SECURITIES AVAILABLE FOR SALE

12 Months Ended

Sep. 30, 2011

Investments, Debt and Equity Securities [Abstract]

SECURITIES AVAILABLE FOR SALE

NOTE 7 – SECURITIES AVAILABLE FOR SALE

The Company’s securities available for sale consist primarily of common and preferred stock of other REITs and debt securities. The Company does not own more than 10% of the outstanding shares of any of these issuers, nor does it have a controlling financial interest.

The following is a listing of investments in debt and equity securities at September 30, 2011:

Description	Series	Interest Rate/ Dividend	Number of Shares	Cost	Estimated Market Value
Equity Securities - Preferred Stock:
American Land Lease, Inc.	A	7.75%	18,000	146,700	374,400
Ashford Hospitality Trust, Inc.	A	8.55%	5,000	124,605	120,500
Ashford Hospitality Trust, Inc.	E	9.00%	20,000	500,255	477,000
Brandywine Realty Trust	D	7.375%	10,200	221,153	251,430
CapLease, Inc.	A	8.125%	7,000	124,143	163,310
CBL & Associates Properties, Inc.	C	7.75%	26,000	445,062	628,940
CBL & Associates Properties, Inc	D	7.375%	6,000	116,672	138,420
Cogdell Spencer, Inc.	A	8.50%	50,000	1,245,070	1,175,000
Commonwealth REIT	D	6.50%	80,000	1,058,297	1,632,800
Cousins Properties, Inc.	B	7.50%	49,000	1,059,108	1,185,310
DuPont Fabros Technology, Inc.	A	7.875%	45,000	1,128,003	1,150,650
Entertainment Properties Trust	D	7.375%	3,700	64,729	89,352
Grace Acquisitions I	B	8.75% (1)	31,000	3,720	53,630
Hospitality Properties Trust	B	8.875%	1,000	21,576	25,650
Innkeepers USA	C	8.00% (1)	30,000	15,000	30,000
iStar Financial, Inc.	D	8.00%	8,000	146,747	145,680
iStar Financial, Inc.	E	7.875%	54,000	379,354	926,640
Kite Realty Group Trust	A	8.25%	49,510	1,237,224	1,113,975
LaSalle Hotel Properties	D	7.50%	33,000	620,323	789,030
Lexington Realty Trust	B	8.04%	31,200	630,155	771,014
Lexington Realty Trust	C	6.50%	18,000	530,033	747,000
Lexington Realty Trust	D	7.55%	14,500	220,346	347,275
MPG Office Trust, Inc.	A	7.625% (1)	31,600	35,708	445,244
Prologis Trust	O	7.00%	10,000	199,553	244,000
Regency Centers Corp	E	6.70%	526	9,877	13,150
Supertel Hospitality, Inc.	A	8.00%	17,000	170,005	132,770
UMH Properties, Inc. (2)	A	8.25%	200,000	5,000,005	5,018,000
Vornado Realty Trust	I	6.625%	18,000	330,971	453,220
Total Equity Securities - Preferred Stock				$15,784,394	$18,643,390

Description		Number of Shares		Cost	Estimated Market Value
Equity Securities - Common Stock
CapLease, Inc.		26,000		71,351	93,860
Commonwealth REIT		152,500		3,420,019	2,892,925
Franklin Street Properties, Inc.		10,000		116,901	113,100
Getty Realty Corporation		158,000		3,571,197	2,278,360
Gladstone Commercial Corp		37,600		607,375	589,568
Health Care REIT, Inc.		2,500		104,404	117,000
Hospitality Properties Trust		20,000		240,000	424,600
iStar Financial, Inc.		29,400	(1)	65,562	171,108
Liberty Property Trust		2,000		37,880	58,220
Mack-Cali Realty Corporation		12,000		370,280	321,000
Medical Properties Trust		10,000		114,476	89,500
Mission West Properties, Inc.		73,500		476,853	557,865
National Retail Properties, Inc.		60,000		1,349,963	1,612,200
Omega Healthcare		73,000		1,364,875	1,162,890
One Liberty Properties, Inc.		47,000		718,183	689,020
Pennsylvania Real Estate Investment Trust		264,500		2,494,121	2,044,585
PS Business Parks, Inc		5,000		272,123	247,700
Senior Housing Properties Trust		15,000		337,248	323,100
Stag Industrial, Inc.		123,500		1,427,987	1,259,700
Sun Communities, Inc.		118,000		2,358,046	4,152,420
UMH Properties, Inc. (2)		630,266		5,864,969	5,729,114
Urstadt Biddle Properties Inc		42,542		715,238	679,396
Total Equity Securities - Common Stock				$26,099,051	$25,607,231
Debt Securities:
Government National Mortgage Association (GNMA)	6.5%	500,000		13,451	14,438
Total Debt Securities				$13,451	$14,438
Total Securities Available for Sale				$41,896,896	$44,265,059

(1) Issuer suspended dividend during 2008.

(2) Investment is an affiliate. See Notes No. 12 and No. 18 for further discussion.

The following is a listing of investments in debt and equity securities at September 30, 2010:

Description	Series	Interest Rate/ Dividend	Number of Shares	Cost	Estimated Market Value
Equity Securities - Preferred Stock:
AMB Property Corporation	O	7.00%	10,000	$199,553	$250,100
American Land Lease, Inc.	A	7.75%	18,000	146,700	360,000
Apartment Management and Investment Co.	T	8.00%	10,000	226,296	255,000
Brandywine Realty Trust	D	7.375%	10,800	234,162	267,300
CapLease, Inc.	A	8.125%	7,000	124,143	177,940
CBL & Associates Properties, Inc.	C	7.75%	26,000	445,062	637,000
CBL & Associates Properties, Inc	D	7.375%	6,000	116,672	143,040
Commonwealth REIT	D	6.50%	80,000	1,058,297	1,777,600
Corporate Office Properties Trust	H	7.50%	7,234	159,706	183,382
Cousins Properties, Inc.	B	7.50%	49,000	1,059,108	1,195,600
Developers Diversified Realty Corporation	H	7.375%	35,500	494,951	851,645
Entertainment Properties Trust	D	7.375%	3,700	64,729	89,096
FelCor Lodging Trust Incorporated	A	7.875% (2)	54,000	356,895	1,162,080
FelCor Lodging Trust Incorporated	C	8.00% (2)	28,200	177,805	606,864
Glimcher Realty Trust	G	8.125%	33,500	501,340	816,931
Grace Acquisitions I	B	8.75% (1)	31,000	3,720	7,750
Hospitality Properties Trust	B	8.875%	1,000	21,576	25,510
Innkeepers USA	C	8.00% (1)	30,000	15,000	60,000
iStar Financial, Inc.	E	7.875%	42,000	161,280	425,880
LaSalle Hotel Properties	D	7.50%	33,000	620,323	812,790
Lexington Realty Trust	B	8.04%	38,300	773,451	965,352
Lexington Realty Trust	C	6.50%	18,000	530,033	765,900
Lexington Realty Trust	D	7.55%	14,500	220,346	342,490
MPG Office Trust, Inc.	A	7.625% (1)	31,600	35,708	336,224
National Retail Properties, Inc.	C	7.375%	8,000	172,712	202,160
Post Properties, Inc.	B	7.625%	16,600	359,089	415,000
PS Business Parks	H	7.00%	22,400	476,328	562,240
PS Business Parks	M	7.20%	16,000	362,177	401,118
Regency Centers Corp	E	6.70%	5,358	100,598	132,611
Saul Centers, Inc.	A	8.00%	2,459	59,190	62,582
SL Green Realty Corporation	C	7.625%	7,107	157,932	178,244
Supertel Hospitality, Inc.	A	8.00%	17,000	170,005	151,638
Vornado Realty Trust	I	6.625%	18,000	330,953	443,077
Total Equity Securities - Preferred Stock				$9,935,840	$15,064,144

Description		Number of Shares		Cost	Estimated Market Value
Equity Securities - Common Stock
Agree Realty Corporation		38,200		914,061	964,550
AMB Property, Corporation		20,000		471,856	529,400
CapLease, Inc.		26,000		71,351	145,340
Colonial Properties Trust		10,000		38,100	161,900
Commonwealth REIT		15,000		350,258	384,000
Duke Realty Corporation		5,000		27,500	57,950
Eastgroup Properties, Inc.		26,000		935,075	971,880
FelCor Lodging Trust Incorporated		45,000		82,800	207,000
First Industrial Realty Trust, Inc.		120,000		513,934	608,400
Franklin Street Properties, Inc.		10,000		116,901	124,200
Getty Realty Corporation		125,000		2,932,339	3,353,750
Gladstone Commercial Corp		30,600		497,658	525,096
Glimcher Realty Trust		32,000		103,695	196,800
Health Care REIT, Inc.		2,500		104,404	118,350
Home Properties Inc		45,000		2,130,772	2,380,500
Hospitality Properties Trust		20,000		240,000	446,600
iStar Financial, Inc.		29,400	(1)	65,562	89,964
Liberty Property Trust		2,000		37,880	63,800
Mack-Cali Realty Corporation		12,000		370,280	392,520
Mission West Properties, Inc.		58,100		371,840	393,918
National Realty Properties, Inc.		51,913		1,149,711	1,303,535
Omega Healthcare		12,000		261,220	269,400
Pennsylvania Real Estate Investment Trust		200,000		1,576,848	2,372,000
Prologis Trust		100,000		1,105,650	1,178,000
PS Business Parks, Inc		5,000		272,123	282,850
Sun Communities, Inc.		118,000		2,358,046	3,622,600
Urstadt Biddle Properties, Inc.		42,542		715,238	769,159
UDR, Inc.		30,000		494,761	633,600
UMH Properties, Inc. (3)		455,213		4,140,450	4,889,012
Total Equity Securities - Common Stock				$22,450,313	$27,436,074
Debt Securities:
Government National Mortgage Association (GNMA)	6.5%	500,000		15,515	17,507
Total Debt Securities				$15,515	$17,507
Total Securities Available for Sale				$32,401,668	$42,517,725

(1) Issuer suspended dividend during 2008.

(2) Issuer suspended dividend during 2009.

(3) Investment is an affiliate. See note no. 12 for further discussion.

The Company held twenty securities that were temporarily impaired investments as of September 30, 2011. The Company considers many factors in determining whether a security is other than temporarily impaired, including the nature of the security and the cause, severity and duration of the impairment. The following is a summary of temporarily impaired securities at September 30, 2011:

	Less than 12 Months		12 Months or Longer
Description of Securities	Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
Preferred stock	$3,032,155	($221,746)		$132,770	($37,235)
Common stock	18,419,957	(2,975,035)		-0-	(-0-)
Total	$21,452,112	($3,196,781)		$132,770	($37,235)

The following is a summary of the range of losses:

Number of Individual Securities	Fair Value	Unrealized Losses	Range of Loss
9	$8,866,477	($265,044)	0-5%
3	2,536,675	(217,742)	6-10%
4	5,636,515	(946,646)	11-15%
1	2,044,585	(449,536)	16-20%
2	222,270	(62,211)	21-25%
1	2,278,360	(1,292,837)	36%
20	$21,584,882	($3,234,016)

The Company has determined that these securities are temporarily impaired as of September 30, 2011. The Company normally holds REIT securities long term and has the ability and intent to hold these securities to recovery. The Company had total net unrealized gains on its securities portfolio of $2,368,163 as of September 30, 2011.

The Company has an investment in one REIT security which is at a loss of approximately $1,300,000 or 36% as of September 30, 2011. The Company has determined that this security was temporarily impaired as of September 30, 2011. Management is continuing to monitor this security for other than temporary impairment under its policy. If the fair value of this security continues to decline or the security is downgraded, then the Company may have to record an impairment loss related to this security in future periods.

The Company had margin loan balances of $5,860,950 and $4,273,913 as of September 30, 2011 and 2010, respectively, which were collateralized by the securities portfolio.

Dividend income for the years ended September 30, 2011, 2010 and 2009 totaled $2,981,534, $2,387,757, and $2,362,521, respectively. Interest income for the years ended September 30, 2011, 2010 and 2009 totaled $118,793, $123,152 and $139,732, respectively.

The Company received proceeds of $16,090,362, $13,236,770 and $2,406,354 on sales or redemptions of securities available for sale during 2011, 2010 and 2009, respectively. The Company recorded the following Gain (Loss) on Securities Transactions, net:

	2011	2010	2009
Gross realized gains	$5,265,715	$2,609,775	$98,844
Gross realized losses	(27,512)	(626)	(699,626)
Impairment loss	-0-	-0-	(6,000,678)
Gain (Loss) on Securities Transactions, net	$5,238,203	$2,609,149	($6,601,460)

During 2009 the Company recognized a loss of $6,000,678 due to writing down the carrying value of securities available for sale, which were considered other than temporarily impaired.