Securities Available For Sale (Tables)

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-sale Securities

The following is a listing of securities available for sale at December 31, 2016:

			Interest			Number				Market
	Series		Rate			of Shares		Cost		Value
Equity Securities:
Preferred Stock:
Ashford Hospitality Trust, Inc.		A		8.550	%		10,000	$	251,205	$	253,800
CBL & Associates Properties, Inc.		D		7.375	%		2,000		50,269		48,900
CBL & Associates Properties, Inc.		E		6.625	%		62,724		1,487,145		1,440,789
Cedar Realty Trust, Inc.		B		7.250	%		58,577		1,411,846		1,426,126
Chesapeake Lodging Trust		A		7.750	%		20,000		500,000		507,806
Corporate Office Properties Trust		L		7.375	%		26,000		650,330		656,760
Kilroy Realty Corporation		G		6.875	%		34,948		844,770		885,932
LaSalle Hotel Properties		H		7.500	%		40,000		982,589		1,002,000
Pennsylvania Real Estate Investment Trust		A		8.250	%		68,800		1,720,885		1,739,952
Pennsylvania Real Estate Investment Trust		B		7.375	%		40,000		1,000,000		1,000,000
Retail Properties of America, Inc.		A		7.000	%		20,000		481,949		500,000
Stag Industrial, Inc.		B		6.625	%		20,100		470,007		501,495
Summit Hotel Properties, Inc.		B		7.875	%		20,000		500,000		514,780
Sun Communities, Inc.		A		7.125	%		45,000		1,117,377		1,133,550
Terreno Realty Corporation		A		7.750	%		20,300		507,791		512,575
Urstadt Biddle Properties, Inc.		F		7.125	%		30,421		756,304		775,735
Urstadt Biddle Properties, Inc.		G		6.750	%		5,000		125,000		128,000
Total Preferred Stock									12,857,467		13,028,200
Common Stock:
CBL & Associates Properties, Inc.							1,000,000		11,785,016		11,500,000
Cousins Properties, Inc.							105,950		820,348		901,635
Gladstone Commercial Corporation							180,000		3,199,933		3,618,000
Government Properties Income Trust							810,000		15,520,076		15,442,650
Monmouth Real Estate Investment Corporation (1)							2,237,588		19,231,411		34,100,835
Nobility Homes Inc.							20,000		158,200		315,000
Parkway Properties Inc.							33,243		628,819		739,657
Select Income Real Estate Investment Trust							740,000		17,802,516		18,648,000
Senior Housing Properties Trust							220,911		3,760,406		4,181,845
Urstadt Biddle Properties, Inc.							85,000		1,761,151		2,049,350
Vereit, Inc.							500,000		4,512,658		4,230,000
Total Common Stock									79,180,534		95,726,972
Total Securities Available for Sale								$	92,038,001	$	108,755,172

(1) Related entity – See Note 8.

The following is a listing of securities available for sale at December 31, 2015:

			Interest			Number				Market
	Series		Rate			of Shares		Cost		Value
Equity Securities:
Preferred Stock:
Ashford Hospitality Trust, Inc.		A		8.550	%		10,000	$	251,205	$	252,480
CBL & Associates Properties, Inc.		D		7.375	%		2,000		50,269		50,580
CBL & Associates Properties, Inc.		E		6.625	%		62,724		1,487,144		1,564,963
Cedar Realty Trust, Inc.		B		7.250	%		54,596		1,310,210		1,348,510
Chesapeake Lodging Trust		A		7.750	%		20,000		500,000		516,600
Corporate Office Properties Trust		L		7.375	%		26,000		650,330		670,280
CubeSmart		A		7.750	%		2,000		52,153		52,280
Dupont Fabros Technology, Inc.		A		7.875	%		26,412		657,703		668,224
Dupont Fabros Technology, Inc.		B		7.625	%		10,000		250,000		252,100
Kilroy Realty Corporation		G		6.875	%		34,948		844,770		902,008
LaSalle Hotel Properties		H		7.500	%		40,000		982,589		1,006,000
Pennsylvania Real Estate Investment Trust		A		8.250	%		68,800		1,720,885		1,775,728
Pennsylvania Real Estate Investment Trust		B		7.375	%		40,000		1,000,000		1,008,400
Retail Properties of America, Inc.		A		7.000	%		20,000		481,949		513,000
Stag Industrial, Inc.		B		6.625	%		20,100		470,007		509,334
Summit Hotel Properties, Inc.		B		7.875	%		20,000		500,000		515,998
Sun Communities, Inc.		A		7.125	%		45,000		1,117,377		1,179,000
Terreno Realty Corporation		A		7.750	%		20,300		507,791		516,840
Urstadt Biddle Properties, Inc.		F		7.125	%		30,421		756,305		786,687
Urstadt Biddle Properties, Inc.		G		6.750	%		5,000		125,000		130,700
Total Preferred Stock									13,715,687		14,219,712
Common Stock:
CBL & Associates Properties, Inc.							135,000		2,295,133		1,669,951
Getty Realty Corporation							135,000		2,544,483		2,315,250
Gladstone Commercial Corporation							55,000		946,184		802,450
Government Properties Income Trust							550,000		11,244,317		8,728,500
Mack-Cali Realty Corporation							135,000		3,095,616		3,152,250
Monmouth Real Estate Investment Corporation (1)							2,125,270		17,855,054		22,230,328
Nobility Homes Inc.							20,000		158,200		242,000
Parkway Properties Inc.							55,000		959,887		859,650
RMR Group, Inc.							19,712		256,256		284,050
Select Income Real Estate Investment Trust							700,000		16,909,351		13,874,000
Senior Housing Properties Trust							175,911		3,032,483		2,610,519
Urstadt Biddle Properties, Inc.							55,000		1,103,323		1,058,200
Vereit, Inc.							25,000		202,787		198,000
Weingarten Realty Investors							80,000		2,747,526		2,766,400
Total Common Stock									63,350,600		60,791,548
Total Securities Available for Sale								$	77,066,287	$	75,011,260

(1) Related entity – See Note 8.

Summary of Temporarily Impaired Securities

The following is a summary of temporarily impaired securities at December 31, 2016:

	Less than 12 Months					12 Months or Longer
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Preferred Stock	$	1,489,689	$	(47,724	)	$	-0-	$	-0-
Common Stock		31,172,650		(645,100	)		-0-		-0-
Total	$	32,662,339	$	(692,824	)	$	-0-	$	-0-

Summary of Range of Losses

The following is a summary of the range of the losses:

Number of Individual Securities		Fair Value		Unrealized Loss			Range of Loss
	4	$	28,432,339	$	(410,166	)		Less than or equal to 3%
	1		4,230,000		(282,658	)		6%
	5	$	32,662,339	$	(692,824	)

Summary of Gain (loss) on Securities Transactions

The Company recorded the following Gain (Loss) on Sale of Securities, net:

	2016			2015			2014
Gross realized gains	$	2,287,454		$	208,200		$	1,555,656
Gross realized losses		(2,153	)		(3,970	)		(13,067	)
Total Realized Gain on Sales of Securities, net	$	2,285,301		$	204,230		$	1,542,589