 10 years through January 2026. On June 5, 2018, we sold an 87,500 square foot vacant building located in Ft. Myers, FL for $6,400,000, with net sale proceeds of approximately $6,119,000. Prior to this property becoming vacant, it was leased to FedEx Ground Package System, Inc. through June 2017. FedEx Ground Package System, Inc. vacated this property because they moved their operations to our newly constructed 213,672 square foot facility, which is also located in Ft. Myers, FL. We purchased this newly constructed facility on December 30, 2016 and it is leased to FedEx Ground Package System, Inc. for 10 years through August 2027. These four properties sold during fiscal 2018, resulted in a U.S. GAAP net realized gain of approximately $7,485,000, representing a 51% gain over the depreciated U.S. GAAP basis and a net realized gain over our historic undepreciated cost basis of approximately $1,160,000, representing a 6% net gain over our historic undepreciated cost basis. Fiscal 2017 Acquisitions accounted for as business combinations On October 17, 2016, we purchased a newly constructed 338,584 square foot industrial building located in Hamburg, NY, which is in the Buffalo 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. We 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, we completed our evaluation of the acquired lease. As a result of our evaluation, we allocated $250,000 to an Intangible Asset associated with the lease in-place. On December 30, 2016, we 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. We 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, we completed our evaluation of the acquired lease. As a result of our evaluation, we 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. Fiscal 2017 Acquisitions accounted for as asset acquisitions On April 5, 2017, we 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. We 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, we 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. We 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, we 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. We 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, we 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. We 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, we 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. We 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, we 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. We 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, we 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. We 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, we 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. We 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. We 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 we early-adopted effective April 1, 2017. Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions. Accordingly, we 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 of approximately $431,000, 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 our 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 our consolidated statements of income for the years 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 Attributable to Common Shareholders 2,156,885 FedEx Ground Package System, Inc.’s ultimate parent, FDX, 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 2017 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. 2017 Disposition During the prior year, in October 2016, we sold our 59,425 square foot industrial building situated on 4.78 acres located in White Bear Lake, MN for net proceeds of approximately $4,126,000, which was approximately our carrying value. Consolidated Statements of Income for the three fiscal years ended September 30, 2018, 2017 and 2016 of properties sold during the periods presented Since the sale of the four properties sold during fiscal 2018 (as discussed previously) and the one property sold during fiscal 2017, does not represent a strategic shift that has a major effect on our operations and financial results, the operations generated from these five properties are not included in Discontinued Operations. The following table summarizes the operations of these five properties, prior to their sales, that are included in the accompanying Consolidated Statements of Income for the three fiscal years ended September 30, 2018, 2017 and 2016: 2018 2017 2016 Rental and Reimbursement Revenue $ 928,808 $ 2,051,835 $ 2,138,713 Lease Termination Income 210,261 -0- -0- Real Estate Taxes (211,928 ) (351,645 ) (341,174 ) Operating Expenses (109,735 ) (169,605 ) (104,363 ) Depreciation & Amortization (79,137 ) (513,879 ) (517,554 ) Interest Expense (38,272 ) (143,510 ) (221,595 ) Income from Operations 699,997 873,196 954,027 Gain (Loss) on Sale of Real Estate Investment 7,485,266 (95,336 ) -0- Net Income $ 8,185,263 $ 777,860 $ 954,027 Pro forma information (unaudited) The following unaudited pro forma condensed financial information has been prepared utilizing our historical financial statements and the effect of additional revenue and expenses generated from the properties acquired and expanded subsequent to our fiscal yearend (see Note 17) and from the properties acquired and expanded during fiscal years 2018 and 2017, assuming that these acquisitions and these completed expansions had occurred as of October 1, 2016, 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 our 6.125% Series C Cumulative Redeemable Preferred Stock less the redemptions of our 7.625% Series A Cumulative Redeemable Preferred Stock redeemed on October 14, 2016 and our 7.875% Series B Cumulative Redeemable Preferred Stock redeemed on June 7, 2017 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, 2016. In addition, Net Income Attributable to Common Shareholders excludes the operating expenses incurred during fiscal 2018 and 2017 for the five properties that were sold during the periods presented. 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, 2016. 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 2018 Fiscal Year 2017 Rental Revenues $ 130,401,800 $ 130,644,200 Net Income Attributable to Common Shareholders 31,382,200 26,411,000 Basic Net Income per Share Attributable to Common Shareholders $ 0.39 $ 0.32 Diluted Net Income per Share Attributable to Common Shareholders $ 0.38 $ 0.32 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 September 30, 2017 Topeka, KS $ 102,867 $ 137,156 Carrollton (Dallas), TX 2,283 9,134 Ft. Mill (Charlotte, NC), SC 91,595 183,191 Lebanon (Nashville), TN 119,926 140,783 Rockford, IL (Sherwin-Williams Co.) 105,293 125,349 Edinburg, TX 166,122 223,078 Corpus Christi, TX 66,912 89,853 Halfmoon (Albany), NY 157,578 207,339 Lebanon (Cincinnati), OH 54,402 147,663 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals) 703,205 886,650 Livonia (Detroit), MI 239,464 307,882 Stewartville (Rochester), MN 21,984 26,695 Buckner (Louisville), KY 329,941 351,816 Edwardsville (Kansas City), KS (International Paper) 366,666 441,243 Lindale (Tyler), TX 201,312 236,323 Sauget (St. Louis, MO), IL 22,545 24,659 Rockford, IL (Collins Aerospace Systems) 68,348 76,159 Kansas City, MO 15,325 20,434 Monroe, OH (Cincinnati) 364,530 396,460 Cincinnati, OH 39,246 42,814 Imperial, PA (Pittsburgh) 61,617 70,116 Burlington, WA (Seattle/Everett) 375,265 406,756 Colorado Springs, CO 278,699 316,703 Hamburg (Buffalo), NY 215,517 232,759 Ft. Myers, FL 184,272 194,209 Walker (Grand Rapids), MI 448,835 482,498 Aiken (Augusta, GA), SC 854,091 916,969 Mesquite (Dallas), TX 737,832 792,486 Homestead (Miami), FL 513,201 551,216 Oklahoma City, OK (Bunzl) 240,468 281,110 Concord (Charlotte), NC 581,352 623,890 Kenton, OH 438,035 487,160 Stow, OH 521,166 579,612 Charleston, SC (FDX) 377,988 -0- Oklahoma City, OK (Amazon) 669,693 -0- Savannah, GA 1,402,816 -0- Daytona Beach, FL 765,687 -0- Mobile, AL 1,016,789 -0- Charleston, SC (FDX Ground) 667,358 -0- Braselton (Atlanta), GA 999,531 -0- Total Intangible Assets, net of Accumulated Amortization $ 14,589,756 $ 10,010,165 Amortization expense related to the intangible assets attributable to acquired in-place leases was $1,510,660, $969,751 and $1,076,776 for the years ended September 30, 2018, 2017 and 2016, respectively. We estimate that the aggregate amortization expense for these existing intangible assets will be approximately $1,737,000, $1,589,000, $1,582,000, $1,431,000, and $1,263,000 for each of the fiscal years 2019, 2020, 2021, 2022 and 2023, respectively. The amount that is being amortized into rental revenue related to the intangible assets attributable to acquired above market leases was $102,708 for the year ended September 30, 2018 and $101,968 for each of the years ended September 30, 2017 and 2016, respectively. We estimate 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 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, 2018 | |
Risks and Uncertainties [Abstract] | |
Significant Concentrations of Credit Risk | NOTE 5 – SIGNIFICANT CONCENTRATIONS OF CREDIT RISK As of September 30, 2018, we had approximately 21,174,000 square feet of property, of which approximately 10,083,000 square feet, or 48%, consisting of 60 separate stand-alone leases, were leased to FedEx Corporation (FDX) and its subsidiaries, (7% to FDX and 41% to FDX subsidiaries). These properties are located in 24 different states. As of September 30, 2018, the 60 separate stand-alone leases that are leased to FDX and FDX subsidiaries had a weighted average lease maturity of 9.4 years. As of September 30, 2018, the only tenants that leased 5% or more of our total square footage were FDX and its subsidiaries. The tenants that leased more than 5% of total rentable square footage as of September 30, 2018, 2017, and 2016 were as follows: 2018 2017 2016 FDX and Subsidiaries 48 % 50 % 47 % Milwaukee Electric Tool Corporation (lease commenced fiscal 2013, expanded fiscal 2016) <5% 5 % 5 % During fiscal 2018, 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, 2018, 2017 and 2016, respectively, totaled approximately $80,726,000, $68,151,000 and $52,793,000, or 58% (7% from FDX and 51% from FDX subsidiaries), 59% (7% from FDX and 52% from FDX subsidiaries) and 55% (9% from FDX and 46% from FDX subsidiaries), of total rent and reimbursement revenues. No other tenant accounted for 5% or more of our total Rental and Reimbursement revenue for the fiscal years ended September 30, 2018, 2017 and 2016. In addition to real estate property holdings, we held $154,920,545 in marketable REIT securities at September 30, 2018, representing 8.0% of our undepreciated assets (which is our total assets excluding accumulated depreciation). These liquid real estate holdings are not included in calculating the tenant concentration ratios above and therefore further increase our diversification. The securities portfolio provides us 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, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | NOTE 6 – SECURITIES AVAILABLE FOR SALE Our securities available for sale consist primarily of marketable common and preferred stock securities of other REITs. We generally limit our investment in marketable securities to be no more than approximately 10% of our undepreciated assets (which is our total assets excluding accumulated depreciation). We do not own more than 10% of the outstanding shares of any of these issuers, nor do we have a controlling financial interest. As of September 30, 2018, we held $154,920,545 in marketable REIT securities, representing 8.0% of our undepreciated assets. We normally hold REIT securities long-term and have the ability and intent to hold these securities to recovery. We have total net unrealized losses on our securities portfolio of $24,744,579 as of September 30, 2018. We held eight securities that we determined were temporarily impaired investments as of September 30, 2018. We consider 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, 2018: Less than 12 Months 12 Months or Longer Unrealized Unrealized Description of Securities Fair Value Losses Fair Value Losses Preferred stock $ 3,194,000 $ (1,613,782 ) $ -0- $ -0- Common stock 93,367,200 (30,622,150 ) -0- -0- Total $ 96,561,200 $ (32,235,932 ) $ -0- $ -0- The following is a summary of the range of losses: Number of Individual Securities Fair Value Unrealized Losses % Loss 2 $ 21,980,000 $ (351,051 ) 0-5 % 2 31,996,000 (3,562,067 ) 6-10 % 1 5,593,000 (825,791 ) 13 % 2 21,032,200 (9,931,597 ) 30-40 % 1 15,960,000 (17,565,426 ) 52 % 8 $ 96,561,200 $ (32,235,932 ) We had a $26,608,676 and $10,091,417 margin loan balance as of September 30, 2018 and 2017, respectively. The margin loan balance is collateralized by the securities portfolio. Subsequent to fiscal yearend, on October 9, 2018, we paid off the margin loan. Dividend income for the fiscal years ended September 30, 2018, 2017 and 2016 totaled $13,099,317, $6,919,973, and $5,607,403, respectively. We received proceeds of $2,620,166, $17,274,946 and $22,774,768 on sales or redemptions of securities available for sale during fiscal years 2018, 2017 and 2016, respectively. We recorded the following realized Gain on Sale of Securities Transactions, net for the fiscal years ended September 30: 2018 2017 2016 Gross realized gains $ 112,272 $ 2,320,561 $ 4,403,724 Gross realized losses (885 ) (8,847 ) (5,125 ) Gains on Sale of Securities Transactions, net $ 111,387 $ 2,311,714 $ 4,398,599 The following is a listing of our investments in securities at September 30, 2018: Description Series Interest Rate/ Dividend Number of Shares Cost Estimated Market Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 200,000 $ 4,807,782 $ 3,194,000 Cedar Realty Trust, Inc. B 7.25 % 5,789 135,893 143,277 Dynex Capital, Inc. A 8.50 % 10,000 250,000 254,400 iStar Financial, Inc. D 8.00 % 3,468 71,502 86,492 iStar Financial, Inc. I 7.50 % 41,383 872,236 1,005,603 UMH Properties, Inc. (1) B 8.00 % 100,000 2,500,000 2,625,700 Total Equity Securities - Preferred Stock $ 8,637,413 $ 7,309,472 Description Number of Shares Cost Estimated Market Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 4,000,000 $ 33,525,425 $ 15,960,000 Franklin Street Properties 700,000 6,418,791 5,593,000 Government Properties Income Trust 1,580,000 26,156,016 17,838,200 Industrial Logistics Property Trust 100,000 2,116,778 2,301,000 Kimco Realty Corporation 1,200,000 20,337,749 20,088,000 Pennsylvania Real Estate Investment Trust 200,000 1,993,302 1,892,000 Select Income REIT 800,000 17,394,728 17,552,000 Senior Housing Property Trust 900,000 15,463,221 15,804,000 VEREIT, Inc. 3,100,000 25,016,451 22,506,000 Washington Prime Group, Inc. 1,300,000 10,541,616 9,490,000 UMH Properties, Inc. (1) 1,188,220 12,060,637 18,583,765 Total Equity Securities - Common Stock $ 171,024,714 $ 147,607,965 Interest Rate/ Dividend Number of Shares Cost Estimated Market Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500,000 $ 2,997 $ 3,108 Total Securities Available for Sale $ 179,665,124 $ 154,920,545 (1) Investment is in a related company. See Note No. 11 for further discussion. The following is a listing of our investments in securities at September 30, 2017: Description Series Interest Rate/ Dividend Number of Shares Cost Estimated Market 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 Description Number of Shares Cost Estimated Market Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 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/ Dividend Number of Shares Cost Estimated Market 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. |
Mortgage Notes and Loans Payabl
Mortgage Notes and Loans Payable | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018. Interest is payable on these mortgages at fixed rates ranging from 3.45% to 7.60%, with a weighted average interest rate of 4.07%. This compares to a weighted average interest rate of 4.18% as of September 30, 2017. As of September 30, 2018, the weighted average loan maturity of the Mortgage Notes Payable was 11.7 years. This compares to a weighted average loan maturity of the Mortgage Notes Payable of 11.6 years as of September 30, 2017. As described in Note 3, during fiscal year ended September 30, 2018, we entered into seven mortgages in connection with the acquisitions of properties in Charleston, SC (FDX); Oklahoma City, OK; Savannah, GA; Daytona Beach, FL; Mobile, AL, Charleston, SC (FDX Ground) and Braselton (Atlanta), GA. These seven mortgages consisted of four 15 year fully-amortizing mortgage loans, two 14 year fully-amortizing mortgage loans and one 10 year loan amortizing over 18 years. These seven mortgage loans originally totaled $175,160,000, with an original weighted average mortgage loan maturity of 14.1 years and a weighted average interest rate of 3.91%. During the fiscal year ended September 30, 2018, we fully repaid the mortgage loans for five of our properties located in Colorado Springs, CO; Richfield (Cleveland), OH; Tampa, FL; West Chester Twp. (Cincinnati), OH and Orlando, FL, totaling approximately $12,487,000. During the fiscal year ended September 30, 2017, we fully repaid 16 mortgage loans associated with 15 of our 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, 2018 and 2017: 9/30/2018 9/30/2017 Amount Weighted Average Interest Rate (1) Amount Weighted Average Interest Rate (1) Fixed Rate Mortgage Notes Payable $ 719,768,355 4.07 % $ 598,962,567 4.18 % Debt Issuance Costs $ 11,715,985 $ 10,597,083 Accumulated Amortization of Debt Issuance Costs (3,493,279 ) (2,998,887 ) Unamortized Debt Issuance Costs $ 8,222,706 $ 7,598,196 Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs $ 711,545,649 $ 591,364,371 (1) Weighted average interest rate excludes amortization of debt issuance costs. The following is a summary of our mortgage notes payable by property at September 30, 2018 and 2017: Property Fixed Rate Maturity Date Balance 9/30/18 Balance 9/30/17 Richfield, OH (Cleveland) (1) 5.22 % 01/01/18 $ -0- $ 2,724,856 Tampa, FL (FDX) (1) 5.65 % 04/01/18 -0- 3,654,913 West Chester Twp., OH (Cincinnati) (1) 6.80 % 06/01/18 -0- 1,820,753 Orlando, FL (1) 6.56 % 10/01/18 -0- 4,098,856 Tampa, FL (FDX Ground) 6.00 % 03/01/19 5,144,319 5,910,953 Lebanon, TN (Nashville) 7.60 % 07/10/19 7,217,469 7,446,653 Ft. Mill, SC (Charlotte, NC) 7.00 % 10/10/19 724,766 1,346,845 Denver, CO 6.07 % 11/01/19 414,049 746,617 Hanahan, SC (Charleston)(FDX Ground) 5.54 % 01/21/20 465,749 773,234 Augusta, GA (FDX Ground) 5.54 % 02/01/20 338,789 562,454 Huntsville, AL 5.50 % 03/01/20 370,903 589,073 Colorado Springs, CO (1) 5.41 % 01/01/21 -0- 1,043,704 Topeka, KS 6.50 % 08/10/21 860,364 1,119,836 Streetsboro, OH (Cleveland) 5.50 % 11/01/21 9,300,481 9,887,817 Kansas City, MO 5.18 % 12/01/21 6,633,001 6,799,803 Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) 4.80 % 04/01/22 7,564,186 8,171,480 Waco, TX 4.75 % 08/01/22 4,234,777 4,524,045 Houston, TX 6.88 % 09/10/22 2,148,201 2,619,835 Tolleson, AZ (Phoenix) 3.95 % 11/01/22 3,719,709 4,525,118 Edwardsville, KS (Kansas City)(International Paper) 3.45 % 11/01/23 9,189,343 9,931,292 Spring, TX (Houston) 4.01 % 12/01/23 7,924,865 8,537,878 Memphis, TN 4.50 % 01/01/24 5,061,376 5,882,668 Oklahoma City, OK (FDX Ground) 4.35 % 07/01/24 3,416,097 3,919,663 Indianapolis, IN 4.00 % 09/01/24 10,437,151 11,381,906 Frankfort, KY (Lexington) 4.84 % 12/15/24 16,639,132 17,560,855 Carrollton, TX (Dallas) 6.75 % 02/01/25 6,455,552 7,233,486 Altoona, PA (2) 4.00 % 10/01/25 3,253,281 3,642,839 Green Bay, WI (2) 4.00 % 10/01/25 2,640,432 2,956,605 Stewartville, MN (Rochester) (2) 4.00 % 10/01/25 2,115,962 2,369,334 Carlstadt, NJ (New York, NY) 5.25 % 05/15/26 1,580,181 1,743,353 Roanoke, VA (FDX Ground) 3.84 % 07/01/26 4,395,246 4,867,194 Livonia, MI (Detroit) 4.45 % 12/01/26 6,294,503 6,912,375 Oklahoma City, OK (Amazon) 3.64 % 12/01/27 19,013,593 -0- Olive Branch, MS (Memphis, TN)(Milwaukee Tool) 3.76 % 10/01/28 21,722,567 23,461,936 Tulsa, OK 4.58 % 11/01/28 1,685,288 1,812,575 Oklahoma City, OK (Bunzl) 4.13 % 07/01/29 5,537,962 5,935,346 Lindale, TX (Tyler) 4.57 % 11/01/29 5,638,258 6,016,758 Sauget, IL (St. Louis, MO) 4.40 % 11/01/29 8,563,797 9,145,097 Jacksonville, FL (FDX Ground) 3.93 % 12/01/29 16,243,754 17,370,102 Imperial, PA (Pittsburgh) 3.63 % 04/01/30 11,199,661 11,963,800 Monroe, OH (Cincinnati) 3.77 % 04/01/30 7,126,384 7,608,083 Greenwood, IN (Indianapolis) 3.91 % 06/01/30 20,159,025 21,485,141 Ft. Worth, TX (Dallas) 3.56 % 09/01/30 20,753,864 22,116,268 Concord, NC (Charlotte) 3.87 % 12/01/30 17,813,451 18,928,835 Covington, LA (New Orleans) 4.08 % 01/01/31 11,133,990 11,814,941 Burlington, WA (Seattle/Everett) 3.67 % 05/01/31 17,757,364 18,839,050 Louisville, KY 3.74 % 07/01/31 6,525,135 6,914,142 Colorado Springs, CO 3.90 % 07/01/31 16,651,710 17,632,728 Davenport, FL (Orlando) 3.89 % 09/01/31 23,702,918 25,077,642 Olathe, KS (Kansas City) 3.96 % 09/01/31 19,956,867 21,108,249 Hamburg, NY (Buffalo) 4.03 % 11/01/31 21,328,714 22,532,881 Ft. Myers, FL (FDX Ground) 3.97 % 01/01/32 13,280,803 14,021,964 Savannah, GA 3.53 % 02/01/32 32,215,696 -0- Walker, MI (Grand Rapids) 3.86 % 05/01/32 19,468,554 20,530,135 Mesquite, TX (Dallas) 3.60 % 07/01/32 30,928,224 32,623,355 Property Fixed Rate Maturity Date Balance 9/30/18 Balance 9/30/17 Aiken, SC (Augusta, GA) 4.20 % 07/01/32 $ 14,471,117 $ 15,227,062 Homestead, FL (Miami) 3.60 % 07/01/32 23,313,676 24,591,465 Mobile, AL 4.14 % 07/01/32 18,832,395 -0- Concord, NC (Charlotte) 3.80 % 09/01/32 24,863,355 26,184,000 Kenton, OH 4.45 % 10/01/32 11,473,387 12,000,000 Stow, OH 4.17 % 10/01/32 12,130,343 12,700,000 Charleston, SC (FDX) 4.23 % 12/01/32 13,683,131 -0- Daytona Beach, FL 4.25 % 05/31/33 19,187,819 -0- Charleston, SC (FDX Ground) 3.82 % 09/01/33 29,860,000 -0- Braselton, GA (Atlanta) 4.02 % 10/01/33 39,700,000 -0- Buckner, KY (Louisville) 4.17 % 11/01/33 15,305,669 16,014,719 Total Mortgage Notes Payable $ 719,768,355 $ 598,962,567 (1) Loan was prepaid in full during fiscal 2018. (2) One loan is secured by Altoona, PA, Green Bay, WI and Stewartville (Rochester), MN. Principal on the foregoing debt at September 30, 2018 is scheduled to be paid as follows: Year Ending September 30, 2019 $ 60,151,223 2020 48,605,542 2021 50,098,257 2022 72,031,353 2023 50,522,349 Thereafter 438,359,631 $ 719,768,355 The above table does not include a 15 year, fully-amortizing mortgage loan of $55,000,000 at a fixed interest rate of 4.13%, which was obtained subsequent to the 2018 fiscal yearend in connection with the purchase of a property for approximately $85,248,000. Loans Payable: BMO Capital Markets On August 27, 2015, we obtained an unsecured revolving line of credit (the “Facility”). The Facility is syndicated with three banks led by BMO, as sole lead arranger and sole book runner, 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, 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 our option. On September 30, 2016, we entered into an amendment to the Facility (the Amendment), pursuant to which we 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 our option, 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 capitalization rate to the NOI generated by our unencumbered, wholly-owned industrial properties. Effective, March 22, 2018, the capitalization rate applied to our NOI generated by our unencumbered, wholly-owned industrial properties was lowered from 7.0% to 6.5%, thus increasing the value of the borrowing base properties under the terms of the agreement. Borrowings under the Facility, will, at our election, either i) bear interest at LIBOR plus 140 basis points to 220 basis points, depending on our leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 40 basis points to 120 basis points, depending on our leverage ratio. Based on our leverage ratios as of September 30, 2018 and 2017, our borrowings bore interest at LIBOR plus 170 basis points, which was at an interest rate of 3.90% and 2.94% as of September 30, 2018 and 2017, respectively. As of September 30, 2018 and 2017, $160,000,000 and $110,000,000, respectively, was drawn down under the Facility. Subsequent to fiscal yearend, on October 9, 2018, we paid down $50,000,000 on the Facility which reduced our amount outstanding to $110,000,000. Margin Loans From time to time we use 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 our securities portfolio. We must maintain a coverage ratio of approximately 50%. The interest rate charged on the margin loan is the bank’s margin rate and was 2.75% and 2.05% as of September 30, 2018 and 2017, respectively. At September 30, 2018 and 2017, there was $26,608,676 and $10,091,417 outstanding on the margin loan, respectively. Subsequent to fiscal yearend, on October 9, 2018, we paid off the margin loan. For the three fiscal years ended September 30, 2018, amortization of financing costs included in interest expense was $1,220,983, $1,234,259 and $1,116,238, respectively. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Sep. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | NOTE 8 - OTHER LIABILITIES Other liabilities consist of the following as of September 30th: 9/30/18 9/30/17 Rent paid in advance $ 9,400,909 $ 9,108,097 Unearned reimbursement revenue 5,814,937 3,996,340 Tenant security deposits 715,177 582,170 Other 495,599 578,911 Total $ 16,426,622 $ 14,265,518 |
Stock Compensation Plan
Stock Compensation Plan | 12 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Plan | NOTE 9 - STOCK COMPENSATION PLAN At our Annual Meeting held on May 18, 2017, our common shareholders approved our Amended and Restated 2007 Incentive Award Plan (the Plan) which extended the term of our 2007 Incentive Award Plan for an additional 10 years, until March 13, 2027, added 1,600,000 shares of common stock to the share reserve, expanded the types of awards available for grant under the Plan and made 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 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. We account for our 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 2018, one employee was granted options to purchase 65,000 shares. During fiscal 2017, eleven employees were granted options to purchase 280,000 shares. During fiscal 2016, one employee was granted options to purchase 65,000 shares. The fair value of these options that were issued during the fiscal years 2018, 2017 and 2016 was $119,600, $416,400, and $48,100. The value of these options was determined based on the assumptions below and is being amortized over a one-year vesting period. For the fiscal years ended September 30, 2018, 2017 and 2016, amounts charged to compensation expense related to stock options totaled $167,799, $350,364 and $51,334, respectively. The remaining unamortized stock option expense was $29,900 as of September 30, 2018 which will be expensed in fiscal 2019. 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 2018, 2017 and 2016: 2018 2017 2016 Dividend yield 3.82 % 4.44 % 6.17 % Expected volatility 16.45 % 18.84 % 20.20 % Risk-free interest rate 2.37 % 2.26 % 2.09 % Expected lives (years) 8 8 8 Estimated forfeitures -0- -0- -0- A summary of the status of our stock option plan as of September 30, 2018, 2017 and 2016 is as follows: 2018 2017 2016 2018 Shares Weighted Average Exercise Price 2017 Shares Weighted Average Exercise Price 2016 Shares Weighted Average Exercise Price Outstanding at beginning of year 670,000 $ 11.75 455,000 $ 9.46 635,000 $ 8.68 Granted 65,000 17.80 280,000 14.43 65,000 10.37 Exercised (40,000 ) 14.24 (65,000 ) 7.22 (245,000 ) 7.69 Expired/Forfeited -0- -0- -0- -0- -0- -0- Outstanding at end of year 695,000 12.17 670,000 11.75 455,000 9.46 Exercisable at end of year 630,000 390,000 390,000 Weighted-average fair value of options granted during the year $ 1.84 $ 1.49 $ 0.74 The following is a summary of stock options outstanding as of September 30, 2018: 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 8 175,000 14.24 12/09/24 01/04/17 1 65,000 15.04 01/04/25 01/03/18 1 65,000 17.80 01/03/26 695,000 The aggregate intrinsic value of options outstanding as of September 30, 2018, 2017 and 2016 was $3,230,300, $2,974,400 and $2,189,850, respectively. The intrinsic value of options exercised in fiscal years 2018, 2017 and 2016 was $141,304, $585,650, and $884,350, respectively. The weighted-average remaining contractual term of the above options was 4.3, 5.1 and 4.2 years as of September 30, 2018, 2017 and 2016, respectively. Unrestricted Stock Effective September 12, 2017, a portion of our quarterly directors’ fee was paid with our unrestricted common stock. During fiscal 2018, 3,670 unrestricted shares of common stock were granted with a weighted average fair value on the grant date of $16.10 per share. During fiscal 2017, 836 unrestricted shares of common stock were granted with a fair value on the grant date of $15.92 per share. Restricted Stock In October 2017, we awarded 12,500 shares of restricted stock to one participant under our Plan. In September 2017, we awarded 11,000 shares of restricted stock to eleven participants under our Plan. In September 2016, we awarded 40,000 shares of restricted stock to one participant under our Plan. The grant date fair value of restricted stock grants awarded to participants was $205,875, $175,120 and $545,600 in fiscal 2018, 2017 and 2016, respectively. These grants vest in equal installments over five years. As of September 30, 2018, there remained a total of $484,543 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 3.1 years. For the fiscal years ended September 30, 2018, 2017 and 2016, amounts charged to compensation expense related to restricted stock grants totaled $207,008, $261,033 and $875,131, respectively. A summary of the status of our non-vested restricted stock awards as of September 30, 2018, 2017 and 2016 are presented below: 2018 2017 2016 2018 Shares Weighted-Average Grant Date Fair Value 2017 Shares Weighted-Average Grant Date Fair Value 2016 Shares Weighted-Average Grant Date Fair Value Non-vested at beginning of year 89,714 $ 12.15 117,897 $ 11.35 123,496 $ 10.08 Granted 12,500 16.47 11,000 15.92 40,000 13.64 Dividend Reinvested Shares 4,406 15.42 5,103 13.99 6,771 11.08 Vested (29,084 ) (16.99 ) (44,286 ) (15.74 ) (49,136 ) (10.06 ) Forfeited -0- -0- -0- -0- (3,234 ) (11.38 ) Non-vested at end of year 77,536 $ 13.18 89,714 $ 12.15 117,897 $ 11.35 As of September 30, 2018, there were 1,671,872 shares available for grant under the Plan. |
Income from Leases
Income from Leases | 12 Months Ended |
Sep. 30, 2018 | |
Leases [Abstract] | |
Income from Leases | NOTE 10 - INCOME FROM LEASES We derive income primarily from operating leases on our 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, 2018, we had a weighted average lease maturity of 8.1 years and our average annualized rent per occupied square foot was $6.01. Approximate minimum base rents due under non-cancellable leases as of September 30, 2018 are scheduled as follows: Fiscal Year Amount 2019 $ 122,292,000 2020 120,007,000 2021 118,094,000 2022 111,474,000 2023 106,679,000 thereafter 499,883,000 Total $ 1,078,429,000 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 11 - RELATED PARTY TRANSACTIONS Five of our 13 directors are also directors and shareholders of UMH. We hold common and preferred stock of UMH in our securities portfolio. See Note 6 for current holdings. During fiscal 2018, we made total purchases of 59,905 common shares of UMH for a total cost of $828,787, or a weighted average cost of $13.84 per share, which were purchased through UMH’s Dividend Reinvestment and Stock Purchase Plan. During fiscal 2018, UMH made total purchases of 101,304 of our common shares through our DRIP for a total cost of $1,566,624, or a weighted average cost of $15.46 per share. As of September 30, 2018, we had fourteen full-time employees and one part-time employee. Our Chairman of the Board is also the Chairman of the Board of UMH. Other than our Chairman of the Board, we do not share any employees with UMH. Effective January 12, 2015, we entered into a seven-year lease agreement to occupy 5,680 square feet for our current corporate office space. Rent for our current 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. We are also responsible for our proportionate share of real estate taxes and common area maintenance. Mr. Eugene W. Landy, the Founder and Chairman of the Board, owns a 24% interest in the entity that is the landlord of the property where our corporate office space is located. We believe that the aforesaid rent is no more than what we would pay for comparable space elsewhere. Daniel D. Cronheim is one of our directors and is also an Executive Vice President of David Cronheim Company (Cronheim) and Cronheim Management Services, Inc. (CMSI). Daniel Cronheim received $73,323, $75,880 and $49,500 for director’s fees in fiscal 2018, 2017 and 2016, respectively. We have not paid any fees to The David Cronheim Mortgage Corporation, an affiliated company of CMSI, over the last three fiscal years. |
Taxes
Taxes | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Taxes | NOTE 12 - TAXES Income Tax We have elected to be taxed as a REIT under the applicable provisions of the Code under Sections 856 to 860 and the comparable New Jersey Statutes. Under such provisions, we will not be taxed on that portion of our taxable income distributed currently to shareholders, provided that at least 90% of our taxable income is distributed. As we have and intend to continue to distribute all of our income, currently no provision has been made for income taxes. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and to federal income and excise taxes on our 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 We do not have a Federal excise tax liability for the calendar years 2018, 2017 and 2016, since we intend to or have distributed all of our 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, 2018, 2017 and 2016: 2018 Estimated (unaudited) 2017 Actual 2016 Actual Net income attributable to common shareholders $ 38,815,344 $ 22,942,234 $ 20,531,888 Book / tax difference on gains realized from capital transactions (7,596,653 ) (2,311,714 ) (4,398,599 ) Stock compensation expense 433,895 624,706 926,465 Deferred compensation -0- -0- -0- Other book / tax differences, net (1,038,925 ) (1,596,068 ) 1,298,104 Taxable income before adjustments 30,613,661 19,659,158 18,357,858 Add: capital gains 7,996,653 566,903 3,643,569 Estimated taxable income subject to 90% dividend requirement $ 38,610,314 $ 20,226,061 $ 22,001,427 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, 2018, 2017 and 2016: 2018 Estimated (unaudited) 2017 Actual 2016 Actual Cash dividends paid $ 53,586,063 $ 46,289,248 $ 42,034,183 Less: Portion designated capital gains distribution (7,996,653 ) (566,903 ) (3,643,569 ) Less: Return of capital (14,975,748 ) (7,361,734 ) (7,828,595 ) Estimated dividends paid deduction $ 30,613,662 $ 38,360,611 $ 30,562,019 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 13 - SHAREHOLDERS’ EQUITY Common Stock We have 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 at a discounted price (approximately 95% of market value) directly from us, from authorized but unissued shares of our 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, 2018, 2017 and 2016 were as follows: 2018 2017 2016 Amounts received $ 90,028,789 $ 91,931,831 $ 72,175,797 Less: Dividend reinvestments 12,928,356 10,125,894 8,369,146 Amounts received, net $ 77,100,433 $ 81,805,937 $ 63,806,651 Number of Shares Issued 5,816,443 6,632,713 6,515,750 The following cash distributions were paid to common shareholders during the years ended September 30, 2018, 2017 and 2016: 2018 2017 2016 Quarter Ended Amount Per Share Amount Per Share Amount Per Share December 31 $ 13,016,721 $ 0.17 $ 11,184,399 $ 0.16 $ 10,083,160 $ 0.16 March 31 13,302,878 0.17 11,428,917 0.16 10,384,295 0.16 June 30 13,522,569 0.17 11,697,727 0.16 10,647,332 0.16 September 30 13,743,895 0.17 11,978,205 0.16 10,919,396 0.16 $ 53,586,063 $ 0.68 $ 46,289,248 $ 0.64 $ 42,034,183 $ 0.64 On October 1, 2015, our Board of Directors approved a 6.7% increase in our 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, our Board of Directors approved a 6.3% increase in our 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. These two dividend raises represent a total increase of 13%. We have maintained or increased our common stock cash dividend for 27 consecutive years. On October 1, 2018, our Board of Directors approved a cash dividend of $0.17 per share, to be paid on December 17, 2018, to shareholders of record at the close of business on November 15, 2018. This represents an annualized dividend rate of $0.68 per share. Subsequent to fiscal year end, in October 2018, we completed a public offering of 9,200,000 shares of our Common Stock (including the underwriters’ option to purchase 1,200,000 additional shares) at a price of $15.00 per share, before underwriting discounts. We received net proceeds from the offering, after deducting underwriting discounts and all other transaction costs, of approximately $132,339,000. Preferred Stock 7.625% Series A Cumulative Redeemable Preferred Stock On September 14, 2016, we announced that we intended to redeem all 2,139,750 issued and outstanding shares of our 7.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (7.625% Series A Preferred Stock). We 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 we 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. Our Board of Directors has authorized and we have paid the following dividends on the 7.625% Series A Preferred Stock for the fiscal years ended September 30, 2017 and 2016: 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 7.875% Series B Cumulative Redeemable Preferred Stock On May 5, 2017, we announced that we intended to redeem all 2,300,000 issued and outstanding shares of our 7.875% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share (7.875% Series B Preferred Stock). We 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. We 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. Our Board of Directors has authorized and we have paid the following dividends on the Series B Preferred Stock for the fiscal years ended September 30, 2017 and 2016: 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 6.125% Series C Cumulative Redeemable Preferred Stock On September 13, 2016, we issued 5,400,000 shares of 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. We 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, we used $45,000,000 of such net proceeds from the offering to reduce the amounts outstanding under our Facility and on October 14, 2016, and as discussed above, we used $53,493,750 of such net proceeds from the offering to redeem all of the 2,139,750 issued and outstanding shares of our 7.625% Series A Preferred Stock. In addition, on October 14, 2016, we 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, we issued an additional 3,000,000 shares of our 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, we used the net proceeds from this offering to redeem all of the outstanding shares of our 7.875% Series B Preferred Stock. In addition, we 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, we entered into a Preferred Stock At-The-Market Sales Agreement Program with B. Riley FBR, Inc., or B. Riley (formerly FBR Capital Markets & Co.), that provided for the offer and sale of shares of our 6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share, with a liquidation preference of $25.00 per share, or our 6.125% Series C preferred stock, having an aggregate sales price of up to $100,000,000. On August 2, 2018, we replaced this program with a new Preferred Stock At-The-Market Sales Agreement Program (Preferred Stock ATM Program) that provides for the offer and sale from time to time of $125,000,000 of our 6.125% Series C preferred stock. Sales of shares of our 6.125% Series C preferred stock under the Preferred Stock ATM Program are in “at the market offerings” as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE, or on any other existing trading market for the 6.125% Series C preferred stock or to or through a market maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. We began selling shares through these programs on July 3, 2017. Since inception through September 30, 2018, we sold 3,088,001 shares under these programs at a weighted average price of $25.06 per share, and generated net proceeds, after offering expenses, of approximately $75,828,000, of which 1,648,556 shares were sold during the fiscal year ended 2018 at a weighted average price of $24.84 per share, and generated net proceeds, after offering expenses, of approximately $40,094,000. As of September 30, 2018, there is approximately $119,096,000 remaining that may be sold under the Preferred Stock ATM Program. As of September 30, 2018, 11,488,001 shares of the 6.125% Series C Preferred Stock were issued and outstanding. We have been and we intend to continue to use the proceeds raised through the Preferred Stock ATM Program to purchase properties and fund expansions of our existing properties in the ordinary course of business and for general corporate purposes. Our Board of Directors has authorized and we have paid the following dividends on our 6.125% Series C Preferred Stock for the fiscal years ended September 30, 2018 and 2017: Declaration Date Record Date Payment Date Dividend Dividend per Share 10/2/17 11/15/17 12/15/17 $ 4,080,685 $ 0.3828125 1/16/18 2/15/18 3/15/18 4,220,657 0.3828125 4/2/18 5/15/18 6/15/18 4,247,507 0.3828125 7/2/18 8/15/18 9/17/18 4,327,683 0.3828125 $ 16,876,532 $ 1.53125 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 our 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 our 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, we may, at our 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, we may, at our 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 1, 2018, our Board of Directors declared a quarterly dividend for the period September 1, 2018 through November 30, 2018, of $0.3828125 per share to be paid December 17, 2018 to shareholders of record as of the close of business on November 15, 2018. Repurchase of Stock On January 16, 2018, the Board of Directors reaffirmed our Share Repurchase Program (Repurchase Program) that authorizes us to purchase up to $10,000,000 in the aggregate of our 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 us to acquire any particular amount of common stock, and the program may be suspended, modified or discontinued at any time at our discretion without prior notice. We did not reacquire any of our shares of Common Stock during the fiscal year ended September 30, 2018, nor do we possess any reacquired shares of Common Stock as of September 30, 2018. The maximum dollar value that may be purchased under the Repurchase Program as of September 30, 2018 is $10,000,000. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 14 - FAIR VALUE MEASUREMENTS We follow 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. Our 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, 2018 and 2017: 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, 2018: Securities available for sale $ 154,920,545 $ 154,920,545 $ -0- $ -0- September 30, 2017: Securities available for sale $ 123,764,770 $ 123,764,770 $ -0- $ -0- In addition to our investments in Securities Available for Sale at Fair Value, we are required to disclose certain information about fair values of our 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 our entire holdings of a particular financial instrument. For a portion of our 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 of our control). 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 us 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, 2018, the fixed rate Mortgage Notes Payable fair value (estimated based upon expected cash outflows discounted at current market rates) amounted to $706,745,000 and the carrying value amounted to $719,768,355. When we acquired a property, prior to April 1, 2017, that was accounted for as a business combination, it was 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 were estimated based on independent third-party appraisals and fell within level 3 of the fair value hierarchy. |
Cash Flow
Cash Flow | 12 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow | NOTE 15 - CASH FLOW During fiscal years 2018, 2017 and 2016, we paid cash for interest of $31,335,763, $24,290,811 and $21,967,741, respectively. During fiscal years 2018, 2017 and 2016, we had $12,928,356, $10,125,894 and $8,369,146, respectively, of dividends which were reinvested that required no cash transfers. |
Contingencies, Commitments and
Contingencies, Commitments and Legal Matters | 12 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Legal Matters | NOTE 16 – CONTINGENCIES, COMMITMENTS AND LEGAL MATTERS From time to time, we can be subject to claims and litigation in the ordinary course of business. We do not believe that any such claim or litigation will have a material adverse effect on our consolidated balance sheet or results of operations. In addition to the property purchased subsequent to our fiscal yearend, as described in Note 17, we have entered into agreements to purchase two new build-to-suit, industrial buildings that are currently being developed in Georgia and North Carolina, consisting of approximately 398,000 square feet, with net-leased terms ranging from 10 to 15 years, with a weighted average lease term of 13.4 years. The purchase price for these properties is approximately $68,747,000 and both are leased to FedEx Ground Package System, Inc. Subject to satisfactory due diligence and other customary closing conditions and requirements, we anticipate closing these transactions during the first quarter of fiscal 2019 and fiscal 2020. In connection with one of these properties, we have entered into a commitment to obtain a 15 year, fully-amortizing mortgage loan of $17,500,000 with a fixed interest rate of 4.40%. We currently have one 154,800 square foot property expansion in progress at our property located in Monroe, OH which is expected to be completed in fiscal year 2019 for a total project cost of approximately $9,072,000. The expansion will result in a new 15 year lease which will extend the prior lease expiration date from February 2030 to January 2034. In addition, the expansion will result in an increase in initial annual rent effective from the date of completion by approximately $862,000 from approximately $961,000, or $4.14 per square foot, to approximately $1,823,000, or $4.71 per square foot. In addition, the annual rent will increase 2% per annum. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17 – SUBSEQUENT EVENTS Material subsequent events have been evaluated and are disclosed herein. Subsequent to fiscal yearend, in October 2018, we completed a public offering of 9,200,000 shares of our Common Stock (including the underwriters’ option to purchase 1,200,000 additional shares) at a price of $15.00 per share, before underwriting discounts. We received net proceeds from the offering, after deducting underwriting discounts and all other transaction costs, of approximately $132,339,000. Subsequent to fiscal yearend, on October 19, 2018, we purchased a newly constructed 347,145 square foot industrial building, situated on 62.0 acres, located in Trenton, NJ. The building is 100% net-leased to FedEx Ground Package System, Inc. for 15 years through June 2032. The purchase price was $85,248,352. We obtained a 15 year, fully-amortizing mortgage loan of $55,000,000 at a fixed interest rate of 4.13%. Annual rental revenue over the remaining term of the lease averages approximately $5,328,000. The industrial property purchased thus far during fiscal 2019 increased our current total leasable square feet to approximately 21,521,000. Subsequent to fiscal yearend, on October 9, 2018, we paid down $50,000,000 on the Facility which reduced our amount outstanding to $110,000,000. Subsequent to fiscal yearend, on October 9, 2018, we paid off the margin loan. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2018 | |
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 2018 12/31/17 3/31/18 6/30/18 9/30/18 Rental and Reimbursement Revenue $ 32,741,822 $ 33,621,508 $ 36,197,825 $ 36,600,694 Lease Termination Income 210,261 -0- -0- -0- Total Expenses 16,267,991 16,920,664 19,073,092 19,471,976 Other Income (Expense) (4,441,577 ) (5,055,841 ) (4,651,340 ) (4,969,095 ) Income from Continuing Operations 12,242,515 11,645,003 12,473,393 12,159,623 Income from Continuing Operations per diluted share $ 0.16 $ 0.15 $ 0.16 $ 0.15 Gain on Sale of Real Estate Investment 5,387,886 -0- 2,097,380 -0- Net Income 17,630,401 11,645,003 14,570,773 12,159,623 Net Income per diluted share $ 0.23 $ 0.15 $ 0.18 $ 0.15 Net Income Attributable to Common Shareholders 13,313,455 7,396,784 10,322,744 7,782,361 Net Income Attributable to Common Shareholders per diluted share $ 0.17 $ 0.10 $ 0.13 $ 0.10 FISCAL 2017 12/31/16 3/31/17 6/30/17 9/30/17 Rental and Reimbursement Revenue $ 27,891,442 $ 28,018,022 $ 29,318,927 $ 31,156,914 Total Expenses 13,972,561 14,495,329 14,840,339 16,294,148 Other Income (Expense) (4,064,960 ) (5,098,082 ) (2,748,225 ) (4,600,576 ) Income from Continuing Operations 9,853,921 8,424,611 11,730,363 10,262,190 Income from Continuing Operations per diluted share $ 0.14 $ 0.12 $ 0.16 $ 0.14 Net Income 9,853,921 8,424,611 11,730,363 10,262,190 Net Income per diluted share $ 0.14 $ 0.12 $ 0.16 $ 0.14 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 |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Sep. 30, 2018 | |
Real Estate And Accumulated Depreciation | |
Real Estate and Accumulated Depreciation | MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2018 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 $ 6,630,869 Ridgeland (Jackson), MS -0- 218,000 1,233,500 433,754 Urbandale (Des Moines), IA -0- 310,000 1,758,000 455,644 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 3,653,883 547,788 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 2,845,000 440,702 Jacksonville, FL (FDX) -0- 1,165,000 4,668,080 563,878 West Chester Twp. (Cincinnati), OH -0- 695,000 3,342,000 1,696,686 Mechanicsville (Richmond), VA -0- 1,160,000 6,413,305 219,090 St. Joseph, MO -0- 800,000 11,753,964 809,684 Newington (Hartford), CT -0- 410,000 2,961,000 123,108 Cudahy (Milwaukee), WI -0- 980,000 5,050,997 3,735,364 Beltsville (Washington, DC), MD -0- 3,200,000 5,958,773 5,353,582 Carlstadt (New York, NY), NJ 1,580,181 1,194,000 3,645,501 102,901 Granite City (St. Louis, MO), IL -0- 340,000 12,046,675 311,173 Winston-Salem, NC -0- 980,000 5,610,000 656,326 Elgin (Chicago), IL -0- 1,280,000 5,529,488 167,954 Cheektowaga (Buffalo), NY -0- 4,796,765 3,883,971 2,280,087 Tolleson (Phoenix), AZ 3,719,709 1,316,075 13,329,000 2,179,151 Edwardsville (Kansas City), KS (Carlisle Tire) -0- 1,185,000 5,815,148 232,838 Wheeling (Chicago), IL -0- 5,112,120 9,186,606 4,683,748 Richmond, VA -0- 446,000 3,910,500 411,809 Tampa, FL (FDX Ground) 5,144,319 5,000,000 12,660,003 2,041,572 Montgomery (Chicago), IL -0- 2,000,000 9,225,683 77,634 Denver, CO 414,049 1,150,000 3,890,300 1,313,751 Hanahan (Charleston), SC (SAIC) -0- 1,129,000 11,831,321 449,781 Hanahan (Charleston), SC (FDX Ground) 465,749 930,000 3,426,362 3,258,291 Augusta, GA (FDX Ground) 338,789 614,406 3,026,409 1,722,490 Tampa, FL (Tampa Bay Grand Prix) -0- 1,867,000 3,684,794 126,188 Huntsville, AL 370,903 748,115 2,724,418 3,189,278 Augusta, GA (FDX) -0- 380,000 1,400,943 196,836 Lakeland, FL -0- 261,000 1,621,163 161,063 El Paso, TX -0- 3,225,195 4,514,427 4,691,570 Richfield (Cleveland), OH -0- 2,676,848 7,197,945 6,572,385 Tampa, FL (FDX) -0- 2,830,000 4,704,531 322,589 Griffin (Atlanta), GA -0- 760,000 13,692,115 481,568 Roanoke, VA (CHEP USA) -0- 1,853,000 4,817,298 793,374 Orion, MI -0- 4,649,971 13,053,289 5,186,864 Chattanooga, TN -0- 300,000 4,464,711 373,829 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 -0- 2,200,000 6,133,800 440,724 Topeka, KS 860,364 -0- 3,679,843 -0- Memphis, TN 5,061,376 1,234,987 13,380,000 -0- Houston, TX 2,148,201 1,661,120 6,320,000 182,158 Carrollton (Dallas), TX 6,455,552 1,500,000 16,240,000 79,203 Ft. Mill (Charlotte, NC), SC 724,766 1,746,822 10,045,000 5,282,214 Lebanon (Nashville), TN 7,217,469 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, 2018 Column A Column B Column C Column D Capitalization Buildings and Subsequent to Description Encumbrances Land Improvements Acquisition Streetsboro (Cleveland), OH $ 9,300,481 $ 1,760,000 $ 17,840,000 $ -0- Corpus Christi, TX -0- -0- 4,764,500 43,830 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) 7,564,186 800,000 13,750,000 -0- Oklahoma City, OK (FDX Ground) 3,416,097 1,410,000 8,043,000 3,131,462 Waco, TX 4,234,777 1,350,000 7,383,000 3,818,368 Livonia (Detroit), MI 6,294,503 320,000 13,380,000 62,030 Olive Branch (Memphis, TN), MS (Milwaukee Tool) 21,722,567 2,550,000 24,818,816 9,546,101 Roanoke, VA (FDX Ground) 4,395,246 1,740,000 8,460,000 -0- Green Bay, WI 2,640,432 590,000 5,980,000 -0- Stewartville (Rochester), MN 2,115,962 900,000 4,320,000 -0- Tulsa, OK 1,685,288 790,000 2,910,000 48,031 Buckner (Louisville), KY 15,305,669 2,280,000 24,353,125 174,727 Edwardsville (Kansas City), KS (International Paper) 9,189,343 2,750,000 15,335,492 208,616 Altoona, PA 3,253,281 1,200,000 7,790,000 32,966 Spring (Houston), TX 7,924,865 1,890,000 13,391,318 4,013,078 Indianapolis, IN 10,437,151 3,745,572 20,446,000 1,312,510 Sauget (St. Louis, MO), IL 8,563,797 1,890,000 13,310,000 4,950 Lindale (Tyler), TX 5,638,258 540,000 9,390,000 35,550 Kansas City, MO 6,633,001 1,000,000 8,600,000 380,250 Frankfort (Lexington), KY 16,639,132 1,850,000 26,150,000 -0- Jacksonville, FL (FDX Ground) 16,243,754 6,000,000 24,645,954 89,748 Monroe (Cincinnati), OH 7,126,384 1,800,000 11,137,000 4,587,760 Greenwood (Indianapolis), IN 20,159,025 2,250,000 35,234,574 27,497 Ft. Worth (Dallas), TX 20,753,864 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 17,813,451 4,305,000 27,670,897 1,068,900 Covington (New Orleans), LA 11,133,990 2,720,000 15,690,000 -0- Imperial (Pittsburgh), PA 11,199,661 3,700,000 16,250,000 -0- Burlington (Seattle/Everett), WA 17,757,364 8,000,000 22,210,680 17,867 Colorado Springs, CO 16,651,710 2,150,000 26,350,000 820,066 Louisville, KY 6,525,135 1,590,000 9,714,000 -0- Davenport (Orlando), FL 23,702,918 7,060,000 30,720,000 -0- Olathe (Kansas City), KS 19,956,867 2,350,000 29,387,000 -0- Hamburg (Buffalo), NY 21,328,714 1,700,000 33,150,000 -0- Ft. Myers, FL 13,280,803 2,486,417 18,400,000 777,218 Walker (Grand Rapids), MI 19,468,554 4,034,363 27,620,623 -0- Mesquite (Dallas), TX 30,928,224 6,247,658 43,632,835 -0- Aiken (Augusta, GA), SC 14,471,117 1,362,458 19,677,937 -0- Homestead (Miami), FL 23,313,676 4,426,727 33,446,393 -0- Oklahoma City, OK (Bunzl) 5,537,962 844,688 7,883,751 -0- Concord (Charlotte), NC 24,863,355 4,306,684 35,736,461 -0- Kenton, OH 11,473,387 854,780 17,026,827 -0- Stow, OH 12,130,343 1,429,715 17,504,350 -0- Charleston, SC (FDX) 13,683,131 4,639,283 16,847,923 32,205 Oklahoma City, OK (Amazon) 19,013,593 1,618,240 28,260,702 -0- Savannah, GA 32,215,696 4,404,988 51,620,957 -0- Daytona Beach, FL 19,187,819 3,119,640 26,853,559 -0- Mobile, AL 18,832,395 2,480,474 30,571,842 -0- Charleston, SC (FDX Ground) 29,860,000 7,103,106 39,473,274 -0- Braselton (Atlanta), GA 39,700,000 13,964,652 46,262,482 -0- Shopping Center Somerset, NJ -0- 34,317 637,097 2,440,363 Vacant Land Shelby County, TN -0- 11,065 -0- -0- $ 719,768,355 $ 224,719,083 $ 1,380,703,773 $ 114,155,563 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2018 Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2018 Description Land Bldg & Imp Total Industrial Buildings Monaca (Pittsburgh), PA $ 401,716 $ 7,508,950 $ 7,910,666 Ridgeland (Jackson), MS 218,000 1,667,254 1,885,254 Urbandale (Des Moines), IA 310,000 2,213,644 2,523,644 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 4,201,671 4,732,671 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 3,285,702 4,455,702 Jacksonville, FL (FDX) 1,165,000 5,231,958 6,396,958 West Chester Twp. (Cincinnati), OH 695,000 5,038,686 5,733,686 Mechanicsville (Richmond), VA 1,160,000 6,632,395 7,792,395 St. Joseph, MO 800,000 12,563,648 13,363,648 Newington (Hartford), CT 410,000 3,084,108 3,494,108 Cudahy (Milwaukee), WI 980,000 8,786,361 9,766,361 Beltsville (Washington, DC), MD 3,200,000 11,312,355 14,512,355 Carlstadt (New York, NY), NJ 1,194,000 3,748,402 4,942,402 Granite City (St. Louis, MO), IL 340,000 12,357,848 12,697,848 Winston-Salem, NC 980,000 6,266,326 7,246,326 Elgin (Chicago), IL 1,280,000 5,697,442 6,977,442 Cheektowaga (Buffalo), NY 4,796,765 6,164,058 10,960,823 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 Wheeling (Chicago), IL 5,112,120 13,870,354 18,982,474 Richmond, VA 446,000 4,322,309 4,768,309 Tampa, FL (FDX Ground) 5,000,000 14,701,575 19,701,575 Montgomery (Chicago), IL 2,000,000 9,303,317 11,303,317 Denver, CO 1,150,000 5,204,051 6,354,051 Hanahan (Charleston), SC (SAIC) 1,129,000 12,281,102 13,410,102 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 Tampa, FL (Tampa Bay Grand Prix) 1,867,000 3,810,982 5,677,982 Huntsville, AL 748,115 5,913,696 6,661,811 Augusta, GA (FDX) 380,000 1,597,779 1,977,779 Lakeland, FL 261,000 1,782,226 2,043,226 El Paso, TX 3,225,195 9,205,997 12,431,192 Richfield (Cleveland), OH 2,676,848 13,770,330 16,447,178 Tampa, FL (FDX) 2,830,000 5,027,120 7,857,120 Griffin (Atlanta), GA 760,000 14,173,683 14,933,683 Roanoke, VA (CHEP USA) 1,853,000 5,610,672 7,463,672 Orion, MI 4,649,971 18,240,153 22,890,124 Chattanooga, TN 300,000 4,838,540 5,138,540 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 6,574,524 8,774,524 Topeka, KS -0- 3,679,843 3,679,843 Memphis, TN 1,234,987 13,380,000 14,614,987 Houston, TX 1,661,120 6,502,158 8,163,278 Carrollton (Dallas), TX 1,500,000 16,319,203 17,819,203 Ft. Mill (Charlotte, NC), SC 1,746,822 15,327,214 17,074,036 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, 2018 Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2018 Description Land Bldg & Imp Total Streetsboro (Cleveland), OH $ 1,760,000 $ 17,840,000 $ 19,600,000 Corpus Christi, TX -0- 4,808,330 4,808,330 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 7,822,966 9,022,966 Spring (Houston), TX 1,890,000 17,404,396 19,294,396 Indianapolis, IN 3,745,572 21,758,510 25,504,082 Sauget (St. Louis, MO), IL 1,890,000 13,314,950 15,204,950 Lindale (Tyler), TX 540,000 9,425,550 9,965,550 Kansas City, MO 1,000,000 8,980,250 9,980,250 Frankfort (Lexington), KY 1,850,000 26,150,000 28,000,000 Jacksonville, FL (FDX Ground) 6,000,000 24,735,702 30,735,702 Monroe (Cincinnati), OH 1,800,000 15,724,760 17,524,760 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) 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 27,170,066 29,320,066 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 2,486,417 19,177,218 21,663,635 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 Charleston, SC (FDX) 4,639,283 16,880,128 21,519,411 Oklahoma City, OK (Amazon) 1,618,240 28,260,702 29,878,942 Savannah, GA 4,404,988 51,620,957 56,025,945 Daytona Beach, FL 3,119,640 26,853,559 29,973,199 Mobile, AL 2,480,474 30,571,842 33,052,316 Charleston, SC (FDX Ground) 7,103,106 39,473,274 46,576,380 Braselton (Atlanta), GA 13,964,652 46,262,482 60,227,134 Shopping Center Somerset, NJ 34,317 3,077,460 3,111,777 Vacant Land Shelby County, TN 11,065 -0- 11,065 $ 224,719,083 $ 1,494,859,336 $ 1,719,578,419 (1) See pages 152-154 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, 2018 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 $ 2,957,471 1977 1977 (3 ) Ridgeland (Jackson), MS 1,313,173 1988 1993 (3 ) Urbandale (Des Moines), IA 1,211,364 1985 1994 (3 ) Richland (Jackson), MS 982,066 1986 1994 (3 ) O’Fallon (St. Louis), MO 2,361,768 1989 1994 (3 ) Fayetteville, NC 2,931,202 1996 1997 (3 ) Schaumburg (Chicago), IL 2,283,345 1997 1997 (3 ) Burr Ridge (Chicago), IL 741,290 1997 1997 (3 ) Romulus (Detroit), MI 2,043,189 1998 1998 (3 ) Liberty (Kansas City), MO 3,497,982 1997 1998 (3 ) Omaha, NE 2,358,451 1999 1999 (3 ) Charlottesville, VA 1,588,202 1998 1999 (3 ) Jacksonville, FL (FDX) 2,619,003 1998 1999 (3 ) West Chester Twp. (Cincinnati), OH 2,305,181 1999 2000 (3 ) Mechanicsville (Richmond), VA 3,007,443 2000 2001 (3 ) St. Joseph, MO 5,452,138 2000 2001 (3 ) Newington (Hartford), CT 1,377,254 2001 2001 (3 ) Cudahy (Milwaukee), WI 3,296,930 2001 2001 (3 ) Beltsville (Washington, DC), MD 4,151,339 2000 2001 (3 ) Carlstadt (New York, NY), NJ 1,029,584 1977 2001 (3 ) Granite City (St. Louis, MO), IL 5,183,974 2001 2001 (3 ) Winston-Salem, NC 2,617,877 2001 2002 (3 ) Elgin (Chicago), IL 2,436,368 2002 2002 (3 ) Cheektowaga (Buffalo), NY 1,851,798 2000 2002 (3 ) Tolleson (Phoenix), AZ 6,144,623 2002 2003 (3 ) Edwardsville (Kansas City), KS (Carlisle Tire) 2,538,608 2002 2003 (3 ) Wheeling (Chicago), IL 4,430,770 2003 2003 (3 ) Richmond, VA 1,545,670 2004 2004 (3 ) Tampa, FL (FDX Ground) 4,921,899 2004 2004 (3 ) Montgomery (Chicago), IL 2,761,952 2004 2004 (3 ) Denver, CO 1,704,122 2005 2005 (3 ) Hanahan (Charleston), SC (SAIC) 4,343,346 2002 2005 (3 ) Hanahan (Charleston), SC (FDX Ground) 2,071,138 2005 2005 (3 ) Augusta, GA (FDX Ground) 1,509,465 2005 2005 (3 ) Tampa, FL (Tampa Bay Grand Prix) 1,144,249 1989 2005 (3 ) Huntsville, AL 1,249,093 2005 2005 (3 ) Augusta, GA (FDX) 463,245 1993 2006 (3 ) Lakeland, FL 573,621 1993 2006 (3 ) El Paso, TX 1,977,282 2005 2006 (3 ) Richfield (Cleveland), OH 3,083,114 2006 2006 (3 ) Tampa, FL (FDX) 1,515,388 2006 2006 (3 ) Griffin (Atlanta), GA 4,493,178 2006 2006 (3 ) Roanoke, VA (CHEP USA) 1,706,454 1996 2007 (3 ) Orion, MI 4,488,942 2007 2007 (3 ) Chattanooga, TN 1,388,863 2002 2007 (3 ) Bedford Heights (Cleveland), OH 1,893,515 1998 2007 (3 ) Punta Gorda, FL 1,058,498 2007 2007 (3 ) Cocoa, FL 2,758,147 2006 2008 (3 ) Orlando, FL 1,830,818 1997 2008 (3 ) Topeka, KS 896,483 2006 2009 (3 ) Memphis, TN 2,916,162 1994 2010 (3 ) Houston, TX 1,440,389 2005 2010 (3 ) Carrollton (Dallas), TX 3,555,283 2009 2010 (3 ) Ft. Mill (Charlotte, NC), SC 2,654,658 2009 2010 (3 ) Lebanon (Nashville), TN 2,151,164 1993 2011 (3 ) Rockford, IL (Sherwin-Williams Co.) 859,960 1998-2008 2011 (3 ) Edinburg, TX 1,472,631 2011 2011 (3 ) MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2018 Column A Column F Column G Column H Column I Accumulated Date of Date Depreciable Description Depreciation Construction Acquired Life Streetsboro (Cleveland), OH $ 2,973,333 2012 2012 (3 ) Corpus Christi, TX 797,350 2012 2012 (3 ) Halfmoon (Albany), NY 722,600 2012 2012 (3 ) Lebanon (Cincinnati), OH 704,125 2012 2012 (3 ) Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 2,203,526 2012 2012 (3 ) Oklahoma City, OK (FDX Ground) 1,599,042 2012 2012 (3 ) Waco, TX 1,498,728 2012 2012 (3 ) Livonia (Detroit), MI 2,046,869 1999 2013 (3 ) Olive Branch (Memphis, TN), MS (Milwaukee Tool) 4,044,199 2013 2013 (3 ) Roanoke, VA (FDX Ground) 1,147,885 2013 2013 (3 ) Green Bay, WI 766,667 2013 2013 (3 ) Stewartville (Rochester), MN 553,846 2013 2013 (3 ) Tulsa, OK 391,119 2009 2014 (3 ) Buckner (Louisville), KY 3,114,323 2014 2014 (3 ) Edwardsville (Kansas City), KS (International Paper) 2,001,778 2014 2014 (3 ) Altoona, PA 986,269 2014 2014 (3 ) Spring (Houston), TX 2,077,166 2014 2014 (3 ) Indianapolis, IN 2,239,839 2014 2014 (3 ) Sauget (St. Louis, MO), IL 1,366,159 2015 2015 (3 ) Lindale (Tyler), TX 966,498 2015 2015 (3 ) Kansas City, MO 885,643 2015 2015 (3 ) Frankfort (Lexington), KY 2,570,299 2015 2015 (3 ) Jacksonville, FL (FDX Ground) 2,323,375 2015 2015 (3 ) Monroe (Cincinnati), OH 1,023,271 2015 2015 (3 ) Greenwood (Indianapolis), IN 3,091,837 2015 2015 (3 ) Ft. Worth (Dallas), TX 2,200,495 2015 2015 (3 ) Cincinnati, OH 470,406 2014 2015 (3 ) Rockford, IL (Collins Aerospace Systems) 473,846 2012 2015 (3 ) Concord (Charlotte), NC 2,314,361 2016 2016 (3 ) Covington (New Orleans), LA 1,139,872 2016 2016 (3 ) Imperial (Pittsburgh), PA 1,076,389 2016 2016 (3 ) Burlington (Seattle/Everett), WA 1,426,792 2016 2016 (3 ) Colorado Springs, CO 1,593,580 2016 2016 (3 ) Louisville, KY 581,179 2016 2016 (3 ) Davenport (Orlando), FL 1,706,667 2016 2016 (3 ) Olathe (Kansas City), KS 1,632,611 2016 2016 (3 ) Hamburg (Buffalo), NY 1,700,000 2017 2017 (3 ) Ft. Myers, FL 842,928 2017 2017 (3 ) Walker (Grand Rapids), MI 1,062,332 2017 2017 (3 ) Mesquite (Dallas), TX 1,398,488 2017 2017 (3 ) Aiken (Augusta, GA), SC 630,703 2017 2017 (3 ) Homestead (Miami), FL 1,072,000 2017 2017 (3 ) Oklahoma City, OK (Bunzl) 252,684 2017 2017 (3 ) Concord (Charlotte), NC 1,069,039 2017 2017 (3 ) Kenton, OH 454,776 2017 2017 (3 ) Stow, OH 448,829 2017 2017 (3 ) Charleston, SC (FDX) 397,072 2017 2018 (3 ) Oklahoma City, OK (Amazon) 603,861 2017 2018 (3 ) Savannah, GA 882,410 2018 2018 (3 ) Daytona Beach, FL 344,276 2018 2018 (3 ) Mobile, AL 195,973 2018 2018 (3 ) Charleston, SC (FDX Ground) 168,689 2018 2018 (3 ) Braselton (Atlanta), GA 98,855 2018 2018 (3 ) Shopping Center Somerset, NJ 1,589,653 1970 1970 (3 ) Vacant Land Shelby County, TN -0- N/A 2007 N/A $ 207,065,634 (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, 2018 (1) Reconciliation REAL ESTATE INVESTMENTS 9/30/2018 9/30/2017 9/30/2016 Balance-Beginning of Year $ 1,431,916,534 $ 1,150,395,427 $ 920,143,937 Additions: Acquisitions 277,253,327 282,509,249 209,867,577 Improvements 10,408,558 4,168,984 20,383,913 Total Additions 287,661,885 286,678,233 230,251,490 Deletions: Sales -0- (5,157,126 ) -0- Total Deletions -0- (5,157,126 ) -0- Balance-End of Year $ 1,719,578,419 $ 1,431,916,534 $ 1,150,395,427 ACCUMULATED DEPRECIATION 9/30/2018 9/30/2017 9/30/2016 Balance-Beginning of Year $ 171,086,083 $ 143,006,233 $ 119,545,674 Depreciation 36,017,959 29,015,821 23,460,559 Sales (38,408 ) (935,971 ) -0- Balance-End of Year $ 207,065,634 $ 171,086,083 $ 143,006,233 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III SEPTEMBER 30, 2018 (1) Reconciliation 2018 2017 2016 Balance – Beginning of Year $ 1,431,916,534 $ 1,150,395,427 $ 920,143,937 Additions: Somerset, NJ $ 38,887 -0- 377,637 Monaca (Pittsburgh), PA 24,825 79,618 37,255 Ridgeland (Jackson), MS 26,663 -0- 7,797 Urbandale (Des Moines), IA 267,031 94,717 -0- Richland (Jackson), MS -0- -0- -0- O’Fallon (St. Louis), MO -0- -0- -0- Fayetteville, NC -0- 9,753 557,354 Schaumburg (Chicago), IL -0- 196,526 13,775 Burr Ridge (Chicago), IL -0- -0- 8,700 Romulus (Detroit), MI 65,165 66,974 -0- Liberty (Kansas City), MO -0- -0- 24,263 Omaha, NE -0- -0- 7,410 Charlottesville, VA 98,714 8,489 4,462 Jacksonville, FL (FDX) 67,174 83,383 16,983 West Chester Twp. (Cincinnati), OH -0- 4,996 -0- Mechanicsville (Richmond), VA 7,384 26,830 18,510 St. Joseph, MO 74,378 55,564 50,934 Newington (Hartford), CT -0- 30,284 -0- Cudahy (Milwaukee), WI 384,000 -0- 8,689 Beltsville (Washington, DC), MD -0- -0- 44,600 Carlstadt (New York, NY), NJ 38,813 -0- 13,877 Granite City (St. Louis, MO), IL -0- 155,034 156,139 Winston-Salem, NC 7,713 -0- 316,527 Elgin (Chicago), IL -0- 44,526 5,960 Cheektowaga (Buffalo), NY -0- -0- -0- Tolleson (Phoenix), AZ -0- -0- 1,655,640 Edwardsville (Kansas City), KS (Carlisle Tire) -0- 7,585 -0- Wheeling (Chicago), IL 444,822 -0- -0- Richmond, VA -0- -0- 7,540 Tampa, FL (FDX Ground) 5,348 125 1,247,140 Montgomery (Chicago), IL 4,950 -0- -0- Denver, CO -0- -0- -0- Hanahan (Charleston), SC (SAIC) 35,661 33,849 40,000 Hanahan (Charleston), SC (FDX Ground) -0- -0- -0- Augusta, GA (FDX Ground) -0- 9,270 25,161 Tampa, FL (Tampa Bay Grand Prix) -0- -0- 26,916 Huntsville, AL -0- 56,688 1,853,390 Augusta, GA (FDX) -0- 6,047 24,700 Lakeland, FL 60,694 -0- 16,321 El Paso, TX -0- -0- -0- Richfield (Cleveland), OH 11,700 -0- -0- Colorado Springs, CO (A) -0- -0- 9,357 Tampa, FL (FDX) 237,196 27,063 27,144 Griffin (Atlanta), GA 64,826 -0- -0- Roanoke, VA (CHEP USA) 58,225 -0- -0- Orion, MI 4,488 -0- 5,867 Chattanooga, TN 122,022 4,315 41,042 Bedford Heights (Cleveland), OH -0- 55,957 84,288 Punta Gorda, FL -0- 20,245 8,350 Cocoa, FL -0- -0- 37,606 Orlando, FL 220,092 -0- 13,195 Topeka, KS -0- -0- -0- Memphis, TN (6,950 ) 1,050 -0- Houston, TX 14,820 65,351 -0- Carrollton (Dallas), TX -0- 50,097 24,806 Ft. Mill (Charlotte, NC), SC 1,660,729 -0- -0- Lebanon (Nashville), TN -0- -0- -0- Rockford, IL (Sherwin-Williams Co.) -0- -0- -0- Edinburg, TX -0- 615,142 3,985,389 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III, (CONT’D) SEPTEMBER 30, 2018 (1) Reconciliation (cont’d) 2018 2017 2016 Streetsboro (Cleveland), OH $ -0- $ -0- $ -0- Corpus Christi, TX 36,417 7,413 -0- Halfmoon (Albany), NY -0- -0- -0- Lebanon (Cincinnati), OH -0- -0- -0- Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals) -0- -0- -0- Oklahoma City, OK (FDX Ground) -0- 4,200 (13,611 ) Waco, TX -0- 5,210 -0- Livonia (Detroit), MI -0- -0- 31,497 Olive Branch (Memphis, TN), MS (Milwaukee Tool) -0- -0- 9,412,120 Roanoke, VA (FDX Ground) -0- -0- -0- Green Bay, WI -0- -0- -0- Stewartville (Rochester), MN -0- -0- -0- Tulsa, OK -0- -0- -0- Buckner (Louisville), KY -0- 40,000 48,136 Edwardsville (Kansas City), KS (International Paper) -0- -0- 5,355 Altoona, PA 14,316 -0- 18,650 Spring (Houston), TX 10,598 -0- 56,275 Indianapolis, IN 497,710 1,060,372 -0- Sauget (St. Louis, MO), IL -0- -0- 4,950 Lindale (Tyler), TX 29,050 6,500 -0- Kansas City, MO 329,024 51,226 -0- Frankfort (Lexington), KY -0- -0- -0- Jacksonville, FL (FDX Ground) 3,612 86,136 -0- Monroe (Cincinnati), OH 4,587,760 -0- -0- Greenwood (Indianapolis), IN -0- 11,680 15,817 Ft. Worth (Dallas), TX -0- -0- -0- Cincinnati, OH -0- -0- -0- Rockford, IL (Collins Aerospace Systems) -0- -0- -0- Concord (Charlotte), NC -0- 1,068,900 31,975,897 Covington (New Orleans), LA -0- -0- 18,410,000 Imperial (Pittsburgh), PA -0- -0- 19,950,000 Burlington (Seattle/Everett), WA -0- 17,867 30,210,680 Colorado Springs, CO 820,066 -0- 28,500,000 Louisville, KY -0- -0- 11,304,000 Davenport (Orlando), FL -0- -0- 37,780,000 Olathe (Kansas City), KS -0- -0- 31,737,000 Hamburg (Buffalo), NY -0- 34,850,000 -0- Ft. Myers, FL 40,635 21,623,000 -0- Walker (Grand Rapids), MI -0- 31,654,985 -0- Mesquite (Dallas), TX -0- 49,880,493 -0- Aiken (Augusta, GA), SC -0- 21,040,396 -0- Homestead (Miami), FL -0- 37,873,120 -0- Oklahoma City, OK (Bunzl) -0- 8,728,439 -0- Concord (Charlotte), NC -0- 40,043,145 -0- Kenton, OH -0- 17,881,608 -0- Stow, OH -0- 18,934,065 -0- Charleston, SC (FDX) 21,519,411 -0- -0- Oklahoma City, OK (Amazon) 29,878,942 -0- -0- Savannah, GA 56,025,945 -0- -0- Daytona Beach, FL 29,973,199 -0- -0- Mobile, AL 33,052,316 -0- -0- Charleston, SC (FDX Ground) 46,576,380 -0- -0- Braselton (Atlanta), GA 60,227,134 -0- -0- Total Additions $ 287,661,885 $ 286,678,233 $ 230,251,490 Total Disposals -0- (5,157,126 ) -0- Balance – End of Year $ 1,719,578,419 $ 1,431,916,534 $ 1,150,395,427 (A) This property was sold on June 1, 2018. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | Description of the Business Monmouth Real Estate Investment Corporation, a Maryland corporation, together with its consolidated subsidiaries (we, our, us, the Company or MREIC), operates as a real estate investment trust (REIT) deriving its income primarily from real estate rental operations. We were founded in 1968 and are one of the oldest public equity REITs in the world. As of September 30, 2018 and 2017, rental properties consisted of 111 and 108 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. As of September 30, 2018, our weighted average lease maturity was approximately 8.1 years and our annualized average base rent per occupied square foot was $6.01. As of September 30, 2018, the weighted average building age, based on the square footage of our buildings, was 8.7 years. In addition, we own a portfolio of REIT securities which we generally limit to no more than approximately 10% of our undepreciated assets (which is our total assets excluding accumulated depreciation). |
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), we are 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 and assumptions. |
Segment Reporting & Financial Information | Segment Reporting & Financial Information Our primary business is the ownership and management of real estate properties. We invest in well-located, modern, single tenant, industrial buildings leased primarily to investment-grade tenants or their subsidiaries on long-term net leases. We review operating and financial information for each property on an individual basis and, therefore, each property represents an individual operating segment. We evaluate 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. We have 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. |
Principles of Consolidation and Non-controlling Interest | Principles of Consolidation and Non-controlling Interest The consolidated financial statements include the Company and our wholly-owned subsidiaries. In 2005, we formed MREIC Financial, Inc., a taxable REIT subsidiary which has had no activity since inception. In 2007, we merged with Monmouth Capital Corporation (Monmouth Capital), with Monmouth Capital surviving as our wholly-owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. |
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 3 to 39 years for improvements. We apply 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, we allocated the purchase price of the property based upon the fair value of the assets acquired, which generally consisted of land, building and intangible assets, including above and below market leases and in-place leases. We allocated the purchase price to the fair value of the tangible assets of an acquired property generally determined by the 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 our 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, effective April 1, 2017, we no longer account for our property acquisitions as business combinations and instead account for our property acquisitions as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized to real estate investments as part of the purchase price as opposed to being expensed as Acquisition Costs under the previous accounting treatment for business combinations. Therefore, as of April 1, 2017, we are no longer required to expense our Acquisition Costs. In addition, acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions whereby the consideration incurred is allocated to the individual assets acquired on a relative fair value basis. |
Marketable Securities | Marketable Securities Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which we generally limit to no more than approximately 10% of our undepreciated assets (which is our 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. We normally hold REIT securities on a long-term basis and have the ability and intent to hold securities to recovery. Therefore, as of September 30, 2018 and 2017, our 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. Net 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). In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. 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 became effective for our fiscal year beginning October 1, 2018. The most significant change for us, once ASU 2016-01 was adopted, was the accounting treatment for our investments in marketable securities that are classified as available for sale. The accounting treatment used for our Consolidated Financial Statements through Fiscal 2018, was that our investments in marketable securities, classified as available for sale, were carried at fair value, with net unrealized holding gains and losses being excluded from earnings and reported as a separate component of Shareholders’ Equity until realized and the change in net unrealized holding gains and losses being reflected as comprehensive income (loss). Under ASU 2016-01, effective October 1, 2018, these marketable securities continue to be measured at fair value, however the changes in net unrealized holding gains and losses are now recognized through net income. Subsequent to the fiscal yearend, on October 1, 2018, unrealized net holding losses of $24,744,579 were reclassed to beginning retained earnings to recognize the unrealized losses previously recorded in “accumulated other comprehensive income” on our consolidated balance sheets. We individually review and evaluate our marketable securities for impairment on a quarterly basis or when events or circumstances occur. We consider, 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. We have developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, we make an initial review of every individual security in our portfolio. If the security is impaired, we first determine our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, we determine 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 we have the intent and ability to hold the security, the security is deemed to be temporarily impaired. Otherwise, we review additional information to determine whether the impairment is other than temporary. We discuss and analyze 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. We normally hold REIT securities on a long-term basis and have 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. We maintain our cash in bank accounts in amounts that may exceed federally insured limits. We have 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 2018, 2017 and 2016 was 12 years, 13 years and 12 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 $2,101,427, $2,089,259 and $2,072,120 for the years ended September 30, 2018, 2017 and 2016, respectively. We estimate that aggregate amortization expense for existing assets will be approximately $2,128,000, $1,802,000, $1,553,000, $1,435,000 and $1,356,000 for the fiscal years 2019, 2020, 2021, 2022 and 2023, 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 we are generally the primary obligor and, with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and bears the associated credit risk. These occupancy charges are recognized as earned. When applicable, we provide an allowance for doubtful accounts against the portion of tenant and other receivables and deferred rent receivables, which are estimated to be uncollectible. For accounts receivables that we deem uncollectible, we use the direct write-off method. We did not have an allowance for doubtful accounts balance as of September 30, 2018 and 2017 and there were no write-off’s of any receivable accounts during the fiscal years ended 2018 and 2017. |
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 us. Only four of our 111 properties have leases that contain an early termination provision. These four properties contain approximately 184,000 total rentable square feet, representing less than 1% of our total rentable square feet. Our leases with early termination provisions are our 26,340 square foot location in Ridgeland (Jackson), MS, our 36,270 square foot location in Urbandale (Des Moines), IA, our 38,833 square foot location in Rockford, IL, and our 83,000 square foot location in Roanoke, VA. Each lease termination provision contains certain requirements that must be met in order to exercise each termination provision. These requirements include: the date termination can be exercised, the time frame that notice must be given by the tenant to us and the termination fee that would be required to be paid by the tenant to us. The total potential termination fee to be paid to us from the four tenants with leases that have a termination provision amounts to approximately $1,694,000. |
Net Income Per Share | Net Income Per Share Basic Net Income per Common 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 182,768, 135,613 and 89,720 shares are included in the diluted weighted average shares outstanding for fiscal years 2018, 2017 and 2016, respectively. As of September 30, 2018, 2017 and 2016, options to purchase 65,000, 65,000 and -0- shares, respectively, were antidilutive. |
Stock Compensation Plan | Stock Compensation Plan We account for awards of stock, 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 stock awards and restricted stock awards is equal to the fair value of our stock on the grant date. The amortization of compensation costs for the awards of stock, stock option grants and restricted stock are included in General and Administrative Expenses in the accompanying Consolidated Statements of Income and amounted to $433,895, $624,706 and $926,465 have been recognized in 2018, 2017 and 2016, 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 We have elected to be taxed as a REIT under Sections 856-860 of the Code, and we intend to maintain our qualification as a REIT in the future. As a qualified REIT, with limited exceptions, we will not be taxed under Federal and certain state income tax laws at the corporate level on taxable income that we distribute to our shareholders. For special tax provisions applicable to REITs, refer to Sections 856-860 of the Code. We are subject to franchise taxes in several of the states in which we own properties. In December 2017, the Tax Cuts and Jobs Act of 2017 (the TCJA), Code Section 199A, was added to the Code and became effective for tax years beginning after December 31, 2017 and before January 1, 2026. Under the TCJA, subject to certain income limitations, individual taxpayers and trusts and estates may deduct 20% of the aggregate amount of qualified REIT dividends they receive from their taxable income. Qualified REIT dividends do not include any portion of a dividend received from a REIT that is classified as a capital gain dividend or qualified dividend income. We follow 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 our evaluation, we determined that we have no uncertain tax positions and no unrecognized tax benefits as of September 30, 2018. We record interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of September 30, 2018, the fiscal tax years 2015 through and including 2018 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, “Leases”. 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 become effective for annual reporting periods beginning after December 15, 2018. The most significant changes related to lessor accounting under ASU 2016-02 include bifurcating revenue into lease and non-lease components and the new standard’s narrow definition of initial direct costs for leases. Since our revenue is primarily derived from leasing activities from long-term net leases and since we currently do not capitalize indirect costs for leases, we believe that will continue to account for our leases and related leasing costs in substantially the same manner as we currently do once the adoption of the ASU 2016-02 becomes effective. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases”. The amendment in ASU 2018-10 affects narrow aspects of the guidance issued earlier in ASU 2016-02 by removing certain inconsistencies and providing additional clarification related to the guidance issued earlier. ASU 2018-10 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2018. We are currently evaluating the potential impact this standard may have on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. 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 became effective for our fiscal year beginning October 1, 2018. The most significant change for us, once ASU 2016-01 was adopted, was the accounting treatment for our investments in marketable securities that are classified as available for sale. The accounting treatment used for our Consolidated Financial Statements through Fiscal 2018, was that our investments in marketable securities, classified as available for sale, were carried at fair value, with net unrealized holding gains and losses being excluded from earnings and reported as a separate component of Shareholders’ Equity until realized and the change in net unrealized holding gains and losses being reflected as comprehensive income (loss). Under ASU 2016-01, effective October 1, 2018, these marketable securities continue to be measured at fair value, however the changes in net unrealized holding gains and losses are now recognized through net income. Subsequent to the fiscal yearend, on October 1, 2018, unrealized net holding losses of $24,744,579 were reclassed to beginning retained earnings to recognize the unrealized losses previously recorded in “accumulated other comprehensive income” on our consolidated balance sheets. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers, 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, we adopted the standard effective October 1, 2018. Our revenue is primarily derived from leasing activities and historically our property dispositions have been cash sales with no contingencies and no future involvement in the property. Since this standard applies to all contracts with customers except those that are within the scope of other guidance, such as leases, the adoption of this standard did not have a significant impact on our consolidated financial statements and related disclosures. We do 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, 2018 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investments | The following is a summary of the cost and accumulated depreciation of our land, buildings and improvements at September 30, 2018 and 2017: Property Buildings & Accumulated Net Book SEPTEMBER 30, 2018 Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748,115 $ 5,913,696 $ 1,249,093 $ 5,412,718 Mobile Industrial 2,480,474 30,571,842 195,973 32,856,343 Arizona: Tolleson (Phoenix) Industrial 1,316,075 15,508,151 6,144,623 10,679,603 Colorado: Colorado Springs Industrial 2,150,000 27,170,066 1,593,580 27,726,486 Denver Industrial 1,150,000 5,204,051 1,704,122 4,649,929 Connecticut: Newington (Hartford) Industrial 410,000 3,084,108 1,377,254 2,116,854 Florida: Cocoa Industrial 1,881,316 12,246,133 2,758,147 11,369,302 Davenport (Orlando) Industrial 7,060,000 30,720,000 1,706,667 36,073,333 Daytona Beach Industrial 3,119,640 26,853,559 344,276 29,628,923 Ft. Myers (FDX Ground) Industrial 2,486,417 19,177,218 842,928 20,820,707 Homestead (Miami) Industrial 4,426,727 33,446,393 1,072,000 36,801,120 Jacksonville (FDX) Industrial 1,165,000 5,231,958 2,619,003 3,777,955 Jacksonville (FDX Ground) Industrial 6,000,000 24,735,702 2,323,375 28,412,327 Lakeland Industrial 261,000 1,782,226 573,621 1,469,605 Orlando Industrial 2,200,000 6,574,524 1,830,818 6,943,706 Punta Gorda Industrial -0- 4,133,510 1,058,498 3,075,012 Tampa (FDX Ground) Industrial 5,000,000 14,701,575 4,921,899 14,779,676 Tampa (FDX) Industrial 2,830,000 5,027,120 1,515,388 6,341,732 Tampa (Tampa Bay Grand Prix) Industrial 1,867,000 3,810,982 1,144,249 4,533,733 Georgia: Augusta (FDX Ground) Industrial 614,406 4,748,899 1,509,465 3,853,840 Augusta (FDX) Industrial 380,000 1,597,779 463,245 1,514,534 Braselton (Atlanta) Industrial 13,964,652 46,262,482 98,855 60,128,279 Griffin (Atlanta) Industrial 760,000 14,173,683 4,493,178 10,440,505 Savannah Industrial 4,404,988 51,620,957 882,410 55,143,535 Illinois: Burr Ridge (Chicago) Industrial 270,000 1,422,901 741,290 951,611 Elgin (Chicago) Industrial 1,280,000 5,697,442 2,436,368 4,541,074 Granite City (St. Louis, MO) Industrial 340,000 12,357,848 5,183,974 7,513,874 Montgomery (Chicago) Industrial 2,000,000 9,303,317 2,761,952 8,541,365 Rockford (Collins Aerospace) Industrial 480,000 4,620,000 473,846 4,626,154 Rockford (Sherwin-Williams Co.) Industrial 1,100,000 4,451,227 859,960 4,691,267 Sauget (St. Louis, MO) Industrial 1,890,000 13,314,950 1,366,159 13,838,791 Schaumburg (Chicago) Industrial 1,039,800 4,138,140 2,283,345 2,894,595 Wheeling (Chicago) Industrial 5,112,120 13,870,354 4,430,770 14,551,704 Indiana: Greenwood (Indianapolis) Industrial 2,250,000 35,262,071 3,091,837 34,420,234 Indianapolis Industrial 3,745,572 21,758,510 2,239,839 23,264,243 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2018 (cont’d) Type Land Improvements Depreciation Value Iowa: Urbandale (Des Moines) Industrial $ 310,000 $ 2,213,644 $ 1,211,364 $ 1,312,280 Kansas: Edwardsville (Kansas City) (Carlisle Tire) Industrial 1,185,000 6,047,986 2,538,608 4,694,378 Edwardsville (Kansas City) (International Paper) Industrial 2,750,000 15,544,108 2,001,778 16,292,330 Olathe (Kansas City) Industrial 2,350,000 29,387,000 1,632,611 30,104,389 Topeka Industrial -0- 3,679,843 896,483 2,783,360 Kentucky: Buckner (Louisville) Industrial 2,280,000 24,527,852 3,114,323 23,693,529 Frankfort (Lexington) Industrial 1,850,000 26,150,000 2,570,299 25,429,701 Louisville Industrial 1,590,000 9,714,000 581,179 10,722,821 Louisiana: Covington (New Orleans) Industrial 2,720,000 15,690,000 1,139,872 17,270,128 Maryland: Beltsville (Washington, DC) Industrial 3,200,000 11,312,355 4,151,339 10,361,016 Michigan: Walker (Grand Rapids) Industrial 4,034,363 27,620,623 1,062,332 30,592,654 Livonia (Detroit) Industrial 320,000 13,442,030 2,046,869 11,715,161 Orion Industrial 4,649,971 18,240,153 4,488,942 18,401,182 Romulus (Detroit) Industrial 531,000 4,201,671 2,043,189 2,689,482 Minnesota: Stewartville (Rochester) Industrial 900,000 4,320,000 553,846 4,666,154 Mississippi: Olive Branch (Memphis, TN)(Anda Pharmaceuticals, Inc.) Industrial 800,000 13,750,000 2,203,526 12,346,474 Olive Branch (Memphis, TN)(Milwaukee Tool) Industrial 2,550,000 34,364,917 4,044,199 32,870,718 Richland (Jackson) Industrial 211,000 1,689,691 982,066 918,625 Ridgeland (Jackson) Industrial 218,000 1,667,254 1,313,173 572,081 Missouri: Kansas City (Bunzl) Industrial 1,000,000 8,980,250 885,643 9,094,607 Liberty (Kansas City) Industrial 723,000 6,674,881 3,497,982 3,899,899 O’Fallon (St. Louis) Industrial 264,000 3,981,913 2,361,768 1,884,145 St. Joseph Industrial 800,000 12,563,648 5,452,138 7,911,510 Nebraska: Omaha Industrial 1,170,000 4,774,691 2,358,451 3,586,240 New Jersey: Carlstadt (New York, NY) Industrial 1,194,000 3,748,402 1,029,584 3,912,818 Somerset Shopping Center 34,317 3,077,460 1,589,653 1,522,124 New York: Cheektowaga (Buffalo) Industrial 4,796,765 6,164,058 1,851,798 9,109,025 Halfmoon (Albany) Industrial 1,190,000 4,335,600 722,600 4,803,000 Hamburg (Buffalo) Industrial 1,700,000 33,150,000 1,700,000 33,150,000 North Carolina: Concord (Charlotte) Industrial 4,305,000 28,739,797 2,314,361 30,730,436 Concord (Charlotte) Industrial 4,306,684 35,736,461 1,069,039 38,974,106 Fayetteville Industrial 172,000 5,279,629 2,931,202 2,520,427 Winston-Salem Industrial 980,000 6,266,326 2,617,877 4,628,449 Ohio: Bedford Heights (Cleveland) Industrial 990,000 5,929,836 1,893,515 5,026,321 Cincinnati Industrial 800,000 5,950,000 470,406 6,279,594 Kenton Industrial 854,780 17,026,827 454,776 17,426,831 Lebanon (Cincinnati) Industrial 240,000 4,212,425 704,125 3,748,300 Monroe (Cincinnati) Industrial 1,800,000 15,724,760 1,023,271 16,501,489 Richfield (Cleveland) Industrial 2,676,848 13,770,330 3,083,114 13,364,064 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2018 (cont’d) Type Land Improvements Depreciation Value Stow Industrial $ 1,429,715 $ 17,504,350 $ 448,829 $ 18,485,236 Streetsboro (Cleveland) Industrial 1,760,000 17,840,000 2,973,333 16,626,667 West Chester Twp. (Cincinnati) Industrial 695,000 5,038,686 2,305,181 3,428,505 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410,000 11,174,462 1,599,042 10,985,420 Oklahoma City (Bunzl) Industrial 844,688 7,883,751 252,684 8,475,755 Oklahoma City (Amazon) Industrial 1,618,240 28,260,702 603,861 29,275,081 Tulsa Industrial 790,000 2,958,031 391,119 3,356,912 Pennsylvania: Altoona Industrial 1,200,000 7,822,966 986,269 8,036,697 Imperial (Pittsburgh) Industrial 3,700,000 16,250,000 1,076,389 18,873,611 Monaca (Pittsburgh) Industrial 401,716 7,508,950 2,957,471 4,953,195 South Carolina: Aiken (Augusta, GA) Industrial 1,362,458 19,677,937 630,703 20,409,692 Charleston (FDX) Industrial 4,639,283 16,880,128 397,072 21,122,339 Charleston (FDX Ground) Industrial 7,103,106 39,473,274 168,689 46,407,691 Ft. Mill (Charlotte, NC) Industrial 1,746,822 15,327,214 2,654,658 14,419,378 Hanahan (Charleston)(SAIC) Industrial 1,129,000 12,281,102 4,343,346 9,066,756 Hanahan (Charleston)(FDX Ground) Industrial 930,000 6,684,653 2,071,138 5,543,515 Tennessee: Chattanooga Industrial 300,000 4,838,540 1,388,863 3,749,677 Lebanon (Nashville) Industrial 2,230,000 11,985,126 2,151,164 12,063,962 Memphis Industrial 1,234,987 13,380,000 2,916,162 11,698,825 Shelby County Vacant Land 11,065 -0- -0- 11,065 Texas: Carrollton (Dallas) Industrial 1,500,000 16,319,203 3,555,283 14,263,920 Corpus Christi Industrial -0- 4,808,330 797,350 4,010,980 Edinburg Industrial 1,000,000 11,039,014 1,472,631 10,566,383 El Paso Industrial 3,225,195 9,205,997 1,977,282 10,453,910 Ft. Worth (Dallas) Industrial 8,200,000 27,100,832 2,200,495 33,100,337 Houston Industrial 1,661,120 6,502,158 1,440,389 6,722,889 Lindale (Tyler) Industrial 540,000 9,425,550 966,498 8,999,052 Mesquite (Dallas) Industrial 6,247,658 43,632,835 1,398,488 48,482,005 Spring (Houston) Industrial 1,890,000 17,404,396 2,077,166 17,217,230 Waco Industrial 1,350,000 11,201,368 1,498,728 11,052,640 Virginia: Charlottesville Industrial 1,170,000 3,285,702 1,588,202 2,867,500 Mechanicsville (Richmond) Industrial 1,160,000 6,632,395 3,007,443 4,784,952 Richmond Industrial 446,000 4,322,309 1,545,670 3,222,639 Roanoke (CHEP USA) Industrial 1,853,000 5,610,672 1,706,454 5,757,218 Roanoke (FDX Ground) Industrial 1,740,000 8,460,000 1,147,885 9,052,115 Washington: Burlington (Seattle/Everett) Industrial 8,000,000 22,228,547 1,426,792 28,801,755 Wisconsin: Cudahy (Milwaukee) Industrial 980,000 8,786,361 3,296,930 6,469,431 Green Bay Industrial 590,000 5,980,000 766,667 5,803,333 Total as of September 30, 2018 $ 224,719,083 $ 1,494,859,336 $ 207,065,634 $ 1,512,512,785 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 (1) 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 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) 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) 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 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 (cont’d) Type Land Improvements Depreciation Value 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 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 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2017 (cont’d) Type Land Improvements Depreciation Value 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 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. |
Acquisitions, Expansions and _2
Acquisitions, Expansions and Dispositions (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Allocation for Assets Acquisitions | The financial information set forth below summarizes our purchase price allocation for these seven properties acquired during the fiscal year 2018 that were accounted for as asset acquisitions: Land $ 37,330,383 Building 239,890,739 In-Place Leases 6,181,731 The financial information set forth below summarizes our 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 our consolidated statements of income for the fiscal year ended September 30, 2018 for the seven properties acquired during the twelve months ended September 30, 2018: Year Ended 9/30/2018 Rental Revenues $ 7,429,989 Net Income Attributable to Common Shareholders 2,131,150 The following table summarizes the operating results included in our consolidated statements of income for the years 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 Attributable to Common Shareholders 2,156,885 |
Schedule of Disposition and Real Estate Classified as Held for Sale | 2018 2017 2016 Rental and Reimbursement Revenue $ 928,808 $ 2,051,835 $ 2,138,713 Lease Termination Income 210,261 -0- -0- Real Estate Taxes (211,928 ) (351,645 ) (341,174 ) Operating Expenses (109,735 ) (169,605 ) (104,363 ) Depreciation & Amortization (79,137 ) (513,879 ) (517,554 ) Interest Expense (38,272 ) (143,510 ) (221,595 ) Income from Operations 699,997 873,196 954,027 Gain (Loss) on Sale of Real Estate Investment 7,485,266 (95,336 ) -0- Net Income $ 8,185,263 $ 777,860 $ 954,027 |
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 2018 Fiscal Year 2017 Rental Revenues $ 130,401,800 $ 130,644,200 Net Income Attributable to Common Shareholders 31,382,200 26,411,000 Basic Net Income per Share Attributable to Common Shareholders $ 0.39 $ 0.32 Diluted Net Income per Share Attributable to Common Shareholders $ 0.38 $ 0.32 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 September 30, 2017 Topeka, KS $ 102,867 $ 137,156 Carrollton (Dallas), TX 2,283 9,134 Ft. Mill (Charlotte, NC), SC 91,595 183,191 Lebanon (Nashville), TN 119,926 140,783 Rockford, IL (Sherwin-Williams Co.) 105,293 125,349 Edinburg, TX 166,122 223,078 Corpus Christi, TX 66,912 89,853 Halfmoon (Albany), NY 157,578 207,339 Lebanon (Cincinnati), OH 54,402 147,663 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals) 703,205 886,650 Livonia (Detroit), MI 239,464 307,882 Stewartville (Rochester), MN 21,984 26,695 Buckner (Louisville), KY 329,941 351,816 Edwardsville (Kansas City), KS (International Paper) 366,666 441,243 Lindale (Tyler), TX 201,312 236,323 Sauget (St. Louis, MO), IL 22,545 24,659 Rockford, IL (Collins Aerospace Systems) 68,348 76,159 Kansas City, MO 15,325 20,434 Monroe, OH (Cincinnati) 364,530 396,460 Cincinnati, OH 39,246 42,814 Imperial, PA (Pittsburgh) 61,617 70,116 Burlington, WA (Seattle/Everett) 375,265 406,756 Colorado Springs, CO 278,699 316,703 Hamburg (Buffalo), NY 215,517 232,759 Ft. Myers, FL 184,272 194,209 Walker (Grand Rapids), MI 448,835 482,498 Aiken (Augusta, GA), SC 854,091 916,969 Mesquite (Dallas), TX 737,832 792,486 Homestead (Miami), FL 513,201 551,216 Oklahoma City, OK (Bunzl) 240,468 281,110 Concord (Charlotte), NC 581,352 623,890 Kenton, OH 438,035 487,160 Stow, OH 521,166 579,612 Charleston, SC (FDX) 377,988 -0- Oklahoma City, OK (Amazon) 669,693 -0- Savannah, GA 1,402,816 -0- Daytona Beach, FL 765,687 -0- Mobile, AL 1,016,789 -0- Charleston, SC (FDX Ground) 667,358 -0- Braselton (Atlanta), GA 999,531 -0- Total Intangible Assets, net of Accumulated Amortization $ 14,589,756 $ 10,010,165 |
Significant Concentrations of_2
Significant Concentrations of Credit Risk (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentration of Risk | The tenants that leased more than 5% of total rentable square footage as of September 30, 2018, 2017, and 2016 were as follows: 2018 2017 2016 FDX and Subsidiaries 48 % 50 % 47 % Milwaukee Electric Tool Corporation (lease commenced fiscal 2013, expanded fiscal 2016) <5% 5 % 5 % |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Temporary Impaired Securities | The following is a summary of temporarily impaired securities at September 30, 2018: Less than 12 Months 12 Months or Longer Unrealized Unrealized Description of Securities Fair Value Losses Fair Value Losses Preferred stock $ 3,194,000 $ (1,613,782 ) $ -0- $ -0- Common stock 93,367,200 (30,622,150 ) -0- -0- Total $ 96,561,200 $ (32,235,932 ) $ -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 2 $ 21,980,000 $ (351,051 ) 0-5 % 2 31,996,000 (3,562,067 ) 6-10 % 1 5,593,000 (825,791 ) 13 % 2 21,032,200 (9,931,597 ) 30-40 % 1 15,960,000 (17,565,426 ) 52 % 8 $ 96,561,200 $ (32,235,932 ) |
Schedule of Gain (Loss) on Securities Transactions, Net | We recorded the following realized Gain on Sale of Securities Transactions, net for the fiscal years ended September 30: 2018 2017 2016 Gross realized gains $ 112,272 $ 2,320,561 $ 4,403,724 Gross realized losses (885 ) (8,847 ) (5,125 ) Gains on Sale of Securities Transactions, net $ 111,387 $ 2,311,714 $ 4,398,599 |
Summary of Investments in Debt and Equity Securities | The following is a listing of our investments in securities at September 30, 2018: Description Series Interest Rate/ Dividend Number of Shares Cost Estimated Market Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 200,000 $ 4,807,782 $ 3,194,000 Cedar Realty Trust, Inc. B 7.25 % 5,789 135,893 143,277 Dynex Capital, Inc. A 8.50 % 10,000 250,000 254,400 iStar Financial, Inc. D 8.00 % 3,468 71,502 86,492 iStar Financial, Inc. I 7.50 % 41,383 872,236 1,005,603 UMH Properties, Inc. (1) B 8.00 % 100,000 2,500,000 2,625,700 Total Equity Securities - Preferred Stock $ 8,637,413 $ 7,309,472 Description Number of Shares Cost Estimated Market Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 4,000,000 $ 33,525,425 $ 15,960,000 Franklin Street Properties 700,000 6,418,791 5,593,000 Government Properties Income Trust 1,580,000 26,156,016 17,838,200 Industrial Logistics Property Trust 100,000 2,116,778 2,301,000 Kimco Realty Corporation 1,200,000 20,337,749 20,088,000 Pennsylvania Real Estate Investment Trust 200,000 1,993,302 1,892,000 Select Income REIT 800,000 17,394,728 17,552,000 Senior Housing Property Trust 900,000 15,463,221 15,804,000 VEREIT, Inc. 3,100,000 25,016,451 22,506,000 Washington Prime Group, Inc. 1,300,000 10,541,616 9,490,000 UMH Properties, Inc. (1) 1,188,220 12,060,637 18,583,765 Total Equity Securities - Common Stock $ 171,024,714 $ 147,607,965 Interest Rate/ Dividend Number of Shares Cost Estimated Market Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500,000 $ 2,997 $ 3,108 Total Securities Available for Sale $ 179,665,124 $ 154,920,545 (1) Investment is in a related company. See Note No. 11 for further discussion. The following is a listing of our investments in securities at September 30, 2017: Description Series Interest Rate/ Dividend Number of Shares Cost Estimated Market 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 Description Number of Shares Cost Estimated Market Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 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/ Dividend Number of Shares Cost Estimated Market 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. |
Mortgage Notes and Loans Paya_2
Mortgage Notes and Loans Payable (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 and 2017: 9/30/2018 9/30/2017 Amount Weighted Average Interest Rate (1) Amount Weighted Average Interest Rate (1) Fixed Rate Mortgage Notes Payable $ 719,768,355 4.07 % $ 598,962,567 4.18 % Debt Issuance Costs $ 11,715,985 $ 10,597,083 Accumulated Amortization of Debt Issuance Costs (3,493,279 ) (2,998,887 ) Unamortized Debt Issuance Costs $ 8,222,706 $ 7,598,196 Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs $ 711,545,649 $ 591,364,371 (1) Weighted average interest rate excludes amortization of debt issuance costs. |
Summary of Mortgage Notes Payable | The following is a summary of our mortgage notes payable by property at September 30, 2018 and 2017: Property Fixed Rate Maturity Date Balance 9/30/18 Balance 9/30/17 Richfield, OH (Cleveland) (1) 5.22 % 01/01/18 $ -0- $ 2,724,856 Tampa, FL (FDX) (1) 5.65 % 04/01/18 -0- 3,654,913 West Chester Twp., OH (Cincinnati) (1) 6.80 % 06/01/18 -0- 1,820,753 Orlando, FL (1) 6.56 % 10/01/18 -0- 4,098,856 Tampa, FL (FDX Ground) 6.00 % 03/01/19 5,144,319 5,910,953 Lebanon, TN (Nashville) 7.60 % 07/10/19 7,217,469 7,446,653 Ft. Mill, SC (Charlotte, NC) 7.00 % 10/10/19 724,766 1,346,845 Denver, CO 6.07 % 11/01/19 414,049 746,617 Hanahan, SC (Charleston)(FDX Ground) 5.54 % 01/21/20 465,749 773,234 Augusta, GA (FDX Ground) 5.54 % 02/01/20 338,789 562,454 Huntsville, AL 5.50 % 03/01/20 370,903 589,073 Colorado Springs, CO (1) 5.41 % 01/01/21 -0- 1,043,704 Topeka, KS 6.50 % 08/10/21 860,364 1,119,836 Streetsboro, OH (Cleveland) 5.50 % 11/01/21 9,300,481 9,887,817 Kansas City, MO 5.18 % 12/01/21 6,633,001 6,799,803 Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) 4.80 % 04/01/22 7,564,186 8,171,480 Waco, TX 4.75 % 08/01/22 4,234,777 4,524,045 Houston, TX 6.88 % 09/10/22 2,148,201 2,619,835 Tolleson, AZ (Phoenix) 3.95 % 11/01/22 3,719,709 4,525,118 Edwardsville, KS (Kansas City)(International Paper) 3.45 % 11/01/23 9,189,343 9,931,292 Spring, TX (Houston) 4.01 % 12/01/23 7,924,865 8,537,878 Memphis, TN 4.50 % 01/01/24 5,061,376 5,882,668 Oklahoma City, OK (FDX Ground) 4.35 % 07/01/24 3,416,097 3,919,663 Indianapolis, IN 4.00 % 09/01/24 10,437,151 11,381,906 Frankfort, KY (Lexington) 4.84 % 12/15/24 16,639,132 17,560,855 Carrollton, TX (Dallas) 6.75 % 02/01/25 6,455,552 7,233,486 Altoona, PA (2) 4.00 % 10/01/25 3,253,281 3,642,839 Green Bay, WI (2) 4.00 % 10/01/25 2,640,432 2,956,605 Stewartville, MN (Rochester) (2) 4.00 % 10/01/25 2,115,962 2,369,334 Carlstadt, NJ (New York, NY) 5.25 % 05/15/26 1,580,181 1,743,353 Roanoke, VA (FDX Ground) 3.84 % 07/01/26 4,395,246 4,867,194 Livonia, MI (Detroit) 4.45 % 12/01/26 6,294,503 6,912,375 Oklahoma City, OK (Amazon) 3.64 % 12/01/27 19,013,593 -0- Olive Branch, MS (Memphis, TN)(Milwaukee Tool) 3.76 % 10/01/28 21,722,567 23,461,936 Tulsa, OK 4.58 % 11/01/28 1,685,288 1,812,575 Oklahoma City, OK (Bunzl) 4.13 % 07/01/29 5,537,962 5,935,346 Lindale, TX (Tyler) 4.57 % 11/01/29 5,638,258 6,016,758 Sauget, IL (St. Louis, MO) 4.40 % 11/01/29 8,563,797 9,145,097 Jacksonville, FL (FDX Ground) 3.93 % 12/01/29 16,243,754 17,370,102 Imperial, PA (Pittsburgh) 3.63 % 04/01/30 11,199,661 11,963,800 Monroe, OH (Cincinnati) 3.77 % 04/01/30 7,126,384 7,608,083 Greenwood, IN (Indianapolis) 3.91 % 06/01/30 20,159,025 21,485,141 Ft. Worth, TX (Dallas) 3.56 % 09/01/30 20,753,864 22,116,268 Concord, NC (Charlotte) 3.87 % 12/01/30 17,813,451 18,928,835 Covington, LA (New Orleans) 4.08 % 01/01/31 11,133,990 11,814,941 Burlington, WA (Seattle/Everett) 3.67 % 05/01/31 17,757,364 18,839,050 Louisville, KY 3.74 % 07/01/31 6,525,135 6,914,142 Colorado Springs, CO 3.90 % 07/01/31 16,651,710 17,632,728 Davenport, FL (Orlando) 3.89 % 09/01/31 23,702,918 25,077,642 Olathe, KS (Kansas City) 3.96 % 09/01/31 19,956,867 21,108,249 Hamburg, NY (Buffalo) 4.03 % 11/01/31 21,328,714 22,532,881 Ft. Myers, FL (FDX Ground) 3.97 % 01/01/32 13,280,803 14,021,964 Savannah, GA 3.53 % 02/01/32 32,215,696 -0- Walker, MI (Grand Rapids) 3.86 % 05/01/32 19,468,554 20,530,135 Mesquite, TX (Dallas) 3.60 % 07/01/32 30,928,224 32,623,355 Property Fixed Rate Maturity Date Balance 9/30/18 Balance 9/30/17 Aiken, SC (Augusta, GA) 4.20 % 07/01/32 $ 14,471,117 $ 15,227,062 Homestead, FL (Miami) 3.60 % 07/01/32 23,313,676 24,591,465 Mobile, AL 4.14 % 07/01/32 18,832,395 -0- Concord, NC (Charlotte) 3.80 % 09/01/32 24,863,355 26,184,000 Kenton, OH 4.45 % 10/01/32 11,473,387 12,000,000 Stow, OH 4.17 % 10/01/32 12,130,343 12,700,000 Charleston, SC (FDX) 4.23 % 12/01/32 13,683,131 -0- Daytona Beach, FL 4.25 % 05/31/33 19,187,819 -0- Charleston, SC (FDX Ground) 3.82 % 09/01/33 29,860,000 -0- Braselton, GA (Atlanta) 4.02 % 10/01/33 39,700,000 -0- Buckner, KY (Louisville) 4.17 % 11/01/33 15,305,669 16,014,719 Total Mortgage Notes Payable $ 719,768,355 $ 598,962,567 (1) Loan was prepaid in full during fiscal 2018. (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, 2018 is scheduled to be paid as follows: Year Ending September 30, 2019 $ 60,151,223 2020 48,605,542 2021 50,098,257 2022 72,031,353 2023 50,522,349 Thereafter 438,359,631 $ 719,768,355 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | Other liabilities consist of the following as of September 30th: 9/30/18 9/30/17 Rent paid in advance $ 9,400,909 $ 9,108,097 Unearned reimbursement revenue 5,814,937 3,996,340 Tenant security deposits 715,177 582,170 Other 495,599 578,911 Total $ 16,426,622 $ 14,265,518 |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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 2018, 2017 and 2016: 2018 2017 2016 Dividend yield 3.82 % 4.44 % 6.17 % Expected volatility 16.45 % 18.84 % 20.20 % Risk-free interest rate 2.37 % 2.26 % 2.09 % 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 our stock option plan as of September 30, 2018, 2017 and 2016 is as follows: 2018 2017 2016 2018 Shares Weighted Average Exercise Price 2017 Shares Weighted Average Exercise Price 2016 Shares Weighted Average Exercise Price Outstanding at beginning of year 670,000 $ 11.75 455,000 $ 9.46 635,000 $ 8.68 Granted 65,000 17.80 280,000 14.43 65,000 10.37 Exercised (40,000 ) 14.24 (65,000 ) 7.22 (245,000 ) 7.69 Expired/Forfeited -0- -0- -0- -0- -0- -0- Outstanding at end of year 695,000 12.17 670,000 11.75 455,000 9.46 Exercisable at end of year 630,000 390,000 390,000 Weighted-average fair value of options granted during the year $ 1.84 $ 1.49 $ 0.74 |
Summary of Stock Options Outstanding | The following is a summary of stock options outstanding as of September 30, 2018: 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 8 175,000 14.24 12/09/24 01/04/17 1 65,000 15.04 01/04/25 01/03/18 1 65,000 17.80 01/03/26 695,000 |
Summary of Nonvested Restricted Stock Awards | A summary of the status of our non-vested restricted stock awards as of September 30, 2018, 2017 and 2016 are presented below: 2018 2017 2016 2018 Shares Weighted-Average Grant Date Fair Value 2017 Shares Weighted-Average Grant Date Fair Value 2016 Shares Weighted-Average Grant Date Fair Value Non-vested at beginning of year 89,714 $ 12.15 117,897 $ 11.35 123,496 $ 10.08 Granted 12,500 16.47 11,000 15.92 40,000 13.64 Dividend Reinvested Shares 4,406 15.42 5,103 13.99 6,771 11.08 Vested (29,084 ) (16.99 ) (44,286 ) (15.74 ) (49,136 ) (10.06 ) Forfeited -0- -0- -0- -0- (3,234 ) (11.38 ) Non-vested at end of year 77,536 $ 13.18 89,714 $ 12.15 117,897 $ 11.35 |
Income from Leases (Tables)
Income from Leases (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of September 30, 2018, we had a weighted average lease maturity of 8.1 years and our average annualized rent per occupied square foot was $6.01. Approximate minimum base rents due under non-cancellable leases as of September 30, 2018 are scheduled as follows: Fiscal Year Amount 2019 $ 122,292,000 2020 120,007,000 2021 118,094,000 2022 111,474,000 2023 106,679,000 thereafter 499,883,000 Total $ 1,078,429,000 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018, 2017 and 2016: 2018 Estimated (unaudited) 2017 Actual 2016 Actual Net income attributable to common shareholders $ 38,815,344 $ 22,942,234 $ 20,531,888 Book / tax difference on gains realized from capital transactions (7,596,653 ) (2,311,714 ) (4,398,599 ) Stock compensation expense 433,895 624,706 926,465 Deferred compensation -0- -0- -0- Other book / tax differences, net (1,038,925 ) (1,596,068 ) 1,298,104 Taxable income before adjustments 30,613,661 19,659,158 18,357,858 Add: capital gains 7,996,653 566,903 3,643,569 Estimated taxable income subject to 90% dividend requirement $ 38,610,314 $ 20,226,061 $ 22,001,427 |
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, 2018, 2017 and 2016: 2018 Estimated (unaudited) 2017 Actual 2016 Actual Cash dividends paid $ 53,586,063 $ 46,289,248 $ 42,034,183 Less: Portion designated capital gains distribution (7,996,653 ) (566,903 ) (3,643,569 ) Less: Return of capital (14,975,748 ) (7,361,734 ) (7,828,595 ) Estimated dividends paid deduction $ 30,613,662 $ 38,360,611 $ 30,562,019 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018, 2017 and 2016 were as follows: 2018 2017 2016 Amounts received $ 90,028,789 $ 91,931,831 $ 72,175,797 Less: Dividend reinvestments 12,928,356 10,125,894 8,369,146 Amounts received, net $ 77,100,433 $ 81,805,937 $ 63,806,651 Number of Shares Issued 5,816,443 6,632,713 6,515,750 |
Summary of Cash Distributions to Common Shareholders | The following cash distributions were paid to common shareholders during the years ended September 30, 2018, 2017 and 2016: 2018 2017 2016 Quarter Ended Amount Per Share Amount Per Share Amount Per Share December 31 $ 13,016,721 $ 0.17 $ 11,184,399 $ 0.16 $ 10,083,160 $ 0.16 March 31 13,302,878 0.17 11,428,917 0.16 10,384,295 0.16 June 30 13,522,569 0.17 11,697,727 0.16 10,647,332 0.16 September 30 13,743,895 0.17 11,978,205 0.16 10,919,396 0.16 $ 53,586,063 $ 0.68 $ 46,289,248 $ 0.64 $ 42,034,183 $ 0.64 |
Series A Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Schedule of Dividend Declared and Paid on Preferred Stock | Our Board of Directors has authorized and we have paid the following dividends on the 7.625% Series A Preferred Stock for the fiscal years ended September 30, 2017 and 2016: 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 |
Series B Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Schedule of Dividend Declared and Paid on Preferred Stock | Our Board of Directors has authorized and we have paid the following dividends on the Series B Preferred Stock for the fiscal years ended September 30, 2017 and 2016: 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 |
Series C Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Schedule of Dividend Declared and Paid on Preferred Stock | Our Board of Directors has authorized and we have paid the following dividends on our 6.125% Series C Preferred Stock for the fiscal years ended September 30, 2018 and 2017: Declaration Date Record Date Payment Date Dividend Dividend per Share 10/2/17 11/15/17 12/15/17 $ 4,080,685 $ 0.3828125 1/16/18 2/15/18 3/15/18 4,220,657 0.3828125 4/2/18 5/15/18 6/15/18 4,247,507 0.3828125 7/2/18 8/15/18 9/17/18 4,327,683 0.3828125 $ 16,876,532 $ 1.53125 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, 2018 | |
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, 2018 and 2017: 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, 2018: Securities available for sale $ 154,920,545 $ 154,920,545 $ -0- $ -0- September 30, 2017: Securities available for sale $ 123,764,770 $ 123,764,770 $ -0- $ -0- |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | FISCAL 2018 12/31/17 3/31/18 6/30/18 9/30/18 Rental and Reimbursement Revenue $ 32,741,822 $ 33,621,508 $ 36,197,825 $ 36,600,694 Lease Termination Income 210,261 -0- -0- -0- Total Expenses 16,267,991 16,920,664 19,073,092 19,471,976 Other Income (Expense) (4,441,577 ) (5,055,841 ) (4,651,340 ) (4,969,095 ) Income from Continuing Operations 12,242,515 11,645,003 12,473,393 12,159,623 Income from Continuing Operations per diluted share $ 0.16 $ 0.15 $ 0.16 $ 0.15 Gain on Sale of Real Estate Investment 5,387,886 -0- 2,097,380 -0- Net Income 17,630,401 11,645,003 14,570,773 12,159,623 Net Income per diluted share $ 0.23 $ 0.15 $ 0.18 $ 0.15 Net Income Attributable to Common Shareholders 13,313,455 7,396,784 10,322,744 7,782,361 Net Income Attributable to Common Shareholders per diluted share $ 0.17 $ 0.10 $ 0.13 $ 0.10 FISCAL 2017 12/31/16 3/31/17 6/30/17 9/30/17 Rental and Reimbursement Revenue $ 27,891,442 $ 28,018,022 $ 29,318,927 $ 31,156,914 Total Expenses 13,972,561 14,495,329 14,840,339 16,294,148 Other Income (Expense) (4,064,960 ) (5,098,082 ) (2,748,225 ) (4,600,576 ) Income from Continuing Operations 9,853,921 8,424,611 11,730,363 10,262,190 Income from Continuing Operations per diluted share $ 0.14 $ 0.12 $ 0.16 $ 0.14 Net Income 9,853,921 8,424,611 11,730,363 10,262,190 Net Income per diluted share $ 0.14 $ 0.12 $ 0.16 $ 0.14 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 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | ||
Sep. 30, 2018USD ($)ft²Properties$ / sharesshares | Sep. 30, 2017USD ($)Propertiesshares | Sep. 30, 2016USD ($)shares | |
Number of real estate properties owned | Properties | 111 | 108 | |
Weighted average lease maturity | 8 years 1 month 6 days | ||
Average base rent per square foot | $ / shares | $ 6.01 | ||
Weighted average building age, term | 8 years 8 months 12 days | ||
REIT investment securities, description | In addition, we own a portfolio of REIT securities which we generally limit to no more than approximately 10% of our undepreciated assets (which is our total assets excluding accumulated depreciation). | ||
Estimated useful life of buildings | 39 years | ||
Estimated useful life of improvements | 3 to 39 years | ||
Unrealized net holding losses reclassed | $ 24,744,579 | $ (6,570,565) | |
Weighted-average amortization period upon acquisition for intangible assets | 12 years | 13 years | 12 years |
Amortization expense related to deferred leasing and financing costs | $ 2,101,427 | $ 2,089,259 | $ 2,072,120 |
Amortization expense for existing assets in year 2019 | 2,128,000 | ||
Amortization expense for existing assets in year 2020 | 1,802,000 | ||
Amortization expense for existing assets in year 2021 | 1,553,000 | ||
Amortization expense for existing assets in year 2022 | 1,435,000 | ||
Amortization expense for existing assets in year 2023 | $ 1,356,000 | ||
Lease termination income description | Only four of our 111 properties have leases that contain an early termination provision. These four properties contain approximately 184,000 total rentable square feet, representing less than 1% of our total rentable square feet. Our leases with early termination provisions are our 26,340 square foot location in Ridgeland (Jackson), MS, our 36,270 square foot location in Urbandale (Des Moines), IA, our 38,833 square foot location in Rockford, IL, and our 83,000 square foot location in Roanoke, VA. | ||
Common stock equivalents included in the diluted weighted average shares outstanding | shares | 182,768 | 135,613 | 89,720 |
Amortization of compensation costs included in general and administrative expenses | $ 433,895 | $ 624,706 | $ 926,465 |
Deduction for aggregate amount of qualified REIT dividends | 20.00% | ||
October 1, 2018 [Member] | |||
Unrealized net holding losses reclassed | $ 24,744,579 | ||
Stock Options [Member] | |||
Number of antidilutive options to purchase shares | shares | 65,000 | 65,000 | 0 |
Four Tenants With Lease [Member] | |||
Potential lease termination income | $ 1,694,000 | ||
Four Properties [Member] | |||
Number of real estate properties owned | ft² | 111 | ||
Total square foot of property | ft² | 184,000 | ||
Ridgeland (Jackson), MS [Member] | |||
Total square foot of property | ft² | 26,340 | ||
Urbandale (Des Moines), IA [Member] | |||
Total square foot of property | ft² | 36,270 | ||
Rockford, IL (Sherwin-Williams Co.) [Member] | |||
Total square foot of property | ft² | 38,833 | ||
Roanoke, VA (FDX Ground) [Member] | |||
Total square foot of property | ft² | 83,000 |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Real Estate Investments (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Land | $ 224,719,083 | $ 187,224,819 | |
Building & Improvements | 1,494,859,336 | 1,244,691,715 | |
Accumulated Depreciation | 207,065,634 | 171,086,083 | |
Net Book Value | $ 1,512,512,785 | $ 1,260,830,451 | |
Huntsville, AL [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 748,115 | $ 748,115 | |
Building & Improvements | 5,913,696 | 5,913,696 | |
Accumulated Depreciation | 1,249,093 | 1,092,730 | |
Net Book Value | $ 5,412,718 | $ 5,569,081 | |
Mobile [Member] | |||
Property Type | Industrial | ||
Land | $ 2,480,474 | ||
Building & Improvements | 30,571,842 | ||
Accumulated Depreciation | 195,973 | ||
Net Book Value | $ 32,856,343 | ||
Tolleson (Phoenix) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,316,075 | $ 1,316,075 | |
Building & Improvements | 15,508,151 | 15,508,151 | |
Accumulated Depreciation | 6,144,623 | 5,634,312 | |
Net Book Value | $ 10,679,603 | $ 11,189,914 | |
Colorado Springs, CO [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,150,000 | $ 2,150,000 | |
Building & Improvements | 27,170,066 | 26,350,000 | |
Accumulated Depreciation | 1,593,580 | 900,855 | |
Net Book Value | $ 27,726,486 | $ 27,599,145 | |
Denver [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,150,000 | $ 1,150,000 | |
Building & Improvements | 5,204,051 | 5,204,051 | |
Accumulated Depreciation | 1,704,122 | 1,570,819 | |
Net Book Value | $ 4,649,929 | $ 4,783,232 | |
Newington (Hartford) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 410,000 | $ 410,000 | |
Building & Improvements | 3,084,108 | 3,084,108 | |
Accumulated Depreciation | 1,377,254 | 1,288,391 | |
Net Book Value | $ 2,116,854 | $ 2,205,717 | |
Cocoa [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,881,316 | $ 1,881,316 | |
Building & Improvements | 12,246,133 | 12,246,133 | |
Accumulated Depreciation | 2,758,147 | 2,435,695 | |
Net Book Value | $ 11,369,302 | $ 11,691,754 | |
Davenport (Orlando) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 7,060,000 | $ 7,060,000 | |
Building & Improvements | 30,720,000 | 30,720,000 | |
Accumulated Depreciation | 1,706,667 | 918,974 | |
Net Book Value | $ 36,073,333 | $ 36,861,026 | |
Daytona Beach [Member] | |||
Property Type | Industrial | ||
Land | $ 3,119,640 | ||
Building & Improvements | 26,853,559 | ||
Accumulated Depreciation | 344,276 | ||
Net Book Value | $ 29,628,923 | ||
Ft. Myers (FDX Ground) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,486,417 | $ 2,400,000 | |
Building & Improvements | 19,177,218 | 19,223,000 | |
Accumulated Depreciation | 842,928 | 353,846 | |
Net Book Value | $ 20,820,707 | $ 21,269,154 | |
Homestead (Miami) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 4,426,727 | $ 4,426,727 | |
Building & Improvements | 33,446,393 | 33,446,393 | |
Accumulated Depreciation | 1,072,000 | 214,400 | |
Net Book Value | $ 36,801,120 | $ 37,658,720 | |
Jacksonville (FDX) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,165,000 | $ 1,165,000 | |
Building & Improvements | 5,231,958 | 5,164,784 | |
Accumulated Depreciation | 2,619,003 | 2,450,615 | |
Net Book Value | $ 3,777,955 | $ 3,879,169 | |
Jacksonville (FDX Ground) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 6,000,000 | $ 6,000,000 | |
Building & Improvements | 24,735,702 | 24,732,090 | |
Accumulated Depreciation | 2,323,375 | 1,688,236 | |
Net Book Value | $ 28,412,327 | $ 29,043,854 | |
Lakeland, FL [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 261,000 | $ 261,000 | |
Building & Improvements | 1,782,226 | 1,721,532 | |
Accumulated Depreciation | 573,621 | 525,151 | |
Net Book Value | $ 1,469,605 | $ 1,457,381 | |
Orlando, FL [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,200,000 | $ 2,200,000 | |
Building & Improvements | 6,574,524 | 6,354,432 | |
Accumulated Depreciation | 1,830,818 | 1,636,085 | |
Net Book Value | $ 6,943,706 | $ 6,918,347 | |
Punta Gorda, FL [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 0 | $ 0 | |
Building & Improvements | 4,133,510 | 4,133,510 | |
Accumulated Depreciation | 1,058,498 | 945,236 | |
Net Book Value | $ 3,075,012 | $ 3,188,274 | |
Tampa (FDX Ground) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 5,000,000 | $ 5,000,000 | |
Building & Improvements | 14,701,575 | 14,696,227 | |
Accumulated Depreciation | 4,921,899 | 4,544,868 | |
Net Book Value | $ 14,779,676 | $ 15,151,359 | |
Tampa (FDX) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,830,000 | $ 2,830,000 | |
Building & Improvements | 5,027,120 | 4,789,924 | |
Accumulated Depreciation | 1,515,388 | 1,383,938 | |
Net Book Value | $ 6,341,732 | $ 6,235,986 | |
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 | 1,144,249 | 1,043,048 | |
Net Book Value | $ 4,533,733 | $ 4,634,934 | |
Augusta (FDX Ground) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 614,406 | $ 614,406 | |
Building & Improvements | 4,748,899 | 4,748,899 | |
Accumulated Depreciation | 1,509,465 | 1,385,556 | |
Net Book Value | $ 3,853,840 | $ 3,977,749 | |
Augusta (FDX) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 380,000 | $ 380,000 | |
Building & Improvements | 1,597,779 | 1,597,779 | |
Accumulated Depreciation | 463,245 | 415,251 | |
Net Book Value | $ 1,514,534 | $ 1,562,528 | |
Braselton (Atlanta) [Member] | |||
Property Type | Industrial | ||
Land | $ 13,964,652 | ||
Building & Improvements | 46,262,482 | ||
Accumulated Depreciation | 98,855 | ||
Net Book Value | $ 60,128,279 | ||
Griffin (Atlanta) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 760,000 | $ 760,000 | |
Building & Improvements | 14,173,683 | 14,108,857 | |
Accumulated Depreciation | 4,493,178 | 4,128,872 | |
Net Book Value | $ 10,440,505 | $ 10,739,985 | |
Savannah [Member] | |||
Property Type | Industrial | ||
Land | $ 4,404,988 | ||
Building & Improvements | 51,620,957 | ||
Accumulated Depreciation | 882,410 | ||
Net Book Value | $ 55,143,535 | ||
Burr Ridge (Chicago) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 270,000 | $ 270,000 | |
Building & Improvements | 1,422,901 | 1,422,901 | |
Accumulated Depreciation | 741,290 | 698,725 | |
Net Book Value | $ 951,611 | $ 994,176 | |
Elgin (Chicago) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,280,000 | $ 1,280,000 | |
Building & Improvements | 5,697,442 | 5,697,442 | |
Accumulated Depreciation | 2,436,368 | 2,284,344 | |
Net Book Value | $ 4,541,074 | $ 4,693,098 | |
Granite City (St. Louis, MO) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 340,000 | $ 340,000 | |
Building & Improvements | 12,357,848 | 12,357,848 | |
Accumulated Depreciation | 5,183,974 | 4,834,280 | |
Net Book Value | $ 7,513,874 | $ 7,863,568 | |
Montgomery (Chicago) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,000,000 | $ 2,000,000 | |
Building & Improvements | 9,303,317 | 9,298,367 | |
Accumulated Depreciation | 2,761,952 | 2,522,213 | |
Net Book Value | $ 8,541,365 | $ 8,776,154 | |
Rockford (Collins Aerospace Systems) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 480,000 | $ 480,000 | |
Building & Improvements | 4,620,000 | 4,620,000 | |
Accumulated Depreciation | 473,846 | 355,385 | |
Net Book Value | $ 4,626,154 | $ 4,744,615 | |
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 | 859,960 | 744,286 | |
Net Book Value | $ 4,691,267 | $ 4,806,941 | |
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 | 1,366,159 | 1,024,382 | |
Net Book Value | $ 13,838,791 | $ 14,180,568 | |
Schaumburg (Chicago) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,039,800 | $ 1,039,800 | |
Building & Improvements | 4,138,140 | 4,138,140 | |
Accumulated Depreciation | 2,283,345 | 2,159,563 | |
Net Book Value | $ 2,894,595 | $ 3,018,377 | |
Wheeling (Chicago) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 5,112,120 | $ 5,112,120 | |
Building & Improvements | 13,870,354 | 13,425,532 | |
Accumulated Depreciation | 4,430,770 | 4,079,587 | |
Net Book Value | $ 14,551,704 | $ 14,458,065 | |
Greenwood (Indianapolis) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,250,000 | $ 2,250,000 | |
Building & Improvements | 35,262,071 | 35,262,071 | |
Accumulated Depreciation | 3,091,837 | 2,186,221 | |
Net Book Value | $ 34,420,234 | $ 35,325,850 | |
Indianapolis [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 3,745,572 | $ 3,739,030 | |
Building & Improvements | 21,758,510 | 21,267,342 | |
Accumulated Depreciation | 2,239,839 | 1,657,124 | |
Net Book Value | $ 23,264,243 | $ 23,349,248 | |
Urbandale (Des Moines) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 310,000 | $ 310,000 | |
Building & Improvements | 2,213,644 | 1,946,613 | |
Accumulated Depreciation | 1,211,364 | 1,144,794 | |
Net Book Value | $ 1,312,280 | $ 1,111,819 | |
Edwardsville (Kansas City) (Carlisle Tire) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,185,000 | $ 1,185,000 | |
Building & Improvements | 6,047,986 | 6,047,986 | |
Accumulated Depreciation | 2,538,608 | 2,358,818 | |
Net Book Value | $ 4,694,378 | $ 4,874,168 | |
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 | 2,001,778 | 1,587,164 | |
Net Book Value | $ 16,292,330 | $ 16,706,944 | |
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 | 1,632,611 | 879,098 | |
Net Book Value | $ 30,104,389 | $ 30,857,902 | |
Topeka, KS [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 0 | $ 0 | |
Building & Improvements | 3,679,843 | 3,679,843 | |
Accumulated Depreciation | 896,483 | 802,124 | |
Net Book Value | $ 2,783,360 | $ 2,877,719 | |
Buckner (Louisville) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,280,000 | $ 2,280,000 | |
Building & Improvements | 24,527,852 | 24,527,852 | |
Accumulated Depreciation | 3,114,323 | 2,472,411 | |
Net Book Value | $ 23,693,529 | $ 24,335,441 | |
Frankfort (Lexington) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,850,000 | $ 1,850,000 | |
Building & Improvements | 26,150,000 | 26,150,000 | |
Accumulated Depreciation | 2,570,299 | 1,899,786 | |
Net Book Value | $ 25,429,701 | $ 26,100,214 | |
Louisville [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,590,000 | $ 1,590,000 | |
Building & Improvements | 9,714,000 | 9,714,000 | |
Accumulated Depreciation | 581,179 | 332,103 | |
Net Book Value | $ 10,722,821 | $ 10,971,897 | |
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 | 1,139,872 | 737,564 | |
Net Book Value | $ 17,270,128 | $ 17,672,436 | |
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 | 4,151,339 | 3,843,707 | |
Net Book Value | $ 10,361,016 | $ 10,668,648 | |
Walker (Grand Rapids) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 4,034,363 | $ 4,034,363 | |
Building & Improvements | 27,620,623 | 27,620,623 | |
Accumulated Depreciation | 1,062,332 | 354,111 | |
Net Book Value | $ 30,592,654 | $ 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 | 2,046,869 | 1,698,607 | |
Net Book Value | $ 11,715,161 | $ 12,063,423 | |
Orion, MI [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 4,649,971 | $ 4,649,971 | |
Building & Improvements | 18,240,153 | 18,235,665 | |
Accumulated Depreciation | 4,488,942 | 4,019,239 | |
Net Book Value | $ 18,401,182 | $ 18,866,397 | |
Romulus (Detroit) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 531,000 | $ 531,000 | |
Building & Improvements | 4,201,671 | 4,136,506 | |
Accumulated Depreciation | 2,043,189 | 1,922,903 | |
Net Book Value | $ 2,689,482 | $ 2,744,603 | |
Stewartville (Rochester) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 900,000 | $ 900,000 | |
Building & Improvements | 4,320,000 | 4,320,000 | |
Accumulated Depreciation | 553,846 | 443,077 | |
Net Book Value | $ 4,666,154 | $ 4,776,923 | |
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 | 2,203,526 | 1,850,962 | |
Net Book Value | $ 12,346,474 | $ 12,699,038 | |
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 | 4,044,199 | 3,159,783 | |
Net Book Value | $ 32,870,718 | $ 33,755,134 | |
Richland (Jackson) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 211,000 | $ 211,000 | |
Building & Improvements | 1,689,691 | 1,689,691 | |
Accumulated Depreciation | 982,066 | 904,133 | |
Net Book Value | $ 918,625 | $ 996,558 | |
Ridgeland (Jackson) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 218,000 | $ 218,000 | |
Building & Improvements | 1,667,254 | 1,640,591 | |
Accumulated Depreciation | 1,313,173 | 1,246,001 | |
Net Book Value | $ 572,081 | $ 612,590 | |
Kansas City, MO (Bunzl) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,000,000 | $ 1,000,000 | |
Building & Improvements | 8,980,250 | 8,651,226 | |
Accumulated Depreciation | 885,643 | 646,520 | |
Net Book Value | $ 9,094,607 | $ 9,004,706 | |
Liberty (Kansas City) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 723,000 | $ 723,000 | |
Building & Improvements | 6,674,881 | 6,674,881 | |
Accumulated Depreciation | 3,497,982 | 3,325,236 | |
Net Book Value | $ 3,899,899 | $ 4,072,645 | |
O'Fallon (St. Louis) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 264,000 | $ 264,000 | |
Building & Improvements | 3,981,913 | 3,981,913 | |
Accumulated Depreciation | 2,361,768 | 2,228,921 | |
Net Book Value | $ 1,884,145 | $ 2,016,992 | |
St. Joseph, MO [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 800,000 | $ 800,000 | |
Building & Improvements | 12,563,648 | 12,489,270 | |
Accumulated Depreciation | 5,452,138 | 5,101,907 | |
Net Book Value | $ 7,911,510 | $ 8,187,363 | |
Omaha, NE [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,170,000 | $ 1,170,000 | |
Building & Improvements | 4,774,691 | 4,774,691 | |
Accumulated Depreciation | 2,358,451 | 2,233,901 | |
Net Book Value | $ 3,586,240 | $ 3,710,790 | |
Carlstadt (New York, NY) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,194,000 | $ 1,194,000 | |
Building & Improvements | 3,748,402 | 3,709,589 | |
Accumulated Depreciation | 1,029,584 | 939,584 | |
Net Book Value | $ 3,912,818 | $ 3,964,005 | |
Somerset, NJ [Member] | |||
Property Type | Shopping Center | Shopping Center | |
Land | $ 34,317 | $ 34,317 | |
Building & Improvements | 3,077,460 | 3,038,573 | |
Accumulated Depreciation | 1,589,653 | 1,494,297 | |
Net Book Value | $ 1,522,124 | $ 1,578,593 | |
Cheektowaga (Buffalo) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 4,796,765 | $ 4,796,765 | |
Building & Improvements | 6,164,058 | 6,164,058 | |
Accumulated Depreciation | 1,851,798 | 1,692,362 | |
Net Book Value | $ 9,109,025 | $ 9,268,461 | |
Halfmoon (Albany) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,190,000 | $ 1,190,000 | |
Building & Improvements | 4,335,600 | 4,335,600 | |
Accumulated Depreciation | 722,600 | 611,431 | |
Net Book Value | $ 4,803,000 | $ 4,914,169 | |
Hamburg (Buffalo) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,700,000 | $ 1,700,000 | |
Building & Improvements | 33,150,000 | 33,150,000 | |
Accumulated Depreciation | 1,700,000 | 850,000 | |
Net Book Value | $ 33,150,000 | $ 34,000,000 | |
Concord (Charlotte) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 4,305,000 | $ 4,305,000 | |
Building & Improvements | 28,739,797 | 28,739,797 | |
Accumulated Depreciation | 2,314,361 | 1,471,238 | |
Net Book Value | $ 30,730,436 | $ 31,573,559 | |
Concord (Charlotte) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 4,306,684 | $ 4,306,684 | |
Building & Improvements | 35,736,461 | 35,736,461 | |
Accumulated Depreciation | 1,069,039 | 152,720 | |
Net Book Value | $ 38,974,106 | $ 39,890,425 | |
Fayetteville, NC [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 172,000 | $ 172,000 | |
Building & Improvements | 5,279,629 | 5,279,629 | |
Accumulated Depreciation | 2,931,202 | 2,698,223 | |
Net Book Value | $ 2,520,427 | $ 2,753,406 | |
Winston-Salem, NC [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 980,000 | $ 980,000 | |
Building & Improvements | 6,266,326 | 6,258,613 | |
Accumulated Depreciation | 2,617,877 | 2,401,589 | |
Net Book Value | $ 4,628,449 | $ 4,837,024 | |
Bedford Heights (Cleveland) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 990,000 | $ 990,000 | |
Building & Improvements | 5,929,836 | 5,929,836 | |
Accumulated Depreciation | 1,893,515 | 1,707,394 | |
Net Book Value | $ 5,026,321 | $ 5,212,442 | |
Cincinnati [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 800,000 | $ 800,000 | |
Building & Improvements | 5,950,000 | 5,950,000 | |
Accumulated Depreciation | 470,406 | 317,842 | |
Net Book Value | $ 6,279,594 | $ 6,432,158 | |
Kenton [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 854,780 | $ 854,780 | |
Building & Improvements | 17,026,827 | 17,026,827 | |
Accumulated Depreciation | 454,776 | 18,188 | |
Net Book Value | $ 17,426,831 | $ 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 | 704,125 | 594,620 | |
Net Book Value | $ 3,748,300 | $ 3,857,805 | |
Monroe (Cincinnati) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,800,000 | $ 1,800,000 | |
Building & Improvements | 15,724,760 | 11,137,000 | |
Accumulated Depreciation | 1,023,271 | 737,707 | |
Net Book Value | $ 16,501,489 | $ 12,199,293 | |
Richfield (Cleveland) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,676,848 | $ 2,676,848 | |
Building & Improvements | 13,770,330 | 13,758,630 | |
Accumulated Depreciation | 3,083,114 | 2,728,544 | |
Net Book Value | $ 13,364,064 | $ 13,706,934 | |
Stow [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,429,715 | $ 1,429,715 | |
Building & Improvements | 17,504,350 | 17,504,350 | |
Accumulated Depreciation | 448,829 | 0 | |
Net Book Value | $ 18,485,236 | $ 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 | 2,973,333 | 2,515,897 | |
Net Book Value | $ 16,626,667 | $ 17,084,103 | |
West Chester Twp. (Cincinnati) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 695,000 | $ 695,000 | |
Building & Improvements | 5,038,686 | 5,038,686 | |
Accumulated Depreciation | 2,305,181 | 2,125,801 | |
Net Book Value | $ 3,428,505 | $ 3,607,885 | |
Oklahoma City (FDX Ground)[Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,410,000 | $ 1,410,000 | |
Building & Improvements | 11,174,462 | 11,174,462 | |
Accumulated Depreciation | 1,599,042 | 1,306,735 | |
Net Book Value | $ 10,985,420 | $ 11,277,727 | |
Oklahoma City (Bunzl) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 844,688 | $ 844,688 | |
Building & Improvements | 7,883,751 | 7,883,751 | |
Accumulated Depreciation | 252,684 | 50,537 | |
Net Book Value | $ 8,475,755 | $ 8,677,902 | |
Oklahoma City (Amazon) [Member] | |||
Property Type | Industrial | ||
Land | $ 1,618,240 | ||
Building & Improvements | 28,260,702 | ||
Accumulated Depreciation | 603,861 | ||
Net Book Value | $ 29,275,081 | ||
Tulsa, OK [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 790,000 | $ 790,000 | |
Building & Improvements | 2,958,031 | 2,958,031 | |
Accumulated Depreciation | 391,119 | 309,194 | |
Net Book Value | $ 3,356,912 | $ 3,438,837 | |
Altoona, PA [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,200,000 | $ 1,200,000 | |
Building & Improvements | 7,822,966 | 7,808,650 | |
Accumulated Depreciation | 986,269 | 784,660 | |
Net Book Value | $ 8,036,697 | $ 8,223,990 | |
Imperial (Pittsburgh) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 3,700,000 | $ 3,700,000 | |
Building & Improvements | 16,250,000 | 16,250,000 | |
Accumulated Depreciation | 1,076,389 | 659,722 | |
Net Book Value | $ 18,873,611 | $ 19,290,278 | |
Monaca (Pittsburgh) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 401,716 | $ 401,716 | |
Building & Improvements | 7,508,950 | 7,484,125 | |
Accumulated Depreciation | 2,957,471 | 2,642,181 | |
Net Book Value | $ 4,953,195 | $ 5,243,660 | |
Aiken (Augusta, GA) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,362,458 | $ 1,362,458 | |
Building & Improvements | 19,677,937 | 19,677,937 | |
Accumulated Depreciation | 630,703 | 126,141 | |
Net Book Value | $ 20,409,692 | $ 20,914,254 | |
Charleston (FDX) [Member] | |||
Property Type | Industrial | ||
Land | $ 4,639,283 | ||
Building & Improvements | 16,880,128 | ||
Accumulated Depreciation | 397,072 | ||
Net Book Value | $ 21,122,339 | ||
Charleston (FDX Ground) [Member] | |||
Property Type | Industrial | ||
Land | $ 7,103,106 | ||
Building & Improvements | 39,473,274 | ||
Accumulated Depreciation | 168,689 | ||
Net Book Value | $ 46,407,691 | ||
Ft. Mill (Charlotte, NC) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,746,822 | $ 1,670,000 | |
Building & Improvements | 15,327,214 | 13,743,307 | |
Accumulated Depreciation | 2,654,658 | 2,302,265 | |
Net Book Value | $ 14,419,378 | $ 13,111,042 | |
Hanahan (Charleston) (SAIC) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,129,000 | $ 1,129,000 | |
Building & Improvements | 12,281,102 | 12,245,441 | |
Accumulated Depreciation | 4,343,346 | 3,961,769 | |
Net Book Value | $ 9,066,756 | $ 9,412,672 | |
Hanahan (Charleston) (FDX Ground) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 930,000 | $ 930,000 | |
Building & Improvements | 6,684,653 | 6,684,653 | |
Accumulated Depreciation | 2,071,138 | 1,897,664 | |
Net Book Value | $ 5,543,515 | $ 5,716,989 | |
Chattanooga, TN [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 300,000 | $ 300,000 | |
Building & Improvements | 4,838,540 | 4,716,518 | |
Accumulated Depreciation | 1,388,863 | 1,262,219 | |
Net Book Value | $ 3,749,677 | $ 3,754,299 | |
Lebanon (Nashville) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 2,230,000 | $ 2,230,000 | |
Building & Improvements | 11,985,126 | 11,985,126 | |
Accumulated Depreciation | 2,151,164 | 1,843,853 | |
Net Book Value | $ 12,063,962 | $ 12,371,273 | |
Memphis, TN [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,234,987 | $ 1,240,887 | |
Building & Improvements | 13,380,000 | 13,381,050 | |
Accumulated Depreciation | 2,916,162 | 2,573,085 | |
Net Book Value | $ 11,698,825 | $ 12,048,852 | |
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), TX [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,500,000 | $ 1,500,000 | |
Building & Improvements | 16,319,203 | 16,319,203 | |
Accumulated Depreciation | 3,555,283 | 3,130,523 | |
Net Book Value | $ 14,263,920 | $ 14,688,680 | |
Corpus Christi, TX [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 0 | $ 0 | |
Building & Improvements | 4,808,330 | 4,771,913 | |
Accumulated Depreciation | 797,350 | 672,040 | |
Net Book Value | $ 4,010,980 | $ 4,099,873 | |
Edinburg, TX [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,000,000 | $ 1,000,000 | |
Building & Improvements | 11,039,014 | 11,039,014 | |
Accumulated Depreciation | 1,472,631 | 1,188,983 | |
Net Book Value | $ 10,566,383 | $ 10,850,031 | |
El Paso [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 3,225,195 | $ 3,225,195 | |
Building & Improvements | 9,205,997 | 9,205,997 | |
Accumulated Depreciation | 1,977,282 | 1,709,714 | |
Net Book Value | $ 10,453,910 | $ 10,721,478 | |
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 | 2,200,495 | 1,505,602 | |
Net Book Value | $ 33,100,337 | $ 33,795,230 | |
Houston, TX [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,661,120 | $ 1,661,120 | |
Building & Improvements | 6,502,158 | 6,487,338 | |
Accumulated Depreciation | 1,440,389 | 1,248,713 | |
Net Book Value | $ 6,722,889 | $ 6,899,745 | |
Lindale (Tyler) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 540,000 | $ 540,000 | |
Building & Improvements | 9,425,550 | 9,396,500 | |
Accumulated Depreciation | 966,498 | 722,416 | |
Net Book Value | $ 8,999,052 | $ 9,214,084 | |
Mesquite (Dallas) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 6,247,658 | $ 6,247,658 | |
Building & Improvements | 43,632,835 | 43,632,835 | |
Accumulated Depreciation | 1,398,488 | 279,698 | |
Net Book Value | $ 48,482,005 | $ 49,600,795 | |
Spring (Houston), TX [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,890,000 | $ 1,890,000 | |
Building & Improvements | 17,404,396 | 17,393,798 | |
Accumulated Depreciation | 2,077,166 | 1,629,658 | |
Net Book Value | $ 17,217,230 | $ 17,654,140 | |
Waco, TX [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,350,000 | $ 1,350,000 | |
Building & Improvements | 11,201,368 | 11,201,368 | |
Accumulated Depreciation | 1,498,728 | 1,210,344 | |
Net Book Value | $ 11,052,640 | $ 11,341,024 | |
Charlottesville, VA [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,170,000 | $ 1,170,000 | |
Building & Improvements | 3,285,702 | 3,186,988 | |
Accumulated Depreciation | 1,588,202 | 1,489,266 | |
Net Book Value | $ 2,867,500 | $ 2,867,722 | |
Mechanicsville (Richmond) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,160,000 | $ 1,160,000 | |
Building & Improvements | 6,632,395 | 6,625,011 | |
Accumulated Depreciation | 3,007,443 | 2,824,533 | |
Net Book Value | $ 4,784,952 | $ 4,960,478 | |
Richmond [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 446,000 | $ 446,000 | |
Building & Improvements | 4,322,309 | 4,322,309 | |
Accumulated Depreciation | 1,545,670 | 1,409,820 | |
Net Book Value | $ 3,222,639 | $ 3,358,489 | |
Roanoke (CHEP USA) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 1,853,000 | $ 1,853,000 | |
Building & Improvements | 5,610,672 | 5,552,447 | |
Accumulated Depreciation | 1,706,454 | 1,516,288 | |
Net Book Value | $ 5,757,218 | $ 5,889,159 | |
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 | 1,147,885 | 930,962 | |
Net Book Value | $ 9,052,115 | $ 9,269,038 | |
Burlington (Seattle/Everett) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 8,000,000 | $ 8,000,000 | |
Building & Improvements | 22,228,547 | 22,228,547 | |
Accumulated Depreciation | 1,426,792 | 855,500 | |
Net Book Value | $ 28,801,755 | $ 29,373,047 | |
Cudahy (Milwaukee) [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 980,000 | $ 980,000 | |
Building & Improvements | 8,786,361 | 8,402,361 | |
Accumulated Depreciation | 3,296,930 | 3,075,370 | |
Net Book Value | $ 6,469,431 | $ 6,306,991 | |
Green Bay, WI [Member] | |||
Property Type | Industrial | Industrial | |
Land | $ 590,000 | $ 590,000 | |
Building & Improvements | 5,980,000 | 5,980,000 | |
Accumulated Depreciation | 766,667 | 613,333 | |
Net Book Value | $ 5,803,333 | $ 5,956,667 | |
Colorado Springs, CO [Member] | |||
Property Type | [1] | Industrial | |
Land | [1] | $ 1,270,000 | |
Building & Improvements | [1] | 5,934,472 | |
Accumulated Depreciation | [1] | 1,644,190 | |
Net Book Value | [1] | $ 5,560,282 | |
Ft. Myers (Vacant) [Member] | |||
Property Type | [1] | Industrial | |
Land | [1] | $ 1,910,000 | |
Building & Improvements | [1] | 3,107,448 | |
Accumulated Depreciation | [1] | 1,057,915 | |
Net Book Value | [1] | $ 3,959,533 | |
Kansas City (Kellogg) [Member] | |||
Property Type | [1] | Industrial | |
Land | [1] | $ 660,000 | |
Building & Improvements | [1] | 4,140,474 | |
Accumulated Depreciation | [1] | 1,147,694 | |
Net Book Value | [1] | $ 3,652,780 | |
Orangeburg (New York) [Member] | |||
Property Type | [1] | Industrial | |
Land | [1] | $ 694,720 | |
Building & Improvements | [1] | 3,200,955 | |
Accumulated Depreciation | [1] | 2,436,637 | |
Net Book Value | [1] | $ 1,459,038 | |
[1] | Classified as Real Estate Held for Sale. |
Acquisitions, Expansions and _3
Acquisitions, Expansions and Dispositions (Details Narrative) | Sep. 27, 2018USD ($)ft² | Sep. 06, 2018USD ($)ft²a | Aug. 15, 2018USD ($)ft²a | Jun. 28, 2018USD ($)ft²a | Jun. 05, 2018USD ($)ft² | Jun. 01, 2018USD ($)ft² | Apr. 06, 2018USD ($)ft²a | Jan. 22, 2018USD ($)ft²a | Dec. 22, 2017USD ($)ft² | Dec. 18, 2017USD ($)ft² | Nov. 30, 2017USD ($)ft²a | Nov. 02, 2017USD ($)ft²a | Nov. 01, 2017USD ($)ft² | Sep. 29, 2017USD ($)ft² | Sep. 19, 2017USD ($)ft² | Sep. 01, 2017USD ($)ft² | Aug. 03, 2017USD ($)ft² | Jun. 29, 2017USD ($)ft² | Jun. 28, 2017USD ($)ft² | Jun. 27, 2017USD ($)ft² | Jun. 23, 2017USD ($)ft² | Jun. 07, 2017 | Apr. 05, 2017USD ($)ft² | Oct. 17, 2016USD ($)ft² | Oct. 14, 2016 | Oct. 02, 2016USD ($)ft² | Jun. 09, 2016ft² | Dec. 30, 2016USD ($)ft² | Oct. 31, 2016USD ($)ft²a | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Total Cash Consideration | $ 1,071,000 | $ 431,000 | ||||||||||||||||||||||||||||||
Proceeds from sale of real estate | 22,083,340 | $ 4,125,819 | $ 0 | |||||||||||||||||||||||||||||
Series C Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||||||||||||||||
Preferred stock, dividend rate | 6.125% | |||||||||||||||||||||||||||||||
Series A Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||||||||||||||||
Preferred stock, dividend rate | 7.625% | |||||||||||||||||||||||||||||||
Series B Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||||||||||||||||
Preferred stock, dividend rate | 7.875% | |||||||||||||||||||||||||||||||
Four Real Estate Propeties [Member] | ||||||||||||||||||||||||||||||||
Gain on real estate properties | $ 7,485,000 | |||||||||||||||||||||||||||||||
Percentage of gain on properties | 51.00% | |||||||||||||||||||||||||||||||
Net gain on historic cost | $ 1,160,000 | |||||||||||||||||||||||||||||||
Percentage of net gain over the historic cost basis | 6.00% | |||||||||||||||||||||||||||||||
Edinburg, TX (FedEx Ground) [Member] | ||||||||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||||||
Cost of expansion | $ 4,762,000 | |||||||||||||||||||||||||||||||
Lease expiration date description | Extended the prior lease expiration date from September 2021 to September 2026. | |||||||||||||||||||||||||||||||
Increase in annual rent | $ 499,000 | |||||||||||||||||||||||||||||||
Rent prior to expansion | $ 598,000 | |||||||||||||||||||||||||||||||
Rent prior to expansion, per square foot | ft² | 5.26 | |||||||||||||||||||||||||||||||
Rent increase to after expansion | $ 1,097,000 | |||||||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | ft² | 6.68 | |||||||||||||||||||||||||||||||
Expansion of industrial building | ft² | 50,625 | |||||||||||||||||||||||||||||||
Ft. Myers, FL (FedEx Ground) [Member] | ||||||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 213,672 | |||||||||||||||||||||||||||||||
Area of land | ft² | 87,500 | |||||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||||||
Lease term | 10 years | 10 years | ||||||||||||||||||||||||||||||
Lease expiration date | Jun. 30, 2017 | Sep. 30, 2026 | ||||||||||||||||||||||||||||||
Purchase price of industrial building | $ 21,001,538 | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 14,500,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.97% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,365,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Cost of parking lot expansion | $ 862,000 | |||||||||||||||||||||||||||||||
Lease expiration date description | Extended the prior lease expiration date from September 2026 to August 2027. | |||||||||||||||||||||||||||||||
Increase in annual rent | $ 53,000 | |||||||||||||||||||||||||||||||
Rent prior to expansion | $ 1,365,000 | |||||||||||||||||||||||||||||||
Rent prior to expansion, per square foot | ft² | 6.39 | |||||||||||||||||||||||||||||||
Rent increase to after expansion | $ 1,418,000 | |||||||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | ft² | 6.64 | |||||||||||||||||||||||||||||||
Value of property sold | $ 6,400,000 | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 6,119,000 | |||||||||||||||||||||||||||||||
Hamburg, NY (FedEx Ground) [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 | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 23,500,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.03% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,309,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Intangible asset related to the lease in-place | $ 250,000 | |||||||||||||||||||||||||||||||
Walker, MI (FedEx Ground) [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 | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 20,875,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.86% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,102,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Mesquite, TX (FedEx Ground) [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 | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 32,900,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.60% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 3,194,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Aiken, SC (Autoneum) [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 | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 15,350,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.20% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,700,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Homestead, FL (FedEx Ground) [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 | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 24,800,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.60% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,282,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Oklahoma City, OK (FedEx Ground) [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 | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 6,000,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.125% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 721,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 12 years | |||||||||||||||||||||||||||||||
Concord, NC (FedEx Ground) [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 | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 26,184,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.80% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,537,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Kenton, OH (International Paper) [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 | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 12,000,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.45% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,243,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Stow, OH (Mickey Thompson) [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 | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 12,700,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.17% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,500,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Mobile, AL (Amazon.com Services Inc.) [Member] | ||||||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 362,942 | |||||||||||||||||||||||||||||||
Area of land | a | 31.3 | |||||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||||||
Lease term | 11 years | |||||||||||||||||||||||||||||||
Lease expiration date | Nov. 30, 2028 | |||||||||||||||||||||||||||||||
Purchase price of industrial building | $ 33,688,276 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 14 years | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 19,000,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.14% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,020,000 | |||||||||||||||||||||||||||||||
Charleston, SC (FedEx Corp) [Member] | ||||||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 121,683 | |||||||||||||||||||||||||||||||
Area of land | a | 16.2 | |||||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||||||
Lease term | 15 years | |||||||||||||||||||||||||||||||
Lease expiration date | Aug. 31, 2032 | |||||||||||||||||||||||||||||||
Purchase price of industrial building | $ 21,872,170 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 14,200,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.23% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,315,000 | |||||||||||||||||||||||||||||||
Oklahoma City, OK (Amazon.com Services Inc.) [Member] | ||||||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 300,000 | |||||||||||||||||||||||||||||||
Area of land | a | 123 | |||||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||||||
Lease expiration date | Oct. 31, 2027 | |||||||||||||||||||||||||||||||
Purchase price of industrial building | $ 30,250,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 18 years | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 19,600,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.64% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,884,000 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 10 years | |||||||||||||||||||||||||||||||
Savannah, GA (Shaw Industries) [Member] | ||||||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 831,764 | |||||||||||||||||||||||||||||||
Area of land | a | 62.4 | |||||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||||||
Lease expiration date | Sep. 30, 2027 | |||||||||||||||||||||||||||||||
Purchase price of industrial building | $ 57,483,636 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 14 years | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 33,300,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.53% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 3,551,000 | |||||||||||||||||||||||||||||||
Daytona Beach, FL (B. Braun Medical Inc.) [Member] | ||||||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 399,440 | |||||||||||||||||||||||||||||||
Area of land | a | 27.5 | |||||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||||||
Lease expiration date | Apr. 30, 2028 | |||||||||||||||||||||||||||||||
Purchase price of industrial building | $ 30,750,540 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 19,500,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.25% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,130,000 | |||||||||||||||||||||||||||||||
Charleston, SC (Fedex Ground) [Member] | ||||||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 265,318 | |||||||||||||||||||||||||||||||
Area of land | a | 48.9 | |||||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||||||
Lease term | 15 years | |||||||||||||||||||||||||||||||
Lease expiration date | Jun. 30, 2033 | |||||||||||||||||||||||||||||||
Purchase price of industrial building | $ 47,174,296 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 29,860,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.82% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,713,000 | |||||||||||||||||||||||||||||||
Braselton, GA (Fedex Ground) [Member] | ||||||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 373,750 | |||||||||||||||||||||||||||||||
Area of land | a | 92.6 | |||||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||||||
Lease term | 15 years | |||||||||||||||||||||||||||||||
Lease expiration date | Feb. 28, 2033 | |||||||||||||||||||||||||||||||
Purchase price of industrial building | $ 61,113,264 | |||||||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||||||
Face amount of mortgage loan | $ 39,700,000 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.02% | |||||||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 3,801,000 | |||||||||||||||||||||||||||||||
Indianapolis, IN (FedEx Ground) [Member] | ||||||||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||||||
Cost of parking lot expansion | $ 1,683,000 | |||||||||||||||||||||||||||||||
Lease expiration date description | expiration date from April 2024 to October 2027. | |||||||||||||||||||||||||||||||
Increase in annual rent | $ 184,000 | |||||||||||||||||||||||||||||||
Rent prior to expansion | $ 1,533,000 | |||||||||||||||||||||||||||||||
Rent prior to expansion, per square foot | ft² | 4.67 | |||||||||||||||||||||||||||||||
Rent increase to after expansion | $ 1,715,000 | |||||||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | ft² | 5.23 | |||||||||||||||||||||||||||||||
Ft. Mill, SC (Fedex Ground) [Member] | ||||||||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||||||
Cost of parking lot expansion | $ 1,834,000 | |||||||||||||||||||||||||||||||
Lease expiration date description | expiration date from October 2023 to August 2028 | |||||||||||||||||||||||||||||||
Increase in annual rent | $ 183,000 | |||||||||||||||||||||||||||||||
Rent prior to expansion | $ 1,415,000 | |||||||||||||||||||||||||||||||
Rent prior to expansion, per square foot | ft² | 8 | |||||||||||||||||||||||||||||||
Rent increase to after expansion | $ 1,598,000 | |||||||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | ft² | 9.03 | |||||||||||||||||||||||||||||||
Kansas City, MO (Kellogg) [Member] | ||||||||||||||||||||||||||||||||
Area of land | ft² | 65,067 | |||||||||||||||||||||||||||||||
Value of property sold | $ 4,900,000 | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 4,602,000 | |||||||||||||||||||||||||||||||
Orangeburg, NY (Kellogg) [Member] | ||||||||||||||||||||||||||||||||
Area of land | ft² | 50,400 | |||||||||||||||||||||||||||||||
Value of property sold | $ 6,170,000 | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate | 5,898,000 | |||||||||||||||||||||||||||||||
Kellogg Sales Company [Member] | ||||||||||||||||||||||||||||||||
Termination fee | $ 210,000 | |||||||||||||||||||||||||||||||
Weighted average remaining rent due percentage | 80.00% | |||||||||||||||||||||||||||||||
Colorado Springs, CO (FedEx Ground) [Member] | ||||||||||||||||||||||||||||||||
Area of land | ft² | 68,370 | 225,362 | ||||||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||||||
Lease expiration date | Sep. 30, 2018 | Jan. 31, 2026 | ||||||||||||||||||||||||||||||
Value of property sold | $ 5,800,000 | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 5,465,000 | |||||||||||||||||||||||||||||||
White Bear Lake, MN. [Member] | ||||||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 59,425 | |||||||||||||||||||||||||||||||
Area of land | a | 4.78 | |||||||||||||||||||||||||||||||
Value of property sold | $ 4,126,000 |
Acquisitions, Expansions and _4
Acquisitions, Expansions and Dispositions - Summary of Purchase Price Allocation for Assets Acquisitions (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Land [Member] | ||
Purchase price allocation of properties acquired | $ 37,330,383 | $ 23,507,073 |
Building [Member] | ||
Purchase price allocation of properties acquired | 239,890,739 | 202,529,177 |
In-Place Leases [Member] | ||
Purchase price allocation of properties acquired | $ 6,181,731 | $ 4,814,192 |
Acquisitions, Expansions and _5
Acquisitions, Expansions and Dispositions - Summary of Operations Results for Properties Acquisition (Details) - Fedex Ground Package System Inc. [Member] - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Rental Revenues | $ 7,429,989 | $ 7,086,464 |
Net Income Attributable to Common Shareholders | $ 2,131,150 | $ 2,156,885 |
Acquisitions, Expansions and _6
Acquisitions, Expansions and Dispositions - Schedule of Disposition and Real Estate Classified as Held for Sale (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Business Combinations [Abstract] | |||
Rental and Reimbursement Revenue | $ 928,808 | $ 2,051,835 | $ 2,138,713 |
Lease Termination Income | 210,261 | 0 | 0 |
Real Estate Taxes | (211,928) | (351,645) | (341,174) |
Operating Expenses | (109,735) | (169,605) | (104,363) |
Depreciation & Amortization | (79,137) | (513,879) | (517,554) |
Interest Expense | (38,272) | (143,510) | (221,595) |
Income from Operations | 699,997 | 873,196 | 954,027 |
Gain (Loss) on Sale of Real Estate Investment | 7,485,266 | (95,336) | 0 |
Net Income | $ 8,185,263 | $ 777,860 | $ 954,027 |
Acquisitions, Expansions and _7
Acquisitions, Expansions and Dispositions - Schedule of Pro forma information (Details) - Pro Forma [Member] - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Rental Revenues | $ 130,401,800 | $ 130,644,200 |
Net Income Attributable to Common Shareholders | $ 31,382,200 | $ 26,411,000 |
Basic Net Income per Share Attributable to Common Shareholders | $ 0.39 | $ 0.32 |
Diluted Net Income per Share Attributable to Common Shareholders | $ 0.38 | $ 0.32 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Amortization expense for existing intangible assets in year 2019 | $ 1,737,000 | ||
Amortization expense for existing intangible assets in year 2020 | 1,589,000 | ||
Amortization expense for existing intangible assets in year 2021 | 1,582,000 | ||
Amortization expense for existing intangible assets in year 2022 | 1,431,000 | ||
Amortization expense for existing intangible assets in year 2023 | 1,263,000 | ||
Rental revenue related to intangible assets | 102,708 | $ 101,968 | $ 101,968 |
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 | $ 1,510,660 | $ 969,751 | $ 1,076,776 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets Under Leases in-place Acquisition (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | $ 14,589,756 | $ 10,010,165 |
Topeka, KS [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 102,867 | 137,156 |
Carrollton, (Dallas) TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 2,283 | 9,134 |
Ft. Mill (Charlotte, NC), SC [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 91,595 | 183,191 |
Lebanon (Nashville), TN [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 119,926 | 140,783 |
Rockford, IL (Sherwin-Williams Co.) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 105,293 | 125,349 |
Edinburg, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 166,122 | 223,078 |
Corpus Christi, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 66,912 | 89,853 |
Halfmoon (Albany), NY [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 157,578 | 207,339 |
Lebanon (Cincinnati), OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 54,402 | 147,663 |
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 703,205 | 886,650 |
Livonia (Detroit), MI [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 239,464 | 307,882 |
Stewartville (Rochester), MN [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 21,984 | 26,695 |
Buckner (Louisville), KY [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 329,941 | 351,816 |
Edwardsville (Kansas City), KS (International Paper) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 366,666 | 441,243 |
Lindale (Tyler), TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 201,312 | 236,323 |
Sauget (St. Louis, MO), IL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 22,545 | 24,659 |
Rockford, IL (Collins Aerospace Systems) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 68,348 | 76,159 |
Kansas City, MO [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 15,325 | 20,434 |
Monroe, OH (Cincinnati) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 364,530 | 396,460 |
Cincinnati, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 39,246 | 42,814 |
Imperial, PA (Pittsburgh) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 61,617 | 70,116 |
Burlington WA (Seattle/Everett), WA [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 375,265 | 406,756 |
Colorado Springs, CO [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 278,699 | 316,703 |
Hamburg (Buffalo), NY [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 215,517 | 232,759 |
Ft. Myers, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 184,272 | 194,209 |
Walker (Grand Rapids), MI [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 448,835 | 482,498 |
Aiken (Augusta, GA), SC [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 854,091 | 916,969 |
Mesquite (Dallas), TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 737,832 | 792,486 |
Homestead (Miami), FL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 513,201 | 551,216 |
Oklahoma City, OK (Bunzl) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 240,468 | 281,110 |
Concord (Charlotte), NC [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 581,352 | 623,890 |
Kenton, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 438,035 | 487,160 |
Stow, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 521,166 | 579,612 |
Charleston, SC (FDX) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 377,988 | 0 |
Oklahoma City, OK (Amazon) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 669,693 | 0 |
Savannah, GA [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 1,402,816 | 0 |
Daytona Beach, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 765,687 | 0 |
Mobile, AL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 1,016,789 | 0 |
Charleston, SC (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 667,358 | 0 |
Braselton (Atlanta), GA [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | $ 999,531 | $ 0 |
Significant Concentrations of_3
Significant Concentrations of Credit Risk (Details Narrative) | 12 Months Ended | ||
Sep. 30, 2018USD ($)ft² | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Concentration Risk [Line Items] | |||
Total property (in square feet) | ft² | 21,174,000 | ||
Weighted average lease maturity | 8 years 1 month 6 days | ||
Securities available for sale at fair value | $ | $ 154,920,545 | ||
Percentage of marketable securities to undepreciated assets | 8.00% | ||
FDX Subsidiaries [Member] | |||
Concentration Risk [Line Items] | |||
Total property (in square feet) | ft² | 10,083,000 | ||
Concentration risk based on square feet, percentage | 48.00% | ||
Weighted average lease maturity | 9 years 4 months 24 days | ||
FDX Subsidiaries [Member] | Rental And Reimbursement Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Leases percentage of total property | 51.00% | 52.00% | 46.00% |
FDX [Member] | |||
Concentration Risk [Line Items] | |||
Leases percentage of total property | 7.00% | ||
FDX [Member] | Rental And Reimbursement Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Leases percentage of total property | 7.00% | 7.00% | 9.00% |
FDX and Subsidiaries [Member] | |||
Concentration Risk [Line Items] | |||
Leases percentage of total property | 41.00% | ||
FDX and Subsidiaries [Member] | Rental And Reimbursement Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Rental and reimbursement revenue | $ | $ 80,726,000 | $ 68,151,000 | $ 52,793,000 |
Rental and reimbursement revenue, percentage | 58.00% | 59.00% | 55.00% |
Description of total rentable space leased | No other tenant accounted for 5% or more of our total Rental and Reimbursement revenue. | No other tenant accounted for 5% or more of our total Rental and Reimbursement revenue. | No other tenant accounted for 5% or more of our total Rental and Reimbursement revenue. |
Significant Concentrations of_4
Significant Concentrations of Credit Risk - Schedule of Concentration of Risk (Details) - Lease Concentration Risk [Member] | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
FDX and Subsidiaries [Member] | |||
Concentration risk based on square feet, percentage | 48.00% | 50.00% | 47.00% |
Milwaukee Electric Tool Corporation [Member] | |||
Concentration risk based on square feet, percentage | 5.00% | 5.00% | |
Concentration risk based on square feet percentage, description | <5% |
Securities Available for Sale_2
Securities Available for Sale (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Security available for sale, maximum percentage of investment on undepreciated assets | 10.00% | ||
Marketable REIT securities investments | $ 154,920,545 | ||
Percentage of undepreciated assets | 8.00% | ||
Net unrealized losses on securities portfolio | $ 24,744,579 | ||
Margin loan payable | 26,608,676 | $ 10,091,417 | |
Dividend income on securities available for sale | 13,099,317 | 6,919,973 | $ 5,607,403 |
Proceeds from sales or redemptions of securities available for sale | $ 2,620,166 | $ 17,274,946 | $ 22,774,768 |
Securities Available for Sale -
Securities Available for Sale - Schedule of Temporary Impaired Securities (Details) | Sep. 30, 2018USD ($) |
Less than 12 Months, Fair Value | $ 96,561,200 |
Less than 12 Months, Unrealized Losses | (32,235,932) |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Losses | 0 |
Preferred Stock [Member] | |
Less than 12 Months, Fair Value | 3,194,000 |
Less than 12 Months, Unrealized Losses | (1,613,782) |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Losses | 0 |
Common Stock [Member] | |
Less than 12 Months, Fair Value | 93,367,200 |
Less than 12 Months, Unrealized Losses | (30,622,150) |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Losses | $ 0 |
Securities Available for Sale_3
Securities Available for Sale - Summary of Range of Losses (Details) | 12 Months Ended |
Sep. 30, 2018USD ($)Security | |
Number of Individual Securities | Security | 8 |
Fair Value | $ 96,561,200 |
Unrealized Losses | $ (32,235,932) |
Securities One [Member] | |
Number of Individual Securities | Security | 2 |
Fair Value | $ 21,980,000 |
Unrealized Losses | $ (351,051) |
Range of Loss | 0-5% |
Securities Two [Member] | |
Number of Individual Securities | Security | 2 |
Fair Value | $ 31,996,000 |
Unrealized Losses | $ (3,562,067) |
Range of Loss | 6-10% |
Securities Three [Member] | |
Number of Individual Securities | Security | 1 |
Fair Value | $ 5,593,000 |
Unrealized Losses | $ (825,791) |
Range of Loss | 13% |
Securities Four [Member] | |
Number of Individual Securities | Security | 2 |
Fair Value | $ 21,032,200 |
Unrealized Losses | $ (9,931,597) |
Range of Loss | 30-40% |
Securities Five [Member] | |
Number of Individual Securities | Security | 1 |
Fair Value | $ 15,960,000 |
Unrealized Losses | $ (17,565,426) |
Range of Loss | 52% |
Securities Available for Sale_4
Securities Available for Sale - Schedule of Gain (Loss) On Securities Transactions, Net (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 112,272 | $ 2,320,561 | $ 4,403,724 |
Gross realized losses | (885) | (8,847) | (5,125) |
Gains on Sales of Securities Transactions, net | $ 111,387 | $ 2,311,714 | $ 4,398,599 |
Securities Available for Sale_5
Securities Available for Sale - Summary of Investments in Debt and Equity Securities (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 | |
Total Securities Available for Sale, Estimated Market Value | $ 154,920,545 | $ 123,764,770 | |
Available-for-sale Securities [Member] | |||
Total Securities Available for Sale, Cost | 179,665,124 | 117,194,205 | |
Total Securities Available for Sale, Estimated Market Value | $ 154,920,545 | $ 123,764,770 | |
Government National Mortgage Association [Member] | Available-for-sale Securities [Member] | |||
Modified Pass-Through Mortgage-Backed Securities, Interest Rate/Dividend | 6.50% | 6.50% | |
Modified Pass-Through Mortgage-Backed Securities, Number of Shares | 500,000 | 500,000 | |
Modified Pass-Through Mortgage-Backed Securities, Cost | $ 2,997 | $ 4,063 | |
Modified Pass-Through Mortgage-Backed Securities, Estimated Market Value | 3,108 | 4,336 | |
Preferred Stock [Member] | |||
Equity securities available for sale, Cost | 8,637,413 | 11,145,126 | |
Equity Securities available for sale, Estimated Market Value | 7,309,472 | 11,818,628 | |
Common Stock [Member] | |||
Equity securities available for sale, Cost | 171,024,714 | 106,045,016 | |
Equity Securities available for sale, Estimated Market Value | $ 147,607,965 | $ 111,941,806 | |
CBL & Associates Properties, Inc. [Member] | Series D Preferred Stock [Member] | |||
Equity securities available for sale, Interest Rate/Dividend Rate | 7.375% | 7.375% | |
Equity securities available for sale, Number of Shares | 200,000 | 200,000 | |
Equity securities available for sale, Cost | $ 4,807,782 | $ 4,807,782 | |
Equity Securities available for sale, Estimated Market Value | $ 3,194,000 | $ 4,888,000 | |
CBL & Associates Properties, Inc. [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 4,000,000 | 2,700,000 | |
Equity securities available for sale, Cost | $ 33,525,425 | $ 25,348,070 | |
Equity Securities available for sale, Estimated Market Value | $ 15,960,000 | $ 22,653,000 | |
Cedar Realty Trust, Inc [Member] | Series B Preferred Stock [Member] | |||
Equity securities available for sale, Interest Rate/Dividend Rate | 7.25% | 7.25% | |
Equity securities available for sale, Number of Shares | 5,789 | 13,153 | |
Equity securities available for sale, Cost | $ 135,893 | $ 308,759 | |
Equity Securities available for sale, Estimated Market Value | $ 143,277 | $ 332,508 | |
Dynex Capital, Inc [Member] | Series A Preferred Stock [Member] | |||
Equity securities available for sale, Interest Rate/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 | $ 254,400 | $ 252,500 | |
iStar Financial, Inc [Member] | Series D Preferred Stock [Member] | |||
Equity securities available for sale, Interest Rate/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 | $ 86,492 | $ 87,744 | |
iStar Financial, Inc [Member] | Series I Preferred Stock [Member] | |||
Equity securities available for sale, Interest Rate/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 | $ 1,005,603 | $ 1,038,713 | |
iStar Financial, Inc [Member] | Series E Preferred Stock [Member] | |||
Equity securities available for sale, Interest Rate/Dividend Rate | 7.875% | ||
Equity securities available for sale, Number of Shares | 3,400 | ||
Equity securities available for sale, Cost | $ 54,116 | ||
Equity Securities available for sale, Estimated Market Value | $ 85,510 | ||
iStar Financial, Inc [Member] | Series F Preferred Stock [Member] | |||
Equity securities available for sale, Interest Rate/Dividend Rate | 8.00% | ||
Equity securities available for sale, Number of Shares | 20,000 | ||
Equity securities available for sale, Cost | $ 429,846 | ||
Equity Securities available for sale, Estimated Market Value | $ 503,200 | ||
UMH Properties, Inc [Member] | Series B Preferred Stock [Member] | |||
Equity securities available for sale, Interest Rate/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] | $ 2,625,700 | $ 2,766,000 |
UMH Properties, Inc [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | [1] | 1,188,220 | 1,128,315 |
Equity securities available for sale, Cost | [1] | $ 12,060,637 | $ 11,231,851 |
Equity Securities available for sale, Estimated Market Value | [1] | $ 18,583,765 | $ 17,545,306 |
Franklin Street Properties [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 700,000 | 250,000 | |
Equity securities available for sale, Cost | $ 6,418,791 | $ 2,511,460 | |
Equity Securities available for sale, Estimated Market Value | $ 5,593,000 | $ 2,655,000 | |
Government Properties Income Trust [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 1,580,000 | 1,070,000 | |
Equity securities available for sale, Cost | $ 26,156,016 | $ 19,295,940 | |
Equity Securities available for sale, Estimated Market Value | $ 17,838,200 | $ 20,083,900 | |
Industrial Logistics Property Trust [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 100,000 | ||
Equity securities available for sale, Cost | $ 2,116,778 | ||
Equity Securities available for sale, Estimated Market Value | $ 2,301,000 | ||
Kimco Realty Corporation [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 1,200,000 | ||
Equity securities available for sale, Cost | $ 20,337,749 | ||
Equity Securities available for sale, Estimated Market Value | $ 20,088,000 | ||
Pennsylvania Real Estate Investment Trust [Member] | Series A Preferred Stock [Member] | |||
Equity securities available for sale, Interest Rate/Dividend Rate | 8.25% | ||
Equity securities available for sale, Number of Shares | 44,000 | ||
Equity securities available for sale, Cost | $ 1,100,885 | ||
Equity Securities available for sale, Estimated Market Value | $ 1,107,040 | ||
Pennsylvania Real Estate Investment Trust [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 200,000 | 100,000 | |
Equity securities available for sale, Cost | $ 1,993,302 | $ 1,028,213 | |
Equity Securities available for sale, Estimated Market Value | $ 1,892,000 | $ 1,049,000 | |
Select Income REIT [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 800,000 | 620,000 | |
Equity securities available for sale, Cost | $ 17,394,728 | $ 13,907,816 | |
Equity Securities available for sale, Estimated Market Value | $ 17,552,000 | $ 14,520,400 | |
Senior Housing Property Trust [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 900,000 | 700,000 | |
Equity securities available for sale, Cost | $ 15,463,221 | $ 12,325,801 | |
Equity Securities available for sale, Estimated Market Value | $ 15,804,000 | $ 13,685,000 | |
VEREIT, Inc. [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 3,100,000 | 1,880,000 | |
Equity securities available for sale, Cost | $ 25,016,451 | $ 15,967,690 | |
Equity Securities available for sale, Estimated Market Value | $ 22,506,000 | $ 15,585,200 | |
Washington Prime Group, Inc [Member] | Common Stock [Member] | |||
Equity securities available for sale, Number of Shares | 1,300,000 | 500,000 | |
Equity securities available for sale, Cost | $ 10,541,616 | $ 4,428,175 | |
Equity Securities available for sale, Estimated Market Value | $ 9,490,000 | $ 4,165,000 | |
Investors Real Estate Trust [Member] | Series B Preferred Stock [Member] | |||
Equity securities available for sale, Interest Rate/Dividend Rate | 7.95% | ||
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 | $ 501,796 | ||
Summit Hotel Properties, Inc [Member] | Series B Preferred Stock [Member] | |||
Equity securities available for sale, Interest Rate/Dividend Rate | 7.875% | ||
Equity securities available for sale, Number of Shares | 10,000 | ||
Equity securities available for sale, Cost | $ 250,000 | ||
Equity Securities available for sale, Estimated Market Value | $ 255,617 | ||
[1] | Investment is in a related company. See Note No. 11 for further discussion. |
Mortgage Notes and Loans Paya_3
Mortgage Notes and Loans Payable (Details Narrative) - USD ($) | Mar. 22, 2018 | Aug. 27, 2015 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
Mortgage loans on real estate, weighted average interest rate | 4.07% | 4.18% | |||
Weighted average loan maturity of mortgage notes payable | 11 years 8 months 12 days | 11 years 7 months 6 days | |||
Loans payable | $ 186,608,676 | $ 120,091,417 | |||
Amortization of financing costs included in interest expense | $ 1,220,983 | $ 1,234,259 | $ 1,116,238 | ||
Margin Loans [Member] | |||||
Percentage of amount available to borrow on margin | 50.00% | ||||
Percentage of amount available to borrow on margin, interest rate | 2.75% | 2.05% | |||
Loans payable | $ 26,608,676 | $ 10,091,417 | |||
2018 Repayment of Mortgage Loans [Member] | |||||
Mortgages paid off | $ 12,487,000 | ||||
2017 Repayment of Mortgage Loans [Member] | |||||
Mortgages paid off | 40,037,000 | ||||
BMO Capital Markets [Member] | |||||
Amount available on old line of credit | $ 130,000,000 | 200,000,000 | |||
Additional amount available on the accordion feature on old line of credit facility | 70,000,000 | 100,000,000 | |||
Total amount available including the accordion on the line of credit facility | $ 200,000,000 | $ 300,000,000 | |||
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 our option, 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 capitalization rate to the NOI generated by our unencumbered, wholly-owned industrial properties. Effective, March 22, 2018, the capitalization rate applied to our NOI generated by our unencumbered, wholly-owned industrial properties was lowered from 7.0% to 6.5%, thus increasing the value of the borrowing base properties under the terms of the agreement. Borrowings under the Facility, will, at our election, either i) bear interest at LIBOR plus 140 basis points to 220 basis points, depending on our leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 40 basis points to 120 basis points, depending on our leverage ratio. Based on our leverage ratios as of September 30, 2018 and 2017, our borrowings bore interest at LIBOR plus 170 basis points, which was at an interest rate of 3.90% and 2.94% as of September 30, 2018 and 2017, respectively. As of September 30, 2018 and 2017, $160,000,000 and $110,000,000, respectively, was drawn down under the Facility. Subsequent to fiscal yearend, on October 9, 2018, we paid down $50,000,000 on the Facility which reduced our amount outstanding to $110,000,000. | |||
Line of credit | $ 160,000,000 | $ 110,000,000 | |||
Percentage of capitalization rate | 6.50% | 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 | BMO’s 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 | ||||
Line of Credit, interest rate | 3.90% | 2.94% | |||
BMO Capital Markets [Member] | October 9, 2018 [Member] | |||||
Amount paid down on facility | $ 50,000,000 | ||||
Line of credit outstanding amount | $ 110,000,000 | ||||
Seven Mortgages Loans One [Member] | |||||
Amortizing mortgage loan period | 15 years | ||||
Seven Mortgages Loans Two [Member] | |||||
Amortizing mortgage loan period | 15 years | ||||
Seven Mortgages Loans Three [Member] | |||||
Amortizing mortgage loan period | 15 years | ||||
Seven Mortgages Loans Four [Member] | |||||
Amortizing mortgage loan period | 15 years | ||||
Seven Mortgages Loans Five [Member] | |||||
Amortizing mortgage loan period | 14 years | ||||
Seven Mortgages Loans Six [Member] | |||||
Amortizing mortgage loan period | 14 years | ||||
Seven Mortgages Loans Seven [Member] | |||||
Amortizing mortgage loan period | 10 years | ||||
Seven Mortgages Loans [Member] | |||||
Mortgage loans on real estate, weighted average interest rate | 3.91% | ||||
Weighted average loan maturity of mortgage notes payable | 14 years 1 month 6 days | ||||
Amortizing mortgage loan period | 18 years | ||||
Mortgage loans on real estate, new acquisitions | $ 175,160,000 | ||||
Mortgage Loan Subsequently Fiscal Yearend [Member] | December 31, 2018 [Member] | |||||
Mortgage loan | 55,000,000 | ||||
Aggregate purchase price of industrial properties | $ 85,248,000 | ||||
Interest rate | 4.13% | ||||
Minimum [Member] | |||||
Mortgage loans on real estate, weighted average interest rate | 3.45% | ||||
Maximum [Member] | |||||
Mortgage loans on real estate, weighted average interest rate | 7.60% |
Mortgage Notes and Loans Paya_4
Mortgage Notes and Loans Payable - Summary of Fixed Rate Mortgage Notes Payable (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Weighted Average Interest Rate | 4.07% | 4.18% | |
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ 711,545,649 | $ 591,364,371 | |
Mortgage Notes Payable [Member] | |||
Fixed Rate Mortgage Notes Payable, Amount | $ 719,768,355 | $ 598,962,567 | |
Weighted Average Interest Rate | [1] | 4.07% | 4.18% |
Debt Issuance Costs | $ 11,715,985 | $ 10,597,083 | |
Accumulated Amortization of Debt Issuance Costs | (3,493,279) | (2,998,887) | |
Unamortized Debt Issuance Costs | $ 8,222,706 | $ 7,598,196 | |
[1] | Weighted average interest rate excludes amortization of debt issuance costs. |
Mortgage Notes and Loans Paya_5
Mortgage Notes and Loans Payable - Summary of Mortgage Notes Payable (Details) - Mortgage Notes Payable [Member] - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Mortgage Notes Payable | $ 719,768,355 | $ 598,962,567 | |
Richfield, OH (Cleveland) [Member] | |||
Fixed Rate | [1] | 5.22% | 5.22% |
Maturity date | [1] | Jan. 1, 2018 | Jan. 1, 2018 |
Mortgage Notes Payable | $ 0 | $ 2,724,856 | |
Tampa, FL (FDX) [Member] | |||
Fixed Rate | [1] | 5.65% | 5.65% |
Maturity date | [1] | Apr. 1, 2018 | Apr. 1, 2018 |
Mortgage Notes Payable | $ 0 | $ 3,654,913 | |
West Chester Twp., OH (Cincinnati) [Member] | |||
Fixed Rate | [1] | 6.80% | 6.80% |
Maturity date | [1] | Jun. 1, 2018 | Jun. 1, 2018 |
Mortgage Notes Payable | $ 0 | $ 1,820,753 | |
Orlando, FL [Member] | |||
Fixed Rate | [1] | 6.56% | 6.56% |
Maturity date | [1] | Oct. 1, 2018 | Oct. 1, 2018 |
Mortgage Notes Payable | $ 0 | $ 4,098,856 | |
Tampa, FL (FDX Ground) [Member] | |||
Fixed Rate | 6.00% | 6.00% | |
Maturity date | Mar. 1, 2019 | Mar. 1, 2019 | |
Mortgage Notes Payable | $ 5,144,319 | $ 5,910,953 | |
Lebanon, TN (Nashville) [Member] | |||
Fixed Rate | 7.60% | 7.60% | |
Maturity date | Jul. 10, 2019 | Jul. 10, 2019 | |
Mortgage Notes Payable | $ 7,217,469 | $ 7,446,653 | |
Ft. Mill, SC (Charlotte, NC) [Member] | |||
Fixed Rate | 7.00% | 7.00% | |
Maturity date | Oct. 10, 2019 | Oct. 10, 2019 | |
Mortgage Notes Payable | $ 724,766 | $ 1,346,845 | |
Denver, CO [Member] | |||
Fixed Rate | 6.07% | 6.07% | |
Maturity date | Nov. 1, 2019 | Nov. 1, 2019 | |
Mortgage Notes Payable | $ 414,049 | $ 746,617 | |
Hanahan, SC (Charleston)(FDX Ground) [Member] | |||
Fixed Rate | 5.54% | 5.54% | |
Maturity date | Jan. 21, 2020 | Jan. 21, 2020 | |
Mortgage Notes Payable | $ 465,749 | $ 773,234 | |
Augusta, GA (FDX Ground) [Member] | |||
Fixed Rate | 5.54% | 5.54% | |
Maturity date | Feb. 1, 2020 | Feb. 1, 2020 | |
Mortgage Notes Payable | $ 338,789 | $ 562,454 | |
Huntsville, AL [Member] | |||
Fixed Rate | 5.50% | 5.50% | |
Maturity date | Mar. 1, 2020 | Mar. 1, 2020 | |
Mortgage Notes Payable | $ 370,903 | $ 589,073 | |
Colorado Springs, CO [Member] | |||
Fixed Rate | [1] | 5.41% | 5.41% |
Maturity date | [1] | Jan. 1, 2021 | Jan. 1, 2021 |
Mortgage Notes Payable | $ 0 | $ 1,043,704 | |
Topeka, KS [Member] | |||
Fixed Rate | 6.50% | 6.50% | |
Maturity date | Aug. 10, 2021 | Aug. 10, 2021 | |
Mortgage Notes Payable | $ 860,364 | $ 1,119,836 | |
Streetsboro, OH (Cleveland) [Member] | |||
Fixed Rate | 5.50% | 5.50% | |
Maturity date | Nov. 1, 2021 | Nov. 1, 2021 | |
Mortgage Notes Payable | $ 9,300,481 | $ 9,887,817 | |
Kansas City, MO [Member] | |||
Fixed Rate | 5.18% | 5.18% | |
Maturity date | Dec. 1, 2021 | Dec. 1, 2021 | |
Mortgage Notes Payable | $ 6,633,001 | $ 6,799,803 | |
Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) [Member] | |||
Fixed Rate | 4.80% | 4.80% | |
Maturity date | Apr. 1, 2022 | Apr. 1, 2022 | |
Mortgage Notes Payable | $ 7,564,186 | $ 8,171,480 | |
Waco, TX [Member] | |||
Fixed Rate | 4.75% | 4.75% | |
Maturity date | Aug. 1, 2022 | Aug. 1, 2022 | |
Mortgage Notes Payable | $ 4,234,777 | $ 4,524,045 | |
Houston, TX [Member] | |||
Fixed Rate | 6.88% | 6.88% | |
Maturity date | Sep. 10, 2022 | Sep. 10, 2022 | |
Mortgage Notes Payable | $ 2,148,201 | $ 2,619,835 | |
Tolleson, AZ (Phoenix) [Member] | |||
Fixed Rate | 3.95% | 3.95% | |
Maturity date | Nov. 1, 2022 | Nov. 1, 2022 | |
Mortgage Notes Payable | $ 3,719,709 | $ 4,525,118 | |
Edwardsville, KS (Kansas City) (International Paper) [Member] | |||
Fixed Rate | 3.45% | 3.45% | |
Maturity date | Nov. 1, 2023 | Nov. 1, 2023 | |
Mortgage Notes Payable | $ 9,189,343 | $ 9,931,292 | |
Spring, TX (Houston) [Member] | |||
Fixed Rate | 4.01% | 4.01% | |
Maturity date | Dec. 1, 2023 | Dec. 1, 2023 | |
Mortgage Notes Payable | $ 7,924,865 | $ 8,537,878 | |
Memphis, TN [Member] | |||
Fixed Rate | 4.50% | 4.50% | |
Maturity date | Jan. 1, 2024 | Jan. 1, 2024 | |
Mortgage Notes Payable | $ 5,061,376 | $ 5,882,668 | |
Oklahoma City, OK (FDX Ground) [Member] | |||
Fixed Rate | 4.35% | 4.35% | |
Maturity date | Jul. 1, 2024 | Jul. 1, 2024 | |
Mortgage Notes Payable | $ 3,416,097 | $ 3,919,663 | |
Indianapolis, IN [Member] | |||
Fixed Rate | 4.00% | 4.00% | |
Maturity date | Sep. 1, 2024 | Sep. 1, 2024 | |
Mortgage Notes Payable | $ 10,437,151 | $ 11,381,906 | |
Frankfort, KY (Lexington) [Member] | |||
Fixed Rate | 4.84% | 4.84% | |
Maturity date | Dec. 15, 2024 | Dec. 15, 2024 | |
Mortgage Notes Payable | $ 16,639,132 | $ 17,560,855 | |
Carrollton, TX (Dallas) [Member] | |||
Fixed Rate | 6.75% | 6.75% | |
Maturity date | Feb. 1, 2025 | Feb. 1, 2025 | |
Mortgage Notes Payable | $ 6,455,552 | $ 7,233,486 | |
Altoona, PA [Member] | |||
Fixed Rate | [2] | 4.00% | 4.00% |
Maturity date | [2] | Oct. 1, 2025 | Oct. 1, 2025 |
Mortgage Notes Payable | $ 3,253,281 | $ 3,642,839 | |
Green Bay, WI [Member] | |||
Fixed Rate | [2] | 4.00% | 4.00% |
Maturity date | [2] | Oct. 1, 2025 | Oct. 1, 2025 |
Mortgage Notes Payable | $ 2,640,432 | $ 2,956,605 | |
Stewartville MN (Rochester) [Member] | |||
Fixed Rate | [2] | 4.00% | 4.00% |
Maturity date | [2] | Oct. 1, 2025 | Oct. 1, 2025 |
Mortgage Notes Payable | $ 2,115,962 | $ 2,369,334 | |
Carlstadt (New York, NY), NJ [Member] | |||
Fixed Rate | 5.25% | 5.25% | |
Maturity date | May 15, 2026 | May 15, 2026 | |
Mortgage Notes Payable | $ 1,580,181 | $ 1,743,353 | |
Roanoke, VA (FDX Ground) [Member] | |||
Fixed Rate | 3.84% | 3.84% | |
Maturity date | Jul. 1, 2026 | Jul. 1, 2026 | |
Mortgage Notes Payable | $ 4,395,246 | $ 4,867,194 | |
Livonia, MI (Detroit) [Member] | |||
Fixed Rate | 4.45% | 4.45% | |
Maturity date | Dec. 1, 2026 | Dec. 1, 2026 | |
Mortgage Notes Payable | $ 6,294,503 | $ 6,912,375 | |
Oklahoma City, OK (Amazon) [Member] | |||
Fixed Rate | 3.64% | 3.64% | |
Maturity date | Dec. 1, 2027 | Dec. 1, 2027 | |
Mortgage Notes Payable | $ 19,013,593 | $ 0 | |
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 | $ 21,722,567 | $ 23,461,936 | |
Tulsa, OK [Member] | |||
Fixed Rate | 4.58% | 4.58% | |
Maturity date | Nov. 1, 2028 | Nov. 1, 2028 | |
Mortgage Notes Payable | $ 1,685,288 | $ 1,812,575 | |
Oklahoma City, OK (Bunzl) [Member] | |||
Fixed Rate | 4.13% | 4.13% | |
Maturity date | Jul. 1, 2029 | Jul. 1, 2029 | |
Mortgage Notes Payable | $ 5,537,962 | $ 5,935,346 | |
Lindale, TX (Tyler) [Member] | |||
Fixed Rate | 4.57% | 4.57% | |
Maturity date | Nov. 1, 2029 | Nov. 1, 2029 | |
Mortgage Notes Payable | $ 5,638,258 | $ 6,016,758 | |
Sauget, IL (St. Louis, MO) [Member] | |||
Fixed Rate | 4.40% | 4.40% | |
Maturity date | Nov. 1, 2029 | Nov. 1, 2029 | |
Mortgage Notes Payable | $ 8,563,797 | $ 9,145,097 | |
Jacksonville, FL (FDX Ground) [Member] | |||
Fixed Rate | 3.93% | 3.93% | |
Maturity date | Dec. 1, 2029 | Dec. 1, 2029 | |
Mortgage Notes Payable | $ 16,243,754 | $ 17,370,102 | |
Imperial, PA (Pittsburgh) [Member] | |||
Fixed Rate | 3.63% | 3.63% | |
Maturity date | Apr. 1, 2030 | Apr. 1, 2030 | |
Mortgage Notes Payable | $ 11,199,661 | $ 11,963,800 | |
Monroe, OH (Cincinnati) [Member] | |||
Fixed Rate | 3.77% | 3.77% | |
Maturity date | Apr. 1, 2030 | Apr. 1, 2030 | |
Mortgage Notes Payable | $ 7,126,384 | $ 7,608,083 | |
Greenwood, IN [Member] | |||
Fixed Rate | 3.91% | 3.91% | |
Maturity date | Jun. 1, 2030 | Jun. 1, 2030 | |
Mortgage Notes Payable | $ 20,159,025 | $ 21,485,141 | |
Ft. Worth, TX (Dallas) [Member] | |||
Fixed Rate | 3.56% | 3.56% | |
Maturity date | Sep. 1, 2030 | Sep. 1, 2030 | |
Mortgage Notes Payable | $ 20,753,864 | $ 22,116,268 | |
Concord, NC (Charlotte) [Member] | |||
Fixed Rate | 3.87% | 3.87% | |
Maturity date | Dec. 1, 2030 | Dec. 1, 2030 | |
Mortgage Notes Payable | $ 17,813,451 | $ 18,928,835 | |
Covington, LA (New Orleans) [Member] | |||
Fixed Rate | 4.08% | 4.08% | |
Maturity date | Jan. 1, 2031 | Jan. 1, 2031 | |
Mortgage Notes Payable | $ 11,133,990 | $ 11,814,941 | |
Burlington WA (Seattle/Everett), WA [Member] | |||
Fixed Rate | 3.67% | 3.67% | |
Maturity date | May 1, 2031 | May 1, 2031 | |
Mortgage Notes Payable | $ 17,757,364 | $ 18,839,050 | |
Louisville, KY [Member] | |||
Fixed Rate | 3.74% | 3.74% | |
Maturity date | Jul. 1, 2031 | Jul. 1, 2031 | |
Mortgage Notes Payable | $ 6,525,135 | $ 6,914,142 | |
Colorado Springs, CO [Member] | |||
Fixed Rate | 3.90% | 3.90% | |
Maturity date | Jul. 1, 2031 | Jul. 1, 2031 | |
Mortgage Notes Payable | $ 16,651,710 | $ 17,632,728 | |
Davenport, FL (Orlando) [Member] | |||
Fixed Rate | 3.89% | 3.89% | |
Maturity date | Sep. 1, 2031 | Sep. 1, 2031 | |
Mortgage Notes Payable | $ 23,702,918 | $ 25,077,642 | |
Olathe, KS (Kansas City) [Member] | |||
Fixed Rate | 3.96% | 3.96% | |
Maturity date | Sep. 1, 2031 | Sep. 1, 2031 | |
Mortgage Notes Payable | $ 19,956,867 | $ 21,108,249 | |
Hamburg, NY (Buffalo) [Member] | |||
Fixed Rate | 4.03% | 4.03% | |
Maturity date | Nov. 1, 2031 | Nov. 1, 2031 | |
Mortgage Notes Payable | $ 21,328,714 | $ 22,532,881 | |
Ft. Myers, FL (FDX Ground) [Member] | |||
Fixed Rate | 3.97% | 3.97% | |
Maturity date | Jan. 1, 2032 | Jan. 1, 2032 | |
Mortgage Notes Payable | $ 13,280,803 | $ 14,021,964 | |
Savannah, GA [Member] | |||
Fixed Rate | 3.53% | 3.53% | |
Maturity date | Feb. 1, 2032 | Feb. 1, 2032 | |
Mortgage Notes Payable | $ 32,215,696 | $ 0 | |
Walker, MI (Grand Rapids) [Member] | |||
Fixed Rate | 3.86% | 3.86% | |
Maturity date | May 1, 2032 | May 1, 2032 | |
Mortgage Notes Payable | $ 19,468,554 | $ 20,530,135 | |
Mesquite, TX (Dallas) [Member] | |||
Fixed Rate | 3.60% | 3.60% | |
Maturity date | Jul. 1, 2032 | Jul. 1, 2032 | |
Mortgage Notes Payable | $ 30,928,224 | $ 32,623,355 | |
Aiken, SC (Augusta, GA) [Member] | |||
Fixed Rate | 4.20% | 4.20% | |
Maturity date | Jul. 1, 2032 | Jul. 1, 2032 | |
Mortgage Notes Payable | $ 14,471,117 | $ 15,227,062 | |
Homestead, FL (Miami) [Member] | |||
Fixed Rate | 3.60% | 3.60% | |
Maturity date | Jul. 1, 2032 | Jul. 1, 2032 | |
Mortgage Notes Payable | $ 23,313,676 | $ 24,591,465 | |
Mobile, AL [Member] | |||
Fixed Rate | 4.14% | 4.14% | |
Maturity date | Jul. 1, 2032 | Jul. 1, 2032 | |
Mortgage Notes Payable | $ 18,832,395 | $ 0 | |
Concord, NC (Charlotte) One [Member] | |||
Fixed Rate | 3.80% | 3.80% | |
Maturity date | Sep. 1, 2032 | Sep. 1, 2032 | |
Mortgage Notes Payable | $ 24,863,355 | $ 26,184,000 | |
Kenton, OH [Member] | |||
Fixed Rate | 4.45% | 4.45% | |
Maturity date | Oct. 1, 2032 | Oct. 1, 2032 | |
Mortgage Notes Payable | $ 11,473,387 | $ 12,000,000 | |
Stow, OH [Member] | |||
Fixed Rate | 4.17% | 4.17% | |
Maturity date | Oct. 1, 2032 | Oct. 1, 2032 | |
Mortgage Notes Payable | $ 12,130,343 | $ 12,700,000 | |
Charleston, SC (FDX) [Member] | |||
Fixed Rate | 4.23% | 4.23% | |
Maturity date | Dec. 1, 2032 | Dec. 1, 2032 | |
Mortgage Notes Payable | $ 13,683,131 | $ 0 | |
Daytona Beach, FL [Member] | |||
Fixed Rate | 4.25% | 4.25% | |
Maturity date | May 31, 2033 | May 31, 2033 | |
Mortgage Notes Payable | $ 19,187,819 | $ 0 | |
Charleston, SC (FDX Ground) [Member] | |||
Fixed Rate | 3.82% | 3.82% | |
Maturity date | Sep. 1, 2033 | Sep. 1, 2033 | |
Mortgage Notes Payable | $ 29,860,000 | $ 0 | |
Braselton, GA (Atlanta) [Member] | |||
Fixed Rate | 4.02% | 4.02% | |
Maturity date | Oct. 1, 2033 | Oct. 1, 2033 | |
Mortgage Notes Payable | $ 39,700,000 | $ 0 | |
Buckner, KY (Louisville) [Member] | |||
Fixed Rate | 4.17% | 4.17% | |
Maturity date | Nov. 1, 2033 | Nov. 1, 2033 | |
Mortgage Notes Payable | $ 15,305,669 | $ 16,014,719 | |
[1] | Loan was prepaid in full during fiscal 2018. | ||
[2] | One loan is secured by Altoona, PA, Green Bay, WI and Stewartville (Rochester), MN. |
Mortgage Notes and Loans Paya_6
Mortgage Notes and Loans Payable - Schedule of Maturities of Long-term Debt (Details) | Sep. 30, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 60,151,223 |
2,020 | 48,605,542 |
2,021 | 50,098,257 |
2,022 | 72,031,353 |
2,023 | 50,522,349 |
Thereafter | 438,359,631 |
Total | $ 719,768,355 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Rent paid in advance | $ 9,400,909 | $ 9,108,097 |
Unearned reimbursement revenue | 5,814,937 | 3,996,340 |
Tenant security deposits | 715,177 | 582,170 |
Other | 495,599 | 578,911 |
Total | $ 16,426,622 | $ 14,265,518 |
Stock Compensation Plan (Detail
Stock Compensation Plan (Details Narrative) | May 18, 2017shares | Oct. 31, 2017Participantsshares | Sep. 30, 2017USD ($)Participantsshares | Sep. 30, 2016USD ($)Participantsshares | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares |
Number of options granted shares | shares | 65,000 | 280,000 | 65,000 | ||||
Compensation expense | $ 433,895 | $ 624,706 | $ 926,465 | ||||
Weighted average fair value granted | $ / shares | $ 1.84 | $ 1.49 | $ 0.74 | ||||
Unrestricted Stock [Member] | |||||||
Number of granted shares | shares | 3,670 | 836 | |||||
Weighted average fair value granted | $ / shares | $ 16.10 | $ 15.92 | |||||
Restricted Stock Units (RSUs) [Member] | |||||||
Number of shares of restricted stock issued during the year | shares | 12,500 | 11,000 | 40,000 | ||||
Employee Stock [Member] | |||||||
Number of options granted shares | shares | 65,000 | 280,000 | 65,000 | ||||
Fair value of option granted shares | $ 119,600 | $ 416,400 | $ 48,100 | ||||
Vesting period of stock option | 1 year | 1 year | 1 year | ||||
Compensation expense | $ 167,799 | $ 350,364 | $ 51,334 | ||||
Remaining unamortized stock option expenses | 29,900 | ||||||
Aggregate intrinsic value of options outstanding | $ 2,974,400 | $ 2,189,850 | 3,230,300 | 2,974,400 | 2,189,850 | ||
Intrinsic value of options exercised | $ 141,304 | $ 585,650 | $ 884,350 | ||||
Options, Weighted average remaining contractual term | 4 years 3 months 19 days | 5 years 1 month 6 days | 4 years 2 months 12 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] | |||||||
Extend the term of plan | 10 years | ||||||
Common stock shares reserved for future issuance | shares | 1,600,000 | ||||||
Stock based awards description | 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 plan term | 10 years | ||||||
Exercise price per common share percentage | 100.00% | ||||||
Shares available for grant as stock options | shares | 1,671,872 | ||||||
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 | 12,500 | 11,000 | 40,000 | ||||
Number of participants | Participants | 1 | 11 | 1 | ||||
Grant date fair value of option granted | $ 205,875 | $ 175,120 | $ 545,600 | ||||
Unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded | $ 484,543 | ||||||
Unrecognized restricted stock compensation remaining weighted average period | 3 years 1 month 6 days | ||||||
Restricted Stock Compensation expense | $ 207,008 | $ 261,033 | $ 875,131 |
Stock Compensation Plan - Sched
Stock Compensation Plan - Schedule of Stock Options, Valuation Assumptions (Details) - shares | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Estimated forfeitures | 0 | 0 | 0 |
Black-Scholes Option-Pricing Model [Member] | Dividend Yield [Member] | |||
Fair value assumption, measurement input, percentages | 3.82% | 4.44% | 6.17% |
Black-Scholes Option-Pricing Model [Member] | Expected Volatilty [Member] | |||
Fair value assumption, measurement input, percentages | 16.45% | 18.84% | 20.20% |
Black-Scholes Option-Pricing Model [Member] | Risk - Free Interest Rate [Member] | |||
Fair value assumption, measurement input, percentages | 2.37% | 2.26% | 2.09% |
Black-Scholes Option-Pricing Model [Member] | Expected Life (Years) [Member] | |||
Fair value assumption, measurement input, term | 8 years | 8 years | 8 years |
Stock Compensation Plan - Summa
Stock Compensation Plan - Summary of Status of Company's Stock Option Plan (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of shares, Outstanding at beginning of year | 670,000 | 455,000 | 635,000 |
Number of shares, Granted | 65,000 | 280,000 | 65,000 |
Number of shares, Exercised | (40,000) | (65,000) | (245,000) |
Number of shares, Expired/Forfeited | 0 | 0 | 0 |
Number of shares, Outstanding at end of year | 695,000 | 670,000 | 455,000 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 11.75 | $ 9.46 | $ 8.68 |
Weighted Average Exercise Price, Granted | 17.80 | 14.43 | 10.37 |
Weighted Average Exercise Price, Exercised | 14.24 | 7.22 | 7.69 |
Weighted Average Exercise Price, Expired/Forfeited | 0 | 0 | 0 |
Weighted Average Exercise Price, Outstanding at end of year | $ 12.17 | $ 11.75 | $ 9.46 |
Exercisable at end of year | 630,000 | 390,000 | 390,000 |
Weighted-average fair value of options granted during the year | $ 1.84 | $ 1.49 | $ 0.74 |
Stock Compensation Plan - Sum_2
Stock Compensation Plan - Summary of Stock Options Outstanding (Details) | 12 Months Ended | |||
Sep. 30, 2018Grants$ / sharesshares | Sep. 30, 2017shares | Sep. 30, 2016shares | Sep. 30, 2015shares | |
Number of Shares Outstanding | 695,000 | 670,000 | 455,000 | 635,000 |
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 | 8 | |||
Number of Shares Outstanding | 175,000 | |||
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 Option Nine [Member] | ||||
Date of Grant | Jan. 3, 2018 | |||
Number of Grants | Grants | 1 | |||
Number of Shares Outstanding | 65,000 | |||
Option Price | $ / shares | $ 17.08 | |||
Expiration Date | Jan. 3, 2026 |
Stock Compensation Plan - Sum_3
Stock Compensation Plan - Summary of Nonvested Restricted Stock Awards (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Non-vested, Shares, Beginning balance | 89,714 | 117,897 | 123,496 |
Shares, Granted | 12,500 | 11,000 | 40,000 |
Shares, Dividend reinvested shares | 4,406 | 5,103 | 6,771 |
Shares, Vested | (29,084) | (44,286) | (49,136) |
Shares, Forfeited | 0 | 0 | (3,234) |
Non-vested, Shares, Ending balance | 77,536 | 89,714 | 117,897 |
Non-vested, Weighted average grant date fair value, Beginning balance | $ 12.15 | $ 11.35 | $ 10.08 |
Weighted average grant date fair value, Granted | 16.47 | 15.92 | 13.64 |
Weighted average grant date fair value, Dividend reinvested shares | 15.42 | 13.99 | 11.08 |
Weighted average grant date fair value, Vested | (16.99) | (15.74) | (10.06) |
Weighted average grant date fair value, Forfeited | 0 | 0 | (11.38) |
Non-vested, Weighted average grant date fair value, Ending balance | $ 13.18 | $ 12.15 | $ 11.35 |
Income from Leases (Details Nar
Income from Leases (Details Narrative) | 12 Months Ended |
Sep. 30, 2018$ / shares | |
Leases [Abstract] | |
Weighted average lease maturity term | 8.1 years |
Annualized average base rent per square foot | $ 6.01 |
Income from Leases - Schedule o
Income from Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details) | Sep. 30, 2018USD ($) |
Leases [Abstract] | |
2,019 | $ 122,292,000 |
2,020 | 120,007,000 |
2,021 | 118,094,000 |
2,022 | 111,474,000 |
2,023 | 106,679,000 |
thereafter | 499,883,000 |
Total | $ 1,078,429,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | 12 Months Ended | ||
Sep. 30, 2018USD ($)ft²$ / sharesshares | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Lease Agreement [Member] | |||
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 | $ 73,323 | $ 75,880 | $ 49,500 |
UMH Properties, Inc [Member] | |||
UMH common stock shares purchased during the period | shares | 59,905 | ||
UMH common stock value purchased during the period | $ 828,787 | ||
Weighted average price per share | $ / shares | $ 13.84 | ||
UMH Properties, Inc [Member] | Dividend Reinvestment and Stock Purchase Plan [Member] | |||
Weighted average price per share | $ / shares | $ 15.46 | ||
UMH purchase of the company's common stock shares purchased during the period | shares | 101,304 | ||
UMH purchase of the company's common stock value purchased during the period | $ 1,566,624 |
Taxes (Details Narrative)
Taxes (Details Narrative) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Net income attributable to common shareholders | $ 38,815,344 | $ 22,942,234 | $ 20,531,888 |
Book / tax difference on gains realized from capital transactions | (7,596,653) | (2,311,714) | (4,398,599) |
Stock compensation expense | 433,895 | 624,706 | 926,465 |
Deferred compensation | 0 | 0 | 0 |
Other book / tax differences, net | (1,038,925) | (1,596,068) | 1,298,104 |
Taxable income before adjustments | 30,613,661 | 19,659,158 | 18,357,858 |
Add: capital gains | 7,996,653 | 566,903 | 3,643,569 |
Estimated taxable income subject to 90% dividend requirement | $ 38,610,314 | $ 20,226,061 | $ 22,001,427 |
Taxes - Schedule of Cash Divide
Taxes - Schedule of Cash Dividends Paid and Dividends Paid Deduction (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Cash dividends paid | $ 53,586,063 | $ 46,289,248 | $ 42,034,183 |
Less: Portion designated capital gains distribution | (7,996,653) | (566,903) | (3,643,569) |
Less: Return of capital | (14,975,748) | (7,361,734) | (7,828,595) |
Estimated dividends paid deduction | $ 30,613,662 | $ 38,360,611 | $ 30,562,019 |
Shareholders' Equity (Details N
Shareholders' Equity (Details Narrative) - USD ($) | Aug. 02, 2018 | Oct. 02, 2017 | Jun. 29, 2017 | Jun. 07, 2017 | Mar. 09, 2017 | Oct. 14, 2016 | Sep. 15, 2016 | Sep. 13, 2016 | Oct. 02, 2015 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Jan. 16, 2018 | May 05, 2017 | Sep. 14, 2016 |
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Percentage of discount price from market price through drip program | 95.00% | ||||||||||||||
Proceeds from Underwritten Public Offering of 6.125% Series C Preferred Stock, net of offering costs | $ 0 | $ 71,003,093 | $ 130,543,422 | ||||||||||||
Redemption of Preferred Stock | 0 | 2,467,165 | $ 2,942,149 | ||||||||||||
Maximum dollar value that may be purchased under the share repurchase program | $ 10,000,000 | ||||||||||||||
Preferred Stock ATM Program [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Weighted average price per share | $ 25.06 | ||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | ||||||||||||||
Preferred stock redemption price | $ 25 | ||||||||||||||
Preferred Stock ATM Program [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Number of preferred shares sold | 3,088,001 | ||||||||||||||
Amount remaining that may be sold under the Preferred Stock ATM Program | $ 119,096,000 | ||||||||||||||
Proceeds from Underwritten Public Offering of 6.125% Series C Preferred Stock, net of offering costs | $ 75,828,000 | ||||||||||||||
Series A Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Dividends payable, date to be paid | Oct. 14, 2016 | ||||||||||||||
Record date | Oct. 14, 2016 | ||||||||||||||
Preferred stock, shares issued | 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 | $ 2,942,149 | ||||||||||||||
Dividend rate on preferred stock series B preferred stock | 7.625% | ||||||||||||||
Series B Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Preferred stock, shares issued | 2,300,000 | ||||||||||||||
Preferred stock, shares outstanding | 2,300,000 | ||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 7.875% | 7.875% | |||||||||||||
Preferred stock, par value | $ 0.01 | ||||||||||||||
Preferred stock redemption price | $ 25 | ||||||||||||||
Preferred stock accrued dividend per share | $ 0.0328125 | ||||||||||||||
Value of Series B Cumulative Redeemable Preferred Stock | $ 57,500,000 | ||||||||||||||
Net accrued dividend paid at redemption | $ 75,469 | ||||||||||||||
Dividend per preferred stock | $ 25.0328125 | ||||||||||||||
Total amount paid out at Redemption Date | $ 57,575,469 | ||||||||||||||
Preferred shares redemption charges | $ 2,467,165 | ||||||||||||||
Series C Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Proceeds from Underwritten Public Offering of 6.125% Series C Preferred Stock, net of offering costs | $ 130,543,000 | ||||||||||||||
Preferred stock, shares issued | 3,000,000 | 5,400,000 | |||||||||||||
Preferred stock, shares outstanding | 3,000,000 | ||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% | 6.125% | ||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||||||||||
Dividend rate on preferred stock series B preferred stock | 7.875% | ||||||||||||||
Net accrued dividend paid at redemption | $ 75,469 | ||||||||||||||
Offering price per share | $ 24.50 | $ 25 | |||||||||||||
Proceeds from offering used to pay down line of credit | $ 45,000,000 | ||||||||||||||
Gross proceeds from offering | $ 73,500,000 | ||||||||||||||
Net proceeds from offering | $ 71,003,000 | ||||||||||||||
Liquidation price per share | $ 25 | ||||||||||||||
Amount available to sell under the Preferred Stock ATM Program, value | $ 100,000,000 | ||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Preferred stock, shares issued | 11,488,001 | 9,839,445 | |||||||||||||
Preferred stock, shares outstanding | 11,488,001 | 9,839,445 | |||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% | 6.125% | ||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||||||||||
Amount available to sell under the Preferred Stock ATM Program, value | $ 125,000,000 | ||||||||||||||
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. | ||||||||||||||
Maximum dollar value that may be purchased under the share repurchase program | $ 10,000,000 | ||||||||||||||
Series C Preferred Stock [Member] | Preferred Stock ATM Program [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | ||||||||||||||
October 2018 [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Number of common shares sold | 9,200,000 | ||||||||||||||
Weighted average price per share | $ 15 | ||||||||||||||
Proceeds from common stock offering | $ 132,339,000 | ||||||||||||||
Fiscal Year 2018 [Member] | Preferred Stock ATM Program [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Number of preferred shares sold | 1,648,556 | ||||||||||||||
Weighted average price per share | $ 24.84 | ||||||||||||||
Proceeds from Underwritten Public Offering of 6.125% Series C Preferred Stock, net of offering costs | $ 40,094,000 | ||||||||||||||
On and After September 15, 2021 [Member] | Series C Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | ||||||||||||||
Preferred stock redemption price | $ 25 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Annualized dividend rate per share price | $ 0.68 | ||||||||||||||
Dividend increase percentage | 13.00% | ||||||||||||||
Period of maintained or increased common stock cash dividend | 27 years | ||||||||||||||
Maximum [Member] | Common Stock [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Dividend declared per share | $ 0.17 | ||||||||||||||
Minimum [Member] | Common Stock [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Dividend declared per share | $ 0.16 | ||||||||||||||
Board of Directors [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Percentage increase in common stock dividend | 6.30% | 6.70% | |||||||||||||
Annualized dividend rate per share price | $ 0.64 | ||||||||||||||
Board of Directors [Member] | October 1, 2018 [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Dividend declared per share | 0.3828125 | ||||||||||||||
Board of Directors [Member] | Maximum [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Dividend declared per share | 0.16 | ||||||||||||||
Board of Directors [Member] | Minimum [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Dividend declared per share | $ 0.15 | ||||||||||||||
Shareholders [Member] | October 1, 2018 [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Dividend declared per share | 0.17 | ||||||||||||||
Annualized dividend rate per share price | $ 0.68 | ||||||||||||||
Dividends payable, date to be paid | Dec. 17, 2018 | ||||||||||||||
Record date | Nov. 15, 2018 | ||||||||||||||
Underwriters [Member] | October 2018 [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Number of common shares purchased | 1,200,000 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Equity [Abstract] | |||
Amounts received | $ 90,028,789 | $ 91,931,831 | $ 72,175,797 |
Less: Dividend reinvestments | 12,928,356 | 10,125,894 | 8,369,146 |
Amounts received, net | $ 77,100,433 | $ 81,805,937 | $ 63,806,651 |
Number of Shares Issued | 5,816,443 | 6,632,713 | 6,515,750 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Cash Distributions to Common Shareholders (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash distributions paid to common shareholders, Amount | $ 53,586,063 | $ 46,289,248 | $ 42,034,183 |
Cash distributions paid to common shareholders, Per Share | $ 0.68 | $ 0.64 | $ 0.64 |
December 31 [Member] | |||
Cash distributions paid to common shareholders, Amount | $ 13,016,721 | $ 11,184,399 | $ 10,083,160 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.16 | $ 0.16 |
March 31 [Member] | |||
Cash distributions paid to common shareholders, Amount | $ 13,302,878 | $ 11,428,917 | $ 10,384,295 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.16 | $ 0.16 |
June 30 [Member] | |||
Cash distributions paid to common shareholders, Amount | $ 13,522,569 | $ 11,697,727 | $ 10,647,332 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.16 | $ 0.16 |
September 30 [Member] | |||
Cash distributions paid to common shareholders, Amount | $ 13,743,895 | $ 11,978,205 | $ 10,919,396 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.16 | $ 0.16 |
Shareholders' Equity - Schedu_2
Shareholders' Equity - Schedule of Dividend Declared and Paid On Preferred Stock (Details) - USD ($) | 12 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |||
Dividend | $ 17,190,456 | $ 14,861,686 | $ 9,020,470 | ||
Dividend per Share | $ 0.22 | $ 0.21 | $ 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 | |||
Dividend per Share | $ 0.23299 | $ 1.9062500 | |||
Series A Preferred Stock [Member] | Dividend Distribution One [Member] | |||||
Declaration Date | Oct. 1, 2015 | ||||
Record Date | Nov. 16, 2015 | ||||
Payment date | Dec. 15, 2015 | ||||
Dividend | $ 1,019,725 | ||||
Dividend per Share | $ 0.4765625 | ||||
Series A Preferred Stock [Member] | Dividend Distribution Two [Member] | |||||
Declaration Date | Jan. 19, 2016 | ||||
Record Date | Feb. 16, 2016 | ||||
Payment date | Mar. 15, 2016 | ||||
Dividend | $ 1,019,726 | ||||
Dividend per Share | $ 0.4765625 | ||||
Series A Preferred Stock [Member] | Dividend Distribution Three [Member] | |||||
Declaration Date | Apr. 5, 2016 | ||||
Record Date | May 16, 2016 | ||||
Payment date | Jun. 15, 2016 | ||||
Dividend | $ 1,019,725 | ||||
Dividend per Share | $ 0.4765625 | ||||
Series A Preferred Stock [Member] | Dividend Distribution Four [Member] | |||||
Declaration Date | Jul. 1, 2016 | ||||
Record Date | Aug. 15, 2016 | ||||
Payment date | Sep. 15, 2016 | ||||
Dividend | $ 1,019,726 | ||||
Dividend per Share | $ 0.4765625 | ||||
Series B Preferred Stock [Member] | |||||
Dividend | $ 3,471,567 | $ 4,528,130 | |||
Dividend per Share | $ 1.5093750 | $ 1.9687500 | |||
Series B Preferred Stock [Member] | Dividend Distribution One [Member] | |||||
Declaration Date | Oct. 3, 2016 | Oct. 1, 2015 | |||
Record Date | Nov. 15, 2016 | Nov. 16, 2015 | |||
Payment date | Dec. 15, 2016 | Dec. 15, 2015 | |||
Dividend | $ 1,132,032 | $ 1,132,032 | |||
Dividend per Share | $ 0.4921875 | $ 0.4921875 | |||
Series B Preferred Stock [Member] | Dividend Distribution Two [Member] | |||||
Declaration Date | Jan. 17, 2017 | Jan. 19, 2016 | |||
Record Date | Feb. 15, 2017 | Feb. 16, 2016 | |||
Payment date | Mar. 15, 2017 | Mar. 15, 2016 | |||
Dividend | $ 1,132,033 | $ 1,132,033 | |||
Dividend per Share | $ 0.4921875 | $ 0.4921875 | |||
Series B Preferred Stock [Member] | Dividend Distribution Three [Member] | |||||
Declaration Date | Apr. 4, 2017 | Apr. 5, 2016 | |||
Record Date | May 15, 2017 | May 16, 2016 | |||
Payment date | Jun. 15, 2017 | Jun. 15, 2016 | |||
Dividend | $ 1,132,032 | $ 1,132,032 | |||
Dividend per Share | $ 0.4921875 | $ 0.4921875 | |||
Series B Preferred Stock [Member] | Dividend Distribution Four [Member] | |||||
Declaration Date | May 5, 2017 | [2] | Jul. 1, 2016 | ||
Record Date | Jun. 7, 2017 | Aug. 15, 2016 | |||
Payment date | Jun. 7, 2017 | Sep. 15, 2016 | |||
Dividend | $ 75,470 | $ 1,132,033 | |||
Dividend per Share | $ 0.0328125 | $ 0.4921875 | |||
Series C Preferred Stock [Member] | |||||
Dividend | $ 16,876,532 | $ 10,530,367 | |||
Dividend per Share | $ 1.53125 | $ 1.4802083 | |||
Series C Preferred Stock [Member] | Dividend Distribution One [Member] | |||||
Declaration Date | Oct. 2, 2017 | Oct. 3, 2016 | |||
Record Date | Nov. 15, 2017 | Nov. 15, 2016 | |||
Payment date | Dec. 15, 2017 | Dec. 15, 2016 | |||
Dividend | $ 4,080,685 | $ 1,791,563 | |||
Dividend per Share | $ 0.3828125 | $ 0.3317708 | |||
Series C Preferred Stock [Member] | Dividend Distribution Two [Member] | |||||
Declaration Date | Jan. 16, 2018 | Jan. 17, 2017 | |||
Record Date | Feb. 15, 2018 | Feb. 15, 2017 | |||
Payment date | Mar. 15, 2018 | Mar. 15, 2017 | |||
Dividend | $ 4,220,657 | $ 2,067,190 | |||
Dividend per Share | $ 0.3828125 | $ 0.3828125 | |||
Series C Preferred Stock [Member] | Dividend Distribution Three [Member] | |||||
Declaration Date | Apr. 2, 2018 | Apr. 4, 2017 | |||
Record Date | May 15, 2018 | May 15, 2017 | |||
Payment date | Jun. 15, 2018 | Jun. 15, 2017 | |||
Dividend | $ 4,247,507 | $ 3,215,629 | |||
Dividend per Share | $ 0.3828125 | $ 0.3828125 | |||
Series C Preferred Stock [Member] | Dividend Distribution Four [Member] | |||||
Declaration Date | Jul. 2, 2018 | Jul. 3, 2017 | |||
Record Date | Aug. 15, 2018 | Aug. 15, 2017 | |||
Payment date | Sep. 17, 2018 | Sep. 15, 2017 | |||
Dividend | $ 4,327,683 | $ 3,455,985 | |||
Dividend per Share | $ 0.3828125 | $ 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) - Mortgage Notes Payable Fair Value [Member] | Sep. 30, 2018USD ($) |
Fixed rate mortgage notes payable at fair value | $ 706,745,000 |
Fixed rate mortgage notes payable | $ 719,768,355 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value of Financial Assets (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available for Sale at Fair Value | $ 154,920,545 | $ 123,764,770 |
Fair Value Measurements [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available for Sale at Fair Value | 154,920,545 | 123,764,770 |
Fair Value Measurements [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available for Sale at Fair Value | 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 at Fair Value | $ 0 | $ 0 |
Cash Flow (Details Narrative)
Cash Flow (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest | $ 31,335,763 | $ 24,290,811 | $ 21,967,741 |
Amount of dividend reinvested | $ 12,928,356 | $ 10,125,894 | $ 8,369,146 |
Contingencies, Commitments an_2
Contingencies, Commitments and Legal Matters (Details Narrative) | 12 Months Ended |
Sep. 30, 2018USD ($)ft²$ / shares | |
Industrial Building [Member] | |
Contingencies and Commitments [Line Items] | |
Mortgage loans amortization period | 15 years |
Mortgage loans committed on real estate, carrying amount of mortgage | $ 17,500,000 |
Weighted average fixed interest rate, percentage | 4.40% |
Monroe, OH [Membe] | |
Contingencies and Commitments [Line Items] | |
Lease term | 15 years |
Expansions | ft² | 154,800 |
Expansion costs | $ 9,072,000 |
Lease expiration date description | February 2030 to January 2034 |
Rent prior to expansion | $ 961,000 |
Increase in rent from expansion | $ 862,000 |
Rent prior to expansion, per square foot | ft² | 4.14 |
Rent increased to after expansion | $ 1,823,000 |
Rent increased to expansion per square foot | $ / shares | $ 4.71 |
Increase in annual rent rate | 2.00% |
Property Purchase Agreement [Member] | Industrial Building [Member] | |
Contingencies and Commitments [Line Items] | |
Square feet of building | ft² | 398,000 |
Weighted average lease maturity term | 13 years 4 months 24 days |
Aggregate purchase price of industrial property | $ 68,747,000 |
Property Purchase Agreement [Member] | Industrial Building [Member] | Minimum [Member] | |
Contingencies and Commitments [Line Items] | |
Lease term | 10 years |
Property Purchase Agreement [Member] | Industrial Building [Member] | Maximum [Member] | |
Contingencies and Commitments [Line Items] | |
Lease term | 15 years |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] | Oct. 19, 2018USD ($)ft²a | Oct. 09, 2018USD ($) | Oct. 31, 2018USD ($)$ / sharesshares |
Fiscal 2019 [Member] | |||
Subsequent Event [Line Items] | |||
Current total leasable square feet | ft² | 21,521,000 | ||
Trenton, NJ [Member] | |||
Subsequent Event [Line Items] | |||
Purchase of industrial building | ft² | 347,145 | ||
Area of land | a | 62 | ||
Percentage of real estate property leased | 100.00% | ||
Lease expiration date description | 15 years through June 2032. | ||
Purchase price of industrial building | $ 85,248,352 | ||
Mortgage loans on real estate, term of loan | 15 years | ||
Face amount of mortgage loan | $ 55,000,000 | ||
Mortgage loans on real estate, interest rate | 4.13% | ||
Annual rental income over the remaining term of lease | $ 5,328,000 | ||
BMO Capital Markets [Member] | |||
Subsequent Event [Line Items] | |||
Amount paid down on facility | $ 50,000,000 | ||
Line of credit outstanding amount | $ 110,000,000 | ||
Underwriters [Member] | |||
Subsequent Event [Line Items] | |||
Number of common shares sold | shares | 9,200,000 | ||
Sale of stock price per share | $ / shares | $ 15 | ||
Number of Underwriters option to purchase additional shares | shares | 1,200,000 | ||
Proceeds from common stock offering | $ 132,339,000 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Rental and Reimbursement Revenue | $ 36,600,694 | $ 36,197,825 | $ 33,621,508 | $ 32,741,822 | $ 31,156,914 | $ 29,318,927 | $ 28,018,022 | $ 27,891,442 | |||
Lease Termination Income | 0 | 0 | 0 | 210,261 | $ 210,261 | $ 0 | $ 0 | ||||
Total Expenses | 19,471,976 | 19,073,092 | 16,920,664 | 16,267,991 | 16,294,148 | 14,840,339 | 14,495,329 | 13,972,561 | 71,733,723 | 59,602,377 | 52,322,868 |
Other Income (Expense) | (4,969,095) | (4,651,340) | (5,055,841) | (4,441,577) | (4,600,576) | (2,748,225) | (5,098,082) | (4,064,960) | (19,117,853) | (16,511,843) | (12,938,058) |
Income from Continuing Operations | $ 12,159,623 | $ 12,473,393 | $ 11,645,003 | $ 12,242,515 | $ 10,262,190 | $ 11,730,363 | $ 8,424,611 | $ 9,853,921 | |||
Income from Continuing Operations per diluted share | $ 0.15 | $ 0.16 | $ 0.15 | $ 0.16 | $ 0.14 | $ 0.16 | $ 0.12 | $ 0.14 | |||
Gain on Sale of Real Estate Investment | $ 0 | $ 2,097,380 | $ 0 | $ 5,387,886 | 7,485,266 | 0 | 0 | ||||
Net Income | $ 12,159,623 | $ 14,570,773 | $ 11,645,003 | $ 17,630,401 | $ 10,262,190 | $ 11,730,363 | $ 8,424,611 | $ 9,853,921 | $ 56,005,800 | $ 40,271,085 | $ 32,494,507 |
Net Income per diluted share | $ 0.15 | $ 0.18 | $ 0.15 | $ 0.23 | $ 0.14 | $ 0.16 | $ 0.12 | $ 0.14 | $ 0.49 | $ 0.32 | $ 0.31 |
Net Income Attributable to Common Shareholders | $ 7,782,361 | $ 10,322,744 | $ 7,396,784 | $ 13,313,455 | $ 6,726,087 | $ 5,217,411 | $ 4,842,575 | $ 6,156,161 | $ 38,815,344 | $ 22,942,234 | $ 20,531,888 |
Net Income Attributable to Common Shareholders per diluted share | $ 0.10 | $ 0.13 | $ 0.10 | $ 0.17 | $ 0.09 | $ 0.07 | $ 0.07 | $ 0.09 | $ 0.49 | $ 0.32 | $ 0.31 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation (Details Narrative) | 12 Months Ended |
Sep. 30, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 39 years |
Property, plant and equipment, estimated useful lives | 3 to 39 years |
New Buildings [Member] | Minimum [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 31 years 6 months |
New Buildings [Member] | Maximum [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 39 years |
Building Improvements [Member] | Minimum [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Building Improvements [Member] | Maximum [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, useful life | 39 years |
Tenant Improvements [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Property, plant and equipment, estimated useful lives | Lease Term |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) | Sep. 30, 2018USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | $ 719,768,355 |
Land | 224,719,083 |
Buildings and Improvements | 1,380,703,773 |
Capitalization Subsequent to Acquisition | 114,155,563 |
Industrial Building [Member] | Monaca (Pittsburgh), PA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 401,716 |
Buildings and Improvements | 878,081 |
Capitalization Subsequent to Acquisition | 6,630,869 |
Industrial Building [Member] | Ridgeland (Jackson), MS [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 218,000 |
Buildings and Improvements | 1,233,500 |
Capitalization Subsequent to Acquisition | 433,754 |
Industrial Building [Member] | Urbandale (Des Moines),IA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 310,000 |
Buildings and Improvements | 1,758,000 |
Capitalization Subsequent to Acquisition | 455,644 |
Industrial Building [Member] | Richland (Jackson), MS [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 531,000 |
Buildings and Improvements | 3,653,883 |
Capitalization Subsequent to Acquisition | 547,788 |
Industrial Building [Member] | Liberty (Kansas City), MO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,170,000 |
Buildings and Improvements | 2,845,000 |
Capitalization Subsequent to Acquisition | 440,702 |
Industrial Building [Member] | Jacksonville, FL (FDX) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,165,000 |
Buildings and Improvements | 4,668,080 |
Capitalization Subsequent to Acquisition | 563,878 |
Industrial Building [Member] | West Chester Twp. (Cincinnati), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 695,000 |
Buildings and Improvements | 3,342,000 |
Capitalization Subsequent to Acquisition | 1,696,686 |
Industrial Building [Member] | Mechanicsville (Richmond), VA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,160,000 |
Buildings and Improvements | 6,413,305 |
Capitalization Subsequent to Acquisition | 219,090 |
Industrial Building [Member] | St. Joseph, MO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 800,000 |
Buildings and Improvements | 11,753,964 |
Capitalization Subsequent to Acquisition | 809,684 |
Industrial Building [Member] | Newington (Hartford), CT [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 980,000 |
Buildings and Improvements | 5,050,997 |
Capitalization Subsequent to Acquisition | 3,735,364 |
Industrial Building [Member] | Beltsville (Washington DC), MD [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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] | Carlstadt (New York, NY) , NJ [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,580,181 |
Land | 1,194,000 |
Buildings and Improvements | 3,645,501 |
Capitalization Subsequent to Acquisition | 102,901 |
Industrial Building [Member] | Granite City (St. Louis, MO), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 980,000 |
Buildings and Improvements | 5,610,000 |
Capitalization Subsequent to Acquisition | 656,326 |
Industrial Building [Member] | Elgin (Chicago), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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] | Cheektowaga (Buffalo),NY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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] | Tolleson (Phoenix), AZ [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,719,709 |
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, 12-28, Real Estate Companies, Investment in 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] | Wheeling (Chicago), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 5,112,120 |
Buildings and Improvements | 9,186,606 |
Capitalization Subsequent to Acquisition | 4,683,748 |
Industrial Building [Member] | Richmond, VA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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] | Tampa, FL (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,144,319 |
Land | 5,000,000 |
Buildings and Improvements | 12,660,003 |
Capitalization Subsequent to Acquisition | 2,041,572 |
Industrial Building [Member] | Montgomery (Chicago), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 2,000,000 |
Buildings and Improvements | 9,225,683 |
Capitalization Subsequent to Acquisition | 77,634 |
Industrial Building [Member] | Denver, CO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 414,049 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,129,000 |
Buildings and Improvements | 11,831,321 |
Capitalization Subsequent to Acquisition | 449,781 |
Industrial Building [Member] | Hanahan (Charleston), SC (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 465,749 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 338,789 |
Land | 614,406 |
Buildings and Improvements | 3,026,409 |
Capitalization Subsequent to Acquisition | 1,722,490 |
Industrial Building [Member] | Tampa, FL (Tampa Bay Grand Prix) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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] | Huntsville, AL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 370,903 |
Land | 748,115 |
Buildings and Improvements | 2,724,418 |
Capitalization Subsequent to Acquisition | 3,189,278 |
Industrial Building [Member] | Augusta, GA (FDX) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 261,000 |
Buildings and Improvements | 1,621,163 |
Capitalization Subsequent to Acquisition | 161,063 |
Industrial Building [Member] | El Paso, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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] | Richfield (Cleveland), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 2,676,848 |
Buildings and Improvements | 7,197,945 |
Capitalization Subsequent to Acquisition | 6,572,385 |
Industrial Building [Member] | Tampa, FL (FDX) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 2,830,000 |
Buildings and Improvements | 4,704,531 |
Capitalization Subsequent to Acquisition | 322,589 |
Industrial Building [Member] | Griffin (Atlanta), GA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 760,000 |
Buildings and Improvements | 13,692,115 |
Capitalization Subsequent to Acquisition | 481,568 |
Industrial Building [Member] | Roanoke, VA (CHEP USA) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,853,000 |
Buildings and Improvements | 4,817,298 |
Capitalization Subsequent to Acquisition | 793,374 |
Industrial Building [Member] | Orion, MI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 4,649,971 |
Buildings and Improvements | 13,053,289 |
Capitalization Subsequent to Acquisition | 5,186,864 |
Industrial Building [Member] | Chattanooga, TN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 300,000 |
Buildings and Improvements | 4,464,711 |
Capitalization Subsequent to Acquisition | 373,829 |
Industrial Building [Member] | Bedford Heights (Cleveland), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 2,200,000 |
Buildings and Improvements | 6,133,800 |
Capitalization Subsequent to Acquisition | 440,724 |
Industrial Building [Member] | Topeka, KS [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 860,364 |
Land | 0 |
Buildings and Improvements | 3,679,843 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Memphis, TN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,061,376 |
Land | 1,234,987 |
Buildings and Improvements | 13,380,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Houston, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,148,201 |
Land | 1,661,120 |
Buildings and Improvements | 6,320,000 |
Capitalization Subsequent to Acquisition | 182,158 |
Industrial Building [Member] | Carrollton (Dallas), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,455,552 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 724,766 |
Land | 1,746,822 |
Buildings and Improvements | 10,045,000 |
Capitalization Subsequent to Acquisition | 5,282,214 |
Industrial Building [Member] | Lebanon (Nashville), TN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,217,469 |
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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,300,481 |
Land | 1,760,000 |
Buildings and Improvements | 17,840,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Corpus Christi, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 0 |
Buildings and Improvements | 4,764,500 |
Capitalization Subsequent to Acquisition | 43,830 |
Industrial Building [Member] | Halfmoon (Albany), NY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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 (Anda Pharmaceuticals Inc.) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,564,186 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,416,097 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,234,777 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,294,503 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 21,722,567 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,395,246 |
Land | 1,740,000 |
Buildings and Improvements | 8,460,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Green Bay, WI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,640,432 |
Land | 590,000 |
Buildings and Improvements | 5,980,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Stewartville (Rochester), MN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,115,962 |
Land | 900,000 |
Buildings and Improvements | 4,320,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Tulsa, OK [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,685,288 |
Land | 790,000 |
Buildings and Improvements | 2,910,000 |
Capitalization Subsequent to Acquisition | 48,031 |
Industrial Building [Member] | Buckner (Louisville), KY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,305,669 |
Land | 2,280,000 |
Buildings and Improvements | 24,353,125 |
Capitalization Subsequent to Acquisition | 174,727 |
Industrial Building [Member] | Edwardsville (Kansas City), KS (International Paper) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,189,343 |
Land | 2,750,000 |
Buildings and Improvements | 15,335,492 |
Capitalization Subsequent to Acquisition | 208,616 |
Industrial Building [Member] | Altoona, PA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,253,281 |
Land | 1,200,000 |
Buildings and Improvements | 7,790,000 |
Capitalization Subsequent to Acquisition | 32,966 |
Industrial Building [Member] | Spring (Houston), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,924,865 |
Land | 1,890,000 |
Buildings and Improvements | 13,391,318 |
Capitalization Subsequent to Acquisition | 4,013,078 |
Industrial Building [Member] | Indianapolis, IN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 10,437,151 |
Land | 3,745,572 |
Buildings and Improvements | 20,446,000 |
Capitalization Subsequent to Acquisition | 1,312,510 |
Industrial Building [Member] | Sauget (St. Louis, MO), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,563,797 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,638,258 |
Land | 540,000 |
Buildings and Improvements | 9,390,000 |
Capitalization Subsequent to Acquisition | 35,550 |
Industrial Building [Member] | Kansas City, MO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,633,001 |
Land | 1,000,000 |
Buildings and Improvements | 8,600,000 |
Capitalization Subsequent to Acquisition | 380,250 |
Industrial Building [Member] | Frankfort (Lexington), KY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,639,132 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,243,754 |
Land | 6,000,000 |
Buildings and Improvements | 24,645,954 |
Capitalization Subsequent to Acquisition | 89,748 |
Industrial Building [Member] | Monroe (Cincinnati), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,126,384 |
Land | 1,800,000 |
Buildings and Improvements | 11,137,000 |
Capitalization Subsequent to Acquisition | 4,587,760 |
Industrial Building [Member] | Greenwood (Indianapolis), IN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 20,159,025 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 20,753,864 |
Land | 8,200,000 |
Buildings and Improvements | 27,100,832 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Cincinnati, OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,813,451 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,133,990 |
Land | 2,720,000 |
Buildings and Improvements | 15,690,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Imperial (Pittsburgh), PA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,199,661 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,757,364 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,651,710 |
Land | 2,150,000 |
Buildings and Improvements | 26,350,000 |
Capitalization Subsequent to Acquisition | 820,066 |
Industrial Building [Member] | Louisville, KY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,525,135 |
Land | 1,590,000 |
Buildings and Improvements | 9,714,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Davenport (Orlando), FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 23,702,918 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 19,956,867 |
Land | 2,350,000 |
Buildings and Improvements | 29,387,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Hamburg (Buffalo), NY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 21,328,714 |
Land | 1,700,000 |
Buildings and Improvements | 33,150,000 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Ft. Myers, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,280,803 |
Land | 2,486,417 |
Buildings and Improvements | 18,400,000 |
Capitalization Subsequent to Acquisition | 777,218 |
Industrial Building [Member] | Walker (Grand Rapids), MI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 19,468,554 |
Land | 4,034,363 |
Buildings and Improvements | 27,620,623 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Mesquite (Dallas), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 30,928,224 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,471,117 |
Land | 1,362,458 |
Buildings and Improvements | 19,677,937 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Homestead (Miami), FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 23,313,676 |
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,537,962 |
Land | 844,688 |
Buildings and Improvements | 7,883,751 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Concord (Charlotte), NC One [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 24,863,355 |
Land | 4,306,684 |
Buildings and Improvements | 35,736,461 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Kenton, OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,473,387 |
Land | 854,780 |
Buildings and Improvements | 17,026,827 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Stow, OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,130,343 |
Land | 1,429,715 |
Buildings and Improvements | 17,504,350 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Charleston, SC (FDX) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,683,131 |
Land | 4,639,283 |
Buildings and Improvements | 16,847,923 |
Capitalization Subsequent to Acquisition | 32,205 |
Industrial Building [Member] | Oklahoma City, OK (Amazon) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 19,013,593 |
Land | 1,618,240 |
Buildings and Improvements | 28,260,702 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Savannah, GA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 32,215,696 |
Land | 4,404,988 |
Buildings and Improvements | 51,620,957 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Daytona Beach, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 19,187,819 |
Land | 3,119,640 |
Buildings and Improvements | 26,853,559 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Mobile, AL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,832,395 |
Land | 2,480,474 |
Buildings and Improvements | 30,571,842 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Charleston, SC (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 29,860,000 |
Land | 7,103,106 |
Buildings and Improvements | 39,473,274 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Building [Member] | Braselton (Atlanta), GA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 39,700,000 |
Land | 13,964,652 |
Buildings and Improvements | 46,262,482 |
Capitalization Subsequent to Acquisition | 0 |
Shopping Center [Member] | Somerset, NJ [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 34,317 |
Buildings and Improvements | 637,097 |
Capitalization Subsequent to Acquisition | 2,440,363 |
Vacant Land [Member] | Shelby County [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 11,065 |
Buildings and Improvements | 0 |
Capitalization Subsequent to Acquisition | $ 0 |
Real Estate and Accumulated D_4
Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation Gross (Details) | Sep. 30, 2018USD ($) | [2] |
Industrial Building [Member] | Monaca (Pittsburgh), PA [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | $ 401,716 | [1] |
Building & Improvements | 7,508,950 | [1] |
Total | 7,910,666 | [1] |
Industrial Building [Member] | Ridgeland (Jackson), MS [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 218,000 | [1] |
Building & Improvements | 1,667,254 | [1] |
Total | 1,885,254 | [1] |
Industrial Building [Member] | Urbandale (Des Moines),IA [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 310,000 | [1] |
Building & Improvements | 2,213,644 | [1] |
Total | 2,523,644 | [1] |
Industrial Building [Member] | Richland (Jackson), MS [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 211,000 | [1] |
Building & Improvements | 1,689,691 | [1] |
Total | 1,900,691 | [1] |
Industrial Building [Member] | O'Fallon (St. Louis) MO [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 264,000 | [1] |
Building & Improvements | 3,981,913 | [1] |
Total | 4,245,913 | [1] |
Industrial Building [Member] | Fayetteville, NC [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 172,000 | [1] |
Building & Improvements | 5,279,629 | [1] |
Total | 5,451,629 | [1] |
Industrial Building [Member] | Schaumburg (Chicago), IL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,039,800 | [1] |
Building & Improvements | 4,138,140 | [1] |
Total | 5,177,940 | [1] |
Industrial Building [Member] | Burr Ridge (Chicago), IL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 270,000 | [1] |
Building & Improvements | 1,422,901 | [1] |
Total | 1,692,901 | [1] |
Industrial Building [Member] | Romulus (Detroit), MI [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 531,000 | [1] |
Building & Improvements | 4,201,671 | [1] |
Total | 4,732,671 | [1] |
Industrial Building [Member] | Liberty (Kansas City), MO [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 723,000 | [1] |
Building & Improvements | 6,674,881 | [1] |
Total | 7,397,881 | [1] |
Industrial Building [Member] | Omaha, NE [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,170,000 | [1] |
Building & Improvements | 4,774,691 | [1] |
Total | 5,944,691 | [1] |
Industrial Building [Member] | Charlottesville, VA [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,170,000 | [1] |
Building & Improvements | 3,285,702 | [1] |
Total | 4,455,702 | [1] |
Industrial Building [Member] | Jacksonville, FL (FDX) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,165,000 | [1] |
Building & Improvements | 5,231,958 | [1] |
Total | 6,396,958 | [1] |
Industrial Building [Member] | West Chester Twp. (Cincinnati), OH [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 695,000 | [1] |
Building & Improvements | 5,038,686 | [1] |
Total | 5,733,686 | [1] |
Industrial Building [Member] | Richmond, VA [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,160,000 | [1] |
Building & Improvements | 6,632,395 | [1] |
Total | 7,792,395 | [1] |
Industrial Building [Member] | St. Joseph, MO [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 800,000 | [1] |
Building & Improvements | 12,563,648 | [1] |
Total | 13,363,648 | [1] |
Industrial Building [Member] | Newington (Hartford), CT [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 410,000 | [1] |
Building & Improvements | 3,084,108 | [1] |
Total | 3,494,108 | [1] |
Industrial Building [Member] | Cudahy (Milwaukee), WI [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 980,000 | [1] |
Building & Improvements | 8,786,361 | [1] |
Total | 9,766,361 | [1] |
Industrial Building [Member] | Beltsville (Washington DC), MD [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 3,200,000 | [1] |
Building & Improvements | 11,312,355 | [1] |
Total | 14,512,355 | [1] |
Industrial Building [Member] | Carlstadt (New York, NY) , NJ [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,194,000 | [1] |
Building & Improvements | 3,748,402 | [1] |
Total | 4,942,402 | [1] |
Industrial Building [Member] | Granite City (St. Louis, MO), IL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 340,000 | [1] |
Building & Improvements | 12,357,848 | [1] |
Total | 12,697,848 | [1] |
Industrial Building [Member] | Winston-Salem, NC [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 980,000 | [1] |
Building & Improvements | 6,266,326 | [1] |
Total | 7,246,326 | [1] |
Industrial Building [Member] | Elgin (Chicago), IL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,280,000 | [1] |
Building & Improvements | 5,697,442 | [1] |
Total | 6,977,442 | [1] |
Industrial Building [Member] | Cheektowaga (Buffalo),NY [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,796,765 | [1] |
Building & Improvements | 6,164,058 | [1] |
Total | 10,960,823 | [1] |
Industrial Building [Member] | Tolleson (Phoenix), AZ [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,316,075 | [1] |
Building & Improvements | 15,508,151 | [1] |
Total | 16,824,226 | [1] |
Industrial Building [Member] | Edwardsville (Kansas City), KS (Carlisle Tire) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,185,000 | [1] |
Building & Improvements | 6,047,986 | [1] |
Total | 7,232,986 | [1] |
Industrial Building [Member] | Wheeling (Chicago), IL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 5,112,120 | [1] |
Building & Improvements | 13,870,354 | [1] |
Total | 18,982,474 | [1] |
Industrial Building [Member] | Richmond, VA [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 446,000 | [1] |
Building & Improvements | 4,322,309 | [1] |
Total | 4,768,309 | [1] |
Industrial Building [Member] | Tampa, FL (FDX Ground) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 5,000,000 | |
Building & Improvements | 14,701,575 | |
Total | 19,701,575 | |
Industrial Building [Member] | Montgomery (Chicago), IL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,000,000 | [1] |
Building & Improvements | 9,303,317 | [1] |
Total | 11,303,317 | [1] |
Industrial Building [Member] | Denver, CO [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,129,000 | [1] |
Building & Improvements | 12,281,102 | [1] |
Total | 13,410,102 | [1] |
Industrial Building [Member] | Hanahan (Charleston), SC (FDX Ground) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 930,000 | [1] |
Building & Improvements | 6,684,653 | [1] |
Total | 7,614,653 | [1] |
Industrial Building [Member] | Augusta, GA (FDX Ground) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 614,406 | [1] |
Building & Improvements | 4,748,899 | [1] |
Total | 5,363,305 | [1] |
Industrial Building [Member] | Tampa, FL (Tampa Bay Grand Prix) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,867,000 | |
Building & Improvements | 3,810,982 | |
Total | 5,677,982 | |
Industrial Building [Member] | Huntsville, AL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 748,115 | [1] |
Building & Improvements | 5,913,696 | [1] |
Total | 6,661,811 | [1] |
Industrial Building [Member] | Augusta (FDX) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 380,000 | [1] |
Building & Improvements | 1,597,779 | [1] |
Total | 1,977,779 | [1] |
Industrial Building [Member] | Lakeland, FL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 261,000 | [1] |
Building & Improvements | 1,782,226 | [1] |
Total | 2,043,226 | [1] |
Industrial Building [Member] | El Paso, TX [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 3,225,195 | [1] |
Building & Improvements | 9,205,997 | [1] |
Total | 12,431,192 | [1] |
Industrial Building [Member] | Richfield (Cleveland), OH [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,676,848 | [1] |
Building & Improvements | 13,770,330 | [1] |
Total | 16,447,178 | [1] |
Industrial Building [Member] | Tampa, FL (Tampa Bay Grand Prix) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,830,000 | [1] |
Building & Improvements | 5,027,120 | [1] |
Total | 7,857,120 | [1] |
Industrial Building [Member] | Griffin (Atlanta), GA [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 760,000 | [1] |
Building & Improvements | 14,173,683 | [1] |
Total | 14,933,683 | [1] |
Industrial Building [Member] | Roanoke, VA (CHEP USA) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,853,000 | |
Building & Improvements | 5,610,672 | |
Total | 7,463,672 | |
Industrial Building [Member] | Orion, MI [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,649,971 | [1] |
Building & Improvements | 18,240,153 | [1] |
Total | 22,890,124 | [1] |
Industrial Building [Member] | Chattanooga, TN [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 300,000 | [1] |
Building & Improvements | 4,838,540 | [1] |
Total | 5,138,540 | [1] |
Industrial Building [Member] | Bedford Heights (Cleveland), OH [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 990,000 | [1] |
Building & Improvements | 5,929,836 | [1] |
Total | 6,919,836 | [1] |
Industrial Building [Member] | Punta Gorda, FL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 0 | [1] |
Building & Improvements | 4,133,510 | [1] |
Total | 4,133,510 | [1] |
Industrial Building [Member] | Cocoa [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,881,316 | [1] |
Building & Improvements | 12,246,133 | [1] |
Total | 14,127,449 | [1] |
Industrial Building [Member] | Orlando, FL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,200,000 | [1] |
Building & Improvements | 6,574,524 | [1] |
Total | 8,774,524 | [1] |
Industrial Building [Member] | Topeka, KS [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 0 | [1] |
Building & Improvements | 3,679,843 | [1] |
Total | 3,679,843 | [1] |
Industrial Building [Member] | Memphis, TN [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,234,987 | [1] |
Building & Improvements | 13,380,000 | [1] |
Total | 14,614,987 | [1] |
Industrial Building [Member] | Houston, TX [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,661,120 | [1] |
Building & Improvements | 6,502,158 | [1] |
Total | 8,163,278 | [1] |
Industrial Building [Member] | Carrollton (Dallas), TX [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,500,000 | [1] |
Building & Improvements | 16,319,203 | [1] |
Total | 17,819,203 | [1] |
Industrial Building [Member] | Ft. Mill (Charlotte, NC), SC [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,746,822 | [1] |
Building & Improvements | 15,327,214 | [1] |
Total | 17,074,036 | [1] |
Industrial Building [Member] | Lebanon (Nashville), TN [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,230,000 | [1] |
Building & Improvements | 11,985,126 | [1] |
Total | 14,215,126 | [1] |
Industrial Building [Member] | Rockford, IL (Sherwin-Williams Co.) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,100,000 | [1] |
Building & Improvements | 4,451,227 | [1] |
Total | 5,551,227 | [1] |
Industrial Building [Member] | Edinburg, TX [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,000,000 | [1] |
Building & Improvements | 11,039,014 | [1] |
Total | 12,039,014 | [1] |
Industrial Building [Member] | Streetsboro (Cleveland), OH [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,760,000 | [1] |
Building & Improvements | 17,840,000 | [1] |
Total | 19,600,000 | [1] |
Industrial Building [Member] | Corpus Christi, TX [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 0 | [1] |
Building & Improvements | 4,808,330 | [1] |
Total | 4,808,330 | [1] |
Industrial Building [Member] | Halfmoon (Albany), NY [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,190,000 | [1] |
Building & Improvements | 4,335,600 | [1] |
Total | 5,525,600 | [1] |
Industrial Building [Member] | Lebanon (Cincinnati), OH [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 240,000 | [1] |
Building & Improvements | 4,212,425 | [1] |
Total | 4,452,425 | [1] |
Industrial Building [Member] | Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 800,000 | [1] |
Building & Improvements | 13,750,000 | [1] |
Total | 14,550,000 | [1] |
Industrial Building [Member] | Oklahoma City, OK (FDX Ground) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,410,000 | [1] |
Building & Improvements | 11,174,462 | [1] |
Total | 12,584,462 | [1] |
Industrial Building [Member] | Waco, TX [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,350,000 | [1] |
Building & Improvements | 11,201,368 | [1] |
Total | 12,551,368 | [1] |
Industrial Building [Member] | Livonia (Detroit), MI [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 320,000 | [1] |
Building & Improvements | 13,442,030 | [1] |
Total | 13,762,030 | [1] |
Industrial Building [Member] | Olive Branch (Memphis, TN), MS (Milwaukee Tool) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,550,000 | [1] |
Building & Improvements | 34,364,917 | [1] |
Total | 36,914,917 | [1] |
Industrial Building [Member] | Roanoke, VA (FDX Ground) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,740,000 | [1] |
Building & Improvements | 8,460,000 | [1] |
Total | 10,200,000 | [1] |
Industrial Building [Member] | Green Bay, WI [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 590,000 | [1] |
Building & Improvements | 5,980,000 | [1] |
Total | 6,570,000 | [1] |
Industrial Building [Member] | Stewartville (Rochester), MN [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 900,000 | [1] |
Building & Improvements | 4,320,000 | [1] |
Total | 5,220,000 | [1] |
Industrial Building [Member] | Tulsa, OK [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 790,000 | [1] |
Building & Improvements | 2,958,031 | [1] |
Total | 3,748,031 | [1] |
Industrial Building [Member] | Buckner (Louisville), KY [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,280,000 | [1] |
Building & Improvements | 24,527,852 | [1] |
Total | 26,807,852 | [1] |
Industrial Building [Member] | Edwardsville (Kansas City), KS (International Paper) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,200,000 | [1] |
Building & Improvements | 7,822,966 | [1] |
Total | 9,022,966 | [1] |
Industrial Building [Member] | Spring (Houston), TX [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,890,000 | [1] |
Building & Improvements | 17,404,396 | [1] |
Total | 19,294,396 | [1] |
Industrial Building [Member] | Indianapolis, IN [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 3,745,572 | |
Building & Improvements | 21,758,510 | |
Total | 25,504,082 | |
Industrial Building [Member] | Sauget (St. Louis, MO), IL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,890,000 | [1] |
Building & Improvements | 13,314,950 | [1] |
Total | 15,204,950 | [1] |
Industrial Building [Member] | Lindale (Tyler), TX [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 540,000 | [1] |
Building & Improvements | 9,425,550 | [1] |
Total | 9,965,550 | [1] |
Industrial Building [Member] | Kansas City, MO [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,000,000 | |
Building & Improvements | 8,980,250 | |
Total | 9,980,250 | |
Industrial Building [Member] | Frankfort (Lexington), KY [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,850,000 | [1] |
Building & Improvements | 26,150,000 | [1] |
Total | 28,000,000 | [1] |
Industrial Building [Member] | Jacksonville, FL (FDX Ground) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 6,000,000 | [1] |
Building & Improvements | 24,735,702 | [1] |
Total | 30,735,702 | [1] |
Industrial Building [Member] | Monroe (Cincinnati), OH [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,800,000 | [1] |
Building & Improvements | 15,724,760 | [1] |
Total | 17,524,760 | [1] |
Industrial Building [Member] | Greenwood (Indianapolis), IN [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,250,000 | [1] |
Building & Improvements | 35,262,071 | [1] |
Total | 37,512,071 | [1] |
Industrial Building [Member] | Ft. Worth (Dallas), TX [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 8,200,000 | [1] |
Building & Improvements | 27,100,832 | [1] |
Total | 35,300,832 | [1] |
Industrial Building [Member] | Cincinnati, OH [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 800,000 | [1] |
Building & Improvements | 5,950,000 | [1] |
Total | 6,750,000 | [1] |
Industrial Building [Member] | Rockford, IL (Collins Aerospace Systems) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 480,000 | [1] |
Building & Improvements | 4,620,000 | [1] |
Total | 5,100,000 | [1] |
Industrial Building [Member] | Concord (Charlotte), NC [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,305,000 | [1] |
Building & Improvements | 28,739,797 | [1] |
Total | 33,044,797 | [1] |
Industrial Building [Member] | Covington (New Orleans), LA [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,720,000 | [1] |
Building & Improvements | 15,690,000 | [1] |
Total | 18,410,000 | [1] |
Industrial Building [Member] | Imperial (Pittsburgh), PA [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 3,700,000 | [1] |
Building & Improvements | 16,250,000 | [1] |
Total | 19,950,000 | [1] |
Industrial Building [Member] | Burlington (Seattle/Everett), WA [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 8,000,000 | [1] |
Building & Improvements | 22,228,547 | [1] |
Total | 30,228,547 | [1] |
Industrial Building [Member] | Colorado Springs, CO [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,150,000 | [1] |
Building & Improvements | 27,170,066 | [1] |
Total | 29,320,066 | [1] |
Industrial Building [Member] | Louisville, KY [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,590,000 | [1] |
Building & Improvements | 9,714,000 | [1] |
Total | 11,304,000 | [1] |
Industrial Building [Member] | Davenport (Orlando), FL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 7,060,000 | [1] |
Building & Improvements | 30,720,000 | [1] |
Total | 37,780,000 | [1] |
Industrial Building [Member] | Olathe (Kansas City), KS [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,350,000 | [1] |
Building & Improvements | 29,387,000 | [1] |
Total | 31,737,000 | [1] |
Industrial Building [Member] | Hamburg (Buffalo), NY [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,700,000 | [1] |
Building & Improvements | 33,150,000 | [1] |
Total | 34,850,000 | [1] |
Industrial Building [Member] | Ft. Myers, FL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,486,417 | |
Building & Improvements | 19,177,218 | |
Total | 21,663,635 | |
Industrial Building [Member] | Walker (Grand Rapids), MI [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,034,363 | [1] |
Building & Improvements | 27,620,623 | [1] |
Total | 31,654,986 | [1] |
Industrial Building [Member] | Mesquite (Dallas), TX [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 6,247,658 | [1] |
Building & Improvements | 43,632,835 | [1] |
Total | 49,880,493 | [1] |
Industrial Building [Member] | Aiken (Augusta, GA), SC [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,362,458 | [1] |
Building & Improvements | 19,677,937 | [1] |
Total | 21,040,395 | [1] |
Industrial Building [Member] | Homestead (Miami), FL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,426,727 | [1] |
Building & Improvements | 33,446,393 | [1] |
Total | 37,873,120 | [1] |
Industrial Building [Member] | Oklahoma City, OK (Bunzl) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 844,688 | [1] |
Building & Improvements | 7,883,751 | [1] |
Total | 8,728,439 | [1] |
Industrial Building [Member] | Concord (Charlotte), NC One [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,306,684 | [1] |
Building & Improvements | 35,736,461 | [1] |
Total | 40,043,145 | [1] |
Industrial Building [Member] | Kenton, OH [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 854,780 | [1] |
Building & Improvements | 17,026,827 | [1] |
Total | 17,881,607 | [1] |
Industrial Building [Member] | Stow, OH [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,429,715 | [1] |
Building & Improvements | 17,504,350 | [1] |
Total | 18,934,065 | [1] |
Industrial Building [Member] | Charleston, SC (FDX) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,639,283 | [1] |
Building & Improvements | 16,880,128 | [1] |
Total | 21,519,411 | [1] |
Industrial Building [Member] | Oklahoma City, OK (Amazon) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 1,618,240 | [1] |
Building & Improvements | 28,260,702 | [1] |
Total | 29,878,942 | [1] |
Industrial Building [Member] | Savannah, GA [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 4,404,988 | [1] |
Building & Improvements | 51,620,957 | [1] |
Total | 56,025,945 | [1] |
Industrial Building [Member] | Daytona Beach, FL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 3,119,640 | [1] |
Building & Improvements | 26,853,559 | [1] |
Total | 29,973,199 | [1] |
Industrial Building [Member] | Mobile, AL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 2,480,474 | [1] |
Building & Improvements | 30,571,842 | [1] |
Total | 33,052,316 | [1] |
Industrial Building [Member] | Charleston, SC (FDX Ground) [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 7,103,106 | [1] |
Building & Improvements | 39,473,274 | [1] |
Total | 46,576,380 | [1] |
Industrial Building [Member] | Braselton (Atlanta), GA [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 13,964,652 | [1] |
Building & Improvements | 46,262,482 | [1] |
Total | 60,227,134 | [1] |
Shopping Center [Member] | Somerset, NJ [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 34,317 | [1] |
Building & Improvements | 3,077,460 | [1] |
Total | 3,111,777 | [1] |
Vacant Land [Member] | Shelby County [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 11,065 | [1] |
Building & Improvements | 0 | [1] |
Total | 11,065 | [1] |
Industrial Buildings ,Shopping Center and Vacant Land [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Land | 224,719,083 | [1] |
Building & Improvements | 1,494,859,336 | [1] |
Total | $ 1,719,578,419 | [1] |
[1] | See pages 152-154 for reconciliation. | |
[2] | The aggregate cost for Federal tax purposes approximates historical cost. |
Real Estate and Accumulated D_5
Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation Life (Details) - USD ($) | 12 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Accumulated Depreciation | $ 207,065,634 | $ 171,086,083 | $ 143,006,233 | $ 119,545,674 | |
Industrial Building [Member] | Monaca (Pittsburgh), PA [Member] | |||||
Accumulated Depreciation | [1] | $ 2,957,471 | |||
Date of Construction | [1] | 1,977 | |||
Date Acquired | [1] | 1,977 | |||
Industrial Building [Member] | Ridgeland (Jackson), MS [Member] | |||||
Accumulated Depreciation | [1] | $ 1,313,173 | |||
Date of Construction | [1] | 1,988 | |||
Date Acquired | [1] | 1,993 | |||
Industrial Building [Member] | Urbandale (Des Moines),IA [Member] | |||||
Accumulated Depreciation | [1] | $ 1,211,364 | |||
Date of Construction | [1] | 1,985 | |||
Date Acquired | [1] | 1,994 | |||
Industrial Building [Member] | Richland (Jackson), MS [Member] | |||||
Accumulated Depreciation | [1] | $ 982,066 | |||
Date of Construction | [1] | 1,986 | |||
Date Acquired | [1] | 1,994 | |||
Industrial Building [Member] | O'Fallon (St. Louis) MO [Member] | |||||
Accumulated Depreciation | [1] | $ 2,361,768 | |||
Date of Construction | [1] | 1,989 | |||
Date Acquired | [1] | 1,994 | |||
Industrial Building [Member] | Fayetteville, NC [Member] | |||||
Accumulated Depreciation | [1] | $ 2,931,202 | |||
Date of Construction | [1] | 1,996 | |||
Date Acquired | [1] | 1,997 | |||
Industrial Building [Member] | Schaumburg (Chicago), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 2,283,345 | |||
Date of Construction | [1] | 1,997 | |||
Date Acquired | [1] | 1,997 | |||
Industrial Building [Member] | Burr Ridge (Chicago), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 741,290 | |||
Date of Construction | [1] | 1,997 | |||
Date Acquired | [1] | 1,997 | |||
Industrial Building [Member] | Romulus (Detroit), MI [Member] | |||||
Accumulated Depreciation | [1] | $ 2,043,189 | |||
Date of Construction | [1] | 1,998 | |||
Date Acquired | [1] | 1,998 | |||
Industrial Building [Member] | Liberty (Kansas City), MO [Member] | |||||
Accumulated Depreciation | [1] | $ 3,497,982 | |||
Date of Construction | [1] | 1,997 | |||
Date Acquired | [1] | 1,998 | |||
Industrial Building [Member] | Omaha, NE [Member] | |||||
Accumulated Depreciation | [1] | $ 2,358,451 | |||
Date of Construction | [1] | 1,999 | |||
Date Acquired | [1] | 1,999 | |||
Industrial Building [Member] | Charlottesville, VA [Member] | |||||
Accumulated Depreciation | [1] | $ 1,588,202 | |||
Date of Construction | [1] | 1,998 | |||
Date Acquired | [1] | 1,999 | |||
Industrial Building [Member] | Jacksonville, FL (FDX) [Member] | |||||
Accumulated Depreciation | [1] | $ 2,619,003 | |||
Date of Construction | [1] | 1,998 | |||
Date Acquired | [1] | 1,999 | |||
Industrial Building [Member] | West Chester Twp. (Cincinnati), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 2,305,181 | |||
Date of Construction | [1] | 1,999 | |||
Date Acquired | [1] | 2,000 | |||
Industrial Building [Member] | Mechanicsville (Richmond), VA [Member] | |||||
Accumulated Depreciation | $ 3,007,443 | ||||
Date of Construction | 2,000 | ||||
Date Acquired | 2,001 | ||||
Industrial Building [Member] | St. Joseph, MO [Member] | |||||
Accumulated Depreciation | [1] | $ 5,452,138 | |||
Date of Construction | [1] | 2,000 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | Newington (Hartford), CT [Member] | |||||
Accumulated Depreciation | [1] | $ 1,377,254 | |||
Date of Construction | [1] | 2,001 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | Cudahy (Milwaukee), WI [Member] | |||||
Accumulated Depreciation | [1] | $ 3,296,930 | |||
Date of Construction | [1] | 2,001 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | Beltsville (Washington DC), MD [Member] | |||||
Accumulated Depreciation | [1] | $ 4,151,339 | |||
Date of Construction | [1] | 2,000 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | Carlstadt (New York, NY), NJ [Member] | |||||
Accumulated Depreciation | [1] | $ 1,029,584 | |||
Date of Construction | [1] | 1,977 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | Granite City (St. Louis, MO), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 5,183,974 | |||
Date of Construction | [1] | 2,001 | |||
Date Acquired | [1] | 2,001 | |||
Industrial Building [Member] | Winston-Salem, NC [Member] | |||||
Accumulated Depreciation | [1] | $ 2,617,877 | |||
Date of Construction | [1] | 2,001 | |||
Date Acquired | [1] | 2,002 | |||
Industrial Building [Member] | Elgin (Chicago), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 2,436,368 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,002 | |||
Industrial Building [Member] | Cheektowaga (Buffalo), NY [Member] | |||||
Accumulated Depreciation | [1] | $ 1,851,798 | |||
Date of Construction | [1] | 2,000 | |||
Date Acquired | [1] | 2,002 | |||
Industrial Building [Member] | Tolleson (Phoenix), AZ [Member] | |||||
Accumulated Depreciation | [1] | $ 6,144,623 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,003 | |||
Industrial Building [Member] | Edwardsville (Kansas City), KS (Carlisle Tire) [Member] | |||||
Accumulated Depreciation | [1] | $ 2,538,608 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,003 | |||
Industrial Building [Member] | Wheeling (Chicago), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 4,430,770 | |||
Date of Construction | [1] | 2,003 | |||
Date Acquired | [1] | 2,003 | |||
Industrial Building [Member] | Richmond, VA [Member] | |||||
Accumulated Depreciation | [1] | $ 1,545,670 | |||
Date of Construction | [1] | 2,004 | |||
Date Acquired | [1] | 2,004 | |||
Industrial Building [Member] | Tampa, FL (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 4,921,899 | |||
Date of Construction | [1] | 2,004 | |||
Date Acquired | [1] | 2,004 | |||
Industrial Building [Member] | Montgomery (Chicago), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 2,761,952 | |||
Date of Construction | [1] | 2,004 | |||
Date Acquired | [1] | 2,004 | |||
Industrial Building [Member] | Denver, CO [Member] | |||||
Accumulated Depreciation | [1] | $ 1,704,122 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,005 | |||
Industrial Building [Member] | Hanahan (Charleston), SC (SAIC) [Member] | |||||
Accumulated Depreciation | [1] | $ 4,343,346 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,005 | |||
Industrial Building [Member] | Hanahan (Charleston), SC (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 2,071,138 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,005 | |||
Industrial Building [Member] | Augusta, GA (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,509,465 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,005 | |||
Industrial Building [Member] | Tampa, FL (Tampa Bay Grand Prix) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,144,249 | |||
Date of Construction | [1] | 1,989 | |||
Date Acquired | [1] | 2,005 | |||
Industrial Building [Member] | Huntsville, AL [Member] | |||||
Accumulated Depreciation | [1] | $ 1,249,093 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,005 | |||
Industrial Building [Member] | Augusta, GA (FDX) [Member] | |||||
Accumulated Depreciation | [1] | $ 463,245 | |||
Date of Construction | [1] | 1,993 | |||
Date Acquired | [1] | 2,006 | |||
Industrial Building [Member] | Lakeland, FL [Member] | |||||
Accumulated Depreciation | [1] | $ 573,621 | |||
Date of Construction | [1] | 1,993 | |||
Date Acquired | [1] | 2,006 | |||
Industrial Building [Member] | El Paso, TX [Member] | |||||
Accumulated Depreciation | [1] | $ 1,977,282 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,006 | |||
Industrial Building [Member] | Richfield (Cleveland), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 3,083,114 | |||
Date of Construction | [1] | 2,006 | |||
Date Acquired | [1] | 2,006 | |||
Industrial Building [Member] | Tampa, FL (FDX) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,515,388 | |||
Date of Construction | [1] | 2,006 | |||
Date Acquired | [1] | 2,006 | |||
Industrial Building [Member] | Griffin (Atlanta), GA [Member] | |||||
Accumulated Depreciation | [1] | $ 4,493,178 | |||
Date of Construction | [1] | 2,006 | |||
Date Acquired | [1] | 2,006 | |||
Industrial Building [Member] | Roanoke, VA (CHEP USA) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,706,454 | |||
Date of Construction | [1] | 1,996 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Orion, MI [Member] | |||||
Accumulated Depreciation | [1] | $ 4,488,942 | |||
Date of Construction | [1] | 2,007 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Chattanooga, TN [Member] | |||||
Accumulated Depreciation | [1] | $ 1,388,863 | |||
Date of Construction | [1] | 2,002 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Bedford Heights (Cleveland), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 1,893,515 | |||
Date of Construction | [1] | 1,998 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Punta Gorda, FL [Member] | |||||
Accumulated Depreciation | [1] | $ 1,058,498 | |||
Date of Construction | [1] | 2,007 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Building [Member] | Cocoa, FL [Member] | |||||
Accumulated Depreciation | [1] | $ 2,758,147 | |||
Date of Construction | [1] | 2,006 | |||
Date Acquired | [1] | 2,008 | |||
Industrial Building [Member] | Orlando, FL [Member] | |||||
Accumulated Depreciation | [1] | $ 1,830,818 | |||
Date of Construction | [1] | 1,997 | |||
Date Acquired | [1] | 2,008 | |||
Industrial Building [Member] | Topeka, KS [Member] | |||||
Accumulated Depreciation | [1] | $ 896,483 | |||
Date of Construction | [1] | 2,006 | |||
Date Acquired | [1] | 2,009 | |||
Industrial Building [Member] | Memphis, TN [Member] | |||||
Accumulated Depreciation | [1] | $ 2,916,162 | |||
Date of Construction | [1] | 1,994 | |||
Date Acquired | [1] | 2,010 | |||
Industrial Building [Member] | Houston, TX [Member] | |||||
Accumulated Depreciation | [1] | $ 1,440,389 | |||
Date of Construction | [1] | 2,005 | |||
Date Acquired | [1] | 2,010 | |||
Industrial Building [Member] | Carrollton, (Dallas) TX [Member] | |||||
Accumulated Depreciation | [1] | $ 3,555,283 | |||
Date of Construction | [1] | 2,009 | |||
Date Acquired | [1] | 2,010 | |||
Industrial Building [Member] | Ft. Mill (Charlotte, NC), SC [Member] | |||||
Accumulated Depreciation | [1] | $ 2,654,658 | |||
Date of Construction | [1] | 2,009 | |||
Date Acquired | [1] | 2,010 | |||
Industrial Building [Member] | Lebanon (Nashville), TN [Member] | |||||
Accumulated Depreciation | [1] | $ 2,151,164 | |||
Date of Construction | [1] | 1,993 | |||
Date Acquired | [1] | 2,011 | |||
Industrial Building [Member] | Rockford, IL (Sherwin-Williams Co.) [Member] | |||||
Accumulated Depreciation | [1] | $ 859,960 | |||
Date of Construction | [1] | 1998-2008 | |||
Date Acquired | [1] | 2,011 | |||
Industrial Building [Member] | Edinburg, TX [Member] | |||||
Accumulated Depreciation | [1] | $ 1,472,631 | |||
Date of Construction | [1] | 2,011 | |||
Date Acquired | [1] | 2,011 | |||
Industrial Building [Member] | Streetsboro (Cleveland), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 2,973,333 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Corpus Christi, TX [Member] | |||||
Accumulated Depreciation | [1] | $ 797,350 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Halfmoon (Albany), NY [Member] | |||||
Accumulated Depreciation | [1] | $ 722,600 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Lebanon (Cincinnati), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 704,125 | |||
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] | $ 2,203,526 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Oklahoma City, OK (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,599,042 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Waco, TX [Member] | |||||
Accumulated Depreciation | [1] | $ 1,498,728 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,012 | |||
Industrial Building [Member] | Livonia (Detroit), MI [Member] | |||||
Accumulated Depreciation | [1] | $ 2,046,869 | |||
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] | $ 4,044,199 | |||
Date of Construction | [1] | 2,013 | |||
Date Acquired | [1] | 2,013 | |||
Industrial Building [Member] | Roanoke, VA (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 1,147,885 | |||
Date of Construction | [1] | 2,013 | |||
Date Acquired | [1] | 2,013 | |||
Industrial Building [Member] | Green Bay, WI [Member] | |||||
Accumulated Depreciation | [1] | $ 766,667 | |||
Date of Construction | [1] | 2,013 | |||
Date Acquired | [1] | 2,013 | |||
Industrial Building [Member] | Stewartville (Rochester), MN [Member] | |||||
Accumulated Depreciation | [1] | $ 553,846 | |||
Date of Construction | [1] | 2,013 | |||
Date Acquired | [1] | 2,013 | |||
Industrial Building [Member] | Tulsa, OK [Member] | |||||
Accumulated Depreciation | [1] | $ 391,119 | |||
Date of Construction | [1] | 2,009 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Buckner (Louisville), KY [Member] | |||||
Accumulated Depreciation | [1] | $ 3,114,323 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Edwardsville (Kansas City), KS (International Paper) [Member] | |||||
Accumulated Depreciation | [1] | $ 2,001,778 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Altoona, PA [Member] | |||||
Accumulated Depreciation | [1] | $ 986,269 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Spring (Houston), TX [Member] | |||||
Accumulated Depreciation | [1] | $ 2,077,166 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Indianapolis, IN [Member] | |||||
Accumulated Depreciation | [1] | $ 2,239,839 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,014 | |||
Industrial Building [Member] | Sauget (St. Louis, MO), IL [Member] | |||||
Accumulated Depreciation | [1] | $ 1,366,159 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Lindale (Tyler), TX [Member] | |||||
Accumulated Depreciation | [1] | $ 966,498 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Kansas City, MO [Member] | |||||
Accumulated Depreciation | [1] | $ 885,643 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Frankfort (Lexington), KY [Member] | |||||
Accumulated Depreciation | [1] | $ 2,570,299 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Jacksonville, FL (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 2,323,375 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Monroe (Cincinnati), OH [Member] | |||||
Accumulated Depreciation | [1] | $ 1,023,271 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Greenwood (Indianapolis), IN [Member] | |||||
Accumulated Depreciation | [1] | $ 3,091,837 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Ft. Worth (Dallas), TX [Member] | |||||
Accumulated Depreciation | [1] | $ 2,200,495 | |||
Date of Construction | [1] | 2,015 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Cincinnati, OH [Member] | |||||
Accumulated Depreciation | [1] | $ 470,406 | |||
Date of Construction | [1] | 2,014 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Rockford, IL (Collins Aerospace Systems) [Member] | |||||
Accumulated Depreciation | [1] | $ 473,846 | |||
Date of Construction | [1] | 2,012 | |||
Date Acquired | [1] | 2,015 | |||
Industrial Building [Member] | Concord (Charlotte), NC [Member] | |||||
Accumulated Depreciation | [1] | $ 2,314,361 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Covington (New Orleans), LA [Member] | |||||
Accumulated Depreciation | [1] | $ 1,139,872 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Imperial (Pittsburgh), PA [Member] | |||||
Accumulated Depreciation | [1] | $ 1,076,389 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Burlington (Seattle/Everett), WA [Member] | |||||
Accumulated Depreciation | [1] | $ 1,426,792 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Colorado Springs, CO [Member] | |||||
Accumulated Depreciation | [1] | $ 1,593,580 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Louisville, KY [Member] | |||||
Accumulated Depreciation | [1] | $ 581,179 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Davenport (Orlando), FL [Member] | |||||
Accumulated Depreciation | [1] | $ 1,706,667 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Olathe (Kansas City), KS [Member] | |||||
Accumulated Depreciation | [1] | $ 1,632,611 | |||
Date of Construction | [1] | 2,016 | |||
Date Acquired | [1] | 2,016 | |||
Industrial Building [Member] | Hamburg (Buffalo), NY [Member] | |||||
Accumulated Depreciation | [1] | $ 1,700,000 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Ft. Myers, FL [Member] | |||||
Accumulated Depreciation | [1] | $ 842,928 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Walker (Grand Rapids), MI [Member] | |||||
Accumulated Depreciation | [1] | $ 1,062,332 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Mesquite (Dallas), TX [Member] | |||||
Accumulated Depreciation | [1] | $ 1,398,488 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Aiken (Augusta, GA), SC [Member] | |||||
Accumulated Depreciation | [1] | $ 630,703 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Homestead (Miami), FL [Member] | |||||
Accumulated Depreciation | [1] | $ 1,072,000 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Oklahoma City, OK (Bunzl) [Member] | |||||
Accumulated Depreciation | [1] | $ 252,684 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Concord (Charlotte), NC One [Member] | |||||
Accumulated Depreciation | [1] | $ 1,069,039 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Kenton, OH [Member] | |||||
Accumulated Depreciation | [1] | $ 454,776 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Stow, OH [Member] | |||||
Accumulated Depreciation | [1] | $ 448,829 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,017 | |||
Industrial Building [Member] | Charleston, SC (FDX) [Member] | |||||
Accumulated Depreciation | [1] | $ 397,072 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,018 | |||
Industrial Building [Member] | Oklahoma City, OK (Amazon) [Member] | |||||
Accumulated Depreciation | [1] | $ 603,861 | |||
Date of Construction | [1] | 2,017 | |||
Date Acquired | [1] | 2,018 | |||
Industrial Building [Member] | Savannah, GA [Member] | |||||
Accumulated Depreciation | [1] | $ 882,410 | |||
Date of Construction | [1] | 2,018 | |||
Date Acquired | [1] | 2,018 | |||
Industrial Building [Member] | Daytona Beach, FL [Member] | |||||
Accumulated Depreciation | [1] | $ 344,276 | |||
Date of Construction | [1] | 2,018 | |||
Date Acquired | [1] | 2,018 | |||
Industrial Building [Member] | Mobile, AL [Member] | |||||
Accumulated Depreciation | [1] | $ 195,973 | |||
Date of Construction | [1] | 2,018 | |||
Date Acquired | [1] | 2,018 | |||
Industrial Building [Member] | Charleston, SC (FDX Ground) [Member] | |||||
Accumulated Depreciation | [1] | $ 168,689 | |||
Date of Construction | [1] | 2,018 | |||
Date Acquired | [1] | 2,018 | |||
Industrial Building [Member] | Braselton (Atlanta), GA [Member] | |||||
Accumulated Depreciation | [1] | $ 98,855 | |||
Date of Construction | [1] | 2,018 | |||
Date Acquired | [1] | 2,018 | |||
Shopping Center [Member] | Somerset, NJ [Member] | |||||
Accumulated Depreciation | [1] | $ 1,589,653 | |||
Date of Construction | [1] | 1,970 | |||
Date Acquired | [1] | 1,970 | |||
Shelby County [Member] | Vacant Land [Member] | |||||
Accumulated Depreciation | [1] | $ 0 | |||
Date Acquired | [1] | 2,007 | |||
Industrial Buildings ,Shopping Center and Vacant Land [Member] | |||||
Accumulated Depreciation | [1] | $ 207,065,634 | |||
[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 D_6
Real Estate and Accumulated Depreciation - Schedule of Real Estate Investment (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance-Beginning of Year | $ 1,431,916,534 | $ 1,150,395,427 | $ 920,143,937 |
Acquisitions | 277,253,327 | 282,509,249 | 209,867,577 |
Improvements | 10,408,558 | 4,168,984 | 20,383,913 |
Total Additions | 287,661,885 | 286,678,233 | 230,251,490 |
Sales | 0 | (5,157,126) | 0 |
Total Deletions | 0 | (5,157,126) | 0 |
Balance-End of Year | $ 1,719,578,419 | $ 1,431,916,534 | $ 1,150,395,427 |
Real Estate and Accumulated D_7
Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance-Beginning of Year | $ 171,086,083 | $ 143,006,233 | $ 119,545,674 |
Depreciation | 36,017,959 | 29,015,821 | 23,460,559 |
Sales | (38,408) | (935,971) | 0 |
Balance-End of Year | $ 207,065,634 | $ 171,086,083 | $ 143,006,233 |
Real Estate and Accumulated D_8
Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Balance-Beginning of Year | $ 1,431,916,534 | $ 1,150,395,427 | $ 920,143,937 | |
Total Additions | 287,661,885 | 286,678,233 | 230,251,490 | |
Total Disposals | 0 | (5,157,126) | 0 | |
Balance-End of Year | 1,719,578,419 | 1,431,916,534 | 1,150,395,427 | |
Charleston, SC (FDX) [Member] | ||||
Total Additions | 21,519,411 | 0 | 0 | |
Oklahoma City, OK (Amazon) [Member] | ||||
Total Additions | 29,878,942 | 0 | 0 | |
Savannah, GA [Member] | ||||
Total Additions | 56,025,945 | 0 | 0 | |
Daytona Beach, FL [Member] | ||||
Total Additions | 29,973,199 | 0 | 0 | |
Mobile, AL [Member] | ||||
Total Additions | 33,052,316 | 0 | 0 | |
Charleston, SC (FDX Ground) [Member] | ||||
Total Additions | 46,576,380 | 0 | 0 | |
Braselton (Atlanta), GA [Member] | ||||
Total Additions | 60,227,134 | 0 | 0 | |
Somerset, NJ [Member] | ||||
Total Additions | 38,887 | 0 | 377,637 | |
Monaca (Pittsburgh), PA [Member] | ||||
Total Additions | 24,825 | 79,618 | 37,255 | |
Ridgeland (Jackson), MS [Member] | ||||
Total Additions | 26,663 | 0 | 7,797 | |
Urbandale (Des Moines), IA [Member] | ||||
Total Additions | 267,031 | 94,717 | 0 | |
Richland (Jackson), MS [Member] | ||||
Total Additions | 0 | 0 | 0 | |
O'Fallon (St. Louis), MO [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Fayetteville, NC [Member] | ||||
Total Additions | 0 | 9,753 | 557,354 | |
Schaumburg (Chicago), IL [Member] | ||||
Total Additions | 0 | 196,526 | 13,775 | |
Burr Ridge (Chicago), IL [Member] | ||||
Total Additions | 0 | 0 | 8,700 | |
Romulus (Detroit), MI [Member] | ||||
Total Additions | 65,165 | 66,974 | 0 | |
Liberty (Kansas City), MO [Member] | ||||
Total Additions | 0 | 0 | 24,263 | |
Omaha, NE [Member] | ||||
Total Additions | 0 | 0 | 7,410 | |
Charlottesville, VA [Member] | ||||
Total Additions | 98,714 | 8,489 | 4,462 | |
Jacksonville, FL (FDX) [Member] | ||||
Total Additions | 67,174 | 83,383 | 16,983 | |
West Chester Twp (Cincinnati), OH [Member] | ||||
Total Additions | 0 | 4,996 | 0 | |
Mechanicsville (Richmond), VA [Member] | ||||
Total Additions | 7,384 | 26,830 | 18,510 | |
St. Joseph, MO [Member] | ||||
Total Additions | 74,378 | 55,564 | 50,934 | |
Newington (Hartford), CT [Member] | ||||
Total Additions | 0 | 30,284 | 0 | |
Cudahy (Milwaukee), WI [Member] | ||||
Total Additions | 384,000 | 0 | 8,689 | |
Beltsville (Washington, DC), MD [Member] | ||||
Total Additions | 0 | 0 | 44,600 | |
Carlstadt (New York, NY), NJ [Member] | ||||
Total Additions | 38,813 | 0 | 13,877 | |
Granite City (St. Louis, MO), IL [Member] | ||||
Total Additions | 0 | 155,034 | 156,139 | |
Winston-Salem, NC [Member] | ||||
Total Additions | 7,713 | 0 | 316,527 | |
Elgin (Chicago), IL [Member] | ||||
Total Additions | 0 | 44,526 | 5,960 | |
Cheektowaga (Buffalo), NY [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Tolleson (Phoenix), AZ [Member] | ||||
Total Additions | 0 | 0 | 1,655,640 | |
Edwardsville (Kansas City), KS (Carlisle Tire) [Member] | ||||
Total Additions | 0 | 7,585 | 0 | |
Wheeling (Chicago), IL [Member] | ||||
Total Additions | 444,822 | 0 | 0 | |
Richmond, VA [Member] | ||||
Total Additions | 0 | 0 | 7,540 | |
Tampa, FL (FDX Ground) [Member] | ||||
Total Additions | 5,348 | 125 | 1,247,140 | |
Montgomery (Chicago), IL [Member] | ||||
Total Additions | 4,950 | 0 | 0 | |
Denver, CO [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Hanahan (Charleston), SC (SAIC) [Member] | ||||
Total Additions | 35,661 | 33,849 | 40,000 | |
Hanahan (Charleston), SC (FDX Ground) [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Augusta, GA (FDX Ground) [Member] | ||||
Total Additions | 0 | 9,270 | 25,161 | |
Tampa, FL (Tampa Bay Grand Prix) [Member] | ||||
Total Additions | 0 | 0 | 26,916 | |
Huntsville, AL [Member] | ||||
Total Additions | 0 | 56,688 | 1,853,390 | |
Augusta, GA (FDX) [Member] | ||||
Total Additions | 0 | 6,047 | 24,700 | |
Lakeland, FL [Member] | ||||
Total Additions | 60,694 | 0 | 16,321 | |
El Paso, TX [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Richfield (Cleveland), OH [Member] | ||||
Total Additions | 11,700 | 0 | 0 | |
Colorado Springs, CO [Member] | ||||
Total Additions | [1] | 0 | 0 | 9,357 |
Tampa, FL (FDX) [Member] | ||||
Total Additions | 237,196 | 27,063 | 27,144 | |
Griffin (Atlanta), GA [Member] | ||||
Total Additions | 64,826 | 0 | 0 | |
Roanoke, VA (CHEP USA) [Member] | ||||
Total Additions | 58,225 | 0 | 0 | |
Orion, MI [Member] | ||||
Total Additions | 4,488 | 0 | 5,867 | |
Chattanooga, TN [Member] | ||||
Total Additions | 122,022 | 4,315 | 41,042 | |
Bedford Heights (Cleveland), OH [Member] | ||||
Total Additions | 0 | 55,957 | 84,288 | |
Punta Gorda, FL [Member] | ||||
Total Additions | 0 | 20,245 | 8,350 | |
Cocoa, FL [Member] | ||||
Total Additions | 0 | 0 | 37,606 | |
Orlando, FL [Member] | ||||
Total Additions | 220,092 | 0 | 13,195 | |
Topeka, KS [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Memphis, TN [Member] | ||||
Total Additions | (6,950) | 1,050 | 0 | |
Houston, TX [Member] | ||||
Total Additions | 14,820 | 65,351 | 0 | |
Carrollton, (Dallas) TX [Member] | ||||
Total Additions | 0 | 50,097 | 24,806 | |
Ft. Mill (Charlotte, NC), SC [Member] | ||||
Total Additions | 1,660,729 | 0 | 0 | |
Lebanon (Nashville), TN [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Rockford, IL (Sherwin-Williams Co.) [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Edinburg, TX [Member] | ||||
Total Additions | 0 | 615,142 | 3,985,389 | |
Streetsboro (Cleveland), OH [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Corpus Christi, TX [Member] | ||||
Total Additions | 36,417 | 7,413 | 0 | |
Halfmoon (Albany), NY [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Lebanon (Cincinnati), OH [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc. ) [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Oklahoma City, OK (FDX Ground) [Member] | ||||
Total Additions | 0 | 4,200 | (13,611) | |
Waco, TX [Member] | ||||
Total Additions | 0 | 5,210 | 0 | |
Livonia (Detroit), MI [Member] | ||||
Total Additions | 0 | 0 | 31,497 | |
Olive Branch (Memphis, TN), MS (Milwaukee Tool) [Member] | ||||
Total Additions | 0 | 0 | 9,412,120 | |
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 | 0 | |
Buckner (Louisville), KY [Member] | ||||
Total Additions | 0 | 40,000 | 48,136 | |
Edwardsville (Kansas City), KS (International Paper) [Member] | ||||
Total Additions | 0 | 0 | 5,355 | |
Altoona, PA [Member] | ||||
Total Additions | 14,316 | 0 | 18,650 | |
Spring (Houston), TX [Member] | ||||
Total Additions | 10,598 | 0 | 56,275 | |
Indianapolis, IN [Member] | ||||
Total Additions | 497,710 | 1,060,372 | 0 | |
Sauget (St. Louis, MO), IL [Member] | ||||
Total Additions | 0 | 0 | 4,950 | |
Lindale (Tyler), TX [Member] | ||||
Total Additions | 29,050 | 6,500 | 0 | |
Kansas City, MO [Member] | ||||
Total Additions | 329,024 | 51,226 | 0 | |
Frankfort (Lexington), KY [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Jacksonville, FL (FDX Ground) [Member] | ||||
Total Additions | 3,612 | 86,136 | 0 | |
Monroe (Cincinnati), OH [Member] | ||||
Total Additions | 4,587,760 | 0 | 0 | |
Greenwood (Indianapolis), IN [Member] | ||||
Total Additions | 0 | 11,680 | 15,817 | |
Ft. Worth (Dallas), TX [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Cincinnati, OH [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Rockford, IL (Collins Aerospace Systems) [Member] | ||||
Total Additions | 0 | 0 | 0 | |
Concord (Charlotte), NC [Member] | ||||
Total Additions | 0 | 1,068,900 | 31,975,897 | |
Covington (New Orleans), LA [Member] | ||||
Total Additions | 0 | 0 | 18,410,000 | |
Imperial (Pittsburgh), PA [Member] | ||||
Total Additions | 0 | 0 | 19,950,000 | |
Burlington (Seattle/Everett), WA [Member] | ||||
Total Additions | 0 | 17,867 | 30,210,680 | |
Colorado Springs, CO [Member] | ||||
Total Additions | 820,066 | 0 | 28,500,000 | |
Louisville, KY [Member] | ||||
Total Additions | 0 | 0 | 11,304,000 | |
Davenport (Orlando), FL [Member] | ||||
Total Additions | 0 | 0 | 37,780,000 | |
Olathe (Kansas City), KS [Member] | ||||
Total Additions | 0 | 0 | 31,737,000 | |
Hamburg (Buffalo), NY [Member] | ||||
Total Additions | 0 | 34,850,000 | 0 | |
Ft. Myers, FL [Member] | ||||
Total Additions | 40,635 | 21,623,000 | 0 | |
Walker (Grand Rapids), MI [Member] | ||||
Total Additions | 0 | 31,654,985 | 0 | |
Mesquite (Dallas), TX [Member] | ||||
Total Additions | 0 | 49,880,493 | 0 | |
Aiken (Augusta, GA), SC [Member] | ||||
Total Additions | 0 | 21,040,396 | 0 | |
Homestead (Miami), FL [Member] | ||||
Total Additions | 0 | 37,873,120 | 0 | |
Oklahoma City, OK (Bunzl) [Member] | ||||
Total Additions | 0 | 8,728,439 | 0 | |
Concord (Charlotte), NC One [Member] | ||||
Total Additions | 0 | 40,043,145 | 0 | |
Kenton, OH [Member] | ||||
Total Additions | 0 | 17,881,608 | 0 | |
Stow, OH [Member] | ||||
Total Additions | $ 0 | $ 18,934,065 | $ 0 | |
[1] | This property was sold on June 1, 2018. |