SECURITIES AVAILABLE FOR SALE AT FAIR VALUE	3 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
SECURITIES AVAILABLE FOR SALE AT FAIR VALUE	NOTE 4 – SECURITIES AVAILABLE FOR SALE AT FAIR VALUE Our Securities Available for Sale at Fair Value consists primarily of marketable common and preferred stock of other REITs with a fair value of $160.3 million as of December 31, 2021. We intend to limit the size of this portfolio to no more than approximately 5% of our undepreciated assets, which we define as total assets excluding accumulated depreciation. Total assets excluding accumulated depreciation were $2.6 billion as of December 31, 2021. Our REIT securities portfolio provides us with diversification, income, a source of potential liquidity when needed, and also serves as a proxy for real estate when more favorable risk adjusted returns are not available in the private real estate markets. Our $160.3 million investment in marketable REIT securities as of December 31, 2021 represented 6.2% of our undepreciated assets. We normally hold REIT securities long-term and intend to hold these securities to recovery. We recognized dividend income on our investments in securities of $1.7 million for the three months ended December 31, 2021. There have been no open market purchases or sales of securities during the three months ended December 31, 2021. We owned a total of 1.4 million common shares in UMH Properties, Inc. (UMH), a related REIT, as of December 31, 2021, at a total cost of $15.1 million and a fair value of $38.0 million, representing a 151% unrealized gain. Dividends received from our UMH common shares are reinvested through UMH’s Dividend Reinvestment and Stock Purchase Plan. On January 12, 2022 UMH announced a 5.3% dividend increase on its common shares. As of December 31, 2021, we had total net unrealized holding losses on our securities portfolio of $60.1 million. As a result of the adoption of ASU 2016-01, we recognized net Unrealized Holding Gains Arising During the Periods in the accompanying Consolidated Statements of Income for the three months ended December 31, 2021 of $16.5 million.

SECURITIES AVAILABLE FOR SALE AT FAIR VALUE

3 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

SECURITIES AVAILABLE FOR SALE AT FAIR VALUE

NOTE 4 – SECURITIES AVAILABLE FOR SALE AT FAIR VALUE

Our Securities Available for Sale at Fair Value consists primarily of marketable common and preferred stock of other REITs with a fair value of $160.3 million as of December 31, 2021. We intend to limit the size of this portfolio to no more than approximately 5% of our undepreciated assets, which we define as total assets excluding accumulated depreciation. Total assets excluding accumulated depreciation were $2.6 billion as of December 31, 2021. Our REIT securities portfolio provides us with diversification, income, a source of potential liquidity when needed, and also serves as a proxy for real estate when more favorable risk adjusted returns are not available in the private real estate markets. Our $160.3 million investment in marketable REIT securities as of December 31, 2021 represented 6.2% of our undepreciated assets. We normally hold REIT securities long-term and intend to hold these securities to recovery.

We recognized dividend income on our investments in securities of $1.7 million for the three months ended December 31, 2021. There have been no open market purchases or sales of securities during the three months ended December 31, 2021. We owned a total of 1.4 million common shares in UMH Properties, Inc. (UMH), a related REIT, as of December 31, 2021, at a total cost of $15.1 million and a fair value of $38.0 million, representing a 151% unrealized gain. Dividends received from our UMH common shares are reinvested through UMH’s Dividend Reinvestment and Stock Purchase Plan. On January 12, 2022 UMH announced a 5.3% dividend increase on its common shares.

As of December 31, 2021, we had total net unrealized holding losses on our securities portfolio of $60.1 million. As a result of the adoption of ASU 2016-01, we recognized net Unrealized Holding Gains Arising During the Periods in the accompanying Consolidated Statements of Income for the three months ended December 31, 2021 of $16.5 million.