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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
INCOME:        
Rental Revenue $ 28,609,985 $ 23,610,830 $ 56,302,467 $ 46,891,686
Reimbursement Revenue 5,011,523 3,697,361 10,060,863 7,598,116
Lease Termination Income 0 0 210,261 0
TOTAL INCOME 33,621,508 27,308,191 66,573,591 54,489,802
EXPENSES:        
Real Estate Taxes 3,779,648 2,851,862 7,642,311 5,758,843
Operating Expenses 1,476,295 1,288,265 2,912,536 2,582,733
General & Administrative Expenses 2,218,037 2,078,538 4,165,069 3,521,001
Acquisition Costs 0 0 0 178,526
Depreciation 8,858,062 7,139,077 17,342,046 14,131,572
Amortization of Capitalized Lease Costs and Intangible Assets 588,622 427,756 1,126,693 875,553
TOTAL EXPENSES 16,920,664 13,785,498 33,188,655 27,048,228
OTHER INCOME (EXPENSE):        
Dividend and Interest Income 2,888,210 1,439,182 5,752,427 2,731,333
Gain on Sale of Securities Transactions 11,234 0 111,387 806,108
Interest Expense, including Amortization of Financing Costs (7,955,285) (6,537,264) (15,361,232) (12,700,483)
TOTAL OTHER INCOME (EXPENSE) (5,055,841) (5,098,082) (9,497,418) (9,163,042)
INCOME FROM CONTINUING OPERATIONS, BEFORE GAIN ON SALE OF REAL ESTATE INVESTMENTS 11,645,003 8,424,611 23,887,518 18,278,532
Gain on Sale of Real Estate Investments 0 0 5,387,886 0
NET INCOME 11,645,003 8,424,611 29,275,404 18,278,532
Less: Preferred Dividends 4,248,219 3,582,036 8,565,165 7,279,796
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 7,396,784 $ 4,842,575 $ 20,710,239 $ 10,998,736
BASIC INCOME – PER SHARE        
Net Income $ 0.15 $ 0.12 $ 0.38 $ 0.26
Less: Preferred Dividends (0.05) (0.05) (0.11) (0.10)
Net Income Attributable to Common Shareholders - Basic 0.10 0.07 0.27 0.16
DILUTED INCOME – PER SHARE        
Net Income 0.15 0.12 0.38 0.26
Less: Preferred Dividends (0.05) (0.05) (0.11) (0.10)
Net Income Attributable to Common Shareholders - Diluted $ 0.10 $ 0.07 $ 0.27 $ 0.16
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic 77,992,007 71,243,381 77,174,821 70,456,222
Diluted 78,155,938 71,406,875 77,362,197 70,607,766