Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2016 | May. 12, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | SECURITY LAND & DEVELOPMENT CORP | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Entity Central Index Key | 88,572 | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 5,243,107 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
CURRENT ASSETS | ||
Cash | $ 607,058 | $ 412,847 |
Receivables from tenants, net of allowance of $52,255 at both March 31, 2016 and September 30, 2015 | $ 311,650 | 386,469 |
Prepaid property taxes | 23,251 | |
Income taxes receivable | 14,263 | |
Total current assets | $ 918,708 | 836,830 |
INVESTMENT PROPERTIES | ||
Investment properties for lease, net of accumulated depreciation | 6,996,784 | 7,075,175 |
Land and improvements held for investment or development | 3,785,618 | 3,752,863 |
Total investment properties | 10,782,402 | 10,828,038 |
OTHER ASSETS | 74,490 | 79,353 |
Total Assets | 11,775,600 | 11,744,221 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 172,254 | $ 282,769 |
Income taxes payable | 86,286 | |
Current maturities of notes payable | 245,051 | $ 239,168 |
Total current liabilities | 503,591 | 521,937 |
LONG-TERM LIABILITIES | ||
Notes payable, less current portion | 2,901,753 | 3,025,458 |
Deferred income taxes | 1,422,079 | 1,413,187 |
Total long-term liabilities | 4,323,832 | 4,438,645 |
Total liabilities | 4,827,423 | 4,960,582 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $.10 per share; 30,000,000 shares authorized; 5,243,107 shares issued and outstanding | 524,311 | 524,311 |
Additional paid-in capital | 333,216 | 333,216 |
Retained earnings | 6,090,650 | 5,926,112 |
Total Stockholders' Equity | 6,948,177 | 6,783,639 |
Liabilities and Stockholders' Equity | $ 11,775,600 | $ 11,744,221 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance on receivables from tenants | $ 52,255 | $ 52,255 |
Common Stock, Par Value | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, shares issued | 5,243,107 | 5,243,107 |
Common Stock, shares outstanding | 5,243,107 | 5,243,107 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING REVENUES | ||||
Rent revenues | $ 419,998 | $ 383,653 | $ 830,358 | $ 764,925 |
OPERATING EXPENSES | ||||
Depreciation and amortization | 49,054 | 42,309 | 98,110 | 84,620 |
Property taxes | 68,199 | 69,228 | 132,678 | 133,650 |
Payroll and related costs | 29,295 | 20,222 | 113,926 | 42,093 |
Insurance and utilities | 16,600 | 8,677 | 27,567 | 17,448 |
Repairs and maintenance | 14,276 | 7,377 | 21,906 | 23,501 |
Professional services | $ 18,750 | $ 18,000 | $ 48,878 | 42,944 |
Bad debt | 2,814 | |||
Penalties | $ 7,026 | 11,544 | ||
Other | $ 1,879 | 728 | $ 5,781 | 2,442 |
Total operating expenses | 198,053 | 173,567 | 448,846 | 361,056 |
Operating income | 221,945 | 210,086 | 381,512 | 403,869 |
OTHER INCOME (EXPENSE) | ||||
Interest expense | $ (39,810) | $ (46,426) | (80,338) | $ (91,313) |
Other Income | 7,616 | |||
Total other income (expense) | $ (39,810) | $ (46,426) | (72,722) | $ (91,313) |
Income before income taxes | 182,135 | 163,660 | 308,790 | 312,556 |
INCOME TAXES PROVISION (BENEFIT) | ||||
Income tax expense | 77,544 | 69,723 | 135,360 | 129,740 |
Income tax deferred (benefit) expense | (7,611) | (3,494) | 8,892 | (6,991) |
Total income taxes provision (benefit) | 69,933 | 66,229 | 144,252 | 122,749 |
Net income | 112,202 | 97,431 | 164,538 | 189,807 |
RETAINED EARNINGS, BEGINNING OF PERIOD | 5,978,448 | 4,526,349 | 5,926,112 | 4,433,973 |
RETAINED EARNINGS, END OF PERIOD | $ 6,090,650 | $ 4,623,780 | $ 6,090,650 | $ 4,623,780 |
PER SHARE DATA | ||||
Net income per common share | $ 0.02 | $ 0.02 | $ 0.03 | $ 0.04 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES | ||||
Net income | $ 112,202 | $ 97,431 | $ 164,538 | $ 189,807 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 49,054 | 42,309 | 98,110 | 84,620 |
Deferred income tax | (7,611) | (3,494) | 8,892 | (6,991) |
Changes in deferred and accrued amounts | (17,084) | (188,600) | 88,104 | (194,496) |
Net cash provided by (used in) operating activities | $ 136,561 | (52,354) | $ 359,644 | 72,940 |
INVESTING ACTIVITIES | ||||
Sale of investment properties and other assets for improvements to property held for lease | 11,250 | 11,250 | ||
Additions to investment properties and other assets for improvements to property held for lease | $ (39,906) | (11,949) | $ (47,611) | (11,949) |
Net cash used in investing activities | $ (39,906) | (699) | $ (47,611) | (699) |
FINANCING ACTIVITIES | ||||
Repayments to stockholder | (50,433) | (50,433) | ||
Proceeds from note payable | 1,500,000 | 1,500,000 | ||
Principal payments on notes payable | $ (59,268) | (962,485) | $ (117,822) | (1,123,479) |
Net cash (used in) provided by financing activities | (59,268) | 487,082 | (117,822) | 326,088 |
Net increase in cash | 37,387 | 434,029 | 194,211 | 398,329 |
CASH, BEGINNING OF PERIOD | 569,671 | 30,282 | 412,847 | 65,982 |
CASH, END OF PERIOD | 607,058 | 464,311 | 607,058 | 464,311 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||
Cash paid for interest | 39,817 | 46,815 | 80,610 | 90,204 |
Cash paid for income taxes | $ 34,326 | $ 188,241 | $ 34,811 | $ 226,143 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q, Article 8 of Regulation S-X and accounting principles generally accepted in the United States of America; therefore, they do not include all disclosures necessary for a complete presentation of financial condition, results of operations, and cash flows. Such statements are unaudited but, in the opinion of management, reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of results for the selected interim periods. Users of financial information produced for interim periods are encouraged to refer to the footnotes contained in the audited financial statements appearing in our Form 10-K for the year ended September 30, 2015 when reviewing these interim financial statements. The financial statements include estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The consolidated financial statements include the accounts of Security Land and Development Corporation and its four wholly owned subsidiaries, Royal Palms Motel, Inc., SLDC, LLC, SLDC 2, LLC and SLDC III, LLC (described on a consolidated basis as the Company). Significant intercompany transactions and accounts are eliminated in consolidation. Critical Accounting Policies: Estimates of Useful Lives of Investment Properties for Purposes of Depreciation Management has estimated useful lives of investment properties, except for land, that is leased, and the Company utilizes the straight-line method to compute depreciation over the estimated useful lives of the investment properties. Actual depreciation of investment properties will vary from managements estimates, and the value of investment properties is more directly impacted by market conditions and the physical condition of the investment properties. Evaluation of Long-Lived Assets for Impairment The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of investment properties may not be recoverable. In evaluating recoverability, the Company generally estimates future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when the expected future cash flows of the asset are less than its carrying amount. Estimates of Income Tax Rates Applicable to Deferred Taxes The Company has deferred income taxes through a series of tax-deferred like-kind exchange transactions on certain investment properties and through accelerated depreciation elections on certain other assets. Actual income taxes that may become due when taxable gains are realized on the sale of assets may differ from managements estimates as a result of changes in tax laws, the tax status of the Company, or the actual taxable earnings of the Company in the periods the deferred income taxes become due. Refer to the Companys Form 10-K for the year ended September 30, 2015 for further information regarding its critical accounting policies. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, The new standard is effective for reporting periods beginning after December 15, 2017 and early adoption is not permitted. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. The Company is currently evaluating the impacts of adoption and the implementation approach to be used. In November 2015, the FASB amended the Income Taxes topic of the Accounting Standards Codification to simplify the presentation of deferred income taxes. Under the amended guidance, deferred tax liabilities and assets are required to be classified as noncurrent in a classified statement of financial position. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption permitted as of the beginning of an interim or annual reporting period. The Company has not yet adopted the amended guidance. The Company is currently evaluating the impact of adoption. In February 2016, the FASB issued new guidance to change accounting for leases and that will generally require most leases to be recognized on the balance sheet. The new lease standard only contains targeted changes to accounting by lessors, however, lessees will be required to recognize most leases in their balance sheets as lease liabilities for lease payments and right-of-use assets representing the lessees rights to use the underlying assets for the lease terms for lease arrangement longer than 12 months. Under this approach, a lessee will account for most existing capita/finance leases as Type A leases and most existing operating leases as Type B leases. Type A and Type B leases have unique accounting and disclosure requirements. Existing sale-leaseback guidance, including guidance for real estate, will be replaced with a new model applicable to both lessees and lessors. The new guidance will be effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Early adoption is permitted for all companies and organizations. Management is currently analyzing the impact of the adoption of this guidance on the companys consolidated financial statements, including assessing changes that might be necessary to information technology system, processes and internal controls to capture new data and address changes in financial reporting. |
Investment Properties
Investment Properties | 6 Months Ended |
Mar. 31, 2016 | |
INVESTMENT PROPERTIES | |
Investment Properties | Note 2 Investment Properties Investment properties leased or held for lease to others under operating leases consisted of the following at March 31, 2016 and September 30, 2015: March 31, 2016 September 30, 2015 (unaudited) National Plaza building, land and improvements $ 5,320,274 $ 5,305,419 ) Evans Ground Lease, land and improvements 2,382,673 2,382,673 Wrightsboro Road Building, land and improvements 1,905,875 1,905,875 Commercial land and improvements 3,785,619 3,752,863 13,394,441 13,346,830 Less accumulated depreciation (2,612,039 ) (2,518,792 ) Investment properties for lease, net of depreciation $ 10,782,402 $ 10,828,038 Depreciation expense totaled approximately $45,000 and $40,000 for the three-month periods ended March 31, 2016 and 2015, respectively and approximately $93,000 and $80,000 for the six-month periods ended March 31, 2016 and 2015, respectively. National Plaza is a retail strip center located on Washington Road in Augusta Georgia. Approximately 81% of the rentable space at the National Plaza is leased to Publix Supermarkets, Inc., the National Plazas anchor tenant. The Company entered into a long-term ground lease with a major national tenant and its developer in May 2006 on approximately 18 acres of land in Columbia County, Georgia. The agreement required monthly rental payments of $20,833 during the development period, which was completed in January 2007. Following the expiration of the development period, the lease required annual rental payments of $500,000 for the first 5 years then increasing 5% in years 6, 11, and 16. The lessee has an option to renew at year 21 and another option every 5 years thereafter for a possible total lease term of 50 years. The lease provides for the tenant to pay for insurance and property taxes. The Company is recognizing rents on a straight-line basis over the lease term. In September of 2015 the Company purchased a commercial building consisting of approximately 25,000 square feet of retail space and 27,000 square feet of warehouse space on approximately 3.5 acres of land located on Wrightsboro Road. The retail space is currently leased to a local retailer and rent commenced on October 1, 2015. The related lease term is 10 years with annual rental payments totaling $142,000, paid monthly, increasing to $153,000 per year at year 6. The warehouse space was available for lease as of September 30, 2015. The Company is recognizing rents on a straight-line basis over the lease term. The Company holds several parcels of land for investment or development purposes, including 19.38 acres of land in North Augusta, South Carolina, purchased in parcels during 2007 and 2008. The Company also owns approximately 85 acres of land in south Richmond County, Georgia and a 1.1 acre parcel along Washington Road in Augusta, Georgia that adjoins the Companys National Plaza investment property. The aggregate costs of these investment properties held for investment or development was $3,785,618 and $3,752,863 at March 31, 2016 and September 30, 2015, respectively. Refer to the Companys Form 10-K for the year ended September 30, 2015 for further information on operating lease agreements and land held for investment or development purposes. |
Notes Payable
Notes Payable | 6 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 3 Notes Payable Notes payable consisted of the following at: March 31, 2016 September 30, 2015 (unaudited) A note payable to an insurance company collateralized with approximately 18 acres of land in Columbia County, Georgia, and an assignment of the long-term ground lease. The note is payable in monthly installments of $17,896, including principal and interest, through May 1, 2027, and bears interest at a fixed rate of 5.85%. 1,757,672 1,812,690 A note payable to a regional financial institution, secured with a mortgage interest in National Plaza and an assignment of rents. The note is payable in monthly installments of $15,220, including principal and interest, through April 2025, and bears interest at a fixed rate of 4%. The proceeds were used to pay the Companys outstanding income tax liability, four notes payable collateralized by the Companys land held for lease and investment portfolio and one uncollateralized note payable to a shareholder. The proceeds were also used to fund improvements at National Plaza. 1,389,132 1,451,936 3,146,804 3,264,626 Less current maturities (245,051) (239,168) $ 2,901,753 $ 3,025,458 Management of the Company expects future liquidity needs of the Company to be funded from rent revenues, refinancing and the appreciation in investment properties (which can be sold or mortgaged, if necessary). Current maturities of notes payable will require the Company to make payments over the next 12 months totaling $245,051. The Company projects that it will be able to fund the payment of its current maturities of notes payable through cash flows generated from its operations and cash on hand, but there can be no assurance that this will occur. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 4 Income Taxes At September 30, 2015 the Company had income taxes receivable of $14,263 related to the fiscal year 2015. As of March 31, 2016 the Companys outstanding income taxes payable is $86,286, all of which relates to 2016. |
Concentrations
Concentrations | 6 Months Ended |
Mar. 31, 2016 | |
Concentrations | |
Concentrations | Note 5 - Concentrations Substantially all of the Companys assets consist of real estate located in Richmond and Columbia Counties in the state of Georgia and in Aiken County, South Carolina. Substantially all of the Companys revenues are earned from three of the Companys investment properties, National Plaza, the Evans Ground Lease, and Wrightsboro Road Lease, which comprise approximately 50%, 40% and 9% of the Companys revenues, respectively. The anchor tenant for National Plaza, Publix Supermarkets, Inc. (Publix), a regional food supermarket chain, leases approximately 81% of the space at National Plaza. The Company generates approximately 35% of its revenues though its lease with Publix. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 - Related Party Transactions The Company purchases insurance from an insurance company of which a member of the Companys Board of Directors is President Emeritus. The Companys Board of Directors believes that the insurance prices obtained from such company were not in excess of prices that would have been paid had the Company obtained this insurance from other sources. The Company hired an attorney who is also a member of the Companys Board of Directors and who also serves as Vice President of the Company, to represent the Company in a legal matter regarding a tenants claim for reimbursement of certain expenses charged. The matter was settled in June 2015. |
Legal Matter
Legal Matter | 6 Months Ended |
Mar. 31, 2016 | |
Legal Matter | |
Legal Matter | Note 7 - Legal Matter In June 2015, the Company settled a legal matter regarding a tenants claim for reimbursement of certain expenses charged to the tenant by the Company. Refer to the Companys Form 10-K for the year ended September 30, 2015 for further information regarding this settlement. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimates of Useful Lives of Investment Properties for Purposes of Depreciation | Estimates of Useful Lives of Investment Properties for Purposes of Depreciation Management has estimated useful lives of investment properties, except for land, that is leased, and the Company utilizes the straight-line method to compute depreciation over the estimated useful lives of the investment properties. Actual depreciation of investment properties will vary from managements estimates, and the value of investment properties is more directly impacted by market conditions and the physical condition of the investment properties. |
Evaluation of Long-Lived Assets for Impairment | Evaluation of Long-Lived Assets for Impairment The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of investment properties may not be recoverable. In evaluating recoverability, the Company generally estimates future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when the expected future cash flows of the asset are less than its carrying amount. |
Estimates of Income Tax Rates Applicable to Deferred Taxes | Estimates of Income Tax Rates Applicable to Deferred Taxes The Company has deferred income taxes through a series of tax-deferred like-kind exchange transactions on certain investment properties and through accelerated depreciation elections on certain other assets. Actual income taxes that may become due when taxable gains are realized on the sale of assets may differ from managements estimates as a result of changes in tax laws, the tax status of the Company, or the actual taxable earnings of the Company in the periods the deferred income taxes become due. Refer to the Companys Form 10-K for the year ended September 30, 2015 for further information regarding its critical accounting policies. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, Revenue from Contracts (Topic 606). The new standard is effective for reporting periods beginning after December 15, 2017 and early adoption is not permitted. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. The Company is currently evaluating the impacts of adoption and the implementation approach to be used. In November 2015, the FASB amended the Income Taxes topic of the Accounting Standards Codification to simplify the presentation of deferred income taxes. Under the amended guidance, deferred tax liabilities and assets are required to be classified as noncurrent in a classified statement of financial position. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption permitted as of the beginning of an interim or annual reporting period. The Company has not yet adopted the amended guidance. The Company is currently evaluating the impact of adoption. In February 2016, the FASB issued new guidance to change accounting for leases and that will generally require most leases to be recognized on the balance sheet. The new lease standard only contains targeted changes to accounting by lessors, however, lessees will be required to recognize most leases in their balance sheets as lease liabilities for lease payments and right-of-use assets representing the lessees rights to use the underlying assets for the lease terms for lease arrangement longer than 12 months. Under this approach, a lessee will account for most existing capita/finance leases as Type A leases and most existing operating leases as Type B leases. Type A and Type B leases have unique accounting and disclosure requirements. Existing sale-leaseback guidance, including guidance for real estate, will be replaced with a new model applicable to both lessees and lessors. The new guidance will be effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Early adoption is permitted for all companies and organizations. Management is currently analyzing the impact of the adoption of this guidance on the companys consolidated financial statements, including assessing changes that might be necessary to information technology system, processes and internal controls to capture new data and address changes in financial reporting. |
Investment Properties (Tables)
Investment Properties (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
INVESTMENT PROPERTIES | |
Schedule of Investment properties leased or held for lease | Investment properties leased or held for lease to others under operating leases consisted of the following at March 31, 2016 and September 30, 2015: March 31, 2016 September 30, 2015 (unaudited) National Plaza building, land and improvements $ 5,320,274 $ 5,305,419 ) Evans Ground Lease, land and improvements 2,382,673 2,382,673 Wrightsboro Road Building, land and improvements 1,905,875 1,905,875 Commercial land and improvements 3,785,619 3,752,863 13,394,441 13,346,830 Less accumulated depreciation (2,612,039 ) (2,518,792 ) Investment properties for lease, net of depreciation $ 10,782,402 $ 10,828,038 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of notes payable and line of credit | Notes payable consisted of the following at: March 31, 2016 September 30, 2015 (unaudited) A note payable to an insurance company collateralized with approximately 18 acres of land in Columbia County, Georgia, and an assignment of the long-term ground lease. The note is payable in monthly installments of $17,896, including principal and interest, through May 1, 2027, and bears interest at a fixed rate of 5.85%. 1,757,672 1,812,690 A note payable to a regional financial institution, secured with a mortgage interest in National Plaza and an assignment of rents. The note is payable in monthly installments of $15,220, including principal and interest, through April 2025, and bears interest at a fixed rate of 4%. The proceeds were used to pay the Companys outstanding income tax liability, four notes payable collateralized by the Companys land held for lease and investment portfolio and one uncollateralized note payable to a shareholder. The proceeds were also used to fund improvements at National Plaza. 1,389,132 1,451,936 3,146,804 3,264,626 Less current maturities (245,051) (239,168) $ 2,901,753 $ 3,025,458 |
Investment Properties (Details)
Investment Properties (Details) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Real Estate Properties [Line Items] | ||
Investment property gross | $ 13,394,441 | $ 13,346,830 |
Less accumulated depreciation | (2,612,039) | (2,518,792) |
Investment properties for lease, net of depreciation | 10,782,402 | 10,828,038 |
National Plaza building, land and improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Investment property gross | 5,320,274 | 5,305,419 |
Evans Ground Lease, land and improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Investment property gross | 2,382,673 | 2,382,673 |
Wrightsboro Road Building, land and improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Investment property gross | 1,905,875 | 1,905,875 |
Commercial land and improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Investment property gross | $ 3,785,619 | $ 3,752,863 |
Investment Properties (Details
Investment Properties (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2015USD ($)ft²a | May. 31, 2006USD ($)a | Mar. 31, 2016USD ($)a | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)a | Mar. 31, 2015USD ($) | |
Depreciation expense | $ 45,000 | $ 40,000 | $ 93,000 | $ 80,000 | ||
Percentage of National Plaza space leased to Publix Supermarkets, Inc | 81.00% | |||||
Operating lease renewable term | 21 years | |||||
Land and improvements held for investment or development | $ 3,752,863 | $ 3,785,618 | $ 3,785,618 | |||
Retail Space [Member] | ||||||
Minimum rental payment of operating lease | $ 142,000 | |||||
Renewal period | 10 years | |||||
Purchased of commercial building | ft² | 25,000 | |||||
Increase minimum rental payment after 6 year | $ 153,000 | |||||
Warehouse Space [Member] | ||||||
Purchased of commercial building | ft² | 27,000 | |||||
Land and improvements held for investment or development, area | a | 3.5 | |||||
Washington Road In Augusta [Member] | ||||||
Land and improvements held for investment or development, area | a | 1.1 | 1.1 | ||||
North Augusta [Member] | ||||||
Land and improvements held for investment or development, area | a | 19.38 | 19.38 | ||||
South Richmond County [Member] | ||||||
Land and improvements held for investment or development, area | a | 85 | 85 | ||||
Lease Agreements [Member] | ||||||
Area of land for lease in Columbia County, Georgia | a | 18 | |||||
Monthly rental payments, development period | $ 20,833 | |||||
Annual rental payments | $ 500,000 | |||||
Annual rental payments description | First 5 years | |||||
Percentage of rent increasing in years 6, 11, and 16 | 5.00% | |||||
Renewal period | 21 years | |||||
Renewal period description | Every 5 years thereafter | |||||
Total lease term | 50 years |
Notes Payable (Details)
Notes Payable (Details) | 6 Months Ended | |
Mar. 31, 2016USD ($)a | Sep. 30, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Total notes payable | $ 3,146,804 | $ 3,264,626 |
Less current maturities | (245,051) | (239,168) |
Noncurrent notes payable | 2,901,753 | 3,025,458 |
Note payable to an insurance company collateralized in Columbia County, Georgia, and an assignment of the long-term ground lease [Member] | ||
Debt Instrument [Line Items] | ||
Total notes payable | $ 1,757,672 | 1,812,690 |
Interest rate (in percent) | 5.85% | |
Periodic monthly installments | $ 17,896 | |
Area purchased in adjoining the North Augusta, South Carolina property (in acres) | a | 18 | |
Note payable to a regional financial institution, secured with a mortgage interest in National Plaza and an assignment of rents [Member] | ||
Debt Instrument [Line Items] | ||
Total notes payable | $ 1,389,132 | $ 1,451,936 |
Interest rate (in percent) | 4.00% | |
Periodic monthly installments | $ 15,220 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Income Tax Disclosure [Abstract] | ||
Total outstanding income tax payable | $ 86,286 | |
Income Taxes Receivable | $ 14,263 |