11. FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS:

The following disclosure of estimated fair value was determined by the Company using available market information and appropriate valuation methods. Considerable judgment is necessary to develop estimates of fair value. The estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.

The Company estimates the fair value of its financial instruments using the following methods and assumptions: (i) quoted market prices, when available, are used to estimate the fair value of investments in marketable debt and equity securities; (ii) discounted cash flow analyses are used to estimate the fair value of long-term debt, using the Company's estimate of current interest rates for similar debt; and (iii) carrying amounts in the balance sheet approximate fair value for cash and cash equivalents and tenant security deposits due to their high liquidity.

	July 31, 2013
	Carrying		Fair
	Value		Value
Cash and cash equivalents	$	664,718	$	664,718
Marketable securities	$	2,459,599	$	2,459,599
Security deposits payable	$	837,684	$	837,684
Mortgages, note and term loan payable	$	6,591,597	$	7,883,952

Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities and cash and cash equivalents. Marketable securities and cash and cash equivalents are placed with multiple financial institutions and instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk.

Other assets subject to credit risk include receivables and unbilled receivables. The Company derived rental income from fifty tenants, of which one tenant accounted for 20.19% and another tenant accounted for 16.01% of rental income during the year ended July 31, 2013. No other tenant accounted for more than 10% of rental income during the year ended July 31, 2013. Of the receivables recorded at July 31, 2013, one tenant accounted for 31.80% of the receivables due to a restructuring of the payments due on leases and two other tenants accounted for 19.00% and 10.60% of the receivables, respectively. Of the unbilled receivables, one tenant accounted for 27.74% and another tenant accounted for 22.38% of the balance at July 31, 2013. No other tenants accounted for 10% of billed receivables, unbilled receivables, or combined billed and unbilled receivables. Write-offs of unbilled receivables, primarily due to restructuring of leases, were $324,536 for 2013, $5,103 for 2012 and $0 for 2011.

The Company has one irrevocable letter of credit totaling $230,000 at July 31, 2013 and 2012 provided by one tenant.