0001493152-17-001231.txt : 20170208 0001493152-17-001231.hdr.sgml : 20170208 20170208161629 ACCESSION NUMBER: 0001493152-17-001231 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170208 DATE AS OF CHANGE: 20170208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONMOUTH REAL ESTATE INVESTMENT CORP CENTRAL INDEX KEY: 0000067625 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 221897375 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33177 FILM NUMBER: 17582722 BUSINESS ADDRESS: STREET 1: 3499 ROUTE 9 N, SUITE 3-D STREET 2: JUNIPER BUSINESS PLAZA CITY: FREEHOLD STATE: NJ ZIP: 07728 BUSINESS PHONE: 7325779996 MAIL ADDRESS: STREET 1: 3499 ROUTE 9 N, SUITE 3-D STREET 2: JUNIPER BUSINESS PLAZA CITY: FREEHOLD STATE: NJ ZIP: 07728 FORMER COMPANY: FORMER CONFORMED NAME: MONMOUTH REAL ESTATE INVESTMENT TRUST DATE OF NAME CHANGE: 19900403 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(X)	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2016

( )	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

Commission File Number: 001-33177

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

(Exact name of registrant as specified in its charter)

Maryland		22-1897375
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		identification number)

Juniper Business Plaza, 3499 Route 9 North, Suite 3-D, Freehold, NJ 07728

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code (732) 577-9996

(Former name, former address and former fiscal year, if changed since last report.)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (sec. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer [X]		Accelerated filer [ ]
Non-accelerated filer [ ]	(Do not check if smaller reporting company)	Smaller Reporting Company [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes [ ] No [X]

Indicate the number of shares outstanding of each issuer’s class of common stock, as of the latest practicable date:

Class		Outstanding Shares of Common Stock as of February 1, 2017
Common Stock, $0.01 par value per share			70,969,828

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

AND SUBSIDIARIES

FOR THE QUARTER ENDED DECEMBER 31, 2016

C O N T E N T S

		Page No

PART I -	FINANCIAL INFORMATION

Item 1 -	Financial Statements (Unaudited):
	Consolidated Balance Sheets	3
	Consolidated Statements of Income	5
	Consolidated Statements of Comprehensive Income	7
	Consolidated Statements of Cash Flows	8
	Notes to Consolidated Financial Statements	9

Item 2 -	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	19

Item 3 -	Quantitative and Qualitative Disclosures About Market Risk.	28

Item 4 -	Controls and Procedures.	28

PART II -	OTHER INFORMATION

Item 1 -	Legal Proceedings.	29

Item 1A -	Risk Factors.	29

Item 2 -	Unregistered Sales of Equity Securities and Use of Proceeds.	29

Item 3 -	Defaults Upon Senior Securities.	29

Item 4 -	Mine Safety Disclosures.	29

Item 5 -	Other Information.	29

Item 6 -	Exhibits.	29

SIGNATURES		30

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PART I:
FINANCIAL INFORMATION

ITEM 1. Financial Statements (Unaudited)

MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2016 AND SEPTEMBER 30, 2016

	December 31, 2016			September 30, 2016
	(Unaudited)
ASSETS

Real Estate Investments:
Land	$	168,082,315		$	165,375,315
Buildings and Improvements		1,055,810,320			1,005,938,180
Total Real Estate Investments		1,223,892,635			1,171,313,495
Accumulated Depreciation		(154,847,979	)		(148,830,169	)
Net Real Estate Investments		1,069,044,656			1,022,483,326

Cash and Cash Equivalents		30,722,606			95,749,508
Securities Available for Sale at Fair Value		74,321,496			73,604,894
Tenant and Other Receivables		2,289,863			1,444,824
Deferred Rent Receivable		7,226,370			6,917,431
Prepaid Expenses		7,476,019			4,830,987
Capitalized Lease Costs, net of Accumulated Amortization of $3,443,958 and $3,238,516, respectively		4,040,326			4,165,268
Intangible Assets, net of Accumulated Amortization of $12,600,446 and $12,332,599, respectively		5,999,845			5,816,153
Financing Costs, net of Accumulated Amortization of $339,167 and $246,678, respectively		1,156,096			1,245,923
Other Assets		7,402,948			7,227,571

TOTAL ASSETS	$	1,209,680,225		$	1,223,485,885

See Accompanying Notes to the Consolidated Financial Statements

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MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS – CONTINUED

AS OF DECEMBER 31, 2016 AND SEPTEMBER 30, 2016

	December 31, 2016		September 30, 2016
	(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs	$	505,574,117	$	477,476,010
Loans Payable		76,000,000		80,790,684
Accounts Payable and Accrued Expenses		2,781,619		3,998,771
Other Liabilities		14,186,980		9,868,572
Preferred Stock Called for Redemption		-0-		53,493,750
Total Liabilities		598,542,716		625,627,787

COMMITMENTS AND CONTINGENCIES

Shareholders’ Equity:
7.875% Series B Cumulative Redeemable Preferred Stock, $0.01 Par Value Per Share: 2,300,000 Shares Authorized, Issued and Outstanding as of December 31, 2016 and September 30, 2016		57,500,000		57,500,000
6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 Par Value Per Share: 5,400,000 Shares Authorized, Issued and Outstanding as of December 31, 2016 and September 30, 2016		135,000,000		135,000,000
Common Stock - $0.01 Par Value Per Share: 196,739,750 and 194,600,000 Shares Authorized as of December 31, 2016 and September 30, 2016, respectively; 70,536,720 and 68,920,972 Shares Issued and Outstanding as of December 31, 2016 and September 30, 2016, respectively		705,367		689,210
Excess Stock - $0.01 Par Value Per Share: 200,000,000 Shares Authorized as of December 31, 2016 and September 30, 2016; No Shares Issued or Outstanding as of December 31, 2016 and September 30, 2016		-0-		-0-
Additional Paid-In Capital		407,737,024		391,726,621
Accumulated Other Comprehensive Income		10,195,118		12,942,267
Undistributed Income		-0-		-0-
Total Shareholders’ Equity		611,137,509		597,858,098

TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY	$	1,209,680,225	$	1,223,485,885

See Accompanying Notes to the Consolidated Financial Statements

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MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 AND 2015

	Three Months Ended
	12/31/2016			12/31/2015
INCOME:
Rental Revenue	$	23,280,856		$	19,064,919
Reimbursement Revenue		3,900,755			3,194,443
TOTAL INCOME		27,181,611			22,259,362

EXPENSES:
Real Estate Taxes		2,906,981			2,372,136
Operating Expenses		1,294,468			1,231,365
General & Administrative Expenses		1,442,463			1,335,964
Acquisition Costs		178,526			145,585
Depreciation		6,992,495			5,595,432
Amortization of Capitalized Lease Costs and Intangible Assets		447,797			486,611
TOTAL EXPENSES		13,262,730			11,167,093

OTHER INCOME (EXPENSE):
Dividend and Interest Income		1,292,151			1,184,653
Gain on Sale of Securities Transactions, net		806,108			8,380
Interest Expense, including Amortization of Financing Costs		(6,163,219	)		(5,346,647	)
TOTAL OTHER INCOME (EXPENSE)		(4,064,960	)		(4,153,614	)

NET INCOME		9,853,921			6,938,655

Less: Preferred Dividends		3,697,760			2,151,758

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	6,156,161		$	4,786,897

See Accompanying Notes to Consolidated Financial Statements

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MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 AND 2015 - CONTINUED

	Three Months Ended
	12/31/2016			12/31/2015

BASIC INCOME – PER SHARE
Net Income	$	0.14		$	0.11
Less: Preferred Dividends		(0.05	)		(0.03	)
Net Income Attributable to Common
Shareholders - Basic	$	0.09		$	0.08

DILUTED INCOME – PER SHARE
Net Income	$	0.14		$	0.11
Less: Preferred Dividends		(0.05	)		(0.03	)
Net Income Attributable to Common
Shareholders - Diluted	$	0.09		$	0.08

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		69,686,153			62,866,898
Diluted		69,829,793			62,948,800

See Accompanying Notes to Consolidated Financial Statements

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MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 AND 2015

	Three Months Ended
	12/31/2016			12/31/2015

Net Income	$	9,853,921		$	6,938,655
Other Comprehensive Income:
Unrealized Holding Gains (Losses) Arising During the Period		(1,941,041	)		1,790,142
Reclassification Adjustment for Net Gains of Sales of Securities Transactions Realized in Income		(806,108	)		(8,380	)
TOTAL COMPREHENSIVE INCOME		7,106,772			8,720,417
Less: Preferred Dividends		3,697,760			2,151,758
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	3,409,012		$	6,568,659

See Accompanying Notes to Consolidated Financial Statements

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MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 AND 2015

	Three Months Ended
	12/31/2016			12/31/2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	9,853,921		$	6,938,655
Noncash Items Included in Net Income:
Depreciation & Amortization		7,721,205			6,316,410
Stock Compensation Expense		100,155			104,961
Gain on Sale of Securities Transactions, net		(806,108	)		(8,380	)
Loss on Sale of Real Estate Investment		95,336			-0-
Changes In:
Tenant, Deferred Rent and Other Receivables		(598,700	)		(898,233	)
Prepaid Expenses		(2,645,032	)		(2,594,298	)
Other Assets and Capitalized Lease Costs		(428,282	)		(203,940	)
Accounts Payable, Accrued Expenses and Other Liabilities		860,211			1,981,853
NET CASH PROVIDED BY OPERATING ACTIVITIES		14,152,706			11,637,028

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Real Estate and Intangible Assets		(56,101,538	)		(50,385,897	)
Capital Improvements		(696,941	)		(860,167	)
Proceeds on Sale of Real Estate		4,125,819			-0-
Return of Deposits on Real Estate		1,000,000			900,000
Deposits Paid on Acquisitions of Real Estate		(820,000	)		(550,000	)
Proceeds from Sale of Securities Available for Sale		3,738,938			1,790,403
Purchase of Securities Available for Sale		(6,396,581	)		(6,491,654	)
NET CASH USED IN INVESTING ACTIVITIES		(55,150,303	)		(55,597,315	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net (Repayments) Proceeds from Loans Payable		(4,790,684	)		14,938,116
Proceeds from Fixed Rate Mortgage Notes Payable		38,000,000			33,670,000
Principal Payments on Fixed Rate Mortgage Notes Payable		(9,456,016	)		(6,941,017	)
Financing Costs Paid on Debt		(636,963	)		(404,674	)
Proceeds from the Exercise of Stock Options		-0-			924,300
Redemption of Series A Preferred Stock		(53,493,750	)		-0-
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments		18,877,487			12,575,537
Preferred Dividends Paid		(3,422,136	)		(2,151,758	)
Common Dividends Paid, net of Reinvestments		(9,107,243	)		(7,797,202	)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(24,029,305	)		44,813,302

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(65,026,902	)		853,015
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		95,749,508			12,073,909
CASH AND CASH EQUIVALENTS - END OF PERIOD	$	30,722,606		$	12,926,924

See Accompanying Notes to Consolidated Financial Statements

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MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

DECEMBER 31, 2016

NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES

Monmouth Real Estate Investment Corporation, a Maryland corporation, together with its consolidated subsidiaries (MREIC, the Company, or we), operates as a real estate investment trust (REIT) deriving its income primarily from real estate rental operations. As of December 31, 2016, the Company owned one hundred properties with total square footage of approximately 16,554,000, which is 100.0% occupied, as compared to ninety-nine properties with total square footage of approximately 16,010,000, which was 99.6% occupied as of September 30, 2016. These properties are located in thirty states: Alabama, Arizona, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin. The Company also owns a portfolio of REIT investment securities which the Company generally limits to no more than approximately 10% of its undepreciated assets, (which is the Company’s total assets excluding accumulated depreciation).

The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the Code), and intends to maintain its qualification as a REIT in the future. As a qualified REIT, with limited exceptions, the Company will not be taxed under Federal and certain state income tax laws at the corporate level on taxable income that it distributes to its shareholders. For special tax provisions applicable to REITs, refer to Sections 856-860 of the Code. The Company is subject to franchise taxes in several of the states in which the Company owns property.

The interim Consolidated Financial Statements furnished herein have been prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) applicable to interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2016 are not necessarily indicative of the results that may be expected for the year ending September 30, 2017. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2016.

Use of Estimates

In preparing the financial statements in accordance with U.S. GAAP, management is 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 and related disclosure of contingent assets and liabilities. Actual results could differ from these estimates and assumptions.

Reclassification

Certain prior period amounts in the accompanying Consolidated Financial Statements have been reclassified to conform to the current period’s presentation.

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 the Company.

Of the Company’s one hundred properties, only three leases contain an early termination provision. These leases with an early termination provision are the 26,340 square foot location in Ridgeland (Jackson), MS, the 83,000 square foot location in Roanoke, VA and the 102,135 square foot location in O’Fallon (St. Louis), MO.

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Stock Compensation Plan

The Company has a Stock Option and Stock Award Plan, adopted in 2007 and amended and restated in 2010 (the 2007 Plan), authorizing the grant to officers and key employees of options to purchase up to 1,500,000 shares of common stock, $0.01 par value per share (common stock) including up to 100,000 shares of restricted stock awarded to any one participant in any one fiscal year.

The Company accounts for awards of 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 restricted stock awards is equal to the fair value of the Company’s stock on the grant date. The amortization of compensation costs for stock option grants and restricted stock are included in General and Administrative Expenses in the accompanying Consolidated Statements of Income and amounted to $100,155 and $104,961 for the three months ended December 31, 2016 and 2015, respectively.

During the three months ended December 31, 2015, no stock options were granted under the Company’s 2007 Plan. During the three months ended December 31, 2016, the following stock options, which vest one year after grant date, were granted under the Company’s 2007 Plan:

Date of
Grant

Number of
Employees

Number of
Shares

Option
Price

Expiration
Date

12/9/16

215,000

14.24

12/9/24

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions used for grants in the fiscal year indicated:

	Fiscal 2017

Dividend yield		4.49	%
Expected volatility		18.88	%
Risk-free interest rate		2.26	%
Expected lives (years)		8
Estimated forfeitures		-0-

The fair value of options granted during the three months ended December 31, 2016 was $1.45 per option.

During the three months ended December 31, 2016 and 2015, no shares of restricted stock were granted under the Company’s 2007 Plan. During the three months ended December 31, 2015, four participants exercised options to purchase an aggregate of 115,000 shares of common stock at a weighted average exercise price of $8.04 per share for total proceeds of $924,300. During the three months ended December 31, 2016, no options were exercised. As of December 31, 2016, a total of 229,878 shares were available to grant as stock options or as restricted stock and there were outstanding options to purchase 670,000 shares under the 2007 Plan. The aggregate intrinsic value of options outstanding as of December 31, 2016 was $2,846,200.

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Recent Accounting Pronouncements

In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” ASU 2017-01 seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, intangible assets and consolidation. The adoption of ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments should be applied prospectively on or after the effective dates. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

In March 2016, the FASB issued ASU 2016-09 “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which relates to the accounting for employee share-based payments”. ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

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 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. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.

In January 2016, the FASB issued 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 become effective for the Company’s fiscal year beginning October 1, 2018. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements and has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs”. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (Subtopic 835-30), which clarified that debt issuance costs related to line-of-credit arrangements may be presented as an asset and amortized over the term of the line-of-credit arrangement regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted these standards effective October 1, 2016. As a result, debt issuance costs related to debt liabilities that are not line-of-credit arrangements are included as a direct deduction from the related debt liability and those related to line-of-credit arrangements continue to be included as an asset on the accompanying Consolidated Balance Sheets. The effects of this standard were applied retrospectively to all prior periods presented. The effect of the change in accounting principle was the reduction in the amount of $6,272,143 of the Fixed Rate Mortgage Notes Payable liability and a corresponding reduction of the Financing Costs asset as of September 30, 2016 and a reclassification of Amortization of Financing Costs of $234,367 for the three months ended December 31, 2015, to Interest Expense, net of Amortization of Financing Costs in our Consolidated Statement of Income.

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Management does 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.

Segment Reporting & Financial Information

The Company’s primary business is the ownership and management of real estate properties. The Company seeks to invest in well-located, modern, single-tenant, industrial buildings leased primarily to investment grade tenants or their subsidiaries on long-term net leases. The Company reviews operating and financial information for each property on an individual basis and, therefore, each property represents an individual operating segment. The Company evaluates financial performance using Net Operating Income (“NOI”) from property operations. NOI is defined as recurring Rental and Reimbursement Revenue, less Real Estate Taxes and Operating Expenses, such as insurance, utilities and repairs and maintenance. The Company has 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.

NOTE 2 – NET INCOME PER SHARE

Basic Net Income per Share is calculated by dividing Net Income Attributable to Common Shareholders by the weighted-average number of common shares outstanding during the period. Diluted Net Income per Common Share is calculated by dividing Net Income Attributable to Common Shareholders by the weighted-average number of common shares outstanding plus the weighted-average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method.

In addition, common stock equivalents of 143,640 and 81,902 shares are included in the diluted weighted average shares outstanding for the three months ended December 31, 2016 and 2015, respectively. For the diluted weighted average shares outstanding for the three months ended December 31, 2016 and 2015, 215,000 and 130,000 options to purchase shares of common stock, respectively, were antidilutive.

NOTE 3 – REAL ESTATE INVESTMENTS

Acquisitions

On October 17, 2016, the Company purchased a newly constructed 338,584 square foot industrial building located in Hamburg, NY, which is in the Buffalo Metropolitan Statistical Area. The building is 100% net-leased to FedEx Ground Package System, Inc. for fifteen years through March 2031. The purchase price was $35,100,000. The Company obtained a 15 year fully-amortizing mortgage loan of $23,500,000 at a fixed interest rate of 4.03%. Annual rental revenue over the remaining term of the lease averages approximately $2,309,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company allocated $250,000 to an Intangible Asset associated with the lease in-place.

On December 30, 2016, the Company purchased a newly constructed 213,672 square foot industrial building located in Ft. Myers, FL. The building is 100% net-leased to FedEx Ground Package System, Inc. for ten years through September 2026. The purchase price was $21,001,538. The Company obtained a 15 year fully-amortizing mortgage loan of $14,500,000 at a fixed interest rate of 3.97%. Annual rental revenue over the remaining term of the lease averages approximately $1,365,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company allocated $201,538 to an Intangible Asset associated with the lease in-place.

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FedEx Ground Package System, Inc.’s ultimate parent, FedEx Corporation (FDX) is a publicly-owned company and financial information related to this entity is available at the SEC’s website, www.sec.gov. The references in this report to the SEC’s website are not intended to and do not include or incorporate by reference into this report the information of FDX on such website.

Expansions

On October 1, 2016, a 50,625 square foot expansion of the building leased to FedEx Ground Package System, Inc. located in Edinburg, TX was completed for a cost of approximately $4,762,000, resulting in a new 10 year lease which extended the prior lease expiration date from September 2021 through September 2026. In addition, the expansion resulted in an increase in annual rent effective from the date of completion of approximately $499,000 from approximately $598,000, or $5.27 per square foot, to approximately $1,097,000, or $6.68 per square foot.

Disposition

On October 27, 2016, the Company sold its only vacant building consisting of a 59,425 square foot industrial building situated on 4.78 acres located in White Bear Lake, MN for net proceeds of approximately $4,126,000.

Since the sale of this property does not represent a strategic shift that has (or will have) a major effect on the Company’s operations and financial results, the operations generated from this property are not included in Discontinued Operations.

The following table summarizes the operations of the Company’s 59,425 square foot industrial building located in White Bear Lake, MN prior to its sale on October 27, 2016 which is included in the accompanying Consolidated Statements of Income for the three months ended December 31:

	Three Months Ended
	12/31/2016			12/31/2015
Rental and Reimbursement Revenue	$	-0-		$	-0-
Real Estate Taxes		(8,855	)		(29,294	)
Operating Expenses		(9,846	)		(15,770	)
Depreciation & Amortization		(8,006	)		(24,018	)
Interest Expense		-0-			-0-
Loss from Operations		(26,707	)		(69,082	)
Loss on Sale of Real Estate Investment		(95,336	)		-0-
Net Loss	$	(122,043	)	$	(69,082	)

Pro forma information

The following unaudited pro forma condensed financial information has been prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses generated from property acquired and expanded during fiscal 2017 and 2016, assuming that the acquisitions and completed expansions had occurred as of October 1, 2015, 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. In addition, Net Income Attributable to Common Shareholders excludes the operating expenses incurred during fiscal 2017 and 2016 for the one vacant property, located in White Bear Lake, MN, that was sold during the quarter on October 27, 2016. Furthermore, the proceeds raised from the 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 Basic and Diluted Net Income 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, 2015. 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.

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	Three Months Ended
	12/31/2016		12/31/2015

Rental Revenues	$	23,718,300	$	23,554,500
Net Income Attributable to Common Shareholders	$	6,281,500	$	6,091,400
Basic and Diluted Net Income per Share Attributable to Common Shareholders	$	0.09	$	0.09

Tenant Concentration

The Company has a concentration of FDX and FDX subsidiary-leased properties, consisting of fifty-five separate stand-alone leases covering approximately 8,187,000 square feet as of December 31, 2016 and forty-nine separate stand-alone leases covering approximately 6,508,000 square feet as of December 31, 2015. The percentage of FDX and its subsidiaries leased square footage to the total of the Company’s rental space was 49% (6% to FDX and 43% to FDX subsidiaries) as of December 31, 2016 and 45% (7% to FDX and 38% to FDX subsidiaries) as of December 31, 2015. As of December 31, 2016, the only tenants that leased 5% or more of the Company’s total square footage were FDX and its subsidiaries and Milwaukee Electric Tool Corporation, which leases one property consisting of approximately 862,000 square feet, which was approximately 5% of the Company’s rental space. As of December 31, 2015, no other tenant, other than FDX and its subsidiaries, accounted for 5% or more of the Company’s total rental space.

Annualized Rental and Reimbursement Revenue from FDX and its subsidiaries is estimated to be approximately 59% (6% to FDX and 53% to FDX subsidiaries) of total Rental and Reimbursement Revenue for fiscal 2017 and was 55% (7% to FDX and 48% to FDX subsidiaries) of total Rental and Reimbursement Revenue for fiscal 2016. No other tenant accounted for 5% or more of the Company’s total Rental and Reimbursement Revenue for the three months ended December 31, 2016 and 2015.

In addition to real estate property holdings, the Company held $74,321,496 in marketable REIT securities at December 31, 2016, representing 5.4% of the Company’s undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). These liquid real estate holdings are not included in calculating the tenant concentration ratios above and therefore further enhance the Company’s diversification. The securities portfolio provides the Company with additional liquidity, diversification, income and serves as a proxy for real estate when more favorable risk adjusted returns are not available.

NOTE 4 – SECURITIES AVAILABLE FOR SALE AT FAIR VALUE

The Company’s Securities Available for Sale at Fair Value consists primarily of marketable common and preferred stock of other REITs with a fair value of $74,321,496 as of December 31, 2016. The Company generally limits its investment in marketable securities to no more than approximately 10% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). The REIT securities portfolio provides the Company with additional liquidity, diversification, income and serves as a proxy for real estate when more favorable risk adjusted returns are not available.

During the three months ended December 31, 2016, the Company sold or redeemed securities with a cost basis of $2,932,830 and recognized a Gain on Sale of Securities Transactions of $806,108. The Company also made purchases of $6,396,581 in Securities Available for Sale at Fair Value. Of this amount, the Company made total purchases of 26,967 common shares of UMH Properties, Inc. (UMH), a related REIT, for a total cost of $331,009, or a weighted average cost of $12.27 per share, of which 13,967 shares were purchased through UMH’s Dividend Reinvestment and Stock Purchase Plan. The Company owned a total of 1,016,293 UMH common shares as of December 31, 2016 at a total cost of $9,636,694 and a fair value of $15,295,216. The Company owns 200,000 shares of UMH’s 8.25% Series A Cumulative Redeemable Preferred Stock at a total cost of $5,000,000 with a fair value of $5,140,000 and the Company owns 100,000 shares of UMH’s 8.00% Series B Cumulative Redeemable Preferred Stock at a total cost of $2,500,000 with a fair value of $2,680,000. The unrealized gain on the Company’s investment in UMH’s common and preferred stock as of December 31, 2016 was $5,978,522.

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As of December 31, 2016, the Company had total net unrealized holding gains on its securities portfolio of $10,195,118. 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 Company normally holds REIT securities long-term and has the ability and intent to hold these securities to recovery. As of December 31, 2016, the Company held one security, with a fair value of $733,500, that had an unrealized loss totaling $12,340, representing less than a 2% unrealized loss. This one security had an unrealized loss for less than twelve months.

NOTE 5 – DEBT

For the three months ended December 31, 2016 and 2015, amortization of financing costs included in interest expense was $280,913 and $234,367, respectively.

The following is a summary of our Fixed Rate Mortgage Notes Payable as of December 31, 2016 and September 30, 2016:

	12/31/2016						9/30/2016
	Amount			Weighted Average Interest Rate (1)			Amount			Weighted Average Interest Rate (1)

Fixed Rate Mortgage Notes Payable	$	512,292,137			4.44	%	$	483,748,153			4.48	%

Debt Issuance Costs	$	9,941,959					$	9,424,697
Accumulated Amortization of Debt Issuance Costs		(3,223,939	)					(3,152,554	)
Unamortized Debt Issuance Costs	$	6,718,020					$	6,272,143

Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs	$	505,574,117					$	477,476,010

(1)

Weighted average interest rate excludes amortization of debt issuance costs.

As of December 31, 2016, interest payable on these mortgages were at fixed rates ranging from 3.45% to 7.60%, with a weighted average interest rate of 4.44%. This compares to a weighted average interest rate of 4.48% as of September 30, 2016 and 4.76% as of December 31, 2015. As of December 31, 2016, the weighted average loan maturity of the Fixed Rate Mortgage Notes Payable was 10.7 years. This compares to a weighted average loan maturity of the Fixed Rate Mortgage Notes Payable of 10.5 years as of September 30, 2016 and 9.3 years as of December 31, 2015.

In connection with the two properties acquired during the three months ended December 31, 2016, which are located in Hamburg (Buffalo), NY and Ft. Myers, FL (as described in Note 3), the Company entered into two, fifteen year, fully-amortizing mortgages. The two mortgages originally totaled $38,000,000 and have a weighted average interest rate of 4.01%.

During the three months ended December 31, 2016, the Company fully repaid its two mortgages associated with one of its properties located in Jacksonville, FL totaling approximately $1,356,000.

Subsequent to the quarter end, during January 2017, the Company fully repaid three mortgages associated with three properties located in El Paso, TX; Halfmoon, NY and Lebanon, OH totaling approximately $9,477,000.

During the three months ended December 31, 2016, the Company fully repaid its two term loans payable totaling $4,768,266. One loan totaling $2,284,633 had an interest rate of 4.90% and one loan totaling $2,483,633 had a variable annual interest rate of prime plus 0.75% with a floor of 4.50%. The interest rate on the date this loan was fully repaid was 4.50%.

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As of December 31, 2016, total loans payable represented the amount drawn down on the Company’s $200,000,000 unsecured line of credit facility (the “Facility”), maturing in September 2020 with a one year extension at the Company’s option, (subject to various conditions as specified in the loan agreement). As of December 31, 2016, $76,000,000 was drawn down. Availability under the 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 7.0% capitalization rate to the NOI generated by the Company’s unencumbered, wholly-owned industrial properties. Borrowings under the Facility, will, at the Company’s election, either i) bear interest at LIBOR plus 140 basis points to 220 basis points, depending on the Company’s leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 40 basis points to 120 basis points, depending on the Company’s leverage ratio. The Company’s borrowings as of December 31, 2016, based on the Company’s leverage ratio as of December 31, 2016, bear interest at LIBOR plus 150 basis points, which was at an interest rate of 2.25% as of December 31, 2016. In addition, the Company has a $100,000,000 accordion feature, bringing the total potential availability under the Facility (subject to various conditions as specified in the loan agreement) up to $300,000,000. During the three months ended December 31, 2016, there were no additional draws on the Company’s unsecured line of credit.

NOTE 6 – SHAREHOLDERS’ EQUITY

The Company’s authorized stock as of December 31, 2016 consisted of 196,739,750 shares of common stock, of which 70,536,720 shares were issued and outstanding, 2,300,000 shares of 7.875% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share (Series B Preferred Stock) of which all were issued and outstanding, 5,400,000 shares of 6.125% Series C Cumulative Redeemable Preferred Stock (Series C Preferred Stock), of which all were issued and outstanding, and 200,000,000 shares of Excess Stock, $0.01 par value per share, of which none were issued or outstanding.

Common Stock

On October 1, 2015, the Company’s Board of Directors approved a 6.7% increase in the Company’s quarterly common stock dividend, raising it to $0.16 per share from $0.15 per share. This represents an annualized dividend rate of $0.64 per share. The Company has maintained or increased its cash dividend for twenty-five consecutive years.

The Company raised $20,954,643 (including dividend reinvestments of $2,077,156) from the issuance of 1,615,748 shares of common stock under its Dividend Reinvestment and Stock Purchase Plan (DRIP) during the three months ended December 31, 2016. During the three months ended December 31, 2016, the Company paid $11,184,399 in total cash dividends, or $0.16 per share, to common shareholders, of which $2,077,156 was reinvested in the DRIP.

On January 17, 2017, the Company declared a dividend of $0.16 per share to be paid March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017.

On January 17, 2017, the Board of Directors reaffirmed its Share Repurchase Program that authorizes the Company to purchase up to $10,000,000 in the aggregate of the Company’s common stock. The Company may repurchase its shares from time to time if, in the opinion of the Board of Directors, such acquisition is advantageous to the Company. No shares were repurchased during the three months ended December 31, 2016 and, as of December 31, 2016, the Company does not own any of its own shares.

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7.625% Series A Cumulative Redeemable Preferred Stock

On September 14, 2016, the Company announced that it intended to redeem all 2,139,750 issued and outstanding shares of its 7.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (7.625% Series A Preferred Stock). The Company redeemed the shares of the 7.625% Series A Preferred Stock on October 14, 2016 at a redemption price of $25.00 per share, totaling $53,493,750, plus all dividends accrued and unpaid, to and including the redemption date, in an amount equal to $0.23299 per share, totaling $498,540, for a total cash payment of $25.23299 per share, totaling $53,992,290.

7.875% Series B Cumulative Redeemable Preferred Stock

During the three months ended December 31, 2016, the Company paid $1,132,032 in Preferred Dividends, or $0.4921875 per share on its outstanding Series B Preferred Stock. Dividends on the Series B Preferred Stock are cumulative and payable quarterly at an annual rate of $1.96875 per share. The Series B Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, the Series B Preferred Stock is not redeemable prior to June 7, 2017. On and after June 7, 2017, at any time and, from time to time, the Series B Preferred Stock will be redeemable in whole, or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. On January 17, 2017, the Company declared a dividend of $0.4921875 per share to be paid March 15, 2017 to Series B preferred shareholders of record as of the close of business on February 15, 2017.

6.125% Series C Cumulative Redeemable Preferred Stock

During the three months ended December 31, 2016, the Company paid $1,791,564 in Preferred Dividends, or $0.3317708 per share on its outstanding Series C Preferred Stock for the period September 13, 2016 through November 30, 2016. Dividends on the Series C Preferred Stock are cumulative and payable quarterly at an annual rate of $1.53125 per share. The Series C Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, the Series C Preferred Stock is not redeemable prior to September 15, 2021. On and after September 15, 2021, at any time and, from time to time, the Series C Preferred Stock will be redeemable in whole, or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. On January 17, 2017, the Company declared a dividend of $0.3828125 per share to be paid March 15, 2017 to Series C preferred shareholders of record as of the close of business on February 15, 2017.

NOTE 7 - FAIR VALUE MEASUREMENTS

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including Securities Available for Sale at Fair Value. The Company’s financial assets consist mainly of marketable REIT securities. The fair value of these financial assets was determined using the following inputs at December 31, 2016 and September 30, 2016:

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	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2016:
Equity Securities – Preferred Stock	$	13,583,215	$	13,583,215	$	-0-	$	-0-
Equity Securities – Common Stock		60,733,016		60,733,016		-0-		-0-
Mortgage Backed Securities		5,265		5,265		-0-		-0-
Total Securities Available for Sale at Fair Value	$	74,321,496	$	74,321,496	$	-0-	$	-0-

As of September 30, 2016:
Equity Securities – Preferred Stock	$	13,769,073	$	13,769,073	$	-0-	$	-0-
Equity Securities – Common Stock		59,830,271		59,830,271		-0-		-0-
Mortgage Backed Securities		5,550		5,550		-0-		-0-
Total Securities Available for Sale at Fair Value	$	73,604,894	$	73,604,894	$	-0-	$	-0-

In addition to the Company’s investments in Securities Available for Sale at Fair Value, the Company is required to disclose certain information about fair values of its 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 the Company’s entire holdings of a particular financial instrument. For a portion of the Company’s 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 the control of management). 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 the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. At December 31, 2016, the Fixed Rate Mortgage Notes Payable fair value (estimated based upon expected cash outflows discounted at current market rates) amounted to approximately $510,052,000 and the carrying value amounted to $512,292,137. When the Company acquires a property, it is required to fair value all of the assets and liabilities, including intangible assets and liabilities, relating to the properties acquired lease (See Note 3). Those fair value measurements are estimated based on independent third party appraisals and fall within level 3 of the fair value hierarchy.

NOTE 8 - SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid for interest during the three months ended December 31, 2016 and 2015 was approximately $5,882,000 and $5,112,000, respectively.

During the three months ended December 31, 2016 and 2015, the Company had dividend reinvestments of $2,077,156 and $2,285,958, respectively, which required no cash transfers.

NOTE 9 – CONTINGENCIES AND COMMITMENTS

From time to time, the Company may be subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the Consolidated Balance Sheets or results of operations.

The Company has entered into agreements to purchase nine new build-to-suit, industrial buildings that are currently being developed in Florida, Michigan, North Carolina, Ohio, Oklahoma, South Carolina and Texas, totaling approximately 2,338,000 square feet with net-leased terms ranging from seven to fifteen years, resulting in a weighted average lease maturity of 13.5 years. The aggregate purchase price for the nine properties is approximately $250,497,000. Six of the nine purchase commitments consisting of approximately 1,694,000 square feet, or 72%, are leased to investment grade tenants or their subsidiaries. Approximately 1,397,000 square feet, or 60%, is leased to FDX and its subsidiaries. Subject to satisfactory due diligence, we anticipate closing these nine transactions during the remainder of fiscal 2017 and fiscal 2018. In connection with five of the nine properties, the Company has entered into commitments to obtain five mortgages totaling approximately $100,304,000 at fixed rates ranging from 3.60% to 4.23%, with a weighted average interest rate of 3.86%. All five of these mortgages are fifteen year, fully-amortizing loans.

NOTE 10 – SUBSEQUENT EVENTS

Material subsequent events have been evaluated and are disclosed herein.

On January 17, 2017, the Company declared a common dividend of $0.16 per share to be paid March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017.

On January 17, 2017, the Company declared a dividend of $0.4921875 per share to be paid March 15, 2017 to Series B preferred shareholders of record as of the close of business on February 15, 2017.

On January 17, 2017, the Company declared a dividend of $0.3828125 per share to be paid March 15, 2017 to Series C preferred shareholders of record as of the close of business on February 15, 2017.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview and Recent Activity

The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and notes thereto provided elsewhere herein and the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016.

The Company operates as a Real Estate Investment Trust (REIT). The Company seeks to invest in well-located, modern single-tenant industrial buildings leased primarily to investment grade tenants or their subsidiaries on long-term net leases. During the three months ended December 31, 2016, the Company purchased two net-leased industrial properties, located in Hamburg (Buffalo), NY and Ft. Myers, FL, totaling approximately 552,000 square feet, for approximately $56,102,000. In connection with the two properties acquired during the three months ended December 31, 2016, the Company entered into two, fifteen year fully-amortizing mortgages. The two mortgages originally total $38,000,000 and have a weighted average interest rate of 4.01%. As of December 31, 2016, the Company owned one hundred properties with total square footage of approximately 16,554,000. These properties are located in thirty states. As of the quarter ended December 31, 2016, the Company’s weighted average lease maturity was approximately 7.4 years, its occupancy rate was 100.0% and its annualized average base rent per occupied square foot was $5.80. As of December 31, 2016, the weighted average age based on the square footage of the Company’s buildings was 9.9 years. In addition, total gross real estate investments, excluding marketable REIT securities investments of $74,321,496, were $1,223,892,635 as of December 31, 2016.

The Company’s revenue primarily consists of Rental and Reimbursement Revenue from the ownership of industrial rental property. Net Operating Income (“NOI”) from property operations is defined as recurring Rental and Reimbursement Revenue, less Real Estate Taxes and Operating Expenses, such as insurance, utilities and repairs and maintenance. NOI increased $4,324,301, or 23%, for the three months ended December 31, 2016 as compared to the three months ended December 31, 2015. The increase was due to the additional income related to eight industrial properties purchased during fiscal 2016 and two industrial properties purchased during the three months ended December 31, 2016.

The Company’s NOI for the three months ended December 31, 2016 and 2015 is calculated as follows:

	Three Months Ended
	12/31/2016			12/31/2015

Rental Revenue	$	23,280,856		$	19,064,919
Reimbursement Revenue		3,900,755			3,194,443
Total Rental and Reimbursement Revenue		27,181,611			22,259,362
Real Estate Taxes		(2,906,981	)		(2,372,136	)
Operating Expenses		(1,294,468	)		(1,231,365	)
NOI	$	22,980,162		$	18,655,861

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Acquisitions

Expansions

Disposition

Commitments

See PART I, Item 1 – Business in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016 for a more complete discussion of the economic and industry-wide factors relevant to the Company and the opportunities, challenges, and risks on which the Company is focused.

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Significant Accounting Policies and Estimates

The discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s Consolidated Financial Statements, which have been prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP). The preparation of these Consolidated Financial Statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the Company’s Consolidated Financial Statements. Actual results may differ from these estimates under different assumptions or conditions.

On a regular basis, management evaluates our assumptions, judgments and estimates. Management believes there have been no material changes to the items that we disclosed as our significant accounting policies and estimates under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our annual report on Form 10-K for fiscal year ended September 30, 2016.

Changes in Results of Operations

As of December 31, 2016, the Company owned one hundred properties with total square footage of approximately 16,554,000, as compared to ninety-three properties with total square footage of approximately 14,425,000, as of December 31, 2015, representing an increase of 15%. At quarter end, the Company’s weighted average lease expiration term was approximately 7.4 years as compared to 7.1 years at the end of the prior year period. The Company’s occupancy rate was 100.0% as of December 31, 2016 as compared to 98.8% as of December 31, 2015, representing an increase of 120 basis points. The Company’s weighted average building age was 9.9 years as of December 31, 2016 as compared to 10.5 years as of December 31, 2015.

Fiscal 2017 Renewals

In fiscal 2017, approximately 9% of our gross leasable area, representing thirteen leases totaling 1,539,526 square feet, are set to expire. As of the date of this quarterly report, six of the thirteen leases have renewed. One of the six leases, (which is with FedEx Ground Package System, Inc. for a property located in Ft. Myers, FL), has renewed for only eight months because the tenant is in the process of moving its operations from our 87,500 square foot facility to a newly constructed facility, which is also located in Ft. Myers, FL. As discussed above, on December 30, 2016, we purchased this newly constructed 213,672 square foot industrial building which is leased for ten years through September 2026. Excluding the eight month lease renewal at the original Ft. Myers, FL location, the five leases that have renewed thus far represent 718,842 square feet, or 47% of the expiring square footage, and have a weighted average lease term of 5.9 years.

The Company has incurred or expects to incur tenant improvement costs of approximately $1,928,000 in connection with four of the five lease renewals and leasing costs of approximately $611,000 in connection with all five lease renewals. The table below summarizes the lease terms of the five leases which were renewed and includes both the tenant improvement costs and the leasing costs, which are presented on a per square foot (PSF) basis averaged over the renewal term.

Property	Tenant	Square Feet		Former U.S. GAAP Straight- Line Rent PSF		Former Cash Rent PSF		Former Lease Expiration	Renewal U.S GAAP Straight- Line Rent PSF		Renewal Initial Cash Rent PSF		Renewal Lease Expiration	Renewal Term (years)		Tenant Improvement Cost PSF over Renewal Term (1)		Leasing Commissions Cost PSF over Renewal Term (1)

Ft. Myers, FL	FedEx Ground		87,500	$	4.95	$	4.95	10/31/16	$	4.95	$	4.95	6/30/17		0.7	$	-0-	$	-0-


Griffin, GA	Caterpillar		218,120	$	5.36	$	5.36	11/30/16	$	5.36	$	5.36	11/30/17		1.0	$	-0-	$	0.11
Elgin, IL	Joseph T. Ryerson		89,052		5.68		5.68	1/31/17		5.68		5.68	1/31/20		3.0	$	0.17	$	0.17
Newington, CT	Kellogg Sales Co.		54,812		6.00		6.00	2/28/17		6.00		6.00	2/29/20		3.0	$	0.30	$	0.24
Schaumburg, IL	FedEx Express		73,500		6.88		7.00	3/31/17		6.50		6.50	3/31/27		10.0	$	0.24	$	0.13
Tolleson, AZ	Western Container		283,358		4.33		4.59	4/30/17		4.78		4.33	4/30/27		10.0	$	0.58	$	0.14
	Total (2)		718,842

Weighted Average (2)				$	5.20	$	5.31		$	5.34	$	5.16			5.9	$	0.46	$	0.14

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	(1)	Amount calculated based on the total cost divided by the square feet, divided by the renewal term.
	(2)	Total and Weighted Average amounts exclude the original Ft. Myers, FL property.

Excluding the eight-month lease renewal at the original Ft. Myers, FL location, the remaining five lease renewals result in a weighted average term of 5.9 years and a U.S. GAAP straight-line weighted average lease rate of $5.34 per square foot. The renewed weighted average initial cash rent per square foot is $5.16. This compares to the former weighted average rent of $5.20 per square foot on a U.S. GAAP straight-line basis and the former weighted average cash rent of $5.31 per square foot, representing an increase in the weighted average lease rate of 2.7% on a U.S. GAAP straight-line basis and a decrease in the weighted average lease rate of 2.8% on a cash basis. The seven remaining leases that are set to expire during fiscal 2017 are under discussion.

Rental Revenue increased $4,215,937, or 22%, for the three months ended December 31, 2016 as compared to the three months ended December 31, 2015. The increase was primarily due to the acquisition of six properties purchased during the last three quarters of fiscal 2016 and the two properties purchased during the first three months of fiscal 2017 as well as the 120 basis point increase in the Company’s occupancy rate of 98.8% as of December 31, 2015 to 100.0% as of December 31, 2016.

Our single-tenant properties are subject to net-leases which require the tenants to reimburse us for the cost of Real Estate Taxes as well as certain Operating Expenses such as insurance and the majority of repairs and maintenance. For the three months ended December 31, 2016 compared to the three months ended December 31, 2015, Reimbursement Revenue increased $706,312, or 22%, Real Estate Tax Expense increased $534,845, or 23%, and Operating Expenses increased $63,103, or 5%. The increase in Reimbursement Revenue, Real Estate Taxes and Operating Expenses for the three months ended December 31, 2016 was primarily due to our newly acquired properties.

General and Administrative Expense increased $106,499, or 8%, for the three months ended December 31, 2016 as compared to the three months ended December 31, 2015. The increase in General and Administrative Expense for the three months ended December 31, 2016 was primarily due to an increase in salary and employee benefit expenses.

Acquisition Costs amounted to $178,526 and $145,585 for the three months ended December 31, 2016 and 2015, respectively. There were two acquisitions during the three months ended December 31, 2016 with a cost of approximately $56,102,000 compared to two acquisitions during the three months ended December 31, 2015 with a cost of approximately $50,386,000.

The Company recognized a Gain on Sale of Securities Transactions of $806,108 and $8,380 for the three months ended December 31, 2016 and 2015, respectively. In addition, the Company’s unrealized holding gains on its investment in securities decreased from an unrealized gain of $12,942,267 as of September 30, 2016 to an unrealized gain of $10,195,118 as of December 31, 2016, resulting in a decrease for the three months ended December 31, 2016 of $2,747,149. Furthermore, the Company recognized dividend income on its investment in securities of $1,292,151 and $1,184,653 for the three months ended December 31, 2016 and 2015, respectively, representing an increase of 9%. The increase is due to a higher average carrying value of the REIT securities portfolio during the current three month period compared to prior three month period. The REIT securities portfolio’s weighted average yield for three months ended December 31, 2016 was approximately 7.4% as compared to 8.4% for the three months ended December 31, 2015.

Interest Expense, including Amortization of Financing Costs, increased $816,572, or 15%, for the three months ended December 31, 2016 as compared to the three months ended December 31, 2015. This increase is primarily due to an increase in the average balance of Fixed Rate Mortgage Notes Payable due to the newly acquired properties in fiscal 2016 and 2017, which was offset by a decrease in the weighted average interest rate. The weighted average interest rate of Fixed Rate Mortgage Notes Payable has decreased from 4.76% at December 31, 2015 to 4.44% at December 31, 2016, representing a decrease of 32 basis points. The weighted average interest rate of Loans Payable has decreased from 2.32% at December 31, 2015 to 2.25% at December 31, 2016, representing a decrease of 7 basis points. The weighted average interest rate of Fixed Rate Mortgage Notes Payable and Loans Payable has decreased from 4.28% at December 31, 2015 to 4.16% at December 31, 2016, representing a decrease of 12 basis points.

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Changes in Financial Condition

The Company generated Net Cash from Operating Activities of $14,152,706 and $11,637,028 for the three months ended December 31, 2016 and 2015, respectively.

Net Real Estate Investments increased $46,561,330 from September 30, 2016 to December 31, 2016. This increase was due mainly to the purchase of two net-leased industrial properties, located in Hamburg (Buffalo), NY and Ft. Myers, FL totaling approximately $56,102,000, of which $55,650,000 was allocated to Net Real Estate Investments. The increase was partially offset by Depreciation Expense for the three months ended December 31, 2016 of $6,992,495.

Securities Available for Sale increased $716,602 from September 30, 2016 to December 31, 2016. The increase was due to the purchase of securities totaling $6,396,581, offset by a net decrease in Unrealized Holding Gains of $2,747,149 and by the sale of securities with a cost basis of $2,932,830, which resulted in realized gains totaling $806,108.

Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs (Mortgage Notes Payable) increased $28,098,107 from September 30, 2016 to December 31, 2016. The increase was mostly due to the origination of two fixed rate mortgages totaling $38,000,000 obtained in connection with the acquisitions of two industrial properties purchased in the first quarter of fiscal 2017. The weighted average interest rate on these two fixed rate mortgages is 4.01%. Details on these two fixed rate mortgages are as follows:

Property

Mortgage amount

Maturity

Date

Interest

Rate

Hamburg (Buffalo), NY

23,500,000

11/1/2031

4.03

Ft. Myers, FL

14,500,000

1/1/2032

3.97

The increase in Mortgage Notes Payable was also partially due to the amortization of financing costs associated with the Mortgage Notes Payable of approximately $188,000. This increase was partially offset by scheduled payments of principal of approximately $9,456,000, which includes the full repayment of the Company’s two mortgages associated with one of its properties located in Jacksonville, FL totaling approximately $1,356,000. In addition, the increase in Mortgage Notes Payable was partially offset by the addition of deferred financing costs of approximately $595,000 associated with the two mortgages obtained in connection with the acquisitions of the two industrial properties purchased in the first quarter of fiscal 2017.

The Company is scheduled to repay a total of approximately $64,860,000 in mortgage principal payments over the next twelve months. The Company intends to make these principal payments from the funds generated from Cash from Operations, the DRIP and draws from the unsecured line of credit facility.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities was $14,152,706 and $11,637,028 for the three months ended December 31, 2016 and 2015, respectively. Dividends paid on common stock for the three months ended December 31, 2016 and 2015 were $11,184,399 and $10,083,160, respectively, (of which $2,077,156 and $2,285,958, respectively, were reinvested). The Company pays dividends from cash generated from operations.

As of December 31, 2016, the Company owned Securities Available for Sale of $74,321,496. The Company generally limits its marketable securities investments to no more than approximately 10% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). In instances when the Company believes it can achieve an adequate yield spread, the Company may invest in marketable REIT securities on margin. As of December 31, 2016, there were no draws against the margin. The marketable REIT securities portfolio provides the Company with additional liquidity and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available. As of December 31, 2016, the Company had net Unrealized Holding Gains on its portfolio of $10,195,118 as compared to net Unrealized Holding Gains of $12,942,267 as of September 30, 2016, representing an decrease of $2,747,149. The dividends received from the Company’s investments, which yielded approximately 7.4% for the three months ended December 31, 2016, continue to meet our expectations. The Company recognized dividend income on its investment in securities of $1,292,151 and $1,184,653 for the three months ended December 31, 2016 and 2015, respectively, representing an increase of 9%. In addition, the Company recognized a Gain on Sale of Securities Transactions of $806,108 and $8,380 for the three months ended December 31, 2016 and 2015, respectively.

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As of December 31, 2016, the Company owned one hundred properties, of which sixty-five carried mortgage loans with outstanding principal balances totaling $512,292,137. The thirty-five unencumbered properties could be refinanced to raise additional funds, although covenants in the Company’s unsecured line of credit facility limit the amount of unencumbered properties that can be mortgaged. As of December 31, 2016, the Company has drawn down $76,000,000 on its $200,000,000 unsecured line of credit facility, which had a weighted average interest rate of 2.25%. The unsecured line of credit facility has an additional $100,000,000 accordion feature, which brings the total potential availability up to $300,000,000. The unsecured line of credit facility matures September 2020, with a one year extension at the Company’s option.

As of December 31, 2016, the Company had total assets of $1,209,680,225 and liabilities of $598,542,716. The Company’s net debt (net of unamortized debt issuance costs and net of cash and cash equivalents) to total market capitalization as of December 31, 2016 was approximately 30% and the Company’s net debt, less securities (net of unamortized debt issuance costs, net of cash and cash equivalents and net of securities) to total market capitalization as of December 31, 2016 was approximately 26%. The Company believes that it has the ability to meet its obligations and to generate funds for new investments.

The Company raised $20,954,643 (including dividend reinvestments of $2,077,156) from the issuance of 1,615,748 shares of common stock under the DRIP during the three months ended December 31, 2016. Of this amount, UMH Properties, Inc. (UMH), a related REIT, made total purchases of 26,267 common shares for a total cost of $353,031, or a weighted average cost of $13.44 per share. During the three months ended December 31, 2016, the Company paid $11,184,399 in total cash dividends, or $0.16 per share to common shareholders, of which $2,077,156 was reinvested in the DRIP. On January 17, 2017, the Company declared a dividend of $0.16 per common share to be paid on March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017.

The Company redeemed all of the outstanding shares of its 7.625% Series A Preferred Stock on October 14, 2016 at a redemption price of $25.00 per share, totaling $53,493,750, plus all dividends accrued and unpaid to and including the redemption date, in an amount equal to $0.23299 per share, totaling $498,540, for a total cash payment of $25.23299 per share, totaling $53,992,290.

During the three months ended December 31, 2016, the Company paid $1,132,032 in Preferred Dividends, or $0.4921875 per share on its outstanding Series B Preferred Stock. On January 17, 2017, the Company declared a dividend of $0.4921875 per share to be paid March 15, 2017 to Series B preferred shareholders of record as of the close of business on February 15, 2017.

During the three months ended December 31, 2016, the Company paid $1,791,564 in Preferred Dividends, or $0.3317708 per share on its outstanding Series C Preferred Stock for the period September 13, 2016 through November 30, 2016. On January 17, 2017, the Company declared a dividend of $0.3828125 per share to be paid March 15, 2017 to Series C preferred shareholders of record as of the close of business on February 15, 2017.

The Company uses a variety of sources to fund its cash needs in addition to cash generated through operations. The Company may sell marketable securities from its investment portfolio, borrow on its unsecured line of credit facility or securities margin loans, refinance debt, or raise capital through the DRIP or capital markets.

The Company has been raising capital through its DRIP, mortgages, draws on its unsecured line of credit, sale of marketable securities and funds generated from its investments in net-leased industrial properties. The Company may raise capital through registered direct placements and public offerings of common and preferred stock. The Company believes that funds generated from operations and from the DRIP, together with the ability to finance and refinance its properties, will provide sufficient funds to adequately meet its obligations over the next year.

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The Company intends to acquire additional net-leased industrial properties on long-term leases, primarily to investment grade tenants or their subsidiaries, and when needed, expand its current properties. The funds may come from free cash flow from operations, mortgages, draws on our unsecured line of credit, cash on hand, sale of marketable securities, other bank borrowings, proceeds from the DRIP, private placements and public offerings of additional common or preferred stock or other securities. To the extent that funds or appropriate properties are not available, fewer acquisitions will be made.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements.

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Funds From Operations and Core Funds From Operations

We assess and measure our overall operating results based upon an industry performance measure referred to as Funds From Operations (FFO), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by the National Association of Real Estate Investment Trusts (NAREIT), represents net income attributable to common shareholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Core Funds From Operations (Core FFO) as FFO, excluding acquisition costs. We define Adjusted Funds from Operations (AFFO) as Core FFO, excluding stock compensation expense, depreciation of corporate office tenant improvements, amortization of financing costs, lease termination income, net gain or loss on sale of securities transactions, effect of non-cash U.S. GAAP straight-line rent adjustments, non-recurring other expenses and less recurring capital expenditures. We define recurring capital expenditures as all capital expenditures, excluding capital expenditures related to expansions at our current locations or capital expenditures that are incurred in conjunction with obtaining a new lease or a lease renewal. We believe that, as widely recognized measures of performance used by other REITs, FFO, Core FFO and AFFO may be considered by investors as supplemental measures to compare our operating performance to those of other REITs. FFO, Core FFO and AFFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO, Core FFO and AFFO and, accordingly, our FFO, Core FFO and AFFO may not be comparable to all other REITs. The items excluded from FFO, Core FFO and AFFO are significant components in understanding the Company’s financial performance.

FFO, Core FFO and AFFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as an alternative to Net Income as a measure of operating performance or to Cash Flows from Operating, Investing and Financing Activities; and (iii) are not an alternative to cash flow as a measure of liquidity. FFO, Core FFO and AFFO, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.

The following is a reconciliation of the Company’s U.S. GAAP Net Income to the Company’s FFO, Core FFO and AFFO for the three months ended December 31, 2016 and 2015:

	Three Months Ended
	12/31/2016			12/31/2015
Net Income Attributable to Common Shareholders	$	6,156,161		$	4,786,897
Plus: Depreciation Expense (excluding Corporate Office Tenant Improvements)		6,953,780			5,567,461
Plus: Amortization of Intangible Assets		267,847			323,464
Plus: Amortization of Capitalized Lease Costs		205,442			188,639
Plus: Loss on Sale of Real Estate Investment		95,336			-0-
FFO Attributable to Common Shareholders		13,678,566			10,866,461
Plus: Acquisition Costs		178,526			145,585
Core FFO Attributable to Common Shareholders	$	13,857,092		$	11,012,046
Plus: Amortization of Financing Costs		280,913			234,367
Plus: Stock Compensation Expense		100,155			104,961
Plus: Depreciation of Corporate Office Tenant Improvements		38,715			27,971
Less: Gain on Sale of Securities Transactions, net		(806,108	)		(8,380	)
Less: Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment		(343,239	)		(309,665	)
Less: Recurring Capital Expenditures		(188,412	)		(336,191	)
AFFO Attributable to Common Shareholders	$	12,939,116		$	10,725,109

The following are the Cash Flows provided (used) by Operating, Investing and Financing Activities for the three months ended December 31, 2016 and 2015:

	Three Months Ended
	12/31/2016			12/31/2015

Operating Activities	$	14,152,706		$	11,637,028
Investing Activities		(55,150,303	)		(55,597,315	)
Financing Activities		(24,029,305	)		44,813,302

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Forward-Looking Statements

This quarterly report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, performance and underlying assumptions and other statements that are not historical facts. Forward-looking statements can be identified by their use of forward-looking words, such as “may,” “will,” “anticipate,” “expect,” “believe,” “intend,” “plan,” “should,” “seek” or comparable terms, or the negative use of those words, but the absence of these words does not necessarily mean that a statement is not forward-looking.

The forward-looking statements are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company. Some of these factors are described below and are described under the above heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the headings “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016. These and other risks, uncertainties and factors could cause the Company’s actual results to differ materially from those included in any forward-looking statements the Company makes. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for the Company to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from the Company’s expectations include, among others:

	●	the ability of the Company’s tenants to make payments under their respective leases, its reliance on certain major tenants and the Company’s ability to re-lease properties that are currently vacant or that become vacant;

	●	the Company’s ability to obtain suitable tenants for its properties;

	●	changes in real estate market conditions, economic conditions in the industrial sector and the market in which the Company’s properties are located and general economic conditions;

	●	the inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations and illiquidity of real estate investments;

	●	the Company’s ability to acquire, finance and sell properties on attractive terms;

	●	the Company’s ability to repay debt financing obligations;

	●	the Company’s ability to refinance amounts outstanding under its mortgages and credit facilities at maturity on terms favorable to us, or at all;

	●	the loss of any member of the Company’s management team;

	●	the Company’s ability to comply with debt covenants;

	●	the Company’s ability to integrate acquired properties and operations into existing operations;

	●	continued availability of proceeds from issuances of the Company’s debt or equity securities;

	●	the availability of other debt and equity financing alternatives;

	●	market conditions affecting the Company’s investment in marketable securities of other REIT’s;

	●	changes in interest rates under the Company’s current credit facility and under any additional variable rate debt arrangements that the Company may enter into in the future;

	●	the Company’s ability to successfully implement the Company’s selective acquisition strategy;

	●	the Company’s ability to maintain internal controls and procedures to ensure all transactions are accounted for properly, all relevant disclosures and filings are timely made in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected;

	●	changes in federal or state tax rules or regulations that could have adverse tax consequences; declines in the market prices of the Company’s investment securities; and

	●	the Company’s ability to qualify as a REIT for federal income tax purposes.

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You should not place undue reliance on these forward-looking statements, as events described or implied in such statements may not occur. The Company undertakes no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes to information required regarding quantitative and qualitative disclosures about market risk from the end of the preceding year to December 31, 2016 (the date of this Quarterly Report on Form 10-Q).

ITEM 4. Controls and Procedures.

The Company’s President and Chief Executive Officer (the Company’s principal executive officer) and the Company’s Chief Financial Officer (the Company’s principal financial and accounting officer) with the assistance of other members of the Company’s management, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, the Company’s President and Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are effective as of the end of such period.

Changes In Internal Control Over Financial Reporting

There has not been any change in the Company’s internal control over financial reporting during the quarter ended December 31, 2016 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II:

OTHER INFORMATION

Item 1.	Legal Proceedings. – None

Item 1A.	Risk Factors. There have been no material changes to information required regarding risk factors from the end of the preceding year to the date of this Quarterly Report on Form 10-Q. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016, which could materially affect the Company’s business, financial condition or future results. The risks described in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016 are not the only risks facing the Company. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company’s business, financial condition and/or operating results.

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds. – None

Item 3.	Defaults Upon Senior Securities. – None

Item 4.	Mine Safety Disclosures. – None

Item 5.

Other Information.

	(a)	Information Required to be Disclosed in a Report on Form 8-K, but not Reported – None

	(b)	Material Changes to the Procedures by which Security Holders may Recommend Nominees to Board of Directors – None

Item 6.	Exhibits

31.1	Certification of Michael P. Landy, President and Chief Executive Officer of the Company, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (Filed herewith).

31.2	Certification of Kevin S. Miller, Chief Financial Officer of the Company, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (Filed herewith).

32	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed by Michael P. Landy, President and Chief Executive Officer, and Kevin S. Miller, Chief Financial Officer (Furnished herewith).

101	The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements. As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		MONMOUTH REAL ESTATE INVESTMENT CORPORATION

Date:	February 8, 2017	By:	/s/ Michael P. Landy
			Michael P. Landy, President and Chief Executive Officer,
			its principal executive officer

Date:	February 8, 2017	By:	/s/ Kevin S. Miller
			Kevin S. Miller, Chief Financial Officer, its principal
			financial officer and principal accounting officer

EX-31.1 2 ex31-1.htm

Exhibit 31.1

CERTIFICATION

I, Michael P. Landy, certify that:

1. I have reviewed this Quarterly report on Form 10-Q of Monmouth Real Estate Investment Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 8, 2017

	/s/ Michael P. Landy
	Michael P. Landy
	President and Chief Executive Officer

EX-31.2 3 ex31-2.htm

Exhibit 31.2

CERTIFICATION

I, Kevin Miller certify that:

1. I have reviewed this Quarterly report on Form 10-Q of Monmouth Real Estate Investment Corporation;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 8, 2017

	/s/ Kevin S. Miller
	Kevin S. Miller
	Chief Financial Officer

EX-32 4 ex32.htm

Exhibit 32

CERTIFICATION OF CEO PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Monmouth Real Estate Investment Corporation (the “Company”) quarterly period ended December 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Michael P. Landy, as President and Chief Executive Officer of the Company, and Kevin Miller, as Chief Financial Officer, each hereby certifies, pursuant to 18 U.S.C. (section) 1350, as adopted pursuant to (section) 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Michael P. Landy
Name:	Michael P. Landy
Title:	President and Chief Executive Officer
Date:	February 8, 2017

By:	/s/ Kevin S. Miller
Name:	Kevin S. Miller
Title:	Chief Financial Officer
Date:	February 8, 2017

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NOTE 3 – REAL ESTATE INVESTMENTS   Acquisitions   On October 17, 2016, the Company purchased a newly constructed 338,584 square foot industrial building located in Hamburg, NY, which is in the Buffalo Metropolitan Statistical Area. The building is 100% net-leased to FedEx Ground Package System, Inc. for fifteen years through March 2031. The purchase price was $35,100,000. The Company obtained a 15 year fully-amortizing mortgage loan of $23,500,000 at a fixed interest rate of 4.03%. Annual rental revenue over the remaining term of the lease averages approximately $2,309,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company allocated $250,000 to an Intangible Asset associated with the lease in-place.   On December 30, 2016, the Company purchased a newly constructed 213,672 square foot industrial building located in Ft. Myers, FL. The building is 100% net-leased to FedEx Ground Package System, Inc. for ten years through September 2026. The purchase price was $21,001,538. The Company obtained a 15 year fully-amortizing mortgage loan of $14,500,000 at a fixed interest rate of 3.97%. Annual rental revenue over the remaining term of the lease averages approximately $1,365,000. In connection with the acquisition, the Company completed its evaluation of the acquired lease. As a result of its evaluation, the Company allocated $201,538 to an Intangible Asset associated with the lease in-place.   FedEx Ground Package System, Inc.’s ultimate parent, FedEx Corporation (FDX) is a publicly-owned company and financial information related to this entity is available at the SEC’s website, www.sec.gov. The references in this report to the SEC’s website are not intended to and do not include or incorporate by reference into this report the information of FDX on such website.   Expansions   On October 1, 2016, a 50,625 square foot expansion of the building leased to FedEx Ground Package System, Inc. located in Edinburg, TX was completed for a cost of approximately $4,762,000, resulting in a new 10 year lease which extended the prior lease expiration date from September 2021 through September 2026. In addition, the expansion resulted in an increase in annual rent effective from the date of completion of approximately $499,000 from approximately $598,000, or $5.27 per square foot, to approximately $1,097,000, or $6.68 per square foot.   Disposition   On October 27, 2016, the Company sold its only vacant building consisting of a 59,425 square foot industrial building situated on 4.78 acres located in White Bear Lake, MN for net proceeds of approximately $4,126,000.   Since the sale of this property does not represent a strategic shift that has (or will have) a major effect on the Company’s operations and financial results, the operations generated from this property are not included in Discontinued Operations.   The following table summarizes the operations of the Company’s 59,425 square foot industrial building located in White Bear Lake, MN prior to its sale on October 27, 2016 which is included in the accompanying Consolidated Statements of Income for the three months ended December 31:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Three Months Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">12/31/2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">12/31/2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; line-height: 115%">Rental and Reimbursement Revenue</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">-0-</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">-0-</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Real Estate Taxes</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(8,855</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(29,294</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Operating Expenses</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(9,846</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(15,770</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Depreciation & Amortization</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(8,006</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(24,018</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Interest Expense</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Loss from Operations</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(26,707</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(69,082</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Loss on Sale of Real Estate Investment</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(95,336</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Net Loss</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(122,043</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(69,082</td> <td style="line-height: 115%">)</td></tr> </table>   Pro forma information   The following unaudited pro forma condensed financial information has been prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses generated from property acquired and expanded during fiscal 2017 and 2016, assuming that the acquisitions and completed expansions had occurred as of October 1, 2015, 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. In addition, Net Income Attributable to Common Shareholders excludes the operating expenses incurred during fiscal 2017 and 2016 for the one vacant property, located in White Bear Lake, MN, that was sold during the quarter on October 27, 2016. Furthermore, the proceeds raised from the 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 Basic and Diluted Net Income 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, 2015. 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.    <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Three Months Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">12/31/2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">12/31/2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; text-align: justify; line-height: 115%">Rental Revenues</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">23,718,300</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">23,554,500</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">Net Income Attributable to Common Shareholders</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">6,281,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">6,091,400</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Basic and Diluted Net Income per Share Attributable to Common Shareholders</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.09</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.09</td> <td style="line-height: 115%"> </td></tr> </table>   Tenant Concentration   The Company has a concentration of FDX and FDX subsidiary-leased properties, consisting of fifty-five separate stand-alone leases covering approximately 8,187,000 square feet as of December 31, 2016 and forty-nine separate stand-alone leases covering approximately 6,508,000 square feet as of December 31, 2015. The percentage of FDX and its subsidiaries leased square footage to the total of the Company’s rental space was 49% (6% to FDX and 43% to FDX subsidiaries) as of December 31, 2016 and 45% (7% to FDX and 38% to FDX subsidiaries) as of December 31, 2015. As of December 31, 2016, the only tenants that leased 5% or more of the Company’s total square footage were FDX and its subsidiaries and Milwaukee Electric Tool Corporation, which leases one property consisting of approximately 862,000 square feet, which was approximately 5% of the Company’s rental space. As of December 31, 2015, no other tenant, other than FDX and its subsidiaries, accounted for 5% or more of the Company’s total rental space.   Annualized Rental and Reimbursement Revenue from FDX and its subsidiaries is estimated to be approximately 59% (6% to FDX and 53% to FDX subsidiaries) of total Rental and Reimbursement Revenue for fiscal 2017 and was 55% (7% to FDX and 48% to FDX subsidiaries) of total Rental and Reimbursement Revenue for fiscal 2016. No other tenant accounted for 5% or more of the Company’s total Rental and Reimbursement Revenue for the three months ended December 31, 2016 and 2015.   In addition to real estate property holdings, the Company held $74,321,496 in marketable REIT securities at December 31, 2016, representing 5.4% of the Company’s undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). These liquid real estate holdings are not included in calculating the tenant concentration ratios above and therefore further enhance the Company’s diversification. The securities portfolio provides the Company with additional liquidity, diversification, income and serves as a proxy for real estate when more favorable risk adjusted returns are not available.

NOTE 4 – SECURITIES AVAILABLE FOR SALE AT FAIR VALUE   The Company’s Securities Available for Sale at Fair Value consists primarily of marketable common and preferred stock of other REITs with a fair value of $74,321,496 as of December 31, 2016. The Company generally limits its investment in marketable securities to no more than approximately 10% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). The REIT securities portfolio provides the Company with additional liquidity, diversification, income and serves as a proxy for real estate when more favorable risk adjusted returns are not available.   During the three months ended December 31, 2016, the Company sold or redeemed securities with a cost basis of $2,932,830 and recognized a Gain on Sale of Securities Transactions of $806,108. The Company also made purchases of $6,396,581 in Securities Available for Sale at Fair Value. Of this amount, the Company made total purchases of 26,967 common shares of UMH Properties, Inc. (UMH), a related REIT, for a total cost of $331,009, or a weighted average cost of $12.27 per share, of which 13,967 shares were purchased through UMH’s Dividend Reinvestment and Stock Purchase Plan. The Company owned a total of 1,016,293 UMH common shares as of December 31, 2016 at a total cost of $9,636,694 and a fair value of $15,295,216. The Company owns 200,000 shares of UMH’s 8.25% Series A Cumulative Redeemable Preferred Stock at a total cost of $5,000,000 with a fair value of $5,140,000 and the Company owns 100,000 shares of UMH’s 8.00% Series B Cumulative Redeemable Preferred Stock at a total cost of $2,500,000 with a fair value of $2,680,000. The unrealized gain on the Company’s investment in UMH’s common and preferred stock as of December 31, 2016 was $5,978,522.   As of December 31, 2016, the Company had total net unrealized holding gains on its securities portfolio of $10,195,118. 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 Company normally holds REIT securities long-term and has the ability and intent to hold these securities to recovery. As of December 31, 2016, the Company held one security, with a fair value of $733,500, that had an unrealized loss totaling $12,340, representing less than a 2% unrealized loss. This one security had an unrealized loss for less than twelve months.

NOTE 10 – SUBSEQUENT EVENTS   Material subsequent events have been evaluated and are disclosed herein.   On January 17, 2017, the Company declared a common dividend of $0.16 per share to be paid March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017.   On January 17, 2017, the Company declared a dividend of $0.4921875 per share to be paid March 15, 2017 to Series B preferred shareholders of record as of the close of business on February 15, 2017.   On January 17, 2017, the Company declared a dividend of $0.3828125 per share to be paid March 15, 2017 to Series C preferred shareholders of record as of the close of business on February 15, 2017.

95749508

30722606

12073909

12926924

27181611

22259362

3900755

3194443

23280856

19064919

447797

486611

6992495

5595432

178526

145585

1442463

1335964

1294468

1231365

2906981

2372136

13262730

11167093

-4064960

-4153614

806108

8380

1292151

1184653

9853921

6938655

3697760

2151758

6156161

4786897

0.09

0.08

0.14

0.11

0.14

0.11

0.09

0.08

69829793

62948800

69686153

62866898

-1941041

1790142

806108

8380

7106772

8720417

3409012

6568659

14152706

11637028

860211

1981853

-428282 -203940

2645032

2594298

598700

898233

806108

8380

100155

104961

7721205

6316410

-55150303

-55597315

6396581

6491654

3738938

1790403

820000

550000

1000000

900000

696941

860167

56101538

50385897

924300

636963

404674

9456016

6941017

38000000

33670000

38000000

-4790684

14938116

-24029305

44813302

9107243

7797202

3422136

2151758

-65026902

853015

53493750

-0.05

-0.03

-0.05 -0.03

-95336

4125819

100

16010000

16554000

102135

83000

26340

215000

130000

0.49 0.06 0.43 0.45 0.07 0.38

2031-03-31

2026-09-30

23718300

23554500

6281500

6091400

2932830

100304000

670000

0.0449

0.1888

0.0226

P8Y

215000

8.04

2016-12-09 14.24

2024-12-09

13967

0.16

0.4921875

0.3828125

0.16

0.4921875

0.3828125

2017-02-15

25.00

1.96875

1.53125

10000000

2077156 2285958 2077156

2017-01-17

2017-03-15

510052000

5882000

5112000

338584 213672 2338000 7 Years 15 Years 13.5 Years

5 0.0360 0.0423 0.0386

Use of Estimates   In preparing the financial statements in accordance with U.S. GAAP, management is 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 and related disclosure of contingent assets and liabilities. Actual results could differ from these estimates and assumptions.

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 the Company.   Of the Company’s one hundred properties, only three leases contain an early termination provision. These leases with an early termination provision are the 26,340 square foot location in Ridgeland (Jackson), MS, the 83,000 square foot location in Roanoke, VA and the 102,135 square foot location in O’Fallon (St. Louis), MO.

Stock Compensation Plan   The Company has a Stock Option and Stock Award Plan, adopted in 2007 and amended and restated in 2010 (the 2007 Plan), authorizing the grant to officers and key employees of options to purchase up to 1,500,000 shares of common stock, $0.01 par value per share (common stock) including up to 100,000 shares of restricted stock awarded to any one participant in any one fiscal year.   The Company accounts for awards of 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 restricted stock awards is equal to the fair value of the Company’s stock on the grant date. The amortization of compensation costs for stock option grants and restricted stock are included in General and Administrative Expenses in the accompanying Consolidated Statements of Income and amounted to $100,155 and $104,961 for the three months ended December 31, 2016 and 2015, respectively.   During the three months ended December 31, 2015, no stock options were granted under the Company’s 2007 Plan. During the three months ended December 31, 2016, the following stock options, which vest one year after grant date, were granted under the Company’s 2007 Plan:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Date of Grant</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Number of Employees</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Number of Shares</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Option Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Expiration Date</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">12/9/16</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">10</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">215,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">14.24</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">12/9/24</td> <td style="line-height: 115%"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions used for grants in the fiscal year indicated:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Fiscal 2017</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify; line-height: 115%">Dividend yield</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">4.49</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">Expected volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">18.88</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Risk-free interest rate</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.26</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">Expected lives (years)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">8</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Estimated forfeitures</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> </table>   The fair value of options granted during the three months ended December 31, 2016 was $1.45 per option.   During the three months ended December 31, 2016 and 2015, no shares of restricted stock were granted under the Company’s 2007 Plan. During the three months ended December 31, 2015, four participants exercised options to purchase an aggregate of 115,000 shares of common stock at a weighted average exercise price of $8.04 per share for total proceeds of $924,300. During the three months ended December 31, 2016, no options were exercised. As of December 31, 2016, a total of 229,878 shares were available to grant as stock options or as restricted stock and there were outstanding options to purchase 670,000 shares under the 2007 Plan. The aggregate intrinsic value of options outstanding as of December 31, 2016 was $2,846,200.

Reclassification   Certain prior period amounts in the accompanying Consolidated Financial Statements have been reclassified to conform to the current period’s presentation.

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Three Months Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">12/31/2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">12/31/2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; line-height: 115%">Rental and Reimbursement Revenue</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">-0-</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">-0-</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Real Estate Taxes</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(8,855</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(29,294</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Operating Expenses</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(9,846</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(15,770</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Depreciation & Amortization</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(8,006</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(24,018</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Interest Expense</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Loss from Operations</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(26,707</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(69,082</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Loss on Sale of Real Estate Investment</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(95,336</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Net Loss</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(122,043</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(69,082</td> <td style="line-height: 115%">)</td></tr> </table>

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.    <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Three Months Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">12/31/2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">12/31/2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; text-align: justify; line-height: 115%">Rental Revenues</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">23,718,300</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">23,554,500</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">Net Income Attributable to Common Shareholders</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">6,281,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">6,091,400</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Basic and Diluted Net Income per Share Attributable to Common Shareholders</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.09</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.09</td> <td style="line-height: 115%"> </td></tr> </table>

The fair value of these financial assets was determined using the following inputs at December 31, 2016 and September 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Fair Value Measurements at Reporting Date Using</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Total</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Quoted Prices in Active Markets for Identical Assets (Level 1)</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Significant Other Observable Inputs (Level 2)</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Significant Unobservable Inputs (Level 3)</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-decoration: underline; line-height: 115%">As of December 31, 2016:</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 40%; line-height: 115%">Equity Securities – Preferred Stock</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 12%; text-align: right; line-height: 115%">13,583,215</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 12%; text-align: right; line-height: 115%">13,583,215</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 12%; text-align: right; line-height: 115%">-0-</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 12%; text-align: right; line-height: 115%">-0-</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Equity Securities – Common Stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">60,733,016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">60,733,016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Mortgage Backed Securities</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,265</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,265</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Total Securities Available for Sale at Fair Value</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">74,321,496</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">74,321,496</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-decoration: underline; line-height: 115%">As of September 30, 2016:</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Equity Securities – Preferred Stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">13,769,073</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">13,769,073</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Equity Securities – Common Stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">59,830,271</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">59,830,271</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Mortgage Backed Securities</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,550</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,550</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Total Securities Available for Sale at Fair Value</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">73,604,894</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">73,604,894</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> </table>

143640

81902

35100000 21001538

229878

P15Y P10Y P10Y 250497000 1.00 1.00 0.72 0.60

Large Accelerated Filer P15Y 498540 2017 0.23299

6163219

5346647

NOTE 2 – NET INCOME PER SHARE   Basic Net Income per Share is calculated by dividing Net Income Attributable to Common Shareholders by the weighted-average number of common shares outstanding during the period. Diluted Net Income per Common Share is calculated by dividing Net Income Attributable to Common Shareholders by the weighted-average number of common shares outstanding plus the weighted-average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method.   In addition, common stock equivalents of 143,640 and 81,902 shares are included in the diluted weighted average shares outstanding for the three months ended December 31, 2016 and 2015, respectively. For the diluted weighted average shares outstanding for the three months ended December 31, 2016 and 2015, 215,000 and 130,000 options to purchase shares of common stock, respectively, were antidilutive.

NOTE 5 – DEBT   For the three months ended December 31, 2016 and 2015, amortization of financing costs included in interest expense was $280,913 and $234,367, respectively.   The following is a summary of our Fixed Rate Mortgage Notes Payable as of December 31, 2016 and September 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">12/31/2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">9/30/2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Amount</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Interest Rate (1)</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Amount</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Interest Rate (1)</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 115%">Fixed Rate Mortgage Notes Payable</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">512,292,137</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">4.44</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">483,748,153</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">4.48</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Debt Issuance Costs</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">9,941,959</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">9,424,697</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accumulated Amortization of Debt Issuance Costs</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(3,223,939</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(3,152,554</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Unamortized Debt Issuance Costs</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">6,718,020</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">6,272,143</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">505,574,117</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">477,476,010</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; line-height: 115%">(1)</td> <td style="text-align: justify; line-height: 115%">Weighted average interest rate excludes amortization of debt issuance costs.</td></tr> </table>   As of December 31, 2016, interest payable on these mortgages were at fixed rates ranging from 3.45% to 7.60%, with a weighted average interest rate of 4.44%. This compares to a weighted average interest rate of 4.48% as of September 30, 2016 and 4.76% as of December 31, 2015. As of December 31, 2016, the weighted average loan maturity of the Fixed Rate Mortgage Notes Payable was 10.7 years. This compares to a weighted average loan maturity of the Fixed Rate Mortgage Notes Payable of 10.5 years as of September 30, 2016 and 9.3 years as of December 31, 2015.   In connection with the two properties acquired during the three months ended December 31, 2016, which are located in Hamburg (Buffalo), NY and Ft. Myers, FL (as described in Note 3), the Company entered into two, fifteen year, fully-amortizing mortgages. The two mortgages originally totaled $38,000,000 and have a weighted average interest rate of 4.01%.   During the three months ended December 31, 2016, the Company fully repaid its two mortgages associated with one of its properties located in Jacksonville, FL totaling approximately $1,356,000.   Subsequent to the quarter end, during January 2017, the Company fully repaid three mortgages associated with three properties located in El Paso, TX; Halfmoon, NY and Lebanon, OH totaling approximately $9,477,000.   During the three months ended December 31, 2016, the Company fully repaid its two term loans payable totaling $4,768,266. One loan totaling $2,284,633 had an interest rate of 4.90% and one loan totaling $2,483,633 had a variable annual interest rate of prime plus 0.75% with a floor of 4.50%. The interest rate on the date this loan was fully repaid was 4.50%.   As of December 31, 2016, total loans payable represented the amount drawn down on the Company’s $200,000,000 unsecured line of credit facility (the “Facility”), maturing in September 2020 with a one year extension at the Company’s option, (subject to various conditions as specified in the loan agreement). As of December 31, 2016, $76,000,000 was drawn down. Availability under the 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 7.0% capitalization rate to the NOI generated by the Company’s unencumbered, wholly-owned industrial properties. Borrowings under the Facility, will, at the Company’s election, either i) bear interest at LIBOR plus 140 basis points to 220 basis points, depending on the Company’s leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 40 basis points to 120 basis points, depending on the Company’s leverage ratio. The Company’s borrowings as of December 31, 2016, based on the Company’s leverage ratio as of December 31, 2016, bear interest at LIBOR plus 150 basis points, which was at an interest rate of 2.25% as of December 31, 2016. In addition, the Company has a $100,000,000 accordion feature, bringing the total potential availability under the Facility (subject to various conditions as specified in the loan agreement) up to $300,000,000. During the three months ended December 31, 2016, there were no additional draws on the Company’s unsecured line of credit.

The Company also owns a portfolio of REIT investment securities which the Company generally limits to no more than approximately 10% of its undepreciated assets., (which is the Company’s total assets excluding accumulated depreciation).

Company’s one hundred properties, only three leases contain an early termination provision. These leases with an early termination provision are the 26,340 square foot location in Ridgeland (Jackson), MS, the 83,000 square foot location in Roanoke, VA and the 102,135 square foot location in O’Fallon (St. Louis), MO.

115000

2846200

10 P15Y P15Y

23500000

14500000

0.0403

0.0397

2309000

1365000

250000

201538

499000

8187000 6508000 No other tenant accounted for 5% or more of the Company’s total rental space No other tenant accounted for 5% or more of the Company's total Rental and Reimbursement Revenue. 0.59 0.06 0.53 0.55 0.07 0.48

74321496

0.054 0.09 0.09 0.10 26967

331009

1016293

12.27

9636694

5000000

2500000

200000 100000 0.0825 0.0800

280913

234367

0.0760

0.0345

0.0450

0.0490

0.0450

P10Y8M12D

P9Y3M18D

P10Y6M

0.0448

0.0444

1356000

9477000

76000000

Availability under the 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 7.0% capitalization rate to the NOI generated by the Company’s unencumbered, wholly-owned industrial properties. Borrowings under the Facility, will, at the Company’s election, either i) bear interest at LIBOR plus 140 basis points to 220 basis points, depending on the Company’s leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 40 basis points to 120 basis points, depending on the Company’s leverage ratio. The Company’s borrowings as of December 31, 2016, based on the Company’s leverage ratio as of December 31, 2016, bear interest at LIBOR plus 150 basis points, which was at an interest rate of 2.25% as of December 31, 2016.

9424697

9941959

-3152554

-3223939

6272143

6718020

Board of Directors approved a 6.7% increase in the Company’s quarterly common stock dividend, raising it to $0.16 per share from $0.15 per share.

1615748

53493750

25.23299

-53493750 0

Segment Reporting & Financial Information   The Company’s primary business is the ownership and management of real estate properties. The Company seeks to invest in well-located, modern, single-tenant, industrial buildings leased primarily to investment grade tenants or their subsidiaries on long-term net leases. The Company reviews operating and financial information for each property on an individual basis and, therefore, each property represents an individual operating segment. The Company evaluates financial performance using Net Operating Income (“NOI”) from property operations. NOI is defined as recurring Rental and Reimbursement Revenue, less Real Estate Taxes and Operating Expenses, such as insurance, utilities and repairs and maintenance. The Company has 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.

During the three months ended December 31, 2016, the following stock options, which vest one year after grant date, were granted under the Company’s 2007 Plan:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Date of Grant</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Number of Employees</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Number of Shares</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Option Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Expiration Date</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 28%; padding-left: 5.4pt; text-align: center; line-height: 115%">12/9/16</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%">10</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%">215,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">14.24</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%">12/9/24</td> <td style="width: 1%; line-height: 115%"> </td></tr> </table>

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions used for grants in the fiscal year indicated:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Fiscal 2017</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify; line-height: 115%">Dividend yield</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">4.49</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">Expected volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">18.88</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Risk-free interest rate</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.26</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">Expected lives (years)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">8</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Estimated forfeitures</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> </table>

The following is a summary of our Fixed Rate Mortgage Notes Payable as of December 31, 2016 and September 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">12/31/2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">9/30/2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Amount</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Interest Rate (1)</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Amount</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Interest Rate (1)</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 115%">Fixed Rate Mortgage Notes Payable</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">512,292,137</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">4.44</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">483,748,153</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">4.48</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Debt Issuance Costs</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">9,941,959</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">9,424,697</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accumulated Amortization of Debt Issuance Costs</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(3,223,939</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(3,152,554</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Unamortized Debt Issuance Costs</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">6,718,020</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">6,272,143</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">505,574,117</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">477,476,010</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; line-height: 115%">(1)</td> <td style="text-align: justify; line-height: 115%">Weighted average interest rate excludes amortization of debt issuance costs.</td></tr> </table>

1500000

100000

50625 4762000 Prior lease expiration date from September 2021 through September 2026. 5.27 598000 1097000 6.68 59425 4.78

4126000

0.02

12340

prime plus 0.75%

300000000

100000000

2020-09-30

200000000

483748153

512292137

70969828 0000067625

1694000

1397000

NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES   Monmouth Real Estate Investment Corporation, a Maryland corporation, together with its consolidated subsidiaries (MREIC, the Company, or we), operates as a real estate investment trust (REIT) deriving its income primarily from real estate rental operations. As of December 31, 2016, the Company owned one hundred properties with total square footage of approximately 16,554,000, which is 100.0% occupied, as compared to ninety-nine properties with total square footage of approximately 16,010,000, which was 99.6% occupied as of September 30, 2016. These properties are located in thirty states: Alabama, Arizona, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin. The Company also owns a portfolio of REIT investment securities which the Company generally limits to no more than approximately 10% of its undepreciated assets, (which is the Company’s total assets excluding accumulated depreciation).   The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the Code), and intends to maintain its qualification as a REIT in the future. As a qualified REIT, with limited exceptions, the Company will not be taxed under Federal and certain state income tax laws at the corporate level on taxable income that it distributes to its shareholders. For special tax provisions applicable to REITs, refer to Sections 856-860 of the Code. The Company is subject to franchise taxes in several of the states in which the Company owns property.   The interim Consolidated Financial Statements furnished herein have been prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) applicable to interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2016 are not necessarily indicative of the results that may be expected for the year ending September 30, 2017. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2016.   Use of Estimates   In preparing the financial statements in accordance with U.S. GAAP, management is 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 and related disclosure of contingent assets and liabilities. Actual results could differ from these estimates and assumptions.   Reclassification   Certain prior period amounts in the accompanying Consolidated Financial Statements have been reclassified to conform to the current period’s presentation.   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 the Company.   Of the Company’s one hundred properties, only three leases contain an early termination provision. These leases with an early termination provision are the 26,340 square foot location in Ridgeland (Jackson), MS, the 83,000 square foot location in Roanoke, VA and the 102,135 square foot location in O’Fallon (St. Louis), MO.   Stock Compensation Plan   The Company has a Stock Option and Stock Award Plan, adopted in 2007 and amended and restated in 2010 (the 2007 Plan), authorizing the grant to officers and key employees of options to purchase up to 1,500,000 shares of common stock, $0.01 par value per share (common stock) including up to 100,000 shares of restricted stock awarded to any one participant in any one fiscal year.   The Company accounts for awards of 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 restricted stock awards is equal to the fair value of the Company’s stock on the grant date. The amortization of compensation costs for stock option grants and restricted stock are included in General and Administrative Expenses in the accompanying Consolidated Statements of Income and amounted to $100,155 and $104,961 for the three months ended December 31, 2016 and 2015, respectively.   During the three months ended December 31, 2015, no stock options were granted under the Company’s 2007 Plan. During the three months ended December 31, 2016, the following stock options, which vest one year after grant date, were granted under the Company’s 2007 Plan:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Date of Grant</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Number of Employees</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Number of Shares</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Option Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Expiration Date</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">12/9/16</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">10</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">215,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">14.24</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">12/9/24</td> <td style="line-height: 115%"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions used for grants in the fiscal year indicated:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Fiscal 2017</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify; line-height: 115%">Dividend yield</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">4.49</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">Expected volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">18.88</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Risk-free interest rate</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.26</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">Expected lives (years)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">8</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Estimated forfeitures</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> </table>   The fair value of options granted during the three months ended December 31, 2016 was $1.45 per option.   During the three months ended December 31, 2016 and 2015, no shares of restricted stock were granted under the Company’s 2007 Plan. During the three months ended December 31, 2015, four participants exercised options to purchase an aggregate of 115,000 shares of common stock at a weighted average exercise price of $8.04 per share for total proceeds of $924,300. During the three months ended December 31, 2016, no options were exercised. As of December 31, 2016, a total of 229,878 shares were available to grant as stock options or as restricted stock and there were outstanding options to purchase 670,000 shares under the 2007 Plan. The aggregate intrinsic value of options outstanding as of December 31, 2016 was $2,846,200.   Recent Accounting Pronouncements   In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” ASU 2017-01 seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, intangible assets and consolidation. The adoption of ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments should be applied prospectively on or after the effective dates. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.   In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.   In March 2016, the FASB issued ASU 2016-09 “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which relates to the accounting for employee share-based payments”. ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.   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 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. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.   In January 2016, the FASB issued 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 become effective for the Company’s fiscal year beginning October 1, 2018. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements and has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.   In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs”. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (Subtopic 835-30), which clarified that debt issuance costs related to line-of-credit arrangements may be presented as an asset and amortized over the term of the line-of-credit arrangement regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted these standards effective October 1, 2016. As a result, debt issuance costs related to debt liabilities that are not line-of-credit arrangements are included as a direct deduction from the related debt liability and those related to line-of-credit arrangements continue to be included as an asset on the accompanying Consolidated Balance Sheets. The effects of this standard were applied retrospectively to all prior periods presented. The effect of the change in accounting principle was the reduction in the amount of $6,272,143 of the Fixed Rate Mortgage Notes Payable liability and a corresponding reduction of the Financing Costs asset as of September 30, 2016 and a reclassification of Amortization of Financing Costs of $234,367 for the three months ended December 31, 2015, to Interest Expense, net of Amortization of Financing Costs in our Consolidated Statement of Income.   Management does 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.   Segment Reporting & Financial Information   The Company’s primary business is the ownership and management of real estate properties. The Company seeks to invest in well-located, modern, single-tenant, industrial buildings leased primarily to investment grade tenants or their subsidiaries on long-term net leases. The Company reviews operating and financial information for each property on an individual basis and, therefore, each property represents an individual operating segment. The Company evaluates financial performance using Net Operating Income (“NOI”) from property operations. NOI is defined as recurring Rental and Reimbursement Revenue, less Real Estate Taxes and Operating Expenses, such as insurance, utilities and repairs and maintenance. The Company has 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.

Recent Accounting Pronouncements   In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” ASU 2017-01 seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, intangible assets and consolidation. The adoption of ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments should be applied prospectively on or after the effective dates. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.   In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.   In March 2016, the FASB issued ASU 2016-09 “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which relates to the accounting for employee share-based payments”. ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.   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 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. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption.   In January 2016, the FASB issued 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 become effective for the Company’s fiscal year beginning October 1, 2018. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements and has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.   In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs”. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (Subtopic 835-30), which clarified that debt issuance costs related to line-of-credit arrangements may be presented as an asset and amortized over the term of the line-of-credit arrangement regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted these standards effective October 1, 2016. As a result, debt issuance costs related to debt liabilities that are not line-of-credit arrangements are included as a direct deduction from the related debt liability and those related to line-of-credit arrangements continue to be included as an asset on the accompanying Consolidated Balance Sheets. The effects of this standard were applied retrospectively to all prior periods presented. The effect of the change in accounting principle was the reduction in the amount of $6,272,143 of the Fixed Rate Mortgage Notes Payable liability and a corresponding reduction of the Financing Costs asset as of September 30, 2016 and a reclassification of Amortization of Financing Costs of $234,367 for the three months ended December 31, 2015, to Interest Expense, net of Amortization of Financing Costs in our Consolidated Statement of Income.   Management does 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.

NOTE 6 – SHAREHOLDERS’ EQUITY   The Company’s authorized stock as of December 31, 2016 consisted of 196,739,750 shares of common stock, of which 70,536,720 shares were issued and outstanding, 2,300,000 shares of 7.875% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share (Series B Preferred Stock) of which all were issued and outstanding, 5,400,000 shares of 6.125% Series C Cumulative Redeemable Preferred Stock (Series C Preferred Stock), of which all were issued and outstanding, and 200,000,000 shares of Excess Stock, $0.01 par value per share, of which none were issued or outstanding.   Common Stock   On October 1, 2015, the Company’s Board of Directors approved a 6.7% increase in the Company’s quarterly common stock dividend, raising it to $0.16 per share from $0.15 per share. This represents an annualized dividend rate of $0.64 per share. The Company has maintained or increased its cash dividend for twenty-five consecutive years.   The Company raised $20,954,643 (including dividend reinvestments of $2,077,156) from the issuance of 1,615,748 shares of common stock under its Dividend Reinvestment and Stock Purchase Plan (DRIP) during the three months ended December 31, 2016. During the three months ended December 31, 2016, the Company paid $11,184,399 in total cash dividends, or $0.16 per share, to common shareholders, of which $2,077,156 was reinvested in the DRIP.   On January 17, 2017, the Company declared a dividend of $0.16 per share to be paid March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017.   On January 17, 2017, the Board of Directors reaffirmed its Share Repurchase Program that authorizes the Company to purchase up to $10,000,000 in the aggregate of the Company’s common stock. The Company may repurchase its shares from time to time if, in the opinion of the Board of Directors, such acquisition is advantageous to the Company. No shares were repurchased during the three months ended December 31, 2016 and, as of December 31, 2016, the Company does not own any of its own shares.   7.625% Series A Cumulative Redeemable Preferred Stock   On September 14, 2016, the Company announced that it intended to redeem all 2,139,750 issued and outstanding shares of its 7.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (7.625% Series A Preferred Stock). The Company redeemed the shares of the 7.625% Series A Preferred Stock on October 14, 2016 at a redemption price of $25.00 per share, totaling $53,493,750, plus all dividends accrued and unpaid, to and including the redemption date, in an amount equal to $0.23299 per share, totaling $498,540, for a total cash payment of $25.23299 per share, totaling $53,992,290.   7.875% Series B Cumulative Redeemable Preferred Stock   During the three months ended December 31, 2016, the Company paid $1,132,032 in Preferred Dividends, or $0.4921875 per share on its outstanding Series B Preferred Stock. Dividends on the Series B Preferred Stock are cumulative and payable quarterly at an annual rate of $1.96875 per share. The Series B Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, the Series B Preferred Stock is not redeemable prior to June 7, 2017. On and after June 7, 2017, at any time and, from time to time, the Series B Preferred Stock will be redeemable in whole, or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. On January 17, 2017, the Company declared a dividend of $0.4921875 per share to be paid March 15, 2017 to Series B preferred shareholders of record as of the close of business on February 15, 2017.   6.125% Series C Cumulative Redeemable Preferred Stock   During the three months ended December 31, 2016, the Company paid $1,791,564 in Preferred Dividends, or $0.3317708 per share on its outstanding Series C Preferred Stock for the period September 13, 2016 through November 30, 2016. Dividends on the Series C Preferred Stock are cumulative and payable quarterly at an annual rate of $1.53125 per share. The Series C Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, the Series C Preferred Stock is not redeemable prior to September 15, 2021. On and after September 15, 2021, at any time and, from time to time, the Series C Preferred Stock will be redeemable in whole, or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. On January 17, 2017, the Company declared a dividend of $0.3828125 per share to be paid March 15, 2017 to Series C preferred shareholders of record as of the close of business on February 15, 2017.

NOTE 7 - FAIR VALUE MEASUREMENTS   The Company measures certain financial assets and liabilities at fair value on a recurring basis, including Securities Available for Sale at Fair Value. The Company’s financial assets consist mainly of marketable REIT securities. The fair value of these financial assets was determined using the following inputs at December 31, 2016 and September 30, 2016:    <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Fair Value Measurements at Reporting Date Using</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Total</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Quoted Prices in Active Markets for Identical Assets (Level 1)</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Significant Other Observable Inputs (Level 2)</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Significant Unobservable Inputs (Level 3)</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-decoration: underline; line-height: 115%">As of December 31, 2016:</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 40%; line-height: 115%">Equity Securities – Preferred Stock</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 12%; text-align: right; line-height: 115%">13,583,215</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 12%; text-align: right; line-height: 115%">13,583,215</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 12%; text-align: right; line-height: 115%">-0-</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 12%; text-align: right; line-height: 115%">-0-</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Equity Securities – Common Stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">60,733,016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">60,733,016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Mortgage Backed Securities</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,265</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,265</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Total Securities Available for Sale at Fair Value</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">74,321,496</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">74,321,496</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-decoration: underline; line-height: 115%">As of September 30, 2016:</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Equity Securities – Preferred Stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">13,769,073</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">13,769,073</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Equity Securities – Common Stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">59,830,271</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">59,830,271</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Mortgage Backed Securities</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,550</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,550</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Total Securities Available for Sale at Fair Value</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">73,604,894</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">73,604,894</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-0-</td> <td style="line-height: 115%"> </td></tr> </table>   In addition to the Company’s investments in Securities Available for Sale at Fair Value, the Company is required to disclose certain information about fair values of its 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 the Company’s entire holdings of a particular financial instrument. For a portion of the Company’s 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 the control of management). 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 the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. At December 31, 2016, the Fixed Rate Mortgage Notes Payable fair value (estimated based upon expected cash outflows discounted at current market rates) amounted to approximately $510,052,000 and the carrying value amounted to $512,292,137. When the Company acquires a property, it is required to fair value all of the assets and liabilities, including intangible assets and liabilities, relating to the properties acquired lease (See Note 3). Those fair value measurements are estimated based on independent third party appraisals and fall within level 3 of the fair value hierarchy.

NOTE 8 - SUPPLEMENTAL CASH FLOW INFORMATION   Cash paid for interest during the three months ended December 31, 2016 and 2015 was approximately $5,882,000 and $5,112,000, respectively.   During the three months ended December 31, 2016 and 2015, the Company had dividend reinvestments of $2,077,156 and $2,285,958, respectively, which required no cash transfers.

NOTE 9 – CONTINGENCIES AND COMMITMENTS   From time to time, the Company may be subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the Consolidated Balance Sheets or results of operations.   The Company has entered into agreements to purchase nine new build-to-suit, industrial buildings that are currently being developed in Florida, Michigan, North Carolina, Ohio, Oklahoma, South Carolina and Texas, totaling approximately 2,338,000 square feet with net-leased terms ranging from seven to fifteen years, resulting in a weighted average lease maturity of 13.5 years. The aggregate purchase price for the nine properties is approximately $250,497,000. Six of the nine purchase commitments consisting of approximately 1,694,000 square feet, or 72%, are leased to investment grade tenants or their subsidiaries. Approximately 1,397,000 square feet, or 60%, is leased to FDX and its subsidiaries. Subject to satisfactory due diligence, we anticipate closing these nine transactions during the remainder of fiscal 2017 and fiscal 2018. In connection with five of the nine properties, the Company has entered into commitments to obtain five mortgages totaling approximately $100,304,000 at fixed rates ranging from 3.60% to 4.23%, with a weighted average interest rate of 3.86%. All five of these mortgages are fifteen year, fully-amortizing loans.

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[Member] White Bear Lake, MN [Member] Fedex And Fedex Subsidiaries [Member] Fedex Corporation [Member] Fedex Corporation Subsidiaries [Member] Concentration Risk Type [Axis] Rental And Reimbursement Revenue [Member] Scenario [Axis] Fiscal 2017 [Member] Business Acquisition [Axis] UMH Properties, Inc [Member] Series A Cumulative Redeemable Preferred Stock [Member] Series B Cumulative Redeemable Preferred Stock [Member] Equity Components [Axis] One Security [Member] Minimum [Member] Two Mortgages [Member] Three Mortgages [Member] Report Date [Axis] January 2017 [Member] Debt Instrument [Axis] Term Loans [Member] Term Loan One [Member] Term Loan Two [Member] Short-term Debt, Type [Axis] Line of Credit [Member] Dividend Reinvestment and Stock Purchase Plan [Member] January 17, 2017 [Member] Series C Cumulative Redeemable Preferred Stock [Member] Mortgage Notes Payable Fair Value [Member] Financial Instrument [Axis] Property Purchase Agreement [Member] Investment Grade Tenants Or Subsidiaries [Member] FDX and Subsidiaries [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Related Party [Axis] Common Shareholders [Member ] Series B Preferred Shareholders [Member] Series C Preferred Shareholders [Member] Common and Preferred Stock [Member] Restricted Stock [Member] Adjustments for New Accounting Pronouncements [Axis] Accounting Standards Update 2015-03 [Member] Milwaukee Electric Tool [Member] Document and Entity Information [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] Class of Stock [Axis] ASSETS Real Estate Investments: Land Buildings and Improvements Total Real Estate Investments Accumulated Depreciation Net Real Estate Investments Cash and Cash Equivalents Securities Available for Sale at Fair Value Tenant and Other Receivables Deferred Rent Receivable Prepaid Expenses Capitalized Lease Costs, net of Accumulated Amortization of $3,443,958 and $3,238,516, respectively Intangible Assets, net of Accumulated Amortization of $12,600,446 and $12,332,599, respectively Financing Costs, net of Accumulated Amortization of $339,167 and $246,678, respectively Other Assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs Loans Payable Accounts Payable and Accrued Expenses Other Liabilities Preferred Stock Called for Redemption Total Liabilities COMMITMENTS AND CONTINGENCIES Shareholders' Equity: Preferred Stock, Value Common Stock - $0.01 Par Value Per Share: 196,739,750 and 194,600,000 Shares Authorized as of December 31, 2016 and September 30, 2016, respectively; 70,536,720 and 68,920,972 Shares Issued and Outstanding as of December 31, 2016 and September 30, 2016, respectively Excess Stock - $0.01 Par Value Per Share: 200,000,000 Shares Authorized as of December 31, 2016 and September 30, 2016; No Shares Issued or Outstanding as of December 31, 2016 and September 30, 2016 Additional Paid-In Capital Accumulated Other Comprehensive Income Undistributed Income Total Shareholders' Equity TOTAL LIABILITIES & SHAREHOLDERS' EQUITY Accumulated amortization of lease costs Accumulated amortization of intangible assets Accumulated amortization of financing costs Cumulative redeemable preferred, stock dividend rate Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common Stock, shares authorized Common Stock, shares issued Common Stock, shares outstanding Excess Stock, par value Excess Stock , shares authorized Excess Stock , shares issued Excess Stock , shares outstanding Income Statement [Abstract] INCOME: Rental Revenue Reimbursement Revenue TOTAL INCOME EXPENSES: Real Estate Taxes Operating Expenses General & Administrative Expenses Acquisition Costs Depreciation Amortization of Capitalized Lease Costs and Intangible Assets TOTAL EXPENSES OTHER INCOME (EXPENSE): Dividend and Interest Income Gain on Sale of Securities Transactions, net Interest Expense, including Amortization of Financing Costs TOTAL OTHER INCOME (EXPENSE) NET INCOME Less: Preferred Dividends NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BASIC INCOME - PER SHARE Net Income Less: Preferred Dividends Net Income Attributable to Common Shareholders - Basic DILUTED INCOME - PER SHARE Net Income Less: Preferred Dividends Net Income Attributable to Common Shareholders - Diluted WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic Diluted Statement of Comprehensive Income [Abstract] Net Income Other Comprehensive Income: Unrealized Holding Gains (Losses) Arising During the Period Reclassification Adjustment for Net Gains of Sales of Securities Transactions Realized in Income TOTAL COMPREHENSIVE INCOME COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Noncash Items Included in Net Income: Depreciation & Amortization Stock Compensation Expense Gain on Sale of Securities Transactions, net Loss on Sale of Real Estate Investment Changes In: Tenant, Deferred Rent and Other Receivables Prepaid Expenses Other Assets and Capitalized Lease Costs Accounts Payable, Accrued Expenses and Other Liabilities NET CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Real Estate and Intangible Assets Capital Improvements EX-101.PRE 10 mnr-20161231_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Dec. 31, 2016	Feb. 01, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	MONMOUTH REAL ESTATE INVESTMENT CORP
Entity Central Index Key	0000067625
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		70,969,828
Trading Symbol	MNR
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2017

XML 12 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Real Estate Investments:
Land	$ 168,082,315	$ 165,375,315
Buildings and Improvements	1,055,810,320	1,005,938,180
Total Real Estate Investments	1,223,892,635	1,171,313,495
Accumulated Depreciation	(154,847,979)	(148,830,169)
Net Real Estate Investments	1,069,044,656	1,022,483,326
Cash and Cash Equivalents	30,722,606	95,749,508
Securities Available for Sale at Fair Value	74,321,496	73,604,894
Tenant and Other Receivables	2,289,863	1,444,824
Deferred Rent Receivable	7,226,370	6,917,431
Prepaid Expenses	7,476,019	4,830,987
Capitalized Lease Costs, net of Accumulated Amortization of $3,443,958 and $3,238,516, respectively	4,040,326	4,165,268
Intangible Assets, net of Accumulated Amortization of $12,600,446 and $12,332,599, respectively	5,999,845	5,816,153
Financing Costs, net of Accumulated Amortization of $339,167 and $246,678, respectively	1,156,096	1,245,923
Other Assets	7,402,948	7,227,571
TOTAL ASSETS	1,209,680,225	1,223,485,885
Liabilities:
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs	505,574,117	477,476,010
Loans Payable	76,000,000	80,790,684
Accounts Payable and Accrued Expenses	2,781,619	3,998,771
Other Liabilities	14,186,980	9,868,572
Preferred Stock Called for Redemption	0	53,493,750
Total Liabilities	598,542,716	625,627,787
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity:
Common Stock - $0.01 Par Value Per Share: 196,739,750 and 194,600,000 Shares Authorized as of December 31, 2016 and September 30, 2016, respectively; 70,536,720 and 68,920,972 Shares Issued and Outstanding as of December 31, 2016 and September 30, 2016, respectively	705,367	689,210
Excess Stock - $0.01 Par Value Per Share: 200,000,000 Shares Authorized as of December 31, 2016 and September 30, 2016; No Shares Issued or Outstanding as of December 31, 2016 and September 30, 2016	0	0
Additional Paid-In Capital	407,737,024	391,726,621
Accumulated Other Comprehensive Income	10,195,118	12,942,267
Undistributed Income	0	0
Total Shareholders' Equity	611,137,509	597,858,098
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	1,209,680,225	1,223,485,885
Series B Preferred Stock [Member]
Shareholders' Equity:
Preferred Stock, Value	57,500,000	57,500,000
Series C Preferred Stock [Member]
Shareholders' Equity:
Preferred Stock, Value	$ 135,000,000	$ 135,000,000

XML 13 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Accumulated amortization of lease costs	$ 3,443,958	$ 3,238,516
Accumulated amortization of intangible assets	12,600,446	12,332,599
Accumulated amortization of financing costs	$ 339,167	$ 246,678
Common stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	196,739,750	194,600,000
Common Stock, shares issued	70,536,720	68,920,972
Common Stock, shares outstanding	70,536,720	68,920,972
Excess Stock, par value	$ 0.01	$ 0.01
Excess Stock , shares authorized	200,000,000	200,000,000
Excess Stock , shares issued
Excess Stock , shares outstanding
Series B Preferred Stock [Member]
Cumulative redeemable preferred, stock dividend rate	7.875%	7.875%
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,300,000	2,300,000
Preferred stock, shares issued	2,300,000	2,300,000
Preferred stock, shares outstanding	2,300,000	2,300,000
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	5,400,000	5,400,000
Preferred stock, shares issued	5,400,000	5,400,000
Preferred stock, shares outstanding	5,400,000	5,400,000

XML 14 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
Consolidated Statements of Income (Unaudited) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
INCOME:
Rental Revenue	$ 23,280,856	$ 19,064,919
Reimbursement Revenue	3,900,755	3,194,443
TOTAL INCOME	27,181,611	22,259,362
EXPENSES:
Real Estate Taxes	2,906,981	2,372,136
Operating Expenses	1,294,468	1,231,365
General & Administrative Expenses	1,442,463	1,335,964
Acquisition Costs	178,526	145,585
Depreciation	6,992,495	5,595,432
Amortization of Capitalized Lease Costs and Intangible Assets	447,797	486,611
TOTAL EXPENSES	13,262,730	11,167,093
OTHER INCOME (EXPENSE):
Dividend and Interest Income	1,292,151	1,184,653
Gain on Sale of Securities Transactions, net	806,108	8,380
Interest Expense, including Amortization of Financing Costs	(6,163,219)	(5,346,647)
TOTAL OTHER INCOME (EXPENSE)	(4,064,960)	(4,153,614)
NET INCOME	9,853,921	6,938,655
Less: Preferred Dividends	3,697,760	2,151,758
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 6,156,161	$ 4,786,897
BASIC INCOME - PER SHARE
Net Income	$ 0.14	$ 0.11
Less: Preferred Dividends	(0.05)	(0.03)
Net Income Attributable to Common Shareholders - Basic	0.09	0.08
DILUTED INCOME - PER SHARE
Net Income	0.14	0.11
Less: Preferred Dividends	(0.05)	(0.03)
Net Income Attributable to Common Shareholders - Diluted	$ 0.09	$ 0.08
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic	69,686,153	62,866,898
Diluted	69,829,793	62,948,800

XML 15 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net Income	$ 9,853,921	$ 6,938,655
Other Comprehensive Income:
Unrealized Holding Gains (Losses) Arising During the Period	(1,941,041)	1,790,142
Reclassification Adjustment for Net Gains of Sales of Securities Transactions Realized in Income	(806,108)	(8,380)
TOTAL COMPREHENSIVE INCOME	7,106,772	8,720,417
Less: Preferred Dividends	3,697,760	2,151,758
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 3,409,012	$ 6,568,659

XML 16 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$ 9,853,921	$ 6,938,655
Noncash Items Included in Net Income:
Depreciation & Amortization	7,721,205	6,316,410
Stock Compensation Expense	100,155	104,961
Gain on Sale of Securities Transactions, net	(806,108)	(8,380)
Loss on Sale of Real Estate Investment	95,336	0
Changes In:
Tenant, Deferred Rent and Other Receivables	(598,700)	(898,233)
Prepaid Expenses	(2,645,032)	(2,594,298)
Other Assets and Capitalized Lease Costs	(428,282)	(203,940)
Accounts Payable, Accrued Expenses and Other Liabilities	860,211	1,981,853
NET CASH PROVIDED BY OPERATING ACTIVITIES	14,152,706	11,637,028
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Real Estate and Intangible Assets	(56,101,538)	(50,385,897)
Capital Improvements	(696,941)	(860,167)
Proceeds on Sale of Real Estate	4,125,819	0
Return of Deposits on Real Estate	1,000,000	900,000
Deposits Paid on Acquisitions of Real Estate	(820,000)	(550,000)
Proceeds from Sale of Securities Available for Sale	3,738,938	1,790,403
Purchase of Securities Available for Sale	(6,396,581)	(6,491,654)
NET CASH USED IN INVESTING ACTIVITIES	(55,150,303)	(55,597,315)
CASH FLOWS FROM FINANCING ACTIVITIES
Net (Repayments) Proceeds from Loans Payable	(4,790,684)	14,938,116
Proceeds from Fixed Rate Mortgage Notes Payable	38,000,000	33,670,000
Principal Payments on Fixed Rate Mortgage Notes Payable	(9,456,016)	(6,941,017)
Financing Costs Paid on Debt	(636,963)	(404,674)
Proceeds from the Exercise of Stock Options	0	924,300
Redemption of Series A Preferred Stock	(53,493,750)	0
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments	18,877,487	12,575,537
Preferred Dividends Paid	(3,422,136)	(2,151,758)
Common Dividends Paid, net of Reinvestments	(9,107,243)	(7,797,202)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(24,029,305)	44,813,302
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(65,026,902)	853,015
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	95,749,508	12,073,909
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 30,722,606	$ 12,926,924

XML 17 R7.htm IDEA: XBRL DOCUMENT

Organization and Accounting Policies

3 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Accounting Policies

NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES

Use of Estimates

Reclassification

Certain prior period amounts in the accompanying Consolidated Financial Statements have been reclassified to conform to the current period’s presentation.

Lease Termination Income

Stock Compensation Plan

Date of
Grant

Number of
Employees

Number of
Shares

Option
Price

Expiration
Date

12/9/16

215,000

14.24

12/9/24

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions used for grants in the fiscal year indicated:

	Fiscal 2017

Dividend yield		4.49	%
Expected volatility		18.88	%
Risk-free interest rate		2.26	%
Expected lives (years)		8
Estimated forfeitures		-0-

The fair value of options granted during the three months ended December 31, 2016 was $1.45 per option.

Recent Accounting Pronouncements

Segment Reporting & Financial Information

XML 18 R8.htm IDEA: XBRL DOCUMENT

Net Income Per Share

3 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Net Income Per Share

NOTE 2 – NET INCOME PER SHARE

XML 19 R9.htm IDEA: XBRL DOCUMENT

Real Estate Investments

3 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Real Estate Investments

NOTE 3 – REAL ESTATE INVESTMENTS

Acquisitions

Expansions

Disposition

	Three Months Ended
	12/31/2016			12/31/2015
Rental and Reimbursement Revenue	$	-0-		$	-0-
Real Estate Taxes		(8,855	)		(29,294	)
Operating Expenses		(9,846	)		(15,770	)
Depreciation & Amortization		(8,006	)		(24,018	)
Interest Expense		-0-			-0-
Loss from Operations		(26,707	)		(69,082	)
Loss on Sale of Real Estate Investment		(95,336	)		-0-
Net Loss	$	(122,043	)	$	(69,082	)

Pro forma information

	Three Months Ended
	12/31/2016		12/31/2015

Rental Revenues	$	23,718,300	$	23,554,500
Net Income Attributable to Common Shareholders	$	6,281,500	$	6,091,400
Basic and Diluted Net Income per Share Attributable to Common Shareholders	$	0.09	$	0.09

Tenant Concentration

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References + Details

XML 20 R10.htm IDEA: XBRL DOCUMENT

Securities Available for Sale at Fair Value

3 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Securities Available for Sale at Fair Value

NOTE 4 – SECURITIES AVAILABLE FOR SALE AT FAIR VALUE

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

XML 21 R11.htm IDEA: XBRL DOCUMENT

Debt

3 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt

NOTE 5 – DEBT

For the three months ended December 31, 2016 and 2015, amortization of financing costs included in interest expense was $280,913 and $234,367, respectively.

The following is a summary of our Fixed Rate Mortgage Notes Payable as of December 31, 2016 and September 30, 2016:

	12/31/2016						9/30/2016
	Amount			Weighted Average Interest Rate (1)			Amount			Weighted Average Interest Rate (1)

Fixed Rate Mortgage Notes Payable	$	512,292,137			4.44	%	$	483,748,153			4.48	%

Debt Issuance Costs	$	9,941,959					$	9,424,697
Accumulated Amortization of Debt Issuance Costs		(3,223,939	)					(3,152,554	)
Unamortized Debt Issuance Costs	$	6,718,020					$	6,272,143

Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs	$	505,574,117					$	477,476,010

(1)

Weighted average interest rate excludes amortization of debt issuance costs.

During the three months ended December 31, 2016, the Company fully repaid its two mortgages associated with one of its properties located in Jacksonville, FL totaling approximately $1,356,000.

XML 22 R12.htm IDEA: XBRL DOCUMENT

Shareholders' Equity

3 Months Ended

Dec. 31, 2016

Equity [Abstract]

Shareholders' Equity

NOTE 6 – SHAREHOLDERS’ EQUITY

Common Stock

On January 17, 2017, the Company declared a dividend of $0.16 per share to be paid March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017.

7.625% Series A Cumulative Redeemable Preferred Stock

7.875% Series B Cumulative Redeemable Preferred Stock

6.125% Series C Cumulative Redeemable Preferred Stock

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

XML 23 R13.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

3 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 7 - FAIR VALUE MEASUREMENTS

	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2016:
Equity Securities – Preferred Stock	$	13,583,215	$	13,583,215	$	-0-	$	-0-
Equity Securities – Common Stock		60,733,016		60,733,016		-0-		-0-
Mortgage Backed Securities		5,265		5,265		-0-		-0-
Total Securities Available for Sale at Fair Value	$	74,321,496	$	74,321,496	$	-0-	$	-0-

As of September 30, 2016:
Equity Securities – Preferred Stock	$	13,769,073	$	13,769,073	$	-0-	$	-0-
Equity Securities – Common Stock		59,830,271		59,830,271		-0-		-0-
Mortgage Backed Securities		5,550		5,550		-0-		-0-
Total Securities Available for Sale at Fair Value	$	73,604,894	$	73,604,894	$	-0-	$	-0-

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 24 R14.htm IDEA: XBRL DOCUMENT

Supplemental Cash Flow Information

3 Months Ended

Dec. 31, 2016

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

NOTE 8 - SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid for interest during the three months ended December 31, 2016 and 2015 was approximately $5,882,000 and $5,112,000, respectively.

During the three months ended December 31, 2016 and 2015, the Company had dividend reinvestments of $2,077,156 and $2,285,958, respectively, which required no cash transfers.

XML 25 R15.htm IDEA: XBRL DOCUMENT

Contingencies and Commitments

3 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments

NOTE 9 – CONTINGENCIES AND COMMITMENTS

XML 26 R16.htm IDEA: XBRL DOCUMENT

Subsequent Events

3 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

NOTE 10 – SUBSEQUENT EVENTS

Material subsequent events have been evaluated and are disclosed herein.

On January 17, 2017, the Company declared a common dividend of $0.16 per share to be paid March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017.

On January 17, 2017, the Company declared a dividend of $0.4921875 per share to be paid March 15, 2017 to Series B preferred shareholders of record as of the close of business on February 15, 2017.

On January 17, 2017, the Company declared a dividend of $0.3828125 per share to be paid March 15, 2017 to Series C preferred shareholders of record as of the close of business on February 15, 2017.

XML 27 R17.htm IDEA: XBRL DOCUMENT

Organization and Accounting Policies (Policies)

3 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

Reclassification

Certain prior period amounts in the accompanying Consolidated Financial Statements have been reclassified to conform to the current period’s presentation.

Lease Termination Income

Stock Compensation Plan

Date of
Grant

Number of
Employees

Number of
Shares

Option
Price

Expiration
Date

12/9/16

215,000

14.24

12/9/24

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions used for grants in the fiscal year indicated:

	Fiscal 2017

Dividend yield		4.49	%
Expected volatility		18.88	%
Risk-free interest rate		2.26	%
Expected lives (years)		8
Estimated forfeitures		-0-

The fair value of options granted during the three months ended December 31, 2016 was $1.45 per option.

Recent Accounting Pronouncements

Segment Reporting & Financial Information

- Definition

Disclosure of accounting policy for leasing arrangements (both lessor and lessee). This disclosure may address (1) lease classification (that is, operating versus capital), (2) how the term of a lease is determined (for example, the circumstances in which a renewal option is considered part of the lease term), (3) how rental revenue or expense is recognized for a lease that contains rent escalations, (4) an entity's accounting treatment for deferred rent, including that which arises from lease incentives, rent abatements, rent holidays, or tenant allowances (5) an entity's accounting treatment for contingent rental payments and (6) an entity's policy for reviewing, at least annually, the residual values of sales-type and direct-finance leases. The disclosure also may indicate how the entity accounts for its capital leases, leveraged leases or sale-leaseback transactions.

+ References + Details

XML 28 R18.htm IDEA: XBRL DOCUMENT

Organization and Accounting Policies (Tables)

3 Months Ended

Dec. 31, 2016

Organization And Accounting Policies Tables

Summary of Stock Options Outstanding

During the three months ended December 31, 2016, the following stock options, which vest one year after grant date, were granted under the Company’s 2007 Plan:

Date of
Grant

Number of
Employees

Number of
Shares

Option
Price

Expiration
Date

12/9/16

215,000

14.24

12/9/24

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 assumptions used for grants in the fiscal year indicated:

	Fiscal 2017

Dividend yield		4.49	%
Expected volatility		18.88	%
Risk-free interest rate		2.26	%
Expected lives (years)		8
Estimated forfeitures		-0-

XML 29 R19.htm IDEA: XBRL DOCUMENT

Real Estate Investments (Tables)

3 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Summary of Income or Operation Statements

	Three Months Ended
	12/31/2016			12/31/2015
Rental and Reimbursement Revenue	$	-0-		$	-0-
Real Estate Taxes		(8,855	)		(29,294	)
Operating Expenses		(9,846	)		(15,770	)
Depreciation & Amortization		(8,006	)		(24,018	)
Interest Expense		-0-			-0-
Loss from Operations		(26,707	)		(69,082	)
Loss on Sale of Real Estate Investment		(95,336	)		-0-
Net Loss	$	(122,043	)	$	(69,082	)

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.

	Three Months Ended
	12/31/2016		12/31/2015

Rental Revenues	$	23,718,300	$	23,554,500
Net Income Attributable to Common Shareholders	$	6,281,500	$	6,091,400
Basic and Diluted Net Income per Share Attributable to Common Shareholders	$	0.09	$	0.09

XML 30 R20.htm IDEA: XBRL DOCUMENT

Debt (Tables)

3 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Fixed Rate Mortgage Notes Payable

The following is a summary of our Fixed Rate Mortgage Notes Payable as of December 31, 2016 and September 30, 2016:

	12/31/2016						9/30/2016
	Amount			Weighted Average Interest Rate (1)			Amount			Weighted Average Interest Rate (1)

Fixed Rate Mortgage Notes Payable	$	512,292,137			4.44	%	$	483,748,153			4.48	%

Debt Issuance Costs	$	9,941,959					$	9,424,697
Accumulated Amortization of Debt Issuance Costs		(3,223,939	)					(3,152,554	)
Unamortized Debt Issuance Costs	$	6,718,020					$	6,272,143

Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs	$	505,574,117					$	477,476,010

(1)

Weighted average interest rate excludes amortization of debt issuance costs.

XML 31 R21.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Summary of Fair Value of Financial Assets

The fair value of these financial assets was determined using the following inputs at December 31, 2016 and September 30, 2016:

	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2016:
Equity Securities – Preferred Stock	$	13,583,215	$	13,583,215	$	-0-	$	-0-
Equity Securities – Common Stock		60,733,016		60,733,016		-0-		-0-
Mortgage Backed Securities		5,265		5,265		-0-		-0-
Total Securities Available for Sale at Fair Value	$	74,321,496	$	74,321,496	$	-0-	$	-0-

As of September 30, 2016:
Equity Securities – Preferred Stock	$	13,769,073	$	13,769,073	$	-0-	$	-0-
Equity Securities – Common Stock		59,830,271		59,830,271		-0-		-0-
Mortgage Backed Securities		5,550		5,550		-0-		-0-
Total Securities Available for Sale at Fair Value	$	73,604,894	$	73,604,894	$	-0-	$	-0-

XML 32 R22.htm IDEA: XBRL DOCUMENT

Organization and Accounting Policies (Details Narrative)	3 Months Ended
	Dec. 31, 2016 USD ($) ft² Properties $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Sep. 30, 2016 USD ($) ft² Properties $ / shares
Number of real estate properties owned \| Properties	100		99
Total square foot of property \| ft²	16,554,000		16,010,000
Occupancy percentage	100.00%		99.60%
REIT investment securities, description	The Company also owns a portfolio of REIT investment securities which the Company generally limits to no more than approximately 10% of its undepreciated assets., (which is the Company’s total assets excluding accumulated depreciation).
Lease termination income description	Company’s one hundred properties, only three leases contain an early termination provision. These leases with an early termination provision are the 26,340 square foot location in Ridgeland (Jackson), MS, the 83,000 square foot location in Roanoke, VA and the 102,135 square foot location in O’Fallon (St. Louis), MO.
Common stock par value \| $ / shares	$ 0.01		$ 0.01
Stock based compensation expense \| $	$ 100,155	$ 104,961
Fair value of options granted per option \| $ / shares	$ 1.45
Accounting Standards Update 2015-03 [Member]
Fixed rate mortgage note payable liability \| $			$ 6,272,143
Reclassification of amortization of financing costs \| $		$ 234,367
2007 Plan [Member]
Exercised options to purchase of common stock shares		115,000
Weighted average exercise price \| $ / shares		$ 8.04
Proceeds from stock options exercised \| $		$ 924,300
Shares were available to grant as stock options or as restricted stock	229,878
Outstanding options to purchase of common stock	670,000
Aggregate intrinsic value of options outstanding \| $	$ 2,846,200
Common Stock [Member] \| 2007 Plan [Member] \| Maximum [Member]
Options to purchase of common stock, shares	1,500,000
Common stock par value \| $ / shares	$ 0.01
Restricted Stock Units (RSUs) [Member] \| 2007 Plan [Member] \| Maximum [Member]
Options to purchase of common stock, shares	100,000
Common stock par value \| $ / shares	$ 0.01
Restricted Stock [Member] \| 2007 Plan [Member]
Number of stock shares granted during period	0	0
Ridgeland (Jackson), MS [Member]
Total square foot of property \| ft²	26,340
Roanoke, VA [Member]
Total square foot of property \| ft²	83,000
O'Fallon (St. Louis) MO [Member]
Total square foot of property \| ft²	102,135

XML 33 R23.htm IDEA: XBRL DOCUMENT

Organization and Accounting Policies - Summary of Stock Options Outstanding (Details) - Stock Option [Member]	3 Months Ended
	Dec. 31, 2016 Employee $ / shares shares
Date of Grant	Dec. 09, 2016
Number of Employees \| Employee	10
Number of Shares \| shares	215,000
Option Price \| $ / shares	$ 14.24
Expiration Date	Dec. 09, 2024

XML 34 R24.htm IDEA: XBRL DOCUMENT

Organization and Accounting Policies - Schedule of Stock Options, Valuation Assumptions (Details)	3 Months Ended
	Dec. 31, 2016 shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend yield	4.49%
Expected volatility	18.88%
Risk-free interest rate	2.26%
Expected lives (years)	8 years
Estimated forfeitures	0

XML 35 R25.htm IDEA: XBRL DOCUMENT

Net Income Per Share (Details Narrative) - shares	3 Months Ended
Net Income Per Share (Details Narrative) - shares	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Common stock equivalents included in the diluted weighted average shares outstanding	143,640	81,902
Antidilutive securities	215,000	130,000

XML 36 R26.htm IDEA: XBRL DOCUMENT

Real Estate Investments (Details Narrative)					3 Months Ended
Real Estate Investments (Details Narrative)	Dec. 30, 2016 USD ($) ft²	Oct. 27, 2016 USD ($) ft² a	Oct. 17, 2016 USD ($) ft²	Oct. 03, 2016 USD ($) ft² $ / shares	Dec. 31, 2016 USD ($) ft² a	Dec. 31, 2015 a
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Held marketable securities					$ 74,321,496
Percentage of un depreciated assets					5.40%
Fedex Ground Package System Inc. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Lease term				10 years
Expansion square feet \| ft²				50,625
Cost of building expansion				$ 4,762,000
Lease expiration date description				Prior lease expiration date from September 2021 through September 2026.
Increase in rent				$ 499,000
Rent prior to expansion				$ 598,000
Rent prior to expansion, per square foot \| $ / shares				$ 5.27
Rent increase to after expansion				$ 1,097,000
Rent increase to after expansion, per square foot \| $ / shares				$ 6.68
Fedex And Fedex Subsidiaries [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Square feet of real estate property leased \| a					8,187,000	6,508,000
Percentage of real estate property leased					49.00%	45.00%
Percentage of rental space and tenant account, description						No other tenant accounted for 5% or more of the Company’s total rental space
Fedex And Fedex Subsidiaries [Member] \| Rental And Reimbursement Revenue [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Percentage of rental space and tenant account, description					No other tenant accounted for 5% or more of the Company's total Rental and Reimbursement Revenue.
Fedex And Fedex Subsidiaries [Member] \| Rental And Reimbursement Revenue [Member] \| Fiscal 2017 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Percentage of aggregate rental and reimbursement revenue					59.00%	55.00%
Fedex Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Percentage of real estate property leased					6.00%	7.00%
Fedex Corporation [Member] \| Rental And Reimbursement Revenue [Member] \| Fiscal 2017 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Percentage of aggregate rental and reimbursement revenue					6.00%	7.00%
Fedex Corporation Subsidiaries [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Percentage of real estate property leased					43.00%	38.00%
Fedex Corporation Subsidiaries [Member] \| Rental And Reimbursement Revenue [Member] \| Fiscal 2017 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Percentage of aggregate rental and reimbursement revenue					53.00%	48.00%
Milwaukee Electric Tool [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Total property (square foot) \| ft²					862,000
Industrial Building [Member] \| Fedex Ground Package System Inc. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Purchase of industrial building (square foot) \| ft²	213,672		338,584
Percentage of building area leased	100.00%		100.00%
Lease term	10 years		15 years
Lease term expiration period	Sep. 30, 2026		Mar. 31, 2031
Purchase price of industrial building	$ 21,001,538		$ 35,100,000
Mortgage loan amortization period	15 years		15 years
Face amount of mortgages	$ 14,500,000		$ 23,500,000
Mortgage loans on real estate, interest rate	3.97%		4.03%
Annual rental income over the remaining term of lease	$ 1,365,000		$ 2,309,000
Allocated to intangible assets	$ 201,538		$ 250,000
Industrial Building [Member] \| White Bear Lake, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Sale of industrial building (square foot) \| ft²		59,425
Area of property \| a		4.78
Net proceeds from sale of property		$ 4,126,000

XML 37 R27.htm IDEA: XBRL DOCUMENT

Real Estate Investments - Schedule of Real Estate Investments (Details) - White Bear Lake, MN [Member] - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Rental and Reimbursement Revenue	$ 0	$ 0
Real Estate Taxes	(8,855)	(29,294)
Operating Expenses	(9,846)	(15,770)
Depreciation & Amortization	(8,006)	(24,018)
Interest Expense	0	0
Loss from Operations	(26,707)	(69,082)
Loss on Sale of Real Estate Investment	(95,336)	0
Net Loss	$ (122,043)	$ (69,082)

XML 38 R28.htm IDEA: XBRL DOCUMENT

Real Estate Investments - Schedule of Pro Forma Information (Details) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Rental Revenues	$ 23,718,300	$ 23,554,500
Net Income Attributable to Common Shareholders	$ 6,281,500	$ 6,091,400
Basic and Diluted Net Income per Share Attributable to Common Shareholders	$ 0.09	$ 0.09

XML 39 R29.htm IDEA: XBRL DOCUMENT

Securities Available for Sale at Fair Value (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale at fair value	$ 74,321,496		$ 73,604,894
Security available for sale, maximum percentage of investment on un depreciated assets	10.00%
Proceeds from sales or redemptions of securities available for sale	$ 2,932,830
Gain on sale of securities available for sale	806,108	$ 8,380
Purchase of securities available for sale	$ 6,396,581	$ 6,491,654
Number of shares purchased through UMH’s dividend reinvestment	13,967
Net unrealized gains on securities portfolio	$ 10,195,118		$ 12,942,267
One Security [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale at fair value	733,500
Unrealized loss on securities portfolio	$ 12,340
Percentage of unrealized loss	2.00%
UMH Properties, Inc [Member] \| Series A Cumulative Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale at fair value	$ 5,140,000
Shares owned, cost	$ 5,000,000
Available for sale securities, shares	200,000
Dividend rate of preferred stock held as security for loan	8.25%
UMH Properties, Inc [Member] \| Series B Cumulative Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale at fair value	$ 2,680,000
Shares owned, cost	$ 2,500,000
Available for sale securities, shares	100,000
Dividend rate of preferred stock held as security for loan	8.00%
UMH Properties, Inc [Member] \| Common and Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Net unrealized gains on securities portfolio	$ 5,978,522
UMH Properties, Inc [Member] \| Common Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale at fair value	$ 15,295,216
UMH common shares purchased during the quarter	26,967
Cost of securities purchased	$ 331,009
Weighted average cost per share	$ 12.27
Shares owned by company	1,016,293
Shares owned, cost	$ 9,636,694

XML 40 R30.htm IDEA: XBRL DOCUMENT

Debt (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
Debt (Details Narrative) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016
Interest expense	$ 280,913	$ 234,367
Weighted average interest rate percentage	4.44%	4.76%	4.48%
Notes payable maturity period	10 years 8 months 12 days	9 years 3 months 18 days	10 years 6 months
Proceeds from fixed rate mortgage notes payable	$ 38,000,000	$ 33,670,000
Line of Credit [Member]
Total availability of unsecured credit facility	$ 200,000,000
Debt maturity date	Sep. 30, 2020
Line of credit facility drawn down	$ 76,000,000
Line of credit facility interest rate terms	Availability under the 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 7.0% capitalization rate to the NOI generated by the Company’s unencumbered, wholly-owned industrial properties. Borrowings under the Facility, will, at the Company’s election, either i) bear interest at LIBOR plus 140 basis points to 220 basis points, depending on the Company’s leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 40 basis points to 120 basis points, depending on the Company’s leverage ratio. The Company’s borrowings as of December 31, 2016, based on the Company’s leverage ratio as of December 31, 2016, bear interest at LIBOR plus 150 basis points, which was at an interest rate of 2.25% as of December 31, 2016.
Line of credit facility related to accordion feature	$ 100,000,000
Total potential available under unsecured line of credit	$ 300,000,000
Term Loans [Member]
Annual interest rate	4.50%
Repayment of loans payable	$ 4,768,266
Term Loan One [Member]
Annual interest rate	4.90%
Repayment of loans payable	$ 2,284,633
Term Loan Two [Member]
Annual interest rate	4.50%
Repayment of loans payable	$ 2,483,633
Annual interest variable rate basis	prime plus 0.75%
Two Mortgages [Member]
Weighted average interest rate percentage	4.01%
Proceeds from fixed rate mortgage notes payable	$ 38,000,000
Repayment of mortgage payable	1,356,000
Three Mortgages [Member] \| January 2017 [Member]
Repayment of mortgage payable	$ 9,477,000
Minimum [Member]
Annual interest rate	3.45%
Maximum [Member]
Annual interest rate	7.60%

XML 41 R31.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Fixed Rate Mortgage Notes Payable (Details) - USD ($)

Dec. 31, 2016

Sep. 30, 2016

Debt Disclosure [Abstract]

Fixed Rate Mortgage Notes Payable

$ 512,292,137

$ 483,748,153

Debt Issuance Costs

9,941,959

9,424,697

Accumulated Amortization of Debt Issuance Costs

(3,223,939)

(3,152,554)

Unamortized Debt Issuance Costs

6,718,020

6,272,143

Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs

$ 505,574,117

$ 477,476,010

Weighted Average Interest Rate

^[1]

4.44%

4.48%

[1]	Weighted average interest rate excludes amortization of debt issuance costs.

XML 42 R32.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Details Narrative) - USD ($)			3 Months Ended
Shareholders' Equity (Details Narrative) - USD ($)	Oct. 14, 2016	Oct. 02, 2015	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016	Sep. 14, 2016
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares authorized			196,739,750		194,600,000
Common stock, shares issued			70,536,720		68,920,972
Common stock, shares outstanding			70,536,720		68,920,972
Excess stock, shares authorized			200,000,000		200,000,000
Excess Stock, par value			$ 0.01		$ 0.01
Excess Stock , shares issued
Excess Stock , shares outstanding
Cash raised from issuance of common stock under DRIP			$ 18,877,487	$ 12,575,537
Amount of dividend reinvested			$ 2,077,156	$ 2,285,958
Common Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Declaration date			Jan. 17, 2017
Dividends payable, date to be paid			Mar. 15, 2017
Record date			Feb. 15, 2017
Dividend Reinvestment and Stock Purchase Plan [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock issued under plan			1,615,748
Maximum [Member] \| January 17, 2017 [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Repurchase Program authorizes amount			$ 10,000,000
Common Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage increase in common stock dividend		6.70%
Common stock dividend, description			Board of Directors approved a 6.7% increase in the Company’s quarterly common stock dividend, raising it to $0.16 per share from $0.15 per share.
Annualized dividend rate per share price		$ 0.64
Cash raised from issuance of common stock under DRIP			$ 20,954,643
Amount of dividend reinvested			2,077,156
Cash dividends paid			$ 11,184,399
Dividend declared per share			$ 0.16
Common Stock [Member] \| Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Dividend per common stock		0.15
Common Stock [Member] \| Maximum [Member]
Subsidiary or Equity Method Investee [Line Items]
Dividend per common stock		$ 0.16
Series B Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, shares authorized			2,300,000		2,300,000
Cumulative redeemable preferred, stock dividend rate			7.875%		7.875%
Preferred stock, par value			$ 0.01		$ 0.01
Preferred stock, shares issued			2,300,000		2,300,000
Preferred stock, shares outstanding			2,300,000		2,300,000
Series C Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, shares authorized			5,400,000		5,400,000
Cumulative redeemable preferred, stock dividend rate			6.125%		6.125%
Preferred stock, par value			$ 0.01		$ 0.01
Preferred stock, shares issued			5,400,000		5,400,000
Preferred stock, shares outstanding			5,400,000		5,400,000
Series A Cumulative Redeemable Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Cumulative redeemable preferred, stock dividend rate	7.625%					7.625%
Preferred stock, par value						$ 0.01
Preferred stock, shares issued						2,139,750
Preferred stock, shares outstanding						2,139,750
Cash dividends paid	$ 53,992,290
Preferred stock redemption price	$ 25.00
Dividend payable	$ 53,493,750
Net accrued dividend paid at redemption	$ 498,540
Dividend per preferred stock	$ 25.23299
Preferred stock accrued dividend per share	$ 0.23299
Series B Cumulative Redeemable Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Cumulative redeemable preferred, stock dividend rate			7.875%
Cash dividends paid			$ 1,132,032
Dividend declared per share			$ 0.4921875
Declaration date			Jan. 17, 2017
Dividends payable, date to be paid			Mar. 15, 2017
Record date			Feb. 15, 2017
Preferred stock redemption price			$ 25.00
Annual rate of dividends cumulative and payable			$ 1.96875
Series C Cumulative Redeemable Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Cumulative redeemable preferred, stock dividend rate			6.125%
Cash dividends paid			$ 1,791,564
Dividend declared per share			$ 0.3828125
Dividend paid per share			$ 0.3317708
Declaration date			Jan. 17, 2017
Dividends payable, date to be paid			Mar. 15, 2017
Record date			Feb. 15, 2017
Preferred stock redemption price			$ 25.00
Annual rate of dividends cumulative and payable			$ 1.53125

XML 43 R33.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Details Narrative) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs	$ 505,574,117	$ 477,476,010
Mortgage Notes Payable Fair Value [Member]
Fixed rate mortgage notes payable at fair value	510,052,000
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs	$ 512,292,137

XML 44 R34.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Summary of Securities Available for Sale at Fair Value (Details) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available for Sale at Fair Value	$ 74,321,496	$ 73,604,894
Fair Value Measurements [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available for Sale at Fair Value	74,321,496	73,604,894
Fair Value Measurements [Member] \| 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
Fair Value Measurements [Member] \| 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
Fair Value Measurements [Member] \| Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available for Sale at Fair Value	13,583,215	13,769,073
Fair Value Measurements [Member] \| Preferred Stock [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available for Sale at Fair Value	13,583,215	13,769,073
Fair Value Measurements [Member] \| Preferred Stock [Member] \| 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
Fair Value Measurements [Member] \| Preferred Stock [Member] \| 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
Fair Value Measurements [Member] \| Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available for Sale at Fair Value	60,733,016	59,830,271
Fair Value Measurements [Member] \| Common Stock [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available for Sale at Fair Value	60,733,016	59,830,271
Fair Value Measurements [Member] \| Common Stock [Member] \| 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
Fair Value Measurements [Member] \| Common Stock [Member] \| 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
Fair Value Measurements [Member] \| Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available for Sale at Fair Value	5,265	5,550
Fair Value Measurements [Member] \| Mortgage Backed Securities [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Available for Sale at Fair Value	5,265	5,550
Fair Value Measurements [Member] \| Mortgage Backed Securities [Member] \| 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
Fair Value Measurements [Member] \| Mortgage Backed Securities [Member] \| 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

XML 45 R35.htm IDEA: XBRL DOCUMENT

Supplemental Cash Flow Information (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 5,882,000	$ 5,112,000
Amount of dividend reinvested	$ 2,077,156	$ 2,285,958

XML 46 R36.htm IDEA: XBRL DOCUMENT

Contingencies and Commitments (Details Narrative) - Industrial Building [Member]	3 Months Ended
	Dec. 31, 2016 USD ($) ft² RealEstateProperties
Contingencies and Commitments [Line Items]
Number of real estate properties committed to purchase	9
Number of real estate properties committed to mortgage	5
Mortgage Loans committed on real estate, carrying amount of mortgage \| $	$ 100,304,000
Mortgages, minimum interest rate	3.60%
Mortgages, maximum interest rate	4.23%
Mortgage loans weighted average interest rate	3.86%
Mortgage loans amortization period	15 years
Property Purchase Agreement [Member]
Contingencies and Commitments [Line Items]
Area of buildings (in square foot) \| ft²	2,338,000
Weighted average lease maturity term	13.5 Years
Number of real estate properties committed to purchase	9
Aggregate purchase price of industrial properties \| $	$ 250,497,000
Property Purchase Agreement [Member] \| Investment Grade Tenants Or Subsidiaries [Member]
Contingencies and Commitments [Line Items]
Number of real estate properties committed to purchase	6
Percentage of building area leased	72.00%
Area leased to FDX \| ft²	1,694,000
Property Purchase Agreement [Member] \| FDX and Subsidiaries [Member]
Contingencies and Commitments [Line Items]
Percentage of building area leased	60.00%
Area leased to FDX \| ft²	1,397,000
Property Purchase Agreement [Member] \| Minimum [Member]
Contingencies and Commitments [Line Items]
Weighted average lease maturity term	7 Years
Property Purchase Agreement [Member] \| Maximum [Member]
Contingencies and Commitments [Line Items]
Weighted average lease maturity term	15 Years

XML 47 R37.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative) - Subsequent Event [Member]	Jan. 17, 2017 $ / shares
Common Shareholders [Member ]
Subsequent Event [Line Items]
Dividend declared per share	$ 0.16
Dividend declaration date	Jan. 17, 2017
Dividends payable, date to be paid	Mar. 15, 2017
Dividend payable date of record	Feb. 15, 2017
Series B Preferred Shareholders [Member]
Subsequent Event [Line Items]
Dividend declared per share	$ 0.4921875
Dividend declaration date	Jan. 17, 2017
Dividends payable, date to be paid	Mar. 15, 2017
Dividend payable date of record	Feb. 15, 2017
Series C Preferred Shareholders [Member]
Subsequent Event [Line Items]
Dividend declared per share	$ 0.3828125
Dividend declaration date	Jan. 17, 2017
Dividends payable, date to be paid	Mar. 15, 2017
Dividend payable date of record	Feb. 15, 2017

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