Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Sep. 30, 2020 | Nov. 16, 2020 | Mar. 31, 2020 | |
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, 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
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 | $ 1.1 | ||
Entity Common Stock, Shares Outstanding | 98,065,249 | ||
ICFR Auditor Attestation Flag | true | ||
Common Stock [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | MNR | ||
Security Exchange Name | NYSE | ||
6.125% Series C Cumulative Redeemable Preferred Stock | |||
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, 2020 | Sep. 30, 2019 |
Real Estate Investments: | ||
Land | $ 250,497 | $ 239,299 |
Buildings and Improvements | 1,793,367 | 1,627,219 |
Total Real Estate Investments | 2,043,864 | 1,866,518 |
Accumulated Depreciation | (296,020) | (249,584) |
Real Estate Investments | 1,747,844 | 1,616,934 |
Cash and Cash Equivalents | 23,517 | 20,179 |
Securities Available for Sale at Fair Value | 108,832 | 185,250 |
Tenant and Other Receivables | 5,431 | 1,335 |
Deferred Rent Receivable | 12,856 | 11,199 |
Prepaid Expenses | 7,554 | 6,714 |
Intangible Assets, net of Accumulated Amortization of $17,330 and $15,686, respectively | 16,832 | 14,970 |
Capitalized Lease Costs, net of Accumulated Amortization of $4,286 and $3,378, respectively | 5,631 | 5,670 |
Financing Costs, net of Accumulated Amortization of $356 and $1,352, respectively | 1,380 | 144 |
Other Assets | 9,906 | 9,553 |
TOTAL ASSETS | 1,939,783 | 1,871,948 |
Liabilities: | ||
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | 799,507 | 744,928 |
Loans Payable | 75,000 | 95,000 |
Accounts Payable and Accrued Expenses | 3,998 | 3,570 |
Other Liabilities | 23,673 | 17,407 |
Total Liabilities | 902,178 | 860,905 |
COMMITMENTS AND CONTINGENCIES | ||
Shareholders’ Equity: | ||
6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 Par Value Per Share: 21,900 and 16,400 Shares Authorized as of September 30, 2020 and 2019, respectively; 18,880 and 13,907 Shares Issued and Outstanding As of September 30, 2020 and 2019, respectively | 471,994 | 347,678 |
Common Stock, $0.01 Par Value Per Share: 200,000 and 188,040 Shares Authorized as of September 30, 2020 and 2019, respectively; 98,054 and 96,399 Shares Issued and Outstanding as of September 30, 2020 and 2019, respectively | 981 | 964 |
Excess Stock, $0.01 Par Value Per Share: 200,000 Shares Authorized as of September 30, 2020 and 2019; No Shares Issued or Outstanding as of September 30, 2020 and 2019 | 0 | 0 |
Additional Paid-In Capital | 568,998 | 662,401 |
Accumulated Other Comprehensive Income (Loss) | (4,368) | 0 |
Undistributed Income | 0 | 0 |
Total Shareholders’ Equity | 1,037,605 | 1,011,043 |
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | $ 1,939,783 | $ 1,871,948 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Accumulated amortization of intangible assets | $ 17,330 | $ 15,686 |
Accumulated amortization of lease costs | 4,286 | 3,378 |
Accumulated amortization of financing costs | $ 356 | $ 1,352 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 200,000,000 | 188,040,000 |
Common stock, shares issued | 98,054,000 | 96,399,000 |
Common stock, shares outstanding | 98,054,000 | 96,399,000 |
Excess stock, par value | $ 0.01 | $ 0.01 |
Excess stock , shares authorized | 200,000,000 | 200,000,000 |
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 | 21,900,000 | 16,400,000 |
Preferred stock, shares outstanding | 18,880,000 | 13,907,000 |
Preferred stock, shares issued | 18,880,000 | 13,907,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
INCOME: | |||
Rental Revenue | $ 141,583 | $ 132,524 | $ 115,864 |
Reimbursement Revenue | 26,234 | 22,297 | 19,621 |
Lease Termination Income | 0 | 0 | 210 |
TOTAL INCOME | 167,817 | 154,821 | 135,695 |
EXPENSES: | |||
Real Estate Taxes | 20,193 | 17,010 | 14,919 |
Operating Expenses | 6,888 | 6,616 | 5,794 |
General and Administrative Expenses | 8,932 | 9,081 | 8,776 |
Non-recurring Severance Expense | 786 | 0 | 0 |
Depreciation | 46,670 | 43,020 | 36,176 |
Amortization of Capitalized Lease Costs and Intangible Assets | 3,180 | 2,870 | 2,391 |
TOTAL EXPENSES | 86,649 | 78,597 | 68,056 |
OTHER INCOME (EXPENSE): | |||
Dividend Income | 10,445 | 15,168 | 13,121 |
Gain on Sale of Securities Transactions | 0 | 0 | 111 |
Unrealized Holding Gains (Losses) Arising During the Periods | (77,380) | (24,680) | 0 |
Interest Expense, including Amortization of Financing Costs | (36,376) | (36,912) | (32,350) |
TOTAL OTHER INCOME (EXPENSE) | (103,311) | (46,424) | (19,118) |
INCOME (LOSS) FROM OPERATIONS | (22,143) | 29,800 | 48,521 |
Gain on Sale of Real Estate Investments | 0 | 0 | 7,485 |
NET INCOME (LOSS) | (22,143) | 29,800 | 56,006 |
Less: Preferred Dividends | 26,474 | 18,774 | 17,191 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (48,617) | $ 11,026 | $ 38,815 |
BASIC INCOME – PER SHARE | |||
Net Income (Loss) | $ (0.23) | $ 0.32 | $ 0.71 |
Less: Preferred Dividends | (0.27) | (0.20) | (0.22) |
Net Income (Loss) Attributable to Common Shareholders – Basic | (0.50) | 0.12 | 0.49 |
DILUTED INCOME – PER SHARE | |||
Net Income (Loss) | (0.23) | 0.32 | 0.71 |
Less: Preferred Dividends | (0.27) | (0.20) | (0.22) |
Net Income (Loss) Attributable to Common Shareholders – Diluted | $ (0.50) | $ 0.12 | $ 0.49 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in thousands) | |||
Basic | 98,082 | 93,387 | 78,619 |
Diluted | 98,164 | 93,485 | 78,802 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | |||
Net Income (Loss) | $ (22,143) | $ 29,800 | $ 56,006 |
Other Comprehensive Income: | |||
Unrealized Holding Gains (Losses) Arising During the Period | 0 | 0 | (31,204) |
Reclassification Adjustment for Net Gains Realized in Income | 0 | 0 | (111) |
Change in Fair Value of Interest Rate Swap Agreement | (4,368) | 0 | 0 |
Total Comprehensive Income (Loss) | (26,511) | 29,800 | 24,691 |
Less: Preferred Dividends | 26,474 | 18,774 | 17,191 |
Comprehensive Income (Loss) Attributable to Common Shareholders | $ (52,985) | $ 11,026 | $ 7,500 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common 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, 2017 | $ 756 | $ 245,986 | $ 459,553 | $ 0 | $ 6,571 | $ 712,866 | |
Shares Issued in Connection with the DRIP (1) | [1] | 58 | 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 | 41,214 | (1,120) | 0 | 0 | 40,094 | |
Shares Issued Through the Exercise of Stock Options | 1 | 0 | 569 | 0 | 0 | 570 | |
Shares Issued Through Restricted Stock Awards | 0 | 0 | 0 | 0 | 0 | 0 | |
Stock Compensation Expense | 0 | 0 | 434 | 0 | 0 | 434 | |
Distributions To Common Shareholders ($0.68 per share) | 0 | 0 | (14,771) | (38,815) | 0 | (53,586) | |
Net Income | 0 | 0 | 0 | 56,006 | 0 | 56,006 | |
Preferred Dividends ($1.53125 per share) | 0 | 0 | 0 | (17,191) | 0 | (17,191) | |
Change in Unrealized Net Holding Gain (Loss) on Securities Available for Sale, Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | (31,315) | (31,315) | |
Ending balance, value at Sep. 30, 2018 | 815 | 287,200 | 534,635 | 0 | (24,744) | 797,906 | |
Shares Issued in Connection with the DRIP (1) | [1] | 56 | 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 | 60,478 | (2,279) | 0 | 0 | 58,199 | |
Shares Issued Through the Exercise of Stock Options | 1 | 0 | 566 | 0 | 0 | 567 | |
Stock Compensation Expense | 0 | 0 | 784 | 0 | 0 | 784 | |
Distributions To Common Shareholders ($0.68 per share) | 0 | 0 | (77,460) | 13,718 | 0 | (63,742) | |
Net Income | 0 | 0 | 0 | 29,800 | 0 | 29,800 | |
Preferred Dividends ($1.53125 per share) | 0 | 0 | 0 | (18,774) | 0 | (18,774) | |
Impact of Adoption of Accounting Standards Update 2016-01 | 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 | 132,246 | 0 | 0 | 132,338 | |
Ending balance, value at Sep. 30, 2019 | 964 | 347,678 | 662,401 | 0 | 0 | 1,011,043 | |
Shares Issued in Connection with the DRIP (1) | [1] | 20 | 0 | 26,391 | 0 | 0 | 26,411 |
Shares Issued in Connection with At-The-Market Offerings of 6.125% Series C Preferred Stock, net of offering costs | 0 | 124,316 | (1,934) | 0 | 0 | 122,382 | |
Shares Issued Through the Exercise of Stock Options | 1 | 0 | 1,015 | 0 | 0 | 1,016 | |
Stock Compensation Expense | 0 | 0 | 452 | 0 | 0 | 452 | |
Distributions To Common Shareholders ($0.68 per share) | 0 | 0 | (115,055) | 48,617 | 0 | (66,438) | |
Net Income | 0 | 0 | 0 | (22,143) | 0 | (22,143) | |
Preferred Dividends ($1.53125 per share) | 0 | 0 | 0 | (26,474) | 0 | (26,474) | |
Shares Repurchased through the Common Stock Repurchase Plan | (4) | 0 | (4,272) | 0 | 0 | (4,276) | |
Change in Fair Value of Interest Rate Swap Agreement | 0 | 0 | 0 | 0 | (4,368) | (4,368) | |
Ending balance, value at Sep. 30, 2020 | $ 981 | $ 471,994 | $ 568,998 | $ 0 | $ (4,368) | $ 1,037,605 | |
[1] | Dividend Reinvestment and Stock Purchase Plan |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Distribution to shareholders per share | $ 0.68 | $ 0.68 | $ 0.68 |
Preferred Stock, Dividends Per Share | $ 1.53125 | $ 1.53125 | $ 1.53125 |
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 ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income (Loss) | $ (22,143) | $ 29,800 | $ 56,006 |
Noncash Items Included in Net Income (Loss): | |||
Depreciation & Amortization | 51,263 | 47,142 | 39,788 |
Stock Compensation Expense | 452 | 784 | 434 |
Deferred Straight Line Rent | (1,976) | (1,926) | (1,973) |
Securities Available for Sale Received as Dividend Income | (1,213) | (874) | (829) |
Unrealized Holding Losses Arising During the Periods | 77,380 | 24,680 | 0 |
Gain on Sale of Securities Transactions | 0 | 0 | (111) |
Gain on Sale of Real Estate Investments | 0 | 0 | (7,485) |
Changes in: | |||
Tenant & Other Receivables | (3,993) | 18 | 1,397 |
Prepaid Expenses | (840) | (524) | (755) |
Other Assets & Capitalized Lease Costs | (2,052) | 729 | (2,037) |
Accounts Payable, Accrued Expenses & Other Liabilities | 1,951 | 919 | 265 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 98,829 | 100,748 | 84,700 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of Real Estate & Intangible Assets | (175,261) | (138,964) | (283,403) |
Capital Improvements | (5,996) | (14,734) | (9,084) |
Proceeds from Sale of Real Estate Investments | 0 | 0 | 22,083 |
Return of Deposits on Real Estate | 2,000 | 200 | 450 |
Deposits Paid on Acquisitions of Real Estate | (1,670) | (6,000) | (200) |
Proceeds from Securities Available for Sale Called for Redemption | 251 | 0 | 2,620 |
Purchase of Securities Available for Sale | 0 | (54,136) | (64,150) |
NET CASH USED IN INVESTING ACTIVITIES | (180,676) | (213,634) | (331,684) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from Fixed Rate Mortgage Notes Payable | 110,310 | 96,500 | 175,160 |
Principal Payments on Fixed Rate Mortgage Notes Payable | (55,855) | (63,350) | (54,354) |
Net Draws (Repayments) from Loans Payable | (20,000) | (91,609) | 66,517 |
Financing Costs Paid on Debt | (2,525) | (662) | (1,470) |
Proceeds from Underwritten Public Offering of Common Stock, net of offering costs | 0 | 132,338 | 0 |
Proceeds from At-The-Market Preferred Equity Program, net of offering costs | 122,382 | 58,199 | 40,094 |
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments | 18,815 | 57,079 | 77,100 |
Shares repurchased through the Common Stock Repurchase Plan | (4,276) | 0 | 0 |
Proceeds from the Exercise of Stock Options | 1,016 | 567 | 570 |
Preferred Dividends Paid | (25,839) | (18,465) | (16,876) |
Common Dividends Paid, net of Reinvestments | (58,843) | (46,856) | (40,658) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 85,185 | 123,741 | 246,083 |
Net Increase (Decrease) in Cash and Cash Equivalents | 3,338 | 10,855 | (901) |
Cash and Cash Equivalents at Beginning of Year | 20,179 | 9,324 | 10,225 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 23,517 | $ 20,179 | $ 9,324 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2020 | |
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, 2020 and 2019, rental properties consisted of 119 114 7.1 6.36 9.8 The future effects of the evolving impact of the COVID-19 pandemic are uncertain, however, at this time COVID-19 has not had a material adverse effect on our financial condition. We invest in modern single-tenant, industrial buildings, leased primarily to investment-grade tenants or their subsidiaries on long-term net-leases. Our investments are exclusively situated in the continental United States, and are primarily located in strategic locations that are mission-critical to our tenants’ needs. In many cases our buildings are highly automated in order to serve the omni-channel distribution networks that have become essential today. Approximately 81 www.standardandpoors.com www.moodys.com For many years, ecommerce demand has increased, and it has now become an integral part of the retail landscape. The COVID-19 pandemic has created an even greater move towards on-line shopping. As a result of state and local government-mandated shutdowns, ecommerce sales as a percentage of total retail sales increased from approximately 15% to 27% during the last two quarters. Our portfolio of modern, net-leased industrial properties, continues to provide shareholders with reliable and predictable income streams. Our resilient occupancy rates and rent collection results during these challenging times highlights the mission-critical nature of our assets and underscores the essential need for our tenants’ operations. Furthermore, because our weighted average lease maturity is 7.1 years and our weighted average fixed rate mortgage debt maturity is 11.1 years, we expect our cash flow to remain resilient over long periods of time. Our overall occupancy rate and our base rent collections have remained strong throughout the COVID-19 pandemic. Our overall occupancy rate has remained at 99.4 %. Our base rent collections have averaged 99.7 % and we expect November and future months to be consistent with this trend. 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. We intend to limit the size of this portfolio to no more than approximately 5% of our undepreciated assets, which we define as total assets excluding accumulated depreciation. The value of the marketable securities was $ 108.8 4.9 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, we recorded a $ 24.7 77.4 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 2020, 2019 and 2018 was 14 12 12 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 $ 2.6 2.2 2.1 2.4 2.3 2.2 1.7 1.3 Derivative Instruments and Hedging Activities In the normal course of business, we are exposed to financial market risks, including interest rate risk on our variable rate debt. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. Our primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. We generally employ derivative instruments that effectively convert a portion of our variable rate debt to fixed rate debt. We do not enter into derivative instruments for speculative purposes. As further described in “Note 7 – Mortgage Notes and Loans Payable”, in November 2019 we entered into an interest rate swap agreement that has the effect of fixing the interest rate on our $ 75 The interest rate for borrowings under the Term Loan will 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. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying Term Loan. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 14 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) on our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, the ineffective portion is recorded in interest expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of September 30, 2020, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of this derivative of $ (4.4) 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. 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 119 158,000 36,000 39,000 83,000 1.7 Net Income Per Share Basic Net Income (Loss) per Common Share is calculated by dividing Net Income (Loss) Attributable to Common Shareholders by the weighted average number of common shares outstanding during the period. Diluted Net Income (Loss) per Common Share is calculated by dividing Net Income (Loss) Attributable to Common Shareholders by the weighted average number of common shares outstanding for the period and, when dilutive, the potential net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. In periods with a net loss, the basic loss per share equals the diluted loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive. In addition, common stock equivalents of 82,000 98,000 183,000 315,000 305,000 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 $ 452,000 784,000 434,000 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, 2020. We record interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of September 30, 2020, the fiscal tax years 2017 through and including 2020 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in the fair value of an interest rate swap derivative. 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 (Loss). 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 (loss)” 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, ASU 2018-20 affects narrow aspects of the guidance issued earlier in ASU 2016-02 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 (Loss). 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 (Loss), which have an immaterial effect on our reported revenue and a net zero effect on our Net Income (Loss) Attributable to Common Shareholders. In addition, in order to conform to the current period’s presentation, Real Estate Taxes and Reimbursement Revenue for the twelve months ended September 30, 2019 were reduced by $ 3.7 3.7 In April 2020, FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of September 30, 2020, we have entered into rent deferral agreements related to the COVID-19 pandemic representing approximately $ 438,000 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, 2020 | |
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, 2020 and 2019 ( in thousands SCHEDULE OF REAL ESTATE INVESTMENTS Property Buildings & Accumulated Net Book SEPTEMBER 30, 2020 Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748 $ 5,914 $ 1,562 $ 5,100 Mobile Industrial 2,480 30,572 1,763 31,289 Arizona: Tolleson (Phoenix) Industrial 1,316 15,508 7,167 9,657 Colorado: Colorado Springs Industrial 2,150 27,170 3,027 26,293 Denver Industrial 1,150 5,224 1,973 4,401 Connecticut: Newington (Hartford) Industrial 410 3,097 1,553 1,954 Florida: Cocoa Industrial 1,881 12,246 3,403 10,724 Davenport (Orlando) Industrial 7,060 31,025 3,286 34,799 Daytona Beach Industrial 3,120 27,161 1,730 28,551 Ft. Myers Industrial 2,486 19,198 1,821 19,863 Homestead (Miami) Industrial 4,427 33,485 2,795 35,117 Jacksonville (FDX) Industrial 1,165 5,419 2,979 3,605 Jacksonville (FDX Ground) Industrial 6,000 24,926 3,633 27,293 Lakeland Industrial 261 1,782 676 1,367 Orlando Industrial 2,200 6,610 2,212 6,598 Punta Gorda Industrial 0 4,134 1,286 2,848 Tampa (FDX Ground) Industrial 5,000 14,745 5,680 14,065 Tampa (FDX) Industrial 2,830 5,071 1,824 6,077 Tampa (Tampa Bay Grand Prix) Industrial 1,867 3,811 1,347 4,331 Georgia: Augusta (FDX Ground) Industrial 614 4,749 1,756 3,607 Augusta (FDX) Industrial 380 1,604 558 1,426 Braselton (Atlanta) Industrial 13,965 46,262 2,471 57,756 Griffin (Atlanta) Industrial 760 14,322 5,338 9,744 Savannah (Shaw) Industrial 4,405 51,621 3,530 52,496 Savannah (FDX Ground) Industrial 3,441 24,091 1,133 26,399 Illinois: Burr Ridge (Chicago) Industrial 270 1,437 822 885 Elgin (Chicago) Industrial 1,280 5,902 2,791 4,391 Granite City (St. Louis, MO) Industrial 340 12,358 5,895 6,803 Montgomery (Chicago) Industrial 2,000 9,303 3,245 8,058 Rockford (Collins Aerospace Systems) Industrial 480 4,620 711 4,389 Rockford (Sherwin-Williams Co.) Industrial 1,100 4,451 1,091 4,460 Sauget (St. Louis, MO) Industrial 1,890 13,315 2,050 13,155 Schaumburg (Chicago) Industrial 1,040 4,407 2,534 2,913 Wheeling (Chicago) Industrial 5,112 13,881 5,210 13,783 Indiana: Greenwood (Indianapolis) (Ulta) Industrial 2,250 35,515 4,906 32,859 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2020 (cont’d) Type Land Improvements Depreciation Value Indianapolis (FDX Ground) Industrial $ 3,746 $ 21,758 $ 3,420 $ 22,084 Greenwood (Indianapolis) (Amazon) Industrial 4,839 74,525 1,911 77,453 Lafayette Industrial 2,802 22,277 667 24,412 Iowa: Urbandale (Des Moines) Industrial 310 2,234 1,377 1,167 Kansas: Edwardsville (Kansas City) (Carlisle Tire) Industrial 1,185 6,098 2,847 4,436 Edwardsville (Kansas City) (International Paper) Industrial 2,750 15,544 2,831 15,463 Olathe (Kansas City) Industrial 2,350 29,476 3,140 28,686 Topeka Industrial 0 3,680 1,085 2,595 Kentucky: Buckner (Louisville) Industrial 2,280 24,528 4,397 22,411 Frankfort (Lexington) Industrial 1,850 26,150 3,911 24,089 Louisville Industrial 1,590 9,714 1,079 10,225 Louisiana: Covington (New Orleans) Industrial 2,720 15,706 1,947 16,479 Maryland: Beltsville (Washington, DC) Industrial 3,200 11,312 4,748 9,764 Michigan: Walker (Grand Rapids) Industrial 4,034 27,621 2,479 29,176 Livonia (Detroit) Industrial 320 13,560 2,767 11,113 Orion Industrial 4,650 18,291 5,430 17,511 Romulus (Detroit) Industrial 531 4,418 2,329 2,620 Minnesota: Stewartville (Rochester) Industrial 900 4,324 777 4,447 Mississippi: Olive Branch (Memphis, TN) (Anda Pharmaceuticals, Inc.) Industrial 800 13,750 2,909 11,641 Olive Branch (Memphis, TN) (Milwaukee Tool) Industrial 2,550 34,365 5,813 31,102 Richland (Jackson) Industrial 211 1,690 1,129 772 Ridgeland (Jackson) Industrial 218 2,519 1,465 1,272 Missouri: Kansas City Industrial 1,000 9,003 1,408 8,595 Liberty (Kansas City) Industrial 724 7,075 3,904 3,895 O’Fallon (St. Louis) Industrial 264 3,986 2,614 1,636 St. Joseph Industrial 800 12,598 6,158 7,240 Nebraska: Omaha Industrial 1,170 4,794 2,609 3,355 New Jersey: Carlstadt (New York, NY) Industrial 1,194 4,103 1,229 4,068 Somerset Shopping Center 34 3,105 1,779 1,360 Trenton Industrial 8,336 75,652 3,880 80,108 New York: Cheektowaga (Buffalo) Industrial 4,797 6,164 2,170 8,791 Halfmoon (Albany) Industrial 1,190 4,537 945 4,782 Hamburg (Buffalo) Industrial 1,700 33,432 3,436 31,696 North Carolina: Concord (Charlotte) Industrial 4,305 28,749 4,002 29,052 Concord (Charlotte) Industrial 4,307 35,736 2,902 37,141 Fayetteville Industrial 172 5,283 3,397 2,058 Whitsett (Greensboro) Industrial 2,735 43,976 376 46,335 Winston-Salem Industrial 980 6,284 3,057 4,207 Ohio: Bedford Heights (Cleveland) Industrial 990 6,314 2,310 4,994 Cincinnati Industrial 800 5,950 776 5,974 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2020 (cont’d) Type Land Improvements Depreciation Value Lancaster (Columbus) Industrial $ 959 $ 16,599 $ 213 $ 17,345 Kenton Industrial 855 17,876 1,449 17,282 Lebanon (Cincinnati) Industrial 240 4,315 933 3,622 Monroe (Cincinnati) Industrial 1,800 19,777 1,945 19,632 Richfield (Cleveland) Industrial 2,677 13,770 3,800 12,647 Stow Industrial 1,430 17,504 1,346 17,588 Streetsboro (Cleveland) Industrial 1,760 17,840 3,888 15,712 West Chester Twp. (Cincinnati) Industrial 695 5,039 2,663 3,071 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410 11,215 2,185 10,440 Oklahoma City (Bunzl) Industrial 845 7,883 657 8,071 Oklahoma City (Amazon) Industrial 1,618 28,260 2,052 27,826 Oklahoma City (Amazon II) Industrial 1,378 13,584 14 14,948 Tulsa Industrial 790 2,958 553 3,195 Pennsylvania: Altoona Industrial 1,200 7,823 1,392 7,631 Imperial (Pittsburgh) Industrial 3,700 16,264 1,912 18,052 Monaca (Pittsburgh) Industrial 402 7,551 3,481 4,472 South Carolina: Aiken (Augusta, GA) Industrial 1,362 19,678 1,639 19,401 Charleston (FDX) Industrial 4,639 16,880 1,265 20,254 Charleston (FDX Ground) Industrial 7,103 39,473 2,193 44,383 Ft. Mill (Charlotte, NC) Industrial 1,747 15,317 3,434 13,630 Hanahan (Charleston) (SAIC) Industrial 1,129 13,334 5,256 9,207 Hanahan (Charleston) (Amazon) Industrial 930 8,373 2,513 6,790 Tennessee: Chattanooga Industrial 300 5,069 1,678 3,691 Lebanon (Nashville) Industrial 2,230 11,985 2,766 11,449 Memphis Industrial 1,235 14,858 3,787 12,306 Shelby County Vacant Land 11 0 0 11 Texas: Carrollton (Dallas) Industrial 1,500 16,995 4,442 14,053 Corpus Christi Industrial 0 4,808 1,049 3,759 Edinburg Industrial 1,000 11,039 2,040 9,999 El Paso Industrial 3,225 9,206 2,512 9,919 Ft. Worth (Dallas) Industrial 8,200 27,419 3,627 31,992 Houston Industrial 1,661 6,530 1,825 6,366 Lindale (Tyler) Industrial 540 9,426 1,456 8,510 Mesquite (Dallas) Industrial 6,248 43,632 3,636 46,244 Spring (Houston) Industrial 1,890 17,439 2,979 16,350 Waco Industrial 1,350 11,201 2,075 10,476 Utah: Ogden (Salt Lake City) Industrial 1,287 11,380 97 12,570 Virginia: Charlottesville Industrial 1,170 3,292 1,801 2,661 Mechanicsville (Richmond) Industrial 1,160 6,667 3,375 4,452 Richmond Industrial 446 4,644 1,794 3,296 Roanoke (CHEP USA) Industrial 1,853 5,610 2,092 5,371 Roanoke (FDX Ground) Industrial 1,740 8,460 1,582 8,618 Washington: Burlington (Seattle/Everett) Industrial 8,000 22,371 2,572 27,799 Wisconsin: Cudahy (Milwaukee) Industrial 980 8,827 3,812 5,995 Green Bay Industrial 590 5,979 1,072 5,497 Total as of September 30, 2020 $ 250,497 $ 1,793,367 $ 296,020 $ 1,747,844 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2019 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 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 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) (Ulta) 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 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2019 (cont’d) Type Land Improvements Depreciation Value 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 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 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 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2019 (cont’d) Type Land Improvements Depreciation Value 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) (Amazon) 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 |
ACQUISITIONS, EXPANSIONS AND DI
ACQUISITIONS, EXPANSIONS AND DISPOSITIONS | 12 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
ACQUISITIONS, EXPANSIONS AND DISPOSITIONS | NOTE 3 – ACQUISITIONS, EXPANSIONS AND DISPOSITIONS Fiscal 2020 Acquisitions 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 On March 30, 2020, we purchased a newly constructed 153,000 24.2 100 10 January 2030 17.9 10 9.4 3.47 1.2 On May 21, 2020, we purchased a newly constructed 286,000 39.3 100 15 April 2035 47.6 15 30.3 3.10 3.0 On May 21, 2020, we purchased a newly constructed 70,000 7.5 100 15 12.9 15 8.4 3.18 772,000 On September 15, 2020, we purchased a newly constructed 121,000 21.5 100 10 August 2030 15.2 15 9.8 3.00 934,000 We evaluated the property acquisitions which took place during the twelve months ended September 30, 2020, 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 five properties purchased during fiscal 2020 as asset acquisitions and allocated the total cash consideration, including transaction costs of $ 179,000 , to the individual assets acquired on a relative fair value basis. There were no liabilities assumed in these acquisitions. in thousands SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2020 ASSETS ACQUISITIONS Land $ 11,198 Building 160,064 In-Place Leases 3,999 The following table summarizes the operating results included in our consolidated statements of income for the fiscal year ended September 30, 2020 for the five properties acquired during the twelve months ended September 30, 2020 ( in thousands SUMMARY OF OPERATIONS RESULT FOR 2020 PROPERTIES ACQUISITIONS Year Ended Rental Revenues $ 6,846 Net Income (Loss) Attributable to Common Shareholders 1,624 FedEx Ground Package System, Inc.’s ultimate parent, FedEx Corporation, Magna Seating of America, Inc.’s ultimate parent, Magna International Inc. and Amazon are publicly-listed companies that are considered Investment Grade by S&P Global Ratings ( www.standardandpoors.com www.moodys.com 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 Ended Rental Revenues $ 7,073 Net Income (Loss) Attributable to Common Shareholders 1,723 FedEx Ground Package System, Inc.’s ultimate parent, FedEx Corporation and Toyota Tsusho America, Inc’s parent, Toyota Tsusho Corporation are publicly-listed companies that are considered Investment Grade by S&P Global Ratings ( www.standardandpoors.com www.moodys.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 Consolidated Statements of Income for the three fiscal years ended September 30, 2020, 2019 and 2018 of properties sold during the periods presented The sale of the four properties sold during fiscal 2018 do not represent a strategic shift that has a major effect on our operations and financial results. Therefore, the operations generated from these four properties sold during fiscal 2018 are not included in Discontinued Operations. There were no properties sold during fiscal 2019 or 2020. The following table summarizes ( in thousands SCHEDULE OF DISPOSITION AND REAL ESTATE CLASSIFIED AS HELD FOR SALE 2020 2019 2018 Rental and Reimbursement Revenue $ 0 $ 0 $ 929 Lease Termination Income 0 0 210 Real Estate Taxes 0 0 (212 ) Operating Expenses 0 0 (110 ) Depreciation & Amortization 0 0 (79 ) Interest Expense 0 0 (38 ) Income from Operations 0 0 700 Gain on Sale of Real Estate Investment 0 0 7,485 Net Income $ 0 $ 0 $ 8,185 Pro forma information (unaudited) The following unaudited pro forma condensed financial information has been prepared utilizing our historical financial statements and from the properties acquired and expanded during fiscal years 2020 and 2019, assuming that these acquisitions and these completed expansions had occurred as of October 1, 2018, 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. Furthermore, the net proceeds raised from our Dividend Reinvestment and Stock Purchase Plan (the DRIP) were used to fund property acquisitions and expansions and therefore, the weighted average shares outstanding used in calculating the pro-forma Basic and Diluted Net Income (Loss) per Share Attributable to Common Shareholders has been adjusted to account for the increase in shares raised through the DRIP, as if all the shares raised had occurred on October 1, 2018. Additionally, the net proceeds raised from the issuance of our 6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share (6.125% Series C Preferred Stock), through our At-The-Mark Sales Agreement Program were used to help fund property acquisitions and, therefore, the pro-forma preferred dividend has been adjusted to account for its effect on pro-forma Net Income (Loss) Attributable to Common Shareholders as if all the preferred stock issuances had occurred on October 1, 2018. 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) 2020 2019 As Reported Pro-forma As Reported Pro-forma Rental Revenue $ 141,583 $ 145,486 $ 132,524 $ 145,100 Net Income (Loss) Attributable to Common Shareholders $ (48,617 ) $ (47,315 ) $ 11,026 $ 6,799 Basic and Diluted Net Income (Loss) per Share Attributable to Common Shareholders $ (0.50 ) $ (0.48 ) $ 0.12 $ 0.07 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Sep. 30, 2020 | |
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, 2020 and 2019 ( in thousands SCHEDULE OF INTANGIBLE ASSETS UNDER LEASES IN-PLACE ACQUISITION As of 2020 As of 2019 Topeka, KS $ 34 $ 69 Lebanon (Nashville), TN 78 99 Rockford, IL (Sherwin-Williams Co.) 65 85 Edinburg, TX 52 109 Corpus Christi, TX 21 44 Halfmoon (Albany), NY 0 108 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals) 336 520 Livonia (Detroit), MI 103 171 Stewartville (Rochester), MN 13 17 Buckner (Louisville), KY 286 308 Edwardsville (Kansas City), KS (International Paper) 218 292 Lindale (Tyler), TX 131 166 Sauget (St. Louis, MO), IL 18 20 Rockford, IL (Collins Aerospace Systems) 53 61 Kansas City, MO 5 10 Monroe, OH (Cincinnati) 301 333 Cincinnati, OH 32 36 Imperial (Pittsburgh), PA 45 53 Burlington (Seattle/Everett), WA 312 344 Colorado Springs, CO 202 241 Hamburg (Buffalo), NY 181 198 As of 2020 As of 2019 Ft. Myers, FL $ 143 $ 164 Walker (Grand Rapids), MI 382 415 Aiken (Augusta, GA), SC 728 791 Mesquite (Dallas), TX 628 683 Homestead (Miami), FL 437 475 Oklahoma City, OK (Bunzl) 159 200 Concord (Charlotte), NC 496 539 Kenton, OH 340 389 Stow, OH 404 463 Charleston, SC (FDX) 324 351 Oklahoma City, OK (Amazon) 522 596 Savannah, GA (Shaw) 1,091 1,247 Daytona Beach, FL 604 685 Mobile, AL 817 917 Charleston, SC (FDX Ground) 577 622 Braselton (Atlanta), GA 861 930 Trenton, NJ 1,303 1,413 Savannah, GA (FDX Ground) 298 334 Lafayette, IN 424 472 Greenwood (Indianapolis), IN (Amazon) 2,005 0 Lancaster (Columbus), OH 335 0 Whitsett (Greensboro), NC 963 0 Ogden (Salt Lake City), UT 232 0 Oklahoma City, OK (Amazon II) 273 0 Total Intangible Assets, net of Accumulated Amortization $ 16,832 $ 14,970 Amortization expense related to the intangible assets attributable to acquired in-place leases was $ 2.0 1.9 1.5 2.0 1.9 1.7 1.6 1.6 103,000 103,000 34,000 |
SIGNIFICANT CONCENTRATIONS OF C
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK | 12 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK | NOTE 5 – SIGNIFICANT CONCENTRATIONS OF CREDIT RISK As of September 30, 2020, we had 23.4 10.7 46 5 41 7.9 years 5 1.5 6 SCHEDULE OF CONCENTRATION OF RISK 2020 2019 2018 FDX and Subsidiaries 46 47 48 Subsidiaries of Amazon 6% <5% <5% During fiscal 2020, the only tenants that accounted for 5 96.4 93.3 79.1 58 5 53 60 5 55 58 5 53 No other tenant accounted for 5% or more of our total Rental and Reimbursement revenue FDX and Amazon are rated “BBB” and “AA-”, respectively by S&P Global Ratings ( www.standardandpoors.com www.moodys.com |
SECURITIES AVAILABLE FOR SALE
SECURITIES AVAILABLE FOR SALE | 12 Months Ended |
Sep. 30, 2020 | |
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 $ 108.8 5 2.2 108.8 4.9 During the fiscal year ended September 30, 2020, one of our preferred stock investments was called for redemption at its liquidation value, which was equal to our cost basis. There have been no open market purchases or sales of securities during the fiscal year ended September 30, 2020. During the fiscal year ended September 30, 2019, we did not sell or redeem any securities. We received proceeds of $ 2.6 in thousands SCHEDULE OF GAIN (LOSS) ON SECURITIES TRANSACTIONS, NET 2020 2019 2018 Gross realized gains $ 0 $ 0 $ 112 Gross realized losses 0 0 (1 ) Gains on Sale of Securities Transactions, net $ 0 $ 0 $ 111 We recognized dividend income from our portfolio of REIT investments for the fiscal years ended September 30, 2020, 2019 and 2018 of $ 10.4 15.1 13.1 126.8 77.4 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 (Loss). 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, 2020 ( in thousands SUMMARY OF INVESTMENTS IN DEBT AND EQUITY SECURITIES Description Series Interest Number of Cost Fair Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 400 $ 7,967 $ 304 Cedar Realty Trust, Inc. B 7.25 % 6 136 109 iStar Inc. D 8.00 % 10 232 253 iStar Inc. I 7.50 % 60 1,301 1,452 Pennsylvania Real Estate Investment Trust D 6.875 % 120 2,150 610 Pennsylvania Real Estate Investment Trust B 7.375 % 120 2,216 606 UMH Properties, Inc. (1) (2) B 8.00 % 100 2,500 2,526 Total Equity Securities - Preferred Stock $ 16,502 $ 5,860 Description Number of Cost Fair Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 4,000 $ 33,525 $ 644 Diversified Healthcare Trust 1,100 17,871 3,872 Five Star Senior Living Inc. 75 290 378 Franklin Street Properties Corp. 1,000 8,478 3,660 Industrial Logistics Property Trust 700 13,789 15,309 Kimco Realty Corporation 1,700 27,937 19,142 Office Properties Income Trust 659 37,892 13,655 Pennsylvania Real Estate Investment Trust 1,800 13,443 997 Tanger Factory Outlet Centers, Inc. 600 12,300 3,618 VEREIT, Inc. 3,500 27,891 22,750 Washington Prime Group Inc. 1,500 11,860 971 UMH Properties, Inc. (1) 1,328 13,858 17,975 Total Equity Securities - Common Stock $ 219,134 $ 102,971 Description Interest Number of Cost Fair Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500 $ 1 $ 1 Total Securities Available for Sale $ 235,637 $ 108,832 (1) Investment is in a related company. See Note No. 11 for further discussion. (2) Subsequent to fiscal year end 2020, UMH redeemed all their 8.00 25.00 The following is a listing of our investments in securities at September 30, 2019 ( in thousands Description Series Interest Number of 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 Inc. D 8.00 % 10 232 261 iStar 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)(2) B 8.00 % 100 2,500 2,600 Total Equity Securities - Preferred Stock $ 16,752 $ 13,167 Description Number of Cost Fair Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 4,000 $ 33,525 $ 5,160 Franklin Street Properties Corp. 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 Centers, Inc. 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 Number of 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. (2) Subsequent to fiscal year end 2020, UMH redeemed all their 8.00 25.00 |
MORTGAGE NOTES AND LOANS PAYABL
MORTGAGE NOTES AND LOANS PAYABLE | 12 Months Ended |
Sep. 30, 2020 | |
Mortgage Notes And Loans Payable | |
MORTGAGE NOTES AND LOANS PAYABLE | NOTE 7- MORTGAGE NOTES AND LOANS PAYABLE Mortgage Notes Payable: As of September 30, 2020, we owned 119 807.4 3.00 6.875 3.98 4.03 11.1 years 11.3 years As described in Note 3, during fiscal year ended September 30, 2020, we entered into five mortgages in connection with the acquisitions of properties in the Indianapolis, IN; Columbus, OH; Greensboro, NC; Salt Lake City, UT and Oklahoma City, OK MSA’s. These five mortgages consisted of one 10 15 18 110.3 16.0 3.00 4.27 3.69 During the fiscal year ended September 30, 2020, we fully repaid two self-amortizing mortgage loans for our properties located in Augusta, GA and Huntsville, AL. These loans were at a weighted average interest rate of 5.52 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 The following is a summary of our Fixed Rate Mortgage Notes Payable as of September 30, 2020 and 2019 ( in thousands SUMMARY OF FIXED RATE MORTGAGE NOTES PAYABLE 9/30/20 9/30/19 Amount Weighted Amount Weighted Fixed Rate Mortgage Notes Payable $ 807,371 3.98 % $ 752,916 4.03 % Debt Issuance Costs $ 12,377 $ 11,733 Accumulated Amortization of Debt Issuance Costs (4,513 ) (3,745 ) Unamortized Debt Issuance Costs $ 7,864 $ 7,988 Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs $ 799,507 $ 744,928 (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, 2020 and 2019 ( in thousands SUMMARY OF MORTGAGE NOTES PAYABLE Property Fixed Maturity Balance Balance Augusta, GA (FDX Ground) (1) 5.54 % 02/01/20 $ 0 $ 102 Huntsville, AL (1) 5.50 % 04/01/20 0 140 Topeka, KS 6.50 % 08/10/21 288 584 Streetsboro, OH (Cleveland) 5.50 % 11/01/21 8,025 8,680 Kansas City, MO 5.18 % 12/01/21 6,273 6,457 Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) 4.80 % 04/01/22 6,259 6,927 Waco, TX 4.75 % 08/01/22 3,613 3,931 Houston, TX 6.88 % 09/10/22 1,102 1,643 Tolleson, AZ (Phoenix) 3.95 % 11/01/22 2,010 2,882 Edwardsville, KS (Kansas City)(International Paper) 3.45 % 11/01/23 7,627 8,421 Spring, TX (Houston) 4.01 % 12/01/23 6,623 7,287 Memphis, TN 4.50 % 01/01/24 3,304 4,202 Oklahoma City, OK (FDX Ground) 4.35 % 07/01/24 2,341 2,890 Indianapolis, IN 4.00 % 09/01/24 8,431 9,454 Frankfort, KY (Lexington) 4.84 % 12/15/24 14,611 15,672 Carrollton, TX (Dallas) 6.75 % 02/01/25 4,733 5,623 Altoona, PA (2) 4.00 % 10/01/25 2,426 2,848 Green Bay, WI (2) 4.00 % 10/01/25 1,971 2,311 Stewartville, MN (Rochester) (2) 4.00 % 10/01/25 1,578 1,852 Carlstadt, NJ (New York, NY) 5.25 % 05/15/26 1,227 1,408 Roanoke, VA (FDX Ground) 3.84 % 07/01/26 3,395 3,905 Livonia, MI (Detroit) 4.45 % 12/01/26 4,973 5,649 Oklahoma City, OK (Amazon) 3.64 % 12/01/27 17,369 18,206 Olive Branch, MS (Memphis, TN) (Milwaukee Tool) 3.76 % 10/01/28 18,042 19,917 Tulsa, OK 4.58 % 11/01/28 1,413 1,552 Oklahoma City, OK (Bunzl) 4.13 % 07/01/29 4,692 5,124 Lindale, TX (Tyler) 4.57 % 11/01/29 4,827 5,242 Sauget, IL (St. Louis, MO) 4.40 % 11/01/29 7,322 7,956 Jacksonville, FL (FDX Ground) 3.93 % 12/01/29 13,854 15,072 Lancaster (Columbus), OH 3.47 % 01/01/30 9,091 0 Imperial, PA (Pittsburgh) 3.63 % 04/01/30 9,586 10,407 Monroe, OH (Cincinnati) (3) 3.77 % 04/01/30 6,107 6,626 Monroe, OH (Cincinnati) (3) 3.85 % 04/01/30 6,453 7,000 Greenwood, IN (Indianapolis) (Ulta) 3.91 % 06/01/30 17,346 18,780 Ft. Worth, TX (Dallas) 3.56 % 09/01/30 17,879 19,342 Concord, NC (Charlotte) 3.87 % 12/01/30 15,449 16,654 Covington, LA (New Orleans) 4.08 % 01/01/31 9,686 10,425 Burlington, WA (Seattle/Everett) 3.67 % 05/01/31 15,471 16,635 Louisville, KY 3.74 % 07/01/31 5,702 6,121 Colorado Springs, CO 3.90 % 07/01/31 14,571 15,632 Davenport, FL (Orlando) 3.89 % 09/01/31 20,788 22,274 Olathe, KS (Kansas City) 3.96 % 09/01/31 17,513 18,759 Hamburg, NY (Buffalo) 4.03 % 11/01/31 18,770 20,075 Ft. Myers, FL 3.97 % 01/01/32 11,707 12,510 Savannah, GA (Shaw) 3.53 % 02/01/32 28,324 30,304 Walker, MI (Grand Rapids) 3.86 % 05/01/32 17,219 18,365 Mesquite, TX (Dallas) 3.60 % 07/01/32 27,350 29,171 Aiken, SC (Augusta, GA) 4.20 % 07/01/32 12,861 13,683 Homestead, FL (Miami) 3.60 % 07/01/32 20,616 21,989 Mobile, AL 4.14 % 07/01/32 16,728 17,802 Concord, NC (Charlotte) 3.80 % 09/01/32 22,067 23,492 Kenton, OH 4.45 % 10/01/32 10,247 10,874 Stow, OH 4.17 % 10/01/32 10,809 11,484 Charleston, SC (FDX) 4.23 % 12/01/32 12,222 12,968 Daytona Beach, FL 4.25 % 05/31/33 17,219 18,224 Charleston, SC (FDX Ground) 3.82 % 09/01/33 26,794 28,356 Property Fixed Maturity Balance Balance Braselton, GA (Atlanta) 4.02 % 10/01/33 $ 35,856 $ 37,898 Buckner, KY (Louisville) 4.17 % 11/01/33 13,796 14,566 Trenton, NJ 4.13 % 11/01/33 49,955 52,759 Savannah, GA (FDX Ground) 4.40 % 12/01/33 16,001 16,872 Lafayette, IN 4.25 % 08/01/34 16,101 16,932 Whitsett (Greensboro), NC 3.10 % 06/01/35 29,902 0 Ogden (Salt Lake City), UT 3.18 % 06/01/35 8,251 0 Oklahoma City, OK (Amazon) 3.00 % 10/01/35 9,750 0 Greenwood (Indianapolis), IN (Amazon II) 4.27 % 11/01/37 50,855 0 Total Mortgage Notes Payable $ 807,371 $ 752,916 (1) Loan was paid in full during fiscal 2020. (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, 2020 is scheduled to be paid as follows ( in thousands SCHEDULE OF MATURITIES OF LONG-TERM DEBT Year Ending September 30, 2021 $ 60,742 2022 83,150 2023 62,095 2024 75,378 2025 69,611 Thereafter 456,395 $ 807,371 Loans Payable: BMO Capital Markets The $ 75.0 225.0 75.0 300.0 100.0 400.0 225.0 January 2024 with two options to extend for additional six-month periods. 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 former line of credit facility to 6.25%, thus increasing the value of the borrowing base properties under the terms of the New Facility. the interest rate for borrowings under the Revolver was lowered by a range of 5 basis points to 35 basis points, depending on our leverage ratio LIBOR plus 135 basis points to 205 basis points Bank of Montreal’s (BMO) prime lending rate plus 35 basis points to 105 basis points LIBOR plus 145 basis points 1.61 January 2025 The interest rate for borrowings under the Term Loan will 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. To reduce floating interest rate exposure under the Term Loan, we also entered into an interest rate swap agreement to fix LIBOR on the entire $75.0 million for the full duration of the Term Loan 2.92 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 0.75 2.50 0.75 no For the three fiscal years ended September 30, 2020, 2019 and 2018, amortization of financing costs included in interest expense was $ 1.4 1.3 1.2 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Sep. 30, 2020 | |
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 9/30/20 9/30/19 Rent paid in advance $ 10,167 $ 9,343 Unearned reimbursement revenue 6,208 5,385 Interest Rate Swap, Market Value 4,368 0 Tenant security deposits 1,326 691 Deferred Straight Line Rent 972 1,340 Other 632 648 Total $ 23,673 $ 17,407 |
STOCK COMPENSATION PLAN
STOCK COMPENSATION PLAN | 12 Months Ended |
Sep. 30, 2020 | |
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 2020, one employee was granted options to purchase 65,000 450,000 65,000 81,000 528,000 120,000 one-year 154,000 464,000 168,000 20,000 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 2020, 2019 and 2018: SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS 2020 2019 2018 Dividend yield 4.67% 5.03% 3.82% Expected volatility 18.40% 17.17% 16.45% Risk-free interest rate 1.76% 2.88% 2.37% 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, 2020, 2019 and 2018 is as follows ( shares in thousands SUMMARY OF STATUS OF COMPANY'S STOCK OPTION PLAN 2020 2019 2018 2020 Weighted 2019 Weighted 2018 Weighted Outstanding at beginning of year 1,080 $ 12.95 695 $ 12.17 670 $ 11.75 Granted 65 14.55 450 13.53 65 17.80 Exercised (95 ) 10.69 (65 ) 8.72 (40 ) 14.24 Expired/Forfeited (100 ) 13.97 0 0 0 0 Outstanding at end of year 950 13.17 1,080 12.95 695 12.17 Exercisable at end of year 885 630 630 Weighted average fair value of options granted during the year $ 1.24 $ 1.17 $ 1.84 The following is a summary of stock options outstanding as of September 30, 2020: SUMMARY OF STOCK OPTION OUTSTANDING Date of Grant Number of Number of in thousands Option Price Expiration 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 6 120 $ 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 10 310 $ 13.64 12/10/26 01/10/19 1 65 $ 12.86 01/10/27 01/13/20 1 65 $ 14.55 01/13/28 950 The aggregate intrinsic value of options outstanding as of September 30, 2020, 2019 and 2018 was $ 1.1 1.8 3.2 381,000 267,000 141,000 4.5 5.1 4.3 Unrestricted Stock Effective September 12, 2017, a portion of our quarterly directors’ fee was paid with our unrestricted common stock. During fiscal 2020, 5,000 13.44 5,000 13.58 4,000 16.10 Restricted Stock During fiscal 2020, there were no 25,000 one participant 12,500 one participant 0 386,000 206,000 five years 381,000 2.7 235,000 258,000 207,000 A summary of the status of our non-vested restricted stock awards as of September 30, 2020, 2019 and 2018 are presented below ( shares in thousands SUMMARY OF NONVESTED RESTRICTED STOCK AWARDS 2020 2019 2018 2020 Weighted 2019 Weighted 2018 Weighted Non-vested at beginning of year 77 $ 13.94 78 $ 13.18 90 $ 12.15 Granted 0 0 25 15.45 13 16.47 Dividend Reinvested Shares 4 12.89 5 13.11 4 15.42 Vested (35 ) (14.37 ) (31 ) (14.33 ) (29 ) (16.99 ) Forfeited 0 0 0 0 0 0 Non-vested at end of year 46 $ 15.02 77 $ 13.94 78 $ 13.18 As of September 30, 2020, there were 1.2 |
INCOME FROM LEASES
INCOME FROM LEASES | 12 Months Ended |
Sep. 30, 2020 | |
Income From Leases | |
INCOME FROM LEASES | NOTE 10 - INCOME FROM LEASES We derive income primarily from operating leases on our commercial properties. At September 30, 2020, we held investments in 119 23.4 99.4% 10 7.1 years 6.36 in thousands SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES Fiscal Year Amount 2021 $ 144,172 2022 139,133 2023 133,704 2024 122,118 2025 110,767 thereafter 484,620 Total $ 1,134,514 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 11 - RELATED PARTY TRANSACTIONS Four of our 13 directors are also directors and shareholders of UMH. As of September 30, 2020 we held common and preferred stock of UMH in our securities portfolio. See Note 6 for current holdings. During fiscal 2020, we made total purchases of 71,000 923,000 13.02 1.3 13.9 18.0 3.2% 100,000 8.00% 2.5 2.5 8.00% 25.00 4.1 100,000 1.3 12.76 As of September 30, 2020, we had 14 full-time employees. 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. |
TAXES
TAXES | 12 Months Ended |
Sep. 30, 2020 | |
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 2020, 2019 and 2018, 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 (Loss) Attributable to common shares to taxable income for the years ended September 30, 2020, 2019 and 2018 ( in thousands SCHEDULE OF NET INCOME AND TAXABLE INCOME 2020 2019 2018 Net Income (Loss) Attributable to Common Shareholders $ (48,617 ) $ 11,026 $ 38,815 Book / tax difference on gains realized from capital transactions 0 0 (7,596 ) Stock compensation expense 452 784 434 Unrealized Holding (Gain)/Loss Arising During the Period 77,381 24,680 0 Other book / tax differences, net 228 526 (1,039 ) Taxable income before adjustments 29,444 37,016 30,614 Add: Capital gains (losses) (5,000 ) (4,967 ) 7,996 Estimated taxable income subject to 90% dividend requirement $ 24,444 $ 32,049 $ 38,610 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, 2020, 2019 and 2018 ( in thousands SCHEDULE OF CASH DIVIDENDS PAID AND DIVIDENDS PAID DEDUCTION 2020 2019 2018 Cash dividends paid $ 66,438 $ 63,742 $ 53,586 Less: Portion designated capital gains distribution 5,000 4,967 (7,996 ) Less: Return of capital (41,360 ) (56,373 ) (14,976 ) Estimated dividends paid deduction $ 30,078 $ 12,336 $ 30,614 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 13 - SHAREHOLDERS’ EQUITY Our authorized stock as of September 30, 2020 consisted of 200 98.1 21.9 18.9 0.01 none 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, 2020, 2019 and 2018 were as follows: SCHEDULE OF SHARES ISSUED IN CONNECTION WITH DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN 2020 2019 2018 Amounts received (1) $ 26,411 $ 73,965 $ 90,029 Less: Dividend reinvestments 7,596 16,886 12,928 Amounts received, net $ 18,815 $ 57,079 $ 77,101 Number of Shares Issued 1,956 5,601 5,816 (1) Optional cash payments must be not less than $ 500 1,000 The following cash distributions were paid to common shareholders during the years ended September 30, 2020, 2019 and 2018 ( in thousands SUMMARY OF CASH DISTRIBUTIONS TO COMMON SHAREHOLDERS 2020 2019 2018 Quarter Ended Amount Per Share Amount Per Share Amount Per Share December 31 $ 16,486 $ 0.17 $ 15,570 $ 0.17 $ 13,017 $ 0.17 March 31 16,654 0.17 15,825 0.17 13,303 0.17 June 30 16,641 0.17 16,064 0.17 13,523 0.17 September 30 16,657 0.17 16,283 0.17 13,743 0.17 $ 66,438 $ 0.68 $ 63,742 $ 0.68 $ 53,586 $ 0.68 On October 1, 2015, our Board of Directors approved a 6.7 0.16 0.15 0.64 6.3 0.17 0.16 0.68 13 29 0.17 December 15, 2020 November 16, 2020 0.68 In October 2018, we completed a public offering of 9.2 1.2 15.00 11.3 132.3 On February 6, 2020, we entered into an Equity Distribution Agreement (Common Stock ATM Program) with BMO Capital Markets Corp., B. Riley Securities, Inc. (formerly B. Riley FBR, Inc.), D.A. Davidson & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC (together the “Distribution Agents”) under which we may offer and sell shares of our common stock, $ 0.01 150.0 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 Securities, Inc. (formerly B. Riley FBR, Inc. or B. Riley & Co., LLC or FBR Capital Markets & Co.), that provided for the offer and sale of shares of our 6.125 100.0 125.0 6.125 96.5 28.5 125.0 6.125 101.0 24.0 10.5 24.92 256.4 5.0 25.04 122.4 36.3 As of September 30, 2020, 18.9 6.125 Subsequent to September 30, 2020, through November 23, 2020, we sold 1.4 6.125 24.92 35.0 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, 2020, 2019 and 2018 (in thousands except per share amounts): SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES C PREFERRED STOCK Declaration Record Payment Dividend Dividen 10/1/19 11/15/19 12/16/19 $ 5,873 $ 0.3828125 1/16/20 2/18/20 3/16/20 6,572 0.3828125 4/1/20 5/15/20 6/15/20 6,583 0.3828125 7/1/20 8/17/20 9/15/20 6,811 0.3828125 $ 25,839 $ 1.53125 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 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, 2020, our Board of Directors declared a quarterly dividend for the period September 1, 2020 through November 30, 2020, of $ 0.3828125 Repurchase of Common Stock On January 16, 2019, our Board of Directors authorized a $ 40.0 50.0 45.7 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Sep. 30, 2020 | |
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 and an interest rate swap agreement. Our financial assets consist mainly of marketable REIT securities. ial assets was determined using the following inputs at September 30, 2020 and 2019 ( in thousands : SUMMARY OF FAIR VALUE OF FINANCIAL ASSETS Fair Value Measurements at Reporting Date Using Total Quoted Prices in Significant Significant September 30, 2020: Securities available for sale $ 108,832 $ 108,832 $ 0 $ 0 Interest Rate Swap (4,368 ) 0 (4,368 ) 0 Total $ 104,464 $ 108,832 $ (4,368 ) $ 0 September 30, 2019: Securities available for sale $ 185,250 $ 185,250 $ 0 $ 0 In addition to our investments in Securities Available for Sale at Fair Value and our interest rate swap agreement, 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, 2020, the fixed rate Mortgage Notes Payable fair value (estimated based upon expected cash outflows discounted at current market rates) amounted to $ 861.5 807.4 million. When we acquired a property, we allocate purchase price based upon relative fair value of all the assets and liabilities, including intangible assets and liabilities, relating to the properties acquired lease (See Note 3). Those fair value measurements were estimated based on independent third-party appraisals and fell within level 3 of the fair value hierarchy. |
CASH FLOW
CASH FLOW | 12 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
CASH FLOW | NOTE 15 - CASH FLOW During fiscal years 2020, 2019 and 2018, we paid cash for interest of $ 35.0 35.9 31.3 During fiscal years 2020, 2019 and 2018, we had $ 7.6 16.9 12.9 |
CONTINGENCIES, COMMITMENTS AND
CONTINGENCIES, COMMITMENTS AND LEGAL MATTERS | 12 Months Ended |
Sep. 30, 2020 | |
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. We have entered into agreements to purchase six, new build-to-suit, industrial buildings that are currently being developed in Alabama (2), Georgia, Ohio, Tennessee and Vermont, totaling 2.4 million square feet. These future acquisitions have net-leased terms ranging from 10 20 15.3 years 338.4 million. Four of these six properties, consisting of an aggregate of 1.2 million square feet, or 50 % of the total leasable area, are leased to FedEx Ground Package System, Inc. All six properties are leased to companies, or subsidiaries of companies, that are considered Investment Grade by S&P Global Ratings ( www.standardandpoors.com www.moodys.com 139.5 million with fixed interest rates ranging from 2.62 % to 3.25 % with a weighted average fixed interest rate of 2.99 15 to 17 years with a weighted average term of 15.8 years. We now have several FedEx Ground parking expansion projects in progress with more under discussion. Currently there are six parking expansion projects underway and one parking expansion project recently completed subsequent to the fiscal yearend on November 5, 2020. These six projects plus the recently completed project are expected to cost approximately $ 20.1 3.4 349,000 2,210,000 2,559,000 Our headquarters is located within the Bell Works complex in Holmdel, NJ and comprises 13,000 square feet of office space and is leased for 10.3 years $ 410,000 or $ 31.00 per square foot, with 2 % annual escalations. The base rent includes our proportionate share of real estate taxes and common area maintenance and we are responsible for increases in real estate taxes and common area maintenance above our 2019 base year actual amounts. In addition, we received four months of free rent and a tenant improvement allowance of $ 48.00 per square foot. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17 – SUBSEQUENT EVENTS Material subsequent events have been evaluated and are disclosed herein. Effective October 1, 2020, we entered into a lease termination agreement with RGH Enterprises, Inc. (Cardinal Health) for our 75,000 377,000 50 1.2 10.4 year 510,000 6.80 per square foot 2.0 541,000 7.21 per square foot March 31, 2031 This compares to the former U.S GAAP straight-line rent of $7.65 per square foot and former cash rent of $8.19 per square foot, resulting in a decrease of 5.8% on a U.S GAAP straight-line basis and a decrease of 17.0% on a cash basis 10.4 year 9.3 years As discussed in Note 16, we completed a parking expansion project on November 5, 2020 at our property located in Olathe (Kansas City), KS for a total project cost of $ 3.4 349,000 2,210,000 2,559,000 Subsequent to September 30, 2020, through November 23, 2020, we sold 1.4 6.125 24.92 35.0 On October 1, 2020, our Board of Directors declared a dividend of $ 0.17 December 15, 2020 November 16, 2020 On October 1, 2020, our Board of Directors declared a dividend of $ 0.3828125 December 15, 2020 6.125 November 16, 2020 |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Sep. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 18 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following is the Unaudited Selected Quarterly Financial Data: SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) THREE MONTHS ENDED ( in thousands SCHEDULE OF SELECTED QUARTERLY FINANCIAL DATA FISCAL 2020 12/31/19 3/31/20 6/30/20 9/30/20 Rental and Reimbursement Revenue $ 41,700 $ 41,707 $ 41,775 $ 42,635 Total Expenses 22,469 21,301 21,295 21,584 Unrealized Holding Gains (Losses) Arising During the Periods (1) (3,635 ) (83,075 ) 19,610 (10,280 ) Other Income (Expense) (1) (9,606 ) (88,721 ) 12,979 (17,963 ) Net Income (Loss) (1) 9,625 (68,314 ) 33,458 3,088 Net Income (Loss) per diluted share (1) $ 0.10 $ (0.70 ) $ 0.34 $ 0.03 Net Income (Loss) Attributable to Common Shareholders (1) 3,528 (75,078 ) 26,850 (3,917 ) Net Income (Loss) Attributable to Common Shareholders per diluted share (1) $ 0.04 $ (0.77 ) $ 0.27 $ (0.04 ) FISCAL 2019 12/31/18 3/31/19 6/30/19 9/30/19 Rental and Reimbursement Revenue $ 38,222 $ 38,381 $ 38,548 $ 39,670 Total Expenses 18,901 19,565 19,721 20,410 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 Net Income (Loss) (1) (27,943 ) 28,301 1,628 27,814 Net Income (Loss) per diluted share (1) $ (0.31 ) $ 0.30 $ 0.02 $ 0.29 Net Income (Loss) Attributable to Common Shareholders (1) (32,364 ) 23,821 (3,121 ) 22,690 Net Income (Loss) Attributable to Common Shareholders per diluted share (1) $ (0.36 ) $ 0.26 $ (0.03 ) $ 0.24 (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. |
SCHEDULE III
SCHEDULE III | 12 Months Ended |
Sep. 30, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (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 $ 6,673 Ridgeland (Jackson), MS 0 218 1,234 1,285 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 3,694 713 Burr Ridge (Chicago), IL 0 270 1,237 200 Romulus (Detroit), MI 0 531 3,654 764 Liberty (Kansas City), MO 0 724 6,498 577 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 6,413 254 St. Joseph, MO 0 800 11,754 844 Newington (Hartford), CT 0 410 2,961 136 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 1,227 1,194 3,646 457 Granite City (St. Louis, MO), IL 0 340 12,047 311 Winston-Salem, NC 0 980 5,610 674 Elgin (Chicago), IL 0 1,280 5,529 373 Cheektowaga (Buffalo), NY 0 4,797 3,884 2,280 Tolleson (Phoenix), AZ 2,010 1,316 13,329 2,179 Edwardsville (Kansas City), KS (Carlisle Tire) 0 1,185 5,815 283 Wheeling (Chicago), IL 0 5,112 9,187 4,694 Richmond, VA 0 446 3,911 733 Tampa, FL (FDX Ground) 0 5,000 12,660 2,085 Montgomery (Chicago), IL 0 2,000 9,226 77 Denver, CO 0 1,150 3,890 1,334 Hanahan (Charleston), SC (SAIC) 0 1,129 11,831 1,503 Hanahan (Charleston), SC (Amazon) 0 930 3,426 4,947 Augusta, GA (FDX Ground) 0 614 3,026 1,723 Tampa, FL (Tampa Bay Grand Prix) 0 1,867 3,685 126 Huntsville, AL 0 748 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 4,705 366 Griffin (Atlanta), GA 0 760 13,692 630 Roanoke, VA (CHEP USA) 0 1,853 4,816 794 Orion, MI 0 4,650 13,053 5,238 Chattanooga, TN 0 300 4,465 604 Bedford Heights (Cleveland), OH 0 990 4,894 1,420 Punta Gorda, FL 0 0 4,105 29 Cocoa, FL 0 1,881 8,624 3,622 Orlando, FL 0 2,200 6,134 476 Topeka, KS 288 0 3,680 0 Memphis, TN 3,304 1,235 13,380 1,478 Houston, TX 1,102 1,661 6,320 210 Carrollton (Dallas), TX 4,733 1,500 16,240 755 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (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 8,025 1,760 17,840 0 Corpus Christi, TX 0 0 4,765 43 Halfmoon (Albany), NY 0 1,190 4,336 201 Lebanon (Cincinnati), OH 0 240 4,176 139 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 6,259 800 13,750 0 Oklahoma City, OK (FDX Ground) 2,341 1,410 8,043 3,172 Waco, TX 3,613 1,350 7,383 3,818 Livonia (Detroit), MI 4,973 320 13,380 180 Olive Branch (Memphis, TN), MS (Milwaukee Tool) 18,042 2,550 24,819 9,546 Roanoke, VA (FDX Ground) 3,395 1,740 8,460 0 Green Bay, WI 1,971 590 5,979 0 Stewartville (Rochester), MN 1,578 900 4,320 4 Tulsa, OK 1,413 790 2,910 48 Buckner (Louisville), KY 13,796 2,280 24,353 175 Edwardsville (Kansas City), KS (International Paper) 7,627 2,750 15,335 209 Altoona, PA 2,426 1,200 7,790 33 Spring (Houston), TX 6,623 1,890 13,391 4,048 Indianapolis, IN 8,431 3,746 20,446 1,312 Sauget (St. Louis, MO), IL 7,322 1,890 13,310 5 Lindale (Tyler), TX 4,827 540 9,390 36 Kansas City, MO 6,273 1,000 8,600 403 Frankfort (Lexington), KY 14,611 1,850 26,150 0 Jacksonville, FL (FDX Ground) 13,854 6,000 24,646 280 Monroe (Cincinnati), OH 12,560 1,800 11,137 8,640 Greenwood (Indianapolis), IN (Ulta) 17,346 2,250 35,235 280 Ft. Worth (Dallas), TX 17,879 8,200 27,101 318 Cincinnati, OH 0 800 5,950 0 Rockford, IL (Collins Aerospace Systems) 0 480 4,620 0 Concord (Charlotte), NC 15,449 4,305 27,671 1,078 Covington (New Orleans), LA 9,686 2,720 15,690 16 Imperial (Pittsburgh), PA 9,586 3,700 16,250 14 Burlington (Seattle/Everett), WA 15,471 8,000 22,211 160 Colorado Springs, CO 14,571 2,150 26,350 820 Louisville, KY 5,702 1,590 9,714 0 Davenport (Orlando), FL 20,788 7,060 30,721 304 Olathe (Kansas City), KS 17,513 2,350 29,387 89 Hamburg (Buffalo), NY 18,770 1,700 33,150 282 Ft. Myers, FL 11,707 2,486 18,400 798 Walker (Grand Rapids), MI 17,219 4,034 27,621 0 Mesquite (Dallas), TX 27,350 6,248 43,632 0 Aiken (Augusta, GA), SC 12,861 1,362 19,678 0 Homestead (Miami), FL 20,616 4,427 33,446 39 Oklahoma City, OK (Bunzl) 4,692 845 7,883 0 Concord (Charlotte), NC 22,067 4,307 35,736 0 Kenton, OH 10,247 855 17,027 849 Stow, OH 10,809 1,430 17,504 0 Charleston, SC (FDX) 12,222 4,639 16,848 32 Oklahoma City, OK (Amazon) 17,369 1,618 28,260 0 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (in thousands) Column A Column B Column C Column D Capitalization Buildings and Subsequent to Description Encumbrances Land Improvements Acquisition Savannah, GA (Shaw) $ 28,324 $ 4,405 $ 51,621 $ 0 Daytona Beach, FL 17,219 3,120 26,855 306 Mobile, AL 16,728 2,480 30,572 0 Charleston, SC (FDX Ground) 26,794 7,103 39,473 0 Braselton (Atlanta), GA 35,856 13,965 46,262 0 Trenton, NJ 49,955 8,336 75,652 0 Savannah, GA (FDX Ground) 16,001 3,441 24,091 0 Lafayette, IN 16,101 2,802 22,277 0 Greenwood (Indianapolis), IN (Amazon) 50,855 4,839 74,525 0 Lancaster (Columbus), OH 9,091 959 16,599 0 Whitsett (Greensboro), NC 29,902 2,735 43,976 0 Ogden (Salt Lake City), UT 8,251 1,287 11,380 0 Oklahoma City, OK (Amazon II) 9,750 1,378 13,584 0 Shopping Center Somerset, NJ 0 34 637 2,468 Vacant Land Shelby County, TN 0 11 0 0 $ 807,371 $ 250,497 $ 1,662,787 $ 130,580 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED GROSS DEPRECIATION REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2020 Description Land Bldg & Imp Total Industrial Buildings Monaca (Pittsburgh), PA $ 402 $ 7,551 $ 7,953 Ridgeland (Jackson), MS 218 2,519 2,737 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 4,407 5,447 Burr Ridge (Chicago), IL 270 1,437 1,707 Romulus (Detroit), MI 531 4,418 4,949 Liberty (Kansas City), MO 724 7,075 7,799 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 6,667 7,827 St. Joseph, MO 800 12,598 13,398 Newington (Hartford), CT 410 3,097 3,507 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 6,284 7,264 Elgin (Chicago), IL 1,280 5,902 7,182 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 6,098 7,283 Wheeling (Chicago), IL 5,112 13,881 18,993 Richmond, VA 446 4,644 5,090 Tampa, FL (FDX Ground) 5,000 14,745 19,745 Montgomery (Chicago), IL 2,000 9,303 11,303 Denver, CO 1,150 5,224 6,374 Hanahan (Charleston), SC (SAIC) 1,129 13,334 14,463 Hanahan (Charleston), SC (Amazon) 930 8,373 9,303 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 5,071 7,901 Griffin (Atlanta), GA 760 14,322 15,082 Roanoke, VA (CHEP USA) 1,853 5,610 7,463 Orion, MI 4,650 18,291 22,941 Chattanooga, TN 300 5,069 5,369 Bedford Heights (Cleveland), OH 990 6,314 7,304 Punta Gorda, FL 0 4,134 4,134 Cocoa, FL 1,881 12,246 14,127 Orlando, FL 2,200 6,610 8,810 Topeka, KS 0 3,680 3,680 Memphis, TN 1,235 14,858 16,093 Houston, TX 1,661 6,530 8,191 Carrollton (Dallas), TX 1,500 16,995 18,495 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2020 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 4,537 5,727 Lebanon (Cincinnati), OH 240 4,315 4,555 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 800 13,750 14,550 Oklahoma City, OK (FDX Ground) 1,410 11,215 12,625 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 7,823 9,023 Spring (Houston), TX 1,890 17,439 19,329 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 24,926 30,926 Monroe (Cincinnati), OH 1,800 19,777 21,577 Greenwood (Indianapolis), IN (Ulta) 2,250 35,515 37,765 Ft. Worth (Dallas), TX 8,200 27,419 35,619 Cincinnati, OH 800 5,950 6,750 Rockford, IL (Collins Aerospace Systems) 480 4,620 5,100 Concord (Charlotte), NC 4,305 28,749 33,054 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 22,371 30,371 Colorado Springs, CO 2,150 27,170 29,320 Louisville, KY 1,590 9,714 11,304 Davenport (Orlando), FL 7,060 31,025 38,085 Olathe (Kansas City), KS 2,350 29,476 31,826 Hamburg (Buffalo), NY 1,700 33,432 35,132 Ft. Myers, FL 2,486 19,198 21,684 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, 2020 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2020 Description Land Bldg & Imp Total Savannah, GA (Shaw) $ 4,405 $ 51,621 $ 56,026 Daytona Beach, FL 3,120 27,161 30,281 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 Greenwood (Indianapolis), IN (Amazon) 4,839 74,525 79,364 Lancaster (Columbus), OH 959 16,599 17,558 Whitsett (Greensboro), NC 2,735 43,976 46,711 Ogden (Salt Lake City), UT 1,287 11,380 12,667 Oklahoma City, OK (Amazon II) 1,378 13,584 14,962 Shopping Center Somerset, NJ 34 3,105 3,139 Vacant Land Shelby County, TN 11 0 11 $ 250,497 $ 1,793,367 $ 2,043,864 (1) See pages 157-160 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, 2020 (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 $ 3,481 1977 1977 (3 ) Ridgeland (Jackson), MS 1,465 1988 1993 (3 ) Urbandale (Des Moines), IA 1,377 1985 1994 (3 ) Richland (Jackson), MS 1,129 1986 1994 (3 ) O’Fallon (St. Louis), MO 2,614 1989 1994 (3 ) Fayetteville, NC 3,397 1996 1997 (3 ) Schaumburg (Chicago), IL 2,534 1997 1997 (3 ) Burr Ridge (Chicago), IL 822 1997 1997 (3 ) Romulus (Detroit), MI 2,329 1998 1998 (3 ) Liberty (Kansas City), MO 3,904 1997 1998 (3 ) Omaha, NE 2,609 1999 1999 (3 ) Charlottesville, VA 1,801 1998 1999 (3 ) Jacksonville, FL (FDX) 2,979 1998 1999 (3 ) West Chester Twp. (Cincinnati), OH 2,663 1999 2000 (3 ) Mechanicsville (Richmond), VA 3,375 2000 2001 (3 ) St. Joseph, MO 6,158 2000 2001 (3 ) Newington (Hartford), CT 1,553 2001 2001 (3 ) Cudahy (Milwaukee), WI 3,812 2001 2001 (3 ) Beltsville (Washington, DC), MD 4,748 2000 2001 (3 ) Carlstadt (New York, NY), NJ 1,229 1977 2001 (3 ) Granite City (St. Louis, MO), IL 5,895 2001 2001 (3 ) Winston-Salem, NC 3,057 2001 2002 (3 ) Elgin (Chicago), IL 2,791 2002 2002 (3 ) Cheektowaga (Buffalo), NY 2,170 2000 2002 (3 ) Tolleson (Phoenix), AZ 7,167 2002 2003 (3 ) Edwardsville (Kansas City), KS (Carlisle Tire) 2,847 2002 2003 (3 ) Wheeling (Chicago), IL 5,210 2003 2003 (3 ) Richmond, VA 1,794 2004 2004 (3 ) Tampa, FL (FDX Ground) 5,680 2004 2004 (3 ) Montgomery (Chicago), IL 3,245 2004 2004 (3 ) Denver, CO 1,973 2005 2005 (3 ) Hanahan (Charleston), SC (SAIC) 5,256 2002 2005 (3 ) Hanahan (Charleston), SC (Amazon) 2,513 2005 2005 (3 ) Augusta, GA (FDX Ground) 1,756 2005 2005 (3 ) Tampa, FL (Tampa Bay Grand Prix) 1,347 1989 2005 (3 ) Huntsville, AL 1,562 2005 2005 (3 ) Augusta, GA (FDX) 558 1993 2006 (3 ) Lakeland, FL 676 1993 2006 (3 ) El Paso, TX 2,512 2005 2006 (3 ) Richfield (Cleveland), OH 3,800 2006 2006 (3 ) Tampa, FL (FDX) 1,824 2006 2006 (3 ) Griffin (Atlanta), GA 5,338 2006 2006 (3 ) Roanoke, VA (CHEP USA) 2,092 1996 2007 (3 ) Orion, MI 5,430 2007 2007 (3 ) Chattanooga, TN 1,678 2002 2007 (3 ) Bedford Heights (Cleveland), OH 2,310 1998 2007 (3 ) Punta Gorda, FL 1,286 2007 2007 (3 ) Cocoa, FL 3,403 2006 2008 (3 ) Orlando, FL 2,212 1997 2008 (3 ) Topeka, KS 1,085 2006 2009 (3 ) Memphis, TN 3,787 1994 2010 (3 ) Houston, TX 1,825 2005 2010 (3 ) Carrollton (Dallas), TX 4,442 2009 2010 (3 ) MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (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 $ 3,434 2009 2010 (3 ) Lebanon (Nashville), TN 2,766 1993 2011 (3 ) Rockford, IL (Sherwin-Williams Co.) 1,091 1998-2008 2011 (3 ) Edinburg, TX 2,040 2011 2011 (3 ) Streetsboro (Cleveland), OH 3,888 2012 2012 (3 ) Corpus Christi, TX 1,049 2012 2012 (3 ) Halfmoon (Albany), NY 945 2012 2012 (3 ) Lebanon (Cincinnati), OH 933 2012 2012 (3 ) Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 2,909 2012 2012 (3 ) Oklahoma City, OK (FDX Ground) 2,185 2012 2012 (3 ) Waco, TX 2,075 2012 2012 (3 ) Livonia (Detroit), MI 2,767 1999 2013 (3 ) Olive Branch (Memphis, TN), MS (Milwaukee Tool) 5,813 2013 2013 (3 ) Roanoke, VA (FDX Ground) 1,582 2013 2013 (3 ) Green Bay, WI 1,072 2013 2013 (3 ) Stewartville (Rochester), MN 777 2013 2013 (3 ) Tulsa, OK 553 2009 2014 (3 ) Buckner (Louisville), KY 4,397 2014 2014 (3 ) Edwardsville (Kansas City), KS (International Paper) 2,831 2014 2014 (3 ) Altoona, PA 1,392 2014 2014 (3 ) Spring (Houston), TX 2,979 2014 2014 (3 ) Indianapolis, IN 3,420 2014 2014 (3 ) Sauget (St. Louis, MO), IL 2,050 2015 2015 (3 ) Lindale (Tyler), TX 1,456 2015 2015 (3 ) Kansas City, MO 1,408 2015 2015 (3 ) Frankfort (Lexington), KY 3,911 2015 2015 (3 ) Jacksonville, FL (FDX Ground) 3,633 2015 2015 (3 ) Monroe (Cincinnati), OH 1,945 2015 2015 (3 ) Greenwood (Indianapolis), IN (Ulta) 4,906 2015 2015 (3 ) Ft. Worth (Dallas), TX 3,627 2015 2015 (3 ) Cincinnati, OH 776 2014 2015 (3 ) Rockford, IL (Collins Aerospace Systems) 711 2012 2015 (3 ) Concord (Charlotte), NC 4,002 2016 2016 (3 ) Covington (New Orleans), LA 1,947 2016 2016 (3 ) Imperial (Pittsburgh), PA 1,912 2016 2016 (3 ) Burlington (Seattle/Everett), WA 2,572 2016 2016 (3 ) Colorado Springs, CO 3,027 2016 2016 (3 ) Louisville, KY 1,079 2016 2016 (3 ) Davenport (Orlando), FL 3,286 2016 2016 (3 ) Olathe (Kansas City), KS 3,140 2016 2016 (3 ) Hamburg (Buffalo), NY 3,436 2017 2017 (3 ) Ft. Myers, FL 1,821 2017 2017 (3 ) Walker (Grand Rapids), MI 2,479 2017 2017 (3 ) Mesquite (Dallas), TX 3,636 2017 2017 (3 ) Aiken (Augusta, GA), SC 1,639 2017 2017 (3 ) Homestead (Miami), FL 2,795 2017 2017 (3 ) Oklahoma City, OK (Bunzl) 657 2017 2017 (3 ) Concord (Charlotte), NC 2,902 2017 2017 (3 ) Kenton, OH 1,449 2017 2017 (3 ) Stow, OH 1,346 2017 2017 (3 ) Charleston, SC (FDX) 1,265 2018 2018 (3 ) Oklahoma City, OK (Amazon) 2,052 2018 2018 (3 ) MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (in thousands) Column A Column F Column G Column H Column I Accumulated Date of Date Depreciable Description Depreciation Construction Acquired Life Savannah, GA (Shaw) $ 3,530 2018 2018 (3 ) Daytona Beach, FL 1,730 2018 2018 (3 ) Mobile, AL 1,763 2018 2018 (3 ) Charleston, SC (FDX Ground) 2,193 2018 2018 (3 ) Braselton (Atlanta), GA 2,471 2018 2018 (3 ) Trenton, NJ 3,880 2019 2019 (3 ) Savannah, GA (FDX Ground) 1,133 2019 2019 (3 ) Lafayette, IN 667 2019 2019 (3 ) Greenwood (Indianapolis), IN (Amazon) 1,911 2020 2020 (3 ) Lancaster (Columbus), OH 213 2020 2020 (3 ) Whitsett (Greensboro), NC 376 2020 2020 (3 ) Ogden (Salt Lake City), UT 97 2020 2020 (3 ) Oklahoma City, OK (Amazon II) 14 2020 2020 (3 ) Shopping Center Somerset, NJ 1,779 1970 1970 (3 ) Vacant Land Shelby County, TN 0 N/A 2007 N/A $ 296,020 (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, 2020 (in thousands) (1) Reconciliation REAL ESTATE INVESTMENTS SCHEDULE OF REAL ESTATE INVESTMENT 9/30/2020 9/30/2019 9/30/2018 Balance-Beginning of Year $ 1,866,518 $ 1,719,578 $ 1,431,916 Additions: Acquisitions 171,262 136,598 277,253 Improvements 6,084 10,342 10,409 Total Additions 177,346 146,940 287,662 Deletions: Sales 0 0 0 Total Deletions 0 0 0 Balance-End of Year $ 2,043,864 $ 1,866,518 $ 1,719,578 ACCUMULATED DEPRECIATION SCHEDULE OF ACCUMULATED DEPRECIATION 9/30/2020 9/30/2019 9/30/2018 Balance-Beginning of Year $ 249,584 $ 207,065 $ 171,086 Depreciation 46,436 42,519 36,018 Sales 0 0 (39 ) Balance-End of Year $ 296,020 $ 249,584 $ 207,065 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III SEPTEMBER 30, 2020 (in thousands) (1) Reconciliation RECONCILIATION OF REAL ESTATE AND ACCUMULATED DEPRECIATION 2020 2019 2018 Balance – Beginning of Year $ 1,866,518 $ 1,719,578 $ 1,431,916 Additions: Monaca (Pittsburgh), PA $ 42 $ 0 $ 25 Ridgeland (Jackson), MS 425 426 27 Urbandale (Des Moines), IA 0 20 267 Richland (Jackson), MS 0 0 0 O’Fallon (St. Louis), MO 0 4 0 Fayetteville, NC 0 4 0 Schaumburg (Chicago), IL 269 0 0 Burr Ridge (Chicago), IL 0 14 0 Romulus (Detroit), MI 0 217 65 Liberty (Kansas City), MO 262 137 0 Omaha, NE 0 19 0 Charlottesville, VA 0 6 99 Jacksonville, FL (FDX) 0 187 67 West Chester Twp. (Cincinnati), OH 0 0 0 Mechanicsville (Richmond), VA 21 14 7 St. Joseph, MO 10 25 74 Newington (Hartford), CT 13 0 0 Cudahy (Milwaukee), WI 0 41 384 Beltsville (Washington, DC), MD 0 0 0 Carlstadt (New York, NY), NJ 0 354 39 Granite City (St. Louis, MO), IL 0 0 0 Winston-Salem, NC 17 0 8 Elgin (Chicago), IL 204 0 0 Cheektowaga (Buffalo), NY 0 0 0 Tolleson (Phoenix), AZ 0 0 0 Edwardsville (Kansas City), KS (Carlisle Tire) 50 0 0 Wheeling (Chicago), IL 0 10 445 Richmond, VA 184 138 0 Tampa, FL (FDX Ground) 44 0 5 Montgomery (Chicago), IL 0 0 5 Denver, CO 10 10 0 Hanahan (Charleston), SC (SAIC) 447 606 36 Hanahan (Charleston), SC (Amazon) 1,613 75 0 Augusta, GA (FDX Ground) 0 0 0 Tampa, FL (Tampa Bay Grand Prix) 0 0 0 Huntsville, AL 0 0 0 Augusta, GA (FDX) 0 6 0 Lakeland, FL 0 0 61 El Paso, TX 0 0 0 Richfield (Cleveland), OH 0 0 12 Tampa, FL (FDX) 36 8 237 Griffin (Atlanta), GA 7 142 65 Roanoke, VA (CHEP USA) 0 0 58 Orion, MI 51 0 4 Chattanooga, TN 20 210 122 Bedford Heights (Cleveland), OH 6 378 0 Punta Gorda, FL 0 0 0 Cocoa, FL 0 0 0 Orlando, FL 36 0 220 Topeka, KS 0 0 0 Memphis, TN (21 ) 1,499 (7 ) Houston, TX 28 0 15 Carrollton (Dallas), TX 548 128 0 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III, (CONT’D) SEPTEMBER 30, 2020 (in thousands) (1) Reconciliation (cont’d) 2020 2019 2018 Ft. Mill (Charlotte, NC), SC $ 0 $ (10 ) $ 1,661 Lebanon (Nashville), TN 0 0 0 Rockford, IL (Sherwin-Williams Co.) 0 0 0 Edinburg, TX 0 0 0 Streetsboro (Cleveland), OH 0 0 0 Corpus Christi, TX 0 0 36 Halfmoon (Albany), NY 202 0 0 Lebanon (Cincinnati), OH 102 0 0 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals) 0 0 0 Oklahoma City, OK (FDX Ground) 19 21 0 Waco, TX 0 0 0 Livonia (Detroit), MI 0 118 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 0 4 0 Tulsa, OK 0 0 0 Buckner (Louisville), KY 0 0 0 Edwardsville (Kansas City), KS (International Paper) 0 0 0 Altoona, PA (4 ) 4 14 Spring (Houston), TX 12 22 11 Indianapolis, IN 0 0 498 Sauget (St. Louis, MO), IL 0 0 0 Lindale (Tyler), TX 0 0 29 Kansas City, MO 0 23 329 Frankfort (Lexington), KY 0 0 0 Jacksonville, FL (FDX Ground) 99 91 4 Monroe (Cincinnati), OH 0 4,052 4,588 Greenwood (Indianapolis), IN (Ulta) 253 0 0 Ft. Worth (Dallas), TX 287 32 0 Cincinnati, OH 0 0 0 Rockford, IL (Collins Aerospace Systems) 0 0 0 Concord (Charlotte), NC 9 0 0 Covington (New Orleans), LA 0 16 0 Imperial (Pittsburgh), PA 0 14 0 Burlington (Seattle/Everett), WA 49 92 0 Colorado Springs, CO 0 0 820 Louisville, KY 0 0 0 Davenport (Orlando), FL 304 0 0 Olathe (Kansas City), KS 89 0 0 Hamburg (Buffalo), NY 38 244 0 Ft. Myers, FL 21 0 41 Walker (Grand Rapids), MI 0 0 0 Mesquite (Dallas), TX 0 0 0 Aiken (Augusta, GA), SC 0 0 0 Homestead (Miami), FL 0 38 0 Oklahoma City, OK (Bunzl) 0 0 0 Concord (Charlotte), NC 0 0 0 Kenton, OH 0 849 0 Stow, OH 0 0 0 Charleston, SC (FDX) 0 0 21,519 Oklahoma City, OK (Amazon) 0 0 29,879 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III, (CONT’D) SEPTEMBER 30, 2020 (in thousands) (1) Reconciliation (cont’d) 2020 2019 2018 Savannah, GA (Shaw) $ 0 $ 0 $ 56,026 Daytona Beach, FL 272 35 29,973 Mobile, AL 0 0 33,052 Charleston, SC (FDX Ground) 0 0 46,576 Braselton (Atlanta), GA 0 0 60,227 Trenton, NJ 0 83,988 0 Savannah, GA (FDX Ground) 0 27,532 0 Lafayette, IN 0 25,079 0 Greenwood (Indianapolis), IN (Amazon) 79,364 0 0 Lancaster (Columbus), OH 17,558 0 0 Whitsett (Greensboro), NC 46,711 0 0 Ogden (Salt Lake City), UT 12,667 0 0 Oklahoma City, OK (Amazon II) 14,963 0 0 Shopping Center Somerset, NJ 9 18 39 Total Additions $ 177,346 $ 146,940 $ 287,662 Total Disposals 0 0 0 Balance – End of Year $ 2,043,864 $ 1,866,518 $ 1,719,578 |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2020 | |
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, 2020 and 2019, rental properties consisted of 119 114 7.1 6.36 9.8 The future effects of the evolving impact of the COVID-19 pandemic are uncertain, however, at this time COVID-19 has not had a material adverse effect on our financial condition. We invest in modern single-tenant, industrial buildings, leased primarily to investment-grade tenants or their subsidiaries on long-term net-leases. Our investments are exclusively situated in the continental United States, and are primarily located in strategic locations that are mission-critical to our tenants’ needs. In many cases our buildings are highly automated in order to serve the omni-channel distribution networks that have become essential today. Approximately 81 www.standardandpoors.com www.moodys.com For many years, ecommerce demand has increased, and it has now become an integral part of the retail landscape. The COVID-19 pandemic has created an even greater move towards on-line shopping. As a result of state and local government-mandated shutdowns, ecommerce sales as a percentage of total retail sales increased from approximately 15% to 27% during the last two quarters. Our portfolio of modern, net-leased industrial properties, continues to provide shareholders with reliable and predictable income streams. Our resilient occupancy rates and rent collection results during these challenging times highlights the mission-critical nature of our assets and underscores the essential need for our tenants’ operations. Furthermore, because our weighted average lease maturity is 7.1 years and our weighted average fixed rate mortgage debt maturity is 11.1 years, we expect our cash flow to remain resilient over long periods of time. Our overall occupancy rate and our base rent collections have remained strong throughout the COVID-19 pandemic. Our overall occupancy rate has remained at 99.4 %. Our base rent collections have averaged 99.7 % and we expect November and future months to be consistent with this trend. |
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. We intend to limit the size of this portfolio to no more than approximately 5% of our undepreciated assets, which we define as total assets excluding accumulated depreciation. The value of the marketable securities was $ 108.8 4.9 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, we recorded a $ 24.7 77.4 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 2020, 2019 and 2018 was 14 12 12 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 $ 2.6 2.2 2.1 2.4 2.3 2.2 1.7 1.3 |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities In the normal course of business, we are exposed to financial market risks, including interest rate risk on our variable rate debt. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. Our primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. We generally employ derivative instruments that effectively convert a portion of our variable rate debt to fixed rate debt. We do not enter into derivative instruments for speculative purposes. As further described in “Note 7 – Mortgage Notes and Loans Payable”, in November 2019 we entered into an interest rate swap agreement that has the effect of fixing the interest rate on our $ 75 The interest rate for borrowings under the Term Loan will 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. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying Term Loan. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 14 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) on our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, the ineffective portion is recorded in interest expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of September 30, 2020, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of this derivative of $ (4.4) |
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. |
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 119 158,000 36,000 39,000 83,000 1.7 |
Net Income Per Share | Net Income Per Share Basic Net Income (Loss) per Common Share is calculated by dividing Net Income (Loss) Attributable to Common Shareholders by the weighted average number of common shares outstanding during the period. Diluted Net Income (Loss) per Common Share is calculated by dividing Net Income (Loss) Attributable to Common Shareholders by the weighted average number of common shares outstanding for the period and, when dilutive, the potential net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. In periods with a net loss, the basic loss per share equals the diluted loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive. In addition, common stock equivalents of 82,000 98,000 183,000 315,000 305,000 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 $ 452,000 784,000 434,000 |
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, 2020. We record interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of September 30, 2020, the fiscal tax years 2017 through and including 2020 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in the fair value of an interest rate swap derivative. 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 (Loss). 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 (loss)” 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, ASU 2018-20 affects narrow aspects of the guidance issued earlier in ASU 2016-02 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 (Loss). 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 (Loss), which have an immaterial effect on our reported revenue and a net zero effect on our Net Income (Loss) Attributable to Common Shareholders. In addition, in order to conform to the current period’s presentation, Real Estate Taxes and Reimbursement Revenue for the twelve months ended September 30, 2019 were reduced by $ 3.7 3.7 In April 2020, FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of September 30, 2020, we have entered into rent deferral agreements related to the COVID-19 pandemic representing approximately $ 438,000 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, 2020 | |
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, 2020 and 2019 ( in thousands SCHEDULE OF REAL ESTATE INVESTMENTS Property Buildings & Accumulated Net Book SEPTEMBER 30, 2020 Type Land Improvements Depreciation Value Alabama: Huntsville Industrial $ 748 $ 5,914 $ 1,562 $ 5,100 Mobile Industrial 2,480 30,572 1,763 31,289 Arizona: Tolleson (Phoenix) Industrial 1,316 15,508 7,167 9,657 Colorado: Colorado Springs Industrial 2,150 27,170 3,027 26,293 Denver Industrial 1,150 5,224 1,973 4,401 Connecticut: Newington (Hartford) Industrial 410 3,097 1,553 1,954 Florida: Cocoa Industrial 1,881 12,246 3,403 10,724 Davenport (Orlando) Industrial 7,060 31,025 3,286 34,799 Daytona Beach Industrial 3,120 27,161 1,730 28,551 Ft. Myers Industrial 2,486 19,198 1,821 19,863 Homestead (Miami) Industrial 4,427 33,485 2,795 35,117 Jacksonville (FDX) Industrial 1,165 5,419 2,979 3,605 Jacksonville (FDX Ground) Industrial 6,000 24,926 3,633 27,293 Lakeland Industrial 261 1,782 676 1,367 Orlando Industrial 2,200 6,610 2,212 6,598 Punta Gorda Industrial 0 4,134 1,286 2,848 Tampa (FDX Ground) Industrial 5,000 14,745 5,680 14,065 Tampa (FDX) Industrial 2,830 5,071 1,824 6,077 Tampa (Tampa Bay Grand Prix) Industrial 1,867 3,811 1,347 4,331 Georgia: Augusta (FDX Ground) Industrial 614 4,749 1,756 3,607 Augusta (FDX) Industrial 380 1,604 558 1,426 Braselton (Atlanta) Industrial 13,965 46,262 2,471 57,756 Griffin (Atlanta) Industrial 760 14,322 5,338 9,744 Savannah (Shaw) Industrial 4,405 51,621 3,530 52,496 Savannah (FDX Ground) Industrial 3,441 24,091 1,133 26,399 Illinois: Burr Ridge (Chicago) Industrial 270 1,437 822 885 Elgin (Chicago) Industrial 1,280 5,902 2,791 4,391 Granite City (St. Louis, MO) Industrial 340 12,358 5,895 6,803 Montgomery (Chicago) Industrial 2,000 9,303 3,245 8,058 Rockford (Collins Aerospace Systems) Industrial 480 4,620 711 4,389 Rockford (Sherwin-Williams Co.) Industrial 1,100 4,451 1,091 4,460 Sauget (St. Louis, MO) Industrial 1,890 13,315 2,050 13,155 Schaumburg (Chicago) Industrial 1,040 4,407 2,534 2,913 Wheeling (Chicago) Industrial 5,112 13,881 5,210 13,783 Indiana: Greenwood (Indianapolis) (Ulta) Industrial 2,250 35,515 4,906 32,859 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2020 (cont’d) Type Land Improvements Depreciation Value Indianapolis (FDX Ground) Industrial $ 3,746 $ 21,758 $ 3,420 $ 22,084 Greenwood (Indianapolis) (Amazon) Industrial 4,839 74,525 1,911 77,453 Lafayette Industrial 2,802 22,277 667 24,412 Iowa: Urbandale (Des Moines) Industrial 310 2,234 1,377 1,167 Kansas: Edwardsville (Kansas City) (Carlisle Tire) Industrial 1,185 6,098 2,847 4,436 Edwardsville (Kansas City) (International Paper) Industrial 2,750 15,544 2,831 15,463 Olathe (Kansas City) Industrial 2,350 29,476 3,140 28,686 Topeka Industrial 0 3,680 1,085 2,595 Kentucky: Buckner (Louisville) Industrial 2,280 24,528 4,397 22,411 Frankfort (Lexington) Industrial 1,850 26,150 3,911 24,089 Louisville Industrial 1,590 9,714 1,079 10,225 Louisiana: Covington (New Orleans) Industrial 2,720 15,706 1,947 16,479 Maryland: Beltsville (Washington, DC) Industrial 3,200 11,312 4,748 9,764 Michigan: Walker (Grand Rapids) Industrial 4,034 27,621 2,479 29,176 Livonia (Detroit) Industrial 320 13,560 2,767 11,113 Orion Industrial 4,650 18,291 5,430 17,511 Romulus (Detroit) Industrial 531 4,418 2,329 2,620 Minnesota: Stewartville (Rochester) Industrial 900 4,324 777 4,447 Mississippi: Olive Branch (Memphis, TN) (Anda Pharmaceuticals, Inc.) Industrial 800 13,750 2,909 11,641 Olive Branch (Memphis, TN) (Milwaukee Tool) Industrial 2,550 34,365 5,813 31,102 Richland (Jackson) Industrial 211 1,690 1,129 772 Ridgeland (Jackson) Industrial 218 2,519 1,465 1,272 Missouri: Kansas City Industrial 1,000 9,003 1,408 8,595 Liberty (Kansas City) Industrial 724 7,075 3,904 3,895 O’Fallon (St. Louis) Industrial 264 3,986 2,614 1,636 St. Joseph Industrial 800 12,598 6,158 7,240 Nebraska: Omaha Industrial 1,170 4,794 2,609 3,355 New Jersey: Carlstadt (New York, NY) Industrial 1,194 4,103 1,229 4,068 Somerset Shopping Center 34 3,105 1,779 1,360 Trenton Industrial 8,336 75,652 3,880 80,108 New York: Cheektowaga (Buffalo) Industrial 4,797 6,164 2,170 8,791 Halfmoon (Albany) Industrial 1,190 4,537 945 4,782 Hamburg (Buffalo) Industrial 1,700 33,432 3,436 31,696 North Carolina: Concord (Charlotte) Industrial 4,305 28,749 4,002 29,052 Concord (Charlotte) Industrial 4,307 35,736 2,902 37,141 Fayetteville Industrial 172 5,283 3,397 2,058 Whitsett (Greensboro) Industrial 2,735 43,976 376 46,335 Winston-Salem Industrial 980 6,284 3,057 4,207 Ohio: Bedford Heights (Cleveland) Industrial 990 6,314 2,310 4,994 Cincinnati Industrial 800 5,950 776 5,974 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2020 (cont’d) Type Land Improvements Depreciation Value Lancaster (Columbus) Industrial $ 959 $ 16,599 $ 213 $ 17,345 Kenton Industrial 855 17,876 1,449 17,282 Lebanon (Cincinnati) Industrial 240 4,315 933 3,622 Monroe (Cincinnati) Industrial 1,800 19,777 1,945 19,632 Richfield (Cleveland) Industrial 2,677 13,770 3,800 12,647 Stow Industrial 1,430 17,504 1,346 17,588 Streetsboro (Cleveland) Industrial 1,760 17,840 3,888 15,712 West Chester Twp. (Cincinnati) Industrial 695 5,039 2,663 3,071 Oklahoma: Oklahoma City (FDX Ground) Industrial 1,410 11,215 2,185 10,440 Oklahoma City (Bunzl) Industrial 845 7,883 657 8,071 Oklahoma City (Amazon) Industrial 1,618 28,260 2,052 27,826 Oklahoma City (Amazon II) Industrial 1,378 13,584 14 14,948 Tulsa Industrial 790 2,958 553 3,195 Pennsylvania: Altoona Industrial 1,200 7,823 1,392 7,631 Imperial (Pittsburgh) Industrial 3,700 16,264 1,912 18,052 Monaca (Pittsburgh) Industrial 402 7,551 3,481 4,472 South Carolina: Aiken (Augusta, GA) Industrial 1,362 19,678 1,639 19,401 Charleston (FDX) Industrial 4,639 16,880 1,265 20,254 Charleston (FDX Ground) Industrial 7,103 39,473 2,193 44,383 Ft. Mill (Charlotte, NC) Industrial 1,747 15,317 3,434 13,630 Hanahan (Charleston) (SAIC) Industrial 1,129 13,334 5,256 9,207 Hanahan (Charleston) (Amazon) Industrial 930 8,373 2,513 6,790 Tennessee: Chattanooga Industrial 300 5,069 1,678 3,691 Lebanon (Nashville) Industrial 2,230 11,985 2,766 11,449 Memphis Industrial 1,235 14,858 3,787 12,306 Shelby County Vacant Land 11 0 0 11 Texas: Carrollton (Dallas) Industrial 1,500 16,995 4,442 14,053 Corpus Christi Industrial 0 4,808 1,049 3,759 Edinburg Industrial 1,000 11,039 2,040 9,999 El Paso Industrial 3,225 9,206 2,512 9,919 Ft. Worth (Dallas) Industrial 8,200 27,419 3,627 31,992 Houston Industrial 1,661 6,530 1,825 6,366 Lindale (Tyler) Industrial 540 9,426 1,456 8,510 Mesquite (Dallas) Industrial 6,248 43,632 3,636 46,244 Spring (Houston) Industrial 1,890 17,439 2,979 16,350 Waco Industrial 1,350 11,201 2,075 10,476 Utah: Ogden (Salt Lake City) Industrial 1,287 11,380 97 12,570 Virginia: Charlottesville Industrial 1,170 3,292 1,801 2,661 Mechanicsville (Richmond) Industrial 1,160 6,667 3,375 4,452 Richmond Industrial 446 4,644 1,794 3,296 Roanoke (CHEP USA) Industrial 1,853 5,610 2,092 5,371 Roanoke (FDX Ground) Industrial 1,740 8,460 1,582 8,618 Washington: Burlington (Seattle/Everett) Industrial 8,000 22,371 2,572 27,799 Wisconsin: Cudahy (Milwaukee) Industrial 980 8,827 3,812 5,995 Green Bay Industrial 590 5,979 1,072 5,497 Total as of September 30, 2020 $ 250,497 $ 1,793,367 $ 296,020 $ 1,747,844 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2019 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 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 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) (Ulta) 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 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2019 (cont’d) Type Land Improvements Depreciation Value 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 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 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 Property Buildings & Accumulated Net Book SEPTEMBER 30, 2019 (cont’d) Type Land Improvements Depreciation Value 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) (Amazon) 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 |
ACQUISITIONS, EXPANSIONS AND _2
ACQUISITIONS, EXPANSIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2020 ASSETS ACQUISITIONS | SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2020 ASSETS ACQUISITIONS Land $ 11,198 Building 160,064 In-Place Leases 3,999 |
SUMMARY OF OPERATIONS RESULT FOR 2020 PROPERTIES ACQUISITIONS | The following table summarizes the operating results included in our consolidated statements of income for the fiscal year ended September 30, 2020 for the five properties acquired during the twelve months ended September 30, 2020 ( in thousands SUMMARY OF OPERATIONS RESULT FOR 2020 PROPERTIES ACQUISITIONS Year Ended Rental Revenues $ 6,846 Net Income (Loss) Attributable to Common Shareholders 1,624 |
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 Ended Rental Revenues $ 7,073 Net Income (Loss) Attributable to Common Shareholders 1,723 |
SCHEDULE OF DISPOSITION AND REAL ESTATE CLASSIFIED AS HELD FOR SALE | The following table summarizes ( in thousands SCHEDULE OF DISPOSITION AND REAL ESTATE CLASSIFIED AS HELD FOR SALE 2020 2019 2018 Rental and Reimbursement Revenue $ 0 $ 0 $ 929 Lease Termination Income 0 0 210 Real Estate Taxes 0 0 (212 ) Operating Expenses 0 0 (110 ) Depreciation & Amortization 0 0 (79 ) Interest Expense 0 0 (38 ) Income from Operations 0 0 700 Gain on Sale of Real Estate Investment 0 0 7,485 Net Income $ 0 $ 0 $ 8,185 |
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) 2020 2019 As Reported Pro-forma As Reported Pro-forma Rental Revenue $ 141,583 $ 145,486 $ 132,524 $ 145,100 Net Income (Loss) Attributable to Common Shareholders $ (48,617 ) $ (47,315 ) $ 11,026 $ 6,799 Basic and Diluted Net Income (Loss) per Share Attributable to Common Shareholders $ (0.50 ) $ (0.48 ) $ 0.12 $ 0.07 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS UNDER LEASES IN-PLACE ACQUISITION | Intangible Assets, net of Accumulated Amortization is made up of the following balances as of September 30, 2020 and 2019 ( in thousands SCHEDULE OF INTANGIBLE ASSETS UNDER LEASES IN-PLACE ACQUISITION As of 2020 As of 2019 Topeka, KS $ 34 $ 69 Lebanon (Nashville), TN 78 99 Rockford, IL (Sherwin-Williams Co.) 65 85 Edinburg, TX 52 109 Corpus Christi, TX 21 44 Halfmoon (Albany), NY 0 108 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals) 336 520 Livonia (Detroit), MI 103 171 Stewartville (Rochester), MN 13 17 Buckner (Louisville), KY 286 308 Edwardsville (Kansas City), KS (International Paper) 218 292 Lindale (Tyler), TX 131 166 Sauget (St. Louis, MO), IL 18 20 Rockford, IL (Collins Aerospace Systems) 53 61 Kansas City, MO 5 10 Monroe, OH (Cincinnati) 301 333 Cincinnati, OH 32 36 Imperial (Pittsburgh), PA 45 53 Burlington (Seattle/Everett), WA 312 344 Colorado Springs, CO 202 241 Hamburg (Buffalo), NY 181 198 As of 2020 As of 2019 Ft. Myers, FL $ 143 $ 164 Walker (Grand Rapids), MI 382 415 Aiken (Augusta, GA), SC 728 791 Mesquite (Dallas), TX 628 683 Homestead (Miami), FL 437 475 Oklahoma City, OK (Bunzl) 159 200 Concord (Charlotte), NC 496 539 Kenton, OH 340 389 Stow, OH 404 463 Charleston, SC (FDX) 324 351 Oklahoma City, OK (Amazon) 522 596 Savannah, GA (Shaw) 1,091 1,247 Daytona Beach, FL 604 685 Mobile, AL 817 917 Charleston, SC (FDX Ground) 577 622 Braselton (Atlanta), GA 861 930 Trenton, NJ 1,303 1,413 Savannah, GA (FDX Ground) 298 334 Lafayette, IN 424 472 Greenwood (Indianapolis), IN (Amazon) 2,005 0 Lancaster (Columbus), OH 335 0 Whitsett (Greensboro), NC 963 0 Ogden (Salt Lake City), UT 232 0 Oklahoma City, OK (Amazon II) 273 0 Total Intangible Assets, net of Accumulated Amortization $ 16,832 $ 14,970 |
SIGNIFICANT CONCENTRATIONS OF_2
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION OF RISK | SCHEDULE OF CONCENTRATION OF RISK 2020 2019 2018 FDX and Subsidiaries 46 47 48 Subsidiaries of Amazon 6% <5% <5% |
SECURITIES AVAILABLE FOR SALE (
SECURITIES AVAILABLE FOR SALE (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
SCHEDULE OF GAIN (LOSS) ON SECURITIES TRANSACTIONS, NET | SCHEDULE OF GAIN (LOSS) ON SECURITIES TRANSACTIONS, NET 2020 2019 2018 Gross realized gains $ 0 $ 0 $ 112 Gross realized losses 0 0 (1 ) Gains on Sale of Securities Transactions, net $ 0 $ 0 $ 111 |
SUMMARY OF INVESTMENTS IN DEBT AND EQUITY SECURITIES | The following is a listing of our investments in securities at September 30, 2020 ( in thousands SUMMARY OF INVESTMENTS IN DEBT AND EQUITY SECURITIES Description Series Interest Number of Cost Fair Value Equity Securities - Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 400 $ 7,967 $ 304 Cedar Realty Trust, Inc. B 7.25 % 6 136 109 iStar Inc. D 8.00 % 10 232 253 iStar Inc. I 7.50 % 60 1,301 1,452 Pennsylvania Real Estate Investment Trust D 6.875 % 120 2,150 610 Pennsylvania Real Estate Investment Trust B 7.375 % 120 2,216 606 UMH Properties, Inc. (1) (2) B 8.00 % 100 2,500 2,526 Total Equity Securities - Preferred Stock $ 16,502 $ 5,860 Description Number of Cost Fair Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 4,000 $ 33,525 $ 644 Diversified Healthcare Trust 1,100 17,871 3,872 Five Star Senior Living Inc. 75 290 378 Franklin Street Properties Corp. 1,000 8,478 3,660 Industrial Logistics Property Trust 700 13,789 15,309 Kimco Realty Corporation 1,700 27,937 19,142 Office Properties Income Trust 659 37,892 13,655 Pennsylvania Real Estate Investment Trust 1,800 13,443 997 Tanger Factory Outlet Centers, Inc. 600 12,300 3,618 VEREIT, Inc. 3,500 27,891 22,750 Washington Prime Group Inc. 1,500 11,860 971 UMH Properties, Inc. (1) 1,328 13,858 17,975 Total Equity Securities - Common Stock $ 219,134 $ 102,971 Description Interest Number of Cost Fair Value Modified Pass-Through Mortgage-Backed Securities: Government National Mortgage Association (GNMA) 6.50 % 500 $ 1 $ 1 Total Securities Available for Sale $ 235,637 $ 108,832 (1) Investment is in a related company. See Note No. 11 for further discussion. (2) Subsequent to fiscal year end 2020, UMH redeemed all their 8.00 25.00 The following is a listing of our investments in securities at September 30, 2019 ( in thousands Description Series Interest Number of 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 Inc. D 8.00 % 10 232 261 iStar 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)(2) B 8.00 % 100 2,500 2,600 Total Equity Securities - Preferred Stock $ 16,752 $ 13,167 Description Number of Cost Fair Value Equity Securities - Common Stock: CBL & Associates Properties, Inc. 4,000 $ 33,525 $ 5,160 Franklin Street Properties Corp. 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 Centers, Inc. 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 Number of 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. (2) Subsequent to fiscal year end 2020, UMH redeemed all their 8.00 25.00 |
MORTGAGE NOTES AND LOANS PAYA_2
MORTGAGE NOTES AND LOANS PAYABLE (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
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, 2020 and 2019 ( in thousands SUMMARY OF FIXED RATE MORTGAGE NOTES PAYABLE 9/30/20 9/30/19 Amount Weighted Amount Weighted Fixed Rate Mortgage Notes Payable $ 807,371 3.98 % $ 752,916 4.03 % Debt Issuance Costs $ 12,377 $ 11,733 Accumulated Amortization of Debt Issuance Costs (4,513 ) (3,745 ) Unamortized Debt Issuance Costs $ 7,864 $ 7,988 Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs $ 799,507 $ 744,928 (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, 2020 and 2019 ( in thousands SUMMARY OF MORTGAGE NOTES PAYABLE Property Fixed Maturity Balance Balance Augusta, GA (FDX Ground) (1) 5.54 % 02/01/20 $ 0 $ 102 Huntsville, AL (1) 5.50 % 04/01/20 0 140 Topeka, KS 6.50 % 08/10/21 288 584 Streetsboro, OH (Cleveland) 5.50 % 11/01/21 8,025 8,680 Kansas City, MO 5.18 % 12/01/21 6,273 6,457 Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.) 4.80 % 04/01/22 6,259 6,927 Waco, TX 4.75 % 08/01/22 3,613 3,931 Houston, TX 6.88 % 09/10/22 1,102 1,643 Tolleson, AZ (Phoenix) 3.95 % 11/01/22 2,010 2,882 Edwardsville, KS (Kansas City)(International Paper) 3.45 % 11/01/23 7,627 8,421 Spring, TX (Houston) 4.01 % 12/01/23 6,623 7,287 Memphis, TN 4.50 % 01/01/24 3,304 4,202 Oklahoma City, OK (FDX Ground) 4.35 % 07/01/24 2,341 2,890 Indianapolis, IN 4.00 % 09/01/24 8,431 9,454 Frankfort, KY (Lexington) 4.84 % 12/15/24 14,611 15,672 Carrollton, TX (Dallas) 6.75 % 02/01/25 4,733 5,623 Altoona, PA (2) 4.00 % 10/01/25 2,426 2,848 Green Bay, WI (2) 4.00 % 10/01/25 1,971 2,311 Stewartville, MN (Rochester) (2) 4.00 % 10/01/25 1,578 1,852 Carlstadt, NJ (New York, NY) 5.25 % 05/15/26 1,227 1,408 Roanoke, VA (FDX Ground) 3.84 % 07/01/26 3,395 3,905 Livonia, MI (Detroit) 4.45 % 12/01/26 4,973 5,649 Oklahoma City, OK (Amazon) 3.64 % 12/01/27 17,369 18,206 Olive Branch, MS (Memphis, TN) (Milwaukee Tool) 3.76 % 10/01/28 18,042 19,917 Tulsa, OK 4.58 % 11/01/28 1,413 1,552 Oklahoma City, OK (Bunzl) 4.13 % 07/01/29 4,692 5,124 Lindale, TX (Tyler) 4.57 % 11/01/29 4,827 5,242 Sauget, IL (St. Louis, MO) 4.40 % 11/01/29 7,322 7,956 Jacksonville, FL (FDX Ground) 3.93 % 12/01/29 13,854 15,072 Lancaster (Columbus), OH 3.47 % 01/01/30 9,091 0 Imperial, PA (Pittsburgh) 3.63 % 04/01/30 9,586 10,407 Monroe, OH (Cincinnati) (3) 3.77 % 04/01/30 6,107 6,626 Monroe, OH (Cincinnati) (3) 3.85 % 04/01/30 6,453 7,000 Greenwood, IN (Indianapolis) (Ulta) 3.91 % 06/01/30 17,346 18,780 Ft. Worth, TX (Dallas) 3.56 % 09/01/30 17,879 19,342 Concord, NC (Charlotte) 3.87 % 12/01/30 15,449 16,654 Covington, LA (New Orleans) 4.08 % 01/01/31 9,686 10,425 Burlington, WA (Seattle/Everett) 3.67 % 05/01/31 15,471 16,635 Louisville, KY 3.74 % 07/01/31 5,702 6,121 Colorado Springs, CO 3.90 % 07/01/31 14,571 15,632 Davenport, FL (Orlando) 3.89 % 09/01/31 20,788 22,274 Olathe, KS (Kansas City) 3.96 % 09/01/31 17,513 18,759 Hamburg, NY (Buffalo) 4.03 % 11/01/31 18,770 20,075 Ft. Myers, FL 3.97 % 01/01/32 11,707 12,510 Savannah, GA (Shaw) 3.53 % 02/01/32 28,324 30,304 Walker, MI (Grand Rapids) 3.86 % 05/01/32 17,219 18,365 Mesquite, TX (Dallas) 3.60 % 07/01/32 27,350 29,171 Aiken, SC (Augusta, GA) 4.20 % 07/01/32 12,861 13,683 Homestead, FL (Miami) 3.60 % 07/01/32 20,616 21,989 Mobile, AL 4.14 % 07/01/32 16,728 17,802 Concord, NC (Charlotte) 3.80 % 09/01/32 22,067 23,492 Kenton, OH 4.45 % 10/01/32 10,247 10,874 Stow, OH 4.17 % 10/01/32 10,809 11,484 Charleston, SC (FDX) 4.23 % 12/01/32 12,222 12,968 Daytona Beach, FL 4.25 % 05/31/33 17,219 18,224 Charleston, SC (FDX Ground) 3.82 % 09/01/33 26,794 28,356 Property Fixed Maturity Balance Balance Braselton, GA (Atlanta) 4.02 % 10/01/33 $ 35,856 $ 37,898 Buckner, KY (Louisville) 4.17 % 11/01/33 13,796 14,566 Trenton, NJ 4.13 % 11/01/33 49,955 52,759 Savannah, GA (FDX Ground) 4.40 % 12/01/33 16,001 16,872 Lafayette, IN 4.25 % 08/01/34 16,101 16,932 Whitsett (Greensboro), NC 3.10 % 06/01/35 29,902 0 Ogden (Salt Lake City), UT 3.18 % 06/01/35 8,251 0 Oklahoma City, OK (Amazon) 3.00 % 10/01/35 9,750 0 Greenwood (Indianapolis), IN (Amazon II) 4.27 % 11/01/37 50,855 0 Total Mortgage Notes Payable $ 807,371 $ 752,916 (1) Loan was paid in full during fiscal 2020. (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, 2020 is scheduled to be paid as follows ( in thousands SCHEDULE OF MATURITIES OF LONG-TERM DEBT Year Ending September 30, 2021 $ 60,742 2022 83,150 2023 62,095 2024 75,378 2025 69,611 Thereafter 456,395 $ 807,371 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
SCHEDULE OF OTHER LIABILITIES | Other liabilities consist of the following as of September 30 ( in thousands SCHEDULE OF OTHER LIABILITIES 9/30/20 9/30/19 Rent paid in advance $ 10,167 $ 9,343 Unearned reimbursement revenue 6,208 5,385 Interest Rate Swap, Market Value 4,368 0 Tenant security deposits 1,326 691 Deferred Straight Line Rent 972 1,340 Other 632 648 Total $ 23,673 $ 17,407 |
STOCK COMPENSATION PLAN (Tables
STOCK COMPENSATION PLAN (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
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 2020, 2019 and 2018: SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS 2020 2019 2018 Dividend yield 4.67% 5.03% 3.82% Expected volatility 18.40% 17.17% 16.45% Risk-free interest rate 1.76% 2.88% 2.37% 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, 2020, 2019 and 2018 is as follows ( shares in thousands SUMMARY OF STATUS OF COMPANY'S STOCK OPTION PLAN 2020 2019 2018 2020 Weighted 2019 Weighted 2018 Weighted Outstanding at beginning of year 1,080 $ 12.95 695 $ 12.17 670 $ 11.75 Granted 65 14.55 450 13.53 65 17.80 Exercised (95 ) 10.69 (65 ) 8.72 (40 ) 14.24 Expired/Forfeited (100 ) 13.97 0 0 0 0 Outstanding at end of year 950 13.17 1,080 12.95 695 12.17 Exercisable at end of year 885 630 630 Weighted average fair value of options granted during the year $ 1.24 $ 1.17 $ 1.84 |
SUMMARY OF STOCK OPTION OUTSTANDING | The following is a summary of stock options outstanding as of September 30, 2020: SUMMARY OF STOCK OPTION OUTSTANDING Date of Grant Number of Number of in thousands Option Price Expiration 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 6 120 $ 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 10 310 $ 13.64 12/10/26 01/10/19 1 65 $ 12.86 01/10/27 01/13/20 1 65 $ 14.55 01/13/28 950 |
SUMMARY OF NONVESTED RESTRICTED STOCK AWARDS | A summary of the status of our non-vested restricted stock awards as of September 30, 2020, 2019 and 2018 are presented below ( shares in thousands SUMMARY OF NONVESTED RESTRICTED STOCK AWARDS 2020 2019 2018 2020 Weighted 2019 Weighted 2018 Weighted Non-vested at beginning of year 77 $ 13.94 78 $ 13.18 90 $ 12.15 Granted 0 0 25 15.45 13 16.47 Dividend Reinvested Shares 4 12.89 5 13.11 4 15.42 Vested (35 ) (14.37 ) (31 ) (14.33 ) (29 ) (16.99 ) Forfeited 0 0 0 0 0 0 Non-vested at end of year 46 $ 15.02 77 $ 13.94 78 $ 13.18 |
INCOME FROM LEASES (Tables)
INCOME FROM LEASES (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Income From Leases | |
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES | SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES Fiscal Year Amount 2021 $ 144,172 2022 139,133 2023 133,704 2024 122,118 2025 110,767 thereafter 484,620 Total $ 1,134,514 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF NET INCOME AND TAXABLE INCOME | The following table reconciles Net Income (Loss) Attributable to common shares to taxable income for the years ended September 30, 2020, 2019 and 2018 ( in thousands SCHEDULE OF NET INCOME AND TAXABLE INCOME 2020 2019 2018 Net Income (Loss) Attributable to Common Shareholders $ (48,617 ) $ 11,026 $ 38,815 Book / tax difference on gains realized from capital transactions 0 0 (7,596 ) Stock compensation expense 452 784 434 Unrealized Holding (Gain)/Loss Arising During the Period 77,381 24,680 0 Other book / tax differences, net 228 526 (1,039 ) Taxable income before adjustments 29,444 37,016 30,614 Add: Capital gains (losses) (5,000 ) (4,967 ) 7,996 Estimated taxable income subject to 90% dividend requirement $ 24,444 $ 32,049 $ 38,610 |
SCHEDULE OF CASH DIVIDENDS PAID AND DIVIDENDS PAID DEDUCTION | The following table reconciles cash dividends paid with the dividends paid deduction for the years ended September 30, 2020, 2019 and 2018 ( in thousands SCHEDULE OF CASH DIVIDENDS PAID AND DIVIDENDS PAID DEDUCTION 2020 2019 2018 Cash dividends paid $ 66,438 $ 63,742 $ 53,586 Less: Portion designated capital gains distribution 5,000 4,967 (7,996 ) Less: Return of capital (41,360 ) (56,373 ) (14,976 ) Estimated dividends paid deduction $ 30,078 $ 12,336 $ 30,614 |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
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, 2020, 2019 and 2018 were as follows: SCHEDULE OF SHARES ISSUED IN CONNECTION WITH DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN 2020 2019 2018 Amounts received (1) $ 26,411 $ 73,965 $ 90,029 Less: Dividend reinvestments 7,596 16,886 12,928 Amounts received, net $ 18,815 $ 57,079 $ 77,101 Number of Shares Issued 1,956 5,601 5,816 (1) Optional cash payments must be not less than $ 500 1,000 |
SUMMARY OF CASH DISTRIBUTIONS TO COMMON SHAREHOLDERS | The following cash distributions were paid to common shareholders during the years ended September 30, 2020, 2019 and 2018 ( in thousands SUMMARY OF CASH DISTRIBUTIONS TO COMMON SHAREHOLDERS 2020 2019 2018 Quarter Ended Amount Per Share Amount Per Share Amount Per Share December 31 $ 16,486 $ 0.17 $ 15,570 $ 0.17 $ 13,017 $ 0.17 March 31 16,654 0.17 15,825 0.17 13,303 0.17 June 30 16,641 0.17 16,064 0.17 13,523 0.17 September 30 16,657 0.17 16,283 0.17 13,743 0.17 $ 66,438 $ 0.68 $ 63,742 $ 0.68 $ 53,586 $ 0.68 |
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, 2020, 2019 and 2018 (in thousands except per share amounts): SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES C PREFERRED STOCK Declaration Record Payment Dividend Dividen 10/1/19 11/15/19 12/16/19 $ 5,873 $ 0.3828125 1/16/20 2/18/20 3/16/20 6,572 0.3828125 4/1/20 5/15/20 6/15/20 6,583 0.3828125 7/1/20 8/17/20 9/15/20 6,811 0.3828125 $ 25,839 $ 1.53125 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 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
SUMMARY OF FAIR VALUE OF FINANCIAL ASSETS | SUMMARY OF FAIR VALUE OF FINANCIAL ASSETS Fair Value Measurements at Reporting Date Using Total Quoted Prices in Significant Significant September 30, 2020: Securities available for sale $ 108,832 $ 108,832 $ 0 $ 0 Interest Rate Swap (4,368 ) 0 (4,368 ) 0 Total $ 104,464 $ 108,832 $ (4,368 ) $ 0 September 30, 2019: Securities available for sale $ 185,250 $ 185,250 $ 0 $ 0 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
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 2020 12/31/19 3/31/20 6/30/20 9/30/20 Rental and Reimbursement Revenue $ 41,700 $ 41,707 $ 41,775 $ 42,635 Total Expenses 22,469 21,301 21,295 21,584 Unrealized Holding Gains (Losses) Arising During the Periods (1) (3,635 ) (83,075 ) 19,610 (10,280 ) Other Income (Expense) (1) (9,606 ) (88,721 ) 12,979 (17,963 ) Net Income (Loss) (1) 9,625 (68,314 ) 33,458 3,088 Net Income (Loss) per diluted share (1) $ 0.10 $ (0.70 ) $ 0.34 $ 0.03 Net Income (Loss) Attributable to Common Shareholders (1) 3,528 (75,078 ) 26,850 (3,917 ) Net Income (Loss) Attributable to Common Shareholders per diluted share (1) $ 0.04 $ (0.77 ) $ 0.27 $ (0.04 ) FISCAL 2019 12/31/18 3/31/19 6/30/19 9/30/19 Rental and Reimbursement Revenue $ 38,222 $ 38,381 $ 38,548 $ 39,670 Total Expenses 18,901 19,565 19,721 20,410 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 Net Income (Loss) (1) (27,943 ) 28,301 1,628 27,814 Net Income (Loss) per diluted share (1) $ (0.31 ) $ 0.30 $ 0.02 $ 0.29 Net Income (Loss) Attributable to Common Shareholders (1) (32,364 ) 23,821 (3,121 ) 22,690 Net Income (Loss) Attributable to Common Shareholders per diluted share (1) $ (0.36 ) $ 0.26 $ (0.03 ) $ 0.24 (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. |
SCHEDULE III (Tables)
SCHEDULE III (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (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 $ 6,673 Ridgeland (Jackson), MS 0 218 1,234 1,285 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 3,694 713 Burr Ridge (Chicago), IL 0 270 1,237 200 Romulus (Detroit), MI 0 531 3,654 764 Liberty (Kansas City), MO 0 724 6,498 577 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 6,413 254 St. Joseph, MO 0 800 11,754 844 Newington (Hartford), CT 0 410 2,961 136 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 1,227 1,194 3,646 457 Granite City (St. Louis, MO), IL 0 340 12,047 311 Winston-Salem, NC 0 980 5,610 674 Elgin (Chicago), IL 0 1,280 5,529 373 Cheektowaga (Buffalo), NY 0 4,797 3,884 2,280 Tolleson (Phoenix), AZ 2,010 1,316 13,329 2,179 Edwardsville (Kansas City), KS (Carlisle Tire) 0 1,185 5,815 283 Wheeling (Chicago), IL 0 5,112 9,187 4,694 Richmond, VA 0 446 3,911 733 Tampa, FL (FDX Ground) 0 5,000 12,660 2,085 Montgomery (Chicago), IL 0 2,000 9,226 77 Denver, CO 0 1,150 3,890 1,334 Hanahan (Charleston), SC (SAIC) 0 1,129 11,831 1,503 Hanahan (Charleston), SC (Amazon) 0 930 3,426 4,947 Augusta, GA (FDX Ground) 0 614 3,026 1,723 Tampa, FL (Tampa Bay Grand Prix) 0 1,867 3,685 126 Huntsville, AL 0 748 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 4,705 366 Griffin (Atlanta), GA 0 760 13,692 630 Roanoke, VA (CHEP USA) 0 1,853 4,816 794 Orion, MI 0 4,650 13,053 5,238 Chattanooga, TN 0 300 4,465 604 Bedford Heights (Cleveland), OH 0 990 4,894 1,420 Punta Gorda, FL 0 0 4,105 29 Cocoa, FL 0 1,881 8,624 3,622 Orlando, FL 0 2,200 6,134 476 Topeka, KS 288 0 3,680 0 Memphis, TN 3,304 1,235 13,380 1,478 Houston, TX 1,102 1,661 6,320 210 Carrollton (Dallas), TX 4,733 1,500 16,240 755 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (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 8,025 1,760 17,840 0 Corpus Christi, TX 0 0 4,765 43 Halfmoon (Albany), NY 0 1,190 4,336 201 Lebanon (Cincinnati), OH 0 240 4,176 139 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 6,259 800 13,750 0 Oklahoma City, OK (FDX Ground) 2,341 1,410 8,043 3,172 Waco, TX 3,613 1,350 7,383 3,818 Livonia (Detroit), MI 4,973 320 13,380 180 Olive Branch (Memphis, TN), MS (Milwaukee Tool) 18,042 2,550 24,819 9,546 Roanoke, VA (FDX Ground) 3,395 1,740 8,460 0 Green Bay, WI 1,971 590 5,979 0 Stewartville (Rochester), MN 1,578 900 4,320 4 Tulsa, OK 1,413 790 2,910 48 Buckner (Louisville), KY 13,796 2,280 24,353 175 Edwardsville (Kansas City), KS (International Paper) 7,627 2,750 15,335 209 Altoona, PA 2,426 1,200 7,790 33 Spring (Houston), TX 6,623 1,890 13,391 4,048 Indianapolis, IN 8,431 3,746 20,446 1,312 Sauget (St. Louis, MO), IL 7,322 1,890 13,310 5 Lindale (Tyler), TX 4,827 540 9,390 36 Kansas City, MO 6,273 1,000 8,600 403 Frankfort (Lexington), KY 14,611 1,850 26,150 0 Jacksonville, FL (FDX Ground) 13,854 6,000 24,646 280 Monroe (Cincinnati), OH 12,560 1,800 11,137 8,640 Greenwood (Indianapolis), IN (Ulta) 17,346 2,250 35,235 280 Ft. Worth (Dallas), TX 17,879 8,200 27,101 318 Cincinnati, OH 0 800 5,950 0 Rockford, IL (Collins Aerospace Systems) 0 480 4,620 0 Concord (Charlotte), NC 15,449 4,305 27,671 1,078 Covington (New Orleans), LA 9,686 2,720 15,690 16 Imperial (Pittsburgh), PA 9,586 3,700 16,250 14 Burlington (Seattle/Everett), WA 15,471 8,000 22,211 160 Colorado Springs, CO 14,571 2,150 26,350 820 Louisville, KY 5,702 1,590 9,714 0 Davenport (Orlando), FL 20,788 7,060 30,721 304 Olathe (Kansas City), KS 17,513 2,350 29,387 89 Hamburg (Buffalo), NY 18,770 1,700 33,150 282 Ft. Myers, FL 11,707 2,486 18,400 798 Walker (Grand Rapids), MI 17,219 4,034 27,621 0 Mesquite (Dallas), TX 27,350 6,248 43,632 0 Aiken (Augusta, GA), SC 12,861 1,362 19,678 0 Homestead (Miami), FL 20,616 4,427 33,446 39 Oklahoma City, OK (Bunzl) 4,692 845 7,883 0 Concord (Charlotte), NC 22,067 4,307 35,736 0 Kenton, OH 10,247 855 17,027 849 Stow, OH 10,809 1,430 17,504 0 Charleston, SC (FDX) 12,222 4,639 16,848 32 Oklahoma City, OK (Amazon) 17,369 1,618 28,260 0 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (in thousands) Column A Column B Column C Column D Capitalization Buildings and Subsequent to Description Encumbrances Land Improvements Acquisition Savannah, GA (Shaw) $ 28,324 $ 4,405 $ 51,621 $ 0 Daytona Beach, FL 17,219 3,120 26,855 306 Mobile, AL 16,728 2,480 30,572 0 Charleston, SC (FDX Ground) 26,794 7,103 39,473 0 Braselton (Atlanta), GA 35,856 13,965 46,262 0 Trenton, NJ 49,955 8,336 75,652 0 Savannah, GA (FDX Ground) 16,001 3,441 24,091 0 Lafayette, IN 16,101 2,802 22,277 0 Greenwood (Indianapolis), IN (Amazon) 50,855 4,839 74,525 0 Lancaster (Columbus), OH 9,091 959 16,599 0 Whitsett (Greensboro), NC 29,902 2,735 43,976 0 Ogden (Salt Lake City), UT 8,251 1,287 11,380 0 Oklahoma City, OK (Amazon II) 9,750 1,378 13,584 0 Shopping Center Somerset, NJ 0 34 637 2,468 Vacant Land Shelby County, TN 0 11 0 0 $ 807,371 $ 250,497 $ 1,662,787 $ 130,580 |
REAL ESTATE AND ACCUMULATED GROSS DEPRECIATION | SCHEDULE III REAL ESTATE AND ACCUMULATED GROSS DEPRECIATION REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2020 Description Land Bldg & Imp Total Industrial Buildings Monaca (Pittsburgh), PA $ 402 $ 7,551 $ 7,953 Ridgeland (Jackson), MS 218 2,519 2,737 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 4,407 5,447 Burr Ridge (Chicago), IL 270 1,437 1,707 Romulus (Detroit), MI 531 4,418 4,949 Liberty (Kansas City), MO 724 7,075 7,799 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 6,667 7,827 St. Joseph, MO 800 12,598 13,398 Newington (Hartford), CT 410 3,097 3,507 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 6,284 7,264 Elgin (Chicago), IL 1,280 5,902 7,182 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 6,098 7,283 Wheeling (Chicago), IL 5,112 13,881 18,993 Richmond, VA 446 4,644 5,090 Tampa, FL (FDX Ground) 5,000 14,745 19,745 Montgomery (Chicago), IL 2,000 9,303 11,303 Denver, CO 1,150 5,224 6,374 Hanahan (Charleston), SC (SAIC) 1,129 13,334 14,463 Hanahan (Charleston), SC (Amazon) 930 8,373 9,303 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 5,071 7,901 Griffin (Atlanta), GA 760 14,322 15,082 Roanoke, VA (CHEP USA) 1,853 5,610 7,463 Orion, MI 4,650 18,291 22,941 Chattanooga, TN 300 5,069 5,369 Bedford Heights (Cleveland), OH 990 6,314 7,304 Punta Gorda, FL 0 4,134 4,134 Cocoa, FL 1,881 12,246 14,127 Orlando, FL 2,200 6,610 8,810 Topeka, KS 0 3,680 3,680 Memphis, TN 1,235 14,858 16,093 Houston, TX 1,661 6,530 8,191 Carrollton (Dallas), TX 1,500 16,995 18,495 MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2020 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 4,537 5,727 Lebanon (Cincinnati), OH 240 4,315 4,555 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 800 13,750 14,550 Oklahoma City, OK (FDX Ground) 1,410 11,215 12,625 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 7,823 9,023 Spring (Houston), TX 1,890 17,439 19,329 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 24,926 30,926 Monroe (Cincinnati), OH 1,800 19,777 21,577 Greenwood (Indianapolis), IN (Ulta) 2,250 35,515 37,765 Ft. Worth (Dallas), TX 8,200 27,419 35,619 Cincinnati, OH 800 5,950 6,750 Rockford, IL (Collins Aerospace Systems) 480 4,620 5,100 Concord (Charlotte), NC 4,305 28,749 33,054 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 22,371 30,371 Colorado Springs, CO 2,150 27,170 29,320 Louisville, KY 1,590 9,714 11,304 Davenport (Orlando), FL 7,060 31,025 38,085 Olathe (Kansas City), KS 2,350 29,476 31,826 Hamburg (Buffalo), NY 1,700 33,432 35,132 Ft. Myers, FL 2,486 19,198 21,684 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, 2020 (in thousands) Column A Column E (1) (2) Gross Amount at Which Carried September 30, 2020 Description Land Bldg & Imp Total Savannah, GA (Shaw) $ 4,405 $ 51,621 $ 56,026 Daytona Beach, FL 3,120 27,161 30,281 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 Greenwood (Indianapolis), IN (Amazon) 4,839 74,525 79,364 Lancaster (Columbus), OH 959 16,599 17,558 Whitsett (Greensboro), NC 2,735 43,976 46,711 Ogden (Salt Lake City), UT 1,287 11,380 12,667 Oklahoma City, OK (Amazon II) 1,378 13,584 14,962 Shopping Center Somerset, NJ 34 3,105 3,139 Vacant Land Shelby County, TN 11 0 11 $ 250,497 $ 1,793,367 $ 2,043,864 (1) See pages 157-160 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, 2020 (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 $ 3,481 1977 1977 (3 ) Ridgeland (Jackson), MS 1,465 1988 1993 (3 ) Urbandale (Des Moines), IA 1,377 1985 1994 (3 ) Richland (Jackson), MS 1,129 1986 1994 (3 ) O’Fallon (St. Louis), MO 2,614 1989 1994 (3 ) Fayetteville, NC 3,397 1996 1997 (3 ) Schaumburg (Chicago), IL 2,534 1997 1997 (3 ) Burr Ridge (Chicago), IL 822 1997 1997 (3 ) Romulus (Detroit), MI 2,329 1998 1998 (3 ) Liberty (Kansas City), MO 3,904 1997 1998 (3 ) Omaha, NE 2,609 1999 1999 (3 ) Charlottesville, VA 1,801 1998 1999 (3 ) Jacksonville, FL (FDX) 2,979 1998 1999 (3 ) West Chester Twp. (Cincinnati), OH 2,663 1999 2000 (3 ) Mechanicsville (Richmond), VA 3,375 2000 2001 (3 ) St. Joseph, MO 6,158 2000 2001 (3 ) Newington (Hartford), CT 1,553 2001 2001 (3 ) Cudahy (Milwaukee), WI 3,812 2001 2001 (3 ) Beltsville (Washington, DC), MD 4,748 2000 2001 (3 ) Carlstadt (New York, NY), NJ 1,229 1977 2001 (3 ) Granite City (St. Louis, MO), IL 5,895 2001 2001 (3 ) Winston-Salem, NC 3,057 2001 2002 (3 ) Elgin (Chicago), IL 2,791 2002 2002 (3 ) Cheektowaga (Buffalo), NY 2,170 2000 2002 (3 ) Tolleson (Phoenix), AZ 7,167 2002 2003 (3 ) Edwardsville (Kansas City), KS (Carlisle Tire) 2,847 2002 2003 (3 ) Wheeling (Chicago), IL 5,210 2003 2003 (3 ) Richmond, VA 1,794 2004 2004 (3 ) Tampa, FL (FDX Ground) 5,680 2004 2004 (3 ) Montgomery (Chicago), IL 3,245 2004 2004 (3 ) Denver, CO 1,973 2005 2005 (3 ) Hanahan (Charleston), SC (SAIC) 5,256 2002 2005 (3 ) Hanahan (Charleston), SC (Amazon) 2,513 2005 2005 (3 ) Augusta, GA (FDX Ground) 1,756 2005 2005 (3 ) Tampa, FL (Tampa Bay Grand Prix) 1,347 1989 2005 (3 ) Huntsville, AL 1,562 2005 2005 (3 ) Augusta, GA (FDX) 558 1993 2006 (3 ) Lakeland, FL 676 1993 2006 (3 ) El Paso, TX 2,512 2005 2006 (3 ) Richfield (Cleveland), OH 3,800 2006 2006 (3 ) Tampa, FL (FDX) 1,824 2006 2006 (3 ) Griffin (Atlanta), GA 5,338 2006 2006 (3 ) Roanoke, VA (CHEP USA) 2,092 1996 2007 (3 ) Orion, MI 5,430 2007 2007 (3 ) Chattanooga, TN 1,678 2002 2007 (3 ) Bedford Heights (Cleveland), OH 2,310 1998 2007 (3 ) Punta Gorda, FL 1,286 2007 2007 (3 ) Cocoa, FL 3,403 2006 2008 (3 ) Orlando, FL 2,212 1997 2008 (3 ) Topeka, KS 1,085 2006 2009 (3 ) Memphis, TN 3,787 1994 2010 (3 ) Houston, TX 1,825 2005 2010 (3 ) Carrollton (Dallas), TX 4,442 2009 2010 (3 ) MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (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 $ 3,434 2009 2010 (3 ) Lebanon (Nashville), TN 2,766 1993 2011 (3 ) Rockford, IL (Sherwin-Williams Co.) 1,091 1998-2008 2011 (3 ) Edinburg, TX 2,040 2011 2011 (3 ) Streetsboro (Cleveland), OH 3,888 2012 2012 (3 ) Corpus Christi, TX 1,049 2012 2012 (3 ) Halfmoon (Albany), NY 945 2012 2012 (3 ) Lebanon (Cincinnati), OH 933 2012 2012 (3 ) Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) 2,909 2012 2012 (3 ) Oklahoma City, OK (FDX Ground) 2,185 2012 2012 (3 ) Waco, TX 2,075 2012 2012 (3 ) Livonia (Detroit), MI 2,767 1999 2013 (3 ) Olive Branch (Memphis, TN), MS (Milwaukee Tool) 5,813 2013 2013 (3 ) Roanoke, VA (FDX Ground) 1,582 2013 2013 (3 ) Green Bay, WI 1,072 2013 2013 (3 ) Stewartville (Rochester), MN 777 2013 2013 (3 ) Tulsa, OK 553 2009 2014 (3 ) Buckner (Louisville), KY 4,397 2014 2014 (3 ) Edwardsville (Kansas City), KS (International Paper) 2,831 2014 2014 (3 ) Altoona, PA 1,392 2014 2014 (3 ) Spring (Houston), TX 2,979 2014 2014 (3 ) Indianapolis, IN 3,420 2014 2014 (3 ) Sauget (St. Louis, MO), IL 2,050 2015 2015 (3 ) Lindale (Tyler), TX 1,456 2015 2015 (3 ) Kansas City, MO 1,408 2015 2015 (3 ) Frankfort (Lexington), KY 3,911 2015 2015 (3 ) Jacksonville, FL (FDX Ground) 3,633 2015 2015 (3 ) Monroe (Cincinnati), OH 1,945 2015 2015 (3 ) Greenwood (Indianapolis), IN (Ulta) 4,906 2015 2015 (3 ) Ft. Worth (Dallas), TX 3,627 2015 2015 (3 ) Cincinnati, OH 776 2014 2015 (3 ) Rockford, IL (Collins Aerospace Systems) 711 2012 2015 (3 ) Concord (Charlotte), NC 4,002 2016 2016 (3 ) Covington (New Orleans), LA 1,947 2016 2016 (3 ) Imperial (Pittsburgh), PA 1,912 2016 2016 (3 ) Burlington (Seattle/Everett), WA 2,572 2016 2016 (3 ) Colorado Springs, CO 3,027 2016 2016 (3 ) Louisville, KY 1,079 2016 2016 (3 ) Davenport (Orlando), FL 3,286 2016 2016 (3 ) Olathe (Kansas City), KS 3,140 2016 2016 (3 ) Hamburg (Buffalo), NY 3,436 2017 2017 (3 ) Ft. Myers, FL 1,821 2017 2017 (3 ) Walker (Grand Rapids), MI 2,479 2017 2017 (3 ) Mesquite (Dallas), TX 3,636 2017 2017 (3 ) Aiken (Augusta, GA), SC 1,639 2017 2017 (3 ) Homestead (Miami), FL 2,795 2017 2017 (3 ) Oklahoma City, OK (Bunzl) 657 2017 2017 (3 ) Concord (Charlotte), NC 2,902 2017 2017 (3 ) Kenton, OH 1,449 2017 2017 (3 ) Stow, OH 1,346 2017 2017 (3 ) Charleston, SC (FDX) 1,265 2018 2018 (3 ) Oklahoma City, OK (Amazon) 2,052 2018 2018 (3 ) MONMOUTH REAL ESTATE INVESTMENT CORPORATION SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION SEPTEMBER 30, 2020 (in thousands) Column A Column F Column G Column H Column I Accumulated Date of Date Depreciable Description Depreciation Construction Acquired Life Savannah, GA (Shaw) $ 3,530 2018 2018 (3 ) Daytona Beach, FL 1,730 2018 2018 (3 ) Mobile, AL 1,763 2018 2018 (3 ) Charleston, SC (FDX Ground) 2,193 2018 2018 (3 ) Braselton (Atlanta), GA 2,471 2018 2018 (3 ) Trenton, NJ 3,880 2019 2019 (3 ) Savannah, GA (FDX Ground) 1,133 2019 2019 (3 ) Lafayette, IN 667 2019 2019 (3 ) Greenwood (Indianapolis), IN (Amazon) 1,911 2020 2020 (3 ) Lancaster (Columbus), OH 213 2020 2020 (3 ) Whitsett (Greensboro), NC 376 2020 2020 (3 ) Ogden (Salt Lake City), UT 97 2020 2020 (3 ) Oklahoma City, OK (Amazon II) 14 2020 2020 (3 ) Shopping Center Somerset, NJ 1,779 1970 1970 (3 ) Vacant Land Shelby County, TN 0 N/A 2007 N/A $ 296,020 (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 9/30/2020 9/30/2019 9/30/2018 Balance-Beginning of Year $ 1,866,518 $ 1,719,578 $ 1,431,916 Additions: Acquisitions 171,262 136,598 277,253 Improvements 6,084 10,342 10,409 Total Additions 177,346 146,940 287,662 Deletions: Sales 0 0 0 Total Deletions 0 0 0 Balance-End of Year $ 2,043,864 $ 1,866,518 $ 1,719,578 |
SCHEDULE OF ACCUMULATED DEPRECIATION | ACCUMULATED DEPRECIATION SCHEDULE OF ACCUMULATED DEPRECIATION 9/30/2020 9/30/2019 9/30/2018 Balance-Beginning of Year $ 249,584 $ 207,065 $ 171,086 Depreciation 46,436 42,519 36,018 Sales 0 0 (39 ) Balance-End of Year $ 296,020 $ 249,584 $ 207,065 |
RECONCILIATION OF REAL ESTATE AND ACCUMULATED DEPRECIATION | (1) Reconciliation RECONCILIATION OF REAL ESTATE AND ACCUMULATED DEPRECIATION 2020 2019 2018 Balance – Beginning of Year $ 1,866,518 $ 1,719,578 $ 1,431,916 Additions: Monaca (Pittsburgh), PA $ 42 $ 0 $ 25 Ridgeland (Jackson), MS 425 426 27 Urbandale (Des Moines), IA 0 20 267 Richland (Jackson), MS 0 0 0 O’Fallon (St. Louis), MO 0 4 0 Fayetteville, NC 0 4 0 Schaumburg (Chicago), IL 269 0 0 Burr Ridge (Chicago), IL 0 14 0 Romulus (Detroit), MI 0 217 65 Liberty (Kansas City), MO 262 137 0 Omaha, NE 0 19 0 Charlottesville, VA 0 6 99 Jacksonville, FL (FDX) 0 187 67 West Chester Twp. (Cincinnati), OH 0 0 0 Mechanicsville (Richmond), VA 21 14 7 St. Joseph, MO 10 25 74 Newington (Hartford), CT 13 0 0 Cudahy (Milwaukee), WI 0 41 384 Beltsville (Washington, DC), MD 0 0 0 Carlstadt (New York, NY), NJ 0 354 39 Granite City (St. Louis, MO), IL 0 0 0 Winston-Salem, NC 17 0 8 Elgin (Chicago), IL 204 0 0 Cheektowaga (Buffalo), NY 0 0 0 Tolleson (Phoenix), AZ 0 0 0 Edwardsville (Kansas City), KS (Carlisle Tire) 50 0 0 Wheeling (Chicago), IL 0 10 445 Richmond, VA 184 138 0 Tampa, FL (FDX Ground) 44 0 5 Montgomery (Chicago), IL 0 0 5 Denver, CO 10 10 0 Hanahan (Charleston), SC (SAIC) 447 606 36 Hanahan (Charleston), SC (Amazon) 1,613 75 0 Augusta, GA (FDX Ground) 0 0 0 Tampa, FL (Tampa Bay Grand Prix) 0 0 0 Huntsville, AL 0 0 0 Augusta, GA (FDX) 0 6 0 Lakeland, FL 0 0 61 El Paso, TX 0 0 0 Richfield (Cleveland), OH 0 0 12 Tampa, FL (FDX) 36 8 237 Griffin (Atlanta), GA 7 142 65 Roanoke, VA (CHEP USA) 0 0 58 Orion, MI 51 0 4 Chattanooga, TN 20 210 122 Bedford Heights (Cleveland), OH 6 378 0 Punta Gorda, FL 0 0 0 Cocoa, FL 0 0 0 Orlando, FL 36 0 220 Topeka, KS 0 0 0 Memphis, TN (21 ) 1,499 (7 ) Houston, TX 28 0 15 Carrollton (Dallas), TX 548 128 0 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III, (CONT’D) SEPTEMBER 30, 2020 (in thousands) (1) Reconciliation (cont’d) 2020 2019 2018 Ft. Mill (Charlotte, NC), SC $ 0 $ (10 ) $ 1,661 Lebanon (Nashville), TN 0 0 0 Rockford, IL (Sherwin-Williams Co.) 0 0 0 Edinburg, TX 0 0 0 Streetsboro (Cleveland), OH 0 0 0 Corpus Christi, TX 0 0 36 Halfmoon (Albany), NY 202 0 0 Lebanon (Cincinnati), OH 102 0 0 Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals) 0 0 0 Oklahoma City, OK (FDX Ground) 19 21 0 Waco, TX 0 0 0 Livonia (Detroit), MI 0 118 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 0 4 0 Tulsa, OK 0 0 0 Buckner (Louisville), KY 0 0 0 Edwardsville (Kansas City), KS (International Paper) 0 0 0 Altoona, PA (4 ) 4 14 Spring (Houston), TX 12 22 11 Indianapolis, IN 0 0 498 Sauget (St. Louis, MO), IL 0 0 0 Lindale (Tyler), TX 0 0 29 Kansas City, MO 0 23 329 Frankfort (Lexington), KY 0 0 0 Jacksonville, FL (FDX Ground) 99 91 4 Monroe (Cincinnati), OH 0 4,052 4,588 Greenwood (Indianapolis), IN (Ulta) 253 0 0 Ft. Worth (Dallas), TX 287 32 0 Cincinnati, OH 0 0 0 Rockford, IL (Collins Aerospace Systems) 0 0 0 Concord (Charlotte), NC 9 0 0 Covington (New Orleans), LA 0 16 0 Imperial (Pittsburgh), PA 0 14 0 Burlington (Seattle/Everett), WA 49 92 0 Colorado Springs, CO 0 0 820 Louisville, KY 0 0 0 Davenport (Orlando), FL 304 0 0 Olathe (Kansas City), KS 89 0 0 Hamburg (Buffalo), NY 38 244 0 Ft. Myers, FL 21 0 41 Walker (Grand Rapids), MI 0 0 0 Mesquite (Dallas), TX 0 0 0 Aiken (Augusta, GA), SC 0 0 0 Homestead (Miami), FL 0 38 0 Oklahoma City, OK (Bunzl) 0 0 0 Concord (Charlotte), NC 0 0 0 Kenton, OH 0 849 0 Stow, OH 0 0 0 Charleston, SC (FDX) 0 0 21,519 Oklahoma City, OK (Amazon) 0 0 29,879 MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES NOTES TO SCHEDULE III, (CONT’D) SEPTEMBER 30, 2020 (in thousands) (1) Reconciliation (cont’d) 2020 2019 2018 Savannah, GA (Shaw) $ 0 $ 0 $ 56,026 Daytona Beach, FL 272 35 29,973 Mobile, AL 0 0 33,052 Charleston, SC (FDX Ground) 0 0 46,576 Braselton (Atlanta), GA 0 0 60,227 Trenton, NJ 0 83,988 0 Savannah, GA (FDX Ground) 0 27,532 0 Lafayette, IN 0 25,079 0 Greenwood (Indianapolis), IN (Amazon) 79,364 0 0 Lancaster (Columbus), OH 17,558 0 0 Whitsett (Greensboro), NC 46,711 0 0 Ogden (Salt Lake City), UT 12,667 0 0 Oklahoma City, OK (Amazon II) 14,963 0 0 Shopping Center Somerset, NJ 9 18 39 Total Additions $ 177,346 $ 146,940 $ 287,662 Total Disposals 0 0 0 Balance – End of Year $ 2,043,864 $ 1,866,518 $ 1,719,578 |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended | ||||
Sep. 30, 2020USD ($)ft²Propertiesshares | Sep. 30, 2019USD ($)Propertiesshares | Sep. 30, 2018USD ($)shares | Nov. 30, 2019USD ($) | Nov. 15, 2019USD ($) | |
Real Estate Properties [Line Items] | |||||
Number of real estate properties owned | Properties | 119 | 114 | |||
Operating lease, weighted average remaining lease term | 7 years 1 month 6 days | ||||
Average base rent per square foot | 6.36 | ||||
Weighted average building age, term | 9 years 9 months 18 days | ||||
Revenue is derived from investment-grade tenants | 81.00% | ||||
weighted average fixed rate mortgage debt maturity | 11 years 1 month 6 days | ||||
Occupancy rate | 99.40% | ||||
Average base rent collected during COVID | 99.70% | ||||
Marketable Securities | $ 108,800,000 | ||||
Percentage of REIT securities of gross assets that management intends to reduce | 4.90% | ||||
Accumulated other comprehensive income (loss) | $ (4,368,000) | $ 0 | $ 24,700,000 | ||
Unrealized Holding Gains (Losses) | $ 77,380,000 | $ 24,680,000 | $ 0 | ||
Weighted average amortization period upon acquisition for intangible assets | 14 years | 12 years | 12 years | ||
Amortization expense related to deferred leasing and financing costs | $ 2,600,000 | $ 2,200,000 | $ 2,100,000 | ||
Amortization expense for existing assets in year 2021 | 2,400,000 | ||||
Amortization expense for existing assets in year 2022 | 2,300,000 | ||||
Amortization expense for existing assets in year 2023 | 2,200,000 | ||||
Amortization expense for existing assets in year 2024 | 1,700,000 | ||||
Amortization expense for existing assets in year 2025 | 1,300,000 | ||||
Term loan | $ 75,000,000 | ||||
Fair value of interest rate swap | $ (4,400,000) | ||||
Lease termination income description | Only three of our 119 properties have leases that contain an early termination provision. These three properties contain 158,000 total rentable square feet, representing less than 0.7% 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 | $ 210,000 | ||
Common stock equivalents included in the diluted weighted average shares outstanding | shares | 82,000 | 98,000 | 183,000 | ||
Stock compensation expense | $ 452,000,000 | $ 784,000,000 | $ 434,000,000 | ||
Deduction percentage on aggregate amount of qualified REIT dividends | 20.00% | ||||
Reimbursement revenue adjustment to prior year | $ 3,700,000 | $ 3,700,000 | |||
Rent deferral agreements, description | As of September 30, 2020, we have entered into rent deferral agreements related to the COVID-19 pandemic representing approximately $438,000 of base rent otherwise owed during the months of April through October 2020 representing 31 basis points of our total annual base rent. To date, we have collected 71% of this amount. | ||||
Base rent | $ 438,000 | ||||
Stock Options [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of antidilutive options to purchase shares | shares | 315,000 | 305,000 | 65,000 | ||
Three Tenants With Potential Lease Termination Income [Member] | |||||
Real Estate Properties [Line Items] | |||||
Lease termination income | $ 1,700,000 | ||||
Three Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties owned | Properties | 119 | ||||
Total square foot of property | ft² | 158,000 | ||||
Urbandale, IA (Des Moines) [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 | ||||
Covid-19 [Member] | |||||
Real Estate Properties [Line Items] | |||||
Sales percentage description | The COVID-19 pandemic has created an even greater move towards on-line shopping. As a result of state and local government-mandated shutdowns, ecommerce sales as a percentage of total retail sales increased from approximately 15% to 27% during the last two quarters. | ||||
Interest Rate Swap Agreement [Member] | |||||
Real Estate Properties [Line Items] | |||||
Term loan | $ 75,000,000 |
SCHEDULE OF REAL ESTATE INVESTM
SCHEDULE OF REAL ESTATE INVESTMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Real Estate Properties [Line Items] | ||
Land | $ 250,497 | $ 239,299 |
Building & Improvements | 1,793,367 | 1,627,219 |
Accumulated Depreciation | 296,020 | 249,584 |
Net Book Value | $ 1,747,844 | $ 1,616,934 |
Huntsville, AL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 748 | $ 748 |
Building & Improvements | 5,914 | 5,914 |
Accumulated Depreciation | 1,562 | 1,406 |
Net Book Value | $ 5,100 | $ 5,256 |
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 | 1,763 | 980 |
Net Book Value | $ 31,289 | $ 32,072 |
Tolleson, AZ (Phoenix) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,316 | $ 1,316 |
Building & Improvements | 15,508 | 15,508 |
Accumulated Depreciation | 7,167 | 6,659 |
Net Book Value | $ 9,657 | $ 10,165 |
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 | 3,027 | 2,310 |
Net Book Value | $ 26,293 | $ 27,010 |
Denver, CO [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,150 | $ 1,150 |
Building & Improvements | 5,224 | 5,214 |
Accumulated Depreciation | 1,973 | 1,839 |
Net Book Value | $ 4,401 | $ 4,525 |
Newington, CT (Hartford) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 410 | $ 410 |
Building & Improvements | 3,097 | 3,084 |
Accumulated Depreciation | 1,553 | 1,466 |
Net Book Value | $ 1,954 | $ 2,028 |
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 | 3,403 | 3,080 |
Net Book Value | $ 10,724 | $ 11,047 |
Davenport, FL (Orlando) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 7,060 | $ 7,060 |
Building & Improvements | 31,025 | 30,720 |
Accumulated Depreciation | 3,286 | 2,494 |
Net Book Value | $ 34,799 | $ 35,286 |
Daytona Beach, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 3,120 | $ 3,120 |
Building & Improvements | 27,161 | 26,888 |
Accumulated Depreciation | 1,730 | 1,036 |
Net Book Value | $ 28,551 | $ 28,972 |
Ft. Myers, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,486 | $ 2,486 |
Building & Improvements | 19,198 | 19,178 |
Accumulated Depreciation | 1,821 | 1,332 |
Net Book Value | $ 19,863 | $ 20,332 |
Homestead, FL (Miami) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,427 | $ 4,427 |
Building & Improvements | 33,485 | 33,485 |
Accumulated Depreciation | 2,795 | 1,933 |
Net Book Value | $ 35,117 | $ 35,979 |
Jacksonville, FL (FDX) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,165 | $ 1,165 |
Building & Improvements | 5,419 | 5,419 |
Accumulated Depreciation | 2,979 | 2,961 |
Net Book Value | $ 3,605 | $ 3,623 |
Jacksonville, FL (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 6,000 | $ 6,000 |
Building & Improvements | 24,926 | 24,827 |
Accumulated Depreciation | 3,633 | 2,799 |
Net Book Value | $ 27,293 | $ 28,028 |
Lakeland, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 261 | $ 261 |
Building & Improvements | 1,782 | 1,782 |
Accumulated Depreciation | 676 | 625 |
Net Book Value | $ 1,367 | $ 1,418 |
Orlando, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,200 | $ 2,200 |
Building & Improvements | 6,610 | 6,575 |
Accumulated Depreciation | 2,212 | 2,022 |
Net Book Value | $ 6,598 | $ 6,753 |
Punta Gorda, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 0 | $ 0 |
Building & Improvements | 4,134 | 4,134 |
Accumulated Depreciation | 1,286 | 1,172 |
Net Book Value | $ 2,848 | $ 2,962 |
Tampa, FL (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 5,000 | $ 5,000 |
Building & Improvements | 14,745 | 14,702 |
Accumulated Depreciation | 5,680 | 5,302 |
Net Book Value | $ 14,065 | $ 14,400 |
Tampa, FL (FDX) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,830 | $ 2,830 |
Building & Improvements | 5,071 | 5,035 |
Accumulated Depreciation | 1,824 | 1,669 |
Net Book Value | $ 6,077 | $ 6,196 |
Tampa, FL (Tampa Bay Grand Prix) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,867 | $ 1,867 |
Building & Improvements | 3,811 | 3,811 |
Accumulated Depreciation | 1,347 | 1,246 |
Net Book Value | $ 4,331 | $ 4,432 |
Augusta, GA (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 614 | $ 614 |
Building & Improvements | 4,749 | 4,749 |
Accumulated Depreciation | 1,756 | 1,634 |
Net Book Value | $ 3,607 | $ 3,729 |
Augusta, GA (FDX) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 380 | $ 380 |
Building & Improvements | 1,604 | 1,604 |
Accumulated Depreciation | 558 | 512 |
Net Book Value | $ 1,426 | $ 1,472 |
Braselton, GA (Atlanta) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 13,965 | $ 13,965 |
Building & Improvements | 46,262 | 46,262 |
Accumulated Depreciation | 2,471 | 1,285 |
Net Book Value | $ 57,756 | $ 58,942 |
Griffin, GA (Atlanta) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 760 | $ 760 |
Building & Improvements | 14,322 | 14,315 |
Accumulated Depreciation | 5,338 | 4,912 |
Net Book Value | $ 9,744 | $ 10,163 |
Savannah, GA (Shaw) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,405 | $ 4,405 |
Building & Improvements | 51,621 | 51,621 |
Accumulated Depreciation | 3,530 | 2,206 |
Net Book Value | $ 52,496 | $ 53,820 |
Savannah, GA (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 3,441 | $ 3,441 |
Building & Improvements | 24,091 | 24,091 |
Accumulated Depreciation | 1,133 | 515 |
Net Book Value | $ 26,399 | $ 27,017 |
Burr Ridge, IL (Chicago) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 270 | $ 270 |
Building & Improvements | 1,437 | 1,437 |
Accumulated Depreciation | 822 | 783 |
Net Book Value | $ 885 | $ 924 |
Elgin, IL (Chicago) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,280 | $ 1,280 |
Building & Improvements | 5,902 | 5,697 |
Accumulated Depreciation | 2,791 | 2,599 |
Net Book Value | $ 4,391 | $ 4,378 |
Granite City, IL (St. Louis, MO) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 340 | $ 340 |
Building & Improvements | 12,358 | 12,358 |
Accumulated Depreciation | 5,895 | 5,539 |
Net Book Value | $ 6,803 | $ 7,159 |
Montgomery, IL (Chicago) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,000 | $ 2,000 |
Building & Improvements | 9,303 | 9,303 |
Accumulated Depreciation | 3,245 | 3,004 |
Net Book Value | $ 8,058 | $ 8,299 |
Rockford, IL (Collins Aerospace Systems) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 480 | $ 480 |
Building & Improvements | 4,620 | 4,620 |
Accumulated Depreciation | 711 | 592 |
Net Book Value | $ 4,389 | $ 4,508 |
Rockford, IL (Sherwin Williams Co) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,100 | $ 1,100 |
Building & Improvements | 4,451 | 4,451 |
Accumulated Depreciation | 1,091 | 975 |
Net Book Value | $ 4,460 | $ 4,576 |
Sauget, IL (St. Louis, MO) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,890 | $ 1,890 |
Building & Improvements | 13,315 | 13,315 |
Accumulated Depreciation | 2,050 | 1,708 |
Net Book Value | $ 13,155 | $ 13,497 |
Schaumburg, IL (Chicago) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,040 | $ 1,040 |
Building & Improvements | 4,407 | 4,138 |
Accumulated Depreciation | 2,534 | 2,407 |
Net Book Value | $ 2,913 | $ 2,771 |
Wheeling, IL (Chicago) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 5,112 | $ 5,112 |
Building & Improvements | 13,881 | 13,881 |
Accumulated Depreciation | 5,210 | 4,820 |
Net Book Value | $ 13,783 | $ 14,173 |
Greenwood, IN (Indianapolis) (Ulta) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,250 | $ 2,250 |
Building & Improvements | 35,515 | 35,262 |
Accumulated Depreciation | 4,906 | 3,998 |
Net Book Value | $ 32,859 | $ 33,514 |
Indianapolis, IN (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | |
Land | $ 3,746 | |
Building & Improvements | 21,758 | |
Accumulated Depreciation | 3,420 | |
Net Book Value | $ 22,084 | |
Greenwood, IN (Indianapolis) (Amazon) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | |
Land | $ 4,839 | |
Building & Improvements | 74,525 | |
Accumulated Depreciation | 1,911 | |
Net Book Value | $ 77,453 | |
Lafayette, IN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,802 | $ 2,802 |
Building & Improvements | 22,277 | 22,277 |
Accumulated Depreciation | 667 | 96 |
Net Book Value | $ 24,412 | $ 24,983 |
Urbandale, IA (Des Moines) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 310 | $ 310 |
Building & Improvements | 2,234 | 2,234 |
Accumulated Depreciation | 1,377 | 1,294 |
Net Book Value | $ 1,167 | $ 1,250 |
Edwardsville, KS (Kansas City) (Carlisle Tire) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,185 | $ 1,185 |
Building & Improvements | 6,098 | 6,048 |
Accumulated Depreciation | 2,847 | 2,689 |
Net Book Value | $ 4,436 | $ 4,544 |
Edwardsville, KS (Kansas City) (International Paper) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,750 | $ 2,750 |
Building & Improvements | 15,544 | 15,544 |
Accumulated Depreciation | 2,831 | 2,416 |
Net Book Value | $ 15,463 | $ 15,878 |
Olathe, KS (Kansas City) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,350 | $ 2,350 |
Building & Improvements | 29,476 | 29,387 |
Accumulated Depreciation | 3,140 | 2,386 |
Net Book Value | $ 28,686 | $ 29,351 |
Topeka, KS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 0 | $ 0 |
Building & Improvements | 3,680 | 3,680 |
Accumulated Depreciation | 1,085 | 991 |
Net Book Value | $ 2,595 | $ 2,689 |
Buckner, KY (Louisville) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,280 | $ 2,280 |
Building & Improvements | 24,528 | 24,528 |
Accumulated Depreciation | 4,397 | 3,755 |
Net Book Value | $ 22,411 | $ 23,053 |
Frankfort, KY (Lexington) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,850 | $ 1,850 |
Building & Improvements | 26,150 | 26,150 |
Accumulated Depreciation | 3,911 | 3,241 |
Net Book Value | $ 24,089 | $ 24,759 |
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 | 1,079 | 830 |
Net Book Value | $ 10,225 | $ 10,474 |
Covington, LA (New Orleans) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,720 | $ 2,720 |
Building & Improvements | 15,706 | 15,706 |
Accumulated Depreciation | 1,947 | 1,543 |
Net Book Value | $ 16,479 | $ 16,883 |
Beltsville, MD (Washington, DC) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 3,200 | $ 3,200 |
Building & Improvements | 11,312 | 11,312 |
Accumulated Depreciation | 4,748 | 4,454 |
Net Book Value | $ 9,764 | $ 10,058 |
Walker, MI (Grand Rapids) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,034 | $ 4,034 |
Building & Improvements | 27,621 | 27,621 |
Accumulated Depreciation | 2,479 | 1,771 |
Net Book Value | $ 29,176 | $ 29,884 |
Livonia, MI (Detroit) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 320 | $ 320 |
Building & Improvements | 13,560 | 13,560 |
Accumulated Depreciation | 2,767 | 2,407 |
Net Book Value | $ 11,113 | $ 11,473 |
Orion, MI [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,650 | $ 4,650 |
Building & Improvements | 18,291 | 18,240 |
Accumulated Depreciation | 5,430 | 4,959 |
Net Book Value | $ 17,511 | $ 17,931 |
Romulus, MI (Detroit) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 531 | $ 531 |
Building & Improvements | 4,418 | 4,418 |
Accumulated Depreciation | 2,329 | 2,182 |
Net Book Value | $ 2,620 | $ 2,767 |
Stewartville, MN (Rochester) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 900 | $ 900 |
Building & Improvements | 4,324 | 4,324 |
Accumulated Depreciation | 777 | 665 |
Net Book Value | $ 4,447 | $ 4,559 |
Olive Branch, MS (Memphis TN), (Anda Pharmaceuticals Inc.) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 800 | $ 800 |
Building & Improvements | 13,750 | 13,750 |
Accumulated Depreciation | 2,909 | 2,556 |
Net Book Value | $ 11,641 | $ 11,994 |
Olive Branch, MS (Memphis TN) (Milwaukee Tool) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,550 | $ 2,550 |
Building & Improvements | 34,365 | 34,365 |
Accumulated Depreciation | 5,813 | 4,929 |
Net Book Value | $ 31,102 | $ 31,986 |
Richland, MS (Jackson) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 211 | $ 211 |
Building & Improvements | 1,690 | 1,690 |
Accumulated Depreciation | 1,129 | 1,057 |
Net Book Value | $ 772 | $ 844 |
Ridgeland, MS (Jackson) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 218 | $ 218 |
Building & Improvements | 2,519 | 2,093 |
Accumulated Depreciation | 1,465 | 1,382 |
Net Book Value | $ 1,272 | $ 929 |
Kansas City, MO [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,000 | $ 1,000 |
Building & Improvements | 9,003 | 9,003 |
Accumulated Depreciation | 1,408 | 1,147 |
Net Book Value | $ 8,595 | $ 8,856 |
Liberty, MO (Kansas City) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 724 | $ 724 |
Building & Improvements | 7,075 | 6,813 |
Accumulated Depreciation | 3,904 | 3,669 |
Net Book Value | $ 3,895 | $ 3,868 |
O'Fallon, MO (St. Louis) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 264 | $ 264 |
Building & Improvements | 3,986 | 3,986 |
Accumulated Depreciation | 2,614 | 2,492 |
Net Book Value | $ 1,636 | $ 1,758 |
St. Joseph, MO [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 800 | $ 800 |
Building & Improvements | 12,598 | 12,589 |
Accumulated Depreciation | 6,158 | 5,804 |
Net Book Value | $ 7,240 | $ 7,585 |
Omaha, NE [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,170 | $ 1,170 |
Building & Improvements | 4,794 | 4,794 |
Accumulated Depreciation | 2,609 | 2,484 |
Net Book Value | $ 3,355 | $ 3,480 |
Carlstadt, NJ (New York, NY) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,194 | $ 1,194 |
Building & Improvements | 4,103 | 4,103 |
Accumulated Depreciation | 1,229 | 1,123 |
Net Book Value | $ 4,068 | $ 4,174 |
Somerset, NJ [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Shopping Center | Shopping Center |
Land | $ 34 | $ 34 |
Building & Improvements | 3,105 | 3,095 |
Accumulated Depreciation | 1,779 | 1,687 |
Net Book Value | $ 1,360 | $ 1,442 |
Trenton, NJ [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 8,336 | $ 8,336 |
Building & Improvements | 75,652 | 75,652 |
Accumulated Depreciation | 3,880 | 1,940 |
Net Book Value | $ 80,108 | $ 82,048 |
Cheektowaga, NY (Buffalo) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,797 | $ 4,797 |
Building & Improvements | 6,164 | 6,164 |
Accumulated Depreciation | 2,170 | 2,011 |
Net Book Value | $ 8,791 | $ 8,950 |
Halfmoon, NY (Albany) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,190 | $ 1,190 |
Building & Improvements | 4,537 | 4,336 |
Accumulated Depreciation | 945 | 834 |
Net Book Value | $ 4,782 | $ 4,692 |
Hamburg, NY (Buffalo) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,700 | $ 1,700 |
Building & Improvements | 33,432 | 33,394 |
Accumulated Depreciation | 3,436 | 2,560 |
Net Book Value | $ 31,696 | $ 32,534 |
Concord, NC (Charlotte) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,305 | $ 4,305 |
Building & Improvements | 28,749 | 28,740 |
Accumulated Depreciation | 4,002 | 3,158 |
Net Book Value | $ 29,052 | $ 29,887 |
Concord, NC, (Charlotte) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,307 | $ 4,307 |
Building & Improvements | 35,736 | 35,736 |
Accumulated Depreciation | 2,902 | 1,985 |
Net Book Value | $ 37,141 | $ 38,058 |
Fayetteville, NC [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 172 | $ 172 |
Building & Improvements | 5,283 | 5,283 |
Accumulated Depreciation | 3,397 | 3,165 |
Net Book Value | $ 2,058 | $ 2,290 |
Whitsett, NC (Greensboro) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | |
Land | $ 2,735 | |
Building & Improvements | 43,976 | |
Accumulated Depreciation | 376 | |
Net Book Value | $ 46,335 | |
Winston-Salem, NC. [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 980 | $ 980 |
Building & Improvements | 6,284 | 6,266 |
Accumulated Depreciation | 3,057 | 2,835 |
Net Book Value | $ 4,207 | $ 4,411 |
Bedford Heights, OH (Cleveland) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 990 | $ 990 |
Building & Improvements | 6,314 | 6,308 |
Accumulated Depreciation | 2,310 | 2,090 |
Net Book Value | $ 4,994 | $ 5,208 |
Cincinnati, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 800 | $ 800 |
Building & Improvements | 5,950 | 5,950 |
Accumulated Depreciation | 776 | 623 |
Net Book Value | $ 5,974 | $ 6,127 |
Lancaster, OH (Columbus) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | |
Land | $ 959 | |
Building & Improvements | 16,599 | |
Accumulated Depreciation | 213 | |
Net Book Value | $ 17,345 | |
Kenton, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 855 | $ 855 |
Building & Improvements | 17,876 | 17,876 |
Accumulated Depreciation | 1,449 | 927 |
Net Book Value | $ 17,282 | $ 17,804 |
Lebanon, OH (Cincinnati) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 240 | $ 240 |
Building & Improvements | 4,315 | 4,212 |
Accumulated Depreciation | 933 | 813 |
Net Book Value | $ 3,622 | $ 3,639 |
Monroe, OH (Cincinnati) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,800 | $ 1,800 |
Building & Improvements | 19,777 | 19,777 |
Accumulated Depreciation | 1,945 | 1,438 |
Net Book Value | $ 19,632 | $ 20,139 |
Richfield, OH (Cleveland) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,677 | $ 2,677 |
Building & Improvements | 13,770 | 13,770 |
Accumulated Depreciation | 3,800 | 3,441 |
Net Book Value | $ 12,647 | $ 13,006 |
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 | 1,346 | 898 |
Net Book Value | $ 17,588 | $ 18,036 |
Streetsboro, OH (Cleveland) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,760 | $ 1,760 |
Building & Improvements | 17,840 | 17,840 |
Accumulated Depreciation | 3,888 | 3,431 |
Net Book Value | $ 15,712 | $ 16,169 |
West Chester Twp., OH (Cincinnati) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 695 | $ 695 |
Building & Improvements | 5,039 | 5,039 |
Accumulated Depreciation | 2,663 | 2,484 |
Net Book Value | $ 3,071 | $ 3,250 |
Oklahoma City, OK (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,410 | $ 1,410 |
Building & Improvements | 11,215 | 11,196 |
Accumulated Depreciation | 2,185 | 1,892 |
Net Book Value | $ 10,440 | $ 10,714 |
Oklahoma City, OK (Bunzl) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 845 | $ 845 |
Building & Improvements | 7,883 | 7,883 |
Accumulated Depreciation | 657 | 454 |
Net Book Value | $ 8,071 | $ 8,274 |
Oklahoma City, OK (Amazon) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,618 | $ 1,618 |
Building & Improvements | 28,260 | 28,260 |
Accumulated Depreciation | 2,052 | 1,328 |
Net Book Value | $ 27,826 | $ 28,550 |
Oklahoma City, OK (Amazon II) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | |
Land | $ 1,378 | |
Building & Improvements | 13,584 | |
Accumulated Depreciation | 14 | |
Net Book Value | $ 14,948 | |
Tulsa, OK [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 790 | $ 790 |
Building & Improvements | 2,958 | 2,958 |
Accumulated Depreciation | 553 | 473 |
Net Book Value | $ 3,195 | $ 3,275 |
Altoona, PA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,200 | $ 1,200 |
Building & Improvements | 7,823 | 7,827 |
Accumulated Depreciation | 1,392 | 1,189 |
Net Book Value | $ 7,631 | $ 7,838 |
Imperial, PA (Pittsburgh) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 3,700 | $ 3,700 |
Building & Improvements | 16,264 | 16,264 |
Accumulated Depreciation | 1,912 | 1,494 |
Net Book Value | $ 18,052 | $ 18,470 |
Monaca, PA (Pittsburgh) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 402 | $ 402 |
Building & Improvements | 7,551 | 7,509 |
Accumulated Depreciation | 3,481 | 3,229 |
Net Book Value | $ 4,472 | $ 4,682 |
Aiken, SC (Augusta, GA) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,362 | $ 1,362 |
Building & Improvements | 19,678 | 19,678 |
Accumulated Depreciation | 1,639 | 1,135 |
Net Book Value | $ 19,401 | $ 19,905 |
Charleston, SC (FDX) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 4,639 | $ 4,639 |
Building & Improvements | 16,880 | 16,880 |
Accumulated Depreciation | 1,265 | 831 |
Net Book Value | $ 20,254 | $ 20,688 |
Charleston, SC (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 7,103 | $ 7,103 |
Building & Improvements | 39,473 | 39,473 |
Accumulated Depreciation | 2,193 | 1,180 |
Net Book Value | $ 44,383 | $ 45,396 |
Ft. Mill, SC (Charlotte, NC) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,747 | $ 1,747 |
Building & Improvements | 15,317 | 15,317 |
Accumulated Depreciation | 3,434 | 3,041 |
Net Book Value | $ 13,630 | $ 14,023 |
Hanahan, SC (Charleston) (SAIC) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,129 | $ 1,129 |
Building & Improvements | 13,334 | 12,887 |
Accumulated Depreciation | 5,256 | 4,754 |
Net Book Value | $ 9,207 | $ 9,262 |
Hanahan, SC (Charleston) (Amazon) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 930 | $ 930 |
Building & Improvements | 8,373 | 6,760 |
Accumulated Depreciation | 2,513 | 2,244 |
Net Book Value | $ 6,790 | $ 5,446 |
Chattanooga, TN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 300 | $ 300 |
Building & Improvements | 5,069 | 5,049 |
Accumulated Depreciation | 1,678 | 1,529 |
Net Book Value | $ 3,691 | $ 3,820 |
Lebanon, TN (Nashville) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 2,230 | $ 2,230 |
Building & Improvements | 11,985 | 11,985 |
Accumulated Depreciation | 2,766 | 2,458 |
Net Book Value | $ 11,449 | $ 11,757 |
Memphis, TN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,235 | $ 1,235 |
Building & Improvements | 14,858 | 14,879 |
Accumulated Depreciation | 3,787 | 3,297 |
Net Book Value | $ 12,306 | $ 12,817 |
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, TX (Dallas) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,500 | $ 1,500 |
Building & Improvements | 16,995 | 16,447 |
Accumulated Depreciation | 4,442 | 3,987 |
Net Book Value | $ 14,053 | $ 13,960 |
Corpus Christi, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 0 | $ 0 |
Building & Improvements | 4,808 | 4,808 |
Accumulated Depreciation | 1,049 | 923 |
Net Book Value | $ 3,759 | $ 3,885 |
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 | 2,040 | 1,756 |
Net Book Value | $ 9,999 | $ 10,283 |
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 | 2,512 | 2,244 |
Net Book Value | $ 9,919 | $ 10,187 |
Ft. Worth, TX (Dallas) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 8,200 | $ 8,200 |
Building & Improvements | 27,419 | 27,133 |
Accumulated Depreciation | 3,627 | 2,896 |
Net Book Value | $ 31,992 | $ 32,437 |
Houston, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,661 | $ 1,661 |
Building & Improvements | 6,530 | 6,502 |
Accumulated Depreciation | 1,825 | 1,632 |
Net Book Value | $ 6,366 | $ 6,531 |
Lindale, TX (Tyler) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 540 | $ 540 |
Building & Improvements | 9,426 | 9,426 |
Accumulated Depreciation | 1,456 | 1,211 |
Net Book Value | $ 8,510 | $ 8,755 |
Mesquite, TX (Dallas) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 6,248 | $ 6,248 |
Building & Improvements | 43,632 | 43,632 |
Accumulated Depreciation | 3,636 | 2,517 |
Net Book Value | $ 46,244 | $ 47,363 |
Spring, TX (Houston) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,890 | $ 1,890 |
Building & Improvements | 17,439 | 17,427 |
Accumulated Depreciation | 2,979 | 2,527 |
Net Book Value | $ 16,350 | $ 16,790 |
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 | 2,075 | 1,786 |
Net Book Value | $ 10,476 | $ 10,765 |
Ogden, UT (Salt Lake City) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | |
Land | $ 1,287 | |
Building & Improvements | 11,380 | |
Accumulated Depreciation | 97 | |
Net Book Value | $ 12,570 | |
Charlottesville, VA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,170 | $ 1,170 |
Building & Improvements | 3,292 | 3,292 |
Accumulated Depreciation | 1,801 | 1,693 |
Net Book Value | $ 2,661 | $ 2,769 |
Mechanicsville, VA (Richmond) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,160 | $ 1,160 |
Building & Improvements | 6,667 | 6,647 |
Accumulated Depreciation | 3,375 | 3,191 |
Net Book Value | $ 4,452 | $ 4,616 |
Richmond, VA [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 446 | $ 446 |
Building & Improvements | 4,644 | 4,460 |
Accumulated Depreciation | 1,794 | 1,666 |
Net Book Value | $ 3,296 | $ 3,240 |
Roanoke, VA (CHEP USA) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,853 | $ 1,853 |
Building & Improvements | 5,610 | 5,610 |
Accumulated Depreciation | 2,092 | 1,899 |
Net Book Value | $ 5,371 | $ 5,564 |
Roanoke, VA (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 1,740 | $ 1,740 |
Building & Improvements | 8,460 | 8,460 |
Accumulated Depreciation | 1,582 | 1,365 |
Net Book Value | $ 8,618 | $ 8,835 |
Burlington, WN (Seattle/Everett) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 8,000 | $ 8,000 |
Building & Improvements | 22,371 | 22,321 |
Accumulated Depreciation | 2,572 | 2,000 |
Net Book Value | $ 27,799 | $ 28,321 |
Cudahy, WS (Milwaukee) [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 980 | $ 980 |
Building & Improvements | 8,827 | 8,827 |
Accumulated Depreciation | 3,812 | 3,550 |
Net Book Value | $ 5,995 | $ 6,257 |
Green Bay WS [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | Industrial |
Land | $ 590 | $ 590 |
Building & Improvements | 5,979 | 5,979 |
Accumulated Depreciation | 1,072 | 921 |
Net Book Value | $ 5,497 | $ 5,648 |
Indianapolis, IN [Member] | ||
Real Estate Properties [Line Items] | ||
Property Type | Industrial | |
Land | $ 3,746 | |
Building & Improvements | 21,758 | |
Accumulated Depreciation | 2,830 | |
Net Book Value | $ 22,674 |
SUMMARY OF PURCHASE PRICE ALLOC
SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2020 ASSETS ACQUISITIONS (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Land [Member] | |
Lessor, Lease, Description [Line Items] | |
Purchase price allocation of properties acquired | $ 11,198 |
Building [Member] | |
Lessor, Lease, Description [Line Items] | |
Purchase price allocation of properties acquired | 160,064 |
In-Place Leases [Member] | |
Lessor, Lease, Description [Line Items] | |
Purchase price allocation of properties acquired | $ 3,999 |
SUMMARY OF OPERATIONS RESULT FO
SUMMARY OF OPERATIONS RESULT FOR 2020 PROPERTIES ACQUISITIONS (Details) - Fedex Ground Package System Inc. [Member] $ in Thousands | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Entity Listings [Line Items] | |
Rental Revenues | $ 6,846 |
Net Income (Loss) Attributable to Common Shareholders | $ 1,624 |
SUMMARY OF PURCHASE PRICE ALL_2
SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2019 ASSETS ACQUISITIONS (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Land [Member] | |
Lessor, Lease, Description [Line Items] | |
Purchase price allocation of properties acquired | $ 14,579 |
Building [Member] | |
Lessor, Lease, Description [Line Items] | |
Purchase price allocation of properties acquired | 122,018 |
In-Place Leases [Member] | |
Lessor, Lease, Description [Line Items] | |
Purchase price allocation of properties acquired | $ 2,367 |
SUMMARY OF OPERATIONS RESULT _2
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 Revenues | $ 7,073 |
Net Income (Loss) Attributable to Common Shareholders | $ 1,723 |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Combinations [Abstract] | |||
Rental and Reimbursement Revenue | $ 0 | $ 0 | $ 929 |
Lease Termination Income | 0 | 0 | 210 |
Real Estate Taxes | 0 | 0 | (212) |
Operating Expenses | 0 | 0 | (110) |
Depreciation & Amortization | 0 | 0 | (79) |
Interest Expense | 0 | 0 | (38) |
Income from Operations | 0 | 0 | 700 |
Gain on Sale of Real Estate Investment | 0 | 0 | 7,485 |
Net Income | $ 0 | $ 0 | $ 8,185 |
SCHEDULE OF PRO FORMA INFORMATI
SCHEDULE OF PRO FORMA INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
AsReport [Line Items] | ||
Rental Revenues | $ 141,583 | $ 132,524 |
Net Income (Loss) Attributable to Common Shareholders | $ (48,617) | $ 11,026 |
Basic and Diluted Net Income (Loss) per Share Attributable to Common Shareholders | $ (0.50) | $ 0.12 |
Pro Forma [Member] | ||
AsReport [Line Items] | ||
Rental Revenues | $ 145,486 | $ 145,100 |
Net Income (Loss) Attributable to Common Shareholders | $ (47,315) | $ 6,799 |
Basic and Diluted Net Income (Loss) per Share Attributable to Common Shareholders | $ (0.48) | $ 0.07 |
ACQUISITIONS, EXPANSIONS AND _3
ACQUISITIONS, EXPANSIONS AND DISPOSITIONS (Details Narrative) | Sep. 15, 2020USD ($)ft²a | May 21, 2020USD ($)ft²a | Mar. 30, 2020USD ($)ft²a | Oct. 10, 2019USD ($)ft²a | Jul. 26, 2019USD ($)ft²a | Mar. 02, 2019USD ($) | Feb. 28, 2019USD ($)ft² | Nov. 30, 2018USD ($)ft²a | Oct. 19, 2018USD ($)ft²a | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Asset acquisition transaction cost | $ 179,000 | $ 347,000 | |||||||||
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 | ||||||||||
Greensboro N C [Member] | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Purchase of industrial building | ft² | 286,000 | ||||||||||
Purchase of overall industrial building | a | 39.3 | ||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||
Lease term | 15 years | ||||||||||
Lease expiration date | April 2035 | ||||||||||
Purchase price of industrial building | $ 47,600,000 | ||||||||||
Mortgage loan amortization period | 15 years | ||||||||||
Face amount of mortgage loan | $ 30,300,000 | ||||||||||
Mortgage loans on real estate, interest rate | 3.10% | ||||||||||
Annual rental income over the remaining term of lease | $ 3,000,000 | ||||||||||
Salt Lake City U T [Member] | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Purchase of industrial building | ft² | 70,000 | ||||||||||
Purchase of overall industrial building | a | 7.5 | ||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||
Lease term | 15 years | ||||||||||
Purchase price of industrial building | $ 12,900,000 | ||||||||||
Mortgage loan amortization period | 15 years | ||||||||||
Face amount of mortgage loan | $ 8,400,000 | ||||||||||
Mortgage loans on real estate, interest rate | 3.18% | ||||||||||
Annual rental income over the remaining term of lease | $ 772,000 | ||||||||||
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 | ||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||
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 | ||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||
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 | ||||||||||
Amazon.com Services, Inc. [Member] | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Purchase of industrial building | ft² | 121,000 | 616,000 | |||||||||
Purchase of overall industrial building | a | 21.5 | 78.6 | |||||||||
Percentage of real estate property leased | 100.00% | 100.00% | |||||||||
Lease term | 10 years | 15 years | |||||||||
Lease expiration date | August 2030 | August 2034 | |||||||||
Purchase price of industrial building | $ 15,200,000 | $ 81,500,000 | |||||||||
Mortgage loan amortization period | 15 years | 18 years | |||||||||
Face amount of mortgage loan | $ 9,800,000 | $ 52,500,000 | |||||||||
Mortgage loans on real estate, interest rate | 3.00% | 4.27% | |||||||||
Annual rental income over the remaining term of lease | $ 934,000 | $ 5,000,000 | |||||||||
Magna Seating of America, Inc. [Member] | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Purchase of industrial building | ft² | 153,000 | ||||||||||
Purchase of overall industrial building | a | 24.2 | ||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||
Lease term | 10 years | ||||||||||
Lease expiration date | January 2030 | ||||||||||
Purchase price of industrial building | $ 17,900,000 | ||||||||||
Mortgage loan amortization period | 10 years | ||||||||||
Face amount of mortgage loan | $ 9,400,000 | ||||||||||
Mortgage loans on real estate, interest rate | 3.47% | ||||||||||
Annual rental income over the remaining term of lease | $ 1,200,000 | ||||||||||
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 | ||||||||||
Percentage of real estate property leased | 100.00% | ||||||||||
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 |
SCHEDULE OF INTANGIBLE ASSETS U
SCHEDULE OF INTANGIBLE ASSETS UNDER LEASES IN-PLACE ACQUISITION (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | $ 16,832 | $ 14,970 |
Topeka, KS [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 34 | 69 |
Lebanon, TN (Nashville) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 78 | 99 |
Rockford, IL (Sherwin-Williams Co.) [Member] [Default Label] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 65 | 85 |
Edinburg, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 52 | 109 |
Corpus Christi, TX [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 21 | 44 |
Halfmoon, NY (Albany) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 0 | 108 |
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 336 | 520 |
Livonia, MI (Detroit) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 103 | 171 |
Stewartville, MN (Rochester) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 13 | 17 |
Buckner, KY (Louisville) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 286 | 308 |
Edwardsville (Kansas City), KS (International Paper) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 218 | 292 |
Lindale, TX (Tyler) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 131 | 166 |
Sauget, IL (St. Louis, MO) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 18 | 20 |
Rockford, IL (Collins Aerospace Systems) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 53 | 61 |
Kansas City, MO [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 5 | 10 |
Monroe, OH (Cincinnati) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 301 | 333 |
Cincinnati, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 32 | 36 |
Imperial, PA (Pittsburgh) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 45 | 53 |
Burlington (Seattle/Everett), WA [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 312 | 344 |
Colorado Springs, CO [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 202 | 241 |
Hamburg, NY (Buffalo) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 181 | 198 |
Ft. Myers, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 143 | 164 |
Walker, MI (Grand Rapids) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 382 | 415 |
Aiken, SC (Augusta, GA) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 728 | 791 |
Mesquite, TX (Dallas) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 628 | 683 |
Homestead, FL (Miami) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 437 | 475 |
Oklahoma City, OK (Bunzl) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 159 | 200 |
Concord, NC (Charlotte) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 496 | 539 |
Kenton, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 340 | 389 |
Stow, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 404 | 463 |
Charleston, SC (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 324 | 351 |
Oklahoma City, OK (Amazon) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 522 | 596 |
Savannah, GA [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 1,091 | 1,247 |
Daytona Beach, FL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 604 | 685 |
Mobile, AL [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 817 | 917 |
Charleston, SC (FDX) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 577 | 622 |
Braselton, GA (Atlanta) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 861 | 930 |
Trenton, NJ [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 1,303 | 1,413 |
Savannah, GA (FDX Ground) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 298 | 334 |
Lafayette, IN [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 424 | 472 |
Greenwood Indianapolis Amazon [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 2,005 | 0 |
Lancaster, OH (Columbus) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 335 | 0 |
Whitsett, NC (Greensboro) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 963 | 0 |
Ogden, UT (Salt Lake City) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | 232 | 0 |
Oklahoma City, OK (Amazon II) [Member] | ||
Real Estate Properties [Line Items] | ||
Total Intangible Assets, net | $ 273 | $ 0 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
AmortizationExpenseForExistingIntangibleAssets [Line Items] | |||
Amortization expense for existing intangible assets in year 2021 | $ 2,000,000 | ||
Amortization expense for existing intangible assets in year 2022 | 1,900,000 | ||
Amortization expense for existing intangible assets in year 2023 | 1,700,000 | ||
Amortization expense for existing intangible assets in year 2024 | 1,600,000 | ||
Amortization expense for existing intangible assets in year 2025 | 1,600,000 | ||
Rental revenue related to intangible assets | 103,000 | $ 103,000 | $ 103,000 |
Fiscal Year 2021 [Member] | |||
AmortizationExpenseForExistingIntangibleAssets [Line Items] | |||
Rental revenue related to intangible assets | 103,000 | ||
Fiscal Year 2022 [Member] | |||
AmortizationExpenseForExistingIntangibleAssets [Line Items] | |||
Rental revenue related to intangible assets | 34,000 | ||
Acquired In Place Leases [Member] | |||
AmortizationExpenseForExistingIntangibleAssets [Line Items] | |||
Amortization of intangible assets | $ 2,000,000 | $ 1,900,000 | $ 1,500,000 |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - Lease Concentration Risk [Member] | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fdx And Subsidiaries [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk based on square feet, percentage | 46.00% | 47.00% | 48.00% |
Subsidiaries Of Amazon [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk based on square feet percentage, description | 6% | <5% | <5% |
SIGNIFICANT CONCENTRATIONS OF_3
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK (Details Narrative) ft² in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2020USD ($)ft² | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Concentration Risk [Line Items] | |||
Total property (in square feet) | 23.4 | ||
Rental And Reimbursement Revenue [Member] | Fdx [Member] | |||
Concentration Risk [Line Items] | |||
Rental and reimbursement revenue, percentage | 5.00% | 5.00% | 5.00% |
Rental And Reimbursement Revenue [Member] | Fdx And Subsidiaries [Member] | |||
Concentration Risk [Line Items] | |||
Rental and reimbursement revenue, percentage | 58.00% | 60.00% | 58.00% |
Rental and reimbursement revenue | $ | $ 96.4 | $ 93.3 | $ 79.1 |
Description of total rentable space leased | No other tenant accounted for 5% or more of our total Rental and Reimbursement revenue | ||
Rental And Reimbursement Revenue [Member] | Fdx Subsidiaries [Member] | |||
Concentration Risk [Line Items] | |||
Rental and reimbursement revenue, percentage | 53.00% | 55.00% | 53.00% |
FedEx Corporation (FDX) [Member] | |||
Concentration Risk [Line Items] | |||
Total property (in square feet) | 10.7 | ||
Concentration risk based on square feet, percentage | 46.00% | ||
Fdx [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk based on square feet, percentage | 5.00% | ||
Rental and reimbursement revenue, percentage | 5.00% | ||
Fdx Subsidiaries [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk based on square feet, percentage | 41.00% | ||
Fdx And Subsidiaries [Member] | |||
Concentration Risk [Line Items] | |||
Weighted average lease maturity | 7.9 years | ||
Subsidiaries Of Amazon [Member] | |||
Concentration Risk [Line Items] | |||
Total property (in square feet) | 1.5 | ||
Rental and reimbursement revenue, percentage | 6.00% |
SCHEDULE OF GAIN (LOSS) ON SECU
SCHEDULE OF GAIN (LOSS) ON SECURITIES TRANSACTIONS, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 0 | $ 0 | $ 112 |
Gross realized losses | 0 | 0 | (1) |
Gains on Sale of Securities Transactions, net | $ 0 | $ 0 | $ 111 |
SUMMARY OF INVESTMENTS IN DEBT
SUMMARY OF INVESTMENTS IN DEBT AND EQUITY SECURITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 | |
EquitySecurities [Line Items] | |||
Total Securities Available for Sale, Estimated Market Value | $ 108,832 | $ 185,250 | |
Available-for-sale Securities [Member] | |||
EquitySecurities [Line Items] | |||
Total Securities Available for Sale, Cost | 235,637 | 234,675 | |
Total Securities Available for Sale, Estimated Market Value | $ 108,832 | $ 185,250 | |
Available-for-sale Securities [Member] | Government National Mortgage Association [Member] | |||
EquitySecurities [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 | $ 1 | $ 2 | |
Modified Pass-Through Mortgage-Backed Securities, Estimated Fair Value | 1 | 2 | |
Preferred Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Cost | 16,502 | 16,752 | |
Equity Securities available for sale, Estimated Fair Value | 5,860 | 13,167 | |
Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Cost | 219,134 | 217,921 | |
Equity Securities available for sale, Estimated Fair Value | $ 102,971 | $ 172,081 | |
CBL and Associates Properties, Inc. [Member] | Series D Preferred Stock [Member] | |||
EquitySecurities [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 | 400,000 | |
Equity securities available for sale, Cost | $ 7,967 | $ 7,967 | |
Equity Securities available for sale, Estimated Fair Value | $ 304 | $ 3,444 | |
CBL and Associates Properties, Inc. [Member] | Common Stock [Member] | |||
EquitySecurities [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 Fair Value | $ 644 | $ 5,160 | |
Cedar Realty Trust Inc [Member] | Series B Preferred Stock [Member] | |||
EquitySecurities [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 Fair Value | $ 109 | $ 144 | |
iStar Financial, Inc. [Member] | Series D Preferred Stock [Member] | |||
EquitySecurities [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 | 10,000 | |
Equity securities available for sale, Cost | $ 232 | $ 232 | |
Equity Securities available for sale, Estimated Fair Value | $ 253 | $ 261 | |
iStar Financial, Inc. [Member] | Series I Preferred Stock [Member] | |||
EquitySecurities [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 | 60,000 | |
Equity securities available for sale, Cost | $ 1,301 | $ 1,301 | |
Equity Securities available for sale, Estimated Fair Value | $ 1,452 | $ 1,547 | |
Pennsylvania Real Estate Investment Trust [Member] | Series D Preferred Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Interest Rate/Dividend Rate | 6.875% | 6.875% | |
Equity securities available for sale, Number of Shares | 120,000 | 120,000 | |
Equity securities available for sale, Cost | $ 2,150 | $ 2,150 | |
Equity Securities available for sale, Estimated Fair Value | $ 610 | $ 2,431 | |
Pennsylvania Real Estate Investment Trust [Member] | Series B Preferred Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Interest Rate/Dividend Rate | 7.375% | 7.375% | |
Equity securities available for sale, Number of Shares | 120,000 | 120,000 | |
Equity securities available for sale, Cost | $ 2,216 | $ 2,216 | |
Equity Securities available for sale, Estimated Fair Value | $ 606 | $ 2,484 | |
Pennsylvania Real Estate Investment Trust [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | 1,800,000 | 1,800,000 | |
Equity securities available for sale, Cost | $ 13,443 | $ 13,443 | |
Equity Securities available for sale, Estimated Fair Value | $ 997 | $ 10,296 | |
UMH Properties Inc [Member] | Series B Preferred Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Interest Rate/Dividend Rate | [1],[2] | 8.00% | 8.00% |
Equity securities available for sale, Number of Shares | [1],[2] | 100,000 | 100,000 |
Equity securities available for sale, Cost | [1],[2] | $ 2,500 | $ 2,500 |
Equity Securities available for sale, Estimated Fair Value | [1],[2] | $ 2,526 | $ 2,600 |
UMH Properties Inc [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | [1] | 1,328,000 | 1,257,000 |
Equity securities available for sale, Cost | [1] | $ 13,858 | $ 12,935 |
Equity Securities available for sale, Estimated Fair Value | [1] | $ 17,975 | $ 17,693 |
Diversified Healthcare Trust [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | 1,100,000 | ||
Equity securities available for sale, Cost | $ 17,871 | ||
Equity Securities available for sale, Estimated Fair Value | $ 3,872 | ||
Five Star Senior Living Inc [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | 75,000 | ||
Equity securities available for sale, Cost | $ 290 | ||
Equity Securities available for sale, Estimated Fair Value | $ 378 | ||
Franklin Street Properties Corp. [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | 1,000,000 | 1,000,000 | |
Equity securities available for sale, Cost | $ 8,478 | $ 8,478 | |
Equity Securities available for sale, Estimated Fair Value | $ 3,660 | $ 8,460 | |
Industrial Logistics Property Trust [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | 700,000 | 700,000 | |
Equity securities available for sale, Cost | $ 13,789 | $ 13,789 | |
Equity Securities available for sale, Estimated Fair Value | $ 15,309 | $ 14,875 | |
Kimco Realty Corporation [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | 1,700,000 | 1,700,000 | |
Equity securities available for sale, Cost | $ 27,937 | $ 27,937 | |
Equity Securities available for sale, Estimated Fair Value | $ 19,142 | $ 35,496 | |
Office Properties Income Trust [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | 659,000 | 659,000 | |
Equity securities available for sale, Cost | $ 37,892 | $ 37,892 | |
Equity Securities available for sale, Estimated Fair Value | $ 13,655 | $ 20,192 | |
Tanger Factory Outlet Centers, Inc. [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | 600,000 | 600,000 | |
Equity securities available for sale, Cost | $ 12,300 | $ 12,300 | |
Equity Securities available for sale, Estimated Fair Value | $ 3,618 | $ 9,288 | |
VEREIT, Inc. [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | 3,500,000 | 3,500,000 | |
Equity securities available for sale, Cost | $ 27,891 | $ 27,891 | |
Equity Securities available for sale, Estimated Fair Value | $ 22,750 | $ 34,230 | |
Washington Prime Group Inc [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | 1,500,000 | 1,500,000 | |
Equity securities available for sale, Cost | $ 11,860 | $ 11,860 | |
Equity Securities available for sale, Estimated Fair Value | $ 971 | $ 6,210 | |
Dynex Capital Inc [Member] | Series A Preferred Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Interest Rate/Dividend Rate | 8.50% | ||
Equity securities available for sale, Number of Shares | 10,000 | ||
Equity securities available for sale, Cost | $ 250 | ||
Equity Securities available for sale, Estimated Fair Value | $ 256 | ||
Senior Housing Property Trust [Member] | Common Stock [Member] | |||
EquitySecurities [Line Items] | |||
Equity securities available for sale, Number of Shares | 1,100,000 | ||
Equity securities available for sale, Cost | $ 17,871 | ||
Equity Securities available for sale, Estimated Fair Value | $ 10,181 | ||
[1] | Investment is in a related company. See Note No. 11 for further discussion. | ||
[2] | Subsequent to fiscal year end 2020, UMH redeemed all their 8.00 25.00 |
SUMMARY OF INVESTMENTS IN DEB_2
SUMMARY OF INVESTMENTS IN DEBT AND EQUITY SECURITIES (Details) (Parenthetical) - Subsequent Event [Member] - UMH Properties Inc [Member] - Series B Cumulative Redeemable Preferred Stock [Member] | Oct. 20, 2020$ / shares |
Subsequent Event [Line Items] | |
Equity securities available for sale, Interest Rate/Dividend Rate | 8.00% |
Preferred Stock, Redemption Price Per Share | $ 25 |
SECURITIES AVAILABLE FOR SALE_2
SECURITIES AVAILABLE FOR SALE (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Securities available for sale at fair value | $ 108,832 | $ 185,250 | |
Security available for sale, maximum percentage of investment on undepreciated assets | 5.00% | ||
Total assets excluding accumulated depreciation | $ 2,200,000 | ||
Marketable REIT securities investments | $ 108,800 | ||
Current percentage of undepreciated assets | 4.90% | ||
Proceeds from sales or redemptions of securities available for sale | $ 2,600 | ||
Dividend income on securities available for sale | $ 10,400 | 15,100 | $ 13,100 |
Net unrealized holding loss on securities portfolio | 126,800 | ||
Accounting Standards Update 2016-01 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net unrealized holding loss on securities portfolio | $ 77,400 | $ 24,700 |
SUMMARY OF FIXED RATE MORTGAGE
SUMMARY OF FIXED RATE MORTGAGE NOTES PAYABLE (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 | |
Mortgage Notes And Loans Payable | |||
Fixed Rate Mortgage Notes Payable | $ 807,371 | $ 752,916 | |
Weighted Average Interest Rate | [1] | 3.98% | 4.03% |
Debt Issuance Costs | $ 12,377 | $ 11,733 | |
Accumulated Amortization of Debt Issuance Costs | (4,513) | (3,745) | |
Unamortized Debt Issuance Costs | 7,864 | 7,988 | |
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ 799,507 | $ 744,928 | |
[1] | Weighted average interest rate excludes amortization of debt issuance costs. |
SUMMARY OF MORTGAGE NOTES PAYAB
SUMMARY OF MORTGAGE NOTES PAYABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Mortgage Notes Payable | $ 799,507 | $ 744,928 | |
Mortgage Notes Payable [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Mortgage Notes Payable | $ 807,371 | 752,916 | |
Mortgage Notes Payable [Member] | Augusta, GA (FDX Ground) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | [1] | 5.54% | |
Maturity date | [1] | Feb. 1, 2020 | |
Mortgage Notes Payable | [1] | $ 0 | 102 |
Mortgage Notes Payable [Member] | Huntsville, AL [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | [1] | 5.50% | |
Maturity date | [1] | Apr. 1, 2020 | |
Mortgage Notes Payable | [1] | $ 0 | 140 |
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 | $ 288 | 584 | |
Mortgage Notes Payable [Member] | Streetsboro, OH (Cleveland) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 5.50% | ||
Maturity date | Nov. 1, 2021 | ||
Mortgage Notes Payable | $ 8,025 | 8,680 | |
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 | $ 6,273 | 6,457 | |
Mortgage Notes Payable [Member] | Olive Branch, MS (Memphis, TN)(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 | $ 6,259 | 6,927 | |
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 | $ 3,613 | 3,931 | |
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 | $ 1,102 | 1,643 | |
Mortgage Notes Payable [Member] | Tolleson, AZ (Phoenix) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.95% | ||
Maturity date | Nov. 1, 2022 | ||
Mortgage Notes Payable | $ 2,010 | 2,882 | |
Mortgage Notes Payable [Member] | Edwardsville, KS (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 | $ 7,627 | 8,421 | |
Mortgage Notes Payable [Member] | Spring, TX (Houston) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 4.01% | ||
Maturity date | Dec. 1, 2023 | ||
Mortgage Notes Payable | $ 6,623 | 7,287 | |
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 | $ 3,304 | 4,202 | |
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 | $ 2,341 | 2,890 | |
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 | $ 8,431 | 9,454 | |
Mortgage Notes Payable [Member] | Frankfort, KY (Lexington) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 4.84% | ||
Maturity date | Dec. 15, 2024 | ||
Mortgage Notes Payable | $ 14,611 | 15,672 | |
Mortgage Notes Payable [Member] | Carrollton, TX (Dallas) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 6.75% | ||
Maturity date | Feb. 1, 2025 | ||
Mortgage Notes Payable | $ 4,733 | 5,623 | |
Mortgage Notes Payable [Member] | Altoona, PA [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | [2] | 4.00% | |
Maturity date | [2] | Oct. 1, 2025 | |
Mortgage Notes Payable | [2] | $ 2,426 | 2,848 |
Mortgage Notes Payable [Member] | Green Bay, WI [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | [2] | 4.00% | |
Maturity date | [2] | Oct. 1, 2025 | |
Mortgage Notes Payable | [2] | $ 1,971 | 2,311 |
Mortgage Notes Payable [Member] | Stewartville, MN (Rochester) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | [2] | 4.00% | |
Maturity date | [2] | Oct. 1, 2025 | |
Mortgage Notes Payable | [2] | $ 1,578 | 1,852 |
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 | $ 1,227 | 1,408 | |
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 | $ 3,395 | 3,905 | |
Mortgage Notes Payable [Member] | Livonia, MI (Detroit) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 4.45% | ||
Maturity date | Dec. 1, 2026 | ||
Mortgage Notes Payable | $ 4,973 | 5,649 | |
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 | $ 17,369 | 18,206 | |
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 | $ 18,042 | 19,917 | |
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 | $ 1,413 | 1,552 | |
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 | $ 4,692 | 5,124 | |
Mortgage Notes Payable [Member] | Lindale, TX (Tyler) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 4.57% | ||
Maturity date | Nov. 1, 2029 | ||
Mortgage Notes Payable | $ 4,827 | 5,242 | |
Mortgage Notes Payable [Member] | Sauget, IL (St. Louis, MO) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 4.40% | ||
Maturity date | Nov. 1, 2029 | ||
Mortgage Notes Payable | $ 7,322 | 7,956 | |
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 | $ 13,854 | 15,072 | |
Mortgage Notes Payable [Member] | Lancaster, OH (Columbus) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.47% | ||
Maturity date | Jan. 1, 2030 | ||
Mortgage Notes Payable | $ 9,091 | 0 | |
Mortgage Notes Payable [Member] | Imperial, PA (Pittsburgh) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.63% | ||
Maturity date | Apr. 1, 2030 | ||
Mortgage Notes Payable | $ 9,586 | 10,407 | |
Mortgage Notes Payable [Member] | Monroe, OH (Cincinnati) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | [3] | 3.77% | |
Maturity date | [3] | Apr. 1, 2030 | |
Mortgage Notes Payable | [3] | $ 6,107 | 6,626 |
Mortgage Notes Payable [Member] | Monroe, OH, (Cincinnati) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | [3] | 3.85% | |
Maturity date | [3] | Apr. 1, 2030 | |
Mortgage Notes Payable | [3] | $ 6,453 | 7,000 |
Mortgage Notes Payable [Member] | Greenwood, IN (Indianapolis) (Ulta) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.91% | ||
Maturity date | Jun. 1, 2030 | ||
Mortgage Notes Payable | $ 17,346 | 18,780 | |
Mortgage Notes Payable [Member] | Ft. Worth, TX (Dallas) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.56% | ||
Maturity date | Sep. 1, 2030 | ||
Mortgage Notes Payable | $ 17,879 | 19,342 | |
Mortgage Notes Payable [Member] | Concord, NC (Charlotte) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.87% | ||
Maturity date | Dec. 1, 2030 | ||
Mortgage Notes Payable | $ 15,449 | 16,654 | |
Mortgage Notes Payable [Member] | Covington, LA (New Orleans) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 4.08% | ||
Maturity date | Jan. 1, 2031 | ||
Mortgage Notes Payable | $ 9,686 | 10,425 | |
Mortgage Notes Payable [Member] | Burlington, WA (Seattle/Everett) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.67% | ||
Maturity date | May 1, 2031 | ||
Mortgage Notes Payable | $ 15,471 | 16,635 | |
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 | $ 5,702 | 6,121 | |
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 | $ 14,571 | 15,632 | |
Mortgage Notes Payable [Member] | Davenport, FL (Orlando) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.89% | ||
Maturity date | Sep. 1, 2031 | ||
Mortgage Notes Payable | $ 20,788 | 22,274 | |
Mortgage Notes Payable [Member] | Olathe, KS (Kansas City) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.96% | ||
Maturity date | Sep. 1, 2031 | ||
Mortgage Notes Payable | $ 17,513 | 18,759 | |
Mortgage Notes Payable [Member] | Hamburg, NY (Buffalo) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 4.03% | ||
Maturity date | Nov. 1, 2031 | ||
Mortgage Notes Payable | $ 18,770 | 20,075 | |
Mortgage Notes Payable [Member] | Ft. Myers, FL [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.97% | ||
Maturity date | Jan. 1, 2032 | ||
Mortgage Notes Payable | $ 11,707 | 12,510 | |
Mortgage Notes Payable [Member] | Savannah, GA (Shaw) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.53% | ||
Maturity date | Feb. 1, 2032 | ||
Mortgage Notes Payable | $ 28,324 | 30,304 | |
Mortgage Notes Payable [Member] | Walker, MI (Grand Rapids) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.86% | ||
Maturity date | May 1, 2032 | ||
Mortgage Notes Payable | $ 17,219 | 18,365 | |
Mortgage Notes Payable [Member] | Mesquite, TX (Dallas) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.60% | ||
Maturity date | Jul. 1, 2032 | ||
Mortgage Notes Payable | $ 27,350 | 29,171 | |
Mortgage Notes Payable [Member] | Aiken, SC (Augusta GA) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 4.20% | ||
Maturity date | Jul. 1, 2032 | ||
Mortgage Notes Payable | $ 12,861 | 13,683 | |
Mortgage Notes Payable [Member] | Homestead, FL (Miami) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.60% | ||
Maturity date | Jul. 1, 2032 | ||
Mortgage Notes Payable | $ 20,616 | 21,989 | |
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 | $ 16,728 | 17,802 | |
Mortgage Notes Payable [Member] | Concord, NC, (Charlotte) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.80% | ||
Maturity date | Sep. 1, 2032 | ||
Mortgage Notes Payable | $ 22,067 | 23,492 | |
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 | $ 10,247 | 10,874 | |
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 | $ 10,809 | 11,484 | |
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 | $ 12,222 | 12,968 | |
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 | $ 17,219 | 18,224 | |
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 | $ 26,794 | 28,356 | |
Mortgage Notes Payable [Member] | Braselton, GA (Atlanta) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 4.02% | ||
Maturity date | Oct. 1, 2033 | ||
Mortgage Notes Payable | $ 35,856 | 37,898 | |
Mortgage Notes Payable [Member] | Buckner, KY (Louisville) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 4.17% | ||
Maturity date | Nov. 1, 2033 | ||
Mortgage Notes Payable | $ 13,796 | 14,566 | |
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 | $ 49,955 | 52,759 | |
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 | $ 16,001 | 16,872 | |
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 | $ 16,101 | 16,932 | |
Mortgage Notes Payable [Member] | Whitsett, NC (Greensboro) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.10% | ||
Maturity date | Jun. 1, 2035 | ||
Mortgage Notes Payable | $ 29,902 | 0 | |
Mortgage Notes Payable [Member] | Ogden, UT (Salt Lake City) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.18% | ||
Maturity date | Jun. 1, 2035 | ||
Mortgage Notes Payable | $ 8,251 | 0 | |
Mortgage Notes Payable [Member] | Oklahoma City, OK, (Amazon) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 3.00% | ||
Maturity date | Oct. 1, 2035 | ||
Mortgage Notes Payable | $ 9,750 | 0 | |
Mortgage Notes Payable [Member] | Greenwood (Indianapolis), IN (Amazon II) [Member] | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Fixed Rate | 4.27% | ||
Maturity date | Nov. 1, 2037 | ||
Mortgage Notes Payable | $ 50,855 | $ 0 | |
[1] | Loan was paid in full during fiscal 2020. | ||
[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-
SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Mortgage Notes And Loans Payable | |
2021 | $ 60,742 |
2022 | 83,150 |
2023 | 62,095 |
2024 | 75,378 |
2025 | 69,611 |
Thereafter | 456,395 |
Total | $ 807,371 |
MORTGAGE NOTES AND LOANS PAYA_3
MORTGAGE NOTES AND LOANS PAYABLE (Details Narrative) | Nov. 15, 2019USD ($) | Sep. 30, 2020USD ($)Properties | Sep. 30, 2019USD ($)Properties | Sep. 30, 2018USD ($) |
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Number of properties owned | Properties | 119 | 114 | ||
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ 807,400,000 | |||
Mortgage loans on real estate, weighted average interest rate | 3.98% | 4.03% | ||
Weighted average loan maturity of mortgage notes payable | 11.1 years | 11.3 years | ||
Loans payable | $ 75,000,000 | $ 95,000,000 | ||
Term loan | $ 75,000,000 | |||
Total potential availability under both the revolver and term loan | 300,000,000 | |||
Additional amount over the former line of credit | $ 100,000,000 | |||
Line of Credit Facility, Description | 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 former line of credit facility to 6.25%, thus increasing the value of the borrowing base properties under the terms of the New Facility. | |||
Interest rate on revolver | LIBOR plus 135 basis points to 205 basis points | |||
Interest rate on revolver, BMO rate | Bank of Montreal’s (BMO) prime lending rate plus 35 basis points to 105 basis points | |||
Interest rate on revolver | LIBOR plus 145 basis points | |||
Amortization of financing costs included in interest expense | 1,400,000 | 1,300,000 | $ 1,200,000 | |
New Facility [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Line of credit current borrowing capacity | $ 225,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 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] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Line of Credit Facility, Description | January 2024 with two options to extend for additional six-month periods. | |||
Additional line of credit facility interest rate borrowings description. | the interest rate for borrowings under the Revolver was lowered by a range of 5 basis points to 35 basis points, depending on our leverage ratio | |||
Current interest rate | 1.61% | |||
BMO Capital Markets [Member] | Unsecured Debt [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Loans payable | 75,000,000 | |||
RepaidLoans [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Amount repaid on mortgage loans | 12,500,000 | |||
Term Loan [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Loan maturity term | January 2025 | |||
Debt instrument interest rate description | The interest rate for borrowings under the Term Loan will 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. To reduce floating interest rate exposure under the Term Loan, we also entered into an interest rate swap agreement to fix LIBOR on the entire $75.0 million for the full duration of the Term Loan | |||
Current interest rate | 2.92% | |||
Margin Loans [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Loans payable | $ 0 | $ 0 | ||
Percentage of amount available to borrow on margin | 50.00% | |||
Current interest rate | 0.75% | 2.50% | ||
Current interest rate | 0.75% | |||
Five Mortgages Loans One [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Amortizing mortgage loan period | 10 years | |||
Five Mortgages Loans Two [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Amortizing mortgage loan period | 15 years | |||
Five Mortgages Loans Three [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Amortizing mortgage loan period | 15 years | |||
Five Mortgages Loans Four [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Amortizing mortgage loan period | 15 years | |||
Five Mortgages Loans Five [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Amortizing mortgage loan period | 18 years | |||
Five Mortgages Loans [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Mortgage loans on real estate, weighted average interest rate | 3.69% | |||
Amount repaid on mortgage loans | $ 110,300,000 | |||
[custom:WeightedAverageLoanMaturityOfMortgageNotesPayable] | 16 years | |||
Two Self Amortizing Mortgage Loans [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Weighted average interest rate on repaid self-amortizing loans | 5.52% | |||
Minimum [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Mortgage loans on real estate, weighted average interest rate | 3.00% | |||
Minimum [Member] | Five Mortgages Loans [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Mortgage loans on real estate, weighted average interest rate | 3.00% | |||
Maximum [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Mortgage loans on real estate, weighted average interest rate | 6.875% | |||
Maximum [Member] | Five Mortgages Loans [Member] | ||||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||||
Mortgage loans on real estate, weighted average interest rate | 4.27% |
SCHEDULE OF OTHER LIABILITIES (
SCHEDULE OF OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Rent paid in advance | $ 10,167 | $ 9,343 |
Unearned reimbursement revenue | 6,208 | 5,385 |
Interest Rate Swap, Market Value | 4,368 | 0 |
Tenant security deposits | 1,326 | 691 |
Deferred Straight Line Rent | 972 | 1,340 |
Other | 632 | 648 |
Total | $ 23,673 | $ 17,407 |
SCHEDULE OF STOCK OPTIONS, VALU
SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS (Details) - shares | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated forfeitures | 0 | 0 | 0 |
Measurement Input, Expected Dividend Rate [Member] | Black Scholes Option Pricing Model [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value assumption, measurement input, percentages | 4.67% | 5.03% | 3.82% |
Measurement Input, Price Volatility [Member] | Black Scholes Option Pricing Model [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value assumption, measurement input, percentages | 18.40% | 17.17% | 16.45% |
Measurement Input, Risk Free Interest Rate [Member] | Black Scholes Option Pricing Model [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value assumption, measurement input, percentages | 1.76% | 2.88% | 2.37% |
Measurement Input, Expected Term [Member] | Black Scholes Option Pricing Model [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, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Number of shares, Outstanding at beginning of year | 1,080,000 | 695,000 | 670,000 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 12.95 | $ 12.17 | $ 11.75 |
Number of shares, Granted | 65,000 | 450,000 | 65,000 |
Weighted Average Exercise Price, Granted | $ 14.55 | $ 13.53 | $ 17.80 |
Number of shares, Exercised | (95,000) | (65,000) | (40,000) |
Weighted Average Exercise Price, Exercised | $ 10.69 | $ 8.72 | $ 14.24 |
Number of shares, Expired/Forfeited | (100,000) | 0 | 0 |
Weighted Average Exercise Price, Expired/Forfeited | $ 13.97 | $ 0 | $ 0 |
Number of shares, Outstanding at end of year | 950,000 | 1,080,000 | 695,000 |
Weighted Average Exercise Price, Outstanding at end of year | $ 13.17 | $ 12.95 | $ 12.17 |
Exercisable at end of year | 885,000 | 630,000 | 630,000 |
Weighted-average fair value of options granted during the year | $ 1.24 | $ 1.17 | $ 1.84 |
SUMMARY OF STOCK OPTION OUTSTAN
SUMMARY OF STOCK OPTION OUTSTANDING (Details) | 12 Months Ended | |||
Sep. 30, 2020Grants$ / sharesshares | Sep. 30, 2019shares | Sep. 30, 2018shares | Sep. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares | 950,000 | 1,080,000 | 695,000 | 670,000 |
Stock Option One [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 Two [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 Three [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 Four [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 Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Dec. 9, 2016 | |||
Number of Grants | Grants | 6 | |||
Number of Shares | 120,000 | |||
Option Price | $ / shares | $ 14.24 | |||
Expiration Date | Dec. 9, 2024 | |||
Stock Option Six [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 Seven [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 Eight [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Dec. 10, 2018 | |||
Number of Grants | Grants | 10 | |||
Number of Shares | 310,000 | |||
Option Price | $ / shares | $ 13.64 | |||
Expiration Date | Dec. 10, 2026 | |||
Stock Option Nine [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 | |||
Stock Option Ten [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Date of Grant | Jan. 13, 2020 | |||
Number of Grants | Grants | 1 | |||
Number of Shares | 65,000 | |||
Option Price | $ / shares | $ 14.55 | |||
Expiration Date | Jan. 13, 2028 |
SUMMARY OF NONVESTED RESTRICTED
SUMMARY OF NONVESTED RESTRICTED STOCK AWARDS (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Shares, Beginning balance | 77,000 | 78,000 | 90,000 |
Non-vested, Weighted average grant date fair value, Beginning balance | $ 13.94 | $ 13.18 | $ 12.15 |
Non-vested, Shares, Granted | 0 | 25,000 | 13,000 |
Non-vested, Weighted average grant date fair value, Granted | $ 0 | $ 15.45 | $ 16.47 |
Non-vested, Shares, Dividend reinvested shares | 4,000 | 5,000 | 4,000 |
Non-vested, Weighted average grant date fair value, Dividend reinvested shares | $ 12.89 | $ 13.11 | $ 15.42 |
Non-vested, Shares, Vested | (35,000) | (31,000) | (29,000) |
Non-vested, Weighted average grant date fair value, Vested | $ (14.37) | $ (14.33) | $ (16.99) |
Non-vested, Shares, Forfeited | 0 | 0 | 0 |
Non-vested, Weighted average grant date fair value, Forfeited | $ 0 | $ 0 | $ 0 |
Non-vested, Shares, Ending balance | 46,000 | 77,000 | 78,000 |
Non-vested, Weighted average grant date fair value, Ending balance | $ 15.02 | $ 13.94 | $ 13.18 |
STOCK COMPENSATION PLAN (Detail
STOCK COMPENSATION PLAN (Details Narrative) - USD ($) | May 18, 2017 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted shares | 65,000 | 450,000 | 65,000 | |
Stock Compensation Expense | $ 452,000,000 | $ 784,000,000 | $ 434,000,000 | |
Weighted average fair value granted | $ 1.24 | $ 1.17 | $ 1.84 | |
Unrestricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted shares | 5,000 | 5,000 | 4,000 | |
Weighted average fair value granted | $ 13.44 | $ 13.58 | $ 16.10 | |
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 | 0 | 25,000 | 13,000 | |
One Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted shares | 65,000 | 65,000 | ||
Fair value of option granted shares | $ 81,000 | $ 120,000 | ||
Vesting period of stock option | one-year | one-year | ||
Stock Compensation Expense | $ 154,000 | $ 168,000 | ||
Intrinsic value of options exercised | $ 381,000 | $ 141,000 | ||
Options, Weighted average remaining contractual term | 4.5 | 4.3 | ||
Thirteen Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted shares | 450,000 | |||
Fair value of option granted shares | $ 528,000 | |||
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 | |||
Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining unamortized stock option expenses | $ 20,000 | |||
Aggregate intrinsic value of options outstanding | 1,100,000 | $ 1,800,000 | $ 3,200,000 | |
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 | 0 | 25,000 | 12,500 | |
Number of participants | one participant | one participant | ||
Grant date fair value of option granted | $ 0 | $ 386,000 | $ 206,000 | |
Vesting period of stock option | 5 years | 5 years | 5 years | |
Unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded | $ 381,000 | |||
Unrecognized restricted stock compensation remaining weighted average period | 2.7 | |||
Restricted Stock Compensation expense | $ 235,000 | $ 258,000 | $ 207,000 |
INCOME FROM LEASES (Details Nar
INCOME FROM LEASES (Details Narrative) | 12 Months Ended |
Sep. 30, 2020ft²Properties$ / shares | |
Leases [Abstract] | |
Investments properties held | Properties | 119 |
Investments properties held square feet | ft² | 23,400,000 |
Investments properties occupancy rate percentage | 99.40% |
Lessee operating lease renewal term | 10 years |
Weighted average lease maturity terms | 7.1 years |
Annualized average base rent per square foot. | $ / shares | $ 6.36 |
SCHEDULE OF FUTURE MINIMUM RENT
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 144,172 |
2022 | 139,133 |
2023 | 133,704 |
2024 | 122,118 |
2025 | 110,767 |
thereafter | 484,620 |
Total | $ 1,134,514 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Oct. 20, 2020 | Sep. 30, 2020 |
Related Party Transaction [Line Items] | ||
Marketable REIT securities fair value | $ 108,800,000 | |
UMH Properties Inc [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Marketable REIT securities fair value | $ 2,500,000 | |
Available for sale securities, 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 | $ 4,100,000 | |
UMH Properties Inc [Member] | Common And Preferred Stock [Member] | Subsequent Event [Member] | ||
Related Party Transaction [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 8.00% | |
Preferred stock redemption price | $ 25 | |
UMH Properties Inc [Member] | Common Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Shares owned by company | 1,300,000 | |
Shares owned, cost | $ 13,900,000 | |
Marketable REIT securities fair value | $ 18,000,000 | |
Ownership percentage by company | 3.20% | |
UMH Properties Inc [Member] | ||
Related Party Transaction [Line Items] | ||
UMH common stock shares purchased during the period | 71,000 | |
UMH common stock value purchased during the period | $ 923,000 | |
Weighted average price per share | $ 13.02 | |
UMH Properties Inc [Member] | Dividend Reinvestmen And Stock Purchase Plan [Member] | ||
Related Party Transaction [Line Items] | ||
Weighted average price per share | $ 12.76 | |
UMH purchase of the company's common stock shares purchased during the period | 100,000 | |
UMH purchase of the company's common stock value purchased during the period | $ 1,300,000 |
SCHEDULE OF NET INCOME AND TAXA
SCHEDULE OF NET INCOME AND TAXABLE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Net Income (Loss) Attributable to Common Shareholders | $ (48,617) | $ 11,026 | $ 38,815 |
Book / tax difference on gains realized from capital transactions | 0 | 0 | (7,596) |
Stock compensation expense | 452 | 784 | 434 |
Unrealized Holding (Gain)/Loss Arising During the Period | 77,381 | 24,680 | 0 |
Other book / tax differences, net | 228 | 526 | (1,039) |
Taxable income before adjustments | 29,444 | 37,016 | 30,614 |
Add: Capital gains (losses) | (5,000) | (4,967) | 7,996 |
Estimated taxable income subject to 90% dividend requirement | $ 24,444 | $ 32,049 | $ 38,610 |
SCHEDULE OF CASH DIVIDENDS PAID
SCHEDULE OF CASH DIVIDENDS PAID AND DIVIDENDS PAID DEDUCTION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Cash dividends paid | $ 66,438 | $ 63,742 | $ 53,586 |
Less: Portion designated capital gains distribution | 5,000 | 4,967 | (7,996) |
Less: Return of capital | (41,360) | (56,373) | (14,976) |
Estimated dividends paid deduction | $ 30,078 | $ 12,336 | $ 30,614 |
TAXES (Details Narrative)
TAXES (Details Narrative) | 12 Months Ended |
Sep. 30, 2020 | |
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 ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Equity [Abstract] | ||||
Amounts received (1) | [1] | $ 26,411 | $ 73,965 | $ 90,029 |
Less: Dividend reinvestments | 7,596 | 16,886 | 12,928 | |
Amounts received, net | $ 18,815 | $ 57,079 | $ 77,101 | |
Number of Shares Issued | 1,956 | 5,601 | 5,816 | |
[1] | Optional cash payments must be not less than $ 500 1,000 |
SCHEDULE OF SHARES ISSUED IN _2
SCHEDULE OF SHARES ISSUED IN CONNECTION WITH DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN (Details) (Parenthetical) $ in Thousands | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Minimum [Member] | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Optional cash payments | $ 500 |
Maximum [Member] | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Optional cash payments | $ 1,000 |
SUMMARY OF CASH DISTRIBUTIONS T
SUMMARY OF CASH DISTRIBUTIONS TO COMMON SHAREHOLDERS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash distributions paid to common shareholders, Amount | $ 66,438 | $ 63,742 | $ 53,586 |
Cash distributions paid to common shareholders, Per Share | $ 0.68 | $ 0.68 | $ 0.68 |
December 31 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash distributions paid to common shareholders, Amount | $ 16,486 | $ 15,570 | $ 13,017 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.17 | $ 0.17 |
March 31 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash distributions paid to common shareholders, Amount | $ 16,654 | $ 15,825 | $ 13,303 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.17 | $ 0.17 |
June 30 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash distributions paid to common shareholders, Amount | $ 16,641 | $ 16,064 | $ 13,523 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.17 | $ 0.17 |
September 30 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash distributions paid to common shareholders, Amount | $ 16,657 | $ 16,283 | $ 13,743 |
Cash distributions paid to common shareholders, Per Share | $ 0.17 | $ 0.17 | $ 0.17 |
SCHEDULE OF DIVIDEND DECLARED A
SCHEDULE OF DIVIDEND DECLARED AND PAID ON SERIES C PREFERRED STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Class of Stock [Line Items] | |||
Dividend | $ 26,474 | $ 18,774 | $ 17,191 |
Dividend per Share | $ 0.27 | $ 0.20 | $ 0.22 |
Series C Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Dividend | $ 25,839 | $ 18,465 | $ 16,877 |
Dividend per Share | $ 1.53125 | $ 1.53125 | $ 1.53125 |
Series C Preferred Stock [Member] | Dividend Distribution One [Member] | |||
Class of Stock [Line Items] | |||
Declaration Date | Oct. 1, 2019 | Oct. 1, 2018 | Oct. 2, 2017 |
Record Date | Nov. 15, 2019 | Nov. 15, 2018 | Nov. 15, 2017 |
Payment date | Dec. 16, 2019 | Dec. 17, 2018 | Dec. 15, 2017 |
Dividend | $ 5,873 | $ 4,415 | $ 4,081 |
Dividend per Share | $ 0.3828125 | $ 0.3828125 | $ 0.3828125 |
Series C Preferred Stock [Member] | Dividend Distribution Two [Member] | |||
Class of Stock [Line Items] | |||
Declaration Date | Jan. 16, 2020 | Jan. 16, 2019 | Jan. 16, 2018 |
Record Date | Feb. 18, 2020 | Feb. 15, 2019 | Feb. 15, 2018 |
Payment date | Mar. 16, 2020 | Mar. 15, 2019 | Mar. 15, 2018 |
Dividend | $ 6,572 | $ 4,424 | $ 4,221 |
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. 1, 2020 | Apr. 2, 2019 | Apr. 2, 2018 |
Record Date | May 15, 2020 | May 15, 2019 | May 15, 2018 |
Payment date | Jun. 15, 2020 | Jun. 17, 2019 | Jun. 15, 2018 |
Dividend | $ 6,583 | $ 4,681 | $ 4,248 |
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, 2020 | Jul. 1, 2019 | Jul. 2, 2018 |
Record Date | Aug. 17, 2020 | Aug. 15, 2019 | Aug. 15, 2018 |
Payment date | Sep. 15, 2020 | Sep. 16, 2019 | Sep. 17, 2018 |
Dividend | $ 6,811 | $ 4,945 | $ 4,327 |
Dividend per Share | $ 0.3828125 | $ 0.3828125 | $ 0.3828125 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) | Oct. 02, 2020$ / shares | Feb. 06, 2020USD ($)$ / shares | Jan. 16, 2019USD ($) | Aug. 02, 2018USD ($) | Oct. 02, 2017yr$ / shares | Jun. 29, 2017USD ($) | Mar. 09, 2017USD ($)$ / sharesshares | Oct. 14, 2016USD ($)shares | Sep. 15, 2016USD ($) | Sep. 13, 2016USD ($)$ / sharesshares | Oct. 02, 2015$ / shares | Oct. 31, 2018USD ($)$ / sharesshares | Nov. 23, 2020USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | Sep. 30, 2020USD ($)$ / sharesshares |
Class of Stock [Line Items] | |||||||||||||||||
Common Stock, shares authorized | shares | 200,000,000 | 200,000,000 | |||||||||||||||
Common Stock, shares issued | shares | 98,054,000 | 96,399,000 | 98,054,000 | ||||||||||||||
Common Stock, shares outstanding | shares | 98,054,000 | 96,399,000 | 98,054,000 | ||||||||||||||
Excess Stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
Excess Stock , shares issued | shares | 0 | 0 | 0 | ||||||||||||||
Excess Stock , shares outstanding | shares | 0 | 0 | 0 | ||||||||||||||
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 | $ / shares | $ 15 | ||||||||||||||||
Increase in outstanding common shares | 11.30% | ||||||||||||||||
Net proceeds from public offering | $ | $ 132,300,000 | $ 0 | $ 132,338,000 | $ 0 | |||||||||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
Increase in ATM Program | $ | $ 96,500,000 | ||||||||||||||||
Increase in ATM Program, carried amount | $ | $ 28,500,000 | ||||||||||||||||
Sale of stock price per share | $ / shares | $ 25.04 | $ 25.04 | |||||||||||||||
Maximum dollar value that may be purchased under the share repurchase program | $ | $ 45,700,000 | $ 45,700,000 | |||||||||||||||
Preferred Stock ATM Program [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of common shares sold | shares | 10,500,000 | ||||||||||||||||
Sale of stock price per share | $ / shares | $ 24.92 | $ 24.92 | |||||||||||||||
Proceeds from preferred stock atm program | $ | $ 256,400,000 | ||||||||||||||||
Preferred Stock ATM Program One [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Remaining amount that may be sold, value | $ | $ 36,300,000 | ||||||||||||||||
Common Stock Repurchase Program [Member] | |||||||||||||||||
Class of Stock [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 | ||||||||||||||||
Fiscal Year 2019 [Member] | Preferred Stock ATM Program [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of common shares sold | shares | 5,000,000 | ||||||||||||||||
Proceeds from ATM Program | $ | $ 122,400,000 | ||||||||||||||||
Equity Distribution Agreement [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Common stock, par value | $ / shares | $ 0.01 | ||||||||||||||||
Maximum amount to be sold, value | $ | $ 150,000,000 | ||||||||||||||||
Subsequent Event [Member] | Preferred Stock ATM Program [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of common shares sold | shares | 1,400,000 | ||||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | ||||||||||||||||
Sale of stock price per share | $ / shares | $ 24.92 | ||||||||||||||||
Proceeds from ATM Program | $ | $ 35,000,000 | ||||||||||||||||
Common Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Annualized dividend rate per share price | $ / shares | $ 0.68 | ||||||||||||||||
Dividend increase percentage | 13.00% | ||||||||||||||||
Period of maintained or increased its cash dividend | yr | 29 | ||||||||||||||||
Maximum [Member] | Common Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend declared per share | $ / shares | $ 0.17 | ||||||||||||||||
Minimum [Member] | Common Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend declared per share | $ / shares | $ 0.16 | ||||||||||||||||
Board of Directors [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Percentage increase in common stock dividend. | 6.30% | 6.70% | |||||||||||||||
Annualized dividend rate per share price | $ / shares | $ 0.64 | ||||||||||||||||
Board of Directors [Member] | Subsequent Event [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend declared per share | $ / shares | $ 0.3828125 | ||||||||||||||||
Board of Directors [Member] | Maximum [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend declared per share | $ / shares | 0.16 | ||||||||||||||||
Board of Directors [Member] | Minimum [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend declared per share | $ / shares | $ 0.15 | ||||||||||||||||
Shareholders [Member] | Subsequent Event [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend declared per share | $ / shares | 0.17 | ||||||||||||||||
Annualized dividend rate per share price | $ / shares | $ 0.68 | ||||||||||||||||
Dividends payable, date to be paid | Dec. 15, 2020 | ||||||||||||||||
Record date | Nov. 16, 2020 | ||||||||||||||||
Underwriters [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of common shares purchased | shares | 1,200,000 | ||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred stock, shares authorized | shares | 21,900,000 | 16,400,000 | 21,900,000 | ||||||||||||||
Preferred stock, shares outstanding | shares | 18,900,000 | 18,900,000 | |||||||||||||||
Preferred stock, shares issued | shares | 18,880,000 | 13,907,000 | 18,880,000 | ||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% | 6.125% | 6.125% | |||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
Preferred stock, shares outstanding | shares | 18,880,000 | 13,907,000 | 18,880,000 | ||||||||||||||
Increase in ATM Program | $ | $ 125,000,000 | ||||||||||||||||
Annual rate of dividends cumulative and payable | $ / shares | $ 1.53125 | ||||||||||||||||
Description of redemption of preferred stock outstanding | within 90 days after the Delisting Event, for a cash redemption price per share of 6.125% Series C Preferred Stock equal to $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared), to, but not including, the redemption date | ||||||||||||||||
Description of redemption of preferred stock outstanding upon the occurrence of change of control | within 120 days after the first date on which such Change of Control occurred, for a cash redemption price per share of 6.125% Series C Preferred Stock equal to $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the redemption date | ||||||||||||||||
Series C Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred stock, shares issued | shares | 3,000,000 | 2,100,000 | 5,400,000 | ||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% | 6.125% | ||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | ||||||||||||||||
Offering price per share | $ / shares | $ 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 | ||||||||||||||||
Preferred stock, shares outstanding | shares | 2,100,000 | ||||||||||||||||
Dividend rate on preferred stock series A preferred stock | 7.875% | 7.625% | |||||||||||||||
Net accrued dividend paid at redemption | $ | $ 499,000 | ||||||||||||||||
Liquidation price per share | $ / shares | $ 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] | On and After September 15, 2021 [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | 6.125% | |||||||||||||||
Preferred stock redemption price | $ / shares | $ 25 | $ 25 | |||||||||||||||
Series C Preferred Stock One [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | ||||||||||||||||
Increase in ATM Program | $ | $ 125,000,000 | ||||||||||||||||
Increase in ATM Program, carried amount | $ | 24,000,000 | ||||||||||||||||
Series C Preferred Stock One [Member] | Preferred Stock ATM Program [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Increase in ATM Program | $ | $ 101,000,000 | ||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred stock, shares issued | shares | 18,900,000 | 18,900,000 | |||||||||||||||
Preferred stock, shares outstanding | shares | 18,900,000 | 18,900,000 |
SUMMARY OF FAIR VALUE OF FINANC
SUMMARY OF FAIR VALUE OF FINANCIAL ASSETS (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Available for Sale at Fair Value | $ 108,832 | $ 185,250 |
Interest rate swap | (4,368) | |
Total | 104,464 | |
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 | 108,832 | 185,250 |
Interest rate swap | 0 | |
Total | 108,832 | |
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 |
Interest rate swap | (4,368) | |
Total | (4,368) | |
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 |
Interest rate swap | 0 | |
Total | $ 0 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Narrative) $ in Millions | Sep. 30, 2020USD ($) |
Fair Value Disclosures [Abstract] | |
Fixed rate mortgage notes payable at fair value | $ 861.5 |
Fixed rate mortgage notes payable, carrying value | $ 807.4 |
CASH FLOW (Details Narrative)
CASH FLOW (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest | $ 35,000 | $ 35,900 | $ 31,300 |
Amount of dividend reinvested | $ 7,600 | $ 16,900 | $ 12,900 |
CONTINGENCIES, COMMITMENTS AN_2
CONTINGENCIES, COMMITMENTS AND LEGAL MATTERS (Details Narrative) | Nov. 05, 2020USD ($) | Sep. 30, 2020USD ($)ft² | Sep. 30, 2019USD ($) |
Commitments [Line Items] | |||
Total project cost | $ 20,100,000 | ||
Bell Works Complex Holmdel NJ [Member] | Headquarters Corporate Office Space [Member] | |||
Commitments [Line Items] | |||
Lease term | 10.3 years | ||
Subsequent Event [Member] | KANSAS | |||
Commitments [Line Items] | |||
Total project cost | $ 3,400,000 | ||
Subsequent Event [Member] | Olathe, KS (Kansas City) [Member] | |||
Commitments [Line Items] | |||
Increase in annual rent | 349,000 | ||
Minimum [Member] | Subsequent Event [Member] | Olathe, KS (Kansas City) [Member] | |||
Commitments [Line Items] | |||
Increase in annual rent | 2,210,000 | ||
Annual rent before expansion | 2,210,000 | ||
Maximum [Member] | Subsequent Event [Member] | Olathe, KS (Kansas City) [Member] | |||
Commitments [Line Items] | |||
Increase in annual rent | 2,559,000 | ||
Annual rent after expansion | $ 2,559,000 | ||
Industrial Property [Member] | Mortgage Loan [Member] | |||
Commitments [Line Items] | |||
Mortgage loan amount | $ 139,500,000 | ||
Weighted average fixed interest rate | 2.99% | ||
Weighted average term | 15 years 9 months 18 days | ||
Industrial Property [Member] | Minimum [Member] | Mortgage Loan [Member] | |||
Commitments [Line Items] | |||
Weighted average fixed interest rate, percentage | 2.62% | ||
Mortgage loan amortization period | 15 years | ||
Industrial Property [Member] | Maximum [Member] | Mortgage Loan [Member] | |||
Commitments [Line Items] | |||
Weighted average fixed interest rate, percentage | 3.25% | ||
Mortgage loan amortization period | 17 years | ||
Headquarters Corporate Office Space [Member] | Bell Works Complex Holmdel NJ [Member] | |||
Commitments [Line Items] | |||
Square feet to be rented | ft² | 13,000 | ||
Annual rent | $ 410,000 | ||
Rent per square foot | 31.00 | ||
Annual escalation percentage. | 2.00% | ||
Tenant improvement allowance per square foot | 48.00 | ||
Property Purchase Agreement [Member] | Industrial Property [Member] | |||
Commitments [Line Items] | |||
Purchase of industrial building | ft² | 2,400,000 | ||
Weighted average lease term | 15.3 years | ||
Aggregate purchase price of industrial properties | $ 338,400,000 | ||
Property Purchase Agreement [Member] | Industrial Property [Member] | Minimum [Member] | |||
Commitments [Line Items] | |||
Net leased terms ranging | 10 years | ||
Property Purchase Agreement [Member] | Industrial Property [Member] | Maximum [Member] | |||
Commitments [Line Items] | |||
Net leased terms ranging | 20 years | ||
Property Purchase Agreement [Member] | Fedex Ground Package System Inc [Member] | |||
Commitments [Line Items] | |||
Purchase of industrial building | ft² | 1,200,000 | ||
Percentage of total square feet of industrial buildings to be purchased | 50.00% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Nov. 05, 2020USD ($) | Oct. 01, 2020USD ($)ft²$ / shares | Nov. 23, 2020USD ($)$ / sharesshares | Sep. 30, 2020$ / shares |
Subsequent Event [Line Items] | ||||
Sale of stock price per share | $ / shares | $ 25.04 | |||
Subsequent Event [Member] | Series C Preferred Shareholders [Member] | ||||
Subsequent Event [Line Items] | ||||
Cumulative redeemable preferred, stock dividend rate | 6.125% | |||
Dividend payable date to be paid | Dec. 15, 2020 | |||
Dividend payable record date | Nov. 16, 2020 | |||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 0.3828125 | |||
Subsequent Event [Member] | Common Shareholders [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock dividend declared | $ / shares | $ 0.17 | |||
Dividend payable date to be paid | Dec. 15, 2020 | |||
Dividend payable record date | Nov. 16, 2020 | |||
Subsequent Event [Member] | Preferred Stock ATM Program [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of Stock, Number of Share Issued in Transaction | shares | 1,400,000 | |||
Cumulative redeemable preferred, stock dividend rate | 6.125% | |||
Sale of stock price per share | $ / shares | $ 24.92 | |||
Net Proceeds from ATM program | $ 35,000,000 | |||
Subsequent Event [Member] | Halfmoon, NY (Albany) [Member] | ||||
Subsequent Event [Line Items] | ||||
Termination fee | $ 377,000 | |||
Termination fee percentage of remaining rent due under the lease | 50.00% | |||
Lease expire term | 1 year 2 months 12 days | |||
New lease term | 10.4 year | |||
Initial annual rent | $ 510,000 | |||
Rent per square foot, description | 6.80 per square foot | |||
Rent annual increase percentage | 2.00% | |||
Annualized rent | $ 541,000 | |||
Annualized rent per square foot, description | 7.21 per square foot | |||
Lease expiration date | Mar. 31, 2031 | |||
Rent increase decrease comparison description | This compares to the former U.S GAAP straight-line rent of $7.65 per square foot and former cash rent of $8.19 per square foot, resulting in a decrease of 5.8% on a U.S GAAP straight-line basis and a decrease of 17.0% on a cash basis | |||
Additional lease term | 9.3 years | |||
Subsequent Event [Member] | Olathe, KS (Kansas City) [Member] | ||||
Subsequent Event [Line Items] | ||||
Costs Incurred, Development Costs | $ 3,400,000 | |||
Increase in annual rent | 349,000 | |||
Subsequent Event [Member] | Olathe, KS (Kansas City) [Member] | Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Increase in annual rent | 2,210,000 | |||
Subsequent Event [Member] | Olathe, KS (Kansas City) [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Increase in annual rent | $ 2,559,000 | |||
Subsequent Event [Member] | Lease Termination Agreement [Member] | Halfmoon, NY (Albany) [Member] | ||||
Subsequent Event [Line Items] | ||||
Square feet of building | ft² | 75,000 | |||
Subsequent Event [Member] | New Lease Agreement [Member] | Halfmoon, NY (Albany) [Member] | ||||
Subsequent Event [Line Items] | ||||
Lease term | 10.4 year |
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, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Rental and Reimbursement Revenue | $ 42,635 | $ 41,775 | $ 41,707 | $ 41,700 | $ 39,670 | $ 38,548 | $ 38,381 | $ 38,222 | $ 167,817 | $ 154,821 | $ 135,695 | ||||||||
Total Expenses | 21,584 | 21,295 | 21,301 | 22,469 | 20,410 | 19,721 | 19,565 | 18,901 | 86,649 | 78,597 | 68,056 | ||||||||
Unrealized Holding Gains (Losses) Arising During the Periods (1) | (10,280) | [1] | 19,610 | [1] | (83,075) | [1] | (3,635) | [1] | 13,988 | [1] | (11,609) | [1] | 15,568 | [1] | (42,627) | [1] | (77,380) | (24,680) | 0 |
Other Income (Expense) (1) | (17,963) | [1] | 12,979 | [1] | (88,721) | [1] | (9,606) | [1] | 8,553 | [1] | (17,198) | [1] | 9,485 | [1] | (47,264) | [1] | (103,311) | (46,424) | (19,118) |
Net Income (Loss) | $ 3,088 | [1] | $ 33,458 | [1] | $ (68,314) | [1] | $ 9,625 | [1] | $ 27,814 | [1] | $ 1,628 | [1] | $ 28,301 | [1] | $ (27,943) | [1] | $ (22,143) | $ 29,800 | $ 56,006 |
Net Income (Loss) per diluted share (1) | $ 0.03 | [1] | $ 0.34 | [1] | $ (0.70) | [1] | $ 0.10 | [1] | $ 0.29 | [1] | $ 0.02 | [1] | $ 0.30 | [1] | $ (0.31) | [1] | $ (0.23) | $ 0.32 | $ 0.71 |
Net Income (Loss) Attributable to Common Shareholders (1) | $ (3,917) | [1] | $ 26,850 | [1] | $ (75,078) | [1] | $ 3,528 | [1] | $ 22,690 | [1] | $ (3,121) | [1] | $ 23,821 | [1] | $ (32,364) | [1] | $ (48,617) | $ 11,026 | $ 38,815 |
Net Income (Loss) Attributable to Common Shareholders per diluted share (1) | $ (0.04) | [1] | $ 0.27 | [1] | $ (0.77) | [1] | $ 0.04 | [1] | $ 0.24 | [1] | $ (0.03) | [1] | $ 0.26 | [1] | $ (0.36) | [1] | $ (0.50) | $ 0.12 | $ 0.49 |
[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. |
REAL ESTATE AND ACCUMULATED DEP
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Industrial Property [Member] | Monaca, PA (Pittsburgh) [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 | 6,673 |
Industrial Property [Member] | Ridgeland, MS (Jackson) [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 | 1,285 |
Industrial Property [Member] | Urbandale, IA (Des Moines) [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, MS (Jackson) [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, MO (St. Louis) [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, IL (Chicago) [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 | 713 |
Industrial Property [Member] | Burr Ridge, IL (Chicago) [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, MI (Detroit) [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, MO (Kansas City) [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 | 577 |
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., OH (Cincinnati) [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, VA (Richmond) [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 | 254 |
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 | 844 |
Industrial Property [Member] | Newington, CT (Hartford) [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 | 136 |
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, MD (Washington, DC) [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, NJ (New York, NY) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,227 |
Land | 1,194 |
Buildings and Improvements | 3,646 |
Capitalization Subsequent to Acquisition | 457 |
Industrial Property [Member] | Granite City, IL (St. Louis, MO) [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 | 674 |
Industrial Property [Member] | Elgin, IL (Chicago) [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 | 373 |
Industrial Property [Member] | Cheektowaga, NY (Buffalo) [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, AZ (Phoenix) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 2,010 |
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 | 283 |
Industrial Property [Member] | Wheeling, IL (Chicago) [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 | 733 |
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 | 2,085 |
Industrial Property [Member] | Montgomery, IL (Chicago) [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 | 1,334 |
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 | 1,503 |
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 | 4,947 |
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 | 0 |
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 | 0 |
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, TX [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, OH (Cleveland) [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 | 366 |
Industrial Property [Member] | Griffin, GA (Atlanta) [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 | 630 |
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 | 4,816 |
Capitalization Subsequent to Acquisition | 794 |
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 | 5,238 |
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 | 604 |
Industrial Property [Member] | Bedford Heights, OH (Cleveland) [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 | 1,420 |
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 | 476 |
Industrial Property [Member] | Topeka, KS [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 288 |
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 | 3,304 |
Land | 1,235 |
Buildings and Improvements | 13,380 |
Capitalization Subsequent to Acquisition | 1,478 |
Industrial Property [Member] | Houston, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,102 |
Land | 1,661 |
Buildings and Improvements | 6,320 |
Capitalization Subsequent to Acquisition | 210 |
Industrial Property [Member] | Carrollton, TX (Dallas) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,733 |
Land | 1,500 |
Buildings and Improvements | 16,240 |
Capitalization Subsequent to Acquisition | 755 |
Industrial Property [Member] | Ft. Mill, SC (Charlotte, NC) [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, TN (Nashville) [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, OH (Cleveland) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,025 |
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, NY (Albany) [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 | 201 |
Industrial Property [Member] | Lebanon, OH (Cincinnati) [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 | 139 |
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 | 6,259 |
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 | 2,341 |
Land | 1,410 |
Buildings and Improvements | 8,043 |
Capitalization Subsequent to Acquisition | 3,172 |
Industrial Property [Member] | Waco, TX [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 3,613 |
Land | 1,350 |
Buildings and Improvements | 7,383 |
Capitalization Subsequent to Acquisition | 3,818 |
Industrial Property [Member] | Livonia, MI (Detroit) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,973 |
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 | 18,042 |
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 | 3,395 |
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 | 1,971 |
Land | 590 |
Buildings and Improvements | 5,979 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Stewartville, MN (Rochester) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 1,578 |
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 | 1,413 |
Land | 790 |
Buildings and Improvements | 2,910 |
Capitalization Subsequent to Acquisition | 48 |
Industrial Property [Member] | Buckner, KY (Louisville) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,796 |
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 | 7,627 |
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 | 2,426 |
Land | 1,200 |
Buildings and Improvements | 7,790 |
Capitalization Subsequent to Acquisition | 33 |
Industrial Property [Member] | Spring, TX (Houston) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,623 |
Land | 1,890 |
Buildings and Improvements | 13,391 |
Capitalization Subsequent to Acquisition | 4,048 |
Industrial Property [Member] | Indianapolis, IN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,431 |
Land | 3,746 |
Buildings and Improvements | 20,446 |
Capitalization Subsequent to Acquisition | 1,312 |
Industrial Property [Member] | Sauget, IL (St. Louis, MO) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 7,322 |
Land | 1,890 |
Buildings and Improvements | 13,310 |
Capitalization Subsequent to Acquisition | 5 |
Industrial Property [Member] | Lindale, TX (Tyler) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 4,827 |
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 | 6,273 |
Land | 1,000 |
Buildings and Improvements | 8,600 |
Capitalization Subsequent to Acquisition | 403 |
Industrial Property [Member] | Frankfort, KY (Lexington) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,611 |
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 | 13,854 |
Land | 6,000 |
Buildings and Improvements | 24,646 |
Capitalization Subsequent to Acquisition | 280 |
Industrial Property [Member] | Monroe, OH (Cincinnati) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,560 |
Land | 1,800 |
Buildings and Improvements | 11,137 |
Capitalization Subsequent to Acquisition | 8,640 |
Industrial Property [Member] | Greenwood (Indianapolis), IN (Ulta) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,346 |
Land | 2,250 |
Buildings and Improvements | 35,235 |
Capitalization Subsequent to Acquisition | 280 |
Industrial Property [Member] | Ft. Worth, TX (Dallas) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,879 |
Land | 8,200 |
Buildings and Improvements | 27,101 |
Capitalization Subsequent to Acquisition | 318 |
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, NC (Charlotte) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 15,449 |
Land | 4,305 |
Buildings and Improvements | 27,671 |
Capitalization Subsequent to Acquisition | 1,078 |
Industrial Property [Member] | Covington, LA (New Orleans) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,686 |
Land | 2,720 |
Buildings and Improvements | 15,690 |
Capitalization Subsequent to Acquisition | 16 |
Industrial Property [Member] | Imperial, PA (Pittsburgh) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,586 |
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 | 15,471 |
Land | 8,000 |
Buildings and Improvements | 22,211 |
Capitalization Subsequent to Acquisition | 160 |
Industrial Property [Member] | Colorado Springs, CO [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 14,571 |
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 | 5,702 |
Land | 1,590 |
Buildings and Improvements | 9,714 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Davenport, FL (Orlando) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 20,788 |
Land | 7,060 |
Buildings and Improvements | 30,721 |
Capitalization Subsequent to Acquisition | 304 |
Industrial Property [Member] | Olathe, KS (Kansas City) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,513 |
Land | 2,350 |
Buildings and Improvements | 29,387 |
Capitalization Subsequent to Acquisition | 89 |
Industrial Property [Member] | Hamburg, NY (Buffalo) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,770 |
Land | 1,700 |
Buildings and Improvements | 33,150 |
Capitalization Subsequent to Acquisition | 282 |
Industrial Property [Member] | Ft. Myers, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 11,707 |
Land | 2,486 |
Buildings and Improvements | 18,400 |
Capitalization Subsequent to Acquisition | 798 |
Industrial Property [Member] | Walker, MI (Grand Rapids) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,219 |
Land | 4,034 |
Buildings and Improvements | 27,621 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Mesquite, TX (Dallas) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 27,350 |
Land | 6,248 |
Buildings and Improvements | 43,632 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Aiken, SC (Augusta, GA) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 12,861 |
Land | 1,362 |
Buildings and Improvements | 19,678 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Homestead, FL (Miami) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 20,616 |
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 | 4,692 |
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 | 22,067 |
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 | 10,247 |
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 | 10,809 |
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 | 12,222 |
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 | 17,369 |
Land | 1,618 |
Buildings and Improvements | 28,260 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Savannah, GA (Shaw) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 28,324 |
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 | 17,219 |
Land | 3,120 |
Buildings and Improvements | 26,855 |
Capitalization Subsequent to Acquisition | 306 |
Industrial Property [Member] | Mobile, AL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,728 |
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 | 26,794 |
Land | 7,103 |
Buildings and Improvements | 39,473 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Braselton, GA (Atlanta) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 35,856 |
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 | 49,955 |
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 | 16,001 |
Land | 3,441 |
Buildings and Improvements | 24,091 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Lafayette, IN [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 16,101 |
Land | 2,802 |
Buildings and Improvements | 22,277 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Greenwood (Indianapolis), IN (Amazon) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 50,855 |
Land | 4,839 |
Buildings and Improvements | 74,525 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Lancaster, OH (Columbus) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,091 |
Land | 959 |
Buildings and Improvements | 16,599 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Whitsett, NC (Greensboro) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 29,902 |
Land | 2,735 |
Buildings and Improvements | 43,976 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Ogden, UT (Salt Lake City) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 8,251 |
Land | 1,287 |
Buildings and Improvements | 11,380 |
Capitalization Subsequent to Acquisition | 0 |
Industrial Property [Member] | Oklahoma City, OK (Amazon II) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 9,750 |
Land | 1,378 |
Buildings and Improvements | 13,584 |
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 | 2,468 |
Vacant Land [Member] | Shelby County, TN [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 | 807,371 |
Land | 250,497 |
Buildings and Improvements | 1,662,787 |
Capitalization Subsequent to Acquisition | $ 130,580 |
REAL ESTATE AND ACCUMULATED GRO
REAL ESTATE AND ACCUMULATED GROSS DEPRECIATION (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Industrial Property [Member] | Monaca, PA (Pittsburgh) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | $ 402 |
Building & Improvements | 7,551 |
Total | 7,953 |
Industrial Property [Member] | Ridgeland, MS (Jackson) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 218 |
Building & Improvements | 2,519 |
Total | 2,737 |
Industrial Property [Member] | Urbandale, IA (Des Moines) [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, MS (Jackson) [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, MO (St. Louis) [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, IL (Chicago) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,040 |
Building & Improvements | 4,407 |
Total | 5,447 |
Industrial Property [Member] | Burr Ridge, IL (Chicago) [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, MI (Detroit) [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, MO (Kansas City) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 724 |
Building & Improvements | 7,075 |
Total | 7,799 |
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., OH (Cincinnati) [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, VA (Richmond) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,160 |
Building & Improvements | 6,667 |
Total | 7,827 |
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 | 12,598 |
Total | 13,398 |
Industrial Property [Member] | Newington, CT (Hartford) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 410 |
Building & Improvements | 3,097 |
Total | 3,507 |
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, MD (Washington, DC) [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, NJ (New York, NY) [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, IL (St. Louis, MO) [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 | 6,284 |
Total | 7,264 |
Industrial Property [Member] | Elgin, IL (Chicago) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,280 |
Building & Improvements | 5,902 |
Total | 7,182 |
Industrial Property [Member] | Cheektowaga, NY (Buffalo) [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, AZ (Phoenix) [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 | 6,098 |
Total | 7,283 |
Industrial Property [Member] | Wheeling, IL (Chicago) [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 | 4,644 |
Total | 5,090 |
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 | 14,745 |
Total | 19,745 |
Industrial Property [Member] | Montgomery, IL (Chicago) [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 | 5,224 |
Total | 6,374 |
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 | 13,334 |
Total | 14,463 |
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 | 8,373 |
Total | 9,303 |
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, OH (Cleveland) [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 | 5,071 |
Total | 7,901 |
Industrial Property [Member] | Griffin, GA (Atlanta) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 760 |
Building & Improvements | 14,322 |
Total | 15,082 |
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 | 18,291 |
Total | 22,941 |
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 | 5,069 |
Total | 5,369 |
Industrial Property [Member] | Bedford Heights, OH (Cleveland) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 990 |
Building & Improvements | 6,314 |
Total | 7,304 |
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 | 6,610 |
Total | 8,810 |
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 | 14,858 |
Total | 16,093 |
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 | 6,530 |
Total | 8,191 |
Industrial Property [Member] | Carrollton, TX (Dallas) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,500 |
Building & Improvements | 16,995 |
Total | 18,495 |
Industrial Property [Member] | Ft. Mill, SC (Charlotte, NC) [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, TN (Nashville) [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, OH (Cleveland) [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, NY (Albany) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,190 |
Building & Improvements | 4,537 |
Total | 5,727 |
Industrial Property [Member] | Lebanon, OH (Cincinnati) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 240 |
Building & Improvements | 4,315 |
Total | 4,555 |
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 | 11,215 |
Total | 12,625 |
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, MI (Detroit) [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, MN (Rochester) [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, KY (Louisville) [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 | 7,823 |
Total | 9,023 |
Industrial Property [Member] | Spring, TX (Houston) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,890 |
Building & Improvements | 17,439 |
Total | 19,329 |
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, IL (St. Louis, MO) [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, TX (Tyler) [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, KY (Lexington) [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 | 24,926 |
Total | 30,926 |
Industrial Property [Member] | Monroe, OH (Cincinnati) [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 (Ulta) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,250 |
Building & Improvements | 35,515 |
Total | 37,765 |
Industrial Property [Member] | Ft. Worth, TX (Dallas) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 8,200 |
Building & Improvements | 27,419 |
Total | 35,619 |
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, NC (Charlotte) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 4,305 |
Building & Improvements | 28,749 |
Total | 33,054 |
Industrial Property [Member] | Covington, LA (New Orleans) [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, PA (Pittsburgh) [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 | 22,371 |
Total | 30,371 |
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, FL (Orlando) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 7,060 |
Building & Improvements | 31,025 |
Total | 38,085 |
Industrial Property [Member] | Olathe, KS (Kansas City) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,350 |
Building & Improvements | 29,476 |
Total | 31,826 |
Industrial Property [Member] | Hamburg, NY (Buffalo) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,700 |
Building & Improvements | 33,432 |
Total | 35,132 |
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 | 19,198 |
Total | 21,684 |
Industrial Property [Member] | Walker, MI (Grand Rapids) [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, TX (Dallas) [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, SC (Augusta, GA) [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, FL (Miami) [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 (Shaw) [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 | 27,161 |
Total | 30,281 |
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, GA (Atlanta) [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 |
Industrial Property [Member] | Greenwood (Indianapolis), IN (Amazon) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 4,839 |
Building & Improvements | 74,525 |
Total | 79,364 |
Industrial Property [Member] | Lancaster, OH (Columbus) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 959 |
Building & Improvements | 16,599 |
Total | 17,558 |
Industrial Property [Member] | Whitsett, NC (Greensboro) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 2,735 |
Building & Improvements | 43,976 |
Total | 46,711 |
Industrial Property [Member] | Ogden, UT (Salt Lake City) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,287 |
Building & Improvements | 11,380 |
Total | 12,667 |
Industrial Property [Member] | Oklahoma City, OK (Amazon II) [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Land | 1,378 |
Building & Improvements | 13,584 |
Total | 14,962 |
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 | 3,105 |
Total | 3,139 |
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 | 250,497 |
Building & Improvements | 1,793,367 |
Total | $ 2,043,864 |
SCHEDULE OF ACCUMULATED DEPRECI
SCHEDULE OF ACCUMULATED DEPRECIATION LIFE (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 296,020 | $ 249,584 | $ 207,065 | $ 171,086 |
Industrial Property [Member] | Monaca, PA (Pittsburgh) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,481 | |||
Date of Construction | 1977 | |||
Date Acquired | 1977 | |||
Industrial Property [Member] | Ridgeland, MS (Jackson) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,465 | |||
Date of Construction | 1988 | |||
Date Acquired | 1993 | |||
Industrial Property [Member] | Urbandale, IA (Des Moines) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,377 | |||
Date of Construction | 1985 | |||
Date Acquired | 1994 | |||
Industrial Property [Member] | Richland, MS (Jackson) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,129 | |||
Date of Construction | 1986 | |||
Date Acquired | 1994 | |||
Industrial Property [Member] | O'Fallon, MO (St. Louis) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,614 | |||
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 | $ 3,397 | |||
Date of Construction | 1996 | |||
Date Acquired | 1997 | |||
Industrial Property [Member] | Schaumburg, IL (Chicago) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,534 | |||
Date of Construction | 1997 | |||
Date Acquired | 1997 | |||
Industrial Property [Member] | Burr Ridge, IL (Chicago) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 822 | |||
Date of Construction | 1997 | |||
Date Acquired | 1997 | |||
Industrial Property [Member] | Romulus, MI (Detroit) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,329 | |||
Date of Construction | 1998 | |||
Date Acquired | 1998 | |||
Industrial Property [Member] | Liberty, MO (Kansas City) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,904 | |||
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 | $ 2,609 | |||
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 | $ 1,801 | |||
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 | $ 2,979 | |||
Date of Construction | 1998 | |||
Date Acquired | 1999 | |||
Industrial Property [Member] | West Chester Twp., OH (Cincinnati) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,663 | |||
Date of Construction | 1999 | |||
Date Acquired | 2000 | |||
Industrial Property [Member] | Mechanicsville, VA (Richmond) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,375 | |||
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 | $ 6,158 | |||
Date of Construction | 2000 | |||
Date Acquired | 2001 | |||
Industrial Property [Member] | Newington, CT (Hartford) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,553 | |||
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 | $ 3,812 | |||
Date of Construction | 2001 | |||
Date Acquired | 2001 | |||
Industrial Property [Member] | Beltsville, MD (Washington, DC) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 4,748 | |||
Date of Construction | 2000 | |||
Date Acquired | 2001 | |||
Industrial Property [Member] | Carlstadt, NJ (New York, NY) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,229 | |||
Date of Construction | 1977 | |||
Date Acquired | 2001 | |||
Industrial Property [Member] | Granite City, IL (St. Louis, MO) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 5,895 | |||
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 | $ 3,057 | |||
Date of Construction | 2001 | |||
Date Acquired | 2002 | |||
Industrial Property [Member] | Elgin, IL (Chicago) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,791 | |||
Date of Construction | 2002 | |||
Date Acquired | 2002 | |||
Industrial Property [Member] | Cheektowaga, NY (Buffalo) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,170 | |||
Date of Construction | 2000 | |||
Date Acquired | 2002 | |||
Industrial Property [Member] | Tolleson, AZ (Phoenix) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 7,167 | |||
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 | $ 2,847 | |||
Date of Construction | 2002 | |||
Date Acquired | 2003 | |||
Industrial Property [Member] | Wheeling, IL (Chicago) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 5,210 | |||
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 | $ 1,794 | |||
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 | $ 5,680 | |||
Date of Construction | 2004 | |||
Date Acquired | 2004 | |||
Industrial Property [Member] | Montgomery, IL (Chicago) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,245 | |||
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 | $ 1,973 | |||
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 | $ 5,256 | |||
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 | $ 2,513 | |||
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 | $ 1,756 | |||
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 | $ 1,347 | |||
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 | $ 1,562 | |||
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 | $ 558 | |||
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 | $ 676 | |||
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 | $ 2,512 | |||
Date of Construction | 2005 | |||
Date Acquired | 2006 | |||
Industrial Property [Member] | Richfield, OH (Cleveland) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,800 | |||
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 | $ 1,824 | |||
Date of Construction | 2006 | |||
Date Acquired | 2006 | |||
Industrial Property [Member] | Griffin, GA (Atlanta) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 5,338 | |||
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 | $ 2,092 | |||
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 | $ 5,430 | |||
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 | $ 1,678 | |||
Date of Construction | 2002 | |||
Date Acquired | 2007 | |||
Industrial Property [Member] | Bedford Heights, OH (Cleveland) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,310 | |||
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 | $ 1,286 | |||
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 | $ 3,403 | |||
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 | $ 2,212 | |||
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 | $ 1,085 | |||
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 | $ 3,787 | |||
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 | $ 1,825 | |||
Date of Construction | 2005 | |||
Date Acquired | 2010 | |||
Industrial Property [Member] | Carrollton, TX (Dallas) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 4,442 | |||
Date of Construction | 2009 | |||
Date Acquired | 2010 | |||
Industrial Property [Member] | Ft. Mill, SC (Charlotte, NC) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,434 | |||
Date of Construction | 2009 | |||
Date Acquired | 2010 | |||
Industrial Property [Member] | Lebanon, TN (Nashville) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,766 | |||
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 | $ 1,091 | |||
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 | $ 2,040 | |||
Date of Construction | 2011 | |||
Date Acquired | 2011 | |||
Industrial Property [Member] | Streetsboro, OH (Cleveland) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,888 | |||
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 | $ 1,049 | |||
Date of Construction | 2012 | |||
Date Acquired | 2012 | |||
Industrial Property [Member] | Halfmoon, NY (Albany) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 945 | |||
Date of Construction | 2012 | |||
Date Acquired | 2012 | |||
Industrial Property [Member] | Lebanon, OH (Cincinnati) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 933 | |||
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 | $ 2,909 | |||
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 | $ 2,185 | |||
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 | $ 2,075 | |||
Date of Construction | 2012 | |||
Date Acquired | 2012 | |||
Industrial Property [Member] | Livonia, MI (Detroit) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,767 | |||
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 | $ 5,813 | |||
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 | $ 1,582 | |||
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 | $ 1,072 | |||
Date of Construction | 2013 | |||
Date Acquired | 2013 | |||
Industrial Property [Member] | Stewartville, MN (Rochester) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 777 | |||
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 | $ 553 | |||
Date of Construction | 2009 | |||
Date Acquired | 2014 | |||
Industrial Property [Member] | Buckner, KY (Louisville) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 4,397 | |||
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 | $ 2,831 | |||
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 | $ 1,392 | |||
Date of Construction | 2014 | |||
Date Acquired | 2014 | |||
Industrial Property [Member] | Spring, TX (Houston) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,979 | |||
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 | $ 3,420 | |||
Date of Construction | 2014 | |||
Date Acquired | 2014 | |||
Industrial Property [Member] | Sauget, IL (St. Louis, MO) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,050 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Lindale, TX (Tyler) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,456 | |||
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 | $ 1,408 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Frankfort, KY (Lexington) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,911 | |||
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 | $ 3,633 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Monroe, OH (Cincinnati) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,945 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Greenwood (Indianapolis), IN (Ulta) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 4,906 | |||
Date of Construction | 2015 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Ft. Worth, TX (Dallas) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,627 | |||
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 | $ 776 | |||
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 | $ 711 | |||
Date of Construction | 2012 | |||
Date Acquired | 2015 | |||
Industrial Property [Member] | Concord, NC (Charlotte) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 4,002 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Covington, LA (New Orleans) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,947 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Imperial, PA (Pittsburgh) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,912 | |||
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 | $ 2,572 | |||
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 | $ 3,027 | |||
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 | $ 1,079 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Davenport, FL (Orlando) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,286 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Olathe, KS (Kansas City) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,140 | |||
Date of Construction | 2016 | |||
Date Acquired | 2016 | |||
Industrial Property [Member] | Hamburg, NY (Buffalo) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,436 | |||
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 | $ 1,821 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Walker, MI (Grand Rapids) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,479 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Mesquite, TX (Dallas) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,636 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Aiken, SC (Augusta, GA) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,639 | |||
Date of Construction | 2017 | |||
Date Acquired | 2017 | |||
Industrial Property [Member] | Homestead, FL (Miami) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,795 | |||
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 | $ 657 | |||
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 | $ 2,902 | |||
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 | $ 1,449 | |||
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 | $ 1,346 | |||
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 | $ 1,265 | |||
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 | $ 2,052 | |||
Date of Construction | 2018 | |||
Date Acquired | 2018 | |||
Industrial Property [Member] | Savannah, GA (Shaw) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 3,530 | |||
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 | $ 1,730 | |||
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 | $ 1,763 | |||
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 | $ 2,193 | |||
Date of Construction | 2018 | |||
Date Acquired | 2018 | |||
Industrial Property [Member] | Braselton, GA (Atlanta) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 2,471 | |||
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 | $ 3,880 | |||
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 | $ 1,133 | |||
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 | $ 667 | |||
Date of Construction | 2019 | |||
Date Acquired | 2019 | |||
Industrial Property [Member] | Greenwood (Indianapolis), IN (Amazon) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,911 | |||
Date of Construction | 2020 | |||
Date Acquired | 2020 | |||
Industrial Property [Member] | Lancaster, OH (Columbus) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 213 | |||
Date of Construction | 2020 | |||
Date Acquired | 2020 | |||
Industrial Property [Member] | Whitsett, NC (Greensboro) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 376 | |||
Date of Construction | 2020 | |||
Date Acquired | 2020 | |||
Industrial Property [Member] | Ogden, UT (Salt Lake City) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 97 | |||
Date of Construction | 2020 | |||
Date Acquired | 2020 | |||
Industrial Property [Member] | Oklahoma City, OK (Amazon II) [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 14 | |||
Date of Construction | 2020 | |||
Date Acquired | 2020 | |||
Shopping Center [Member] | Somerset, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | $ 1,779 | |||
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 | $ 296,020 |
SCHEDULE OF REAL ESTATE INVES_2
SCHEDULE OF REAL ESTATE INVESTMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance-Beginning of Year | $ 1,866,518 | $ 1,719,578 | $ 1,431,916 |
Acquisitions | 171,262 | 136,598 | 277,253 |
Improvements | 6,084 | 10,342 | 10,409 |
Total Additions | 177,346 | 146,940 | 287,662 |
Sales | 0 | 0 | 0 |
Total Deletions | 0 | 0 | 0 |
Balance-End of Year | $ 2,043,864 | $ 1,866,518 | $ 1,719,578 |
SCHEDULE OF ACCUMULATED DEPRE_2
SCHEDULE OF ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance-Beginning of Year | $ 249,584 | $ 207,065 | $ 171,086 |
Depreciation | 46,436 | 42,519 | 36,018 |
Sales | 0 | 0 | (39) |
Balance-End of Year | $ 296,020 | $ 249,584 | $ 207,065 |
RECONCILIATION OF REAL ESTATE A
RECONCILIATION OF REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Balance-Beginning of Year | $ 1,866,518 | $ 1,719,578 | $ 1,431,916 |
Total Additions | 177,346 | 146,940 | 287,662 |
Total Disposals | 0 | 0 | 0 |
Balance-End of Year | 2,043,864 | 1,866,518 | 1,719,578 |
Monaca, PA (Pittsburgh) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 42 | 0 | 25 |
Ridgeland, MS (Jackson) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 425 | 426 | 27 |
Urbandale, IA (Des Moines) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 20 | 267 |
Richland, MS (Jackson) [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, MO (St. Louis) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 4 | 0 |
Fayetteville, NC [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 4 | 0 |
Schaumburg, IL (Chicago) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 269 | 0 | 0 |
Burr Ridge, IL (Chicago) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 14 | 0 |
Romulus, MI (Detroit) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 217 | 65 |
Liberty, MO (Kansas City) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 262 | 137 | 0 |
Omaha, NE [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 19 | 0 |
Charlottesville, VA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 6 | 99 |
Jacksonville, FL (FDX) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 187 | 67 |
West Chester Twp., OH (Cincinnati) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Mechanicsville, VA (Richmond) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 21 | 14 | 7 |
St. Joseph, MO [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 10 | 25 | 74 |
Newington, CT (Hartford) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 13 | 0 | 0 |
Cudahy (Milwaukee), WI [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 41 | 384 |
Beltsville, MD (Washington, DC) [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 | 0 | 354 | 39 |
Granite City, IL (St. Louis, MO) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Winston-Salem, NC. [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 17 | 0 | 8 |
Elgin, IL (Chicago) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 204 | 0 | 0 |
Cheektowaga, NY (Buffalo) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Tolleson, AZ (Phoenix) [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 Tire) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 50 | 0 | 0 |
Wheeling, IL (Chicago) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 10 | 445 |
Richmond, VA [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 184 | 138 | 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 | 44 | 0 | 5 |
Montgomery, IL (Chicago) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 5 |
Denver, CO [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 10 | 10 | 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 | 447 | 606 | 36 |
Hanahan (Charleston), SC (Amazon) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 1,613 | 75 | 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 | 0 |
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 | 0 |
Augusta, GA (FDX) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 6 | 0 |
Lakeland, FL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 61 |
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, OH (Cleveland) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 12 |
Tampa, FL (FDX) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 36 | 8 | 237 |
Griffin, GA (Atlanta) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 7 | 142 | 65 |
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 | 0 | 58 |
Orion, MI [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 51 | 0 | 4 |
Chattanooga, TN [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 20 | 210 | 122 |
Bedford Heights, OH (Cleveland) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 6 | 378 | 0 |
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 | 0 |
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 | 36 | 0 | 220 |
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 | (21) | 1,499 | (7) |
Houston, TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 28 | 0 | 15 |
Carrollton, TX (Dallas) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 548 | 128 | 0 |
Ft. Mill, SC (Charlotte, NC) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | (10) | 1,661 |
Lebanon, TN (Nashville) [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 | 0 |
Streetsboro, OH (Cleveland) [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 | 0 | 36 |
Halfmoon, NY (Albany) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 202 | 0 | 0 |
Lebanon, OH (Cincinnati) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 102 | 0 | 0 |
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.) [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 | 19 | 21 | 0 |
Waco, TX [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Livonia, MI (Detroit) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 118 | 0 |
Olive Branch (Memphis, TN), MS (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, MN (Rochester) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 4 | 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, KY (Louisville) [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 (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) | 4 | 14 |
Spring, TX (Houston) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 12 | 22 | 11 |
Indianapolis, IN [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 498 |
Sauget, IL (St. Louis, MO) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Lindale, TX (Tyler) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 29 |
Kansas City, MO [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 23 | 329 |
Frankfort, KY (Lexington) [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 | 99 | 91 | 4 |
Monroe, OH (Cincinnati) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 4,052 | 4,588 |
Greenwood (Indianapolis), IN (Ulta) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 253 | 0 | 0 |
Ft. Worth, TX (Dallas) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 287 | 32 | 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 (Collins Aerospace Systems) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Concord, NC (Charlotte) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 9 | 0 | 0 |
Covington, LA (New Orleans) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 16 | 0 |
Imperial, PA (Pittsburgh) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 14 | 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 | 49 | 92 | 0 |
Colorado Springs, CO [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 820 |
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, FL (Orlando) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 304 | 0 | 0 |
Olathe, KS (Kansas City) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 89 | 0 | 0 |
Hamburg, NY (Buffalo) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 38 | 244 | 0 |
Ft. Myers, FL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 21 | 0 | 41 |
Walker, MI (Grand Rapids) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Mesquite, TX (Dallas) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Aiken, SC (Augusta, GA) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Homestead, FL (Miami) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 38 | 0 |
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 | 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 | 0 |
Kenton, OH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 849 | 0 |
Stow, OH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 0 |
Charleston, SC (FDX) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 21,519 |
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 | 0 | 29,879 |
Savannah, GA (Shaw) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 56,026 |
Daytona Beach, FL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 272 | 35 | 29,973 |
Mobile, AL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 33,052 |
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 | 0 | 46,576 |
Braselton, GA (Atlanta) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 0 | 60,227 |
Trenton, NJ [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 83,988 | 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 | 0 | 27,532 | 0 |
Lafayette, IN [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 0 | 25,079 | 0 |
Greenwood (Indianapolis), IN (Amazon) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 79,364 | 0 | 0 |
Lancaster, OH (Columbus) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 17,558 | 0 | 0 |
Whitsett, NC (Greensboro) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 46,711 | 0 | 0 |
Ogden, UT (Salt Lake City) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 12,667 | 0 | 0 |
Oklahoma City, OK (Amazon II) [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
Total Additions | 14,963 | 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 | $ 9 | $ 18 | $ 39 |