Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Sep. 30, 2019 | Nov. 15, 2019 | Mar. 31, 2019 | |
Schedule of Capitalization, Equity [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity File Number | 001-33177 | ||
Entity Registrant Name | MONMOUTH REAL ESTATE INVESTMENT CORPORATION | ||
Entity Central Index Key | 0000067625 | ||
Entity Tax Identification Number | 22-1897375 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Address, Address Line One | 101 Crawfords Corner Road | ||
Entity Address, Address Line Two | Suite 1405 | ||
Entity Address, City or Town | Holmdel | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07733 | ||
City Area Code | 732 | ||
Local Phone Number | 577-9996 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.2 | ||
Entity Common Stock, Shares Outstanding | 96,977,273 | ||
Common Stock [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | MNR | ||
Security Exchange Name | NYSE | ||
Series C Preferred Stock [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Title of 12(b) Security | 6.125% Series C Cumulative Redeemable Preferred Stock | ||
Trading Symbol | MNR-PC | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Real Estate Investments: | ||
Land | $ 239,299 | $ 224,719 |
Buildings and Improvements | 1,627,219 | 1,494,859 |
Total Real Estate Investments | 1,866,518 | 1,719,578 |
Accumulated Depreciation | (249,584) | (207,065) |
Real Estate Investments | 1,616,934 | 1,512,513 |
Cash and Cash Equivalents | 20,179 | 9,324 |
Securities Available for Sale at Fair Value | 185,250 | 154,921 |
Tenant and Other Receivables | 1,335 | 1,249 |
Deferred Rent Receivable | 11,199 | 9,656 |
Prepaid Expenses | 6,714 | 6,190 |
Intangible Assets, net of Accumulated Amortization of $15,686 and $13,700, respectively | 14,970 | 14,590 |
Capitalized Lease Costs, net of Accumulated Amortization of $3,378 and $3,271, respectively | 5,670 | 5,232 |
Financing Costs, net of Accumulated Amortization of $1,352 and $995, respectively | 144 | 500 |
Other Assets | 9,553 | 4,203 |
TOTAL ASSETS | 1,871,948 | 1,718,378 |
Liabilities: | ||
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | 744,928 | 711,546 |
Loans Payable | 95,000 | 186,609 |
Accounts Payable and Accrued Expenses | 3,570 | 5,891 |
Other Liabilities | 17,407 | 16,426 |
Total Liabilities | 860,905 | 920,472 |
Shareholders’ Equity: | ||
6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 Par Value Per Share: 16,400 Shares Authorized as of September 30, 2019 and 2018; 13,907 and 11,488 Shares Issued and Outstanding as of September 30, 2019 and 2018, respectively | 347,678 | 287,200 |
Common Stock, $0.01 Par Value Per Share: 188,040 Shares Authorized as of September 30, 2019 and 2018, respectively; 96,399 and 81,503 Shares Issued and Outstanding as of September 30, 2019 and 2018, respectively | 964 | 815 |
Excess Stock, $0.01 Par Value Per Share: 200,000 Shares Authorized as of September 30, 2019 and 2018; No Shares Issued or Outstanding as of September 30, 2019 and 2018 | 0 | 0 |
Additional Paid-In Capital | 662,401 | 534,635 |
Accumulated Other Comprehensive Loss | 0 | (24,744) |
Undistributed Income | 0 | 0 |
Total Shareholders’ Equity | 1,011,043 | 797,906 |
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | $ 1,871,948 | $ 1,718,378 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Accumulated amortization of intangible assets | $ 15,686 | $ 13,700 |
Accumulated amortization of lease costs | 3,378 | 3,271 |
Accumulated amortization of financing costs | $ 1,352 | $ 995 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 188,040 | 188,040 |
Common Stock, shares issued | 96,399 | 81,503 |
Common Stock, shares outstanding | 96,399 | 81,503 |
Excess Stock, par value | $ 0.01 | $ 0.01 |
Excess Stock , shares authorized | 200,000 | 200,000 |
Excess Stock , shares issued | 0 | 0 |
Excess Stock , shares outstanding | 0 | 0 |
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 | 16,400 |
Preferred stock, shares issued | 13,907 | 11,488 |
Preferred stock, shares outstanding | 13,907 | 11,488 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
INCOME: | |||
Rental Revenue | $ 132,524 | $ 115,864 | $ 97,660 |
Reimbursement Revenue | 25,998 | 23,298 | 18,725 |
Lease Termination Income | 0 | 210 | 0 |
TOTAL INCOME | 158,522 | 139,372 | 116,385 |
EXPENSES: | |||
Real Estate Taxes | 20,711 | 18,596 | 15,267 |
Operating Expenses | 6,616 | 5,794 | 4,887 |
General and Administrative Expenses | 9,081 | 8,776 | 7,809 |
Acquisition Costs | 0 | 0 | 179 |
Depreciation | 43,020 | 36,176 | 29,635 |
Amortization of Capitalized Lease Costs and Intangible Assets | 2,870 | 2,391 | 1,825 |
TOTAL EXPENSES | 82,298 | 71,733 | 59,602 |
OTHER INCOME (EXPENSE): | |||
Dividend Income | 15,168 | 13,121 | 6,930 |
Gain on Sale of Securities Transactions | 0 | 111 | 2,312 |
Unrealized Holding Gains (Losses) Arising During the Periods | (24,680) | 0 | 0 |
Interest Expense, including Amortization of Financing Costs | (36,912) | (32,350) | (25,754) |
TOTAL OTHER INCOME (EXPENSE) | (46,424) | (19,118) | (16,512) |
INCOME FROM OPERATIONS | 29,800 | 48,521 | 40,271 |
Gain on Sale of Real Estate Investments | 0 | 7,485 | 0 |
NET INCOME | 29,800 | 56,006 | 40,271 |
Less: Preferred Dividends | 18,774 | 17,191 | 14,862 |
Less: Redemption of Preferred Stock | 0 | 0 | 2,467 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 11,026 | $ 38,815 | $ 22,942 |
BASIC INCOME – PER SHARE | |||
Net Income | $ 0.32 | $ 0.71 | $ 0.56 |
Less: Preferred Dividends | (0.20) | (0.22) | (0.21) |
Less: Redemption of Preferred Stock | 0 | 0 | (0.03) |
Net Income Attributable to Common Shareholders – Basic | 0.12 | 0.49 | 0.32 |
DILUTED INCOME – PER SHARE | |||
Net Income | 0.32 | 0.71 | 0.56 |
Less: Preferred Dividends | (0.20) | (0.22) | (0.21) |
Less: Redemption of Preferred Stock | 0 | 0 | (0.03) |
Net Income Attributable to Common Shareholders – Diluted | $ 0.12 | $ 0.49 | $ 0.32 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in thousands) | |||
Basic | 93,387 | 78,619 | 72,114 |
Diluted | 93,485 | 78,802 | 72,250 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | |||
Net Income | $ 29,800 | $ 56,006 | $ 40,271 |
Other Comprehensive Income: | |||
Unrealized Holding Gains (Losses) Arising During the Period | 0 | (31,204) | (4,060) |
Reclassification Adjustment for Net Gains Realized in Income | 0 | (111) | (2,312) |
Total Comprehensive Income | 29,800 | 24,691 | 33,899 |
Less: Preferred Dividends | 18,774 | 17,191 | 14,862 |
Less: Redemption of Preferred Stock | 0 | 0 | 2,467 |
Comprehensive Income Attributable to Common Shareholders | $ 11,026 | $ 7,500 | $ 16,570 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Additional Paid-in Capital [Member] | Undistributed Income (Loss) [Member] | AOCI Attributable to Parent [Member] | Total | |
Beginning balance, value at Sep. 30, 2016 | $ 689 | $ 57,500 | $ 135,000 | $ 391,727 | $ 0 | $ 12,942 | $ 597,858 | |
Shares Issued in Connection with the DRIP (1) | [1] | 67 | 0 | 0 | 91,865 | 0 | 0 | 91,932 |
Shares Issued in Connection with Underwritten Public Offering of 6.125% Series C Preferred Stock, net of offering costs | 0 | 0 | 75,000 | (3,997) | 0 | 0 | 71,003 | |
Shares Issued in Connection with At-The-Market Offerings of 6.125% Series C Preferred Stock, net of offering costs | 0 | 0 | 35,986 | (256) | 0 | 0 | 35,730 | |
Preferred Stock Called for Redemption | 0 | (57,500) | 0 | 2,467 | (2,467) | 0 | (57,500) | |
Shares Issued Through the Exercise of Stock Options | 0 | 0 | 0 | 469 | 0 | 0 | 469 | |
Shares Issued Through Restricted Stock Awards | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Stock Compensation Expense | 0 | 0 | 0 | 625 | 0 | 0 | 625 | |
Distributions To Common Shareholders ($0.64 per share) | 0 | 0 | 0 | (23,347) | (22,942) | 0 | (46,289) | |
Net Income | 0 | 0 | 0 | 0 | 40,271 | 0 | 40,271 | |
Preferred Dividends ($1.5093750 per share for the Preferred Stock Series B and $1.4802083 per share for the Preferred Stock Series C) | 0 | 0 | 0 | 0 | (14,862) | 0 | (14,862) | |
Change in Unrealized Net Holding Gain (Loss) on Securities Available for Sale, Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | 0 | (6,371) | (6,371) | |
Ending balance, value at Sep. 30, 2017 | 756 | 0 | 245,986 | 459,553 | 0 | 6,571 | 712,866 | |
Shares Issued in Connection with the DRIP (1) | [1] | 58 | 0 | 0 | 89,970 | 0 | 0 | 90,028 |
Shares Issued in Connection with At-The-Market Offerings of 6.125% Series C Preferred Stock, net of offering costs | 0 | 0 | 41,214 | (1,120) | 0 | 0 | 40,094 | |
Shares Issued Through the Exercise of Stock Options | 1 | 0 | 0 | 569 | 0 | 0 | 570 | |
Shares Issued Through Restricted Stock Awards | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Stock Compensation Expense | 0 | 0 | 0 | 434 | 0 | 0 | 434 | |
Preferred Dividends ($1.53125 per share) | 0 | 0 | 0 | 0 | (17,191) | 0 | (17,191) | |
Distributions To Common Shareholders ($0.68 per share) | 0 | 0 | 0 | (14,771) | (38,815) | 0 | (53,586) | |
Net Income | 0 | 0 | 0 | 0 | 56,006 | 0 | 56,006 | |
Change in Unrealized Net Holding Gain (Loss) on Securities Available for Sale, Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | 0 | (31,315) | (31,315) | |
Ending balance, value at Sep. 30, 2018 | 815 | 0 | 287,200 | 534,635 | 0 | (24,744) | 797,906 | |
Impact of Adoption of Accounting Standards Update 2016-01 | 0 | 0 | 0 | 0 | (24,744) | 24,744 | 0 | |
Shares Issued in Connection with Underwritten Public Offering of Common Stock, net of offering costs | 92 | 0 | 0 | 132,246 | 0 | 0 | 132,338 | |
Shares Issued in Connection with the DRIP (1) | [1] | 56 | 0 | 0 | 73,909 | 0 | 0 | 73,965 |
Shares Issued in Connection with At-The-Market Offerings of 6.125% Series C Preferred Stock, net of offering costs | 0 | 0 | 60,478 | (2,279) | 0 | 0 | 58,199 | |
Shares Issued Through the Exercise of Stock Options | 1 | 0 | 0 | 566 | 0 | 0 | 567 | |
Stock Compensation Expense | 0 | 0 | 0 | 784 | 0 | 0 | 784 | |
Preferred Dividends ($1.53125 per share) | 0 | 0 | 0 | 0 | (18,774) | 0 | (18,774) | |
Distributions To Common Shareholders ($0.68 per share) | 0 | 0 | 0 | (77,460) | 13,718 | 0 | (63,742) | |
Net Income | 0 | 0 | 0 | 0 | 29,800 | 0 | 29,800 | |
Ending balance, value at Sep. 30, 2019 | $ 964 | $ 0 | $ 347,678 | $ 662,401 | $ 0 | $ 0 | $ 1,011,043 | |
[1] | Dividend Reinvestment and Stock Purchase Plan |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investment Company, Distribution to Shareholders, Per Share | $ 0.68 | $ 0.68 | $ 0.64 |
Preferred Stock, Dividends Per Share, Declared | 1.53125 | $ 1.53125 | |
Series B Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | 1.5093750 | ||
Series C Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | $ 1.53125 | $ 1.4802083 | |
Series C Preferred Stock [Member] | Public Offering [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 6.125% | ||
Series C Preferred Stock [Member] | At The Market Offerings [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 6.125% | 6.125% | 6.125% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 29,800,000 | $ 56,006,000 | $ 40,271,000 |
Noncash Items Included in Net Income: | |||
Depreciation & Amortization | 47,142,000 | 39,788,000 | 32,694,000 |
Stock Compensation Expense | 784,000 | 434,000 | 625,000 |
Deferred Straight Line Rent | (1,926,000) | (1,973,000) | (1,028,000) |
Unrealized Holding (Gains) Losses Arising During the Periods | 24,680,000 | 0 | 0 |
Gain on Sale of Securities Transactions | 0 | (111,000) | (2,312,000) |
(Gain) Loss on Sale of Real Estate Investments | 0 | (7,485,000) | 95,000 |
Changes in: | |||
Tenant & Other Receivables | 18,000 | 1,397,000 | 358,000 |
Prepaid Expenses | (524,000) | (755,000) | (604,000) |
Other Assets & Capitalized Lease Costs | 729,000 | (2,037,000) | 15,000 |
Accounts Payable, Accrued Expenses & Other Liabilities | 919,000 | 265,000 | 3,754,000 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 101,622,000 | 85,529,000 | 73,868,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of Real Estate & Intangible Assets | (138,964,000) | (283,403,000) | (286,952,000) |
Capital Improvements | (14,734,000) | (9,084,000) | (4,975,000) |
Proceeds from Sale of Real Estate Investments | 0 | 22,083,000 | 4,126,000 |
Return of Deposits on Real Estate | 200,000 | 450,000 | 3,400,000 |
Deposits Paid on Acquisitions of Real Estate | (6,000,000) | (200,000) | (450,000) |
Proceeds from Sale of Securities Available for Sale | 0 | 2,620,000 | 17,275,000 |
Purchase of Securities Available for Sale | (55,010,000) | (64,979,000) | (71,495,000) |
NET CASH USED IN INVESTING ACTIVITIES | (214,508,000) | (332,513,000) | (339,071,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from Fixed Rate Mortgage Notes Payable | 96,500,000 | 175,160,000 | 188,809,000 |
Principal Payments on Fixed Rate Mortgage Notes Payable | (63,350,000) | (54,354,000) | (73,595,000) |
Net Draws (Repayments) from Loans Payable | (91,609,000) | 66,517,000 | 39,301,000 |
Financing Costs Paid on Debt | (662,000) | (1,470,000) | (2,190,000) |
Redemption of 7.625% Series A Preferred Stock | 0 | 0 | (53,494,000) |
Redemption of 7.875% Series B Preferred Stock | 0 | 0 | (57,500,000) |
Proceeds from Underwritten Public Offering of 6.125% Series C Preferred Stock, net of offering costs | 0 | 0 | 71,003,000 |
Proceeds from Underwritten Public Offering of Common Stock, net of offering costs | 132,338,000 | 0 | 0 |
Proceeds from At-The-Market Preferred Equity Program, net of offering costs | 58,199,000 | 40,094,000 | 35,734,000 |
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments | 57,079,000 | 77,100,000 | 81,806,000 |
Proceeds from the Exercise of Stock Options | 567,000 | 570,000 | 469,000 |
Preferred Dividends Paid | (18,465,000) | (16,876,000) | (14,500,000) |
Common Dividends Paid, net of Reinvestments | (46,856,000) | (40,658,000) | (36,163,000) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 123,741,000 | 246,083,000 | 179,680,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | 10,855,000 | (901,000) | (85,523,000) |
Cash and Cash Equivalents at Beginning of Year | 9,324,000 | 10,225,000 | 95,748,000 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 20,179,000 | $ 9,324,000 | $ 10,225,000 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | 12 Months Ended |
Sep. 30, 2017 | |
Series A Preferred Stock [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Preferred Stock, Dividend Rate, Percentage | 7.625% |
Series B Preferred Stock [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Preferred Stock, Dividend Rate, Percentage | 7.875% |
Series C Preferred Stock [Member] | At The Market Offerings [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Preferred Stock, Dividend Rate, Percentage | 6.125% |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018, rental properties consisted of 114 111 7.6 years 6.20 9.2 years 2.1 185.3 8.7 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 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 3 39 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 We 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. 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. Historically, we have aimed to limit the size of our REIT securities portfolio to no more than approximately 10% of our undepreciated assets, which we define as total assets excluding accumulated depreciation. As we announced earlier this year, it is now our goal to gradually reduce the size of our REIT securities portfolio to no more than 5% of our undepreciated assets. We continue to believe that our REIT securities portfolio provides us with diversification, income, a source of potential liquidity when needed and also serves as a proxy for real estate when more favorable risk adjusted returns are not available in the private real estate markets. Our decision to reduce this threshold mainly stems from the implementation of accounting rule ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”, which took effect at the beginning of this fiscal year. This new rule requires that quarterly changes in the market value of our marketable securities flow through our Consolidated Statements of Income. The implementation of this accounting rule has resulted in increased volatility in our reported earnings and some of our key performance metrics. Going forward, to achieve our threshold investment goal, we will continually evaluate opportunities to optimize our REIT securities portfolio. 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, 2019 and 2018, 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. In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 on our Consolidated Statements of Income. On October 1, 2018, unrealized net holding losses of $ 24.7 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 2019, 2018 and 2017 was 12 12 13 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 $ 2.2 2.1 2.1 2.0 1.8 1.7 1.6 1.3 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, 2019 and 2018 and there were no write-off’s of any receivable accounts during the fiscal years ended 2019, 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 three of our 114 158,000 36,000 39,000 83,000 1.7 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 98,000 183,000 136,000 305,000 65,000 65,000 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 $ 784,000 434,000 625,000 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 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, 2019. We record interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of September 30, 2019, the fiscal tax years 2016 through and including 2019 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. Prior to our adoption of Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” on October 1, 2018, other comprehensive income consisted 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. Once we adopted ASU 2016-01, the changes in net unrealized holding gains and losses were no longer recognized through other comprehensive income and instead these changes are now recognized through net income on our Consolidated Statements of 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 January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 on our Consolidated Statements of Income. On October 1, 2018, unrealized net holding losses of $24.7 million were reclassed to beginning Undistributed Income (Loss) to recognize the unrealized losses previously recorded in “accumulated other comprehensive income” on our consolidated balance sheets. In February 2016, the FASB issued 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 lessee and 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. 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 previously did not capitalize indirect costs for leases, we continue to account for our leases and related leasing costs in substantially the same manner as we previously did prior to the adoption of the ASU 2016-02 on October 1, 2019. In addition, the guidance requires lessees to recognize assets and liabilities for operating leases with lease terms greater than twelve months on the balance sheet. Therefore, the most significant impact for us is the recognition of our corporate office lease, while accounting where we are the lessor remains substantially the same. Upon adoption, we calculated the asset and lease liability equal to the present value of the minimum lease payments due under our corporate office lease and determined that the asset and lease liability was immaterial to our Consolidated Financial Statements. 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. In December 2018, the FASB issued ASU 2018-20 “Narrow-Scope Improvements for Lessors.” Similar to ASU 2018-10, 2018-20 affects narrow aspects of the guidance issued earlier in ASU 2016-02 as well by providing additional clarification related to the guidance issued earlier. The most significant changes related to lessor accounting under ASU 2018-20 is the clarification of how to treat payments made by a lessee directly to a third party, such as real estate taxes paid by the lessee directly to the taxing authority, whereby items paid directly by the lessee to a third party should not be reflected in the lessors income statement and, thus, should not be bifurcated and included in revenue and operating expenses. A majority of our reimbursable expenses are paid by us and are billed back to our lessees. Therefore, these reimbursable expenses will continue to be presented separately by bifurcating these revenue and expense items in our Consolidated Statements of Income. We adopted these standards effective October 1, 2019 and the adoption of these standards did not have a significant impact on our consolidated financial statements and related disclosures. The only effect the adoption of these standards had on our consolidated financial statements and related disclosures effective October 1, 2019 are instances where certain types of payments are made by a lessee directly to a third party whereas these payments are no longer presented on a gross basis in our Consolidated Statements of Income, which have an immaterial effect on our reported revenue and a net zero effect on our Net Income Attributable to Common Shareholders. 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 replaced most existing revenue recognition guidance in U.S. GAAP when it became 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, 2019 | |
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, 2019 and 2018 ( in thousands SCHEDULE OF REAL ESTATE INVESTMENTS SEPTEMBER 30, 2019 Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748 $ 5,914 $ 1,406 $ 5,256 Mobile Industrial 2,480 30,572 980 32,072 Arizona: Tolleson (Phoenix) Industrial 1,316 15,508 6,659 10,165 Colorado: Colorado Springs Industrial 2,150 27,170 2,310 27,010 Denver Industrial 1,150 5,214 1,839 4,525 Connecticut: Newington (Hartford) Industrial 410 3,084 1,466 2,028 Florida: Cocoa Industrial 1,881 12,246 3,080 11,047 Davenport (Orlando) Industrial 7,060 30,720 2,494 35,286 Daytona Beach Industrial 3,120 26,888 1,036 28,972 Ft. Myers (FDX Ground) Industrial 2,486 19,178 1,332 20,332 Homestead (Miami) Industrial 4,427 33,485 1,933 35,979 Jacksonville (FDX) Industrial 1,165 5,419 2,961 3,623 Jacksonville (FDX Ground) Industrial 6,000 24,827 2,799 28,028 Lakeland Industrial 261 1,782 625 1,418 Orlando Industrial 2,200 6,575 2,022 6,753 Punta Gorda Industrial 0 4,134 1,172 2,962 Tampa (FDX Ground) Industrial 5,000 14,702 5,302 14,400 Tampa (FDX) Industrial 2,830 5,035 1,669 6,196 Tampa (Tampa Bay Grand Prix) Industrial 1,867 3,811 1,246 4,432 Georgia: Augusta (FDX Ground) Industrial 614 4,749 1,634 3,729 Augusta (FDX) Industrial 380 1,604 512 1,472 Braselton (Atlanta) Industrial 13,965 46,262 1,285 58,942 Griffin (Atlanta) Industrial 760 14,315 4,912 10,163 Savannah (Shaw) Industrial 4,405 51,621 2,206 53,820 Savannah (FDX Ground) Industrial 3,441 24,091 515 27,017 Illinois: Burr Ridge (Chicago) Industrial 270 1,437 783 924 Elgin (Chicago) Industrial 1,280 5,697 2,599 4,378 SEPTEMBER 30, 2019 (cont’d) Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value Granite City (St. Louis, MO) Industrial $ 340 $ 12,358 $ 5,539 $ 7,159 Montgomery (Chicago) Industrial 2,000 9,303 3,004 8,299 Rockford (Collins Aerospace Systems) Industrial 480 4,620 592 4,508 Rockford (Sherwin-Williams Co.) Industrial 1,100 4,451 975 4,576 Sauget (St. Louis, MO) Industrial 1,890 13,315 1,708 13,497 Schaumburg (Chicago) Industrial 1,040 4,138 2,407 2,771 Wheeling (Chicago) Industrial 5,112 13,881 4,820 14,173 Indiana: Greenwood (Indianapolis) Industrial 2,250 35,262 3,998 33,514 Indianapolis Industrial 3,746 21,758 2,830 22,674 Lafayette Industrial 2,802 22,277 96 24,983 Iowa: Urbandale (Des Moines) Industrial 310 2,234 1,294 1,250 Kansas: Edwardsville (Kansas City) (Carlisle Tire) Industrial 1,185 6,048 2,689 4,544 Edwardsville (Kansas City) (International Paper) Industrial 2,750 15,544 2,416 15,878 Olathe (Kansas City) Industrial 2,350 29,387 2,386 29,351 Topeka Industrial 0 3,680 991 2,689 Kentucky: Buckner (Louisville) Industrial 2,280 24,528 3,755 23,053 Frankfort (Lexington) Industrial 1,850 26,150 3,241 24,759 Louisville Industrial 1,590 9,714 830 10,474 Louisiana: Covington (New Orleans) Industrial 2,720 15,706 1,543 16,883 Maryland: Beltsville (Washington, DC) Industrial 3,200 11,312 4,454 10,058 Michigan: Walker (Grand Rapids) Industrial 4,034 27,621 1,771 29,884 Livonia (Detroit) Industrial 320 13,560 2,407 11,473 Orion Industrial 4,650 18,240 4,959 17,931 Romulus (Detroit) Industrial 531 4,418 2,182 2,767 Minnesota: Stewartville (Rochester) Industrial 900 4,324 665 4,559 Mississippi: Olive Branch (Memphis, TN)(Anda Pharmaceuticals, Inc.) Industrial 800 13,750 2,556 11,994 Olive Branch (Memphis, TN)(Milwaukee Tool) Industrial 2,550 34,365 4,929 31,986 Richland (Jackson) Industrial 211 1,690 1,057 844 Ridgeland (Jackson) Industrial 218 2,093 1,382 929 Missouri: Kansas City (Bunzl) Industrial 1,000 9,003 1,147 8,856 Liberty (Kansas City) Industrial 724 6,813 3,669 3,868 O’Fallon (St. Louis) Industrial 264 3,986 2,492 1,758 St. Joseph Industrial 800 12,589 5,804 7,585 Nebraska: Omaha Industrial 1,170 4,794 2,484 3,480 New Jersey: Carlstadt (New York, NY) Industrial 1,194 4,103 1,123 4,174 Somerset Shopping Center 34 3,095 1,687 1,442 Trenton Industrial 8,336 75,652 1,940 82,048 New York: Cheektowaga (Buffalo) Industrial 4,797 6,164 2,011 8,950 Halfmoon (Albany) Industrial 1,190 4,336 834 4,692 Hamburg (Buffalo) Industrial 1,700 33,394 2,560 32,534 North Carolina: Concord (Charlotte) Industrial 4,305 28,740 3,158 29,887 SEPTEMBER 30, 2019 (cont’d) Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value Concord (Charlotte) Industrial $ 4,307 $ 35,736 $ 1,985 $ 38,058 Fayetteville Industrial 172 5,283 3,165 2,290 Winston-Salem Industrial 980 6,266 2,835 4,411 Ohio: Bedford Heights (Cleveland) Industrial 990 6,308 2,090 5,208 Cincinnati Industrial 800 5,950 623 6,127 Kenton Industrial 855 17,876 927 17,804 Lebanon (Cincinnati) Industrial 240 4,212 813 3,639 Monroe (Cincinnati) Industrial 1,800 19,777 1,438 20,139 Richfield (Cleveland) Industrial 2,677 13,770 3,441 13,006 Stow Industrial 1,430 17,504 898 18,036 Streetsboro (Cleveland) Industrial 1,760 17,840 3,431 16,169 West Chester Twp. (Cincinnati) Industrial 695 5,039 2,484 3,250 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410 11,196 1,892 10,714 Oklahoma City (Bunzl) Industrial 845 7,883 454 8,274 Oklahoma City (Amazon) Industrial 1,618 28,260 1,328 28,550 Tulsa Industrial 790 2,958 473 3,275 Pennsylvania: Altoona Industrial 1,200 7,827 1,189 7,838 Imperial (Pittsburgh) Industrial 3,700 16,264 1,494 18,470 Monaca (Pittsburgh) Industrial 402 7,509 3,229 4,682 South Carolina: Aiken (Augusta, GA) Industrial 1,362 19,678 1,135 19,905 Charleston (FDX) Industrial 4,639 16,880 831 20,688 Charleston (FDX Ground) Industrial 7,103 39,473 1,180 45,396 Ft. Mill (Charlotte, NC) Industrial 1,747 15,317 3,041 14,023 Hanahan (Charleston)(SAIC) Industrial 1,129 12,887 4,754 9,262 Hanahan (Charleston)(FDX Ground) Industrial 930 6,760 2,244 5,446 Tennessee: Chattanooga Industrial 300 5,049 1,529 3,820 Lebanon (Nashville) Industrial 2,230 11,985 2,458 11,757 Memphis Industrial 1,235 14,879 3,297 12,817 Shelby County Vacant Land 11 0 0 11 Texas: Carrollton (Dallas) Industrial 1,500 16,447 3,987 13,960 Corpus Christi Industrial 0 4,808 923 3,885 Edinburg Industrial 1,000 11,039 1,756 10,283 El Paso Industrial 3,225 9,206 2,244 10,187 Ft. Worth (Dallas) Industrial 8,200 27,133 2,896 32,437 Houston Industrial 1,661 6,502 1,632 6,531 Lindale (Tyler) Industrial 540 9,426 1,211 8,755 Mesquite (Dallas) Industrial 6,248 43,632 2,517 47,363 Spring (Houston) Industrial 1,890 17,427 2,527 16,790 Waco Industrial 1,350 11,201 1,786 10,765 Virginia: Charlottesville Industrial 1,170 3,292 1,693 2,769 Mechanicsville (Richmond) Industrial 1,160 6,647 3,191 4,616 Richmond Industrial 446 4,460 1,666 3,240 Roanoke (CHEP USA) Industrial 1,853 5,610 1,899 5,564 Roanoke (FDX Ground) Industrial 1,740 8,460 1,365 8,835 Washington: Burlington (Seattle/Everett) Industrial 8,000 22,321 2,000 28,321 Wisconsin: Cudahy (Milwaukee) Industrial 980 8,827 3,550 6,257 Green Bay Industrial 590 5,979 921 5,648 Total as of September 30, 2019 $ 239,299 $ 1,627,219 $ 249,584 $ 1,616,934 SEPTEMBER 30, 2018 Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748 $ 5,914 $ 1,249 $ 5,413 Mobile Industrial 2,480 30,572 196 32,856 Arizona: Tolleson (Phoenix) Industrial 1,316 15,508 6,145 10,679 Colorado: Colorado Springs Industrial 2,150 27,170 1,594 27,726 Denver Industrial 1,150 5,204 1,704 4,650 Connecticut: Newington (Hartford) Industrial 410 3,084 1,377 2,117 Florida: Cocoa Industrial 1,881 12,246 2,758 11,369 Davenport (Orlando) Industrial 7,060 30,720 1,707 36,073 Daytona Beach Industrial 3,120 26,853 344 29,629 Ft. Myers (FDX Ground) Industrial 2,486 19,177 842 20,821 Homestead (Miami) Industrial 4,427 33,446 1,072 36,801 Jacksonville (FDX) Industrial 1,165 5,232 2,619 3,778 Jacksonville (FDX Ground) Industrial 6,000 24,736 2,323 28,413 Lakeland Industrial 261 1,782 574 1,469 Orlando Industrial 2,200 6,575 1,831 6,944 Punta Gorda Industrial 0 4,134 1,059 3,075 Tampa (FDX Ground) Industrial 5,000 14,702 4,922 14,780 Tampa (FDX) Industrial 2,830 5,027 1,515 6,342 Tampa (Tampa Bay Grand Prix) Industrial 1,867 3,811 1,144 4,534 Georgia: Augusta (FDX Ground) Industrial 614 4,749 1,509 3,854 Augusta (FDX) Industrial 380 1,598 463 1,515 Braselton (Atlanta) Industrial 13,965 46,262 99 60,128 Griffin (Atlanta) Industrial 760 14,174 4,493 10,441 Savannah Industrial 4,405 51,621 882 55,144 Illinois: Burr Ridge (Chicago) Industrial 270 1,423 741 952 Elgin (Chicago) Industrial 1,280 5,697 2,436 4,541 Granite City (St. Louis, MO) Industrial 340 12,358 5,184 7,514 Montgomery (Chicago) Industrial 2,000 9,303 2,762 8,541 Rockford (Collins Aerospace Systems) Industrial 480 4,620 474 4,626 Rockford (Sherwin-Williams Co.) Industrial 1,100 4,451 860 4,691 Sauget (St. Louis, MO) Industrial 1,890 13,315 1,366 13,839 Schaumburg (Chicago) Industrial 1,040 4,138 2,283 2,895 Wheeling (Chicago) Industrial 5,112 13,870 4,431 14,551 Indiana: Greenwood (Indianapolis) Industrial 2,250 35,262 3,092 34,420 Indianapolis Industrial 3,746 21,759 2,240 23,265 Iowa: Urbandale (Des Moines) Industrial 310 2,214 1,211 1,313 Kansas: Edwardsville (Kansas City) (Carlisle Tire) Industrial 1,185 6,048 2,539 4,694 Edwardsville (Kansas City) (International Paper) Industrial 2,750 15,544 2,002 16,292 Olathe (Kansas City) Industrial 2,350 29,387 1,633 30,104 Topeka Industrial 0 3,680 896 2,784 Kentucky: Buckner (Louisville) Industrial 2,280 24,528 3,114 23,694 Frankfort (Lexington) Industrial 1,850 26,150 2,570 25,430 Louisville Industrial 1,590 9,714 581 10,723 SEPTEMBER 30, 2018 (cont’d) Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value Louisiana: Covington (New Orleans) Industrial $ 2,720 $ 15,690 $ 1,140 $ 17,270 Maryland: Beltsville (Washington, DC) Industrial 3,200 11,312 4,151 10,361 Michigan: Walker (Grand Rapids) Industrial 4,034 27,621 1,062 30,593 Livonia (Detroit) Industrial 320 13,442 2,047 11,715 Orion Industrial 4,650 18,240 4,489 18,401 Romulus (Detroit) Industrial 531 4,202 2,043 2,690 Minnesota: Stewartville (Rochester) Industrial 900 4,320 554 4,666 Mississippi: Olive Branch (Memphis, TN)(Anda Pharmaceuticals, Inc.) Industrial 800 13,750 2,204 12,346 Olive Branch (Memphis, TN)(Milwaukee Tool) Industrial 2,550 34,365 4,044 32,871 Richland (Jackson) Industrial 211 1,690 982 919 Ridgeland (Jackson) Industrial 218 1,667 1,313 572 Missouri: Kansas City (Bunzl) Industrial 1,000 8,980 886 9,094 Liberty (Kansas City) Industrial 723 6,675 3,498 3,900 O’Fallon (St. Louis) Industrial 264 3,982 2,362 1,884 St. Joseph Industrial 800 12,564 5,452 7,912 Nebraska: Omaha Industrial 1,170 4,775 2,358 3,587 New Jersey: Carlstadt (New York, NY) Industrial 1,194 3,748 1,030 3,912 Somerset Shopping Center 34 3,077 1,590 1,521 New York: Cheektowaga (Buffalo) Industrial 4,797 6,164 1,852 9,109 Halfmoon (Albany) Industrial 1,190 4,336 723 4,803 Hamburg (Buffalo) Industrial 1,700 33,150 1,700 33,150 North Carolina: Concord (Charlotte) Industrial 4,305 28,740 2,314 30,731 Concord (Charlotte) Industrial 4,307 35,736 1,069 38,974 Fayetteville Industrial 172 5,280 2,931 2,521 Winston-Salem Industrial 980 6,266 2,618 4,628 Ohio: Bedford Heights (Cleveland) Industrial 990 5,930 1,894 5,026 Cincinnati Industrial 800 5,950 470 6,280 Kenton Industrial 855 17,027 455 17,427 Lebanon (Cincinnati) Industrial 240 4,212 704 3,748 Monroe (Cincinnati) Industrial 1,800 15,725 1,023 16,502 Richfield (Cleveland) Industrial 2,677 13,770 3,083 13,364 Stow Industrial 1,430 17,504 449 18,485 Streetsboro (Cleveland) Industrial 1,760 17,840 2,973 16,627 West Chester Twp. (Cincinnati) Industrial 695 5,039 2,305 3,429 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410 11,174 1,599 10,985 Oklahoma City (Bunzl) Industrial 845 7,884 253 8,476 Oklahoma City (Amazon) Industrial 1,618 28,261 604 29,275 Tulsa Industrial 790 2,958 391 3,357 Pennsylvania: Altoona Industrial 1,200 7,823 986 8,037 Imperial (Pittsburgh) Industrial 3,700 16,250 1,076 18,874 Monaca (Pittsburgh) Industrial 402 7,509 2,957 4,954 SEPTEMBER 30, 2018 (cont’d) Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value South Carolina: Aiken (Augusta, GA) Industrial $ 1,362 $ 19,678 $ 631 $ 20,409 Charleston (FDX) Industrial 4,639 16,880 397 21,122 Charleston (FDX Ground) Industrial 7,103 39,473 169 46,407 Ft. Mill (Charlotte, NC) Industrial 1,747 15,327 2,655 14,419 Hanahan (Charleston)(SAIC) Industrial 1,129 12,281 4,343 9,067 Hanahan (Charleston)(FDX Ground) Industrial 930 6,685 2,071 5,544 Tennessee: Chattanooga Industrial 300 4,839 1,389 3,750 Lebanon (Nashville) Industrial 2,230 11,985 2,151 12,064 Memphis Industrial 1,235 13,380 2,916 11,699 Shelby County Vacant Land 11 0 0 11 Texas: Carrollton (Dallas) Industrial 1,500 16,319 3,555 14,264 Corpus Christi Industrial 0 4,808 797 4,011 Edinburg Industrial 1,000 11,039 1,473 10,566 El Paso Industrial 3,225 9,206 1,977 10,454 Ft. Worth (Dallas) Industrial 8,200 27,101 2,201 33,100 Houston Industrial 1,661 6,502 1,440 6,723 Lindale (Tyler) Industrial 540 9,426 967 8,999 Mesquite (Dallas) Industrial 6,248 43,633 1,399 48,482 Spring (Houston) Industrial 1,890 17,404 2,077 17,217 Waco Industrial 1,350 11,201 1,498 11,053 Virginia: Charlottesville Industrial 1,170 3,286 1,588 2,868 Mechanicsville (Richmond) Industrial 1,160 6,632 3,007 4,785 Richmond Industrial 446 4,322 1,545 3,223 Roanoke (CHEP USA) Industrial 1,853 5,611 1,707 5,757 Roanoke (FDX Ground) Industrial 1,740 8,460 1,148 9,052 Washington: Burlington (Seattle/Everett) Industrial 8,000 22,229 1,427 28,802 Wisconsin: Cudahy (Milwaukee) Industrial 980 8,786 3,297 6,469 Green Bay Industrial 590 5,980 770 5,800 Total as of September 30, 2018 $ 224,719 $ 1,494,859 $ 207,065 $ 1,512,513 |
ACQUISITIONS, EXPANSIONS AND DI
ACQUISITIONS, EXPANSIONS AND DISPOSITIONS | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS, EXPANSIONS AND DISPOSITIONS | NOTE 3 – ACQUISITIONS, EXPANSIONS AND DISPOSITIONS Fiscal 2019 Acquisitions On October 19, 2018, we purchased a newly constructed 347,000 62.0 100% 15 June 2032 85.2 15 55.0 4.13% 5.3 On November 30, 2018, we purchased a newly constructed 127,000 29.4 100% 10 October 2028 27.8 15 17.5 4.40% 1.8 On July 26, 2019, we purchased a newly constructed 350,000 45.6 100% 10 June 2029 25.5 15 17.0 4.25% 1.7 We evaluated the property acquisitions which took place during the twelve months ended September 30, 2019, 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 three properties purchased during fiscal 2019 as asset acquisitions and allocated the total cash consideration, including transaction costs of $ 347,000 The financial information set forth below summarizes our purchase price allocation for these three properties acquired during the fiscal year 2019 that were accounted for as asset acquisitions ( in thousands SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2019 ASSETS ACQUISITIONS Land $ 14,579 Building 122,018 In-Place Leases 2,367 The following table summarizes the operating results included in our consolidated statements of income for the fiscal year ended September 30, 2019 for the three properties acquired during the twelve months ended September 30, 2019 ( in thousands SUMMARY OF OPERATIONS RESULT FOR 2019 PROPERTIES ACQUISITION Year Rental Revenues $ 7,073 Net Income Attributable to Common Shareholders 1,723 Subsequent to 2019 fiscal yearend, on October 10, 2019, we purchased a newly constructed 616,000 78.6 100% 15 August 2034 81.5 18 52.5 4.27% 5.0 FedEx Ground Package System, Inc.’s ultimate parent, FedEx Corporation, Toyota Tsusho America, Inc’s parent, Toyota Tsusho Corporation and Amazon.com, Inc. are publicly-owned companies that are considered Investment Grade by S&P Global Ratings ( www.standardandpoors.com Fiscal 2019 Expansions In February 2019, we completed a 155,000 8.6 15 February 2030 to February 2034. 821,000 980,000 4.22 1.8 4.65 2% 2.1 10.6 year 7.0 3.85% 3.77% 6.6 Fiscal 2018 Acquisitions On November 2, 2017, we purchased a newly constructed 122,000 16.2 100% 15 August 2032 21.9 15 14.2 4.23% 1.3 On November 30, 2017, we purchased a newly constructed 300,000 123.0 100% 10 October 2027 30.3 10 18 19.6 3.64% 1.9 On January 22, 2018, we purchased a newly constructed 832,000 62.4 100% 10 September 2027 57.5 14 33.3 3.53% 3.6 On April 6, 2018, we purchased a newly constructed 399,000 27.5 100% 10 April 2028 30.8 15 19.5 4.25% 2.1 On June 28, 2018, we purchased a newly constructed 363,000 31.3 100% 11 November 2028 33.7 14 19.0 4.14% 2.0 On August 15, 2018, we purchased a newly constructed 265,000 48.9 100% 15 June 2033 47.2 15 29.9 3.82% 2.7 On September 6, 2018, we purchased a newly constructed 374,000 92.6 100% 15 February 2033 61.1 15 39.7 4.02% 3.8 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 $ 1.1 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 ( in thousands SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2018 ASSETS ACQUISITIONS Land $ 37,330 Building 239,891 In-Place Leases 6,182 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 (in thousands SUMMARY OF OPERATIONS RESULT FOR 2018 PROPERTIES ACQUISITION Year Rental Revenues $ 7,430 Net Income Attributable to Common Shareholders 2,131 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 $ 1.7 10 lease expiration date from April 2024 to October 2027. 184,000 1.5 4.67 1.7 5.23 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 $ 1.8 10 lease expiration date from October 2023 to August 2028. 183,000 1.4 8.00 1.6 9.03 Fiscal 2018 Dispositions Two leases were set to expire during fiscal 2018 with Kellogg Sales Company (Kellogg) for our 65,000 50,000 4.9 4.6 6.2 5.9 210,000 80% On June 1, 2018, we sold a 68,000 5.8 5.5 September 2018 225,000 10 January 2026 On June 5, 2018, we sold an 88,000 6.4 6.1 June 2017 214,000 10 August 2027 These four properties sold during fiscal 2018, resulted in a U.S. GAAP net realized gain of $ 7.5 51% 1.2 6% Consolidated Statements of Income for the three fiscal years ended September 30, 2019, 2018 and 2017 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, do 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. There were no properties sold during fiscal 2019. The following table summarizes ( in thousands SCHEDULE OF DISPOSITION AND REAL ESTATE CLASSIFIED AS HELD FOR SALE 2019 2018 2017 Rental and Reimbursement Revenue $ 0 $ 929 $ 2,052 Lease Termination Income 0 210 0 Real Estate Taxes 0 (212 ) (352 ) Operating Expenses 0 (110 ) (169 ) Depreciation & Amortization 0 (79 ) (514 ) Interest Expense 0 (38 ) (144 ) Income from Operations 0 700 873 Gain (Loss) on Sale of Real Estate Investment 0 7,485 (95 ) Net Income $ 0 $ 8,185 $ 778 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 2019 fiscal yearend (see Note 17) and from the properties acquired and expanded during fiscal years 2019 and 2018, assuming that these acquisitions and these completed expansions had occurred as of October 1, 2017, 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 and expansions. In addition, Net Income Attributable to Common Shareholders excludes the operations, including the exclusion of the related realized gain, of the four properties sold during fiscal 2018. Furthermore, the net proceeds raised from our public offering of 9.2 6.125% 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. SCHEDULE OF PRO FORMA INFORMATION Fiscal Year Ended ( in thousands, except per share amounts 2019 2019 2018 2018 As Reported Pro-forma As Reported Pro-forma Rental Revenue $ 132,524 $ 139,380 $ 115,864 $ 139,439 Net Income Attributable to Common $ 11,026 $ 13,347 $ 38,815 $ 35,983 Basic and Diluted Net Income per $ 0.12 $ 0.14 $ 0.49 $ 0.37 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Sep. 30, 2019 | |
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. Intangible Assets, net of Accumulated Amortization is made up of the following balances as of September 30, 2019 and 2018 ( in thousands SCHEDULE OF INTANGIBLE ASSETS UNDER LEASES IN-PLACE ACQUISITION As of 2019 As of 2018 Topeka, KS $ 69 $ 103 Carrollton (Dallas), TX 0 2 Ft. Mill (Charlotte, NC), SC 0 92 Lebanon (Nashville), TN 99 120 Rockford, IL (Sherwin-Williams Co.) 85 105 Edinburg, TX 109 166 Corpus Christi, TX 44 67 Halfmoon (Albany), NY 108 158 Lebanon (Cincinnati), OH 0 54 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals) 520 703 Livonia (Detroit), MI 171 239 Stewartville (Rochester), MN 17 22 Buckner (Louisville), KY 308 330 Edwardsville (Kansas City), KS (International Paper) 292 367 Lindale (Tyler), TX 166 201 Sauget (St. Louis, MO), IL 20 23 Rockford, IL (Collins Aerospace Systems) 61 68 Kansas City, MO 10 15 Monroe, OH (Cincinnati) 333 365 Cincinnati, OH 36 39 Imperial (Pittsburgh), PA 53 62 Burlington (Seattle/Everett), WA 344 375 Colorado Springs, CO 241 279 Hamburg (Buffalo), NY 198 216 As of 2019 As of 2018 Ft. Myers, FL 164 184 Walker (Grand Rapids), MI 415 449 Aiken (Augusta, GA), SC 791 854 Mesquite (Dallas), TX 683 738 Homestead (Miami), FL 475 513 Oklahoma City, OK (Bunzl) 200 240 Concord (Charlotte), NC 539 581 Kenton, OH 389 438 Stow, OH 463 521 Charleston, SC (FDX) 351 378 Oklahoma City, OK (Amazon) 596 670 Savannah, GA (Shaw) 1,247 1,403 Daytona Beach, FL 685 766 Mobile, AL 917 1,017 Charleston, SC (FDX Ground) 622 667 Braselton (Atlanta), GA 930 1,000 Trenton, NJ 1,413 0 Savannah, GA (FDX Ground) 334 0 Lafayette, IN 472 0 Total Intangible Assets, net of Accumulated Amortization $ 14,970 $ 14,590 Amortization expense related to the intangible assets attributable to acquired in-place leases was $ 1.9 1.5 970,000 1.8 1.8 1.6 1.5 1.4 103,000 102,000 103,000 34,000 |
SIGNIFICANT CONCENTRATIONS OF C
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK | 12 Months Ended |
Sep. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK | NOTE 5 – SIGNIFICANT CONCENTRATIONS OF CREDIT RISK As of September 30, 2019, we had 22.3 10.4 47 5 42 8.7 years 5% The tenants that leased more than 5% of total rentable square footage as of September 30, 2019, 2018, and 2017 were as follows: SCHEDULE OF CONCENTRATION OF RISK 2019 2018 2017 FDX and Subsidiaries 47% 48% 50% Milwaukee Electric Tool Corporation (lease commenced fiscal 2013, expanded fiscal 2016) <5% <5% 5% During fiscal 2019, 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, 2019, 2018 and 2017, respectively, totaled $ 94.9 80.7 68.2 60 5 55% 58% 7% 51% 59% 7% 52% No other tenant accounted for 5% or more of our total Rental and Reimbursement revenue As noted previously, subsequent to fiscal yearend 2019, on October 10, 2019, we purchased a newly constructed 616,000 22.9 1.4 7 |
SECURITIES AVAILABLE FOR SALE
SECURITIES AVAILABLE FOR SALE | 12 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES AVAILABLE FOR SALE | NOTE 6 – SECURITIES AVAILABLE FOR SALE Our Securities Available for Sale at Fair Value consists primarily of marketable common and preferred stock of other REITs with a fair value of $ 185.3 10% 5% 2.1 billion 185.3 8.7% During the fiscal year ended September 30, 2019, we did not sell or redeem any securities. We received proceeds of $ 2.6 17.3 We recorded the following realized Gain on Sale of Securities Transactions, net for the fiscal years ended September 30 ( in thousands SCHEDULE OF GAIN (LOSS) ON SECURITIES TRANSACTIONS, NET 2019 2018 2017 Gross realized gains $ 0 $ 112 $ 2,321 Gross realized losses 0 (1 ) (9 ) Gains on Sale of Securities Transactions, net $ 0 $ 111 $ 2,312 We recognized dividend income from our portfolio of REIT investments for the fiscal years ended September 30, 2019, 2018 and 2017 of $ 15.1 13.1 6.9 55.0 49.4 24.7 We normally hold REIT securities long-term and have the ability and intent to hold these securities to recovery. We have determined that none of our security holdings are other than temporarily impaired and therefore all unrealized gains and losses from these securities have been recognized as Unrealized Holding Gains (Losses) Arising During the Periods in our Consolidated Statements of Income. If we were to determine any of our securities to be other than temporarily impaired, we would present these unrealized holding losses as an impairment charge in our Consolidated Statements of Income (Loss). The following is a listing of our investments in securities at September 30, 2019 ( in thousands SUMMARY OF INVESTMENTS IN DEBT AND EQUITY SECURITIES Description Series Interest Rate/ Dividend Number of Shares Cost Fair Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 400 $ 7,967 $ 3,444 Cedar Realty Trust, Inc. B 7.25 % 6 136 144 Dynex Capital, Inc. A 8.50 % 10 250 256 iStar Financial, Inc. D 8.00 % 10 232 261 iStar Financial, Inc. I 7.50 % 60 1,301 1,547 Pennsylvania Real Estate Investment Trust D 6.875 % 120 2,150 2,431 Pennsylvania Real Estate Investment Trust B 7.375 % 120 2,216 2,484 UMH Properties, Inc. (1) B 8.00 % 100 2,500 2,600 Total Equity Securities - Preferred Stock $ 16,752 $ 13,167 Description Number of Shares Cost Fair Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 4,000 $ 33,525 $ 5,160 Franklin Street Properties 1,000 8,478 8,460 Industrial Logistics Property Trust 700 13,789 14,875 Kimco Realty Corporation 1,700 27,937 35,496 Office Properties Income Trust 659 37,892 20,192 Pennsylvania Real Estate Investment Trust 1,800 13,443 10,296 Senior Housing Property Trust 1,100 17,871 10,181 Tanger Factory Outlet REIT Centers 600 12,300 9,288 VEREIT, Inc. 3,500 27,891 34,230 Washington Prime Group, Inc. 1,500 11,860 6,210 UMH Properties, Inc. (1) 1,257 12,935 17,693 Total Equity Securities - Common Stock $ 217,921 $ 172,081 Description Interest Rate/ Dividend Number of Shares Cost Fair Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500 $ 2 $ 2 Total Securities Available for Sale $ 234,675 $ 185,250 (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, 2018 ( in thousands Description Series Interest Rate/ Dividend Number of Shares Cost Fair Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 200 $ 4,808 $ 3,194 Cedar Realty Trust, Inc. B 7.25 % 6 136 143 Dynex Capital, Inc. A 8.50 % 10 250 254 iStar Financial, Inc. D 8.00 % 3 71 86 iStar Financial, Inc. I 7.50 % 41 872 1,006 UMH Properties, Inc. (1) B 8.00 % 100 2,500 2,626 Total Equity Securities - Preferred Stock $ 8,637 $ 7,309 Description Number of Shares Cost Fair Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 4,000 $ 33,525 $ 15,960 Franklin Street Properties 700 6,419 5,593 Government Properties Income Trust 1,580 26,156 17,838 Industrial Logistics Property Trust 100 2,117 2,301 Kimco Realty Corporation 1,200 20,338 20,088 Pennsylvania Real Estate Investment Trust 200 1,993 1,892 Select Income REIT 800 17,395 17,552 Senior Housing Property Trust 900 15,463 15,804 VEREIT, Inc. 3,100 25,016 22,506 Washington Prime Group, Inc. 1,300 10,542 9,490 UMH Properties, Inc. (1) 1,188 12,061 18,584 Total Equity Securities - Common Stock $ 171,025 $ 147,608 Description Interest Rate/ Dividend Number of Shares Cost Fair Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500 $ 3 $ 4 Total Securities Available for Sale $ 179,665 $ 154,921 (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, 2019 | |
Mortgage Notes And Loans Payable | |
MORTGAGE NOTES AND LOANS PAYABLE | NOTE 7- MORTGAGE NOTES AND LOANS PAYABLE Mortgage Notes Payable: As of September 30, 2019, we owned 114 752.9 3.45% 6.875% 4.03% 4.07% 11.3 years 11.7 years As described in Note 3, during fiscal year ended September 30, 2019, we entered into three mortgages in connection with the acquisitions of properties in Trenton, NJ; Savannah, GA (FDX Ground) and Lafayette, IN. These three mortgages consisted of three 15 89.5 15.0 4.21% During the fiscal year ended September 30, 2019, we fully repaid the mortgage loans for five of our properties located in Tampa, FL; Lebanon, TN; Hanahan, SC; Ft. Mill, SC and Denver, CO, totaling $ 12.5 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 $ 12.5 The following is a summary of our Fixed Rate Mortgage Notes Payable as of September 30, 2019 and 2018 ( in thousands SUMMARY OF FIXED RATE MORTGAGE NOTES PAYABLE 9/30/19 9/30/18 Amount Weighted Average Interest Rate (1) Amount Weighted Average Interest Rate (1) Fixed Rate Mortgage Notes Payable $ 752,916 4.03 % $ 719,768 4.07 % Debt Issuance Costs $ 11,733 $ 11,716 Accumulated Amortization of Debt Issuance Costs (3,745 ) (3,494 ) Unamortized Debt Issuance Costs $ 7,988 $ 8,222 Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs $ 744,928 $ 711,546 (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, 2019 and 2018 ( in thousands SUMMARY OF MORTGAGE NOTES PAYABLE Property Fixed Rate Maturity Date Balance 9/30/19 Balance 9/30/18 Tampa, FL (FDX Ground) (1) 6.00 % 03/01/19 $ 0 $ 5,144 Lebanon, TN (Nashville) (1) 7.60 % 07/10/19 0 7,217 Ft. Mill, SC (Charlotte, NC) (1) 7.00 % 10/10/19 0 725 Denver, CO (1) 6.07 % 11/01/19 0 414 Hanahan, SC (Charleston)(Amazon) (1) 5.54 % 01/21/20 0 466 Augusta, GA (FDX Ground) 5.54 % 02/01/20 102 339 Huntsville, AL 5.50 % 03/01/20 140 371 Topeka, KS 6.50 % 08/10/21 584 860 Streetsboro, OH (Cleveland) 5.50 % 11/01/21 8,680 9,300 Kansas City, MO 5.18 % 12/01/21 6,457 6,633 Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) 4.80 % 04/01/22 6,927 7,564 Waco, TX 4.75 % 08/01/22 3,931 4,235 Houston, TX 6.88 % 09/10/22 1,643 2,148 Tolleson, AZ (Phoenix) 3.95 % 11/01/22 2,882 3,720 Edwardsville, KS (Kansas City)(International Paper) 3.45 % 11/01/23 8,421 9,189 Spring, TX (Houston) 4.01 % 12/01/23 7,287 7,925 Memphis, TN 4.50 % 01/01/24 4,202 5,061 Oklahoma City, OK (FDX Ground) 4.35 % 07/01/24 2,890 3,416 Indianapolis, IN 4.00 % 09/01/24 9,454 10,437 Frankfort, KY (Lexington) 4.84 % 12/15/24 15,672 16,639 Carrollton, TX (Dallas) 6.75 % 02/01/25 5,623 6,456 Altoona, PA (2) 4.00 % 10/01/25 2,848 3,253 Green Bay, WI (2) 4.00 % 10/01/25 2,311 2,640 Stewartville, MN (Rochester) (2) 4.00 % 10/01/25 1,852 2,116 Carlstadt, NJ (New York, NY) 5.25 % 05/15/26 1,408 1,580 Roanoke, VA (FDX Ground) 3.84 % 07/01/26 3,905 4,395 Livonia, MI (Detroit) 4.45 % 12/01/26 5,649 6,295 Oklahoma City, OK (Amazon) 3.64 % 12/01/27 18,206 19,014 Olive Branch, MS (Memphis, TN)(Milwaukee Tool) 3.76 % 10/01/28 19,917 21,723 Tulsa, OK 4.58 % 11/01/28 1,552 1,685 Oklahoma City, OK (Bunzl) 4.13 % 07/01/29 5,124 5,538 Lindale, TX (Tyler) 4.57 % 11/01/29 5,242 5,638 Sauget, IL (St. Louis, MO) 4.40 % 11/01/29 7,956 8,564 Jacksonville, FL (FDX Ground) 3.93 % 12/01/29 15,072 16,244 Imperial, PA (Pittsburgh) 3.63 % 04/01/30 10,407 11,200 Monroe, OH (Cincinnati) (3) 3.77 % 04/01/30 6,626 7,126 Monroe, OH (Cincinnati) (3) 3.85 % 04/01/30 7,000 0 Greenwood, IN (Indianapolis) 3.91 % 06/01/30 18,780 20,159 Ft. Worth, TX (Dallas) 3.56 % 09/01/30 19,342 20,754 Concord, NC (Charlotte) 3.87 % 12/01/30 16,654 17,813 Covington, LA (New Orleans) 4.08 % 01/01/31 10,425 11,134 Burlington, WA (Seattle/Everett) 3.67 % 05/01/31 16,635 17,757 Louisville, KY 3.74 % 07/01/31 6,121 6,525 Colorado Springs, CO 3.90 % 07/01/31 15,632 16,652 Davenport, FL (Orlando) 3.89 % 09/01/31 22,274 23,703 Olathe, KS (Kansas City) 3.96 % 09/01/31 18,759 19,957 Hamburg, NY (Buffalo) 4.03 % 11/01/31 20,075 21,329 Ft. Myers, FL (FDX Ground) 3.97 % 01/01/32 12,510 13,281 Savannah, GA 3.53 % 02/01/32 30,304 32,216 Walker, MI (Grand Rapids) 3.86 % 05/01/32 18,365 19,469 Mesquite, TX (Dallas) 3.60 % 07/01/32 29,171 30,928 Property Fixed Rate Maturity Date Balance 9/30/19 Balance 9/30/18 Aiken, SC (Augusta, GA) 4.20 % 07/01/32 $ 13,683 $ 14,471 Homestead, FL (Miami) 3.60 % 07/01/32 21,989 23,314 Mobile, AL 4.14 % 07/01/32 17,802 18,832 Concord, NC (Charlotte) 3.80 % 09/01/32 23,492 24,863 Kenton, OH 4.45 % 10/01/32 10,874 11,473 Stow, OH 4.17 % 10/01/32 11,484 12,130 Charleston, SC (FDX) 4.23 % 12/01/32 12,968 13,683 Daytona Beach, FL 4.25 % 05/31/33 18,224 19,188 Charleston, SC (FDX Ground) 3.82 % 09/01/33 28,356 29,860 Braselton, GA (Atlanta) 4.02 % 10/01/33 37,898 39,700 Buckner, KY (Louisville) 4.17 % 11/01/33 14,566 15,307 Trenton, NJ 4.13 % 11/01/33 52,759 0 Savannah, GA (FDX Ground) 4.40 % 12/01/33 16,872 0 Lafayette, IN 4.25 % 08/01/34 16,932 0 Total Mortgage Notes Payable $ 752,916 $ 719,768 (1) Loan was paid in full during fiscal 2019. (2) One self-amortizing loan is secured by Altoona, PA, Green Bay, WI and Stewartville (Rochester), MN. (3) Two self-amortizing loans secured by same property. Principal on the foregoing debt at September 30, 2019 is scheduled to be paid as follows ( in thousands SCHEDULE OF MATURITIES OF LONG-TERM DEBT Year Ending September 30, 2020 $ 53,394 2021 55,360 2022 77,516 2023 56,240 2024 69,293 Thereafter 441,113 Total $ 752,916 The above table does not include an 18 year, fully-amortizing mortgage loan of $ 52.5 4.27% 81.5 Loans Payable: BMO Capital Markets As of September 30, 2019, Loans Payable represented $ 95.0 200.0 225.0 75.0 300.0 400.0 The Old Facility was originally set to mature in September 2020 with a one-year extension at our option 65.0 Availability under the Old Facility was limited to 60% of the value of the borrowing base properties. The value of the borrowing base properties was determined by applying a capitalization rate to the NOI generated by our unencumbered, wholly-owned industrial properties. Effective in March 2018, the capitalization rate applied to our NOI generated by our unencumbered, wholly-owned industrial properties was lowered from 7.0% 6.5% LIBOR plus 140 basis points to 220 basis points Bank of Montreal’s (BMO’s) prime lending rate plus 40 basis points to 120 basis points LIBOR plus 170 basis points 3.74% 100.0 300.0 The New Facility was arranged by BMO Capital Markets Corp, J.P. Morgan Chase Bank, N.A. (“JPMorgan”), and RBC Capital Markets (“RBC”), who served as joint lead arrangers and joint book runners. Bank of Montreal served as administrative agent and JPMorgan and RBC acted as co-syndication agents. The $ 225.0 January 2024, with two options to extend for additional six-month periods, at our option 100.0 325.0 Availability under the New 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. Under the New Facility the capitalization rate applied to our NOI generated by our unencumbered, wholly-owned industrial properties was lowered from 6.5% under the Old Facility to 6.25% under the New Facility, thus increasing the value of the borrowing base properties under the terms of the New Facility. LIBOR plus 135 basis points to 205 basis points BMO’s prime lending rate plus 35 basis points to 105 basis points LIBOR plus 145 basis points 3.21% 75.0 January 2025 The interest rate for borrowings under the Term Loan, at our election, either i) bear interest at LIBOR plus 130 basis points to 200 basis points, depending on our leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 30 basis points to 100 basis points, depending on our leverage ratio. 75.0 2.92% 10.0 75.0 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% 2.50% 2.75% 2.25% no 26.6 For the three fiscal years ended September 30, 2019, 2018 and 2017, amortization of financing costs included in interest expense was $ 1.3 1.2 1.2 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Sep. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | NOTE 8 - OTHER LIABILITIES Other liabilities consist of the following as of September 30 ( in thousands SCHEDULE OF OTHER LIABILITIES 9/30/19 9/30/18 Rent paid in advance $ 10,683 $ 9,401 Unearned reimbursement revenue 5,385 5,815 Tenant security deposits 691 715 Other 648 495 Total $ 17,407 $ 16,426 |
STOCK COMPENSATION PLAN
STOCK COMPENSATION PLAN | 12 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [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 1.6 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 $1.5 million in cash 100,000 200,000 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% 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 10 100% 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 2019, thirteen employees were granted options to purchase 450,000 65,000 280,000 $528,000 $120,000 $416,000 one-year 464,000 168,000 350,000 94,000 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 2019, 2018 and 2017: SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS 2019 2018 2017 Dividend yield 5.03 % 3.82 % 4.44 % Expected volatility 17.17 % 16.45 % 18.84 % Risk-free interest rate 2.88 % 2.37 % 2.26 % 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, 2019, 2018 and 2017 is as follows ( shares in thousands SUMMARY OF STATUS OF COMPANY'S STOCK OPTION PLAN 2019 2018 2017 2019 Weighted 2018 Weighted 2017 Weighted Outstanding at beginning of year 695 $ 12.17 670 $ 11.75 455 $ 9.46 Granted 450 13.53 65 17.80 280 14.43 Exercised (65 ) 8.72 (40 ) 14.24 (65 ) 7.22 Expired/Forfeited 0 0 0 0 0 0 Outstanding at end of year 1,080 12.95 695 12.17 670 11.75 Exercisable at end of year 630 630 390 Weighted-average fair value of options granted during the year $ 1.17 $ 1.84 $ 1.49 The following is a summary of stock options outstanding as of September 30, 2019: SUMMARY OF STOCK OPTION OUTSTANDING Date of Grant Number of Grants Number of Shares in thousands Option Price Expiration Date 01/03/12 1 65 9.33 01/03/20 01/03/13 1 65 10.46 01/03/21 01/03/14 1 65 8.94 01/03/22 01/05/15 1 65 11.16 01/05/23 01/05/16 1 65 10.37 01/05/24 12/09/16 8 175 14.24 12/09/24 01/04/17 1 65 15.04 01/04/25 01/03/18 1 65 17.80 01/03/26 12/10/18 12 385 13.64 12/10/26 01/10/19 1 65 12.86 01/10/27 1,080 The aggregate intrinsic value of options outstanding as of September 30, 2019, 2018 and 2017 was $ 1.8 3.2 3.0 267,000 141,000 586,000 5.1 4.3 5.1 years Unrestricted Stock Effective September 12, 2017, a portion of our quarterly directors’ fee was paid with our unrestricted common stock. During fiscal 2019, 5,000 13.58 4,000 16.10 1,000 15.92 Restricted Stock During fiscal 2019, we awarded 25,000 one participant 13,000 one participant 11,000 eleven participants 386,000 206,000 175,000 five years 616,000 3.3 258,000 207,000 261,000 A summary of the status of our non-vested restricted stock awards as of September 30, 2019, 2018 and 2017 are presented below ( shares in thousands SUMMARY OF NONVESTED RESTRICTED STOCK AWARDS 2019 2018 2017 2019 Weighted-Average 2018 Weighted-Average 2017 Weighted-Average Non-vested at beginning of year 78 $ 13.18 90 $ 12.15 118 $ 11.35 Granted 25 15.45 13 16.47 11 15.92 Dividend Reinvested Shares 5 13.11 4 15.42 5 13.99 Vested (31 ) (14.33 ) (29 ) (16.99 ) (44 ) (15.74 ) Forfeited 0 0 0 0 0 0 Non-vested at end of year 77 $ 13.94 78 $ 13.18 90 $ 12.15 As of September 30, 2019, there were 1.2 |
INCOME FROM LEASES
INCOME FROM LEASES | 12 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
INCOME FROM LEASES | NOTE 10 - INCOME FROM LEASES We derive income primarily from operating leases on our commercial properties. At September 30, 2019, we held investments in 114 22.3 98.9 60,000 12.5 99.2 10 As of September 30, 2019, we had a weighted average lease maturity of 7.6 years and our average annualized rent per occupied square foot was $ 6.20 . Approximate minimum base rents due under non-cancellable leases as of September 30, 2019 are scheduled as follows ( in thousands SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES Fiscal Year Amount 2020 $ 132,947 2021 130,863 2022 124,380 2023 119,725 2024 108,844 thereafter 482,571 Total $ 1,099,330 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2019 | |
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 2019, we made total purchases of 68,000 874,000 12.78 1.3 12.9 17.7 3.1% 100,000 8.00% 2.5 2.6 4.9 127,000 1.7 13.13 As of September 30, 2019, we had 16 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 September 30, 2019, we terminated our lease pertaining to our former corporate office space located in Freehold, NJ. Mr. Eugene W. Landy, the Founder and Chairman of the Board, owns a 24% |
TAXES
TAXES | 12 Months Ended |
Sep. 30, 2019 | |
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% Federal Excise Tax We do not have a Federal excise tax liability for the calendar years 2019, 2018 and 2017, 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, 2019, 2018 and 2017 ( in thousands SCHEDULE OF NET INCOME AND TAXABLE INCOME 2019 2018 2017 Net income attributable to common shareholders $ 11,026 $ 38,815 $ 22,942 Book / tax difference on gains realized from capital transactions 0 (7,596 ) (2,312 ) Stock compensation expense 784 434 625 Deferred compensation 0 0 0 Other book / tax differences, net 1,650 (1,039 ) (1,596 ) Taxable income before adjustments 13,460 30,614 19,659 Add: capital gains 19,680 7,996 567 Estimated taxable income subject to 90% dividend requirement $ 33,140 $ 38,610 $ 20,226 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, 2019, 2018 and 2017 ( in thousands SCHEDULE OF CASH DIVIDENDS PAID AND DIVIDENDS PAID DEDUCTION 2019 Estimated 2018 2017 Cash dividends paid $ 63,742 $ 53,586 $ 46,289 Less: Portion designated capital gains distribution (19,680 ) (7,996 ) (567 ) Less: Return of capital (30,602 ) (14,976 ) (7,361 ) Estimated dividends paid deduction $ 13,460 $ 30,614 $ 38,361 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Sep. 30, 2019 | |
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% Amounts received in connection with the DRIP and shares issued in connection with the DRIP for the fiscal years ended September 30, 2019, 2018 and 2017 were as follows: SCHEDULE OF SHARES ISSUED IN CONNECTION WITH DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN 2019 2018 2017 Amounts received $ 73,965 $ 90,029 $ 91,932 Less: Dividend reinvestments 16,886 12,928 10,126 Amounts received, net $ 57,079 $ 77,101 $ 81,806 Number of Shares Issued 5,601 5,816 6,633 The following cash distributions were paid to common shareholders during the years ended September 30, 2019, 2018 and 2017 ( in thousands SUMMARY OF CASH DISTRIBUTIONS TO COMMON SHAREHOLDERS 2019 2018 2017 Quarter Ended Amount Per Share Amount Per Share Amount Per Share December 31 $ 15,570 $ 0.17 $ 13,017 $ 0.17 $ 11,184 $ 0.16 March 31 15,825 0.17 13,303 0.17 11,429 0.16 June 30 16,064 0.17 13,523 0.17 11,698 0.16 September 30 16,283 0.17 13,743 0.17 11,978 0.16 $ 63,742 $ 0.68 $ 53,586 $ 0.68 $ 46,289 $ 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 0.68 per share. These two dividend raises represent a total increase of 13% 28 0.17 December 16, 2019 November 15, 2019 0.68 In October 2018, we completed a public offering of 9.2 1.2 15.00 11.3% 132.3 Preferred Stock 7.625% Series A Cumulative Redeemable Preferred Stock On September 14, 2016, we announced that we intended to redeem all 2.1 7.625% 0.01 7.625% 25.00 0.23299 Prior to the redemption of the 7.625% 1.90625 7.625% 25.00 Our Board of Directors has authorized and we have paid the following dividend, representing the final dividend payment at time of redemption of the 7.625% Series A Preferred Stock for the fiscal years ended September 30, 2017 ( in thousands except per share amounts SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES A PREFERRED STOCK Declaration Record Payment Dividend Dividend 9/14/16 10/14/16 10/14/16 $ 499 $ 0.23299 7.875% Series B Cumulative Redeemable Preferred Stock On May 5, 2017, we announced that we intended to redeem all 2.3 7.875% 0.01 7.875% 25.00 57.5 0.0328125 75,000 25.0328125 57.6 2.5 Prior to its redemption, the annual dividend of the 7.875% 1.96875 7.875% 25.00 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 ( in thousands except per share amounts SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES B PREFERRED STOCK Declaration Record Payment Dividend Dividend 10/3/16 11/15/16 12/15/16 $ 1,132 $ 0.4921875 1/17/17 2/15/17 3/15/17 1,132 0.4921875 4/4/17 5/15/17 6/15/17 1,132 0.4921875 5/5/17 6/7/17 6/7/17 76 0.0328125 (1) $ 3,472 $ 1.5093750 (1) Represents final dividend payment at time of redemption of the 7.875% Series B Preferred Stock 6.125% Series C Cumulative Redeemable Preferred Stock On September 13, 2016, we issued 5.4 6.125% 0.01 25.00 130.5 45.0 53.5 2.1 7.625% 499,000 7.625% On March 9, 2017, we issued an additional 3.0 6.125% 25.00 24.50 73.5 71.0 7.875% 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% 0.01 25.00 100.0 125.0 6.125% 96.5 6.125% 5.5 24.81 134.0 2.4 24.49 58.2 59.8 As of September 30, 2019, 13.9 6.125% 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, 2019, 2018 and 2017 ( in thousands except per share amounts SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES C PREFERRED STOCK Declaration Record Payment Dividend Dividend 10/1/18 11/15/18 12/17/18 $ 4,415 $ 0.3828125 1/16/19 2/15/19 3/15/19 4,424 0.3828125 4/2/19 5/15/19 6/17/19 4,681 0.3828125 7/1/19 8/15/19 9/16/19 4,945 0.3828125 $ 18,465 $ 1.53125 Declaration Record Payment Dividend Dividend 10/2/17 11/15/17 12/15/17 $ 4,081 $ 0.3828125 1/16/18 2/15/18 3/15/18 4,221 0.3828125 4/2/18 5/15/18 6/15/18 4,248 0.3828125 7/2/18 8/15/18 9/17/18 4,327 0.3828125 $ 16,877 $ 1.53125 Declaration Record Payment Dividend Dividend 10/3/16 11/15/16 12/15/16 $ 1,792 $ 0.3317708 1/17/17 2/15/17 3/15/17 2,067 0.3828125 4/4/17 5/15/17 6/15/17 3,216 0.3828125 7/3/17 8/15/17 9/15/17 3,455 0.3828125 $ 10,530 $ 1.4802083 The annual dividend of the 6.125% Series C Preferred Stock is $ 1.53125 6.125 25.00 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, 2019, our Board of Directors declared a quarterly dividend for the period September 1, 2019 through November 30, 2019, of $ 0.3828125 Repurchase of Stock On January 16, 2019, our Board of Directors authorized a $ 40.0 50.0 50.0 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018 ( in thousands SUMMARY OF FAIR VALUE OF FINANCIAL ASSETS Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2019: Securities available for sale $ 185,250 $ 185,250 $ 0 $ 0 September 30, 2018: Securities available for sale $ 154,921 $ 154,921 $ 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, 2019, the fixed rate Mortgage Notes Payable fair value (estimated based upon expected cash outflows discounted at current market rates) amounted to $ 769.3 752.9 |
CASH FLOW
CASH FLOW | 12 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
CASH FLOW | NOTE 15 - CASH FLOW During fiscal years 2019, 2018 and 2017, we paid cash for interest of $ 35.9 31.3 24.3 During fiscal years 2019, 2018 and 2017, we had $ 16.9 12.9 10.1 |
CONTINGENCIES, COMMITMENTS AND
CONTINGENCIES, COMMITMENTS AND LEGAL MATTERS | 12 Months Ended |
Sep. 30, 2019 | |
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 $ 81.5 997,000 10 15 14.2 years 150.5 844,000 85% www.standardandpoors.com www.moodys.com 10 9.4 3.47 On September 18, 2019, we moved our headquarters to the Bell Works complex located in Holmdel, NJ. Our new headquarters comprises 13,000 10 years 410,000 31.00 2 48.00 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17 – SUBSEQUENT EVENTS Material subsequent events have been evaluated and are disclosed herein. Subsequent to fiscal yearend 2019, on October 10, 2019, we purchased a newly constructed 616,000 78.6 100% 15 August 2034 81.5 18 52.5 4.27% 5.0 Subsequent to the fiscal yearend 2019, on November 15, 2019, we entered into New Facility consisting of a $ 225.0 75.0 300.0 400.0 January 2024 with two options to extend for additional six-month periods, at our option. Availability under the New 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. LIBOR plus 135 basis points to 205 basis points BMO’s prime lending rate plus 35 basis points to 105 basis points LIBOR plus 145 basis points 3.21% 75.0 January 2025 The interest rate for borrowings under the Term Loan, at our election, either i) bear interest at LIBOR plus 130 basis points to 200 basis points, depending on our leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 30 basis points to 100 basis points, depending on our leverage ratio. 75.0 2.92% 10.0 75.0 Subsequent to the fiscal yearend, effective November 1, 2019, we leased one previously vacant property consisting of 60,000 12.5 99.2% Subsequent to the September 30, 2019, through November 25, 2019, we sold 1.4 6.125 25.00 35.3 |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following is the Unaudited Selected Quarterly Financial Data: SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) THREE MONTHS ENDED ( in thousands SCHEDULE OF SELECTED QUARTERLY FINANCIAL DATA FISCAL 2019 12/31/18 3/31/19 6/30/19 9/30/19 Rental and Reimbursement Revenue $ 39,147 $ 39,306 $ 39,472 $ 40,597 Total Expenses 19,825 20,490 20,646 21,337 Unrealized Holding Gains (Losses) Arising During the Periods (1) (42,627 ) 15,568 (11,609 ) 13,988 Other Income (Expense) (1) (47,264 ) 9,485 (17,198 ) 8,553 Income from Operations (27,943 ) 28,301 1,628 27,814 Income from Operations per diluted share $ (0.31 ) $ 0.30 $ 0.02 $ 0.29 Net Income (Loss) (1) (27,943 ) 28,301 1,628 27,814 Net Income per diluted share (1) $ (0.31 ) $ 0.30 $ 0.02 $ 0.29 Net Income Attributable to Common Shareholders (1) (32,364 ) 23,821 (3,121 ) 22,690 Net Income Attributable to Common Shareholders per diluted share (1) $ (0.36 ) $ 0.26 $ (0.03 ) $ 0.24 FISCAL 2018 12/31/17 3/31/18 6/30/18 9/30/18 Rental and Reimbursement Revenue $ 33,465 $ 34,344 $ 34,736 $ 36,617 Lease Termination Income 210 0 0 0 Total Expenses 16,991 17,643 17,611 19,488 Unrealized Holding Gains (Losses) Arising During the Periods (1) 0 0 0 0 Other Income (Expense) (4,442 ) (5,056 ) (4,651 ) (4,969 ) Income from Operations 12,242 11,645 12,474 12,160 Income from Operations per diluted share $ 0.16 $ 0.15 $ 0.16 $ 0.15 Gain on Sale of Real Estate Investment 5,388 0 2,097 0 Net Income (Loss) 17,630 11,645 14,571 12,160 Net Income per diluted share $ 0.23 $ 0.15 $ 0.18 $ 0.15 Net Income Attributable to Common Shareholders 13,313 7,397 10,323 7,782 Net Income Attributable to Common Shareholders per diluted share $ 0.17 $ 0.10 $ 0.13 $ 0.10 (1) Effective October 1, 2018 we adopted ASU 2016-01. This new accounting standard requires unrealized gains or losses on our securities investments to flow through our income statement. Periods shown here prior to October 1, 2018 do not include the effect of this accounting change and therefore Net Income Attributable to Common Shareholders between these periods are not comparable. |
SCHEDULE III
SCHEDULE III | 12 Months Ended |
Sep. 30, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III | SCHEDULE III SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column B Column C Column D Capitalization Buildings and Subsequent to Description Encumbrances Land Improvements Acquisition Industrial Buildings Monaca (Pittsburgh), PA $ 0 $ 402 $ 878 $ 6,631 Ridgeland (Jackson), MS 0 218 1,234 859 Urbandale (Des Moines), IA 0 310 1,758 476 Richland (Jackson), MS 0 211 1,195 495 O’Fallon (St. Louis), MO 0 264 3,302 684 Fayetteville, NC 0 172 4,468 815 Schaumburg (Chicago), IL 0 1,040 3,694 444 Burr Ridge (Chicago), IL 0 270 1,237 200 Romulus (Detroit), MI 0 531 3,654 764 Liberty (Kansas City), MO 0 724 6,498 315 Omaha, NE 0 1,170 4,426 368 Charlottesville, VA 0 1,170 2,845 447 Jacksonville, FL (FDX) 0 1,165 4,668 751 West Chester Twp. (Cincinnati), OH 0 695 3,342 1,697 Mechanicsville (Richmond), VA 0 1,160 6,413 234 St. Joseph, MO 0 800 11,754 835 Newington (Hartford), CT 0 410 2,961 123 Cudahy (Milwaukee), WI 0 980 5,051 3,776 Beltsville (Washington, DC), MD 0 3,200 5,959 5,353 Carlstadt (New York, NY), NJ 1,408 1,194 3,646 457 Granite City (St. Louis, MO), IL 0 340 12,047 311 Winston-Salem, NC 0 980 5,610 656 Elgin (Chicago), IL 0 1,280 5,529 168 Cheektowaga (Buffalo), NY 0 4,797 3,884 2,280 Tolleson (Phoenix), AZ 2,882 1,316 13,329 2,179 Edwardsville (Kansas City), KS (Carlisle Tire) 0 1,185 5,815 233 Wheeling (Chicago), IL 0 5,112 9,187 4,694 Richmond, VA 0 446 3,911 549 Tampa, FL (FDX Ground) 0 5,000 12,660 2,042 Montgomery (Chicago), IL 0 2,000 9,226 77 Denver, CO 0 1,150 3,890 1,324 Hanahan (Charleston), SC (SAIC) 0 1,129 11,831 1,056 Hanahan (Charleston), SC (Amazon) 0 930 3,426 3,334 Augusta, GA (FDX Ground) 102 614 3,026 1,723 Tampa, FL (Tampa Bay Grand Prix) 0 1,867 3,685 126 Huntsville, AL 140 748 2,724 3,190 Augusta, GA (FDX) 0 380 1,401 203 Lakeland, FL 0 261 1,621 161 El Paso, TX 0 3,225 4,514 4,692 Richfield (Cleveland), OH 0 2,677 7,198 6,572 Tampa, FL (FDX) 0 2,830 4,705 330 Griffin (Atlanta), GA 0 760 13,692 623 Roanoke, VA (CHEP USA) 0 1,853 4,817 793 Orion, MI 0 4,650 13,053 5,187 Chattanooga, TN 0 300 4,465 584 Bedford Heights (Cleveland), OH 0 990 4,894 1,414 Punta Gorda, FL 0 0 4,105 29 Cocoa, FL 0 1,881 8,624 3,622 Orlando, FL 0 2,200 6,134 441 Topeka, KS 584 0 3,680 0 Memphis, TN 4,202 1,235 13,380 1,499 Houston, TX 1,643 1,661 6,320 182 Carrollton (Dallas), TX 5,623 1,500 16,240 207 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column B Column C Column D Capitalization Buildings and Subsequent to Description Encumbrances Land Improvements Acquisition Ft. Mill (Charlotte, NC), SC $ 0 $ 1,747 $ 10,045 $ 5,272 Lebanon (Nashville), TN 0 2,230 11,985 0 Rockford, IL (Sherwin-Williams Co.) 0 1,100 4,440 11 Edinburg, TX 0 1,000 6,414 4,625 Streetsboro (Cleveland), OH 8,680 1,760 17,840 0 Corpus Christi, TX 0 0 4,765 43 Halfmoon (Albany), NY 0 1,190 4,336 0 Lebanon (Cincinnati), OH 0 240 4,176 36 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 6,927 800 13,750 0 Oklahoma City, OK (FDX Ground) 2,890 1,410 8,043 3,153 Waco, TX 3,931 1,350 7,383 3,818 Livonia (Detroit), MI 5,649 320 13,380 180 Olive Branch (Memphis, TN), MS (Milwaukee Tool) 19,917 2,550 24,819 9,546 Roanoke, VA (FDX Ground) 3,905 1,740 8,460 0 Green Bay, WI 2,311 590 5,979 0 Stewartville (Rochester), MN 1,852 900 4,320 4 Tulsa, OK 1,552 790 2,910 48 Buckner (Louisville), KY 14,566 2,280 24,353 175 Edwardsville (Kansas City), KS (International Paper) 8,421 2,750 15,335 209 Altoona, PA 2,848 1,200 7,790 37 Spring (Houston), TX 7,287 1,890 13,391 4,036 Indianapolis, IN 9,454 3,746 20,446 1,312 Sauget (St. Louis, MO), IL 7,956 1,890 13,310 5 Lindale (Tyler), TX 5,242 540 9,390 36 Kansas City, MO 6,457 1,000 8,600 403 Frankfort (Lexington), KY 15,672 1,850 26,150 0 Jacksonville, FL (FDX Ground) 15,072 6,000 24,646 181 Monroe (Cincinnati), OH 13,626 1,800 11,137 8,640 Greenwood (Indianapolis), IN 18,780 2,250 35,235 27 Ft. Worth (Dallas), TX 19,342 8,200 27,101 32 Cincinnati, OH 0 800 5,950 0 Rockford, IL (Collins Aerospace Systems) 0 480 4,620 0 Concord (Charlotte), NC 16,654 4,305 27,671 1,069 Covington (New Orleans), LA 10,425 2,720 15,690 16 Imperial (Pittsburgh), PA 10,407 3,700 16,250 14 Burlington (Seattle/Everett), WA 16,635 8,000 22,211 110 Colorado Springs, CO 15,632 2,150 26,350 820 Louisville, KY 6,121 1,590 9,714 0 Davenport (Orlando), FL 22,274 7,060 30,720 0 Olathe (Kansas City), KS 18,759 2,350 29,387 0 Hamburg (Buffalo), NY 20,075 1,700 33,150 244 Ft. Myers, FL 12,510 2,486 18,400 778 Walker (Grand Rapids), MI 18,365 4,034 27,621 0 Mesquite (Dallas), TX 29,171 6,248 43,632 0 Aiken (Augusta, GA), SC 13,683 1,362 19,678 0 Homestead (Miami), FL 21,989 4,427 33,446 39 Oklahoma City, OK (Bunzl) 5,124 845 7,883 0 Concord (Charlotte), NC 23,492 4,307 35,736 0 Kenton, OH 10,874 855 17,027 849 Stow, OH 11,484 1,430 17,504 0 Charleston, SC (FDX) 12,968 4,639 16,848 32 Oklahoma City, OK (Amazon) 18,206 1,618 28,260 0 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column B Column C Column D Capitalization Buildings and Subsequent to Description Encumbrances Land Improvements Acquisition Savannah, GA $ 30,304 $ 4,405 $ 51,621 $ 0 Daytona Beach, FL 18,224 3,120 26,854 34 Mobile, AL 17,802 2,480 30,572 0 Charleston, SC (FDX Ground) 28,356 7,103 39,473 0 Braselton (Atlanta), GA 37,898 13,965 46,262 0 Trenton, NJ 52,759 8,336 75,652 0 Savannah, GA (FDX Ground) 16,872 3,441 24,091 0 Lafayette, IN 16,932 2,802 22,277 0 Shopping Center Somerset, NJ 0 34 637 2,458 Vacant Land Shelby County, TN 0 11 0 0 $ 752,916 $ 239,299 $ 1,502,722 $ 124,497 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2019 Description Land Bldg & Imp Total Industrial Buildings Monaca (Pittsburgh), PA $ 402 $ 7,509 $ 7,911 Ridgeland (Jackson), MS 218 2,093 2,311 Urbandale (Des Moines), IA 310 2,234 2,544 Richland (Jackson), MS 211 1,690 1,901 O’Fallon (St. Louis), MO 264 3,986 4,250 Fayetteville, NC 172 5,283 5,455 Schaumburg (Chicago), IL 1,040 4,138 5,178 Burr Ridge (Chicago), IL 270 1,437 1,707 Romulus (Detroit), MI 531 4,418 4,949 Liberty (Kansas City), MO 724 6,813 7,537 Omaha, NE 1,170 4,794 5,964 Charlottesville, VA 1,170 3,292 4,462 Jacksonville, FL (FDX) 1,165 5,419 6,584 West Chester Twp. (Cincinnati), OH 695 5,039 5,734 Mechanicsville (Richmond), VA 1,160 6,647 7,807 St. Joseph, MO 800 12,589 13,389 Newington (Hartford), CT 410 3,084 3,494 Cudahy (Milwaukee), WI 980 8,827 9,807 Beltsville (Washington, DC), MD 3,200 11,312 14,512 Carlstadt (New York, NY), NJ 1,194 4,103 5,297 Granite City (St. Louis, MO), IL 340 12,358 12,698 Winston-Salem, NC 980 6,266 7,246 Elgin (Chicago), IL 1,280 5,697 6,977 Cheektowaga (Buffalo), NY 4,797 6,164 10,961 Tolleson (Phoenix), AZ 1,316 15,508 16,824 Edwardsville (Kansas City), KS (Carlisle Tire) 1,185 6,048 7,233 Wheeling (Chicago), IL 5,112 13,881 18,993 Richmond, VA 446 4,460 4,906 Tampa, FL (FDX Ground) 5,000 14,702 19,702 Montgomery (Chicago), IL 2,000 9,303 11,303 Denver, CO 1,150 5,214 6,364 Hanahan (Charleston), SC (SAIC) 1,129 12,887 14,016 Hanahan (Charleston), SC (Amazon) 930 6,760 7,690 Augusta, GA (FDX Ground) 614 4,749 5,363 Tampa, FL (Tampa Bay Grand Prix) 1,867 3,811 5,678 Huntsville, AL 748 5,914 6,662 Augusta, GA (FDX) 380 1,604 1,984 Lakeland, FL 261 1,782 2,043 El Paso, TX 3,225 9,206 12,431 Richfield (Cleveland), OH 2,677 13,770 16,447 Tampa, FL (FDX) 2,830 5,035 7,865 Griffin (Atlanta), GA 760 14,315 15,075 Roanoke, VA (CHEP USA) 1,853 5,610 7,463 Orion, MI 4,650 18,240 22,890 Chattanooga, TN 300 5,049 5,349 Bedford Heights (Cleveland), OH 990 6,308 7,298 Punta Gorda, FL 0 4,134 4,134 Cocoa, FL 1,881 12,246 14,127 Orlando, FL 2,200 6,575 8,775 Topeka, KS 0 3,680 3,680 Memphis, TN 1,235 14,879 16,114 Houston, TX 1,661 6,502 8,163 Carrollton (Dallas), TX 1,500 16,447 17,947 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION REAL ESTATE AND ACCUMULATED GROSS DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2019 Description Land Bldg & Imp Total Ft. Mill (Charlotte, NC), SC $ 1,747 $ 15,317 $ 17,064 Lebanon (Nashville), TN 2,230 11,985 14,215 Rockford, IL (Sherwin-Williams Co.) 1,100 4,451 5,551 Edinburg, TX 1,000 11,039 12,039 Streetsboro (Cleveland), OH 1,760 17,840 19,600 Corpus Christi, TX 0 4,808 4,808 Halfmoon (Albany), NY 1,190 4,336 5,526 Lebanon (Cincinnati), OH 240 4,212 4,452 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 800 13,750 14,550 Oklahoma City, OK (FDX Ground) 1,410 11,196 12,606 Waco, TX 1,350 11,201 12,551 Livonia (Detroit), MI 320 13,560 13,880 Olive Branch (Memphis, TN), MS (Milwaukee Tool) 2,550 34,365 36,915 Roanoke, VA (FDX Ground) 1,740 8,460 10,200 Green Bay, WI 590 5,979 6,569 Stewartville (Rochester), MN 900 4,324 5,224 Tulsa, OK 790 2,958 3,748 Buckner (Louisville), KY 2,280 24,528 26,808 Edwardsville (Kansas City), KS (International Paper) 2,750 15,544 18,294 Altoona, PA 1,200 7,827 9,027 Spring (Houston), TX 1,890 17,427 19,317 Indianapolis, IN 3,746 21,758 25,504 Sauget (St. Louis, MO), IL 1,890 13,315 15,205 Lindale (Tyler), TX 540 9,426 9,966 Kansas City, MO 1,000 9,003 10,003 Frankfort (Lexington), KY 1,850 26,150 28,000 Jacksonville, FL (FDX Ground) 6,000 24,827 30,827 Monroe (Cincinnati), OH 1,800 19,777 21,577 Greenwood (Indianapolis), IN 2,250 35,262 37,512 Ft. Worth (Dallas), TX 8,200 27,133 35,333 Cincinnati, OH 800 5,950 6,750 Rockford, IL (Collins Aerospace Systems) 480 4,620 5,100 Concord (Charlotte), NC 4,305 28,740 33,045 Covington (New Orleans), LA 2,720 15,706 18,426 Imperial (Pittsburgh), PA 3,700 16,264 19,964 Burlington (Seattle/Everett), WA 8,000 22,321 30,321 Colorado Springs, CO 2,150 27,170 29,320 Louisville, KY 1,590 9,714 11,304 Davenport (Orlando), FL 7,060 30,720 37,780 Olathe (Kansas City), KS 2,350 29,387 31,737 Hamburg (Buffalo), NY 1,700 33,394 35,094 Ft. Myers, FL 2,486 19,178 21,664 Walker (Grand Rapids), MI 4,034 27,621 31,655 Mesquite (Dallas), TX 6,248 43,632 49,880 Aiken (Augusta, GA), SC 1,362 19,678 21,040 Homestead (Miami), FL 4,427 33,485 37,912 Oklahoma City, OK (Bunzl) 845 7,883 8,728 Concord (Charlotte), NC 4,307 35,736 40,043 Kenton, OH 855 17,876 18,731 Stow, OH 1,430 17,504 18,934 Charleston, SC (FDX) 4,639 16,880 21,519 Oklahoma City, OK (Amazon) 1,618 28,260 29,878 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2019 Description Land Bldg & Imp Total Savannah, GA $ 4,405 $ 51,621 $ 56,026 Daytona Beach, FL 3,120 26,888 30,008 Mobile, AL 2,480 30,572 33,052 Charleston, SC (FDX Ground) 7,103 39,473 46,576 Braselton (Atlanta), GA 13,965 46,262 60,227 Trenton, NJ 8,336 75,652 83,988 Savannah, GA (FDX Ground) 3,441 24,091 27,532 Lafayette, IN 2,802 22,277 25,079 Shopping Center Somerset, NJ 34 3,095 3,129 Vacant Land Shelby County, TN 11 0 11 $ 239,299 $ 1,627,219 $ 1,866,518 (1) See pages 152-155 for reconciliation. (2) The aggregate cost for Federal tax purposes approximates historical cost. MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SCHEDULE OF ACCUMULATED DEPRECIATION LIFE SEPTEMBER 30, 2019 (in thousands) 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 $ 3,229 1977 1977 (3 ) Ridgeland (Jackson), MS 1,382 1988 1993 (3 ) Urbandale (Des Moines), IA 1,294 1985 1994 (3 ) Richland (Jackson), MS 1,057 1986 1994 (3 ) O’Fallon (St. Louis), MO 2,492 1989 1994 (3 ) Fayetteville, NC 3,165 1996 1997 (3 ) Schaumburg (Chicago), IL 2,407 1997 1997 (3 ) Burr Ridge (Chicago), IL 783 1997 1997 (3 ) Romulus (Detroit), MI 2,182 1998 1998 (3 ) Liberty (Kansas City), MO 3,669 1997 1998 (3 ) Omaha, NE 2,484 1999 1999 (3 ) Charlottesville, VA 1,693 1998 1999 (3 ) Jacksonville, FL (FDX) 2,961 1998 1999 (3 ) West Chester Twp. (Cincinnati), OH 2,484 1999 2000 (3 ) Mechanicsville (Richmond), VA 3,191 2000 2001 (3 ) St. Joseph, MO 5,804 2000 2001 (3 ) Newington (Hartford), CT 1,466 2001 2001 (3 ) Cudahy (Milwaukee), WI 3,550 2001 2001 (3 ) Beltsville (Washington, DC), MD 4,454 2000 2001 (3 ) Carlstadt (New York, NY), NJ 1,123 1977 2001 (3 ) Granite City (St. Louis, MO), IL 5,539 2001 2001 (3 ) Winston-Salem, NC 2,835 2001 2002 (3 ) Elgin (Chicago), IL 2,599 2002 2002 (3 ) Cheektowaga (Buffalo), NY 2,011 2000 2002 (3 ) Tolleson (Phoenix), AZ 6,659 2002 2003 (3 ) Edwardsville (Kansas City), KS (Carlisle Tire) 2,689 2002 2003 (3 ) Wheeling (Chicago), IL 4,820 2003 2003 (3 ) Richmond, VA 1,666 2004 2004 (3 ) Tampa, FL (FDX Ground) 5,302 2004 2004 (3 ) Montgomery (Chicago), IL 3,004 2004 2004 (3 ) Denver, CO 1,839 2005 2005 (3 ) Hanahan (Charleston), SC (SAIC) 4,754 2002 2005 (3 ) Hanahan (Charleston), SC (Amazon) 2,244 2005 2005 (3 ) Augusta, GA (FDX Ground) 1,634 2005 2005 (3 ) Tampa, FL (Tampa Bay Grand Prix) 1,246 1989 2005 (3 ) Huntsville, AL 1,406 2005 2005 (3 ) Augusta, GA (FDX) 512 1993 2006 (3 ) Lakeland, FL 625 1993 2006 (3 ) El Paso, TX 2,244 2005 2006 (3 ) Richfield (Cleveland), OH 3,441 2006 2006 (3 ) Tampa, FL (FDX) 1,669 2006 2006 (3 ) Griffin (Atlanta), GA 4,912 2006 2006 (3 ) Roanoke, VA (CHEP USA) 1,899 1996 2007 (3 ) Orion, MI 4,959 2007 2007 (3 ) Chattanooga, TN 1,529 2002 2007 (3 ) Bedford Heights (Cleveland), OH 2,090 1998 2007 (3 ) Punta Gorda, FL 1,172 2007 2007 (3 ) Cocoa, FL 3,080 2006 2008 (3 ) Orlando, FL 2,022 1997 2008 (3 ) Topeka, KS 991 2006 2009 (3 ) Memphis, TN 3,297 1994 2010 (3 ) Houston, TX 1,632 2005 2010 (3 ) Carrollton (Dallas), TX 3,987 2009 2010 (3 ) MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column F Column G Column H Column I Accumulated Date of Date Depreciable Description Depreciation Construction Acquired Life Ft. Mill (Charlotte, NC), SC $ 3,041 2009 2010 (3 ) Lebanon (Nashville), TN 2,458 1993 2011 (3 ) Rockford, IL (Sherwin-Williams Co.) 975 1998-2008 2011 (3 ) Edinburg, TX 1,756 2011 2011 (3 ) Streetsboro (Cleveland), OH 3,431 2012 2012 (3 ) Corpus Christi, TX 923 2012 2012 (3 ) Halfmoon (Albany), NY 834 2012 2012 (3 ) Lebanon (Cincinnati), OH 813 2012 2012 (3 ) Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 2,556 2012 2012 (3 ) Oklahoma City, OK (FDX Ground) 1,892 2012 2012 (3 ) Waco, TX 1,786 2012 2012 (3 ) Livonia (Detroit), MI 2,407 1999 2013 (3 ) Olive Branch (Memphis, TN), MS (Milwaukee Tool) 4,929 2013 2013 (3 ) Roanoke, VA (FDX Ground) 1,365 2013 2013 (3 ) Green Bay, WI 921 2013 2013 (3 ) Stewartville (Rochester), MN 665 2013 2013 (3 ) Tulsa, OK 473 2009 2014 (3 ) Buckner (Louisville), KY 3,755 2014 2014 (3 ) Edwardsville (Kansas City), KS (International Paper) 2,416 2014 2014 (3 ) Altoona, PA 1,189 2014 2014 (3 ) Spring (Houston), TX 2,527 2014 2014 (3 ) Indianapolis, IN 2,830 2014 2014 (3 ) Sauget (St. Louis, MO), IL 1,708 2015 2015 (3 ) Lindale (Tyler), TX 1,211 2015 2015 (3 ) Kansas City, MO 1,147 2015 2015 (3 ) Frankfort (Lexington), KY 3,241 2015 2015 (3 ) Jacksonville, FL (FDX Ground) 2,799 2015 2015 (3 ) Monroe (Cincinnati), OH 1,438 2015 2015 (3 ) Greenwood (Indianapolis), IN 3,998 2015 2015 (3 ) Ft. Worth (Dallas), TX 2,896 2015 2015 (3 ) Cincinnati, OH 623 2014 2015 (3 ) Rockford, IL (Collins Aerospace Systems) 592 2012 2015 (3 ) Concord (Charlotte), NC 3,158 2016 2016 (3 ) Covington (New Orleans), LA 1,543 2016 2016 (3 ) Imperial (Pittsburgh), PA 1,494 2016 2016 (3 ) Burlington (Seattle/Everett), WA 2,000 2016 2016 (3 ) Colorado Springs, CO 2,310 2016 2016 (3 ) Louisville, KY 830 2016 2016 (3 ) Davenport (Orlando), FL 2,494 2016 2016 (3 ) Olathe (Kansas City), KS 2,386 2016 2016 (3 ) Hamburg (Buffalo), NY 2,560 2017 2017 (3 ) Ft. Myers, FL 1,332 2017 2017 (3 ) Walker (Grand Rapids), MI 1,771 2017 2017 (3 ) Mesquite (Dallas), TX 2,517 2017 2017 (3 ) Aiken (Augusta, GA), SC 1,135 2017 2017 (3 ) Homestead (Miami), FL 1,933 2017 2017 (3 ) Oklahoma City, OK (Bunzl) 454 2017 2017 (3 ) Concord (Charlotte), NC 1,985 2017 2017 (3 ) Kenton, OH 927 2017 2017 (3 ) Stow, OH 898 2017 2017 (3 ) Charleston, SC (FDX) 831 2018 2018 (3 ) Oklahoma City, OK (Amazon) 1,328 2018 2018 (3 ) MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column F Column G Column H Column I Accumulated Date of Date Depreciable Description Depreciation Construction Acquired Life Savannah, GA $ 2,206 2018 2018 (3 ) Daytona Beach, FL 1,036 2018 2018 (3 ) Mobile, AL 980 2018 2018 (3 ) Charleston, SC (FDX Ground) 1,180 2018 2018 (3 ) Braselton (Atlanta), GA 1,285 2018 2018 (3 ) Trenton, NJ 1,940 2019 2019 (3 ) Savannah, GA (FDX Ground) 515 2019 2019 (3 ) Lafayette, IN 96 2019 2019 (3 ) Shopping Center Somerset, NJ 1,687 1970 1970 (3 ) Vacant Land Shelby County, TN 0 N/A 2007 N/A $ 249,584 (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, 2019 (in thousands) (1) Reconciliation REAL ESTATE INVESTMENTS SCHEDULE OF REAL ESTATE INVESTMENT 9/30/2019 9/30/2018 9/30/2017 Balance-Beginning of Year $ 1,719,578 $ 1,431,916 $ 1,150,395 Additions: Acquisitions 136,598 277,253 282,509 Improvements 10,342 10,409 4,169 Total Additions 146,940 287,662 286,678 Deletions: Sales 0 0 (5,157 ) Total Deletions 0 0 (5,157 ) Balance-End of Year $ 1,866,518 $ 1,719,578 $ 1,431,916 ACCUMULATED DEPRECIATION SCHEDULE OF ACCUMULATED DEPRECIATION 9/30/2019 9/30/2018 9/30/2017 Balance-Beginning of Year $ 207,065 $ 171,086 $ 143,006 Depreciation 42,519 36,018 29,016 Sales 0 (39 ) (936 ) Balance-End of Year $ 249,584 $ 207,065 $ 171,086 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III SEPTEMBER 30, 2019 (in thousands) (1) Reconciliation RECONCILIATION OF REAL ESTATE AND ACCUMULATED DEPRECIATION 2019 2018 2017 Balance – Beginning of Year $ 1,719,578 $ 1,431,916 $ 1,150,395 Additions: Monaca (Pittsburgh), PA $ 0 $ 25 $ 80 Ridgeland (Jackson), MS 426 27 0 Urbandale (Des Moines), IA 20 267 95 Richland (Jackson), MS 0 0 0 O’Fallon (St. Louis), MO 4 0 0 Fayetteville, NC 4 0 10 Schaumburg (Chicago), IL 0 0 197 Burr Ridge (Chicago), IL 14 0 0 Romulus (Detroit), MI 217 65 67 Liberty (Kansas City), MO 137 0 0 Omaha, NE 19 0 0 Charlottesville, VA 6 99 8 Jacksonville, FL (FDX) 187 67 83 West Chester Twp. (Cincinnati), OH 0 0 5 Mechanicsville (Richmond), VA 14 7 27 St. Joseph, MO 25 74 56 Newington (Hartford), CT 0 0 30 Cudahy (Milwaukee), WI 41 384 0 Beltsville (Washington, DC), MD 0 0 0 Carlstadt (New York, NY), NJ 354 39 0 Granite City (St. Louis, MO), IL 0 0 155 Winston-Salem, NC 0 8 0 Elgin (Chicago), IL 0 0 45 Cheektowaga (Buffalo), NY 0 0 0 Tolleson (Phoenix), AZ 0 0 0 Edwardsville (Kansas City), KS (Carlisle Tire) 0 0 8 Wheeling (Chicago), IL 10 445 0 Richmond, VA 138 0 0 Tampa, FL (FDX Ground) 0 5 0 Montgomery (Chicago), IL 0 5 0 Denver, CO 10 0 0 Hanahan (Charleston), SC (SAIC) 606 36 34 Hanahan (Charleston), SC (Amazon) 75 0 0 Augusta, GA (FDX Ground) 0 0 9 Tampa, FL (Tampa Bay Grand Prix) 0 0 0 Huntsville, AL 0 0 57 Augusta, GA (FDX) 6 0 6 Lakeland, FL 0 61 0 El Paso, TX 0 0 0 Richfield (Cleveland), OH 0 12 0 Tampa, FL (FDX) 8 237 27 Griffin (Atlanta), GA 142 65 0 Roanoke, VA (CHEP USA) 0 58 0 Orion, MI 0 4 0 Chattanooga, TN 210 122 4 Bedford Heights (Cleveland), OH 378 0 56 Punta Gorda, FL 0 0 20 Cocoa, FL 0 0 0 Orlando, FL 0 220 0 Topeka, KS 0 0 0 Memphis, TN 1,499 (7 ) 1 Houston, TX 0 15 65 Carrollton (Dallas), TX 128 0 50 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III, (CONT’D) SEPTEMBER 30, 2019 (in thousands) (1) Reconciliation (cont’d) 2019 2018 2017 Ft. Mill (Charlotte, NC), SC $ (10 ) $ 1,661 $ 0 Lebanon (Nashville), TN 0 0 0 Rockford, IL (Sherwin-Williams Co.) 0 0 0 Edinburg, TX 0 0 615 Streetsboro (Cleveland), OH 0 0 0 Corpus Christi, TX 0 36 7 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) 21 0 4 Waco, TX 0 0 5 Livonia (Detroit), MI 118 0 0 Olive Branch (Memphis, TN), MS (Milwaukee Tool) 0 0 0 Roanoke, VA (FDX Ground) 0 0 0 Green Bay, WI 0 0 0 Stewartville (Rochester), MN 4 0 0 Tulsa, OK 0 0 0 Buckner (Louisville), KY 0 0 40 Edwardsville (Kansas City), KS (International Paper) 0 0 0 Altoona, PA 4 14 0 Spring (Houston), TX 22 11 0 Indianapolis, IN 0 498 1,060 Sauget (St. Louis, MO), IL 0 0 0 Lindale (Tyler), TX 0 29 7 Kansas City, MO 23 329 51 Frankfort (Lexington), KY 0 0 0 Jacksonville, FL (FDX Ground) 91 4 86 Monroe (Cincinnati), OH 4,052 4,588 0 Greenwood (Indianapolis), IN 0 0 12 Ft. Worth (Dallas), TX 32 0 0 Cincinnati, OH 0 0 0 Rockford, IL (Collins Aerospace Systems) 0 0 0 Concord (Charlotte), NC 0 0 1,069 Covington (New Orleans), LA 16 0 0 Imperial (Pittsburgh), PA 14 0 0 Burlington (Seattle/Everett), WA 92 0 18 Colorado Springs, CO 0 820 0 Louisville, KY 0 0 0 Davenport (Orlando), FL 0 0 0 Olathe (Kansas City), KS 0 0 0 Hamburg (Buffalo), NY 244 0 34,850 Ft. Myers, FL 0 41 21,623 Walker (Grand Rapids), MI 0 0 31,655 Mesquite (Dallas), TX 0 0 49,880 Aiken (Augusta, GA), SC 0 0 21,040 Homestead (Miami), FL 38 0 37,873 Oklahoma City, OK (Bunzl) 0 0 8,728 Concord (Charlotte), NC 0 0 40,043 Kenton, OH 849 0 17,882 Stow, OH 0 0 18,935 Charleston, SC (FDX) 0 21,519 0 Oklahoma City, OK (Amazon) 0 29,879 0 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III, (CONT’D) SEPTEMBER 30, 2019 (in thousands) (1) Reconciliation (cont’d). 2019 2018 2017 Savannah, GA $ 0 $ 56,026 $ 0 Daytona Beach, FL 35 29,973 0 Mobile, AL 0 33,052 0 Charleston, SC (FDX Ground) 0 46,576 0 Braselton (Atlanta), GA 0 60,227 0 Trenton, NJ 83,988 0 0 Savannah, GA (FDX Ground) 27,532 0 0 Lafayette, IN 25,079 0 0 Shopping Center Somerset, NJ 18 39 0 Total Additions $ 146,940 $ 287,662 $ 286,678 Total Disposals 0 0 (5,157 ) Balance – End of Year $ 1,866,518 $ 1,719,578 $ 1,431,916 |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018, rental properties consisted of 114 111 7.6 years 6.20 9.2 years 2.1 185.3 8.7 |
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 | Principles of Consolidation 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 3 39 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 We 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. 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. Historically, we have aimed to limit the size of our REIT securities portfolio to no more than approximately 10% of our undepreciated assets, which we define as total assets excluding accumulated depreciation. As we announced earlier this year, it is now our goal to gradually reduce the size of our REIT securities portfolio to no more than 5% of our undepreciated assets. We continue to believe that our REIT securities portfolio provides us with diversification, income, a source of potential liquidity when needed and also serves as a proxy for real estate when more favorable risk adjusted returns are not available in the private real estate markets. Our decision to reduce this threshold mainly stems from the implementation of accounting rule ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”, which took effect at the beginning of this fiscal year. This new rule requires that quarterly changes in the market value of our marketable securities flow through our Consolidated Statements of Income. The implementation of this accounting rule has resulted in increased volatility in our reported earnings and some of our key performance metrics. Going forward, to achieve our threshold investment goal, we will continually evaluate opportunities to optimize our REIT securities portfolio. 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, 2019 and 2018, 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. In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 on our Consolidated Statements of Income. On October 1, 2018, unrealized net holding losses of $ 24.7 |
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 2019, 2018 and 2017 was 12 12 13 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 $ 2.2 2.1 2.1 2.0 1.8 1.7 1.6 1.3 |
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, 2019 and 2018 and there were no write-off’s of any receivable accounts during the fiscal years ended 2019, 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 three of our 114 158,000 36,000 39,000 83,000 1.7 |
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 98,000 183,000 136,000 305,000 65,000 65,000 |
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 $ 784,000 434,000 625,000 |
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 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, 2019. We record interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of September 30, 2019, the fiscal tax years 2016 through and including 2019 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. Prior to our adoption of Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” on October 1, 2018, other comprehensive income consisted 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. Once we adopted ASU 2016-01, the changes in net unrealized holding gains and losses were no longer recognized through other comprehensive income and instead these changes are now recognized through net income on our Consolidated Statements of 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 January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 on our Consolidated Statements of Income. On October 1, 2018, unrealized net holding losses of $24.7 million were reclassed to beginning Undistributed Income (Loss) to recognize the unrealized losses previously recorded in “accumulated other comprehensive income” on our consolidated balance sheets. In February 2016, the FASB issued 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 lessee and 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. 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 previously did not capitalize indirect costs for leases, we continue to account for our leases and related leasing costs in substantially the same manner as we previously did prior to the adoption of the ASU 2016-02 on October 1, 2019. In addition, the guidance requires lessees to recognize assets and liabilities for operating leases with lease terms greater than twelve months on the balance sheet. Therefore, the most significant impact for us is the recognition of our corporate office lease, while accounting where we are the lessor remains substantially the same. Upon adoption, we calculated the asset and lease liability equal to the present value of the minimum lease payments due under our corporate office lease and determined that the asset and lease liability was immaterial to our Consolidated Financial Statements. 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. In December 2018, the FASB issued ASU 2018-20 “Narrow-Scope Improvements for Lessors.” Similar to ASU 2018-10, 2018-20 affects narrow aspects of the guidance issued earlier in ASU 2016-02 as well by providing additional clarification related to the guidance issued earlier. The most significant changes related to lessor accounting under ASU 2018-20 is the clarification of how to treat payments made by a lessee directly to a third party, such as real estate taxes paid by the lessee directly to the taxing authority, whereby items paid directly by the lessee to a third party should not be reflected in the lessors income statement and, thus, should not be bifurcated and included in revenue and operating expenses. A majority of our reimbursable expenses are paid by us and are billed back to our lessees. Therefore, these reimbursable expenses will continue to be presented separately by bifurcating these revenue and expense items in our Consolidated Statements of Income. We adopted these standards effective October 1, 2019 and the adoption of these standards did not have a significant impact on our consolidated financial statements and related disclosures. The only effect the adoption of these standards had on our consolidated financial statements and related disclosures effective October 1, 2019 are instances where certain types of payments are made by a lessee directly to a third party whereas these payments are no longer presented on a gross basis in our Consolidated Statements of Income, which have an immaterial effect on our reported revenue and a net zero effect on our Net Income Attributable to Common Shareholders. 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 replaced most existing revenue recognition guidance in U.S. GAAP when it became 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, 2019 | |
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, 2019 and 2018 ( in thousands SCHEDULE OF REAL ESTATE INVESTMENTS SEPTEMBER 30, 2019 Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748 $ 5,914 $ 1,406 $ 5,256 Mobile Industrial 2,480 30,572 980 32,072 Arizona: Tolleson (Phoenix) Industrial 1,316 15,508 6,659 10,165 Colorado: Colorado Springs Industrial 2,150 27,170 2,310 27,010 Denver Industrial 1,150 5,214 1,839 4,525 Connecticut: Newington (Hartford) Industrial 410 3,084 1,466 2,028 Florida: Cocoa Industrial 1,881 12,246 3,080 11,047 Davenport (Orlando) Industrial 7,060 30,720 2,494 35,286 Daytona Beach Industrial 3,120 26,888 1,036 28,972 Ft. Myers (FDX Ground) Industrial 2,486 19,178 1,332 20,332 Homestead (Miami) Industrial 4,427 33,485 1,933 35,979 Jacksonville (FDX) Industrial 1,165 5,419 2,961 3,623 Jacksonville (FDX Ground) Industrial 6,000 24,827 2,799 28,028 Lakeland Industrial 261 1,782 625 1,418 Orlando Industrial 2,200 6,575 2,022 6,753 Punta Gorda Industrial 0 4,134 1,172 2,962 Tampa (FDX Ground) Industrial 5,000 14,702 5,302 14,400 Tampa (FDX) Industrial 2,830 5,035 1,669 6,196 Tampa (Tampa Bay Grand Prix) Industrial 1,867 3,811 1,246 4,432 Georgia: Augusta (FDX Ground) Industrial 614 4,749 1,634 3,729 Augusta (FDX) Industrial 380 1,604 512 1,472 Braselton (Atlanta) Industrial 13,965 46,262 1,285 58,942 Griffin (Atlanta) Industrial 760 14,315 4,912 10,163 Savannah (Shaw) Industrial 4,405 51,621 2,206 53,820 Savannah (FDX Ground) Industrial 3,441 24,091 515 27,017 Illinois: Burr Ridge (Chicago) Industrial 270 1,437 783 924 Elgin (Chicago) Industrial 1,280 5,697 2,599 4,378 SEPTEMBER 30, 2019 (cont’d) Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value Granite City (St. Louis, MO) Industrial $ 340 $ 12,358 $ 5,539 $ 7,159 Montgomery (Chicago) Industrial 2,000 9,303 3,004 8,299 Rockford (Collins Aerospace Systems) Industrial 480 4,620 592 4,508 Rockford (Sherwin-Williams Co.) Industrial 1,100 4,451 975 4,576 Sauget (St. Louis, MO) Industrial 1,890 13,315 1,708 13,497 Schaumburg (Chicago) Industrial 1,040 4,138 2,407 2,771 Wheeling (Chicago) Industrial 5,112 13,881 4,820 14,173 Indiana: Greenwood (Indianapolis) Industrial 2,250 35,262 3,998 33,514 Indianapolis Industrial 3,746 21,758 2,830 22,674 Lafayette Industrial 2,802 22,277 96 24,983 Iowa: Urbandale (Des Moines) Industrial 310 2,234 1,294 1,250 Kansas: Edwardsville (Kansas City) (Carlisle Tire) Industrial 1,185 6,048 2,689 4,544 Edwardsville (Kansas City) (International Paper) Industrial 2,750 15,544 2,416 15,878 Olathe (Kansas City) Industrial 2,350 29,387 2,386 29,351 Topeka Industrial 0 3,680 991 2,689 Kentucky: Buckner (Louisville) Industrial 2,280 24,528 3,755 23,053 Frankfort (Lexington) Industrial 1,850 26,150 3,241 24,759 Louisville Industrial 1,590 9,714 830 10,474 Louisiana: Covington (New Orleans) Industrial 2,720 15,706 1,543 16,883 Maryland: Beltsville (Washington, DC) Industrial 3,200 11,312 4,454 10,058 Michigan: Walker (Grand Rapids) Industrial 4,034 27,621 1,771 29,884 Livonia (Detroit) Industrial 320 13,560 2,407 11,473 Orion Industrial 4,650 18,240 4,959 17,931 Romulus (Detroit) Industrial 531 4,418 2,182 2,767 Minnesota: Stewartville (Rochester) Industrial 900 4,324 665 4,559 Mississippi: Olive Branch (Memphis, TN)(Anda Pharmaceuticals, Inc.) Industrial 800 13,750 2,556 11,994 Olive Branch (Memphis, TN)(Milwaukee Tool) Industrial 2,550 34,365 4,929 31,986 Richland (Jackson) Industrial 211 1,690 1,057 844 Ridgeland (Jackson) Industrial 218 2,093 1,382 929 Missouri: Kansas City (Bunzl) Industrial 1,000 9,003 1,147 8,856 Liberty (Kansas City) Industrial 724 6,813 3,669 3,868 O’Fallon (St. Louis) Industrial 264 3,986 2,492 1,758 St. Joseph Industrial 800 12,589 5,804 7,585 Nebraska: Omaha Industrial 1,170 4,794 2,484 3,480 New Jersey: Carlstadt (New York, NY) Industrial 1,194 4,103 1,123 4,174 Somerset Shopping Center 34 3,095 1,687 1,442 Trenton Industrial 8,336 75,652 1,940 82,048 New York: Cheektowaga (Buffalo) Industrial 4,797 6,164 2,011 8,950 Halfmoon (Albany) Industrial 1,190 4,336 834 4,692 Hamburg (Buffalo) Industrial 1,700 33,394 2,560 32,534 North Carolina: Concord (Charlotte) Industrial 4,305 28,740 3,158 29,887 SEPTEMBER 30, 2019 (cont’d) Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value Concord (Charlotte) Industrial $ 4,307 $ 35,736 $ 1,985 $ 38,058 Fayetteville Industrial 172 5,283 3,165 2,290 Winston-Salem Industrial 980 6,266 2,835 4,411 Ohio: Bedford Heights (Cleveland) Industrial 990 6,308 2,090 5,208 Cincinnati Industrial 800 5,950 623 6,127 Kenton Industrial 855 17,876 927 17,804 Lebanon (Cincinnati) Industrial 240 4,212 813 3,639 Monroe (Cincinnati) Industrial 1,800 19,777 1,438 20,139 Richfield (Cleveland) Industrial 2,677 13,770 3,441 13,006 Stow Industrial 1,430 17,504 898 18,036 Streetsboro (Cleveland) Industrial 1,760 17,840 3,431 16,169 West Chester Twp. (Cincinnati) Industrial 695 5,039 2,484 3,250 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410 11,196 1,892 10,714 Oklahoma City (Bunzl) Industrial 845 7,883 454 8,274 Oklahoma City (Amazon) Industrial 1,618 28,260 1,328 28,550 Tulsa Industrial 790 2,958 473 3,275 Pennsylvania: Altoona Industrial 1,200 7,827 1,189 7,838 Imperial (Pittsburgh) Industrial 3,700 16,264 1,494 18,470 Monaca (Pittsburgh) Industrial 402 7,509 3,229 4,682 South Carolina: Aiken (Augusta, GA) Industrial 1,362 19,678 1,135 19,905 Charleston (FDX) Industrial 4,639 16,880 831 20,688 Charleston (FDX Ground) Industrial 7,103 39,473 1,180 45,396 Ft. Mill (Charlotte, NC) Industrial 1,747 15,317 3,041 14,023 Hanahan (Charleston)(SAIC) Industrial 1,129 12,887 4,754 9,262 Hanahan (Charleston)(FDX Ground) Industrial 930 6,760 2,244 5,446 Tennessee: Chattanooga Industrial 300 5,049 1,529 3,820 Lebanon (Nashville) Industrial 2,230 11,985 2,458 11,757 Memphis Industrial 1,235 14,879 3,297 12,817 Shelby County Vacant Land 11 0 0 11 Texas: Carrollton (Dallas) Industrial 1,500 16,447 3,987 13,960 Corpus Christi Industrial 0 4,808 923 3,885 Edinburg Industrial 1,000 11,039 1,756 10,283 El Paso Industrial 3,225 9,206 2,244 10,187 Ft. Worth (Dallas) Industrial 8,200 27,133 2,896 32,437 Houston Industrial 1,661 6,502 1,632 6,531 Lindale (Tyler) Industrial 540 9,426 1,211 8,755 Mesquite (Dallas) Industrial 6,248 43,632 2,517 47,363 Spring (Houston) Industrial 1,890 17,427 2,527 16,790 Waco Industrial 1,350 11,201 1,786 10,765 Virginia: Charlottesville Industrial 1,170 3,292 1,693 2,769 Mechanicsville (Richmond) Industrial 1,160 6,647 3,191 4,616 Richmond Industrial 446 4,460 1,666 3,240 Roanoke (CHEP USA) Industrial 1,853 5,610 1,899 5,564 Roanoke (FDX Ground) Industrial 1,740 8,460 1,365 8,835 Washington: Burlington (Seattle/Everett) Industrial 8,000 22,321 2,000 28,321 Wisconsin: Cudahy (Milwaukee) Industrial 980 8,827 3,550 6,257 Green Bay Industrial 590 5,979 921 5,648 Total as of September 30, 2019 $ 239,299 $ 1,627,219 $ 249,584 $ 1,616,934 SEPTEMBER 30, 2018 Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748 $ 5,914 $ 1,249 $ 5,413 Mobile Industrial 2,480 30,572 196 32,856 Arizona: Tolleson (Phoenix) Industrial 1,316 15,508 6,145 10,679 Colorado: Colorado Springs Industrial 2,150 27,170 1,594 27,726 Denver Industrial 1,150 5,204 1,704 4,650 Connecticut: Newington (Hartford) Industrial 410 3,084 1,377 2,117 Florida: Cocoa Industrial 1,881 12,246 2,758 11,369 Davenport (Orlando) Industrial 7,060 30,720 1,707 36,073 Daytona Beach Industrial 3,120 26,853 344 29,629 Ft. Myers (FDX Ground) Industrial 2,486 19,177 842 20,821 Homestead (Miami) Industrial 4,427 33,446 1,072 36,801 Jacksonville (FDX) Industrial 1,165 5,232 2,619 3,778 Jacksonville (FDX Ground) Industrial 6,000 24,736 2,323 28,413 Lakeland Industrial 261 1,782 574 1,469 Orlando Industrial 2,200 6,575 1,831 6,944 Punta Gorda Industrial 0 4,134 1,059 3,075 Tampa (FDX Ground) Industrial 5,000 14,702 4,922 14,780 Tampa (FDX) Industrial 2,830 5,027 1,515 6,342 Tampa (Tampa Bay Grand Prix) Industrial 1,867 3,811 1,144 4,534 Georgia: Augusta (FDX Ground) Industrial 614 4,749 1,509 3,854 Augusta (FDX) Industrial 380 1,598 463 1,515 Braselton (Atlanta) Industrial 13,965 46,262 99 60,128 Griffin (Atlanta) Industrial 760 14,174 4,493 10,441 Savannah Industrial 4,405 51,621 882 55,144 Illinois: Burr Ridge (Chicago) Industrial 270 1,423 741 952 Elgin (Chicago) Industrial 1,280 5,697 2,436 4,541 Granite City (St. Louis, MO) Industrial 340 12,358 5,184 7,514 Montgomery (Chicago) Industrial 2,000 9,303 2,762 8,541 Rockford (Collins Aerospace Systems) Industrial 480 4,620 474 4,626 Rockford (Sherwin-Williams Co.) Industrial 1,100 4,451 860 4,691 Sauget (St. Louis, MO) Industrial 1,890 13,315 1,366 13,839 Schaumburg (Chicago) Industrial 1,040 4,138 2,283 2,895 Wheeling (Chicago) Industrial 5,112 13,870 4,431 14,551 Indiana: Greenwood (Indianapolis) Industrial 2,250 35,262 3,092 34,420 Indianapolis Industrial 3,746 21,759 2,240 23,265 Iowa: Urbandale (Des Moines) Industrial 310 2,214 1,211 1,313 Kansas: Edwardsville (Kansas City) (Carlisle Tire) Industrial 1,185 6,048 2,539 4,694 Edwardsville (Kansas City) (International Paper) Industrial 2,750 15,544 2,002 16,292 Olathe (Kansas City) Industrial 2,350 29,387 1,633 30,104 Topeka Industrial 0 3,680 896 2,784 Kentucky: Buckner (Louisville) Industrial 2,280 24,528 3,114 23,694 Frankfort (Lexington) Industrial 1,850 26,150 2,570 25,430 Louisville Industrial 1,590 9,714 581 10,723 SEPTEMBER 30, 2018 (cont’d) Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value Louisiana: Covington (New Orleans) Industrial $ 2,720 $ 15,690 $ 1,140 $ 17,270 Maryland: Beltsville (Washington, DC) Industrial 3,200 11,312 4,151 10,361 Michigan: Walker (Grand Rapids) Industrial 4,034 27,621 1,062 30,593 Livonia (Detroit) Industrial 320 13,442 2,047 11,715 Orion Industrial 4,650 18,240 4,489 18,401 Romulus (Detroit) Industrial 531 4,202 2,043 2,690 Minnesota: Stewartville (Rochester) Industrial 900 4,320 554 4,666 Mississippi: Olive Branch (Memphis, TN)(Anda Pharmaceuticals, Inc.) Industrial 800 13,750 2,204 12,346 Olive Branch (Memphis, TN)(Milwaukee Tool) Industrial 2,550 34,365 4,044 32,871 Richland (Jackson) Industrial 211 1,690 982 919 Ridgeland (Jackson) Industrial 218 1,667 1,313 572 Missouri: Kansas City (Bunzl) Industrial 1,000 8,980 886 9,094 Liberty (Kansas City) Industrial 723 6,675 3,498 3,900 O’Fallon (St. Louis) Industrial 264 3,982 2,362 1,884 St. Joseph Industrial 800 12,564 5,452 7,912 Nebraska: Omaha Industrial 1,170 4,775 2,358 3,587 New Jersey: Carlstadt (New York, NY) Industrial 1,194 3,748 1,030 3,912 Somerset Shopping Center 34 3,077 1,590 1,521 New York: Cheektowaga (Buffalo) Industrial 4,797 6,164 1,852 9,109 Halfmoon (Albany) Industrial 1,190 4,336 723 4,803 Hamburg (Buffalo) Industrial 1,700 33,150 1,700 33,150 North Carolina: Concord (Charlotte) Industrial 4,305 28,740 2,314 30,731 Concord (Charlotte) Industrial 4,307 35,736 1,069 38,974 Fayetteville Industrial 172 5,280 2,931 2,521 Winston-Salem Industrial 980 6,266 2,618 4,628 Ohio: Bedford Heights (Cleveland) Industrial 990 5,930 1,894 5,026 Cincinnati Industrial 800 5,950 470 6,280 Kenton Industrial 855 17,027 455 17,427 Lebanon (Cincinnati) Industrial 240 4,212 704 3,748 Monroe (Cincinnati) Industrial 1,800 15,725 1,023 16,502 Richfield (Cleveland) Industrial 2,677 13,770 3,083 13,364 Stow Industrial 1,430 17,504 449 18,485 Streetsboro (Cleveland) Industrial 1,760 17,840 2,973 16,627 West Chester Twp. (Cincinnati) Industrial 695 5,039 2,305 3,429 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410 11,174 1,599 10,985 Oklahoma City (Bunzl) Industrial 845 7,884 253 8,476 Oklahoma City (Amazon) Industrial 1,618 28,261 604 29,275 Tulsa Industrial 790 2,958 391 3,357 Pennsylvania: Altoona Industrial 1,200 7,823 986 8,037 Imperial (Pittsburgh) Industrial 3,700 16,250 1,076 18,874 Monaca (Pittsburgh) Industrial 402 7,509 2,957 4,954 SEPTEMBER 30, 2018 (cont’d) Property Buildings & Accumulated Net Book Type Land Improvements Depreciation Value South Carolina: Aiken (Augusta, GA) Industrial $ 1,362 $ 19,678 $ 631 $ 20,409 Charleston (FDX) Industrial 4,639 16,880 397 21,122 Charleston (FDX Ground) Industrial 7,103 39,473 169 46,407 Ft. Mill (Charlotte, NC) Industrial 1,747 15,327 2,655 14,419 Hanahan (Charleston)(SAIC) Industrial 1,129 12,281 4,343 9,067 Hanahan (Charleston)(FDX Ground) Industrial 930 6,685 2,071 5,544 Tennessee: Chattanooga Industrial 300 4,839 1,389 3,750 Lebanon (Nashville) Industrial 2,230 11,985 2,151 12,064 Memphis Industrial 1,235 13,380 2,916 11,699 Shelby County Vacant Land 11 0 0 11 Texas: Carrollton (Dallas) Industrial 1,500 16,319 3,555 14,264 Corpus Christi Industrial 0 4,808 797 4,011 Edinburg Industrial 1,000 11,039 1,473 10,566 El Paso Industrial 3,225 9,206 1,977 10,454 Ft. Worth (Dallas) Industrial 8,200 27,101 2,201 33,100 Houston Industrial 1,661 6,502 1,440 6,723 Lindale (Tyler) Industrial 540 9,426 967 8,999 Mesquite (Dallas) Industrial 6,248 43,633 1,399 48,482 Spring (Houston) Industrial 1,890 17,404 2,077 17,217 Waco Industrial 1,350 11,201 1,498 11,053 Virginia: Charlottesville Industrial 1,170 3,286 1,588 2,868 Mechanicsville (Richmond) Industrial 1,160 6,632 3,007 4,785 Richmond Industrial 446 4,322 1,545 3,223 Roanoke (CHEP USA) Industrial 1,853 5,611 1,707 5,757 Roanoke (FDX Ground) Industrial 1,740 8,460 1,148 9,052 Washington: Burlington (Seattle/Everett) Industrial 8,000 22,229 1,427 28,802 Wisconsin: Cudahy (Milwaukee) Industrial 980 8,786 3,297 6,469 Green Bay Industrial 590 5,980 770 5,800 Total as of September 30, 2018 $ 224,719 $ 1,494,859 $ 207,065 $ 1,512,513 |
ACQUISITIONS, EXPANSIONS AND _2
ACQUISITIONS, EXPANSIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2019 ASSETS ACQUISITIONS | The financial information set forth below summarizes our purchase price allocation for these three properties acquired during the fiscal year 2019 that were accounted for as asset acquisitions ( in thousands SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2019 ASSETS ACQUISITIONS Land $ 14,579 Building 122,018 In-Place Leases 2,367 |
SUMMARY OF OPERATIONS RESULT FOR 2019 PROPERTIES ACQUISITION | The following table summarizes the operating results included in our consolidated statements of income for the fiscal year ended September 30, 2019 for the three properties acquired during the twelve months ended September 30, 2019 ( in thousands SUMMARY OF OPERATIONS RESULT FOR 2019 PROPERTIES ACQUISITION Year Rental Revenues $ 7,073 Net Income Attributable to Common Shareholders 1,723 |
SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2018 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 ( in thousands SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2018 ASSETS ACQUISITIONS Land $ 37,330 Building 239,891 In-Place Leases 6,182 |
SUMMARY OF OPERATIONS RESULT FOR 2018 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 (in thousands SUMMARY OF OPERATIONS RESULT FOR 2018 PROPERTIES ACQUISITION Year Rental Revenues $ 7,430 Net Income Attributable to Common Shareholders 2,131 |
SCHEDULE OF DISPOSITION AND REAL ESTATE CLASSIFIED AS HELD FOR SALE | SCHEDULE OF DISPOSITION AND REAL ESTATE CLASSIFIED AS HELD FOR SALE 2019 2018 2017 Rental and Reimbursement Revenue $ 0 $ 929 $ 2,052 Lease Termination Income 0 210 0 Real Estate Taxes 0 (212 ) (352 ) Operating Expenses 0 (110 ) (169 ) Depreciation & Amortization 0 (79 ) (514 ) Interest Expense 0 (38 ) (144 ) Income from Operations 0 700 873 Gain (Loss) on Sale of Real Estate Investment 0 7,485 (95 ) Net Income $ 0 $ 8,185 $ 778 |
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. SCHEDULE OF PRO FORMA INFORMATION Fiscal Year Ended ( in thousands, except per share amounts 2019 2019 2018 2018 As Reported Pro-forma As Reported Pro-forma Rental Revenue $ 132,524 $ 139,380 $ 115,864 $ 139,439 Net Income Attributable to Common $ 11,026 $ 13,347 $ 38,815 $ 35,983 Basic and Diluted Net Income per $ 0.12 $ 0.14 $ 0.49 $ 0.37 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
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. Intangible Assets, net of Accumulated Amortization is made up of the following balances as of September 30, 2019 and 2018 ( in thousands SCHEDULE OF INTANGIBLE ASSETS UNDER LEASES IN-PLACE ACQUISITION As of 2019 As of 2018 Topeka, KS $ 69 $ 103 Carrollton (Dallas), TX 0 2 Ft. Mill (Charlotte, NC), SC 0 92 Lebanon (Nashville), TN 99 120 Rockford, IL (Sherwin-Williams Co.) 85 105 Edinburg, TX 109 166 Corpus Christi, TX 44 67 Halfmoon (Albany), NY 108 158 Lebanon (Cincinnati), OH 0 54 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals) 520 703 Livonia (Detroit), MI 171 239 Stewartville (Rochester), MN 17 22 Buckner (Louisville), KY 308 330 Edwardsville (Kansas City), KS (International Paper) 292 367 Lindale (Tyler), TX 166 201 Sauget (St. Louis, MO), IL 20 23 Rockford, IL (Collins Aerospace Systems) 61 68 Kansas City, MO 10 15 Monroe, OH (Cincinnati) 333 365 Cincinnati, OH 36 39 Imperial (Pittsburgh), PA 53 62 Burlington (Seattle/Everett), WA 344 375 Colorado Springs, CO 241 279 Hamburg (Buffalo), NY 198 216 As of 2019 As of 2018 Ft. Myers, FL 164 184 Walker (Grand Rapids), MI 415 449 Aiken (Augusta, GA), SC 791 854 Mesquite (Dallas), TX 683 738 Homestead (Miami), FL 475 513 Oklahoma City, OK (Bunzl) 200 240 Concord (Charlotte), NC 539 581 Kenton, OH 389 438 Stow, OH 463 521 Charleston, SC (FDX) 351 378 Oklahoma City, OK (Amazon) 596 670 Savannah, GA (Shaw) 1,247 1,403 Daytona Beach, FL 685 766 Mobile, AL 917 1,017 Charleston, SC (FDX Ground) 622 667 Braselton (Atlanta), GA 930 1,000 Trenton, NJ 1,413 0 Savannah, GA (FDX Ground) 334 0 Lafayette, IN 472 0 Total Intangible Assets, net of Accumulated Amortization $ 14,970 $ 14,590 |
SIGNIFICANT CONCENTRATIONS OF_2
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019, 2018, and 2017 were as follows: SCHEDULE OF CONCENTRATION OF RISK 2019 2018 2017 FDX and Subsidiaries 47% 48% 50% 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, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
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 ( in thousands SCHEDULE OF GAIN (LOSS) ON SECURITIES TRANSACTIONS, NET 2019 2018 2017 Gross realized gains $ 0 $ 112 $ 2,321 Gross realized losses 0 (1 ) (9 ) Gains on Sale of Securities Transactions, net $ 0 $ 111 $ 2,312 |
SUMMARY OF INVESTMENTS IN DEBT AND EQUITY SECURITIES | The following is a listing of our investments in securities at September 30, 2019 ( in thousands SUMMARY OF INVESTMENTS IN DEBT AND EQUITY SECURITIES Description Series Interest Rate/ Dividend Number of Shares Cost Fair Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 400 $ 7,967 $ 3,444 Cedar Realty Trust, Inc. B 7.25 % 6 136 144 Dynex Capital, Inc. A 8.50 % 10 250 256 iStar Financial, Inc. D 8.00 % 10 232 261 iStar Financial, Inc. I 7.50 % 60 1,301 1,547 Pennsylvania Real Estate Investment Trust D 6.875 % 120 2,150 2,431 Pennsylvania Real Estate Investment Trust B 7.375 % 120 2,216 2,484 UMH Properties, Inc. (1) B 8.00 % 100 2,500 2,600 Total Equity Securities - Preferred Stock $ 16,752 $ 13,167 Description Number of Shares Cost Fair Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 4,000 $ 33,525 $ 5,160 Franklin Street Properties 1,000 8,478 8,460 Industrial Logistics Property Trust 700 13,789 14,875 Kimco Realty Corporation 1,700 27,937 35,496 Office Properties Income Trust 659 37,892 20,192 Pennsylvania Real Estate Investment Trust 1,800 13,443 10,296 Senior Housing Property Trust 1,100 17,871 10,181 Tanger Factory Outlet REIT Centers 600 12,300 9,288 VEREIT, Inc. 3,500 27,891 34,230 Washington Prime Group, Inc. 1,500 11,860 6,210 UMH Properties, Inc. (1) 1,257 12,935 17,693 Total Equity Securities - Common Stock $ 217,921 $ 172,081 Description Interest Rate/ Dividend Number of Shares Cost Fair Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500 $ 2 $ 2 Total Securities Available for Sale $ 234,675 $ 185,250 (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, 2018 ( in thousands Description Series Interest Rate/ Dividend Number of Shares Cost Fair Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 200 $ 4,808 $ 3,194 Cedar Realty Trust, Inc. B 7.25 % 6 136 143 Dynex Capital, Inc. A 8.50 % 10 250 254 iStar Financial, Inc. D 8.00 % 3 71 86 iStar Financial, Inc. I 7.50 % 41 872 1,006 UMH Properties, Inc. (1) B 8.00 % 100 2,500 2,626 Total Equity Securities - Preferred Stock $ 8,637 $ 7,309 Description Number of Shares Cost Fair Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 4,000 $ 33,525 $ 15,960 Franklin Street Properties 700 6,419 5,593 Government Properties Income Trust 1,580 26,156 17,838 Industrial Logistics Property Trust 100 2,117 2,301 Kimco Realty Corporation 1,200 20,338 20,088 Pennsylvania Real Estate Investment Trust 200 1,993 1,892 Select Income REIT 800 17,395 17,552 Senior Housing Property Trust 900 15,463 15,804 VEREIT, Inc. 3,100 25,016 22,506 Washington Prime Group, Inc. 1,300 10,542 9,490 UMH Properties, Inc. (1) 1,188 12,061 18,584 Total Equity Securities - Common Stock $ 171,025 $ 147,608 Description Interest Rate/ Dividend Number of Shares Cost Fair Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500 $ 3 $ 4 Total Securities Available for Sale $ 179,665 $ 154,921 (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, 2019 | |
Mortgage Notes And Loans Payable | |
SUMMARY OF FIXED RATE MORTGAGE NOTES PAYABLE | The following is a summary of our Fixed Rate Mortgage Notes Payable as of September 30, 2019 and 2018 ( in thousands SUMMARY OF FIXED RATE MORTGAGE NOTES PAYABLE 9/30/19 9/30/18 Amount Weighted Average Interest Rate (1) Amount Weighted Average Interest Rate (1) Fixed Rate Mortgage Notes Payable $ 752,916 4.03 % $ 719,768 4.07 % Debt Issuance Costs $ 11,733 $ 11,716 Accumulated Amortization of Debt Issuance Costs (3,745 ) (3,494 ) Unamortized Debt Issuance Costs $ 7,988 $ 8,222 Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs $ 744,928 $ 711,546 (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, 2019 and 2018 ( in thousands SUMMARY OF MORTGAGE NOTES PAYABLE Property Fixed Rate Maturity Date Balance 9/30/19 Balance 9/30/18 Tampa, FL (FDX Ground) (1) 6.00 % 03/01/19 $ 0 $ 5,144 Lebanon, TN (Nashville) (1) 7.60 % 07/10/19 0 7,217 Ft. Mill, SC (Charlotte, NC) (1) 7.00 % 10/10/19 0 725 Denver, CO (1) 6.07 % 11/01/19 0 414 Hanahan, SC (Charleston)(Amazon) (1) 5.54 % 01/21/20 0 466 Augusta, GA (FDX Ground) 5.54 % 02/01/20 102 339 Huntsville, AL 5.50 % 03/01/20 140 371 Topeka, KS 6.50 % 08/10/21 584 860 Streetsboro, OH (Cleveland) 5.50 % 11/01/21 8,680 9,300 Kansas City, MO 5.18 % 12/01/21 6,457 6,633 Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) 4.80 % 04/01/22 6,927 7,564 Waco, TX 4.75 % 08/01/22 3,931 4,235 Houston, TX 6.88 % 09/10/22 1,643 2,148 Tolleson, AZ (Phoenix) 3.95 % 11/01/22 2,882 3,720 Edwardsville, KS (Kansas City)(International Paper) 3.45 % 11/01/23 8,421 9,189 Spring, TX (Houston) 4.01 % 12/01/23 7,287 7,925 Memphis, TN 4.50 % 01/01/24 4,202 5,061 Oklahoma City, OK (FDX Ground) 4.35 % 07/01/24 2,890 3,416 Indianapolis, IN 4.00 % 09/01/24 9,454 10,437 Frankfort, KY (Lexington) 4.84 % 12/15/24 15,672 16,639 Carrollton, TX (Dallas) 6.75 % 02/01/25 5,623 6,456 Altoona, PA (2) 4.00 % 10/01/25 2,848 3,253 Green Bay, WI (2) 4.00 % 10/01/25 2,311 2,640 Stewartville, MN (Rochester) (2) 4.00 % 10/01/25 1,852 2,116 Carlstadt, NJ (New York, NY) 5.25 % 05/15/26 1,408 1,580 Roanoke, VA (FDX Ground) 3.84 % 07/01/26 3,905 4,395 Livonia, MI (Detroit) 4.45 % 12/01/26 5,649 6,295 Oklahoma City, OK (Amazon) 3.64 % 12/01/27 18,206 19,014 Olive Branch, MS (Memphis, TN)(Milwaukee Tool) 3.76 % 10/01/28 19,917 21,723 Tulsa, OK 4.58 % 11/01/28 1,552 1,685 Oklahoma City, OK (Bunzl) 4.13 % 07/01/29 5,124 5,538 Lindale, TX (Tyler) 4.57 % 11/01/29 5,242 5,638 Sauget, IL (St. Louis, MO) 4.40 % 11/01/29 7,956 8,564 Jacksonville, FL (FDX Ground) 3.93 % 12/01/29 15,072 16,244 Imperial, PA (Pittsburgh) 3.63 % 04/01/30 10,407 11,200 Monroe, OH (Cincinnati) (3) 3.77 % 04/01/30 6,626 7,126 Monroe, OH (Cincinnati) (3) 3.85 % 04/01/30 7,000 0 Greenwood, IN (Indianapolis) 3.91 % 06/01/30 18,780 20,159 Ft. Worth, TX (Dallas) 3.56 % 09/01/30 19,342 20,754 Concord, NC (Charlotte) 3.87 % 12/01/30 16,654 17,813 Covington, LA (New Orleans) 4.08 % 01/01/31 10,425 11,134 Burlington, WA (Seattle/Everett) 3.67 % 05/01/31 16,635 17,757 Louisville, KY 3.74 % 07/01/31 6,121 6,525 Colorado Springs, CO 3.90 % 07/01/31 15,632 16,652 Davenport, FL (Orlando) 3.89 % 09/01/31 22,274 23,703 Olathe, KS (Kansas City) 3.96 % 09/01/31 18,759 19,957 Hamburg, NY (Buffalo) 4.03 % 11/01/31 20,075 21,329 Ft. Myers, FL (FDX Ground) 3.97 % 01/01/32 12,510 13,281 Savannah, GA 3.53 % 02/01/32 30,304 32,216 Walker, MI (Grand Rapids) 3.86 % 05/01/32 18,365 19,469 Mesquite, TX (Dallas) 3.60 % 07/01/32 29,171 30,928 Property Fixed Rate Maturity Date Balance 9/30/19 Balance 9/30/18 Aiken, SC (Augusta, GA) 4.20 % 07/01/32 $ 13,683 $ 14,471 Homestead, FL (Miami) 3.60 % 07/01/32 21,989 23,314 Mobile, AL 4.14 % 07/01/32 17,802 18,832 Concord, NC (Charlotte) 3.80 % 09/01/32 23,492 24,863 Kenton, OH 4.45 % 10/01/32 10,874 11,473 Stow, OH 4.17 % 10/01/32 11,484 12,130 Charleston, SC (FDX) 4.23 % 12/01/32 12,968 13,683 Daytona Beach, FL 4.25 % 05/31/33 18,224 19,188 Charleston, SC (FDX Ground) 3.82 % 09/01/33 28,356 29,860 Braselton, GA (Atlanta) 4.02 % 10/01/33 37,898 39,700 Buckner, KY (Louisville) 4.17 % 11/01/33 14,566 15,307 Trenton, NJ 4.13 % 11/01/33 52,759 0 Savannah, GA (FDX Ground) 4.40 % 12/01/33 16,872 0 Lafayette, IN 4.25 % 08/01/34 16,932 0 Total Mortgage Notes Payable $ 752,916 $ 719,768 (1) Loan was paid in full during fiscal 2019. (2) One self-amortizing loan is secured by Altoona, PA, Green Bay, WI and Stewartville (Rochester), MN. (3) Two self-amortizing loans secured by same property. |
SCHEDULE OF MATURITIES OF LONG-TERM DEBT | Principal on the foregoing debt at September 30, 2019 is scheduled to be paid as follows ( in thousands SCHEDULE OF MATURITIES OF LONG-TERM DEBT Year Ending September 30, 2020 $ 53,394 2021 55,360 2022 77,516 2023 56,240 2024 69,293 Thereafter 441,113 Total $ 752,916 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
SCHEDULE OF OTHER LIABILITIES | Other liabilities consist of the following as of September 30 ( in thousands SCHEDULE OF OTHER LIABILITIES 9/30/19 9/30/18 Rent paid in advance $ 10,683 $ 9,401 Unearned reimbursement revenue 5,385 5,815 Tenant security deposits 691 715 Other 648 495 Total $ 17,407 $ 16,426 |
STOCK COMPENSATION PLAN (Tables
STOCK COMPENSATION PLAN (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [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 2019, 2018 and 2017: SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS 2019 2018 2017 Dividend yield 5.03 % 3.82 % 4.44 % Expected volatility 17.17 % 16.45 % 18.84 % Risk-free interest rate 2.88 % 2.37 % 2.26 % 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, 2019, 2018 and 2017 is as follows ( shares in thousands SUMMARY OF STATUS OF COMPANY'S STOCK OPTION PLAN 2019 2018 2017 2019 Weighted 2018 Weighted 2017 Weighted Outstanding at beginning of year 695 $ 12.17 670 $ 11.75 455 $ 9.46 Granted 450 13.53 65 17.80 280 14.43 Exercised (65 ) 8.72 (40 ) 14.24 (65 ) 7.22 Expired/Forfeited 0 0 0 0 0 0 Outstanding at end of year 1,080 12.95 695 12.17 670 11.75 Exercisable at end of year 630 630 390 Weighted-average fair value of options granted during the year $ 1.17 $ 1.84 $ 1.49 |
SUMMARY OF STOCK OPTION OUTSTANDING | The following is a summary of stock options outstanding as of September 30, 2019: SUMMARY OF STOCK OPTION OUTSTANDING Date of Grant Number of Grants Number of Shares in thousands Option Price Expiration Date 01/03/12 1 65 9.33 01/03/20 01/03/13 1 65 10.46 01/03/21 01/03/14 1 65 8.94 01/03/22 01/05/15 1 65 11.16 01/05/23 01/05/16 1 65 10.37 01/05/24 12/09/16 8 175 14.24 12/09/24 01/04/17 1 65 15.04 01/04/25 01/03/18 1 65 17.80 01/03/26 12/10/18 12 385 13.64 12/10/26 01/10/19 1 65 12.86 01/10/27 1,080 |
SUMMARY OF NONVESTED RESTRICTED STOCK AWARDS | A summary of the status of our non-vested restricted stock awards as of September 30, 2019, 2018 and 2017 are presented below ( shares in thousands SUMMARY OF NONVESTED RESTRICTED STOCK AWARDS 2019 2018 2017 2019 Weighted-Average 2018 Weighted-Average 2017 Weighted-Average Non-vested at beginning of year 78 $ 13.18 90 $ 12.15 118 $ 11.35 Granted 25 15.45 13 16.47 11 15.92 Dividend Reinvested Shares 5 13.11 4 15.42 5 13.99 Vested (31 ) (14.33 ) (29 ) (16.99 ) (44 ) (15.74 ) Forfeited 0 0 0 0 0 0 Non-vested at end of year 77 $ 13.94 78 $ 13.18 90 $ 12.15 |
INCOME FROM LEASES (Tables)
INCOME FROM LEASES (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES | SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES Fiscal Year Amount 2020 $ 132,947 2021 130,863 2022 124,380 2023 119,725 2024 108,844 thereafter 482,571 Total $ 1,099,330 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF NET INCOME AND TAXABLE INCOME | SCHEDULE OF NET INCOME AND TAXABLE INCOME 2019 2018 2017 Net income attributable to common shareholders $ 11,026 $ 38,815 $ 22,942 Book / tax difference on gains realized from capital transactions 0 (7,596 ) (2,312 ) Stock compensation expense 784 434 625 Deferred compensation 0 0 0 Other book / tax differences, net 1,650 (1,039 ) (1,596 ) Taxable income before adjustments 13,460 30,614 19,659 Add: capital gains 19,680 7,996 567 Estimated taxable income subject to 90% dividend requirement $ 33,140 $ 38,610 $ 20,226 |
SCHEDULE OF CASH DIVIDENDS PAID AND DIVIDENDS PAID DEDUCTION | SCHEDULE OF CASH DIVIDENDS PAID AND DIVIDENDS PAID DEDUCTION 2019 Estimated 2018 2017 Cash dividends paid $ 63,742 $ 53,586 $ 46,289 Less: Portion designated capital gains distribution (19,680 ) (7,996 ) (567 ) Less: Return of capital (30,602 ) (14,976 ) (7,361 ) Estimated dividends paid deduction $ 13,460 $ 30,614 $ 38,361 |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
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, 2019, 2018 and 2017 were as follows: SCHEDULE OF SHARES ISSUED IN CONNECTION WITH DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN 2019 2018 2017 Amounts received $ 73,965 $ 90,029 $ 91,932 Less: Dividend reinvestments 16,886 12,928 10,126 Amounts received, net $ 57,079 $ 77,101 $ 81,806 Number of Shares Issued 5,601 5,816 6,633 |
SUMMARY OF CASH DISTRIBUTIONS TO COMMON SHAREHOLDERS | The following cash distributions were paid to common shareholders during the years ended September 30, 2019, 2018 and 2017 ( in thousands SUMMARY OF CASH DISTRIBUTIONS TO COMMON SHAREHOLDERS 2019 2018 2017 Quarter Ended Amount Per Share Amount Per Share Amount Per Share December 31 $ 15,570 $ 0.17 $ 13,017 $ 0.17 $ 11,184 $ 0.16 March 31 15,825 0.17 13,303 0.17 11,429 0.16 June 30 16,064 0.17 13,523 0.17 11,698 0.16 September 30 16,283 0.17 13,743 0.17 11,978 0.16 $ 63,742 $ 0.68 $ 53,586 $ 0.68 $ 46,289 $ 0.64 |
SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES A PREFERRED STOCK | Our Board of Directors has authorized and we have paid the following dividend, representing the final dividend payment at time of redemption of the 7.625% Series A Preferred Stock for the fiscal years ended September 30, 2017 ( in thousands except per share amounts SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES A PREFERRED STOCK Declaration Record Payment Dividend Dividend 9/14/16 10/14/16 10/14/16 $ 499 $ 0.23299 |
SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES B 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 ( in thousands except per share amounts SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES B PREFERRED STOCK Declaration Record Payment Dividend Dividend 10/3/16 11/15/16 12/15/16 $ 1,132 $ 0.4921875 1/17/17 2/15/17 3/15/17 1,132 0.4921875 4/4/17 5/15/17 6/15/17 1,132 0.4921875 5/5/17 6/7/17 6/7/17 76 0.0328125 (1) $ 3,472 $ 1.5093750 (1) Represents final dividend payment at time of redemption of the 7.875% Series B Preferred Stock |
SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES C 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, 2019, 2018 and 2017 ( in thousands except per share amounts SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES C PREFERRED STOCK Declaration Record Payment Dividend Dividend 10/1/18 11/15/18 12/17/18 $ 4,415 $ 0.3828125 1/16/19 2/15/19 3/15/19 4,424 0.3828125 4/2/19 5/15/19 6/17/19 4,681 0.3828125 7/1/19 8/15/19 9/16/19 4,945 0.3828125 $ 18,465 $ 1.53125 Declaration Record Payment Dividend Dividend 10/2/17 11/15/17 12/15/17 $ 4,081 $ 0.3828125 1/16/18 2/15/18 3/15/18 4,221 0.3828125 4/2/18 5/15/18 6/15/18 4,248 0.3828125 7/2/18 8/15/18 9/17/18 4,327 0.3828125 $ 16,877 $ 1.53125 Declaration Record Payment Dividend Dividend 10/3/16 11/15/16 12/15/16 $ 1,792 $ 0.3317708 1/17/17 2/15/17 3/15/17 2,067 0.3828125 4/4/17 5/15/17 6/15/17 3,216 0.3828125 7/3/17 8/15/17 9/15/17 3,455 0.3828125 $ 10,530 $ 1.4802083 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018 ( in thousands SUMMARY OF FAIR VALUE OF FINANCIAL ASSETS Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2019: Securities available for sale $ 185,250 $ 185,250 $ 0 $ 0 September 30, 2018: Securities available for sale $ 154,921 $ 154,921 $ 0 $ 0 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
SCHEDULE OF SELECTED QUARTERLY FINANCIAL DATA | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) THREE MONTHS ENDED ( in thousands SCHEDULE OF SELECTED QUARTERLY FINANCIAL DATA FISCAL 2019 12/31/18 3/31/19 6/30/19 9/30/19 Rental and Reimbursement Revenue $ 39,147 $ 39,306 $ 39,472 $ 40,597 Total Expenses 19,825 20,490 20,646 21,337 Unrealized Holding Gains (Losses) Arising During the Periods (1) (42,627 ) 15,568 (11,609 ) 13,988 Other Income (Expense) (1) (47,264 ) 9,485 (17,198 ) 8,553 Income from Operations (27,943 ) 28,301 1,628 27,814 Income from Operations per diluted share $ (0.31 ) $ 0.30 $ 0.02 $ 0.29 Net Income (Loss) (1) (27,943 ) 28,301 1,628 27,814 Net Income per diluted share (1) $ (0.31 ) $ 0.30 $ 0.02 $ 0.29 Net Income Attributable to Common Shareholders (1) (32,364 ) 23,821 (3,121 ) 22,690 Net Income Attributable to Common Shareholders per diluted share (1) $ (0.36 ) $ 0.26 $ (0.03 ) $ 0.24 FISCAL 2018 12/31/17 3/31/18 6/30/18 9/30/18 Rental and Reimbursement Revenue $ 33,465 $ 34,344 $ 34,736 $ 36,617 Lease Termination Income 210 0 0 0 Total Expenses 16,991 17,643 17,611 19,488 Unrealized Holding Gains (Losses) Arising During the Periods (1) 0 0 0 0 Other Income (Expense) (4,442 ) (5,056 ) (4,651 ) (4,969 ) Income from Operations 12,242 11,645 12,474 12,160 Income from Operations per diluted share $ 0.16 $ 0.15 $ 0.16 $ 0.15 Gain on Sale of Real Estate Investment 5,388 0 2,097 0 Net Income (Loss) 17,630 11,645 14,571 12,160 Net Income per diluted share $ 0.23 $ 0.15 $ 0.18 $ 0.15 Net Income Attributable to Common Shareholders 13,313 7,397 10,323 7,782 Net Income Attributable to Common Shareholders per diluted share $ 0.17 $ 0.10 $ 0.13 $ 0.10 (1) Effective October 1, 2018 we adopted ASU 2016-01. This new accounting standard requires unrealized gains or losses on our securities investments to flow through our income statement. Periods shown here prior to October 1, 2018 do not include the effect of this accounting change and therefore Net Income Attributable to Common Shareholders between these periods are not comparable. |
SCHEDULE III (Tables)
SCHEDULE III (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column B Column C Column D Capitalization Buildings and Subsequent to Description Encumbrances Land Improvements Acquisition Industrial Buildings Monaca (Pittsburgh), PA $ 0 $ 402 $ 878 $ 6,631 Ridgeland (Jackson), MS 0 218 1,234 859 Urbandale (Des Moines), IA 0 310 1,758 476 Richland (Jackson), MS 0 211 1,195 495 O’Fallon (St. Louis), MO 0 264 3,302 684 Fayetteville, NC 0 172 4,468 815 Schaumburg (Chicago), IL 0 1,040 3,694 444 Burr Ridge (Chicago), IL 0 270 1,237 200 Romulus (Detroit), MI 0 531 3,654 764 Liberty (Kansas City), MO 0 724 6,498 315 Omaha, NE 0 1,170 4,426 368 Charlottesville, VA 0 1,170 2,845 447 Jacksonville, FL (FDX) 0 1,165 4,668 751 West Chester Twp. (Cincinnati), OH 0 695 3,342 1,697 Mechanicsville (Richmond), VA 0 1,160 6,413 234 St. Joseph, MO 0 800 11,754 835 Newington (Hartford), CT 0 410 2,961 123 Cudahy (Milwaukee), WI 0 980 5,051 3,776 Beltsville (Washington, DC), MD 0 3,200 5,959 5,353 Carlstadt (New York, NY), NJ 1,408 1,194 3,646 457 Granite City (St. Louis, MO), IL 0 340 12,047 311 Winston-Salem, NC 0 980 5,610 656 Elgin (Chicago), IL 0 1,280 5,529 168 Cheektowaga (Buffalo), NY 0 4,797 3,884 2,280 Tolleson (Phoenix), AZ 2,882 1,316 13,329 2,179 Edwardsville (Kansas City), KS (Carlisle Tire) 0 1,185 5,815 233 Wheeling (Chicago), IL 0 5,112 9,187 4,694 Richmond, VA 0 446 3,911 549 Tampa, FL (FDX Ground) 0 5,000 12,660 2,042 Montgomery (Chicago), IL 0 2,000 9,226 77 Denver, CO 0 1,150 3,890 1,324 Hanahan (Charleston), SC (SAIC) 0 1,129 11,831 1,056 Hanahan (Charleston), SC (Amazon) 0 930 3,426 3,334 Augusta, GA (FDX Ground) 102 614 3,026 1,723 Tampa, FL (Tampa Bay Grand Prix) 0 1,867 3,685 126 Huntsville, AL 140 748 2,724 3,190 Augusta, GA (FDX) 0 380 1,401 203 Lakeland, FL 0 261 1,621 161 El Paso, TX 0 3,225 4,514 4,692 Richfield (Cleveland), OH 0 2,677 7,198 6,572 Tampa, FL (FDX) 0 2,830 4,705 330 Griffin (Atlanta), GA 0 760 13,692 623 Roanoke, VA (CHEP USA) 0 1,853 4,817 793 Orion, MI 0 4,650 13,053 5,187 Chattanooga, TN 0 300 4,465 584 Bedford Heights (Cleveland), OH 0 990 4,894 1,414 Punta Gorda, FL 0 0 4,105 29 Cocoa, FL 0 1,881 8,624 3,622 Orlando, FL 0 2,200 6,134 441 Topeka, KS 584 0 3,680 0 Memphis, TN 4,202 1,235 13,380 1,499 Houston, TX 1,643 1,661 6,320 182 Carrollton (Dallas), TX 5,623 1,500 16,240 207 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column B Column C Column D Capitalization Buildings and Subsequent to Description Encumbrances Land Improvements Acquisition Ft. Mill (Charlotte, NC), SC $ 0 $ 1,747 $ 10,045 $ 5,272 Lebanon (Nashville), TN 0 2,230 11,985 0 Rockford, IL (Sherwin-Williams Co.) 0 1,100 4,440 11 Edinburg, TX 0 1,000 6,414 4,625 Streetsboro (Cleveland), OH 8,680 1,760 17,840 0 Corpus Christi, TX 0 0 4,765 43 Halfmoon (Albany), NY 0 1,190 4,336 0 Lebanon (Cincinnati), OH 0 240 4,176 36 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 6,927 800 13,750 0 Oklahoma City, OK (FDX Ground) 2,890 1,410 8,043 3,153 Waco, TX 3,931 1,350 7,383 3,818 Livonia (Detroit), MI 5,649 320 13,380 180 Olive Branch (Memphis, TN), MS (Milwaukee Tool) 19,917 2,550 24,819 9,546 Roanoke, VA (FDX Ground) 3,905 1,740 8,460 0 Green Bay, WI 2,311 590 5,979 0 Stewartville (Rochester), MN 1,852 900 4,320 4 Tulsa, OK 1,552 790 2,910 48 Buckner (Louisville), KY 14,566 2,280 24,353 175 Edwardsville (Kansas City), KS (International Paper) 8,421 2,750 15,335 209 Altoona, PA 2,848 1,200 7,790 37 Spring (Houston), TX 7,287 1,890 13,391 4,036 Indianapolis, IN 9,454 3,746 20,446 1,312 Sauget (St. Louis, MO), IL 7,956 1,890 13,310 5 Lindale (Tyler), TX 5,242 540 9,390 36 Kansas City, MO 6,457 1,000 8,600 403 Frankfort (Lexington), KY 15,672 1,850 26,150 0 Jacksonville, FL (FDX Ground) 15,072 6,000 24,646 181 Monroe (Cincinnati), OH 13,626 1,800 11,137 8,640 Greenwood (Indianapolis), IN 18,780 2,250 35,235 27 Ft. Worth (Dallas), TX 19,342 8,200 27,101 32 Cincinnati, OH 0 800 5,950 0 Rockford, IL (Collins Aerospace Systems) 0 480 4,620 0 Concord (Charlotte), NC 16,654 4,305 27,671 1,069 Covington (New Orleans), LA 10,425 2,720 15,690 16 Imperial (Pittsburgh), PA 10,407 3,700 16,250 14 Burlington (Seattle/Everett), WA 16,635 8,000 22,211 110 Colorado Springs, CO 15,632 2,150 26,350 820 Louisville, KY 6,121 1,590 9,714 0 Davenport (Orlando), FL 22,274 7,060 30,720 0 Olathe (Kansas City), KS 18,759 2,350 29,387 0 Hamburg (Buffalo), NY 20,075 1,700 33,150 244 Ft. Myers, FL 12,510 2,486 18,400 778 Walker (Grand Rapids), MI 18,365 4,034 27,621 0 Mesquite (Dallas), TX 29,171 6,248 43,632 0 Aiken (Augusta, GA), SC 13,683 1,362 19,678 0 Homestead (Miami), FL 21,989 4,427 33,446 39 Oklahoma City, OK (Bunzl) 5,124 845 7,883 0 Concord (Charlotte), NC 23,492 4,307 35,736 0 Kenton, OH 10,874 855 17,027 849 Stow, OH 11,484 1,430 17,504 0 Charleston, SC (FDX) 12,968 4,639 16,848 32 Oklahoma City, OK (Amazon) 18,206 1,618 28,260 0 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column B Column C Column D Capitalization Buildings and Subsequent to Description Encumbrances Land Improvements Acquisition Savannah, GA $ 30,304 $ 4,405 $ 51,621 $ 0 Daytona Beach, FL 18,224 3,120 26,854 34 Mobile, AL 17,802 2,480 30,572 0 Charleston, SC (FDX Ground) 28,356 7,103 39,473 0 Braselton (Atlanta), GA 37,898 13,965 46,262 0 Trenton, NJ 52,759 8,336 75,652 0 Savannah, GA (FDX Ground) 16,872 3,441 24,091 0 Lafayette, IN 16,932 2,802 22,277 0 Shopping Center Somerset, NJ 0 34 637 2,458 Vacant Land Shelby County, TN 0 11 0 0 $ 752,916 $ 239,299 $ 1,502,722 $ 124,497 |
REAL ESTATE AND ACCUMULATED GROSS DEPRECIATION | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2019 Description Land Bldg & Imp Total Industrial Buildings Monaca (Pittsburgh), PA $ 402 $ 7,509 $ 7,911 Ridgeland (Jackson), MS 218 2,093 2,311 Urbandale (Des Moines), IA 310 2,234 2,544 Richland (Jackson), MS 211 1,690 1,901 O’Fallon (St. Louis), MO 264 3,986 4,250 Fayetteville, NC 172 5,283 5,455 Schaumburg (Chicago), IL 1,040 4,138 5,178 Burr Ridge (Chicago), IL 270 1,437 1,707 Romulus (Detroit), MI 531 4,418 4,949 Liberty (Kansas City), MO 724 6,813 7,537 Omaha, NE 1,170 4,794 5,964 Charlottesville, VA 1,170 3,292 4,462 Jacksonville, FL (FDX) 1,165 5,419 6,584 West Chester Twp. (Cincinnati), OH 695 5,039 5,734 Mechanicsville (Richmond), VA 1,160 6,647 7,807 St. Joseph, MO 800 12,589 13,389 Newington (Hartford), CT 410 3,084 3,494 Cudahy (Milwaukee), WI 980 8,827 9,807 Beltsville (Washington, DC), MD 3,200 11,312 14,512 Carlstadt (New York, NY), NJ 1,194 4,103 5,297 Granite City (St. Louis, MO), IL 340 12,358 12,698 Winston-Salem, NC 980 6,266 7,246 Elgin (Chicago), IL 1,280 5,697 6,977 Cheektowaga (Buffalo), NY 4,797 6,164 10,961 Tolleson (Phoenix), AZ 1,316 15,508 16,824 Edwardsville (Kansas City), KS (Carlisle Tire) 1,185 6,048 7,233 Wheeling (Chicago), IL 5,112 13,881 18,993 Richmond, VA 446 4,460 4,906 Tampa, FL (FDX Ground) 5,000 14,702 19,702 Montgomery (Chicago), IL 2,000 9,303 11,303 Denver, CO 1,150 5,214 6,364 Hanahan (Charleston), SC (SAIC) 1,129 12,887 14,016 Hanahan (Charleston), SC (Amazon) 930 6,760 7,690 Augusta, GA (FDX Ground) 614 4,749 5,363 Tampa, FL (Tampa Bay Grand Prix) 1,867 3,811 5,678 Huntsville, AL 748 5,914 6,662 Augusta, GA (FDX) 380 1,604 1,984 Lakeland, FL 261 1,782 2,043 El Paso, TX 3,225 9,206 12,431 Richfield (Cleveland), OH 2,677 13,770 16,447 Tampa, FL (FDX) 2,830 5,035 7,865 Griffin (Atlanta), GA 760 14,315 15,075 Roanoke, VA (CHEP USA) 1,853 5,610 7,463 Orion, MI 4,650 18,240 22,890 Chattanooga, TN 300 5,049 5,349 Bedford Heights (Cleveland), OH 990 6,308 7,298 Punta Gorda, FL 0 4,134 4,134 Cocoa, FL 1,881 12,246 14,127 Orlando, FL 2,200 6,575 8,775 Topeka, KS 0 3,680 3,680 Memphis, TN 1,235 14,879 16,114 Houston, TX 1,661 6,502 8,163 Carrollton (Dallas), TX 1,500 16,447 17,947 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION REAL ESTATE AND ACCUMULATED GROSS DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2019 Description Land Bldg & Imp Total Ft. Mill (Charlotte, NC), SC $ 1,747 $ 15,317 $ 17,064 Lebanon (Nashville), TN 2,230 11,985 14,215 Rockford, IL (Sherwin-Williams Co.) 1,100 4,451 5,551 Edinburg, TX 1,000 11,039 12,039 Streetsboro (Cleveland), OH 1,760 17,840 19,600 Corpus Christi, TX 0 4,808 4,808 Halfmoon (Albany), NY 1,190 4,336 5,526 Lebanon (Cincinnati), OH 240 4,212 4,452 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 800 13,750 14,550 Oklahoma City, OK (FDX Ground) 1,410 11,196 12,606 Waco, TX 1,350 11,201 12,551 Livonia (Detroit), MI 320 13,560 13,880 Olive Branch (Memphis, TN), MS (Milwaukee Tool) 2,550 34,365 36,915 Roanoke, VA (FDX Ground) 1,740 8,460 10,200 Green Bay, WI 590 5,979 6,569 Stewartville (Rochester), MN 900 4,324 5,224 Tulsa, OK 790 2,958 3,748 Buckner (Louisville), KY 2,280 24,528 26,808 Edwardsville (Kansas City), KS (International Paper) 2,750 15,544 18,294 Altoona, PA 1,200 7,827 9,027 Spring (Houston), TX 1,890 17,427 19,317 Indianapolis, IN 3,746 21,758 25,504 Sauget (St. Louis, MO), IL 1,890 13,315 15,205 Lindale (Tyler), TX 540 9,426 9,966 Kansas City, MO 1,000 9,003 10,003 Frankfort (Lexington), KY 1,850 26,150 28,000 Jacksonville, FL (FDX Ground) 6,000 24,827 30,827 Monroe (Cincinnati), OH 1,800 19,777 21,577 Greenwood (Indianapolis), IN 2,250 35,262 37,512 Ft. Worth (Dallas), TX 8,200 27,133 35,333 Cincinnati, OH 800 5,950 6,750 Rockford, IL (Collins Aerospace Systems) 480 4,620 5,100 Concord (Charlotte), NC 4,305 28,740 33,045 Covington (New Orleans), LA 2,720 15,706 18,426 Imperial (Pittsburgh), PA 3,700 16,264 19,964 Burlington (Seattle/Everett), WA 8,000 22,321 30,321 Colorado Springs, CO 2,150 27,170 29,320 Louisville, KY 1,590 9,714 11,304 Davenport (Orlando), FL 7,060 30,720 37,780 Olathe (Kansas City), KS 2,350 29,387 31,737 Hamburg (Buffalo), NY 1,700 33,394 35,094 Ft. Myers, FL 2,486 19,178 21,664 Walker (Grand Rapids), MI 4,034 27,621 31,655 Mesquite (Dallas), TX 6,248 43,632 49,880 Aiken (Augusta, GA), SC 1,362 19,678 21,040 Homestead (Miami), FL 4,427 33,485 37,912 Oklahoma City, OK (Bunzl) 845 7,883 8,728 Concord (Charlotte), NC 4,307 35,736 40,043 Kenton, OH 855 17,876 18,731 Stow, OH 1,430 17,504 18,934 Charleston, SC (FDX) 4,639 16,880 21,519 Oklahoma City, OK (Amazon) 1,618 28,260 29,878 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2019 Description Land Bldg & Imp Total Savannah, GA $ 4,405 $ 51,621 $ 56,026 Daytona Beach, FL 3,120 26,888 30,008 Mobile, AL 2,480 30,572 33,052 Charleston, SC (FDX Ground) 7,103 39,473 46,576 Braselton (Atlanta), GA 13,965 46,262 60,227 Trenton, NJ 8,336 75,652 83,988 Savannah, GA (FDX Ground) 3,441 24,091 27,532 Lafayette, IN 2,802 22,277 25,079 Shopping Center Somerset, NJ 34 3,095 3,129 Vacant Land Shelby County, TN 11 0 11 $ 239,299 $ 1,627,219 $ 1,866,518 (1) See pages 152-155 for reconciliation. (2) The aggregate cost for Federal tax purposes approximates historical cost. |
SCHEDULE OF ACCUMULATED DEPRECIATION LIFE | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SCHEDULE OF ACCUMULATED DEPRECIATION LIFE SEPTEMBER 30, 2019 (in thousands) 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 $ 3,229 1977 1977 (3 ) Ridgeland (Jackson), MS 1,382 1988 1993 (3 ) Urbandale (Des Moines), IA 1,294 1985 1994 (3 ) Richland (Jackson), MS 1,057 1986 1994 (3 ) O’Fallon (St. Louis), MO 2,492 1989 1994 (3 ) Fayetteville, NC 3,165 1996 1997 (3 ) Schaumburg (Chicago), IL 2,407 1997 1997 (3 ) Burr Ridge (Chicago), IL 783 1997 1997 (3 ) Romulus (Detroit), MI 2,182 1998 1998 (3 ) Liberty (Kansas City), MO 3,669 1997 1998 (3 ) Omaha, NE 2,484 1999 1999 (3 ) Charlottesville, VA 1,693 1998 1999 (3 ) Jacksonville, FL (FDX) 2,961 1998 1999 (3 ) West Chester Twp. (Cincinnati), OH 2,484 1999 2000 (3 ) Mechanicsville (Richmond), VA 3,191 2000 2001 (3 ) St. Joseph, MO 5,804 2000 2001 (3 ) Newington (Hartford), CT 1,466 2001 2001 (3 ) Cudahy (Milwaukee), WI 3,550 2001 2001 (3 ) Beltsville (Washington, DC), MD 4,454 2000 2001 (3 ) Carlstadt (New York, NY), NJ 1,123 1977 2001 (3 ) Granite City (St. Louis, MO), IL 5,539 2001 2001 (3 ) Winston-Salem, NC 2,835 2001 2002 (3 ) Elgin (Chicago), IL 2,599 2002 2002 (3 ) Cheektowaga (Buffalo), NY 2,011 2000 2002 (3 ) Tolleson (Phoenix), AZ 6,659 2002 2003 (3 ) Edwardsville (Kansas City), KS (Carlisle Tire) 2,689 2002 2003 (3 ) Wheeling (Chicago), IL 4,820 2003 2003 (3 ) Richmond, VA 1,666 2004 2004 (3 ) Tampa, FL (FDX Ground) 5,302 2004 2004 (3 ) Montgomery (Chicago), IL 3,004 2004 2004 (3 ) Denver, CO 1,839 2005 2005 (3 ) Hanahan (Charleston), SC (SAIC) 4,754 2002 2005 (3 ) Hanahan (Charleston), SC (Amazon) 2,244 2005 2005 (3 ) Augusta, GA (FDX Ground) 1,634 2005 2005 (3 ) Tampa, FL (Tampa Bay Grand Prix) 1,246 1989 2005 (3 ) Huntsville, AL 1,406 2005 2005 (3 ) Augusta, GA (FDX) 512 1993 2006 (3 ) Lakeland, FL 625 1993 2006 (3 ) El Paso, TX 2,244 2005 2006 (3 ) Richfield (Cleveland), OH 3,441 2006 2006 (3 ) Tampa, FL (FDX) 1,669 2006 2006 (3 ) Griffin (Atlanta), GA 4,912 2006 2006 (3 ) Roanoke, VA (CHEP USA) 1,899 1996 2007 (3 ) Orion, MI 4,959 2007 2007 (3 ) Chattanooga, TN 1,529 2002 2007 (3 ) Bedford Heights (Cleveland), OH 2,090 1998 2007 (3 ) Punta Gorda, FL 1,172 2007 2007 (3 ) Cocoa, FL 3,080 2006 2008 (3 ) Orlando, FL 2,022 1997 2008 (3 ) Topeka, KS 991 2006 2009 (3 ) Memphis, TN 3,297 1994 2010 (3 ) Houston, TX 1,632 2005 2010 (3 ) Carrollton (Dallas), TX 3,987 2009 2010 (3 ) MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column F Column G Column H Column I Accumulated Date of Date Depreciable Description Depreciation Construction Acquired Life Ft. Mill (Charlotte, NC), SC $ 3,041 2009 2010 (3 ) Lebanon (Nashville), TN 2,458 1993 2011 (3 ) Rockford, IL (Sherwin-Williams Co.) 975 1998-2008 2011 (3 ) Edinburg, TX 1,756 2011 2011 (3 ) Streetsboro (Cleveland), OH 3,431 2012 2012 (3 ) Corpus Christi, TX 923 2012 2012 (3 ) Halfmoon (Albany), NY 834 2012 2012 (3 ) Lebanon (Cincinnati), OH 813 2012 2012 (3 ) Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 2,556 2012 2012 (3 ) Oklahoma City, OK (FDX Ground) 1,892 2012 2012 (3 ) Waco, TX 1,786 2012 2012 (3 ) Livonia (Detroit), MI 2,407 1999 2013 (3 ) Olive Branch (Memphis, TN), MS (Milwaukee Tool) 4,929 2013 2013 (3 ) Roanoke, VA (FDX Ground) 1,365 2013 2013 (3 ) Green Bay, WI 921 2013 2013 (3 ) Stewartville (Rochester), MN 665 2013 2013 (3 ) Tulsa, OK 473 2009 2014 (3 ) Buckner (Louisville), KY 3,755 2014 2014 (3 ) Edwardsville (Kansas City), KS (International Paper) 2,416 2014 2014 (3 ) Altoona, PA 1,189 2014 2014 (3 ) Spring (Houston), TX 2,527 2014 2014 (3 ) Indianapolis, IN 2,830 2014 2014 (3 ) Sauget (St. Louis, MO), IL 1,708 2015 2015 (3 ) Lindale (Tyler), TX 1,211 2015 2015 (3 ) Kansas City, MO 1,147 2015 2015 (3 ) Frankfort (Lexington), KY 3,241 2015 2015 (3 ) Jacksonville, FL (FDX Ground) 2,799 2015 2015 (3 ) Monroe (Cincinnati), OH 1,438 2015 2015 (3 ) Greenwood (Indianapolis), IN 3,998 2015 2015 (3 ) Ft. Worth (Dallas), TX 2,896 2015 2015 (3 ) Cincinnati, OH 623 2014 2015 (3 ) Rockford, IL (Collins Aerospace Systems) 592 2012 2015 (3 ) Concord (Charlotte), NC 3,158 2016 2016 (3 ) Covington (New Orleans), LA 1,543 2016 2016 (3 ) Imperial (Pittsburgh), PA 1,494 2016 2016 (3 ) Burlington (Seattle/Everett), WA 2,000 2016 2016 (3 ) Colorado Springs, CO 2,310 2016 2016 (3 ) Louisville, KY 830 2016 2016 (3 ) Davenport (Orlando), FL 2,494 2016 2016 (3 ) Olathe (Kansas City), KS 2,386 2016 2016 (3 ) Hamburg (Buffalo), NY 2,560 2017 2017 (3 ) Ft. Myers, FL 1,332 2017 2017 (3 ) Walker (Grand Rapids), MI 1,771 2017 2017 (3 ) Mesquite (Dallas), TX 2,517 2017 2017 (3 ) Aiken (Augusta, GA), SC 1,135 2017 2017 (3 ) Homestead (Miami), FL 1,933 2017 2017 (3 ) Oklahoma City, OK (Bunzl) 454 2017 2017 (3 ) Concord (Charlotte), NC 1,985 2017 2017 (3 ) Kenton, OH 927 2017 2017 (3 ) Stow, OH 898 2017 2017 (3 ) Charleston, SC (FDX) 831 2018 2018 (3 ) Oklahoma City, OK (Amazon) 1,328 2018 2018 (3 ) MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2019 (in thousands) Column A Column F Column G Column H Column I Accumulated Date of Date Depreciable Description Depreciation Construction Acquired Life Savannah, GA $ 2,206 2018 2018 (3 ) Daytona Beach, FL 1,036 2018 2018 (3 ) Mobile, AL 980 2018 2018 (3 ) Charleston, SC (FDX Ground) 1,180 2018 2018 (3 ) Braselton (Atlanta), GA 1,285 2018 2018 (3 ) Trenton, NJ 1,940 2019 2019 (3 ) Savannah, GA (FDX Ground) 515 2019 2019 (3 ) Lafayette, IN 96 2019 2019 (3 ) Shopping Center Somerset, NJ 1,687 1970 1970 (3 ) Vacant Land Shelby County, TN 0 N/A 2007 N/A $ 249,584 (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 |
SCHEDULE OF REAL ESTATE INVESTMENT | REAL ESTATE INVESTMENTS SCHEDULE OF REAL ESTATE INVESTMENT 9/30/2019 9/30/2018 9/30/2017 Balance-Beginning of Year $ 1,719,578 $ 1,431,916 $ 1,150,395 Additions: Acquisitions 136,598 277,253 282,509 Improvements 10,342 10,409 4,169 Total Additions 146,940 287,662 286,678 Deletions: Sales 0 0 (5,157 ) Total Deletions 0 0 (5,157 ) Balance-End of Year $ 1,866,518 $ 1,719,578 $ 1,431,916 |
SCHEDULE OF ACCUMULATED DEPRECIATION | ACCUMULATED DEPRECIATION SCHEDULE OF ACCUMULATED DEPRECIATION 9/30/2019 9/30/2018 9/30/2017 Balance-Beginning of Year $ 207,065 $ 171,086 $ 143,006 Depreciation 42,519 36,018 29,016 Sales 0 (39 ) (936 ) Balance-End of Year $ 249,584 $ 207,065 $ 171,086 |
RECONCILIATION OF REAL ESTATE AND ACCUMULATED DEPRECIATION | (1) Reconciliation RECONCILIATION OF REAL ESTATE AND ACCUMULATED DEPRECIATION 2019 2018 2017 Balance – Beginning of Year $ 1,719,578 $ 1,431,916 $ 1,150,395 Additions: Monaca (Pittsburgh), PA $ 0 $ 25 $ 80 Ridgeland (Jackson), MS 426 27 0 Urbandale (Des Moines), IA 20 267 95 Richland (Jackson), MS 0 0 0 O’Fallon (St. Louis), MO 4 0 0 Fayetteville, NC 4 0 10 Schaumburg (Chicago), IL 0 0 197 Burr Ridge (Chicago), IL 14 0 0 Romulus (Detroit), MI 217 65 67 Liberty (Kansas City), MO 137 0 0 Omaha, NE 19 0 0 Charlottesville, VA 6 99 8 Jacksonville, FL (FDX) 187 67 83 West Chester Twp. (Cincinnati), OH 0 0 5 Mechanicsville (Richmond), VA 14 7 27 St. Joseph, MO 25 74 56 Newington (Hartford), CT 0 0 30 Cudahy (Milwaukee), WI 41 384 0 Beltsville (Washington, DC), MD 0 0 0 Carlstadt (New York, NY), NJ 354 39 0 Granite City (St. Louis, MO), IL 0 0 155 Winston-Salem, NC 0 8 0 Elgin (Chicago), IL 0 0 45 Cheektowaga (Buffalo), NY 0 0 0 Tolleson (Phoenix), AZ 0 0 0 Edwardsville (Kansas City), KS (Carlisle Tire) 0 0 8 Wheeling (Chicago), IL 10 445 0 Richmond, VA 138 0 0 Tampa, FL (FDX Ground) 0 5 0 Montgomery (Chicago), IL 0 5 0 Denver, CO 10 0 0 Hanahan (Charleston), SC (SAIC) 606 36 34 Hanahan (Charleston), SC (Amazon) 75 0 0 Augusta, GA (FDX Ground) 0 0 9 Tampa, FL (Tampa Bay Grand Prix) 0 0 0 Huntsville, AL 0 0 57 Augusta, GA (FDX) 6 0 6 Lakeland, FL 0 61 0 El Paso, TX 0 0 0 Richfield (Cleveland), OH 0 12 0 Tampa, FL (FDX) 8 237 27 Griffin (Atlanta), GA 142 65 0 Roanoke, VA (CHEP USA) 0 58 0 Orion, MI 0 4 0 Chattanooga, TN 210 122 4 Bedford Heights (Cleveland), OH 378 0 56 Punta Gorda, FL 0 0 20 Cocoa, FL 0 0 0 Orlando, FL 0 220 0 Topeka, KS 0 0 0 Memphis, TN 1,499 (7 ) 1 Houston, TX 0 15 65 Carrollton (Dallas), TX 128 0 50 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III, (CONT’D) SEPTEMBER 30, 2019 (in thousands) (1) Reconciliation (cont’d) 2019 2018 2017 Ft. Mill (Charlotte, NC), SC $ (10 ) $ 1,661 $ 0 Lebanon (Nashville), TN 0 0 0 Rockford, IL (Sherwin-Williams Co.) 0 0 0 Edinburg, TX 0 0 615 Streetsboro (Cleveland), OH 0 0 0 Corpus Christi, TX 0 36 7 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) 21 0 4 Waco, TX 0 0 5 Livonia (Detroit), MI 118 0 0 Olive Branch (Memphis, TN), MS (Milwaukee Tool) 0 0 0 Roanoke, VA (FDX Ground) 0 0 0 Green Bay, WI 0 0 0 Stewartville (Rochester), MN 4 0 0 Tulsa, OK 0 0 0 Buckner (Louisville), KY 0 0 40 Edwardsville (Kansas City), KS (International Paper) 0 0 0 Altoona, PA 4 14 0 Spring (Houston), TX 22 11 0 Indianapolis, IN 0 498 1,060 Sauget (St. Louis, MO), IL 0 0 0 Lindale (Tyler), TX 0 29 7 Kansas City, MO 23 329 51 Frankfort (Lexington), KY 0 0 0 Jacksonville, FL (FDX Ground) 91 4 86 Monroe (Cincinnati), OH 4,052 4,588 0 Greenwood (Indianapolis), IN 0 0 12 Ft. Worth (Dallas), TX 32 0 0 Cincinnati, OH 0 0 0 Rockford, IL (Collins Aerospace Systems) 0 0 0 Concord (Charlotte), NC 0 0 1,069 Covington (New Orleans), LA 16 0 0 Imperial (Pittsburgh), PA 14 0 0 Burlington (Seattle/Everett), WA 92 0 18 Colorado Springs, CO 0 820 0 Louisville, KY 0 0 0 Davenport (Orlando), FL 0 0 0 Olathe (Kansas City), KS 0 0 0 Hamburg (Buffalo), NY 244 0 34,850 Ft. Myers, FL 0 41 21,623 Walker (Grand Rapids), MI 0 0 31,655 Mesquite (Dallas), TX 0 0 49,880 Aiken (Augusta, GA), SC 0 0 21,040 Homestead (Miami), FL 38 0 37,873 Oklahoma City, OK (Bunzl) 0 0 8,728 Concord (Charlotte), NC 0 0 40,043 Kenton, OH 849 0 17,882 Stow, OH 0 0 18,935 Charleston, SC (FDX) 0 21,519 0 Oklahoma City, OK (Amazon) 0 29,879 0 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III, (CONT’D) SEPTEMBER 30, 2019 (in thousands) (1) Reconciliation (cont’d). 2019 2018 2017 Savannah, GA $ 0 $ 56,026 $ 0 Daytona Beach, FL 35 29,973 0 Mobile, AL 0 33,052 0 Charleston, SC (FDX Ground) 0 46,576 0 Braselton (Atlanta), GA 0 60,227 0 Trenton, NJ 83,988 0 0 Savannah, GA (FDX Ground) 27,532 0 0 Lafayette, IN 25,079 0 0 Shopping Center Somerset, NJ 18 39 0 Total Additions $ 146,940 $ 287,662 $ 286,678 Total Disposals 0 0 (5,157 ) Balance – End of Year $ 1,866,518 $ 1,719,578 $ 1,431,916 |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2018USD ($)Properties | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($)ft²Propertiesshares | Sep. 30, 2018USD ($)Propertiesshares | Sep. 30, 2017USD ($)shares | Oct. 02, 2018USD ($) | |
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties owned | Properties | 111 | 114 | 111 | |||||
Weighted average lease maturity | 7.6 years | |||||||
Average base rent per square foot | 6.20 | |||||||
Weighted average building age, term | 9.2 years | |||||||
Real estate investments assets excluding accumulated depreciation | $ 2,100,000,000 | |||||||
Available-for-sale Securities, Equity Securities | $ 185,300,000 | |||||||
Percentage of marketable securities to undepreciated assets | 8.70% | |||||||
Accumulated other comprehensive income (loss) | $ (24,744,000) | $ 0 | $ (24,744,000) | $ 24,700,000 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | 12 years | 13 years | |||||
Amortization expense related to deferred leasing and financing costs | $ 2,200,000 | $ 2,100,000 | $ 2,100,000 | |||||
Amortization expense for existing assets in year 2020 | 2,000,000 | |||||||
Amortization expense for existing assets in year 2021 | 1,800,000 | |||||||
Amortization expense for existing assets in year 2022 | 1,700,000 | |||||||
Amortization expense for existing assets in year 2023 | 1,600,000 | |||||||
Amortization expense for existing assets in year 2024 | $ 1,300,000 | |||||||
Lease termination income description | Only three of our 114 properties have leases that contain an early termination provision. These three properties contain 158,000 total rentable square feet, representing less than 1% of our total rentable square feet. Our leases with early termination provisions are our 36,000 square foot location in Urbandale (Des Moines), IA, our 39,000 square foot location in Rockford, IL, and our 83,000 square foot location in Roanoke, VA | |||||||
Lease termination income | $ 0 | $ 0 | $ 0 | $ 210,000 | $ 0 | $ 210,000 | $ 0 | |
Common stock equivalents included in the diluted weighted average shares outstanding | shares | 98,000 | 183,000 | 136,000 | |||||
Stock compensation expense | $ 784,000 | $ 434,000 | $ 625,000 | |||||
REIT dividends percentage | 20.00% | |||||||
Stock Options [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of antidilutive options to purchase shares | shares | 305,000 | 65,000 | 65,000 | |||||
Three Tenants With Potential Lease Termination Income [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Lease termination income | $ 1,700,000 | |||||||
Four Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties owned | Properties | 114 | |||||||
Total square foot of property | ft² | 158,000 | |||||||
Urbandale (Des Moines), IA [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Total square foot of property | ft² | 36,000 | |||||||
Rockford, IL (Sherwin-Williams Co.) [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Total square foot of property | ft² | 39,000 | |||||||
Roanoke [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Total square foot of property | ft² | 83,000 | |||||||
Building [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 39 years | |||||||
Building Improvements [Member] | Minimum [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||
Building Improvements [Member] | Maximum [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 39 years |
SCHEDULE OF REAL ESTATE INVESTM
SCHEDULE OF REAL ESTATE INVESTMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Real Estate Properties [Line Items] | ||
Land | $ 239,299 | $ 224,719 |
Building & Improvements | 1,627,219 | 1,494,859 |
Accumulated Depreciation | 249,584 | 207,065 |
Net Book Value | $ 1,616,934 | $ 1,512,513 |
Huntsville, AL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 748 | $ 748 |
Building & Improvements | 5,914 | 5,914 |
Accumulated Depreciation | 1,406 | 1,249 |
Net Book Value | $ 5,256 | $ 5,413 |
Mobile, AL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,480 | $ 2,480 |
Building & Improvements | 30,572 | 30,572 |
Accumulated Depreciation | 980 | 196 |
Net Book Value | $ 32,072 | $ 32,856 |
Tolleson (Phoenix), AZ [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,316 | $ 1,316 |
Building & Improvements | 15,508 | 15,508 |
Accumulated Depreciation | 6,659 | 6,145 |
Net Book Value | $ 10,165 | $ 10,679 |
Colorado Springs, CO [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,150 | $ 2,150 |
Building & Improvements | 27,170 | 27,170 |
Accumulated Depreciation | 2,310 | 1,594 |
Net Book Value | $ 27,010 | $ 27,726 |
Denver, CO [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,150 | $ 1,150 |
Building & Improvements | 5,214 | 5,204 |
Accumulated Depreciation | 1,839 | 1,704 |
Net Book Value | $ 4,525 | $ 4,650 |
Newington (Hartford), CT [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 410 | $ 410 |
Building & Improvements | 3,084 | 3,084 |
Accumulated Depreciation | 1,466 | 1,377 |
Net Book Value | $ 2,028 | $ 2,117 |
Cocoa, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,881 | $ 1,881 |
Building & Improvements | 12,246 | 12,246 |
Accumulated Depreciation | 3,080 | 2,758 |
Net Book Value | $ 11,047 | $ 11,369 |
Davenport (Orlando), FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 7,060 | $ 7,060 |
Building & Improvements | 30,720 | 30,720 |
Accumulated Depreciation | 2,494 | 1,707 |
Net Book Value | $ 35,286 | $ 36,073 |
Daytona Beach, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 3,120 | $ 3,120 |
Building & Improvements | 26,888 | 26,853 |
Accumulated Depreciation | 1,036 | 344 |
Net Book Value | $ 28,972 | $ 29,629 |
Ft Myers (FDX Ground) FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,486 | $ 2,486 |
Building & Improvements | 19,178 | 19,177 |
Accumulated Depreciation | 1,332 | 842 |
Net Book Value | $ 20,332 | $ 20,821 |
Homestead (Miami), FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,427 | $ 4,427 |
Building & Improvements | 33,485 | 33,446 |
Accumulated Depreciation | 1,933 | 1,072 |
Net Book Value | $ 35,979 | $ 36,801 |
Jacksonville (FDX) FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,165 | $ 1,165 |
Building & Improvements | 5,419 | 5,232 |
Accumulated Depreciation | 2,961 | 2,619 |
Net Book Value | $ 3,623 | $ 3,778 |
Jacksonville (FDX Ground) FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 6,000 | $ 6,000 |
Building & Improvements | 24,827 | 24,736 |
Accumulated Depreciation | 2,799 | 2,323 |
Net Book Value | $ 28,028 | $ 28,413 |
Lakeland, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 261 | $ 261 |
Building & Improvements | 1,782 | 1,782 |
Accumulated Depreciation | 625 | 574 |
Net Book Value | $ 1,418 | $ 1,469 |
Orlando, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,200 | $ 2,200 |
Building & Improvements | 6,575 | 6,575 |
Accumulated Depreciation | 2,022 | 1,831 |
Net Book Value | $ 6,753 | $ 6,944 |
Punta Gorda, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 0 | $ 0 |
Building & Improvements | 4,134 | 4,134 |
Accumulated Depreciation | 1,172 | 1,059 |
Net Book Value | $ 2,962 | $ 3,075 |
Tampa (FDX Ground) FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 5,000 | $ 5,000 |
Building & Improvements | 14,702 | 14,702 |
Accumulated Depreciation | 5,302 | 4,922 |
Net Book Value | $ 14,400 | $ 14,780 |
Tampa (FDX) FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,830 | $ 2,830 |
Building & Improvements | 5,035 | 5,027 |
Accumulated Depreciation | 1,669 | 1,515 |
Net Book Value | $ 6,196 | $ 6,342 |
Tampa (Tampa Bay Grand Prix) FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,867 | $ 1,867 |
Building & Improvements | 3,811 | 3,811 |
Accumulated Depreciation | 1,246 | 1,144 |
Net Book Value | $ 4,432 | $ 4,534 |
Augusta (FDX Ground) GA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 614 | $ 614 |
Building & Improvements | 4,749 | 4,749 |
Accumulated Depreciation | 1,634 | 1,509 |
Net Book Value | $ 3,729 | $ 3,854 |
Augusta (FDX) GA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 380 | $ 380 |
Building & Improvements | 1,604 | 1,598 |
Accumulated Depreciation | 512 | 463 |
Net Book Value | $ 1,472 | $ 1,515 |
Braselton (Atlanta), GA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 13,965 | $ 13,965 |
Building & Improvements | 46,262 | 46,262 |
Accumulated Depreciation | 1,285 | 99 |
Net Book Value | $ 58,942 | $ 60,128 |
Griffin (Atlanta), GA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 760 | $ 760 |
Building & Improvements | 14,315 | 14,174 |
Accumulated Depreciation | 4,912 | 4,493 |
Net Book Value | $ 10,163 | $ 10,441 |
Savannah Shaw, GA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,405 | $ 4,405 |
Building & Improvements | 51,621 | 51,621 |
Accumulated Depreciation | 2,206 | 882 |
Net Book Value | $ 53,820 | $ 55,144 |
Savannah (FDX Ground) GA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | |
Land | $ 3,441 | |
Building & Improvements | 24,091 | |
Accumulated Depreciation | 515 | |
Net Book Value | $ 27,017 | |
Burr Ridge (Chicago), IL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 270 | $ 270 |
Building & Improvements | 1,437 | 1,423 |
Accumulated Depreciation | 783 | 741 |
Net Book Value | $ 924 | $ 952 |
Elgin (Chicago), IL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,280 | $ 1,280 |
Building & Improvements | 5,697 | 5,697 |
Accumulated Depreciation | 2,599 | 2,436 |
Net Book Value | $ 4,378 | $ 4,541 |
Granite City (St. Louis, MO), IL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 340 | $ 340 |
Building & Improvements | 12,358 | 12,358 |
Accumulated Depreciation | 5,539 | 5,184 |
Net Book Value | $ 7,159 | $ 7,514 |
Montgomery (Chicago), IL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,000 | $ 2,000 |
Building & Improvements | 9,303 | 9,303 |
Accumulated Depreciation | 3,004 | 2,762 |
Net Book Value | $ 8,299 | $ 8,541 |
Rockford (Collins Aerospace Systems) IL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 480 | $ 480 |
Building & Improvements | 4,620 | 4,620 |
Accumulated Depreciation | 592 | 474 |
Net Book Value | $ 4,508 | $ 4,626 |
Rockford (Sherwin Williams Co) IL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,100 | $ 1,100 |
Building & Improvements | 4,451 | 4,451 |
Accumulated Depreciation | 975 | 860 |
Net Book Value | $ 4,576 | $ 4,691 |
Sauget (St. Louis, MO), IL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,890 | $ 1,890 |
Building & Improvements | 13,315 | 13,315 |
Accumulated Depreciation | 1,708 | 1,366 |
Net Book Value | $ 13,497 | $ 13,839 |
Schaumburg (Chicago), IL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,040 | $ 1,040 |
Building & Improvements | 4,138 | 4,138 |
Accumulated Depreciation | 2,407 | 2,283 |
Net Book Value | $ 2,771 | $ 2,895 |
Wheeling (Chicago), IL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 5,112 | $ 5,112 |
Building & Improvements | 13,881 | 13,870 |
Accumulated Depreciation | 4,820 | 4,431 |
Net Book Value | $ 14,173 | $ 14,551 |
Greenwood (Indianapolis), IN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,250 | $ 2,250 |
Building & Improvements | 35,262 | 35,262 |
Accumulated Depreciation | 3,998 | 3,092 |
Net Book Value | $ 33,514 | $ 34,420 |
Indianapolis IN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 3,746 | $ 3,746 |
Building & Improvements | 21,758 | 21,759 |
Accumulated Depreciation | 2,830 | 2,240 |
Net Book Value | $ 22,674 | $ 23,265 |
Lafayette, IN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | |
Land | $ 2,802 | |
Building & Improvements | 22,277 | |
Accumulated Depreciation | 96 | |
Net Book Value | $ 24,983 | |
Urbandale (Des Moines), IA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 310 | $ 310 |
Building & Improvements | 2,234 | 2,214 |
Accumulated Depreciation | 1,294 | 1,211 |
Net Book Value | $ 1,250 | $ 1,313 |
Edwardsville (Kansas City) (Carlisle Tire) KS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,185 | $ 1,185 |
Building & Improvements | 6,048 | 6,048 |
Accumulated Depreciation | 2,689 | 2,539 |
Net Book Value | $ 4,544 | $ 4,694 |
Edwardsville (Kansas City) (International Paper) KS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,750 | $ 2,750 |
Building & Improvements | 15,544 | 15,544 |
Accumulated Depreciation | 2,416 | 2,002 |
Net Book Value | $ 15,878 | $ 16,292 |
Olathe (Kansas City), KS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,350 | $ 2,350 |
Building & Improvements | 29,387 | 29,387 |
Accumulated Depreciation | 2,386 | 1,633 |
Net Book Value | $ 29,351 | $ 30,104 |
Topeka, KS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 0 | $ 0 |
Building & Improvements | 3,680 | 3,680 |
Accumulated Depreciation | 991 | 896 |
Net Book Value | $ 2,689 | $ 2,784 |
Buckner (Louisville), KY [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,280 | $ 2,280 |
Building & Improvements | 24,528 | 24,528 |
Accumulated Depreciation | 3,755 | 3,114 |
Net Book Value | $ 23,053 | $ 23,694 |
Frankfort (Lexington), KY [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,850 | $ 1,850 |
Building & Improvements | 26,150 | 26,150 |
Accumulated Depreciation | 3,241 | 2,570 |
Net Book Value | $ 24,759 | $ 25,430 |
Louisville, KY [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,590 | $ 1,590 |
Building & Improvements | 9,714 | 9,714 |
Accumulated Depreciation | 830 | 581 |
Net Book Value | $ 10,474 | $ 10,723 |
Covington (New Orleans), LA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,720 | $ 2,720 |
Building & Improvements | 15,706 | 15,690 |
Accumulated Depreciation | 1,543 | 1,140 |
Net Book Value | $ 16,883 | $ 17,270 |
Beltsville (Washington, DC), MD [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 3,200 | $ 3,200 |
Building & Improvements | 11,312 | 11,312 |
Accumulated Depreciation | 4,454 | 4,151 |
Net Book Value | $ 10,058 | $ 10,361 |
Walker (Grand Rapids), MI [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,034 | $ 4,034 |
Building & Improvements | 27,621 | 27,621 |
Accumulated Depreciation | 1,771 | 1,062 |
Net Book Value | $ 29,884 | $ 30,593 |
Livonia (Detroit), MI [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 320 | $ 320 |
Building & Improvements | 13,560 | 13,442 |
Accumulated Depreciation | 2,407 | 2,047 |
Net Book Value | $ 11,473 | $ 11,715 |
Orion, MI [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,650 | $ 4,650 |
Building & Improvements | 18,240 | 18,240 |
Accumulated Depreciation | 4,959 | 4,489 |
Net Book Value | $ 17,931 | $ 18,401 |
Romulus (Detroit), MI [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 531 | $ 531 |
Building & Improvements | 4,418 | 4,202 |
Accumulated Depreciation | 2,182 | 2,043 |
Net Book Value | $ 2,767 | $ 2,690 |
Stewartville (Rochester), MN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 900 | $ 900 |
Building & Improvements | 4,324 | 4,320 |
Accumulated Depreciation | 665 | 554 |
Net Book Value | $ 4,559 | $ 4,666 |
Olive Branch (Memphis TN), (Anda Pharmaceuticals Inc.) MS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 800 | $ 800 |
Building & Improvements | 13,750 | 13,750 |
Accumulated Depreciation | 2,556 | 2,204 |
Net Book Value | $ 11,994 | $ 12,346 |
Olive Branch Memphis TN Milwaukee Tool MS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,550 | $ 2,550 |
Building & Improvements | 34,365 | 34,365 |
Accumulated Depreciation | 4,929 | 4,044 |
Net Book Value | $ 31,986 | $ 32,871 |
Richland (Jackson), MS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 211 | $ 211 |
Building & Improvements | 1,690 | 1,690 |
Accumulated Depreciation | 1,057 | 982 |
Net Book Value | $ 844 | $ 919 |
Ridgeland (Jackson), MS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 218 | $ 218 |
Building & Improvements | 2,093 | 1,667 |
Accumulated Depreciation | 1,382 | 1,313 |
Net Book Value | $ 929 | $ 572 |
Kansas City Bunz lMO [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,000 | $ 1,000 |
Building & Improvements | 9,003 | 8,980 |
Accumulated Depreciation | 1,147 | 886 |
Net Book Value | $ 8,856 | $ 9,094 |
Liberty (Kansas City), MO [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 724 | $ 723 |
Building & Improvements | 6,813 | 6,675 |
Accumulated Depreciation | 3,669 | 3,498 |
Net Book Value | $ 3,868 | $ 3,900 |
O'Fallon (St. Louis), MO [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 264 | $ 264 |
Building & Improvements | 3,986 | 3,982 |
Accumulated Depreciation | 2,492 | 2,362 |
Net Book Value | $ 1,758 | $ 1,884 |
St. Joseph, MO [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 800 | $ 800 |
Building & Improvements | 12,589 | 12,564 |
Accumulated Depreciation | 5,804 | 5,452 |
Net Book Value | $ 7,585 | $ 7,912 |
Omaha, NE [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,170 | $ 1,170 |
Building & Improvements | 4,794 | 4,775 |
Accumulated Depreciation | 2,484 | 2,358 |
Net Book Value | $ 3,480 | $ 3,587 |
Carlstadt (New York NY) NJ [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,194 | $ 1,194 |
Building & Improvements | 4,103 | 3,748 |
Accumulated Depreciation | 1,123 | 1,030 |
Net Book Value | $ 4,174 | $ 3,912 |
Somerset, NJ [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Shopping Center | Shopping Center |
Land | $ 34 | $ 34 |
Building & Improvements | 3,095 | 3,077 |
Accumulated Depreciation | 1,687 | 1,590 |
Net Book Value | $ 1,442 | $ 1,521 |
Trenton, NJ [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | |
Land | $ 8,336 | |
Building & Improvements | 75,652 | |
Accumulated Depreciation | 1,940 | |
Net Book Value | $ 82,048 | |
Cheektowaga (Buffalo), NY [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,797 | $ 4,797 |
Building & Improvements | 6,164 | 6,164 |
Accumulated Depreciation | 2,011 | 1,852 |
Net Book Value | $ 8,950 | $ 9,109 |
Halfmoon (Albany), NY [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,190 | $ 1,190 |
Building & Improvements | 4,336 | 4,336 |
Accumulated Depreciation | 834 | 723 |
Net Book Value | $ 4,692 | $ 4,803 |
Hamburg (Buffalo), NY [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,700 | $ 1,700 |
Building & Improvements | 33,394 | 33,150 |
Accumulated Depreciation | 2,560 | 1,700 |
Net Book Value | $ 32,534 | $ 33,150 |
Concord (Charlotte), NC [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,305 | $ 4,305 |
Building & Improvements | 28,740 | 28,740 |
Accumulated Depreciation | 3,158 | 2,314 |
Net Book Value | $ 29,887 | $ 30,731 |
Concord Charlotte One NC [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,307 | $ 4,307 |
Building & Improvements | 35,736 | 35,736 |
Accumulated Depreciation | 1,985 | 1,069 |
Net Book Value | $ 38,058 | $ 38,974 |
Fayetteville, NC [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 172 | $ 172 |
Building & Improvements | 5,283 | 5,280 |
Accumulated Depreciation | 3,165 | 2,931 |
Net Book Value | $ 2,290 | $ 2,521 |
Winston-Salem, NC. [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 980 | $ 980 |
Building & Improvements | 6,266 | 6,266 |
Accumulated Depreciation | 2,835 | 2,618 |
Net Book Value | $ 4,411 | $ 4,628 |
Bedford Heights (Cleveland), OH [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 990 | $ 990 |
Building & Improvements | 6,308 | 5,930 |
Accumulated Depreciation | 2,090 | 1,894 |
Net Book Value | $ 5,208 | $ 5,026 |
Cincinnati, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 800 | $ 800 |
Building & Improvements | 5,950 | 5,950 |
Accumulated Depreciation | 623 | 470 |
Net Book Value | $ 6,127 | $ 6,280 |
Kenton, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 855 | $ 855 |
Building & Improvements | 17,876 | 17,027 |
Accumulated Depreciation | 927 | 455 |
Net Book Value | $ 17,804 | $ 17,427 |
Lebanon (Cincinnati), OH [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 240 | $ 240 |
Building & Improvements | 4,212 | 4,212 |
Accumulated Depreciation | 813 | 704 |
Net Book Value | $ 3,639 | $ 3,748 |
Monroe (Cincinnati), OH [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,800 | $ 1,800 |
Building & Improvements | 19,777 | 15,725 |
Accumulated Depreciation | 1,438 | 1,023 |
Net Book Value | $ 20,139 | $ 16,502 |
Richfield (Cleveland), OH [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,677 | $ 2,677 |
Building & Improvements | 13,770 | 13,770 |
Accumulated Depreciation | 3,441 | 3,083 |
Net Book Value | $ 13,006 | $ 13,364 |
Stow, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,430 | $ 1,430 |
Building & Improvements | 17,504 | 17,504 |
Accumulated Depreciation | 898 | 449 |
Net Book Value | $ 18,036 | $ 18,485 |
Streetsboro (Cleveland), OH [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,760 | $ 1,760 |
Building & Improvements | 17,840 | 17,840 |
Accumulated Depreciation | 3,431 | 2,973 |
Net Book Value | $ 16,169 | $ 16,627 |
West Chester Twp (Cincinnati), OH [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 695 | $ 695 |
Building & Improvements | 5,039 | 5,039 |
Accumulated Depreciation | 2,484 | 2,305 |
Net Book Value | $ 3,250 | $ 3,429 |
Oklahoma City (FDX Ground) OK [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,410 | $ 1,410 |
Building & Improvements | 11,196 | 11,174 |
Accumulated Depreciation | 1,892 | 1,599 |
Net Book Value | $ 10,714 | $ 10,985 |
Oklahoma City (Bunzl) OK [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 845 | $ 845 |
Building & Improvements | 7,883 | 7,884 |
Accumulated Depreciation | 454 | 253 |
Net Book Value | $ 8,274 | $ 8,476 |
Oklahoma City (Amazon) OK [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,618 | $ 1,618 |
Building & Improvements | 28,260 | 28,261 |
Accumulated Depreciation | 1,328 | 604 |
Net Book Value | $ 28,550 | $ 29,275 |
Tulsa, OK [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 790 | $ 790 |
Building & Improvements | 2,958 | 2,958 |
Accumulated Depreciation | 473 | 391 |
Net Book Value | $ 3,275 | $ 3,357 |
Altoona, PA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,200 | $ 1,200 |
Building & Improvements | 7,827 | 7,823 |
Accumulated Depreciation | 1,189 | 986 |
Net Book Value | $ 7,838 | $ 8,037 |
Imperial (Pittsburgh), PA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 3,700 | $ 3,700 |
Building & Improvements | 16,264 | 16,250 |
Accumulated Depreciation | 1,494 | 1,076 |
Net Book Value | $ 18,470 | $ 18,874 |
Monaca (Pittsburgh), PA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 402 | $ 402 |
Building & Improvements | 7,509 | 7,509 |
Accumulated Depreciation | 3,229 | 2,957 |
Net Book Value | $ 4,682 | $ 4,954 |
Aiken (Augusta, GA), SC [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,362 | $ 1,362 |
Building & Improvements | 19,678 | 19,678 |
Accumulated Depreciation | 1,135 | 631 |
Net Book Value | $ 19,905 | $ 20,409 |
Charleston (FDX) SC [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,639 | $ 4,639 |
Building & Improvements | 16,880 | 16,880 |
Accumulated Depreciation | 831 | 397 |
Net Book Value | $ 20,688 | $ 21,122 |
Charleston (FDX Ground) SC [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 7,103 | $ 7,103 |
Building & Improvements | 39,473 | 39,473 |
Accumulated Depreciation | 1,180 | 169 |
Net Book Value | $ 45,396 | $ 46,407 |
Ft. Mill (Charlotte, NC), SC [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,747 | $ 1,747 |
Building & Improvements | 15,317 | 15,327 |
Accumulated Depreciation | 3,041 | 2,655 |
Net Book Value | $ 14,023 | $ 14,419 |
Hanahan (Charleston) (SAIC) SC [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,129 | $ 1,129 |
Building & Improvements | 12,887 | 12,281 |
Accumulated Depreciation | 4,754 | 4,343 |
Net Book Value | $ 9,262 | $ 9,067 |
Hanahan (Charleston) (FDX Ground) SC [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 930 | $ 930 |
Building & Improvements | 6,760 | 6,685 |
Accumulated Depreciation | 2,244 | 2,071 |
Net Book Value | $ 5,446 | $ 5,544 |
Chattanooga, TN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 300 | $ 300 |
Building & Improvements | 5,049 | 4,839 |
Accumulated Depreciation | 1,529 | 1,389 |
Net Book Value | $ 3,820 | $ 3,750 |
Lebanon (Nashville), TN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,230 | $ 2,230 |
Building & Improvements | 11,985 | 11,985 |
Accumulated Depreciation | 2,458 | 2,151 |
Net Book Value | $ 11,757 | $ 12,064 |
Memphis, TN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,235 | $ 1,235 |
Building & Improvements | 14,879 | 13,380 |
Accumulated Depreciation | 3,297 | 2,916 |
Net Book Value | $ 12,817 | $ 11,699 |
Shelby County TN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Vacant Land | Vacant Land |
Land | $ 11 | $ 11 |
Building & Improvements | 0 | 0 |
Accumulated Depreciation | 0 | 0 |
Net Book Value | $ 11 | $ 11 |
Carrollton (Dallas), TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,500 | $ 1,500 |
Building & Improvements | 16,447 | 16,319 |
Accumulated Depreciation | 3,987 | 3,555 |
Net Book Value | $ 13,960 | $ 14,264 |
Corpus Christi, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 0 | $ 0 |
Building & Improvements | 4,808 | 4,808 |
Accumulated Depreciation | 923 | 797 |
Net Book Value | $ 3,885 | $ 4,011 |
Edinburg, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,000 | $ 1,000 |
Building & Improvements | 11,039 | 11,039 |
Accumulated Depreciation | 1,756 | 1,473 |
Net Book Value | $ 10,283 | $ 10,566 |
El Paso, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 3,225 | $ 3,225 |
Building & Improvements | 9,206 | 9,206 |
Accumulated Depreciation | 2,244 | 1,977 |
Net Book Value | $ 10,187 | $ 10,454 |
Ft. Worth (Dallas), TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 8,200 | $ 8,200 |
Building & Improvements | 27,133 | 27,101 |
Accumulated Depreciation | 2,896 | 2,201 |
Net Book Value | $ 32,437 | $ 33,100 |
Houston, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,661 | $ 1,661 |
Building & Improvements | 6,502 | 6,502 |
Accumulated Depreciation | 1,632 | 1,440 |
Net Book Value | $ 6,531 | $ 6,723 |
Lindale (Tyler), TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 540 | $ 540 |
Building & Improvements | 9,426 | 9,426 |
Accumulated Depreciation | 1,211 | 967 |
Net Book Value | $ 8,755 | $ 8,999 |
Mesquite (Dallas), TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 6,248 | $ 6,248 |
Building & Improvements | 43,632 | 43,633 |
Accumulated Depreciation | 2,517 | 1,399 |
Net Book Value | $ 47,363 | $ 48,482 |
Spring (Houston), TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,890 | $ 1,890 |
Building & Improvements | 17,427 | 17,404 |
Accumulated Depreciation | 2,527 | 2,077 |
Net Book Value | $ 16,790 | $ 17,217 |
Waco, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,350 | $ 1,350 |
Building & Improvements | 11,201 | 11,201 |
Accumulated Depreciation | 1,786 | 1,498 |
Net Book Value | $ 10,765 | $ 11,053 |
Charlottesville, VA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,170 | $ 1,170 |
Building & Improvements | 3,292 | 3,286 |
Accumulated Depreciation | 1,693 | 1,588 |
Net Book Value | $ 2,769 | $ 2,868 |
Mechanicsville (Richmond), VA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,160 | $ 1,160 |
Building & Improvements | 6,647 | 6,632 |
Accumulated Depreciation | 3,191 | 3,007 |
Net Book Value | $ 4,616 | $ 4,785 |
Richmond, VA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 446 | $ 446 |
Building & Improvements | 4,460 | 4,322 |
Accumulated Depreciation | 1,666 | 1,545 |
Net Book Value | $ 3,240 | $ 3,223 |
Roanoke (CHEP USA) VA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,853 | $ 1,853 |
Building & Improvements | 5,610 | 5,611 |
Accumulated Depreciation | 1,899 | 1,707 |
Net Book Value | $ 5,564 | $ 5,757 |
Roanoke (FDX Ground) VA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,740 | $ 1,740 |
Building & Improvements | 8,460 | 8,460 |
Accumulated Depreciation | 1,365 | 1,148 |
Net Book Value | $ 8,835 | $ 9,052 |
Burlington (Seattle/Everett) WN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 8,000 | $ 8,000 |
Building & Improvements | 22,321 | 22,229 |
Accumulated Depreciation | 2,000 | 1,427 |
Net Book Value | $ 28,321 | $ 28,802 |
Cudahy (Milwaukee) WS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 980 | $ 980 |
Building & Improvements | 8,827 | 8,786 |
Accumulated Depreciation | 3,550 | 3,297 |
Net Book Value | $ 6,257 | $ 6,469 |
Green Bay WS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 590 | $ 590 |
Building & Improvements | 5,979 | 5,980 |
Accumulated Depreciation | 921 | 770 |
Net Book Value | $ 5,648 | $ 5,800 |
SUMMARY OF PURCHASE PRICE ALLOC
SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2019 ASSETS ACQUISITIONS (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase price allocation of properties acquired | $ 14,579 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase price allocation of properties acquired | 122,018 |
In-Place Leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase price allocation of properties acquired | $ 2,367 |
SUMMARY OF OPERATIONS RESULT FO
SUMMARY OF OPERATIONS RESULT FOR 2019 PROPERTIES ACQUISITION (Details) - Fedex Ground Package System Inc. [Member] $ in Thousands | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Entity Listings [Line Items] | |
Rental Revenue | $ 7,073 |
Net Income Attributable to Common Shareholders | $ 1,723 |
SUMMARY OF PURCHASE PRICE ALL_2
SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2018 ASSETS ACQUISITIONS (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2018USD ($) | |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase price allocation of properties acquired | $ 37,330 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase price allocation of properties acquired | 239,891 |
In-Place Leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase price allocation of properties acquired | $ 6,182 |
SUMMARY OF OPERATIONS RESULT _2
SUMMARY OF OPERATIONS RESULT FOR 2018 PROPERTIES ACQUISITION (Details) - Fedex Ground Package System Inc. [Member] $ in Thousands | 12 Months Ended |
Sep. 30, 2018USD ($) | |
Entity Listings [Line Items] | |
Rental Revenue | $ 7,430 |
Net Income Attributable to Common Shareholders | $ 2,131 |
SCHEDULE OF DISPOSITION AND REA
SCHEDULE OF DISPOSITION AND REAL ESTATE CLASSIFIED AS HELD FOR SALE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Business Combinations [Abstract] | |||
Rental and Reimbursement Revenue | $ 0 | $ 929 | $ 2,052 |
Lease Termination Income | 0 | 210 | 0 |
Real Estate Taxes | 0 | (212) | (352) |
Operating Expenses | 0 | (110) | (169) |
Depreciation & Amortization | 0 | (79) | (514) |
Interest Expense | 0 | (38) | (144) |
Income from Operations | 0 | 700 | 873 |
Gain (Loss) on Sale of Real Estate Investment | 0 | 7,485 | (95) |
Net Income | $ 0 | $ 8,185 | $ 778 |
SCHEDULE OF PRO FORMA INFORMATI
SCHEDULE OF PRO FORMA INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Rental Revenues | $ 132,524 | $ 115,864 |
Net Income Attributable to Common Shareholders | $ 11,026 | $ 38,815 |
Basic and Diluted Net Income per Share Attributable to Common Shareholders | $ 0.12 | $ 0.49 |
Pro Forma [Member] | ||
Rental Revenues | $ 139,380 | $ 139,439 |
Net Income Attributable to Common Shareholders | $ 13,347 | $ 35,983 |
Basic and Diluted Net Income per Share Attributable to Common Shareholders | $ 0.14 | $ 0.37 |
ACQUISITIONS, EXPANSIONS AND _3
ACQUISITIONS, EXPANSIONS AND DISPOSITIONS (Details Narrative) | Oct. 10, 2019USD ($)ft²a | Jul. 26, 2019USD ($)ft²a | Mar. 02, 2019USD ($) | Feb. 28, 2019USD ($)ft² | Nov. 30, 2018USD ($)ft²a | Oct. 19, 2018USD ($)ft²a | Sep. 27, 2018USD ($)ft²$ / shares | Sep. 06, 2018USD ($)ft²a | Aug. 15, 2018USD ($)ft²a | Jun. 28, 2018USD ($)ft²a | Jun. 05, 2018USD ($)ft² | Jun. 02, 2018USD ($)ft² | Apr. 06, 2018USD ($)ft²a | Jan. 22, 2018USD ($)ft²a | Dec. 22, 2017USD ($) | Dec. 18, 2017USD ($) | Nov. 30, 2017USD ($)ft²a | Nov. 02, 2017USD ($)ft²a | Nov. 01, 2017USD ($)ft²$ / shares | Dec. 30, 2016ft² | Jun. 09, 2016ft² | Oct. 31, 2018shares | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jul. 31, 2018ft² | Feb. 28, 2018ft² |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Asset acquisition transaction cost | $ 347,000 | |||||||||||||||||||||||||||
Asset acquisition transaction cost | $ 1,100,000 | 81,500,000 | $ 1,100,000 | |||||||||||||||||||||||||
Proceeds from sale of real estate | $ 0 | $ 22,083,000 | $ 4,126,000 | |||||||||||||||||||||||||
Common stock issued during period, shares | shares | 9,200,000 | |||||||||||||||||||||||||||
Monroe OH [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Lease term | 15 years | |||||||||||||||||||||||||||
Square feet of expansion to industrial building | ft² | 155,000 | |||||||||||||||||||||||||||
Cost of building expansion | $ 8,600,000 | |||||||||||||||||||||||||||
Extended prior lease expiration date | February 2030 to February 2034. | |||||||||||||||||||||||||||
Increase in rent | $ 821,000 | |||||||||||||||||||||||||||
Rent prior to expansion | $ 980,000 | |||||||||||||||||||||||||||
Rent prior to expansion, per square foot | ft² | 4.22 | |||||||||||||||||||||||||||
Rent increase to after expansion | $ 1,800,000 | |||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | ft² | 4.65 | |||||||||||||||||||||||||||
Increase in annual rent per year | 2.00% | |||||||||||||||||||||||||||
Average annualized rent over the term of lease | $ 2,100,000 | |||||||||||||||||||||||||||
Monroe OH [Member] | Second Mortgage Loan [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Mortgage loan amortization period | 10.6 year | |||||||||||||||||||||||||||
Face amount of new mortgage | $ 7,000,000 | |||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate new mortgage | 3.85% | |||||||||||||||||||||||||||
Mortgage loan on real estate, interest rate original mortgage | 3.77% | |||||||||||||||||||||||||||
Face amount of original mortgage | $ 6,600,000 | |||||||||||||||||||||||||||
Four Real Estate Propeties [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Gain on real estate properties | $ 7,500,000 | |||||||||||||||||||||||||||
Percentage of gain on properties | 51.00% | 51.00% | ||||||||||||||||||||||||||
Net gain on historic cost | $ 1,200,000 | |||||||||||||||||||||||||||
Percentage of net gain over the historic cost basis | 6.00% | 6.00% | ||||||||||||||||||||||||||
Fedex Ground Package System Inc [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | 100.00% | ||||||||||||||||||||||||||
Savannah,GA (FedEx Ground) [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 127,000 | |||||||||||||||||||||||||||
Purchase of overall industrial building | a | 29.4 | |||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||
Lease expiration date | October 2028 | |||||||||||||||||||||||||||
Purchase price of industrial building | $ 27,800,000 | |||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||
Face amount of mortgage loan | $ 17,500,000 | |||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.40% | |||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,800,000 | |||||||||||||||||||||||||||
Toyota Tsusho America Inc [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||
Amazon.com Services, Inc. Subsequent Event [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 616,000 | |||||||||||||||||||||||||||
Purchase of overall industrial building | a | 78.6 | |||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||
Lease term | 15 years | |||||||||||||||||||||||||||
Lease expiration date | August 2034 | |||||||||||||||||||||||||||
Purchase price of industrial building | $ 81,500,000 | |||||||||||||||||||||||||||
Mortgage loan amortization period | 18 years | |||||||||||||||||||||||||||
Face amount of mortgage loan | $ 52,500,000 | |||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.27% | |||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 5,000,000 | |||||||||||||||||||||||||||
Charleston, SC Fedex Corporation [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 122,000 | |||||||||||||||||||||||||||
Purchase of overall industrial building | a | 16.2 | |||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||
Lease term | 15 years | |||||||||||||||||||||||||||
Lease expiration date | August 2032 | |||||||||||||||||||||||||||
Purchase price of industrial building | $ 21,900,000 | |||||||||||||||||||||||||||
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 | $ 1,300,000 | |||||||||||||||||||||||||||
Shaw Industries, Inc [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 832,000 | |||||||||||||||||||||||||||
Purchase of overall industrial building | a | 62.4 | |||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||
Lease expiration date | September 2027 | |||||||||||||||||||||||||||
Purchase price of industrial building | $ 57,500,000 | |||||||||||||||||||||||||||
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 | $ 3,600,000 | |||||||||||||||||||||||||||
Daytona Beach, FL (B. Braun) [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 399,000 | |||||||||||||||||||||||||||
Purchase of overall industrial building | a | 27.5 | |||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||
Lease expiration date | April 2028 | |||||||||||||||||||||||||||
Purchase price of industrial building | $ 30,800,000 | |||||||||||||||||||||||||||
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 | $ 2,100,000 | |||||||||||||||||||||||||||
Mobile, AL (Amazon.com) [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 363,000 | |||||||||||||||||||||||||||
Purchase of overall industrial building | a | 31.3 | |||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||
Lease term | 11 years | |||||||||||||||||||||||||||
Lease expiration date | November 2028 | |||||||||||||||||||||||||||
Purchase price of industrial building | $ 33,700,000 | |||||||||||||||||||||||||||
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 | $ 2,000,000 | |||||||||||||||||||||||||||
Charleston, SC (FedEx Ground) [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 265,000 | |||||||||||||||||||||||||||
Purchase of overall industrial building | a | 48.9 | |||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||
Lease term | 15 years | |||||||||||||||||||||||||||
Lease expiration date | June 2033 | |||||||||||||||||||||||||||
Purchase price of industrial building | $ 47,200,000 | |||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||
Face amount of mortgage loan | $ 29,900,000 | |||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 3.82% | |||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 2,700,000 | |||||||||||||||||||||||||||
Indianapolis, IN (FedEx Ground) [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||
Cost of building expansion | $ 1,700,000 | |||||||||||||||||||||||||||
Rent prior to expansion | $ 1,500,000 | |||||||||||||||||||||||||||
Rent prior to expansion, per square foot | ft² | 4.67 | |||||||||||||||||||||||||||
Rent increase to after expansion | $ 1,700,000 | |||||||||||||||||||||||||||
Lease expiration date description | lease expiration date from April 2024 to October 2027. | |||||||||||||||||||||||||||
Increase in annual rent | $ 184,000 | |||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | $ / shares | $ 5.23 | |||||||||||||||||||||||||||
Ft. Mill, SC (FedEx Ground) [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||
Cost of building expansion | $ 1,800,000 | |||||||||||||||||||||||||||
Rent prior to expansion | $ 1,400,000 | |||||||||||||||||||||||||||
Rent prior to expansion, per square foot | ft² | 8 | |||||||||||||||||||||||||||
Rent increase to after expansion | $ 1,600,000 | |||||||||||||||||||||||||||
Lease expiration date description | lease expiration date from October 2023 to August 2028. | |||||||||||||||||||||||||||
Increase in annual rent | $ 183,000 | |||||||||||||||||||||||||||
Rent increase to after expansion, per square foot | $ / shares | $ 9.03 | |||||||||||||||||||||||||||
Trenton, NJ [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 347,000 | |||||||||||||||||||||||||||
Purchase of overall industrial building | a | 62 | |||||||||||||||||||||||||||
Lease term | 15 years | |||||||||||||||||||||||||||
Lease expiration date | June 2032 | |||||||||||||||||||||||||||
Purchase price of industrial building | $ 85,200,000 | |||||||||||||||||||||||||||
Mortgage loan amortization period | 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 | $ 5,300,000 | |||||||||||||||||||||||||||
Lafayette, IN [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 350,000 | |||||||||||||||||||||||||||
Purchase of overall industrial building | a | 45.6 | |||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||
Lease expiration date | June 2029 | |||||||||||||||||||||||||||
Purchase price of industrial building | $ 25,500,000 | |||||||||||||||||||||||||||
Mortgage loan amortization period | 15 years | |||||||||||||||||||||||||||
Face amount of mortgage loan | $ 17,000,000 | |||||||||||||||||||||||||||
Mortgage loans on real estate, interest rate | 4.25% | |||||||||||||||||||||||||||
Annual rental income over the remaining term of lease | $ 1,700,000 | |||||||||||||||||||||||||||
Oklahoma City, OK [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 300,000 | |||||||||||||||||||||||||||
Purchase of overall industrial building | a | 123 | |||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||
Lease expiration date | October 2027 | |||||||||||||||||||||||||||
Purchase price of industrial building | $ 30,300,000 | |||||||||||||||||||||||||||
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 | $ 1,900,000 | |||||||||||||||||||||||||||
Mortgage loan amortization period | 10 years | |||||||||||||||||||||||||||
Braselton, GA [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 374,000 | |||||||||||||||||||||||||||
Purchase of overall industrial building | a | 92.6 | |||||||||||||||||||||||||||
Percentage of real estate property leased | 100.00% | |||||||||||||||||||||||||||
Lease term | 15 years | |||||||||||||||||||||||||||
Lease expiration date | February 2033 | |||||||||||||||||||||||||||
Purchase price of industrial building | $ 61,100,000 | |||||||||||||||||||||||||||
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 | $ 3,800,000 | |||||||||||||||||||||||||||
Kansas City, MO [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Area of land | ft² | 65,000 | |||||||||||||||||||||||||||
Orangeburg [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Area of land | ft² | 50,000 | |||||||||||||||||||||||||||
Value of property sold | $ 6,200,000 | |||||||||||||||||||||||||||
Proceeds from sale of real estate | 5,900,000 | |||||||||||||||||||||||||||
Kansas City, MO (Kellogg) [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Value of property sold | $ 4,900,000 | |||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 4,600,000 | |||||||||||||||||||||||||||
Kellogg Sales Company [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Termination fee | $ 210,000 | |||||||||||||||||||||||||||
Lease termination fees percentage | 80.00% | |||||||||||||||||||||||||||
Colorado Springs, CO [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||
Lease expiration date | September 2018 | January 2026 | ||||||||||||||||||||||||||
Area of land | ft² | 68,000 | 225,000 | ||||||||||||||||||||||||||
Value of property sold | $ 5,800,000 | |||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 5,500,000 | |||||||||||||||||||||||||||
Ft. Myers, FL [Member] | ||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||
Purchase of industrial building | ft² | 214,000 | |||||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||||||
Lease expiration date | June 2017 | August 2027 | ||||||||||||||||||||||||||
Area of land | ft² | 88,000 | |||||||||||||||||||||||||||
Value of property sold | $ 6,400,000 | |||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 6,100,000 |
SCHEDULE OF INTANGIBLE ASSETS U
SCHEDULE OF INTANGIBLE ASSETS UNDER LEASES IN-PLACE ACQUISITION (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | $ 14,970 | $ 14,590 |
Topeka, KS [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 69 | 103 |
Carrollton (Dallas), TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 0 | 2 |
Ft. Mill (Charlotte, NC), SC [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 0 | 92 |
Lebanon (Nashville), TN [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 99 | 120 |
Rockford, IL (Sherwin-Williams Co.) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 85 | 105 |
Edinburg, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 109 | 166 |
Corpus Christi, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 44 | 67 |
Halfmoon (Albany), NY [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 108 | 158 |
Lebanon (Cincinnati), OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 0 | 54 |
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 520 | 703 |
Livonia (Detroit), MI [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 171 | 239 |
Stewartville (Rochester), MN [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 17 | 22 |
Buckner (Louisville), KY [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 308 | 330 |
Edwardsville (Kansas City), KS (International Paper) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 292 | 367 |
Lindale (Tyler), TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 166 | 201 |
Sauget (St. Louis, MO), IL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 20 | 23 |
Rockford, IL (Collins Aerospace Systems) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 61 | 68 |
Kansas City, MO [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 10 | 15 |
Monroe, OH (Cincinnati) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 333 | 365 |
Cincinnati, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 36 | 39 |
Imperial (Pittsburgh), PA [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 53 | 62 |
Burlington (Seattle/Everett), WA [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 344 | 375 |
Colorado Springs, CO [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 241 | 279 |
Hamburg (Buffalo), NY [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 198 | 216 |
Ft. Myers, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 164 | 184 |
Walker (Grand Rapids), MI [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 415 | 449 |
Aiken (Augusta, GA), SC [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 791 | 854 |
Mesquite (Dallas), TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 683 | 738 |
Homestead (Miami), FL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 475 | 513 |
Oklahoma City, OK (Bunzl) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 200 | 240 |
Concord (Charlotte), NC [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 539 | 581 |
Kenton, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 389 | 438 |
Stow, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 463 | 521 |
Charleston, SC (FDX) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 351 | 378 |
Oklahoma City, OK (Amazon) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 596 | 670 |
Savannah, GA [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 1,247 | 1,403 |
Daytona Beach, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 685 | 766 |
Mobile, AL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 917 | 1,017 |
Charleston, SC (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 622 | 667 |
Braselton (Atlanta), GA [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 930 | 1,000 |
Trenton, NJ [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 1,413 | 0 |
Savannah, GA (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 334 | 0 |
Lafayette, IN [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | $ 472 | $ 0 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Amortization expense for existing intangible assets in year 2020 | $ 1,800,000 | ||
Amortization expense for existing intangible assets in year 2021 | 1,800,000 | ||
Amortization expense for existing intangible assets in year 2022 | 1,600,000 | ||
Amortization expense for existing intangible assets in year 2023 | 1,500,000 | ||
Amortization expense for existing intangible assets in year 2024 | 1,400,000 | ||
Rental revenue related to intangible assets | 103,000 | $ 103,000 | $ 102,000 |
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 | $ 1,900,000 | $ 1,500,000 | $ 970,000 |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - Lease Concentration Risk [Member] | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
FDX and Subsidiaries [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk based on square feet, percentage | 47.00% | 48.00% | 50.00% |
Milwaukee Electric Tool Corporation [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk based on square feet, percentage | 5.00% | ||
Concentration risk based on square feet percentage, description | <5% | <5% |
SIGNIFICANT CONCENTRATIONS OF_3
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK (Details Narrative) $ in Millions | 12 Months Ended | |||
Sep. 30, 2019USD ($)ft² | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Oct. 10, 2019ft² | |
Concentration Risk [Line Items] | ||||
Total property (in square feet) | 22,300,000 | |||
Weighted average lease maturity | 7.6 years | |||
Subsequent Event [Member] | ||||
Concentration Risk [Line Items] | ||||
Purchase of industrial building | 616,000 | |||
Total leasable square feet | 22,900,000 | |||
Total square feet for Amazon.com Services, Inc. | 1,400,000 | |||
Rent and reimbursement revenues | 7.00% | |||
FDX and Subsidiaries [Member] | Rental and Reimbursement Revenue [Member] | ||||
Concentration Risk [Line Items] | ||||
Rental and reimbursement revenue, percentage | 60.00% | 58.00% | 59.00% | |
Rental and reimbursement revenue | $ | $ 94.9 | $ 80.7 | $ 68.2 | |
Description of total rentable space leased | No other tenant accounted for 5% or more of our total Rental and Reimbursement revenue | |||
FDX [Member] | Rental and Reimbursement Revenue [Member] | ||||
Concentration Risk [Line Items] | ||||
Rental and reimbursement revenue, percentage | 5.00% | 7.00% | 7.00% | |
FDX Subsidiaries [Member] | Rental and Reimbursement Revenue [Member] | ||||
Concentration Risk [Line Items] | ||||
Rental and reimbursement revenue, percentage | 55.00% | 51.00% | 52.00% | |
FedEx Corporation (FDX) [Member] | ||||
Concentration Risk [Line Items] | ||||
Total property (in square feet) | 10,400,000 | |||
Concentration risk based on square feet, percentage | 47.00% | |||
FDX Subsidiaries [Member] | ||||
Concentration Risk [Line Items] | ||||
Rental and reimbursement revenue, percentage | 5.00% | |||
FDX and Subsidiaries [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk based on square feet, percentage | 5.00% | |||
Rental and reimbursement revenue, percentage | 42.00% | |||
FDX [Member] | ||||
Concentration Risk [Line Items] | ||||
Weighted average lease maturity | 8.7 years |
SCHEDULE OF GAIN (LOSS) ON SECU
SCHEDULE OF GAIN (LOSS) ON SECURITIES TRANSACTIONS, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 0 | $ 112 | $ 2,321 |
Gross realized losses | 0 | (1) | (9) |
Gains on Sale of Securities Transactions, net | $ 0 | $ 111 | $ 2,312 |
SUMMARY OF INVESTMENTS IN DEBT
SUMMARY OF INVESTMENTS IN DEBT AND EQUITY SECURITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity Securities available for sale, Estimated Market Value | $ 185,300 | |
Total Securities Available for Sale, Estimated Market Value | 185,250 | $ 154,921 |
Available-for-sale Securities [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Total Securities Available for Sale, Cost | 234,675 | 179,665 |
Total Securities Available for Sale, Estimated Market Value | $ 185,250 | $ 154,921 |
Government National Mortgage Association [Member] | Available-for-sale Securities [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
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 | $ 3 |
Modified Pass-Through Mortgage-Backed Securities, Estimated Market Value | 2 | 4 |
Preferred Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Cost | 16,752 | 8,637 |
Equity Securities available for sale, Estimated Market Value | 13,167 | 7,309 |
Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Cost | 217,921 | 171,025 |
Equity Securities available for sale, Estimated Market Value | $ 172,081 | $ 147,608 |
C B L And Associates Properties Inc [Member] | Series D Preferred Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Interest Rate/Dividend Rate | 7.375% | 7.375% |
Equity securities available for sale, Number of Shares | 400,000 | 200,000 |
Equity securities available for sale, Cost | $ 7,967 | $ 4,808 |
Equity Securities available for sale, Estimated Market Value | $ 3,444 | $ 3,194 |
C B L And Associates Properties Inc [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 4,000,000 | 4,000,000 |
Equity securities available for sale, Cost | $ 33,525 | $ 33,525 |
Equity Securities available for sale, Estimated Market Value | $ 5,160 | $ 15,960 |
Cedar Realty Trust Inc [Member] | Series B Preferred Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Interest Rate/Dividend Rate | 7.25% | 7.25% |
Equity securities available for sale, Number of Shares | 6,000 | 6,000 |
Equity securities available for sale, Cost | $ 136 | $ 136 |
Equity Securities available for sale, Estimated Market Value | $ 144 | $ 143 |
Dynex Capital Inc [Member] | Series A Preferred Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
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 | $ 250 |
Equity Securities available for sale, Estimated Market Value | $ 256 | $ 254 |
I Star Financial Inc [Member] | Series D Preferred Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Interest Rate/Dividend Rate | 8.00% | 8.00% |
Equity securities available for sale, Number of Shares | 10,000 | 3,000 |
Equity securities available for sale, Cost | $ 232 | $ 71 |
Equity Securities available for sale, Estimated Market Value | $ 261 | $ 86 |
I Star Financial Inc [Member] | Series I Preferred Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Interest Rate/Dividend Rate | 7.50% | 7.50% |
Equity securities available for sale, Number of Shares | 60,000 | 41,000 |
Equity securities available for sale, Cost | $ 1,301 | $ 872 |
Equity Securities available for sale, Estimated Market Value | $ 1,547 | $ 1,006 |
Pennsylvania Real Estate Investment Trust [Member] | Series D Preferred Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Interest Rate/Dividend Rate | 6.875% | |
Equity securities available for sale, Number of Shares | 120,000 | |
Equity securities available for sale, Cost | $ 2,150 | |
Equity Securities available for sale, Estimated Market Value | $ 2,431 | |
Pennsylvania Real Estate Investment Trust [Member] | Series B Preferred Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Interest Rate/Dividend Rate | 7.375% | |
Equity securities available for sale, Number of Shares | 120,000 | |
Equity securities available for sale, Cost | $ 2,216 | |
Equity Securities available for sale, Estimated Market Value | $ 2,484 | |
Pennsylvania Real Estate Investment Trust [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 1,800,000 | 200,000 |
Equity securities available for sale, Cost | $ 13,443 | $ 1,993 |
Equity Securities available for sale, Estimated Market Value | $ 10,296 | $ 1,892 |
UMH Properties Inc [Member] | Series B Preferred Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Interest Rate/Dividend Rate | 8.00% | 8.00% |
Equity securities available for sale, Number of Shares | 100,000 | 100,000 |
Equity securities available for sale, Cost | $ 2,500 | $ 2,500 |
Equity Securities available for sale, Estimated Market Value | $ 2,600 | $ 2,626 |
UMH Properties Inc [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 1,257,000 | 1,188,000 |
Equity securities available for sale, Cost | $ 12,935 | $ 12,061 |
Equity Securities available for sale, Estimated Market Value | $ 17,693 | $ 18,584 |
Franklin Street Properties [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 1,000,000 | 700,000 |
Equity securities available for sale, Cost | $ 8,478 | $ 6,419 |
Equity Securities available for sale, Estimated Market Value | $ 8,460 | $ 5,593 |
Industrial Logistics Property Trust [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 700,000 | 100,000 |
Equity securities available for sale, Cost | $ 13,789 | $ 2,117 |
Equity Securities available for sale, Estimated Market Value | $ 14,875 | $ 2,301 |
Kimco Realty Corporation [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 1,700,000 | 1,200,000 |
Equity securities available for sale, Cost | $ 27,937 | $ 20,338 |
Equity Securities available for sale, Estimated Market Value | $ 35,496 | $ 20,088 |
Office Properties Income Trust [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 659,000 | |
Equity securities available for sale, Cost | $ 37,892 | |
Equity Securities available for sale, Estimated Market Value | $ 20,192 | |
Senior Housing Property Trust [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 1,100,000 | 900,000 |
Equity securities available for sale, Cost | $ 17,871 | $ 15,463 |
Equity Securities available for sale, Estimated Market Value | $ 10,181 | $ 15,804 |
Tanger Factory Outlet R E I T Centers [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 600,000 | |
Equity securities available for sale, Cost | $ 12,300 | |
Equity Securities available for sale, Estimated Market Value | $ 9,288 | |
V E R E I T Inc [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 3,500,000 | 3,100,000 |
Equity securities available for sale, Cost | $ 27,891 | $ 25,016 |
Equity Securities available for sale, Estimated Market Value | $ 34,230 | $ 22,506 |
Washington Prime Group Inc [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 1,500,000 | 1,300,000 |
Equity securities available for sale, Cost | $ 11,860 | $ 10,542 |
Equity Securities available for sale, Estimated Market Value | $ 6,210 | $ 9,490 |
Government Properties Income Trust [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 1,580,000 | |
Equity securities available for sale, Cost | $ 26,156 | |
Equity Securities available for sale, Estimated Market Value | $ 17,838 | |
Select Income R E I T [Member] | Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Equity securities available for sale, Number of Shares | 800,000 | |
Equity securities available for sale, Cost | $ 17,395 | |
Equity Securities available for sale, Estimated Market Value | $ 17,552 |
SECURITIES AVAILABLE FOR SALE_2
SECURITIES AVAILABLE FOR SALE (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Securities available for sale at fair value | $ 185,250 | $ 154,921 | |
Security available for sale, maximum percentage of investment on undepreciated assets | 10.00% | ||
Future percentage of undepreciated assets | 5.00% | ||
Total assets excluding accumulated depreciation | $ 2,100,000 | ||
Marketable REIT securities investments | $ 185,300 | ||
Future percentage of undepreciated assets | 8.70% | ||
Proceeds from sales or redemptions of securities available for sale | 2,600 | $ 17,300 | |
Dividend income on securities available for sale | $ 15,100 | $ 13,100 | $ 6,900 |
Purchase of securities available for sale at fair value | 55,000 | ||
Net unrealized losses on securities portfolio | 49,400 | ||
Accounting Standards Update 2016-01 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net unrealized losses on securities portfolio | $ 24,700 |
SUMMARY OF FIXED RATE MORTGAGE
SUMMARY OF FIXED RATE MORTGAGE NOTES PAYABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Weighted Average Interest Rate | 4.03% | 4.07% |
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ 752,900 | |
Mortgage Notes Payable [Member] | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Fixed Rate Mortgage Notes Payable, Amount | $ 752,916 | $ 719,768 |
Weighted Average Interest Rate | 4.03% | 4.07% |
Debt Issuance Costs | $ 11,733 | $ 11,716 |
Accumulated Amortization of Debt Issuance Costs | (3,745) | (3,494) |
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | 7,988 | 8,222 |
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ 744,928 | $ 711,546 |
SUMMARY OF MORTGAGE NOTES PAYAB
SUMMARY OF MORTGAGE NOTES PAYABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Mortgage Notes Payable | $ 752,900 | |
Mortgage Notes Payable [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Mortgage Notes Payable | $ 752,916 | $ 719,768 |
Mortgage Notes Payable [Member] | Tampa, FL (FDX Ground) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 6.00% | |
Maturity date | Mar. 1, 2019 | |
Mortgage Notes Payable | $ 0 | 5,144 |
Mortgage Notes Payable [Member] | Lebanon T N Nashville [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 7.60% | |
Maturity date | Jul. 10, 2019 | |
Mortgage Notes Payable | $ 0 | 7,217 |
Mortgage Notes Payable [Member] | Ft Mill S C Charlotte N C [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 7.00% | |
Maturity date | Oct. 10, 2019 | |
Mortgage Notes Payable | $ 0 | 725 |
Mortgage Notes Payable [Member] | Denver, CO [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 6.07% | |
Maturity date | Nov. 1, 2019 | |
Mortgage Notes Payable | $ 0 | 414 |
Mortgage Notes Payable [Member] | Hanahan S C Charleston F D X Ground [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 5.54% | |
Maturity date | Jan. 21, 2020 | |
Mortgage Notes Payable | $ 0 | 466 |
Mortgage Notes Payable [Member] | Augusta, GA (FDX Ground) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 5.54% | |
Maturity date | Feb. 1, 2020 | |
Mortgage Notes Payable | $ 102 | 339 |
Mortgage Notes Payable [Member] | Huntsville, AL [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 5.50% | |
Maturity date | Mar. 1, 2020 | |
Mortgage Notes Payable | $ 140 | 371 |
Mortgage Notes Payable [Member] | Topeka, KS [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 6.50% | |
Maturity date | Aug. 10, 2021 | |
Mortgage Notes Payable | $ 584 | 860 |
Mortgage Notes Payable [Member] | Streetsboro O H Cleveland [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 5.50% | |
Maturity date | Nov. 1, 2021 | |
Mortgage Notes Payable | $ 8,680 | 9,300 |
Mortgage Notes Payable [Member] | Kansas City, MO [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 5.18% | |
Maturity date | Dec. 1, 2021 | |
Mortgage Notes Payable | $ 6,457 | 6,633 |
Mortgage Notes Payable [Member] | Olive Branch M S Memphis T N Anda Pharmaceuticals Inc [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.80% | |
Maturity date | Apr. 1, 2022 | |
Mortgage Notes Payable | $ 6,927 | 7,564 |
Mortgage Notes Payable [Member] | Waco, TX [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.75% | |
Maturity date | Aug. 1, 2022 | |
Mortgage Notes Payable | $ 3,931 | 4,235 |
Mortgage Notes Payable [Member] | Houston, TX [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 6.88% | |
Maturity date | Sep. 10, 2022 | |
Mortgage Notes Payable | $ 1,643 | 2,148 |
Mortgage Notes Payable [Member] | Tolleson A Z Phoenix [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.95% | |
Maturity date | Nov. 1, 2022 | |
Mortgage Notes Payable | $ 2,882 | 3,720 |
Mortgage Notes Payable [Member] | Edwardsville K S Kansas City International Paper [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.45% | |
Maturity date | Nov. 1, 2023 | |
Mortgage Notes Payable | $ 8,421 | 9,189 |
Mortgage Notes Payable [Member] | Spring T X Houston [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.01% | |
Maturity date | Dec. 1, 2023 | |
Mortgage Notes Payable | $ 7,287 | 7,925 |
Mortgage Notes Payable [Member] | Memphis, TN [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.50% | |
Maturity date | Jan. 1, 2024 | |
Mortgage Notes Payable | $ 4,202 | 5,061 |
Mortgage Notes Payable [Member] | Oklahoma City, OK (FDX Ground) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.35% | |
Maturity date | Jul. 1, 2024 | |
Mortgage Notes Payable | $ 2,890 | 3,416 |
Mortgage Notes Payable [Member] | Indianapolis IN [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.00% | |
Maturity date | Sep. 1, 2024 | |
Mortgage Notes Payable | $ 9,454 | 10,437 |
Mortgage Notes Payable [Member] | Frankfort K Y Lexington [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.84% | |
Maturity date | Dec. 15, 2024 | |
Mortgage Notes Payable | $ 15,672 | 16,639 |
Mortgage Notes Payable [Member] | Carrollton T X Dallas [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 6.75% | |
Maturity date | Feb. 1, 2025 | |
Mortgage Notes Payable | $ 5,623 | 6,456 |
Mortgage Notes Payable [Member] | Altoona, PA [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.00% | |
Maturity date | Oct. 1, 2025 | |
Mortgage Notes Payable | $ 2,848 | 3,253 |
Mortgage Notes Payable [Member] | Green Bay, WI [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.00% | |
Maturity date | Oct. 1, 2025 | |
Mortgage Notes Payable | $ 2,311 | 2,640 |
Mortgage Notes Payable [Member] | Stewartville M N Rochester [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.00% | |
Maturity date | Oct. 1, 2025 | |
Mortgage Notes Payable | $ 1,852 | 2,116 |
Mortgage Notes Payable [Member] | Carlstadt, NJ (New York, NY) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 5.25% | |
Maturity date | May 15, 2026 | |
Mortgage Notes Payable | $ 1,408 | 1,580 |
Mortgage Notes Payable [Member] | Roanoke, VA (FDX Ground) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.84% | |
Maturity date | Jul. 1, 2026 | |
Mortgage Notes Payable | $ 3,905 | 4,395 |
Mortgage Notes Payable [Member] | Livonia M I Detroit [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.45% | |
Maturity date | Dec. 1, 2026 | |
Mortgage Notes Payable | $ 5,649 | 6,295 |
Mortgage Notes Payable [Member] | Oklahoma City, OK (Amazon) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.64% | |
Maturity date | Dec. 1, 2027 | |
Mortgage Notes Payable | $ 18,206 | 19,014 |
Mortgage Notes Payable [Member] | Olive Branch, MS (Memphis, TN) (Milwaukee Tool) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.76% | |
Maturity date | Oct. 1, 2028 | |
Mortgage Notes Payable | $ 19,917 | 21,723 |
Mortgage Notes Payable [Member] | Tulsa, OK [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.58% | |
Maturity date | Nov. 1, 2028 | |
Mortgage Notes Payable | $ 1,552 | 1,685 |
Mortgage Notes Payable [Member] | Oklahoma City, OK (Bunzl) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.13% | |
Maturity date | Jul. 1, 2029 | |
Mortgage Notes Payable | $ 5,124 | 5,538 |
Mortgage Notes Payable [Member] | Lindale T X Tyler [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.57% | |
Maturity date | Nov. 1, 2029 | |
Mortgage Notes Payable | $ 5,242 | 5,638 |
Mortgage Notes Payable [Member] | Sauget I L St Louis M O [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.40% | |
Maturity date | Nov. 1, 2029 | |
Mortgage Notes Payable | $ 7,956 | 8,564 |
Mortgage Notes Payable [Member] | Jacksonville, FL (FDX Ground) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.93% | |
Maturity date | Dec. 1, 2029 | |
Mortgage Notes Payable | $ 15,072 | 16,244 |
Mortgage Notes Payable [Member] | Imperial P A Pittsburgh [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.63% | |
Maturity date | Apr. 1, 2030 | |
Mortgage Notes Payable | $ 10,407 | 11,200 |
Mortgage Notes Payable [Member] | Monroe, OH (Cincinnati) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.77% | |
Maturity date | Apr. 1, 2030 | |
Mortgage Notes Payable | $ 6,626 | 7,126 |
Mortgage Notes Payable [Member] | Monroe O H Cincinnati One [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.85% | |
Maturity date | Apr. 1, 2030 | |
Mortgage Notes Payable | $ 7,000 | 0 |
Mortgage Notes Payable [Member] | Greenwood I N Indianapolis [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.91% | |
Maturity date | Jun. 1, 2030 | |
Mortgage Notes Payable | $ 18,780 | 20,159 |
Mortgage Notes Payable [Member] | F T Worth T X Dallas [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.56% | |
Maturity date | Sep. 1, 2030 | |
Mortgage Notes Payable | $ 19,342 | 20,754 |
Mortgage Notes Payable [Member] | Concord N C Charlotte [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.87% | |
Maturity date | Dec. 1, 2030 | |
Mortgage Notes Payable | $ 16,654 | 17,813 |
Mortgage Notes Payable [Member] | Covington L A New Orleans [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.08% | |
Maturity date | Jan. 1, 2031 | |
Mortgage Notes Payable | $ 10,425 | 11,134 |
Mortgage Notes Payable [Member] | Burlington W A Seattle Everett [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.67% | |
Maturity date | May 1, 2031 | |
Mortgage Notes Payable | $ 16,635 | 17,757 |
Mortgage Notes Payable [Member] | Louisville, KY [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.74% | |
Maturity date | Jul. 1, 2031 | |
Mortgage Notes Payable | $ 6,121 | 6,525 |
Mortgage Notes Payable [Member] | Colorado Springs, CO [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.90% | |
Maturity date | Jul. 1, 2031 | |
Mortgage Notes Payable | $ 15,632 | 16,652 |
Mortgage Notes Payable [Member] | Davenport F L Orlando [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.89% | |
Maturity date | Sep. 1, 2031 | |
Mortgage Notes Payable | $ 22,274 | 23,703 |
Mortgage Notes Payable [Member] | Olathe K S Kansas City [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.96% | |
Maturity date | Sep. 1, 2031 | |
Mortgage Notes Payable | $ 18,759 | 19,957 |
Mortgage Notes Payable [Member] | Hamburg N Y Buffalo [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.03% | |
Maturity date | Nov. 1, 2031 | |
Mortgage Notes Payable | $ 20,075 | 21,329 |
Mortgage Notes Payable [Member] | Ft. Myers, FL (FDX Ground) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.97% | |
Maturity date | Jan. 1, 2032 | |
Mortgage Notes Payable | $ 12,510 | 13,281 |
Mortgage Notes Payable [Member] | Savannah, GA [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.53% | |
Maturity date | Feb. 1, 2032 | |
Mortgage Notes Payable | $ 30,304 | 32,216 |
Mortgage Notes Payable [Member] | Walker M I Grand Rapids [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.86% | |
Maturity date | May 1, 2032 | |
Mortgage Notes Payable | $ 18,365 | 19,469 |
Mortgage Notes Payable [Member] | Mesquite T X Dallas [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.60% | |
Maturity date | Jul. 1, 2032 | |
Mortgage Notes Payable | $ 29,171 | 30,928 |
Mortgage Notes Payable [Member] | Aiken S C Augusta G A [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.20% | |
Maturity date | Jul. 1, 2032 | |
Mortgage Notes Payable | $ 13,683 | 14,471 |
Mortgage Notes Payable [Member] | Homestead F L Miami [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.60% | |
Maturity date | Jul. 1, 2032 | |
Mortgage Notes Payable | $ 21,989 | 23,314 |
Mortgage Notes Payable [Member] | Mobile, AL [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.14% | |
Maturity date | Jul. 1, 2032 | |
Mortgage Notes Payable | $ 17,802 | 18,832 |
Mortgage Notes Payable [Member] | Concord N C Charlotte One [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.80% | |
Maturity date | Sep. 1, 2032 | |
Mortgage Notes Payable | $ 23,492 | 24,863 |
Mortgage Notes Payable [Member] | Kenton, OH [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.45% | |
Maturity date | Oct. 1, 2032 | |
Mortgage Notes Payable | $ 10,874 | 11,473 |
Mortgage Notes Payable [Member] | Stow, OH [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.17% | |
Maturity date | Oct. 1, 2032 | |
Mortgage Notes Payable | $ 11,484 | 12,130 |
Mortgage Notes Payable [Member] | Charleston, SC (FDX) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.23% | |
Maturity date | Dec. 1, 2032 | |
Mortgage Notes Payable | $ 12,968 | 13,683 |
Mortgage Notes Payable [Member] | Daytona Beach, FL [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.25% | |
Maturity date | May 31, 2033 | |
Mortgage Notes Payable | $ 18,224 | 19,188 |
Mortgage Notes Payable [Member] | Charleston, SC (FDX Ground) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 3.82% | |
Maturity date | Sep. 1, 2033 | |
Mortgage Notes Payable | $ 28,356 | 29,860 |
Mortgage Notes Payable [Member] | Braselton G A Atlanta [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.02% | |
Maturity date | Oct. 1, 2033 | |
Mortgage Notes Payable | $ 37,898 | 39,700 |
Mortgage Notes Payable [Member] | Buckner K Y Louisville [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.17% | |
Maturity date | Nov. 1, 2033 | |
Mortgage Notes Payable | $ 14,566 | 15,307 |
Mortgage Notes Payable [Member] | Trenton, NJ [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.13% | |
Maturity date | Nov. 1, 2033 | |
Mortgage Notes Payable | $ 52,759 | 0 |
Mortgage Notes Payable [Member] | Savannah, GA (FDX Ground) [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.40% | |
Maturity date | Dec. 1, 2033 | |
Mortgage Notes Payable | $ 16,872 | 0 |
Mortgage Notes Payable [Member] | Lafayette, IN [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Fixed Rate | 4.25% | |
Maturity date | Aug. 1, 2034 | |
Mortgage Notes Payable | $ 16,932 | $ 0 |
SCHEDULE OF MATURITIES OF LONG-
SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Mortgage Notes And Loans Payable | |
2020 | $ 53,394 |
2021 | 55,360 |
2022 | 77,516 |
2023 | 56,240 |
2024 | 69,293 |
Thereafter | 441,113 |
Total | $ 752,916 |
MORTGAGE NOTES AND LOANS PAYA_3
MORTGAGE NOTES AND LOANS PAYABLE (Details Narrative) | Nov. 15, 2019USD ($) | Mar. 31, 2019 | Sep. 30, 2019USD ($)Properties | Sep. 30, 2018USD ($)Properties | Sep. 30, 2017USD ($) |
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Number of properties owned | Properties | 114 | 111 | |||
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ 752,900,000 | ||||
Mortgage loans on real estate, weighted average interest rate | 4.03% | 4.07% | |||
Weighted average loan maturity of mortgage notes payable | 11.3 years | 11.7 years | |||
Loans payable | $ 95,000,000 | $ 186,609,000 | |||
Interest expense | 1,300,000 | 1,200,000 | $ 1,200,000 | ||
Subsequent Event [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Unsecured term loan | $ 75,000,000 | ||||
Line of credit, unsecured term loan maximum borrowing capacity | $ 300,000,000 | ||||
Line of credit facility, description | Availability under the New 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. Under the New Facility the capitalization rate applied to our NOI generated by our unencumbered, wholly-owned industrial properties was lowered from 6.5% under the Old Facility to 6.25% under the New Facility, thus increasing the value of the borrowing base properties under the terms of the New Facility. | ||||
Unsecured revolving line of credit, interest rate description | LIBOR plus 135 basis points to 205 basis points | ||||
Unsecured revolving line of credit, BMO interest rate description | BMO’s prime lending rate plus 35 basis points to 105 basis points | ||||
Unsecured revolving line of credit, interest rate description on current leverage ratio | LIBOR plus 145 basis points | ||||
Loan maturity, term loan | January 2025 | ||||
Debt instrument interest rate description | The interest rate for borrowings under the Term Loan, at our election, either i) bear interest at LIBOR plus 130 basis points to 200 basis points, depending on our leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 30 basis points to 100 basis points, depending on our leverage ratio. | ||||
New Facility [Member] | Subsequent Event [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Line of credit current borrowing capacity | $ 225,000,000 | ||||
Total amount available including the accordion on the line of credit facility | $ 400,000,000 | ||||
Line of credit facility, description | Availability under the New 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. | ||||
New Revolver [Member] | Subsequent Event [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Loans payable | $ 10,000,000 | ||||
Line of credit facility, description | January 2024 with two options to extend for additional six-month periods, at our option. | ||||
Interest rate | 3.21% | ||||
BMO Capital Markets [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Total amount available including the accordion on the line of credit facility | 325,000,000 | ||||
BMO Capital Markets [Member] | Subsequent Event [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Unsecured term loan | $ 75,000,000 | ||||
BMO Capital Markets [Member] | Subsequent Event [Member] | B M O R B C And J P Morgan [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Line of credit current borrowing capacity | $ 225,000,000 | ||||
Line of credit facility, description | January 2024, with two options to extend for additional six-month periods, at our option | ||||
BMO Capital Markets [Member] | Old Facility [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Loans payable | 95,000,000 | ||||
Line of credit current borrowing capacity | $ 200,000,000 | ||||
Line of credit facility, description | The Old Facility was originally set to mature in September 2020 with a one-year extension at our option | ||||
Repayments of lines of credit | $ 65,000,000 | ||||
Line of credit | 100,000,000 | ||||
BMO Capital Markets [Member] | New Facility [Member] | Subsequent Event [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Line of credit current borrowing capacity | $ 225,000,000 | ||||
Total amount available including the accordion on the line of credit facility | 400,000,000 | ||||
BMO Capital Markets [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Line of credit, unsecured term loan maximum borrowing capacity | 300,000,000 | ||||
Old Facility [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Total amount available including the accordion on the line of credit facility | $ 300,000,000 | ||||
Line of credit facility, description | Availability under the Old Facility was limited to 60% of the value of the borrowing base properties. The value of the borrowing base properties was determined by applying a capitalization rate to the NOI generated by our unencumbered, wholly-owned industrial properties. Effective in March 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 Old Facility. Borrowings under the Old Facility, at our election, either i) bore interest at LIBOR plus 140 basis points to 220 basis points, depending on our leverage ratio, or ii) bore interest at Bank of Montreal’s (BMO’s) prime lending rate plus 40 basis points to 120 basis points, depending on our leverage ratio. Our borrowings as of September 30, 2019, based on our leverage ratio as of September 30, 2019, bore interest at LIBOR plus 170 basis points, which was at an interest rate of 3.74% as of September 30, 2019. | ||||
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 | Bank of Montreal’s (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 | ||||
Unsecured line of credit, interest rate | 3.74% | ||||
RepaidLoans [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Amount repaid on mortgage loans | $ 12,500,000 | 12,500,000 | |||
Term Loan [Member] | Subsequent Event [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Unsecured term loan | $ 75,000,000 | ||||
Term loan, interest rate | 2.92% | ||||
Term loan, amount outstanding | $ 75,000,000 | ||||
Margin Loans [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Loans payable | $ 0 | $ 26,600,000 | |||
Percentage of amount available to borrow on margin | 50.00% | ||||
Percentage of amount available to borrow on margin, interest rate | 2.50% | 2.75% | |||
Percentage of amount available to borrow on margin, current interest rate | 2.25% | ||||
Three Mortgages Loans One [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Amortizing mortgage loan period | 15 years | ||||
Three Mortgages Loans Two [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Amortizing mortgage loan period | 15 years | ||||
Three Mortgages Loans Three [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Amortizing mortgage loan period | 15 years | ||||
Three Mortgages Loans [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Mortgage loans on real estate, weighted average interest rate | 4.21% | ||||
Amount repaid on mortgage loans | $ 89,500,000 | ||||
Weighted average loan maturity of mortgage notes payable | 15 years | ||||
Minimum [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Mortgage loans on real estate, weighted average interest rate | 3.45% | ||||
Minimum [Member] | BMO Capital Markets [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Percentage of capitalization rate | 6.50% | ||||
Maximum [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Mortgage loans on real estate, weighted average interest rate | 6.875% | ||||
Maximum [Member] | BMO Capital Markets [Member] | |||||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||||
Percentage of capitalization rate | 7.00% |
SCHEDULE OF OTHER LIABILITIES (
SCHEDULE OF OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Rent paid in advance | $ 10,683 | $ 9,401 |
Unearned reimbursement revenue | 5,385 | 5,815 |
Tenant security deposits | 691 | 715 |
Other | 648 | 495 |
Total | $ 17,407 | $ 16,426 |
SCHEDULE OF STOCK OPTIONS, VALU
SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS (Details) - shares | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated forfeitures | 0 | 0 | 0 |
Black Scholes Option Pricing Model [Member] | Measurement Input, Expected Dividend Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value assumption, measurement input, percentages | 5.03% | 3.82% | 4.44% |
Black Scholes Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value assumption, measurement input, percentages | 17.17% | 16.45% | 18.84% |
Black Scholes Option Pricing Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value assumption, measurement input, percentages | 2.88% | 2.37% | 2.26% |
Black Scholes Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value assumption, measurement input, term | 8 years | 8 years | 8 years |
SUMMARY OF STATUS OF COMPANY'S
SUMMARY OF STATUS OF COMPANY'S STOCK OPTION PLAN (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Number of shares, Outstanding at beginning of year | 695,000 | 670,000 | 455,000 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 12.17 | $ 11.75 | $ 9.46 |
Number of shares, Granted | 450,000 | 65,000 | 280,000 |
Weighted Average Exercise Price, Granted | $ 13.53 | $ 17.80 | $ 14.43 |
Number of shares, Exercised | (65,000) | (40,000) | (65,000) |
Weighted Average Exercise Price, Exercised | $ 8.72 | $ 14.24 | $ 7.22 |
Number of shares, Expired/Forfeited | 0 | 0 | 0 |
Weighted Average Exercise Price, Expired/Forfeited | $ 0 | $ 0 | $ 0 |
Number of shares, Outstanding at end of year | 1,080,000 | 695,000 | 670,000 |
Weighted Average Exercise Price, Outstanding at end of year | $ 12.95 | $ 12.17 | $ 11.75 |
Exercisable at end of year | 630,000 | 630,000 | 390,000 |
Weighted-average fair value of options granted during the year | $ 1.17 | $ 1.84 | $ 1.49 |
SUMMARY OF STOCK OPTION OUTSTAN
SUMMARY OF STOCK OPTION OUTSTANDING (Details) | 12 Months Ended | |||
Sep. 30, 2019Grants$ / sharesshares | Sep. 30, 2018shares | Sep. 30, 2017shares | Sep. 30, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares | 1,080,000 | 695,000 | 670,000 | 455,000 |
Stock Option One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Jan. 3, 2012 | |||
Number of Grants | Grants | 1 | |||
Number of Shares | 65,000 | |||
Option Price | $ / shares | $ 9.33 | |||
Expiration Date | Jan. 3, 2020 | |||
Stock Option Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Jan. 3, 2013 | |||
Number of Grants | Grants | 1 | |||
Number of Shares | 65,000 | |||
Option Price | $ / shares | $ 10.46 | |||
Expiration Date | Jan. 3, 2021 | |||
Stock Option Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Jan. 3, 2014 | |||
Number of Grants | Grants | 1 | |||
Number of Shares | 65,000 | |||
Option Price | $ / shares | $ 8.94 | |||
Expiration Date | Jan. 3, 2022 | |||
Stock Option Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Jan. 5, 2015 | |||
Number of Grants | Grants | 1 | |||
Number of Shares | 65,000 | |||
Option Price | $ / shares | $ 11.16 | |||
Expiration Date | Jan. 5, 2023 | |||
Stock Option Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Jan. 5, 2016 | |||
Number of Grants | Grants | 1 | |||
Number of Shares | 65,000 | |||
Option Price | $ / shares | $ 10.37 | |||
Expiration Date | Jan. 5, 2024 | |||
Stock Option Six [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Dec. 9, 2016 | |||
Number of Grants | Grants | 8 | |||
Number of Shares | 175,000 | |||
Option Price | $ / shares | $ 14.24 | |||
Expiration Date | Dec. 9, 2024 | |||
Stock Option Seven [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Jan. 4, 2017 | |||
Number of Grants | Grants | 1 | |||
Number of Shares | 65,000 | |||
Option Price | $ / shares | $ 15.04 | |||
Expiration Date | Jan. 4, 2025 | |||
Stock Option Eight [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Jan. 3, 2018 | |||
Number of Grants | Grants | 1 | |||
Number of Shares | 65,000 | |||
Option Price | $ / shares | $ 17.80 | |||
Expiration Date | Jan. 3, 2026 | |||
Stock Option Nine [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Dec. 10, 2018 | |||
Number of Grants | Grants | 12 | |||
Number of Shares | 385,000 | |||
Option Price | $ / shares | $ 13.64 | |||
Expiration Date | Dec. 10, 2026 | |||
Stock Option Ten [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Jan. 10, 2019 | |||
Number of Grants | Grants | 1 | |||
Number of Shares | 65,000 | |||
Option Price | $ / shares | $ 12.86 | |||
Expiration Date | Jan. 10, 2027 |
SUMMARY OF NONVESTED RESTRICTED
SUMMARY OF NONVESTED RESTRICTED STOCK AWARDS (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Shares, Beginning balance | 78,000 | 90,000 | 118,000 |
Non-vested, Weighted average grant date fair value, Beginning balance | $ 13.18 | $ 12.15 | $ 11.35 |
Non-vested, Shares, Granted | 25,000 | 13,000 | 11,000 |
Non-vested, Weighted average grant date fair value, Granted | $ 15.45 | $ 16.47 | $ 15.92 |
Non-vested, Shares, Dividend reinvested shares | 5,000 | 4,000 | 5,000 |
Non-vested, Weighted average grant date fair value, Dividend reinvested shares | $ 13.11 | $ 15.42 | $ 13.99 |
Non-vested, Shares, Vested | (31,000) | (29,000) | (44,000) |
Non-vested, Weighted average grant date fair value, Vested | $ (14.33) | $ (16.99) | $ (15.74) |
Non-vested, Shares, Forfeited | 0 | 0 | 0 |
Non-vested, Weighted average grant date fair value, Forfeited | $ 0 | $ 0 | $ 0 |
Non-vested, Shares, Ending balance | 77,000 | 78,000 | 90,000 |
Non-vested, Weighted average grant date fair value, Ending balance | $ 13.94 | $ 13.18 | $ 12.15 |
STOCK COMPENSATION PLAN (Detail
STOCK COMPENSATION PLAN (Details Narrative) - USD ($) | May 18, 2017 | Sep. 30, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options granted shares | 450,000 | 65,000 | 280,000 | ||
Fair value of option granted shares | $ 528,000 | $ 120,000 | $ 416,000 | ||
Stock Compensation Expense | $ 784,000 | $ 434,000 | $ 625,000 | ||
Weighted average fair value granted | $ 1.17 | $ 1.84 | $ 1.49 | ||
Unrestricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options granted shares | 5,000 | 4,000 | 1,000 | ||
Weighted average fair value granted | $ 13.58 | $ 16.10 | $ 15.92 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of restricted stock issued during the year | 25,000 | 13,000 | 11,000 | ||
Thirteen Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options granted shares | 450,000 | ||||
Vesting period of stock option | one-year | ||||
Stock Compensation Expense | $ 464,000 | ||||
Intrinsic value of options exercised | $ 267,000 | ||||
Options, Weighted average remaining contractual term | 5.1 | ||||
One Employee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options granted shares | 65,000 | ||||
Vesting period of stock option | one-year | ||||
Stock Compensation Expense | $ 168,000 | ||||
Intrinsic value of options exercised | $ 141,000 | ||||
Options, Weighted average remaining contractual term | 4.3 | ||||
Eleven Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options granted shares | 280,000 | ||||
Vesting period of stock option | one-year | ||||
Stock Compensation Expense | $ 350,000 | ||||
Intrinsic value of options exercised | $ 586,000 | ||||
Options, Weighted average remaining contractual term | 5.1 years | ||||
Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Remaining unamortized stock option expenses | $ 94,000 | ||||
Aggregate intrinsic value of options outstanding | $ 3,000,000 | 1,800,000 | $ 3,200,000 | $ 3,000,000 | |
Non Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum share based compensation award granted in value | 100,000 | ||||
One-time maximum share based compensation award granted upon election in value | $ 200,000 | ||||
Amended and Restated 2007 Incentive Award Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Extend the term of plan | 10 years | ||||
Common stock shares reserved for future issuance | 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 $1.5 million in cash | ||||
Percentage of common shares available under plan without minimum vesting period | 5.00% | ||||
Stock option term | 10 years | ||||
Exercise price per common share percentage | 100.00% | ||||
Shares available for grant as stock options | 1,200,000 | ||||
Amended and Restated 2007 Incentive Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of restricted stock issued during the year | 11,000 | 25,000 | 13,000 | ||
Number of participants | eleven participants | one participant | one participant | ||
Grant date fair value of option granted | $ 386,000 | $ 206,000 | $ 175,000 | ||
Vesting period of stock option | 5 years | 5 years | 5 years | ||
Unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded | $ 616,000 | ||||
Unrecognized restricted stock compensation remaining weighted average period | 3.3 | ||||
Restricted Stock Compensation expense | $ 258,000 | $ 207,000 | $ 261,000 |
SCHEDULE OF FUTURE MINIMUM RENT
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 132,947 |
2021 | 130,863 |
2022 | 124,380 |
2023 | 119,725 |
2024 | 108,844 |
thereafter | 482,571 |
Total | $ 1,099,330 |
INCOME FROM LEASES (Details Nar
INCOME FROM LEASES (Details Narrative) | Nov. 01, 2019ft² | Sep. 30, 2019ft²Properties$ / shares |
Lessee, Lease, Description [Line Items] | ||
Investments properties held | Properties | 114 | |
Investments properties held square feet | 22,300,000 | |
Investments properties occupancy rate percentage | 98.90% | |
Lessee operating lease renewal term | 10 years | |
Weighted average lease maturity terms | 7.6 years | |
Annualized average base rent per square foot. | $ / shares | $ 6.20 | |
Subsequent Event [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Vacant properties leased square feet | 60,000 | |
Vacant properties leased period | 12.5 | |
Increase in current overall accupancy rate percentage | 99.20% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 12 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Related Party Transaction [Line Items] | |
Marketable REIT securities fair value | $ 185,300,000 |
Ownership percentage by company | 24.00% |
Net unrealized gain on securities portfolio | $ 49,400,000 |
UMH Properties Inc [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | |
Related Party Transaction [Line Items] | |
Marketable REIT securities fair value | $ 2,600,000 |
Available for sale securities, shares | shares | 100,000 |
Dividend rate of preferred stock | 8.00% |
Shares owned, cost | $ 2,500,000 |
UMH Properties Inc [Member] | Common And Preferred Stock [Member] | |
Related Party Transaction [Line Items] | |
Net unrealized gain on securities portfolio | $ 4,900,000 |
UMH Properties Inc [Member] | Common Stock [Member] | |
Related Party Transaction [Line Items] | |
Shares owned by company | shares | 1,300,000 |
Shares owned, cost | $ 12,900,000 |
Marketable REIT securities fair value | $ 17,700,000 |
Ownership percentage by company | 3.10% |
UMH Properties Inc [Member] | |
Related Party Transaction [Line Items] | |
UMH common stock shares purchased during the period | shares | 68,000 |
UMH common stock value purchased during the period | $ 874,000 |
Weighted average price per share | $ / shares | $ 12.78 |
UMH Properties Inc [Member] | Dividend Reinvestmen And Stock Purchase Plan [Member] | |
Related Party Transaction [Line Items] | |
Weighted average price per share | $ / shares | $ 13.13 |
UMH purchase of the company's common stock shares purchased during the period | shares | 127,000 |
UMH purchase of the company's common stock value purchased during the period | $ 1,700,000 |
SCHEDULE OF NET INCOME AND TAXA
SCHEDULE OF NET INCOME AND TAXABLE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Net income attributable to common shareholders | $ 11,026 | $ 38,815 | $ 22,942 |
Book / tax difference on gains realized from capital transactions | 0 | (7,596) | (2,312) |
Stock compensation expense | 784 | 434 | 625 |
Deferred compensation | 0 | 0 | 0 |
Other book / tax differences, net | 1,650 | (1,039) | (1,596) |
Taxable income before adjustments | 13,460 | 30,614 | 19,659 |
Add: capital gains | 19,680 | 7,996 | 567 |
Estimated taxable income subject to 90% dividend requirement | $ 33,140 | $ 38,610 | $ 20,226 |
SCHEDULE OF CASH DIVIDENDS PAID
SCHEDULE OF CASH DIVIDENDS PAID AND DIVIDENDS PAID DEDUCTION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Cash dividends paid | $ 63,742 | $ 53,586 | $ 46,289 |
Less: Portion designated capital gains distribution | (19,680) | (7,996) | (567) |
Less: Return of capital | (30,602) | (14,976) | (7,361) |
Estimated dividends paid deduction | $ 13,460 | $ 30,614 | $ 38,361 |
TAXES (Details Narrative)
TAXES (Details Narrative) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Required distribution to be exempt from taxable income | 90.00% |
SCHEDULE OF SHARES ISSUED IN CO
SCHEDULE OF SHARES ISSUED IN CONNECTION WITH DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Equity [Abstract] | |||
Amounts received | $ 73,965 | $ 90,029 | $ 91,932 |
Less: Dividend reinvestments | 16,886 | 12,928 | 10,126 |
Amounts received, net | $ 57,079 | $ 77,101 | $ 81,806 |
Number of Shares Issued | 5,601 | 5,816 | 6,633 |
SUMMARY OF CASH DISTRIBUTIONS T
SUMMARY OF CASH DISTRIBUTIONS TO COMMON SHAREHOLDERS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash distributions paid to common shareholders, Amount | $ 63,742 | $ 53,586 | $ 46,289 |
Cash distributions paid to common shareholders, Per Share | $ 0.68 | $ 0.68 | $ 0.64 |
December 31 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash distributions paid to common shareholders, Amount | $ 15,570 | $ 13,017 | $ 11,184 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.17 | $ 0.16 |
March 31 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash distributions paid to common shareholders, Amount | $ 15,825 | $ 13,303 | $ 11,429 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.17 | $ 0.16 |
June 30 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash distributions paid to common shareholders, Amount | $ 16,064 | $ 13,523 | $ 11,698 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.17 | $ 0.16 |
September 30 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash distributions paid to common shareholders, Amount | $ 16,283 | $ 13,743 | $ 11,978 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.17 | $ 0.16 |
SCHEDULE OF DIVIDEND DECLARED A
SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES A PREFERRED STOCK (Details) - Series A Preferred Stock [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Sep. 30, 2017USD ($)$ / shares | |
Class of Stock [Line Items] | |
Declaration Date | Sep. 14, 2016 |
Record Date | Oct. 14, 2016 |
Payment date | Oct. 14, 2016 |
Dividend | $ | $ 499 |
Dividend per Share | $ / shares | $ 0.23299 |
SCHEDULE OF DIVIDEND DECLARED_2
SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES B PREFERRED STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Class of Stock [Line Items] | |||
Dividend | $ (18,774) | $ (17,191) | |
Dividend per Share | $ (0.20) | $ (0.22) | $ (0.21) |
Series B Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Dividend | $ 3,472 | ||
Dividend per Share | $ 1.5093750 | ||
Series B Preferred Stock [Member] | Dividend Distribution One [Member] | |||
Class of Stock [Line Items] | |||
Declaration Date | Oct. 3, 2016 | ||
Record Date | Nov. 15, 2016 | ||
Payment date | Dec. 15, 2016 | ||
Dividend | $ 1,132 | ||
Dividend per Share | $ 0.4921875 | ||
Series B Preferred Stock [Member] | Dividend Distribution Two [Member] | |||
Class of Stock [Line Items] | |||
Declaration Date | Jan. 17, 2017 | ||
Record Date | Feb. 15, 2017 | ||
Payment date | Mar. 15, 2017 | ||
Dividend | $ 1,132 | ||
Dividend per Share | $ 0.4921875 | ||
Series B Preferred Stock [Member] | Dividend Distribution Three [Member] | |||
Class of Stock [Line Items] | |||
Declaration Date | Apr. 4, 2017 | ||
Record Date | May 15, 2017 | ||
Payment date | Jun. 15, 2017 | ||
Dividend | $ 1,132 | ||
Dividend per Share | $ 0.4921875 | ||
Series B Preferred Stock [Member] | Dividend Distribution Four [Member] | |||
Class of Stock [Line Items] | |||
Declaration Date | May 5, 2017 | ||
Record Date | Jun. 7, 2017 | ||
Payment date | Jun. 7, 2017 | ||
Dividend | $ 76 | ||
Dividend per Share | $ 0.0328125 |
SCHEDULE OF DIVIDEND DECLARED_3
SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES C PREFERRED STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Class of Stock [Line Items] | |||
Dividend | $ (18,774) | $ (17,191) | |
Dividend per Share | $ (0.20) | $ (0.22) | $ (0.21) |
Series C Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Dividend | $ 18,465 | $ 16,877 | $ 10,530 |
Dividend per Share | $ 1.53125 | $ 1.53125 | $ 1.4802083 |
Series C Preferred Stock [Member] | Dividend Distribution One [Member] | |||
Class of Stock [Line Items] | |||
Declaration Date | Oct. 1, 2018 | Oct. 2, 2017 | Oct. 3, 2016 |
Record Date | Nov. 15, 2018 | Nov. 15, 2017 | Nov. 15, 2016 |
Payment date | Dec. 17, 2018 | Dec. 15, 2017 | Dec. 15, 2016 |
Dividend | $ 4,415 | $ 4,081 | $ 1,792 |
Dividend per Share | $ 0.3828125 | $ 0.3828125 | $ 0.3317708 |
Series C Preferred Stock [Member] | Dividend Distribution Two [Member] | |||
Class of Stock [Line Items] | |||
Declaration Date | Jan. 16, 2019 | Jan. 16, 2018 | Jan. 17, 2017 |
Record Date | Feb. 15, 2019 | Feb. 15, 2018 | Feb. 15, 2017 |
Payment date | Mar. 15, 2019 | Mar. 15, 2018 | Mar. 15, 2017 |
Dividend | $ 4,424 | $ 4,221 | $ 2,067 |
Dividend per Share | $ 0.3828125 | $ 0.3828125 | $ 0.3828125 |
Series C Preferred Stock [Member] | Dividend Distribution Three [Member] | |||
Class of Stock [Line Items] | |||
Declaration Date | Apr. 2, 2019 | Apr. 2, 2018 | Apr. 4, 2017 |
Record Date | May 15, 2019 | May 15, 2018 | May 15, 2017 |
Payment date | Jun. 17, 2019 | Jun. 15, 2018 | Jun. 15, 2017 |
Dividend | $ 4,681 | $ 4,248 | $ 3,216 |
Dividend per Share | $ 0.3828125 | $ 0.3828125 | $ 0.3828125 |
Series C Preferred Stock [Member] | Dividend Distribution Four [Member] | |||
Class of Stock [Line Items] | |||
Declaration Date | Jul. 1, 2019 | Jul. 2, 2018 | Jul. 3, 2017 |
Record Date | Aug. 15, 2019 | Aug. 15, 2018 | Aug. 15, 2017 |
Payment date | Sep. 16, 2019 | Sep. 17, 2018 | Sep. 15, 2017 |
Dividend | $ 4,945 | $ 4,327 | $ 3,455 |
Dividend per Share | $ 0.3828125 | $ 0.3828125 | $ 0.3828125 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) | Oct. 02, 2019$ / shares | Jan. 16, 2019USD ($) | Aug. 02, 2018USD ($) | Oct. 02, 2017yr$ / shares | Jun. 29, 2017USD ($)$ / shares | Jun. 07, 2017USD ($)$ / shares | Mar. 09, 2017USD ($)$ / sharesshares | Oct. 14, 2016USD ($)$ / sharesshares | Sep. 15, 2016USD ($) | Sep. 13, 2016USD ($)$ / sharesshares | Oct. 02, 2015$ / shares | Oct. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / shares | Sep. 30, 2016$ / shares | Sep. 30, 2019USD ($)$ / sharesshares | Nov. 25, 2019 | May 05, 2017$ / sharesshares | Sep. 14, 2016$ / sharesshares |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Percentage of discount price from market price through drip program | 95.00% | |||||||||||||||||||
Number of common shares sold | shares | 9,200,000 | |||||||||||||||||||
Sale of stock price per share | $ 15 | |||||||||||||||||||
Increase in common stock dividend | 11.30% | |||||||||||||||||||
Proceeds from issuance initial public offering | $ | $ 132,300,000 | $ 132,338,000 | $ 0 | $ 0 | ||||||||||||||||
Cash dividends paid | $ | $ (63,742,000) | $ (53,586,000) | ||||||||||||||||||
Increase in ATM Program | $ | $ 96,500,000 | |||||||||||||||||||
Annual rate of dividends cumulative and payable | $ 1.53125 | $ 1.53125 | ||||||||||||||||||
Maximum dollar value that may be purchased under the share repurchase program | $ | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||
Preferred Stock ATM Program [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Number of common shares sold | shares | 5,500,000 | |||||||||||||||||||
Sale of stock price per share | $ 24.81 | $ 24.81 | ||||||||||||||||||
Proceeds from preferred stock atm program | $ | $ 134,000,000 | |||||||||||||||||||
Sale of stock price per share | $ 24.49 | $ 24.49 | ||||||||||||||||||
Preferred Stock ATM Program [Member] | Fiscal Year 2019 [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Number of common shares sold | shares | 2,400,000 | |||||||||||||||||||
Proceeds from ATM Program | $ | $ 58,200,000 | |||||||||||||||||||
Preferred Stock ATM Program [Member] | Fiscal Year 2018 [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Sale of stock price per share | $ 24.49 | $ 24.49 | ||||||||||||||||||
Preferred Stock ATM Program One [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Remaining amount that may be sold, value | $ | $ 59,800,000 | |||||||||||||||||||
Series A Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred stock, shares issued | shares | 2,100,000 | |||||||||||||||||||
Preferred stock, shares outstanding | shares | 2,100,000 | |||||||||||||||||||
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 | ||||||||||||||||||
Dividend rate on preferred stock series A preferred stock | 7.625% | |||||||||||||||||||
Series B Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred stock, shares issued | shares | 2,300,000 | |||||||||||||||||||
Preferred stock, shares outstanding | shares | 2,300,000 | |||||||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 7.875% | 7.875% | 7.875% | |||||||||||||||||
Preferred stock, par value | $ 0.01 | |||||||||||||||||||
Preferred stock redemption price | $ 25 | $ 25 | ||||||||||||||||||
Preferred stock accrued dividend per share | $ 0.0328125 | $ 1.96875 | ||||||||||||||||||
Dividend rate on preferred stock series A preferred stock | 7.875% | |||||||||||||||||||
Accrued dividend | $ | $ 57,500,000 | |||||||||||||||||||
Net accrued dividend paid at redemption | $ | $ 75,000 | |||||||||||||||||||
Dividend per preferred stock | $ 25.0328125 | |||||||||||||||||||
Cash dividends paid | $ | $ 57,600,000 | |||||||||||||||||||
Preferred shares redemption charges | $ | $ 2,500,000 | |||||||||||||||||||
Series C Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred stock, shares issued | shares | 3,000,000 | 2,100,000 | 5,400,000 | |||||||||||||||||
Preferred stock, shares outstanding | shares | 2,100,000 | |||||||||||||||||||
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 A preferred stock | 7.875% | 7.625% | ||||||||||||||||||
Net accrued dividend paid at redemption | $ | $ 499,000 | |||||||||||||||||||
Offering price per share | $ 24.50 | $ 25 | ||||||||||||||||||
Proceeds from underwritten public offering | $ | $ 130,500,000 | |||||||||||||||||||
Proceeds from offering used to pay down line of credit | $ | $ 45,000,000 | |||||||||||||||||||
Net proceeds from public offering used to redeem series A preferred stock | $ | $ 53,500,000 | |||||||||||||||||||
Liquidation price per share | $ 25 | $ 25 | ||||||||||||||||||
Gross proceeds from offering | $ | $ 73,500,000 | |||||||||||||||||||
Net proceeds from offering | $ | $ 71,000,000 | |||||||||||||||||||
Available for sale through ATM program | $ | $ 100,000,000 | |||||||||||||||||||
Series C Cumulative Redeemable Preferred Stock [Member] | Onand After September 15, 2021 [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% | ||||||||||||||||||
Preferred stock redemption price | $ 25 | $ 25 | ||||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred stock, shares issued | shares | 13,907,000 | 11,488,000 | 13,907,000 | |||||||||||||||||
Preferred stock, shares outstanding | shares | 13,907,000 | 11,488,000 | 13,907,000 | |||||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% | 6.125% | 6.125% | ||||||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Increase in ATM Program | $ | $ 125,000,000 | |||||||||||||||||||
Annual rate of dividends cumulative and payable | $ 1.53125 | $ 1.4802083 | ||||||||||||||||||
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. | |||||||||||||||||||
Series C Preferred Stock [Member] | Preferred Stock ATM Program [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | |||||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred stock, shares issued | shares | 13,900,000 | 13,900,000 | ||||||||||||||||||
Preferred stock, shares outstanding | shares | 13,900,000 | 13,900,000 | ||||||||||||||||||
Subsequent Event [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Annualized dividend rate per share price | $ 0.68 | |||||||||||||||||||
Dividend increase percentage | 13.00% | |||||||||||||||||||
Period of maintained or increased its cash dividend | yr | 28 | |||||||||||||||||||
Cash dividends paid | $ | $ 0 | $ 0 | ||||||||||||||||||
Maximum [Member] | Common Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Dividend declared per share | $ 0.17 | |||||||||||||||||||
Minimum [Member] | Common Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Dividend declared per share | $ 0.16 | |||||||||||||||||||
Board of Directors [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Percentage increase in common stock dividend. | 6.30% | 6.70% | ||||||||||||||||||
Annualized dividend rate per share price | $ 0.64 | |||||||||||||||||||
Board of Directors [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Dividend declared per share | $ 0.3828125 | |||||||||||||||||||
Board of Directors [Member] | Maximum [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Dividend declared per share | 0.16 | |||||||||||||||||||
Board of Directors [Member] | Minimum [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Dividend declared per share | $ 0.15 | |||||||||||||||||||
Shareholders [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Dividend declared per share | 0.17 | |||||||||||||||||||
Annualized dividend rate per share price | $ 0.68 | |||||||||||||||||||
Dividends payable, date to be paid | Dec. 16, 2019 | |||||||||||||||||||
Record date | Nov. 15, 2019 | |||||||||||||||||||
Underwriters [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Number of common shares purchased | shares | 1,200,000 | |||||||||||||||||||
Board of Directors Chairman [Member] | Common Stock Repurchase Program [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Increase in the value of common stock available under program | $ | $ 40,000,000 | |||||||||||||||||||
Maximum dollar value that may be purchased under the share repurchase program | $ | $ 50,000,000 |
SUMMARY OF FAIR VALUE OF FINANC
SUMMARY OF FAIR VALUE OF FINANCIAL ASSETS (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available for Sale at Fair Value | $ 185,250 | $ 154,921 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available for Sale at Fair Value | 185,250 | 154,921 |
Fair Value, Recurring [Member] | Fair Value, Inputs, 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, Recurring [Member] | Fair Value, Inputs, 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 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Narrative) $ in Millions | Sep. 30, 2019USD ($) |
Schedule of Capitalization, Long-term Debt [Line Items] | |
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ 752.9 |
Mortgage Notes Payable Fair Value [Member] | |
Schedule of Capitalization, Long-term Debt [Line Items] | |
Fixed rate mortgage notes payable at fair value | 769.3 |
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ 752.9 |
CASH FLOW (Details Narrative)
CASH FLOW (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest | $ 35,900 | $ 31,300 | $ 24,300 |
Amount of dividend reinvested | $ 16,886 | $ 12,928 | $ 10,126 |
CONTINGENCIES, COMMITMENTS AN_2
CONTINGENCIES, COMMITMENTS AND LEGAL MATTERS (Details Narrative) | Sep. 30, 2019USD ($)ft² | Sep. 18, 2019USD ($)ft² | Sep. 30, 2019USD ($)ft² | Sep. 30, 2018USD ($) |
Loss Contingencies [Line Items] | ||||
Business Acquisition, Transaction Costs | $ 81,500,000 | $ 81,500,000 | $ 1,100,000 | |
Industrial Property [Member] | Mortgage Loan [Member] | ||||
Loss Contingencies [Line Items] | ||||
Mortgage loan amortization period | 10 years | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 9,400,000 | $ 9,400,000 | ||
Weighted average fixed interest rate, percentage | 3.47% | |||
Headquarters Corporate Office Space [Member] | ||||
Loss Contingencies [Line Items] | ||||
Tenant improvement allowance per square foot | 31.00 | |||
Tenant improvement allowance per square foot | 48.00 | |||
Headquarters Corporate Office Space [Member] | Bell Works Complex Holmdel NJ [Member] | ||||
Loss Contingencies [Line Items] | ||||
Square feet to be rented | ft² | 13,000 | |||
Lease term | 10 years | |||
Initial annual rent | $ 410,000 | |||
Annual escalation percentage | 2.00% | |||
Property Purchase Agreement [Member] | Industrial Property [Member] | ||||
Loss Contingencies [Line Items] | ||||
Purchase Of Industrial Building | ft² | 997,000 | 997,000 | ||
Weighted average lease term | 14.2 years | |||
Aggregate purchase price of industrial properties | $ 150,500,000 | $ 150,500,000 | ||
Property Purchase Agreement [Member] | Industrial Property [Member] | Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Lease term. | 10 years | |||
Property Purchase Agreement [Member] | Industrial Property [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Lease term. | 15 years | |||
Property Purchase Agreement [Member] | Fedex Ground Package System Inc [Member] | ||||
Loss Contingencies [Line Items] | ||||
Purchase Of Industrial Building | ft² | 844,000 | 844,000 | ||
Percentage of total square feet of industrial buildings to be purchased | 85.00% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Nov. 15, 2019 | Nov. 01, 2019 | Nov. 01, 2019 | Oct. 10, 2019 | Nov. 25, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Aug. 02, 2018 |
Subsequent Event [Line Items] | ||||||||
Loans payable | $ 95,000 | $ 186,609 | ||||||
Series C Preferred Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% | 6.125% | |||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Unsecured term loan | $ 75,000 | |||||||
Line of credit, unsecured term loan maximum borrowing capacity | $ 300,000 | |||||||
Line of credit facility, description | Availability under the New 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. Under the New Facility the capitalization rate applied to our NOI generated by our unencumbered, wholly-owned industrial properties was lowered from 6.5% under the Old Facility to 6.25% under the New Facility, thus increasing the value of the borrowing base properties under the terms of the New Facility. | |||||||
Unsecured revolving line of credit, interest rate description | LIBOR plus 135 basis points to 205 basis points | |||||||
Unsecured revolving line of credit, BMO interest rate description | BMO’s prime lending rate plus 35 basis points to 105 basis points | |||||||
Unsecured revolving line of credit, interest rate description on current leverage ratio | LIBOR plus 145 basis points | |||||||
Loan maturity term | January 2025 | |||||||
Debt instrument interest rate description | The interest rate for borrowings under the Term Loan, at our election, either i) bear interest at LIBOR plus 130 basis points to 200 basis points, depending on our leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 30 basis points to 100 basis points, depending on our leverage ratio. | |||||||
Vacant properties leased square feet | 60,000 | |||||||
Vacant properties leased period | 12.5 | |||||||
Increase in current overall accupancy rate percentage | 99.20% | 99.20% | ||||||
Subsequent Event [Member] | Series C Preferred Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of preferred stock | 1.4 | |||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | |||||||
Weighted average price per share | $ 25 | |||||||
Sale of preferred stock, value | $ 35,300 | |||||||
Subsequent Event [Member] | Term Loan [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Unsecured term loan | $ 75,000 | |||||||
Term loan, interest rate | 2.92% | |||||||
Term loan, amount outstanding | $ 75,000 | |||||||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Unsecured term loan | 75,000 | |||||||
Subsequent Event [Member] | New Facility [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Line of credit current borrowing capacity | 225,000 | |||||||
Total amount available including the accordion on the line of credit facility | $ 400,000 | |||||||
Line of credit facility, description | Availability under the New 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. | |||||||
Subsequent Event [Member] | New Revolver [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Line of credit facility, description | January 2024 with two options to extend for additional six-month periods, at our option. | |||||||
Interest rate | 3.21% | |||||||
Loans payable | $ 10,000 | |||||||
Indianapolis IN MSA [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase of overall industrial buildings | 78.6 | |||||||
Amazon.com Services, Inc. Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase of industrial building | 616,000 | |||||||
Percentage of real estate property leased | 100.00% | |||||||
Lease term | 15 years | |||||||
Lease expiration date | August 2034 | |||||||
Purchase price of industrial building | $ 81,500 | |||||||
Mortgage loan amortization period | 18 years | |||||||
Face amount of mortgage loan | $ 52,500 | |||||||
Mortgage loans on real estate, interest rate | 4.27% | |||||||
Annual rental income over the remaining term of lease | $ 5,000 | |||||||
Amazon.com Services, Inc [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage of real estate property leased | 100.00% | |||||||
Lease term | 15 years | |||||||
Lease expiration date | August 2034 |
SCHEDULE OF SELECTED QUARTERLY
SCHEDULE OF SELECTED QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Rental and Reimbursement Revenue | $ 40,597 | $ 39,472 | $ 39,306 | $ 39,147 | $ 36,617 | $ 34,736 | $ 34,344 | $ 33,465 | ||||||||
Total Expenses | 21,337 | 20,646 | 20,490 | 19,825 | 19,488 | 17,611 | 17,643 | 16,991 | $ 82,298 | $ 71,733 | $ 59,602 | |||||
Unrealized Holding Gains (Losses) Arising During the Periods (1) | [1] | 13,988 | (11,609) | 15,568 | (42,627) | 0 | 0 | 0 | 0 | |||||||
Other Income (Expense) | 8,553 | [1] | (17,198) | [1] | 9,485 | [1] | (47,264) | [1] | (4,969) | (4,651) | (5,056) | (4,442) | (46,424) | (19,118) | (16,512) | |
Income from Operations | $ 27,814 | $ 1,628 | $ 28,301 | $ (27,943) | $ 12,160 | $ 12,474 | $ 11,645 | $ 12,242 | ||||||||
Income from Operations per diluted share | $ 0.29 | $ 0.02 | $ 0.30 | $ (0.31) | $ 0.15 | $ 0.16 | $ 0.15 | $ 0.16 | ||||||||
Net Income (Loss) | $ 27,814 | [1] | $ 1,628 | [1] | $ 28,301 | [1] | $ (27,943) | [1] | $ 12,160 | $ 14,571 | $ 11,645 | $ 17,630 | $ 29,800 | $ 56,006 | $ 40,271 | |
Net Income per diluted share | $ 0.29 | [1] | $ 0.02 | [1] | $ 0.30 | [1] | $ (0.31) | [1] | $ 0.15 | $ 0.18 | $ 0.15 | $ 0.23 | $ 0.12 | $ 0.49 | $ 0.32 | |
Net Income Attributable to Common Shareholders | $ 22,690 | [1] | $ (3,121) | [1] | $ 23,821 | [1] | $ (32,364) | [1] | $ 7,782 | $ 10,323 | $ 7,397 | $ 13,313 | $ 11,026 | $ 38,815 | $ 22,942 | |
Net Income Attributable to Common Shareholders per diluted share | $ 0.24 | [1] | $ (0.03) | [1] | $ 0.26 | [1] | $ (0.36) | [1] | $ 0.10 | $ 0.13 | $ 0.10 | $ 0.17 | $ 0.12 | $ 0.49 | $ 0.32 | |
Lease Termination Income | $ 0 | $ 0 | $ 0 | $ 210 | $ 0 | $ 210 | $ 0 | |||||||||
Gain on Sale of Real Estate Investment | $ 0 | $ 2,097 | $ 0 | $ 5,388 | $ 0 | $ 7,485 | $ 0 | |||||||||
[1] | Effective October 1, 2018 we adopted ASU 2016-01. This new accounting standard requires unrealized gains or losses on our securities investments to flow through our income statement. Periods shown here prior to October 1, 2018 do not include the effect of this accounting change and therefore Net Income Attributable to Common Shareholders between these periods are not comparable. |
REAL ESTATE AND ACCUMULATED DEP
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Industrial Property [Member] | Monaca (Pittsburgh), PA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | $ 0 |
Land | 402 |
Buildings and Improvements | 878 |
Capitalization Subsequent to Acquisition | 6,631 |
Industrial Property [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 |
Buildings and Improvements | 1,234 |
Capitalization Subsequent to Acquisition | 859 |
Industrial Property [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 |
Buildings and Improvements | 1,758 |
Capitalization Subsequent to Acquisition | 476 |
Industrial Property [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 |
Buildings and Improvements | 1,195 |
Capitalization Subsequent to Acquisition | 495 |
Industrial Property [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 |
Buildings and Improvements | 3,302 |
Capitalization Subsequent to Acquisition | 684 |
Industrial Property [Member] | Fayetteville, NC [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 172 |
Buildings and Improvements | 4,468 |
Capitalization Subsequent to Acquisition | 815 |
Industrial Property [Member] | Schaumburg (Chicago), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,040 |
Buildings and Improvements | 3,694 |
Capitalization Subsequent to Acquisition | 444 |
Industrial Property [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 |
Buildings and Improvements | 1,237 |
Capitalization Subsequent to Acquisition | 200 |
Industrial Property [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 |
Buildings and Improvements | 3,654 |
Capitalization Subsequent to Acquisition | 764 |
Industrial Property [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 | 724 |
Buildings and Improvements | 6,498 |
Capitalization Subsequent to Acquisition | 315 |
Industrial Property [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 |
Buildings and Improvements | 4,426 |
Capitalization Subsequent to Acquisition | 368 |
Industrial Property [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 |
Buildings and Improvements | 2,845 |
Capitalization Subsequent to Acquisition | 447 |
Industrial Property [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 |
Buildings and Improvements | 4,668 |
Capitalization Subsequent to Acquisition | 751 |
Industrial Property [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 |
Buildings and Improvements | 3,342 |
Capitalization Subsequent to Acquisition | 1,697 |
Industrial Property [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 |
Buildings and Improvements | 6,413 |
Capitalization Subsequent to Acquisition | 234 |
Industrial Property [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 |
Buildings and Improvements | 11,754 |
Capitalization Subsequent to Acquisition | 835 |
Industrial Property [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 |
Buildings and Improvements | 2,961 |
Capitalization Subsequent to Acquisition | 123 |
Industrial Property [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 |
Buildings and Improvements | 5,051 |
Capitalization Subsequent to Acquisition | 3,776 |
Industrial Property [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 |
Buildings and Improvements | 5,959 |
Capitalization Subsequent to Acquisition | 5,353 |
Industrial Property [Member] | Carlstadt (New York NY) NJ [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,408 |
Land | 1,194 |
Buildings and Improvements | 3,646 |
Capitalization Subsequent to Acquisition | 457 |
Industrial Property [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 |
Buildings and Improvements | 12,047 |
Capitalization Subsequent to Acquisition | 311 |
Industrial Property [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 |
Buildings and Improvements | 5,610 |
Capitalization Subsequent to Acquisition | 656 |
Industrial Property [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 |
Buildings and Improvements | 5,529 |
Capitalization Subsequent to Acquisition | 168 |
Industrial Property [Member] | Cheektowaga (Buffalo), NY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 4,797 |
Buildings and Improvements | 3,884 |
Capitalization Subsequent to Acquisition | 2,280 |
Industrial Property [Member] | Tolleson (Phoenix), AZ [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,882 |
Land | 1,316 |
Buildings and Improvements | 13,329 |
Capitalization Subsequent to Acquisition | 2,179 |
Industrial Property [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 |
Buildings and Improvements | 5,815 |
Capitalization Subsequent to Acquisition | 233 |
Industrial Property [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 |
Buildings and Improvements | 9,187 |
Capitalization Subsequent to Acquisition | 4,694 |
Industrial Property [Member] | Richmond, VA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 446 |
Buildings and Improvements | 3,911 |
Capitalization Subsequent to Acquisition | 549 |
Industrial Property [Member] | Tampa, FL (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 5,000 |
Buildings and Improvements | 12,660 |
Capitalization Subsequent to Acquisition | 2,042 |
Industrial Property [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 |
Buildings and Improvements | 9,226 |
Capitalization Subsequent to Acquisition | 77 |
Industrial Property [Member] | Denver, CO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,150 |
Buildings and Improvements | 3,890 |
Capitalization Subsequent to Acquisition | 1,324 |
Industrial Property [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 |
Buildings and Improvements | 11,831 |
Capitalization Subsequent to Acquisition | 1,056 |
Industrial Property [Member] | Hanahan (Charleston), SC (Amazon) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 930 |
Buildings and Improvements | 3,426 |
Capitalization Subsequent to Acquisition | 3,334 |
Industrial Property [Member] | Augusta, GA (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 102 |
Land | 614 |
Buildings and Improvements | 3,026 |
Capitalization Subsequent to Acquisition | 1,723 |
Industrial Property [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 |
Buildings and Improvements | 3,685 |
Capitalization Subsequent to Acquisition | 126 |
Industrial Property [Member] | Huntsville, AL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 140 |
Land | 748 |
Buildings and Improvements | 2,724 |
Capitalization Subsequent to Acquisition | 3,190 |
Industrial Property [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 |
Buildings and Improvements | 1,401 |
Capitalization Subsequent to Acquisition | 203 |
Industrial Property [Member] | Lakeland, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 261 |
Buildings and Improvements | 1,621 |
Capitalization Subsequent to Acquisition | 161 |
Industrial Property [Member] | El Paso Texas [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 3,225 |
Buildings and Improvements | 4,514 |
Capitalization Subsequent to Acquisition | 4,692 |
Industrial Property [Member] | Richfield (Cleveland), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 2,677 |
Buildings and Improvements | 7,198 |
Capitalization Subsequent to Acquisition | 6,572 |
Industrial Property [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 |
Buildings and Improvements | 4,705 |
Capitalization Subsequent to Acquisition | 330 |
Industrial Property [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 |
Buildings and Improvements | 13,692 |
Capitalization Subsequent to Acquisition | 623 |
Industrial Property [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 |
Buildings and Improvements | 4,817 |
Capitalization Subsequent to Acquisition | 793 |
Industrial Property [Member] | Orion, MI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 4,650 |
Buildings and Improvements | 13,053 |
Capitalization Subsequent to Acquisition | 5,187 |
Industrial Property [Member] | Chattanooga, TN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 300 |
Buildings and Improvements | 4,465 |
Capitalization Subsequent to Acquisition | 584 |
Industrial Property [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 |
Buildings and Improvements | 4,894 |
Capitalization Subsequent to Acquisition | 1,414 |
Industrial Property [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 | 4,105 |
Capitalization Subsequent to Acquisition | 29 |
Industrial Property [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 |
Buildings and Improvements | 8,624 |
Capitalization Subsequent to Acquisition | 3,622 |
Industrial Property [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 |
Buildings and Improvements | 6,134 |
Capitalization Subsequent to Acquisition | 441 |
Industrial Property [Member] | Topeka, KS [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 584 |
Land | 0 |
Buildings and Improvements | 3,680 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Memphis, TN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,202 |
Land | 1,235 |
Buildings and Improvements | 13,380 |
Capitalization Subsequent to Acquisition | 1,499 |
Industrial Property [Member] | Houston, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,643 |
Land | 1,661 |
Buildings and Improvements | 6,320 |
Capitalization Subsequent to Acquisition | 182 |
Industrial Property [Member] | Carrollton (Dallas), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,623 |
Land | 1,500 |
Buildings and Improvements | 16,240 |
Capitalization Subsequent to Acquisition | 207 |
Industrial Property [Member] | Ft. Mill (Charlotte, NC), SC [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 1,747 |
Buildings and Improvements | 10,045 |
Capitalization Subsequent to Acquisition | 5,272 |
Industrial Property [Member] | Lebanon (Nashville), TN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 2,230 |
Buildings and Improvements | 11,985 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [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 |
Buildings and Improvements | 4,440 |
Capitalization Subsequent to Acquisition | 11 |
Industrial Property [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 |
Buildings and Improvements | 6,414 |
Capitalization Subsequent to Acquisition | 4,625 |
Industrial Property [Member] | Streetsboro (Cleveland), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,680 |
Land | 1,760 |
Buildings and Improvements | 17,840 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [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 | 4,765 |
Capitalization Subsequent to Acquisition | 43 |
Industrial Property [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 |
Buildings and Improvements | 4,336 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [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 |
Buildings and Improvements | 4,176 |
Capitalization Subsequent to Acquisition | 36 |
Industrial Property [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 | 6,927 |
Land | 800 |
Buildings and Improvements | 13,750 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Oklahoma City, OK (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,890 |
Land | 1,410 |
Buildings and Improvements | 8,043 |
Capitalization Subsequent to Acquisition | 3,153 |
Industrial Property [Member] | Waco, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,931 |
Land | 1,350 |
Buildings and Improvements | 7,383 |
Capitalization Subsequent to Acquisition | 3,818 |
Industrial Property [Member] | Livonia (Detroit), MI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,649 |
Land | 320 |
Buildings and Improvements | 13,380 |
Capitalization Subsequent to Acquisition | 180 |
Industrial Property [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 | 19,917 |
Land | 2,550 |
Buildings and Improvements | 24,819 |
Capitalization Subsequent to Acquisition | 9,546 |
Industrial Property [Member] | Roanoke, VA (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,905 |
Land | 1,740 |
Buildings and Improvements | 8,460 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Green Bay, WI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,311 |
Land | 590 |
Buildings and Improvements | 5,979 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Stewartville (Rochester), MN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,852 |
Land | 900 |
Buildings and Improvements | 4,320 |
Capitalization Subsequent to Acquisition | 4 |
Industrial Property [Member] | Tulsa, OK [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,552 |
Land | 790 |
Buildings and Improvements | 2,910 |
Capitalization Subsequent to Acquisition | 48 |
Industrial Property [Member] | Buckner (Louisville), KY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,566 |
Land | 2,280 |
Buildings and Improvements | 24,353 |
Capitalization Subsequent to Acquisition | 175 |
Industrial Property [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 | 8,421 |
Land | 2,750 |
Buildings and Improvements | 15,335 |
Capitalization Subsequent to Acquisition | 209 |
Industrial Property [Member] | Altoona, PA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,848 |
Land | 1,200 |
Buildings and Improvements | 7,790 |
Capitalization Subsequent to Acquisition | 37 |
Industrial Property [Member] | Spring (Houston), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,287 |
Land | 1,890 |
Buildings and Improvements | 13,391 |
Capitalization Subsequent to Acquisition | 4,036 |
Industrial Property [Member] | Indianapolis IN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,454 |
Land | 3,746 |
Buildings and Improvements | 20,446 |
Capitalization Subsequent to Acquisition | 1,312 |
Industrial Property [Member] | Sauget (St. Louis, MO), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,956 |
Land | 1,890 |
Buildings and Improvements | 13,310 |
Capitalization Subsequent to Acquisition | 5 |
Industrial Property [Member] | Lindale (Tyler), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,242 |
Land | 540 |
Buildings and Improvements | 9,390 |
Capitalization Subsequent to Acquisition | 36 |
Industrial Property [Member] | Kansas City, MO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,457 |
Land | 1,000 |
Buildings and Improvements | 8,600 |
Capitalization Subsequent to Acquisition | 403 |
Industrial Property [Member] | Frankfort (Lexington), KY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,672 |
Land | 1,850 |
Buildings and Improvements | 26,150 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Jacksonville, FL (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,072 |
Land | 6,000 |
Buildings and Improvements | 24,646 |
Capitalization Subsequent to Acquisition | 181 |
Industrial Property [Member] | Monroe (Cincinnati), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,626 |
Land | 1,800 |
Buildings and Improvements | 11,137 |
Capitalization Subsequent to Acquisition | 8,640 |
Industrial Property [Member] | Greenwood (Indianapolis), IN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,780 |
Land | 2,250 |
Buildings and Improvements | 35,235 |
Capitalization Subsequent to Acquisition | 27 |
Industrial Property [Member] | Ft. Worth (Dallas), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 19,342 |
Land | 8,200 |
Buildings and Improvements | 27,101 |
Capitalization Subsequent to Acquisition | 32 |
Industrial Property [Member] | Cincinnati, OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 800 |
Buildings and Improvements | 5,950 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [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 |
Buildings and Improvements | 4,620 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Concord (Charlotte), NC [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,654 |
Land | 4,305 |
Buildings and Improvements | 27,671 |
Capitalization Subsequent to Acquisition | 1,069 |
Industrial Property [Member] | Covington (New Orleans), LA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 10,425 |
Land | 2,720 |
Buildings and Improvements | 15,690 |
Capitalization Subsequent to Acquisition | 16 |
Industrial Property [Member] | Imperial (Pittsburgh), PA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 10,407 |
Land | 3,700 |
Buildings and Improvements | 16,250 |
Capitalization Subsequent to Acquisition | 14 |
Industrial Property [Member] | Burlington (Seattle/Everett), WA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,635 |
Land | 8,000 |
Buildings and Improvements | 22,211 |
Capitalization Subsequent to Acquisition | 110 |
Industrial Property [Member] | Colorado Springs, CO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,632 |
Land | 2,150 |
Buildings and Improvements | 26,350 |
Capitalization Subsequent to Acquisition | 820 |
Industrial Property [Member] | Louisville, KY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,121 |
Land | 1,590 |
Buildings and Improvements | 9,714 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Davenport (Orlando), FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 22,274 |
Land | 7,060 |
Buildings and Improvements | 30,720 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Olathe (Kansas City), KS [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,759 |
Land | 2,350 |
Buildings and Improvements | 29,387 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Hamburg (Buffalo), NY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 20,075 |
Land | 1,700 |
Buildings and Improvements | 33,150 |
Capitalization Subsequent to Acquisition | 244 |
Industrial Property [Member] | Ft. Myers, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,510 |
Land | 2,486 |
Buildings and Improvements | 18,400 |
Capitalization Subsequent to Acquisition | 778 |
Industrial Property [Member] | Walker (Grand Rapids), MI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,365 |
Land | 4,034 |
Buildings and Improvements | 27,621 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Mesquite (Dallas), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 29,171 |
Land | 6,248 |
Buildings and Improvements | 43,632 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Aiken (Augusta, GA), SC [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,683 |
Land | 1,362 |
Buildings and Improvements | 19,678 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Homestead (Miami), FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 21,989 |
Land | 4,427 |
Buildings and Improvements | 33,446 |
Capitalization Subsequent to Acquisition | 39 |
Industrial Property [Member] | Oklahoma City, OK (Bunzl) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 5,124 |
Land | 845 |
Buildings and Improvements | 7,883 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Concord (Charlotte), NC [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 23,492 |
Land | 4,307 |
Buildings and Improvements | 35,736 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Kenton, OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 10,874 |
Land | 855 |
Buildings and Improvements | 17,027 |
Capitalization Subsequent to Acquisition | 849 |
Industrial Property [Member] | Stow, OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,484 |
Land | 1,430 |
Buildings and Improvements | 17,504 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Charleston, SC (FDX) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,968 |
Land | 4,639 |
Buildings and Improvements | 16,848 |
Capitalization Subsequent to Acquisition | 32 |
Industrial Property [Member] | Oklahoma City, OK (Amazon) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,206 |
Land | 1,618 |
Buildings and Improvements | 28,260 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Savannah, GA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 30,304 |
Land | 4,405 |
Buildings and Improvements | 51,621 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Daytona Beach, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,224 |
Land | 3,120 |
Buildings and Improvements | 26,854 |
Capitalization Subsequent to Acquisition | 34 |
Industrial Property [Member] | Mobile, AL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,802 |
Land | 2,480 |
Buildings and Improvements | 30,572 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Charleston, SC (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 28,356 |
Land | 7,103 |
Buildings and Improvements | 39,473 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Braselton (Atlanta), GA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 37,898 |
Land | 13,965 |
Buildings and Improvements | 46,262 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Trenton, NJ [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 52,759 |
Land | 8,336 |
Buildings and Improvements | 75,652 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Savannah, GA (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,872 |
Land | 3,441 |
Buildings and Improvements | 24,091 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Lafayettes IN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,932 |
Land | 2,802 |
Buildings and Improvements | 22,277 |
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 |
Buildings and Improvements | 637 |
Capitalization Subsequent to Acquisition | 2,458 |
Vacant Land [Member] | Somerset, NJ [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Land | 11 |
Buildings and Improvements | 0 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Buildings ,Shopping Center and Vacant Land [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 752,916 |
Land | 239,299 |
Buildings and Improvements | 1,502,722 |
Capitalization Subsequent to Acquisition | $ 124,497 |
REAL ESTATE AND ACCUMULATED GRO
REAL ESTATE AND ACCUMULATED GROSS DEPRECIATION (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Industrial Property [Member] | Monaca (Pittsburgh), PA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | $ 402 |
Building & Improvements | 7,509 |
Total | 7,911 |
Industrial Property [Member] | Ridgeland (Jackson), MS [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 218 |
Building & Improvements | 2,093 |
Total | 2,311 |
Industrial Property [Member] | Urbandale (Des Moines), IA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 310 |
Building & Improvements | 2,234 |
Total | 2,544 |
Industrial Property [Member] | Richland (Jackson), MS [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 211 |
Building & Improvements | 1,690 |
Total | 1,901 |
Industrial Property [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 |
Building & Improvements | 3,986 |
Total | 4,250 |
Industrial Property [Member] | Fayetteville, NC [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 172 |
Building & Improvements | 5,283 |
Total | 5,455 |
Industrial Property [Member] | Schaumburg (Chicago), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,040 |
Building & Improvements | 4,138 |
Total | 5,178 |
Industrial Property [Member] | Burr Ridge (Chicago), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 270 |
Building & Improvements | 1,437 |
Total | 1,707 |
Industrial Property [Member] | Romulus (Detroit), MI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 531 |
Building & Improvements | 4,418 |
Total | 4,949 |
Industrial Property [Member] | Liberty (Kansas City), MO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 724 |
Building & Improvements | 6,813 |
Total | 7,537 |
Industrial Property [Member] | Omaha, NE [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,170 |
Building & Improvements | 4,794 |
Total | 5,964 |
Industrial Property [Member] | Charlottesville, VA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,170 |
Building & Improvements | 3,292 |
Total | 4,462 |
Industrial Property [Member] | Jacksonville, FL (FDX) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,165 |
Building & Improvements | 5,419 |
Total | 6,584 |
Industrial Property [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 |
Building & Improvements | 5,039 |
Total | 5,734 |
Industrial Property [Member] | Mechanicsville (Richmond), VA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,160 |
Building & Improvements | 6,647 |
Total | 7,807 |
Industrial Property [Member] | St. Joseph, MO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 800 |
Building & Improvements | 12,589 |
Total | 13,389 |
Industrial Property [Member] | Newington (Hartford), CT [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 410 |
Building & Improvements | 3,084 |
Total | 3,494 |
Industrial Property [Member] | Cudahy (Milwaukee), WI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 980 |
Building & Improvements | 8,827 |
Total | 9,807 |
Industrial Property [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 |
Building & Improvements | 11,312 |
Total | 14,512 |
Industrial Property [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 |
Building & Improvements | 4,103 |
Total | 5,297 |
Industrial Property [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 |
Building & Improvements | 12,358 |
Total | 12,698 |
Industrial Property [Member] | Winston-Salem, NC. [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 980 |
Building & Improvements | 6,266 |
Total | 7,246 |
Industrial Property [Member] | Elgin (Chicago), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,280 |
Building & Improvements | 5,697 |
Total | 6,977 |
Industrial Property [Member] | Cheektowaga (Buffalo), NY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 4,797 |
Building & Improvements | 6,164 |
Total | 10,961 |
Industrial Property [Member] | Tolleson (Phoenix), AZ [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,316 |
Building & Improvements | 15,508 |
Total | 16,824 |
Industrial Property [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 |
Building & Improvements | 6,048 |
Total | 7,233 |
Industrial Property [Member] | Wheeling (Chicago), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 5,112 |
Building & Improvements | 13,881 |
Total | 18,993 |
Industrial Property [Member] | Richmond, VA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 446 |
Building & Improvements | 4,460 |
Total | 4,906 |
Industrial Property [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 |
Building & Improvements | 14,702 |
Total | 19,702 |
Industrial Property [Member] | Montgomery (Chicago), IL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,000 |
Building & Improvements | 9,303 |
Total | 11,303 |
Industrial Property [Member] | Denver, CO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,150 |
Building & Improvements | 5,214 |
Total | 6,364 |
Industrial Property [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 |
Building & Improvements | 12,887 |
Total | 14,016 |
Industrial Property [Member] | Hanahan (Charleston), SC (Amazon) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 930 |
Building & Improvements | 6,760 |
Total | 7,690 |
Industrial Property [Member] | Augusta, GA (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 614 |
Building & Improvements | 4,749 |
Total | 5,363 |
Industrial Property [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 |
Building & Improvements | 3,811 |
Total | 5,678 |
Industrial Property [Member] | Huntsville, AL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 748 |
Building & Improvements | 5,914 |
Total | 6,662 |
Industrial Property [Member] | Augusta, GA (FDX) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 380 |
Building & Improvements | 1,604 |
Total | 1,984 |
Industrial Property [Member] | Lakeland, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 261 |
Building & Improvements | 1,782 |
Total | 2,043 |
Industrial Property [Member] | El Paso, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 3,225 |
Building & Improvements | 9,206 |
Total | 12,431 |
Industrial Property [Member] | Richfield (Cleveland), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,677 |
Building & Improvements | 13,770 |
Total | 16,447 |
Industrial Property [Member] | Tampa, FL (FDX) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,830 |
Building & Improvements | 5,035 |
Total | 7,865 |
Industrial Property [Member] | Griffin (Atlanta), GA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 760 |
Building & Improvements | 14,315 |
Total | 15,075 |
Industrial Property [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 |
Building & Improvements | 5,610 |
Total | 7,463 |
Industrial Property [Member] | Orion, MI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 4,650 |
Building & Improvements | 18,240 |
Total | 22,890 |
Industrial Property [Member] | Chattanooga, TN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 300 |
Building & Improvements | 5,049 |
Total | 5,349 |
Industrial Property [Member] | Bedford Heights (Cleveland), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 990 |
Building & Improvements | 6,308 |
Total | 7,298 |
Industrial Property [Member] | Punta Gorda, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 0 |
Building & Improvements | 4,134 |
Total | 4,134 |
Industrial Property [Member] | Cocoa, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,881 |
Building & Improvements | 12,246 |
Total | 14,127 |
Industrial Property [Member] | Orlando, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,200 |
Building & Improvements | 6,575 |
Total | 8,775 |
Industrial Property [Member] | Topeka, KS [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 0 |
Building & Improvements | 3,680 |
Total | 3,680 |
Industrial Property [Member] | Memphis, TN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,235 |
Building & Improvements | 14,879 |
Total | 16,114 |
Industrial Property [Member] | Houston, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,661 |
Building & Improvements | 6,502 |
Total | 8,163 |
Industrial Property [Member] | Carrollton (Dallas), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,500 |
Building & Improvements | 16,447 |
Total | 17,947 |
Industrial Property [Member] | Ft. Mill (Charlotte, NC), SC [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,747 |
Building & Improvements | 15,317 |
Total | 17,064 |
Industrial Property [Member] | Lebanon (Nashville), TN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,230 |
Building & Improvements | 11,985 |
Total | 14,215 |
Industrial Property [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 |
Building & Improvements | 4,451 |
Total | 5,551 |
Industrial Property [Member] | Edinburg, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,000 |
Building & Improvements | 11,039 |
Total | 12,039 |
Industrial Property [Member] | Streetsboro (Cleveland), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,760 |
Building & Improvements | 17,840 |
Total | 19,600 |
Industrial Property [Member] | Corpus Christi, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 0 |
Building & Improvements | 4,808 |
Total | 4,808 |
Industrial Property [Member] | Halfmoon (Albany), NY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,190 |
Building & Improvements | 4,336 |
Total | 5,526 |
Industrial Property [Member] | Lebanon (Cincinnati), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 240 |
Building & Improvements | 4,212 |
Total | 4,452 |
Industrial Property [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 |
Building & Improvements | 13,750 |
Total | 14,550 |
Industrial Property [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 |
Building & Improvements | 11,196 |
Total | 12,606 |
Industrial Property [Member] | Waco, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,350 |
Building & Improvements | 11,201 |
Total | 12,551 |
Industrial Property [Member] | Livonia (Detroit), MI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 320 |
Building & Improvements | 13,560 |
Total | 13,880 |
Industrial Property [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 |
Building & Improvements | 34,365 |
Total | 36,915 |
Industrial Property [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 |
Building & Improvements | 8,460 |
Total | 10,200 |
Industrial Property [Member] | Green Bay, WI [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 590 |
Building & Improvements | 5,979 |
Total | 6,569 |
Industrial Property [Member] | Stewartville (Rochester), MN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 900 |
Building & Improvements | 4,324 |
Total | 5,224 |
Industrial Property [Member] | Tulsa, OK [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 790 |
Building & Improvements | 2,958 |
Total | 3,748 |
Industrial Property [Member] | Buckner (Louisville), KY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,280 |
Building & Improvements | 24,528 |
Total | 26,808 |
Industrial Property [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 |
Building & Improvements | 15,544 |
Total | 18,294 |
Industrial Property [Member] | Altoona, PA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,200 |
Building & Improvements | 7,827 |
Total | 9,027 |
Industrial Property [Member] | Spring (Houston), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,890 |
Building & Improvements | 17,427 |
Total | 19,317 |
Industrial Property [Member] | Indianapolis IN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 3,746 |
Building & Improvements | 21,758 |
Total | 25,504 |
Industrial Property [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 |
Building & Improvements | 13,315 |
Total | 15,205 |
Industrial Property [Member] | Lindale (Tyler), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 540 |
Building & Improvements | 9,426 |
Total | 9,966 |
Industrial Property [Member] | Kansas City, MO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,000 |
Building & Improvements | 9,003 |
Total | 10,003 |
Industrial Property [Member] | Frankfort (Lexington), KY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,850 |
Building & Improvements | 26,150 |
Total | 28,000 |
Industrial Property [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 |
Building & Improvements | 24,827 |
Total | 30,827 |
Industrial Property [Member] | Monroe (Cincinnati), OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,800 |
Building & Improvements | 19,777 |
Total | 21,577 |
Industrial Property [Member] | Greenwood (Indianapolis), IN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,250 |
Building & Improvements | 35,262 |
Total | 37,512 |
Industrial Property [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 |
Building & Improvements | 27,133 |
Total | 35,333 |
Industrial Property [Member] | Cincinnati, OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 800 |
Building & Improvements | 5,950 |
Total | 6,750 |
Industrial Property [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 |
Building & Improvements | 4,620 |
Total | 5,100 |
Industrial Property [Member] | Concord (Charlotte), NC [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 4,305 |
Building & Improvements | 28,740 |
Total | 33,045 |
Industrial Property [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 |
Building & Improvements | 15,706 |
Total | 18,426 |
Industrial Property [Member] | Imperial (Pittsburgh), PA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 3,700 |
Building & Improvements | 16,264 |
Total | 19,964 |
Industrial Property [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 |
Building & Improvements | 22,321 |
Total | 30,321 |
Industrial Property [Member] | Colorado Springs, CO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,150 |
Building & Improvements | 27,170 |
Total | 29,320 |
Industrial Property [Member] | Louisville, KY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,590 |
Building & Improvements | 9,714 |
Total | 11,304 |
Industrial Property [Member] | Davenport (Orlando), FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 7,060 |
Building & Improvements | 30,720 |
Total | 37,780 |
Industrial Property [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 |
Building & Improvements | 29,387 |
Total | 31,737 |
Industrial Property [Member] | Hamburg (Buffalo), NY [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,700 |
Building & Improvements | 33,394 |
Total | 35,094 |
Industrial Property [Member] | Ft. Myers, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,486 |
Building & Improvements | 19,178 |
Total | 21,664 |
Industrial Property [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 |
Building & Improvements | 27,621 |
Total | 31,655 |
Industrial Property [Member] | Mesquite (Dallas), TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 6,248 |
Building & Improvements | 43,632 |
Total | 49,880 |
Industrial Property [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 |
Building & Improvements | 19,678 |
Total | 21,040 |
Industrial Property [Member] | Homestead (Miami), FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 4,427 |
Building & Improvements | 33,485 |
Total | 37,912 |
Industrial Property [Member] | Oklahoma City, OK (Bunzl) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 845 |
Building & Improvements | 7,883 |
Total | 8,728 |
Industrial Property [Member] | Concord (Charlotte), NC [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 4,307 |
Building & Improvements | 35,736 |
Total | 40,043 |
Industrial Property [Member] | Kenton, OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 855 |
Building & Improvements | 17,876 |
Total | 18,731 |
Industrial Property [Member] | Stow, OH [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,430 |
Building & Improvements | 17,504 |
Total | 18,934 |
Industrial Property [Member] | Charleston, SC (FDX) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 4,639 |
Building & Improvements | 16,880 |
Total | 21,519 |
Industrial Property [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 |
Building & Improvements | 28,260 |
Total | 29,878 |
Industrial Property [Member] | Savannah, GA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 4,405 |
Building & Improvements | 51,621 |
Total | 56,026 |
Industrial Property [Member] | Daytona Beach, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 3,120 |
Building & Improvements | 26,888 |
Total | 30,008 |
Industrial Property [Member] | Mobile, AL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,480 |
Building & Improvements | 30,572 |
Total | 33,052 |
Industrial Property [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 |
Building & Improvements | 39,473 |
Total | 46,576 |
Industrial Property [Member] | Braselton (Atlanta), GA [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 13,965 |
Building & Improvements | 46,262 |
Total | 60,227 |
Industrial Property [Member] | Trenton, NJ [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 8,336 |
Building & Improvements | 75,652 |
Total | 83,988 |
Industrial Property [Member] | Savannah, GA (FDX Ground) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 3,441 |
Building & Improvements | 24,091 |
Total | 27,532 |
Industrial Property [Member] | Lafayette, IN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,802 |
Building & Improvements | 22,277 |
Total | 25,079 |
Shopping Center [Member] | Somerset, NJ [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 34 |
Building & Improvements | 3,095 |
Total | 3,129 |
Vacant Land [Member] | Shelby County TN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 11 |
Building & Improvements | 0 |
Total | 11 |
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 | 239,299 |
Building & Improvements | 1,627,219 |
Total | $ 1,866,518 |
SCHEDULE OF ACCUMULATED DEPRECI
SCHEDULE OF ACCUMULATED DEPRECIATION LIFE (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 249,584 | $ 207,065 | $ 171,086 | $ 143,006 |
Industrial Property [Member] | Monaca (Pittsburgh), PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,229 | |||
Date of Construction | 1977 | |||
Date Acquired | 1977 | |||
Industrial Property [Member] | Ridgeland (Jackson), MS [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,382 | |||
Date of Construction | 1988 | |||
Date Acquired | 1993 | |||
Industrial Property [Member] | Urbandale (Des Moines), IA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,294 | |||
Date of Construction | 1985 | |||
Date Acquired | 1994 | |||
Industrial Property [Member] | Richland (Jackson), MS [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,057 | |||
Date of Construction | 1986 | |||
Date Acquired | 1994 | |||
Industrial Property [Member] | O'Fallon (St. Louis), MO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,492 | |||
Date of Construction | 1989 | |||
Date Acquired | 1994 | |||
Industrial Property [Member] | Fayetteville, NC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,165 | |||
Date of Construction | 1996 | |||
Date Acquired | 1997 | |||
Industrial Property [Member] | Schaumburg (Chicago), IL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,407 | |||
Date of Construction | 1997 | |||
Date Acquired | 1997 | |||
Industrial Property [Member] | Burr Ridge (Chicago), IL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 783 | |||
Date of Construction | 1997 | |||
Date Acquired | 1997 | |||
Industrial Property [Member] | Romulus (Detroit), MI [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,182 | |||
Date of Construction | 1998 | |||
Date Acquired | 1998 | |||
Industrial Property [Member] | Liberty (Kansas City), MO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,669 | |||
Date of Construction | 1997 | |||
Date Acquired | 1998 | |||
Industrial Property [Member] | Omaha, NE [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,484 | |||
Date of Construction | 1999 | |||
Date Acquired | 1999 | |||
Industrial Property [Member] | Charlottesville, VA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,693 | |||
Date of Construction | 1998 | |||
Date Acquired | 1999 | |||
Industrial Property [Member] | Jacksonville, FL (FDX) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,961 | |||
Date of Construction | 1998 | |||
Date Acquired | 1999 | |||
Industrial Property [Member] | West Chester Twp (Cincinnati), OH [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,484 | |||
Date of Construction | 1999 | |||
Date Acquired | 2000 | |||
Industrial Property [Member] | Mechanicsville (Richmond), VA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,191 | |||
Date of Construction | 2000 | |||
Date Acquired | 2001 | |||
Industrial Property [Member] | St. Joseph, MO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 5,804 | |||
Date of Construction | 2000 | |||
Date Acquired | 2001 | |||
Industrial Property [Member] | Newington (Hartford), CT [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,466 | |||
Date of Construction | 2001 | |||
Date Acquired | 2001 | |||
Industrial Property [Member] | Cudahy (Milwaukee), WI [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,550 | |||
Date of Construction | 2001 | |||
Date Acquired | 2001 | |||
Industrial Property [Member] | Beltsville (Washington, DC), MD [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 4,454 | |||
Date of Construction | 2000 | |||
Date Acquired | 2001 | |||
Industrial Property [Member] | Carlstadt (New York NY) NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,123 | |||
Date of Construction | 1977 | |||
Date Acquired | 2001 | |||
Industrial Property [Member] | Granite City (St. Louis, MO), IL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 5,539 | |||
Date of Construction | 2001 | |||
Date Acquired | 2001 | |||
Industrial Property [Member] | Winston-Salem, NC. [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,835 | |||
Date of Construction | 2001 | |||
Date Acquired | 2002 | |||
Industrial Property [Member] | Elgin (Chicago), IL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,599 | |||
Date of Construction | 2002 | |||
Date Acquired | 2002 | |||
Industrial Property [Member] | Cheektowaga (Buffalo), NY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,011 | |||
Date of Construction | 2000 | |||
Date Acquired | 2002 | |||
Industrial Property [Member] | Tolleson (Phoenix), AZ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 6,659 | |||
Date of Construction | 2002 | |||
Date Acquired | 2003 | |||
Industrial Property [Member] | Edwardsville (Kansas City), KS (Carlisle Tire) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,689 | |||
Date of Construction | 2002 | |||
Date Acquired | 2003 | |||
Industrial Property [Member] | Wheeling (Chicago), IL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 4,820 | |||
Date of Construction | 2003 | |||
Date Acquired | 2003 | |||
Industrial Property [Member] | Richmond, VA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,666 | |||
Date of Construction | 2004 | |||
Date Acquired | 2004 | |||
Industrial Property [Member] | Tampa, FL (FDX Ground) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 5,302 | |||
Date of Construction | 2004 | |||
Date Acquired | 2004 | |||
Industrial Property [Member] | Montgomery (Chicago), IL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,004 | |||
Date of Construction | 2004 | |||
Date Acquired | 2004 | |||
Industrial Property [Member] | Denver, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,839 | |||
Date of Construction | 2005 | |||
Date Acquired | 2005 | |||
Industrial Property [Member] | Hanahan (Charleston), SC (SAIC) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 4,754 | |||
Date of Construction | 2002 | |||
Date Acquired | 2005 | |||
Industrial Property [Member] | Hanahan (Charleston), SC (Amazon) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,244 | |||
Date of Construction | 2005 | |||
Date Acquired | 2005 | |||
Industrial Property [Member] | Augusta, GA (FDX Ground) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,634 | |||
Date of Construction | 2005 | |||
Date Acquired | 2005 | |||
Industrial Property [Member] | Tampa, FL (Tampa Bay Grand Prix) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,246 | |||
Date of Construction | 1989 | |||
Date Acquired | 2005 | |||
Industrial Property [Member] | Huntsville, AL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,406 | |||
Date of Construction | 2005 | |||
Date Acquired | 2005 | |||
Industrial Property [Member] | Augusta, GA (FDX) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 512 | |||
Date of Construction | 1993 | |||
Date Acquired | 2006 | |||
Industrial Property [Member] | Lakeland, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 625 | |||
Date of Construction | 1993 | |||
Date Acquired | 2006 | |||
Industrial Property [Member] | El Paso, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,244 | |||
Date of Construction | 2005 | |||
Date Acquired | 2006 | |||
Industrial Property [Member] | Richfield (Cleveland), OH [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,441 | |||
Date of Construction | 2006 | |||
Date Acquired | 2006 | |||
Industrial Property [Member] | Tampa, FL (FDX) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,669 | |||
Date of Construction | 2006 | |||
Date Acquired | 2006 | |||
Industrial Property [Member] | Griffin (Atlanta), GA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 4,912 | |||
Date of Construction | 2006 | |||
Date Acquired | 2006 | |||
Industrial Property [Member] | Roanoke, VA (CHEP USA) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,899 | |||
Date of Construction | 1996 | |||
Date Acquired | 2007 | |||
Industrial Property [Member] | Orion, MI [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 4,959 | |||
Date of Construction | 2007 | |||
Date Acquired | 2007 | |||
Industrial Property [Member] | Chattanooga, TN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,529 | |||
Date of Construction | 2002 | |||
Date Acquired | 2007 | |||
Industrial Property [Member] | Bedford Heights (Cleveland), OH [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,090 | |||
Date of Construction | 1998 | |||
Date Acquired | 2007 | |||
Industrial Property [Member] | Punta Gorda, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,172 | |||
Date of Construction | 2007 | |||
Date Acquired | 2007 | |||
Industrial Property [Member] | Cocoa, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,080 | |||
Date of Construction | 2006 | |||
Date Acquired | 2008 | |||
Industrial Property [Member] | Orlando, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,022 | |||
Date of Construction | 1997 | |||
Date Acquired | 2008 | |||
Industrial Property [Member] | Topeka, KS [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 991 | |||
Date of Construction | 2006 | |||
Date Acquired | 2009 | |||
Industrial Property [Member] | Memphis, TN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,297 | |||
Date of Construction | 1994 | |||
Date Acquired | 2010 | |||
Industrial Property [Member] | Houston, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,632 | |||
Date of Construction | 2005 | |||
Date Acquired | 2010 | |||
Industrial Property [Member] | Carrollton (Dallas), TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,987 | |||
Date of Construction | 2009 | |||
Date Acquired | 2010 | |||
Industrial Property [Member] | Ft. Mill (Charlotte, NC), SC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,041 | |||
Date of Construction | 2009 | |||
Date Acquired | 2010 | |||
Industrial Property [Member] | Lebanon (Nashville), TN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,458 | |||
Date of Construction | 1993 | |||
Date Acquired | 2011 | |||
Industrial Property [Member] | Rockford, IL (Sherwin-Williams Co.) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 975 | |||
Date of Construction | 1998-2008 | |||
Date Acquired | 2011 | |||
Industrial Property [Member] | Edinburg, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,756 | |||
Date of Construction | 2011 | |||
Date Acquired | 2011 | |||
Industrial Property [Member] | Streetsboro (Cleveland), OH [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,431 | |||
Date of Construction | 2012 | |||
Date Acquired | 2012 | |||
Industrial Property [Member] | Corpus Christi, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 923 | |||
Date of Construction | 2012 | |||
Date Acquired | 2012 | |||
Industrial Property [Member] | Halfmoon (Albany), NY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 834 | |||
Date of Construction | 2012 | |||
Date Acquired | 2012 | |||
Industrial Property [Member] | Lebanon (Cincinnati), OH [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 813 | |||
Date of Construction | 2012 | |||
Date Acquired | 2012 | |||
Industrial Property [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] | ||||
Accumulated Depreciation | $ 2,556 | |||
Date of Construction | 2012 | |||
Date Acquired | 2012 | |||
Industrial Property [Member] | Oklahoma City, OK (FDX Ground) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,892 | |||
Date of Construction | 2012 | |||
Date Acquired | 2012 | |||
Industrial Property [Member] | Waco, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,786 | |||
Date of Construction | 2012 | |||
Date Acquired | 2012 | |||
Industrial Property [Member] | Livonia (Detroit), MI [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,407 | |||
Date of Construction | 1999 | |||
Date Acquired | 2013 | |||
Industrial Property [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] | ||||
Accumulated Depreciation | $ 4,929 | |||
Date of Construction | 2013 | |||
Date Acquired | 2013 | |||
Industrial Property [Member] | Roanoke, VA (FDX Ground) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,365 | |||
Date of Construction | 2013 | |||
Date Acquired | 2013 | |||
Industrial Property [Member] | Green Bay, WI [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 921 | |||
Date of Construction | 2013 | |||
Date Acquired | 2013 | |||
Industrial Property [Member] | Stewartville (Rochester), MN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 665 | |||
Date of Construction | 2013 | |||
Date Acquired | 2013 | |||
Industrial Property [Member] | Tulsa, OK [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 473 | |||
Date of Construction | 2009 | |||
Date Acquired | 2014 | |||
Industrial Property [Member] | Buckner (Louisville), KY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,755 | |||
Date of Construction | 2014 | |||
Date Acquired | 2014 | |||
Industrial Property [Member] | Edwardsville (Kansas City), KS (International Paper) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,416 | |||
Date of Construction | 2014 | |||
Date Acquired | 2014 | |||
Industrial Property [Member] | Altoona, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,189 | |||
Date of Construction | 2014 | |||
Date Acquired | 2014 | |||
Industrial Property [Member] | Spring (Houston), TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,527 | |||
Date of Construction | 2014 | |||
Date Acquired | 2014 | |||
Industrial Property [Member] | Indianapolis IN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,830 | |||
Date of Construction | 2014 | |||
Date Acquired | 2014 | |||
Industrial Property [Member] | Sauget (St. Louis, MO), IL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,708 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Lindale (Tyler), TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,211 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Kansas City, MO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,147 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Frankfort (Lexington), KY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,241 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Jacksonville, FL (FDX Ground) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,799 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Monroe (Cincinnati), OH [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,438 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Greenwood (Indianapolis), IN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,998 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Ft. Worth (Dallas), TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,896 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Cincinnati, OH [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 623 | |||
Date of Construction | 2014 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Rockford, IL (Collins Aerospace Systems) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 592 | |||
Date of Construction | 2012 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Concord (Charlotte), NC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,158 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Covington (New Orleans), LA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,543 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Imperial (Pittsburgh), PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,494 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Burlington (Seattle/Everett), WA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,000 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Colorado Springs, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,310 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Louisville, KY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 830 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Davenport (Orlando), FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,494 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Olathe (Kansas City), KS [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,386 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Hamburg (Buffalo), NY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,560 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Ft. Myers, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,332 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Walker (Grand Rapids), MI [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,771 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Mesquite (Dallas), TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,517 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Aiken (Augusta, GA), SC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,135 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Homestead (Miami), FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,933 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Oklahoma City, OK (Bunzl) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 454 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Concord (Charlotte), NC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,985 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Kenton, OH [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 927 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Stow, OH [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 898 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Charleston, SC (FDX) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 831 | |||
Date of Construction | 2018 | |||
Date Acquired | 2018 | |||
Industrial Property [Member] | Oklahoma City, OK (Amazon) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,328 | |||
Date of Construction | 2018 | |||
Date Acquired | 2018 | |||
Industrial Property [Member] | Savannah, GA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,206 | |||
Date of Construction | 2018 | |||
Date Acquired | 2018 | |||
Industrial Property [Member] | Daytona Beach, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,036 | |||
Date of Construction | 2018 | |||
Date Acquired | 2018 | |||
Industrial Property [Member] | Mobile, AL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 980 | |||
Date of Construction | 2018 | |||
Date Acquired | 2018 | |||
Industrial Property [Member] | Charleston, SC (FDX Ground) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,180 | |||
Date of Construction | 2018 | |||
Date Acquired | 2018 | |||
Industrial Property [Member] | Braselton (Atlanta), GA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,285 | |||
Date of Construction | 2018 | |||
Date Acquired | 2018 | |||
Industrial Property [Member] | Trenton, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,940 | |||
Date of Construction | 2019 | |||
Date Acquired | 2019 | |||
Industrial Property [Member] | Savannah, GA (FDX Ground) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 515 | |||
Date of Construction | 2019 | |||
Date Acquired | 2019 | |||
Industrial Property [Member] | Lafayette, IN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 96 | |||
Date of Construction | 2019 | |||
Date Acquired | 2019 | |||
Shopping Center [Member] | Somerset, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,687 | |||
Date of Construction | 1970 | |||
Date Acquired | 1970 | |||
Shelby County TN [Member] | Vacant Land [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 0 | |||
Date Acquired | 2007 | |||
Industrial Buildings ,Shopping Center and Vacant Land [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 249,584 |
SCHEDULE OF REAL ESTATE INVES_2
SCHEDULE OF REAL ESTATE INVESTMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance-Beginning of Year | $ 1,719,578 | $ 1,431,916 | $ 1,150,395 |
Acquisitions | 136,598 | 277,253 | 282,509 |
Improvements | 10,342 | 10,409 | 4,169 |
Total Additions | 146,940 | 287,662 | 286,678 |
Sales | 0 | 0 | (5,157) |
Total Deletions | 0 | 0 | (5,157) |
Balance-End of Year | $ 1,866,518 | $ 1,719,578 | $ 1,431,916 |
SCHEDULE OF ACCUMULATED DEPRE_2
SCHEDULE OF ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance-Beginning of Year | $ 207,065 | $ 171,086 | $ 143,006 |
Depreciation | 42,519 | 36,018 | 29,016 |
Sales | 0 | (39) | (936) |
Balance-End of Year | $ 249,584 | $ 207,065 | $ 171,086 |
RECONCILIATION OF REAL ESTATE A
RECONCILIATION OF REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Balance-Beginning of Year | $ 1,719,578 | $ 1,431,916 | $ 1,150,395 |
Total Additions | 146,940 | 287,662 | 286,678 |
Total Disposals | 0 | 0 | (5,157) |
Balance-End of Year | 1,866,518 | 1,719,578 | 1,431,916 |
Charleston, SC (FDX) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 21,519 | 0 |
Oklahoma City, OK (Amazon) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 29,879 | 0 |
Savannah, GA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 56,026 | 0 |
Daytona Beach, FL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 35 | 29,973 | 0 |
Mobile, AL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 33,052 | 0 |
Charleston, SC (FDX Ground) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 46,576 | 0 |
Braselton (Atlanta), GA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 60,227 | 0 |
Trenton, NJ [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 83,988 | 0 | 0 |
Savannah, GA (FDX Ground) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 27,532 | 0 | 0 |
Lafayette, IN [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 25,079 | 0 | 0 |
Shopping Center, Somerset, NJ [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 18 | 39 | 0 |
Monaca (Pittsburgh), PA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 25 | 80 |
Ridgeland (Jackson), MS [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 426 | 27 | 0 |
Urbandale (Des Moines), IA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 20 | 267 | 95 |
Richland (Jackson), MS [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
O'Fallon (St. Louis), MO [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 4 | 0 | 0 |
Fayetteville, NC [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 4 | 0 | 10 |
Schaumburg (Chicago), IL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 197 |
Burr Ridge (Chicago), IL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 14 | 0 | 0 |
Romulus (Detroit), MI [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 217 | 65 | 67 |
Liberty (Kansas City), MO [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 137 | 0 | 0 |
Omaha, NE [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 19 | 0 | 0 |
Charlottesville, VA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 6 | 99 | 8 |
Jacksonville, FL (FDX) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 187 | 67 | 83 |
West Chester Twp (Cincinnati), OH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 5 |
Mechanicsville (Richmond), VA (FDX) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 14 | 7 | 27 |
St. Joseph, MO [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 25 | 74 | 56 |
Newington (Hartford), CT [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 30 |
Cudahy (Milwaukee), WI [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 41 | 384 | 0 |
Beltsville (Washington, DC), MD [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Carlstadt, NJ (New York, NY) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 354 | 39 | 0 |
Granite City (St. Louis, MO), IL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 155 |
Winston-Salem, NC. [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 8 | 0 |
Elgin (Chicago), IL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 45 |
Cheektowaga (Buffalo), NY [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Tolleson (Phoenix), AZ [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Edwardsville (Kansas City), KS (Carlisle) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 8 |
Wheeling (Chicago), IL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 10 | 445 | 0 |
Richmond, VA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 138 | 0 | 0 |
Tampa, FL (FDX Ground) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 5 | 0 |
Montgomery (Chicago), IL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 5 | 0 |
Denver, CO [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 10 | 0 | 0 |
Hanahan (Charleston), SC (SAIC) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 606 | 36 | 34 |
Hanahan (Charleston), SC (Amazon) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 75 | 0 | 0 |
Augusta, GA (FDX Ground) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 9 |
Tampa, FL (Tampa Bay Grand Prix) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Huntsville, AL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 57 |
Augusta, GA (FDX) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 6 | 0 | 6 |
Lakeland, FL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 61 | 0 |
El Paso, TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Richfield (Cleveland), OH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 12 | 0 |
Tampa, FL (FDX) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 8 | 237 | 27 |
Griffin (Atlanta), GA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 142 | 65 | 0 |
Roanoke, VA (CHEP USA) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 58 | 0 |
Orion, MI [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 4 | 0 |
Chattanooga, TN [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 210 | 122 | 4 |
Bedford Heights (Cleveland), OH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 378 | 0 | 56 |
Punta Gorda, FL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 20 |
Cocoa, FL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Orlando, FL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 220 | 0 |
Topeka, KS [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Memphis, TN [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 1,499 | (7) | 1 |
Houston, TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 15 | 65 |
Carrollton (Dallas), TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 128 | 0 | 50 |
Ft. Mill (Charlotte, NC), SC [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | (10) | 1,661 | 0 |
Lebanon (Nashville), TN [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Rockford, IL (Sherwin-Williams Co.) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Edinburg, TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 615 |
Streetsboro (Cleveland), OH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Corpus Christi, TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 36 | 7 |
Halfmoon (Albany), NY [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Lebanon (Cincinnati), OH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Olive Branch, MS (Memphis, TN) (Anda) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Oklahoma City, OK (FDX Ground) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 21 | 0 | 4 |
Waco, TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 5 |
Livonia (Detroit), MI [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 118 | 0 | 0 |
Olive Branch, MS (Memphis, TN) (Milwaukee Tool) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Roanoke, VA (FDX Ground) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Green Bay, WI [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Stewartville (Rochester), MN [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 4 | 0 | 0 |
Tulsa, OK [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Buckner (Louisville), KY [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 40 |
Edwardsville (Kansas City), KS (International Paper) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Altoona, PA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 4 | 14 | 0 |
Spring (Houston), TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 22 | 11 | 0 |
Indianapolis IN [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 498 | 1,060 |
Sauget (St. Louis, MO), IL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Lindale (Tyler), TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 29 | 7 |
Kansas City, MO (Bunzl) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 23 | 329 | 51 |
Frankfort (Lexington), KY [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Jacksonville, FL (FDX Ground) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 91 | 4 | 86 |
Monroe (Cincinnati), OH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 4,052 | 4,588 | 0 |
Greenwood (Indianapolis), IN [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 12 |
Ft. Worth (Dallas), TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 32 | 0 | 0 |
Cincinnati, OH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Rockford, IL (B/E Aerospace) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Concord (Charlotte), NC [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 1,069 |
Covington (New Orleans), LA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 16 | 0 | 0 |
Imperial (Pittsburgh), PA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 14 | 0 | 0 |
Burlington (Seattle/Everett), WA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 92 | 0 | 18 |
Colorado Springs, CO [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 820 | 0 |
Louisville, KY [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Davenport (Orlando), FL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Olathe (Kansas City), KS [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Hamburg (Buffalo), NY [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 244 | 0 | 34,850 |
Ft. Myers, FL (FDX Ground) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 41 | 21,623 |
Walker (Grand Rapids), MI [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 31,655 |
Mesquite (Dallas), TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 49,880 |
Aiken (Augusta, GA), SC [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 21,040 |
Homestead (Miami), FL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 38 | 0 | 37,873 |
Oklahoma City, OK (Bunzl) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 8,728 |
Concord (Charlotte), NC [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 40,043 |
Kenton, OH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 849 | 0 | 17,882 |
Stow, OH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | $ 0 | $ 0 | $ 18,935 |