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INTANGIBLE ASSETS
12 Months Ended
Sep. 30, 2011
Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 4 – INTANGIBLE ASSETS

 

Intangible assets consist of the estimated value of the leases in-place at acquisition for the following properties and are amortized over the remaining term of the lease:

    September 30,
2011
  September 30,
2010
         
Denver, CO   $28,162   $37,103
Hanahan, SC (Norton)   536,371   680,902
Augusta, GA (FedEx Gr)   66,533   88,053
Richfield, OH   210,868   250,717
Colorado Springs, CO   182,712   227,458
Griffin, GA   344,064   408,914
Roanoke, VA   242,773   295,412
Wheeling, IL   1,058,868   1,292,320
Lakeland, FL   31,497   56,752
El Paso, TX   462,954   693,474
Chattanooga, TN   5,773   10,784
Bedford Heights, OH   106,949   160,202
Kansas City, MO   34,658   72,814
Orion, MI   284,904   337,886
Topeka, KS   338,417   371,961
Carrollton, TX   48,514   55,077
Ft. Mill, SC   707,980   795,445
Lebanon, TN   264,398   -0-
Rockford, IL   242,155   -0-
Edinburg, TX   559,330   -0-
         
Total Intangible Assets, net   $5,757,880   $5,835,274

 

Amortization expense related to these intangible assets was $1,152,848, $1,215,797 and $1,443,636 for the years ended September 30, 2011, 2010 and 2009, respectively. The Company estimates that aggregate amortization expense for existing assets will be approximately $1,236,000, $1,178,000, $883,000, $766,000 and $603,000 for each of the fiscal years 2012, 2013, 2014, 2015 and 2016, respectively