Security Land and Development Form 10-K

0001003297-12-000518.txt : 20121221 0001003297-12-000518.hdr.sgml : 20121221 20121221132137 ACCESSION NUMBER: 0001003297-12-000518 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121221 DATE AS OF CHANGE: 20121221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SECURITY LAND & DEVELOPMENT CORP CENTRAL INDEX KEY: 0000088572 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE DEALERS (FOR THEIR OWN ACCOUNT) [6532] IRS NUMBER: 581088232 STATE OF INCORPORATION: GA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07865 FILM NUMBER: 121280450 BUSINESS ADDRESS: STREET 1: 512 B WHEELER EXECUTIVE CENTER CITY: AUGUSTA STATE: GA ZIP: 30909 BUSINESS PHONE: 7067366334 MAIL ADDRESS: STREET 1: 2816 WASHINGTON ROAD #103 CITY: AUGUSTA STATE: GA ZIP: 30909 10-K 1 essecurity10k.htm Security Land and Development Form 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the fiscal year ended September 30, 2012

[ ] 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 0-7865

SECURITY LAND AND DEVELOPMENT CORPORATION

(A GEORGIA CORPORATION)

INTERNAL REVENUE SERVICE

EMPLOYER IDENTIFICATION NUMBER 58-1088232

2816 WASHINGTON ROAD, #103, AUGUSTA, GA 30909

TELEPHONE NUMBER 706-736-6334

Securities registered pursuant to Section 12(b) of the Act:

None

Securities registered pursuant to section 12(g) of the Act:

Common Stock

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

YES [ ] NO [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

YES [ ] NO [X]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 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 (§ 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

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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 []

Accelerated filer []

Non-accelerated filer []

Smaller Reporting Company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES [ ] NO [X]

The registrant’s total revenues for the fiscal year ended September 30, 2012 were $ 1,418,122.

As of the close of the period covered by this report, registrant had outstanding 5,243,107 shares of common stock. There is no established market for the common stock of the registrant. Therefore, the aggregate market value of the voting stock held by non-affiliates of the registrant is not known.

DOCUMENTS INCORPORATED BY REFERENCE

NONE

Cautionary Note Regarding Forward-Looking Statements:

The Company may, from time to time, make written or oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission (the “Commission”) and its reports to stockholders. Such forward-looking statements are made based on management’s belief as well as assumptions made by, and information currently available to, management pursuant to “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, but not limited to, competition from other real estate companies, the ability of the Company to obtain financing for projects, and the continuing operations of tenants.

PART I

Item 1. Business.

Security Land and Development Corporation (the “Company”) was organized and incorporated in Georgia in 1970. The Company, including its wholly owned subsidiaries, the Royal Palms Motel, Inc., SLDC, LLC, SLDC2, LLC and SLDC III, LLC has developed two (2) primary business activities, these activities being (1) the acquisition of undeveloped land for investment purposes and sale at a future date or development of the land and sale after developed and, (2) the acquisition or development of income producing properties for investment purposes and income from leasing activities. The Company’s principal office is in Augusta, Georgia and principal activities are in Augusta, Georgia, Evans, Georgia, and North Augusta, South Carolina.

The Company’s primary development and income producing activities are:

Retail strip center on 15.24 acres on Washington Road in Augusta, Georgia (the “National Plaza”). Approximately 56,000 square feet is being leased to Publix Supermarkets, Inc. (“Publix”) who operates a retail food supermarket. The remaining approximately 13,000 square feet of rental space is available for lease to additional tenants. At September 30, 2012, approximately 7,800 square feet of this remaining space was leased.
An outparcel of the National Plaza that is 0.89 acres and is leased commercially under a 20-year ground-lease to an auto-repair service operation.
Long-term ground lease ("Evans Ground Lease") on approximately 18 acres in Evans, Georgia at the intersection of Washington Road and Industrial Park Drive to Lowe's, a national home improvement retailer.
Residential Property on Stanley Drive, in Augusta, Georgia, currently for lease as a single-family residence.

The Company owns certain other properties that are more fully described in Item 2, “Properties.”

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In January of 2007 construction of the Evans Ground Lease was completed and the Company began collecting full monthly rent. The Evans Ground Lease represents approximately 43% of the Company’s net leased assets at September 30, 2012. Rent revenue, including monthly rent, recognition of previously deferred revenue and property taxes from the Evans Ground Lease represented 47% and 48% of the Company’s total gross rent revenue for the years ended September 30, 2012 and 2011, respectively. The Company also expects the long-term ground lease in Evans, Georgia to provide a substantial portion of the Company’s revenue from leasing in future years.

Construction of the National Plaza was completed in May 1995 and the lease with Publix became effective May 15, 1995. The National Plaza represents approximately 54% of the Company’s net leased assets at September 30, 2012. Rent revenue, including monthly rent, recognition of previously deferred revenue, property taxes and common area maintenance from the lease with Publix Supermarkets, Inc. represented 37% and 41% of the Company’s total gross rent revenue for the years ended September 30, 2012 and 2011, respectively. Management of the Company expects this lease to continue to provide a substantial portion of the Company’s revenue from leasing. See Item 2, “Properties” for additional information related to these properties and the lease agreements.

The Company owns additional undeveloped land in and around the Augusta, Georgia and North Augusta, South Carolina area that is being held for investment purposes. Management of the Company believes that the market value of the property owned is greater than its carrying value. The Company presently has four employees, all of whom are officers and/or stockholders of the Company.

Item 1A. Risk Factors.

The Company, as a smaller reporting company, is not required to provide the information required by this item.

Item 1B. Unresolved Staff Comments.

None.

Item 2. Properties.

The Company owns developed and undeveloped real estate in several locations in the State of Georgia and one undeveloped parcel in North Augusta, South Carolina. There are no limitations on the percentage of assets which may be invested in any one property or type of property. The Company acquires various properties for investment purposes and for leasing activities.

The Company currently owns the following properties in fee simple interest:

Retail strip center on approximately 15.24 acres on Washington Road in Augusta, Georgia (the “National Plaza”).
An outparcel of the National Plaza of 0.89 acres that is frontage property to Washington Road in Augusta, Georgia.
Approximately 17 acres of developed land in Evans, Georgia at the intersection of Washington Road and Industrial Park Drive.
84.4 undeveloped acres in south Richmond County, Georgia.
A 0.85 acre lot on Lumpkin Road in Augusta, Georgia.
Approximately 1.1 acres of undeveloped land held for investment purposes on Washington Road in Augusta, Georgia.
Approximately .43 acres with a residential structure on Stanley Drive in Augusta, Georgia.
Approximately 19.38 acres of undeveloped land held for future development on Edgefield Road near I-20 in North Augusta, South Carolina.

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Description of real estate and operating data:

The Company holds approximately 12.77 acres of land in Evans, Georgia on Belair Road and North Belair Road Extension, at Washington Road. The land was purchased in five transactions. Initially, the Company acquired a two-thirds interest in 7.09 acres of land, with the remaining one-third interest held by two individuals, one of which is a principal stockholder and member of the Board of Directors. In 2000, the remaining one-third interest in the 7.09 acres of land was acquired from two individuals that each owned a one-sixth interest. One of the individuals that owned a one-sixth interest in the property is a principal stockholder and member of the Board of Directors of the Company. The aggregate purchase price of the land was $522,846. A third transaction, in 2000, was a purchase of approximately 3.86 acres in Evans, Georgia adjacent to the purchased property previously described. The land was jointly owned by principal stockholders and members of the Board of Directors of the Company and their families, and was acquired by the Company from these individuals. The purchase price of the land was $371,970. In a fourth transaction, the Company purchased an additional 1.03 acres for $342,122 on Old Evans Road in Evans, Georgia that adjoins the above described properties. And in the fifth and final transaction in 2004, the Company acquired a corner parcel of 0.79 acres adjoining the previously described three parcels from a member of the Board of Directors. The cost of the parcel acquired in 2004, was $467,874. The Company's net book value of the investment properties acquired in these five transactions of $1,704,812, including the cost of improvements thereon, is approximately 17% of the Company’s total assets at September 30, 2012. The Company has a Federal tax basis in the investment property of $1,061,920. The Company signed a long-term ground lease for the development of a Lowe’s home improvement store on this property as well as the 4.61 acres, discussed below, during 2006. The Company began earning revenue related to the long-term ground lease on the approximately 18 acres in Columbia County, Georgia during the 3^rd Quarter of 2006. The Company received $20,833 in monthly rent until the January 2007 expiration of the development period. Following the expiration of the development period, the lease requires annual rental payments of $500,000 for the first 5 years then increasing 5% in years 6, 11, and 16. The lease has an option to renew at year 21 and another option every 5 years thereafter for a possible total lease term of 50 years. The lease provides for the tenant to pay for insurance and property taxes. A note payable to an insurance company is collateralized with the property and an assignment of the long-term ground lease. The note is payable in monthly installments of $19,137 including interest, through May 1, 2027, and bears interest of a fixed rate of 5.85%. The balance of the loan was $2,257,635 at September 30, 2012. Property taxes paid on this property and the 4.61 acres described above in 2012 totaled $129,899.

In 2001, the Company purchased an office building with land totaling approximately 4.61 acres located on Old Evans Road in Evans, Georgia. The property was purchased with replacement property funds held by a third party from a tax-deferred like-kind exchange transaction during 2000 of $511,726 and with approximately $250,000 of proceeds from a note payable. The office building was demolished during 2006. The Company's net book value in this property is $693,167 at September 30, 2012. For tax purposes, the Company recognized a loss of $236,859 on the demolition of the building in 2006. The Company's Federal tax basis in the property is approximately $175,261 at September 30, 2012. There is no outstanding debt on this property at September 30, 2012. Prior to the demolition, the property, excluding land cost, was being depreciated for financial reporting purposes using the straight-line method over 39 years. The property adjoins the 12.77 acres of land in Evans, Georgia. In July 2009, the Company sold an easement consisting of approximately .52 acres of the total Evans Ground Lease tract for $300,000. The Company recognized a gain of approximately $195,000. The proceeds were used by the Company to pay down debt related to an outstanding note payable collateralized by the Evans Ground Lease and related land and to compensate the Evans Ground Lease tenant per the related lease agreement. The Company’s management does not feel that the easement sale had any adverse impact on the existing lease or the Company’s ability to lease the land going forward.

The Company's net book value of National Plaza, $3,039,182 at September 30, 2012, amounts to approximately 31% of the Company’s total assets at September 30, 2012.

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Construction of the National Plaza was completed in May 1995. National Plaza has 69,000 square feet of available lease space. National Plaza was constructed with the intention of being operated as a retail strip center and is considered suitable and adequate for such purpose. The Company has leased 56,000 square feet to Publix, which, as National Plaza’s anchor tenant, operates a retail food supermarket. The Company, as lessor, has a twenty-year lease agreement with Publix. The lease became effective May 15, 1995. The lease provides for annual rentals of $463,200, and for the Company to receive 1.25% of this Publix store’s annual gross sales in excess of approximately $37 million. For the Company’s years ended September 30, 2012 and 2011, the supermarket had not achieved this sales level. The lease also provides for Publix to reimburse the Company for property taxes paid on the facility on a pro rata basis of the space occupied by Publix. For 2012, the amount billed was $53,222. At the lessee’s option the lease may be extended in five-year increments for an additional twenty years on substantially the same lease terms. As part of the lease agreement, Publix contributed approximately $493,000 to the construction of National Plaza. The Company capitalized this contribution and is recognizing the related revenue over the twenty-year life of the lease.

The Company financed National Plaza with a $4,300,000 loan, with interest that is fixed at 7.875%. Annual principal and interest payments total $427,596. The balance of the loan was $1,054,186 at September 30, 2012. The loan matures in June 2015 and is scheduled to be fully amortized at that time. The loan is secured with a mortgage interest in National Plaza and an assignment of lease payments (rent) from the property. The property is located on Washington Road in Augusta, Georgia. Washington Road in Augusta is the location of numerous business establishments, including competing retail strip centers, and is a corridor for a high volume of traffic, providing potential customers for the Company’s tenants. The Company’s operation of National Plaza is dependent upon management’s ability to maintain an anchor tenant and to maintain a high occupancy of the 13,000 square feet available for lease to other tenants. The Company competes with other retail strip centers in the area to maintain stable occupancy. Management of the Company believes that the location and visibility of National Plaza provides for favorable conditions for maintaining occupancy. At September 30, 2012, the Company had leased 60% of the 13,000 square feet not leased to Publix. These individual leases have terms ranging from three to five years, with monthly lease payments including Common Area Maintenance (“CAM”) ranging from $1,100 to $2,500. Following is selected statistical information regarding National Plaza at September 30, 2012:

Occupancy rate – 92%	(Publix is the only tenant to occupy 10% or more of the
	leasable square feet.)
Effective rental rates –


	Square Feet	Rental Per
	Leased	Square Foot

Publix Supermarkets, Inc.	56,000	$ 8.25
Other tenants	7,800	10.79

The principal business of the other tenants occupying space as of September 30, 2012 includes two restaurants, a stock brokerage office, beauty supply store and a nail salon.

A schedule of lease expirations at National Plaza for each of the next five years, beginning with the Company’s year-end September 30, 2012 is presented below (does not include potential extensions or ground leases on outparcels).

		Total area in		Percentage of
	Number of	square feet	Annual rental	gross annual
Year ending	tenants whose	covered by	represented by	rental represented
September 30,	leases will expire	expiring leases	expiring leases	by expiring leases

2013	-	-	-	-
2014	2	2,600	27,353	1.9%
2015	2	57,300	478,068	33.7%
2016	1	1,300	16,800	1.2%
2017	1	2,600	24,700	1.7%

The percentage of gross annual rents represented by expiring leases as presented above is based on the gross annual rental for the current year and was calculated as if each lease was in effect for the full twelve-month fiscal period. The Company is currently considering plans to make some renovations and improvements to National Plaza in the foreseeable future, however the timing has not been determined. Any renovations approved by the Company’s management and the Board of Directors will be contingent on obtaining financing at the time approved.

The Company's Federal tax basis in National Plaza at September 30, 2012, excluding land and before accumulated depreciation is $4,339,522. Federal tax basis accumulated depreciation is $2,415,881. Property taxes on the National Plaza totaled $84,321 in 2012.

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During 2002, the Company purchased a house on Stanley Drive in Augusta, Georgia. At September 30, 2006 the property was collateral for a 6.25% note, the balance of this note was paid off in full with a portion of the Principal note that was taken out in 2007. The property was purchased for $145,847. The property is located adjacent to several properties held by the Company. The location of this property may enhance the appreciation and future marketability of the property. The Company’s Federal tax basis in the property was $118,568. Property taxes paid on this property in 2012 totaled $2,675.

During 2007, the Company purchased approximately 14.57 acres of undeveloped land for $2,339,678 held for future development on Edgefield Road near I-20 in North Augusta, South Carolina. At September 30, 2012 there is no outstanding debt on the property. During 2008, the Company purchased an additional 1 acre of undeveloped land for $160,000 for future development adjoining the 14.57 acres. At September 30, 2012 there is no outstanding debt on this additional 1 acre. During 2008, the Company purchased an additional 1 acre of undeveloped land for $350,000 held for future development adjoining the 14.57 acres. During 2008, the Company purchased an additional 2.81 acres of undeveloped land for $421,500 held for future development adjoining the 14.57 acres. At September 30, 2012 the Company owes $63,052 on this additional 2.81 acres. The undeveloped land held for future development on Edgefield Road near I-20 in North Augusta, South Carolina totals 19.38 acres.

No other property owned by the Company at September 30, 2012, had a book value amounting to 10% or more of the total assets of the Company.

All of the properties owned by the Company are owned in fee simple interest.

In the opinion of management of the Company, all of the properties owned by the Company are adequately covered by insurance.

Item 3. Legal Proceedings.

In 2011 the Company was notified by a tenant of a claim for reimbursement of certain expenses charged. It is the opinion of the Company's management that the Company is not liable for this claim. The Company has accrued approximately $100,000 for professional fees and other expenses to defend its position.

Item 4. Removed and Reserved.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

There is no public trading market for the Company’s securities. The approximate number of holders of the Company’s common stock is 750.

No dividends have been declared or paid during the two years ended September 30, 2012 and 2011. The Company has no restrictions that currently, or that may reasonably be expected to, limit materially the amount of dividends paid.

Item 6. Selected Financial Data.

Not required.

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The Company’s primary business activities are the acquisition, development and leasing of developed and undeveloped real estate. The objectives of the Company are capital appreciation from real estate investments and income from leasing.

The Company believes that the market value of much of the real estate owned by the Company is greater than its original cost. The Company believes that the continued development and decreasing supply of vacant land in the Augusta, Georgia area has resulted in substantial appreciation in value in many of the Company’s investment properties. These appreciated investment properties are available as a source of capital to the Company.

Critical Accounting Policies:

Estimates of Useful Lives of Investment Properties for Purposes of Depreciation

Company management has estimated the useful lives of investment properties, except for land, that are leased, and Company management utilizes the straight-line method to compute depreciation over the estimated useful lives of the investment properties. Actual depreciation of investment properties will vary from management’s estimates, and the value of investment properties is more directly impacted by market conditions and the physical condition of the investment properties.

Evaluation of Long-Lived Assets for Impairment

Company management evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of investment properties may not be recoverable. In evaluating recoverability, Company management generally estimates future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when the expected future cash flows of the asset are less than the carrying amount.

Estimates of Income Tax Rates Applicable to Deferred Taxes

Company management has deferred income taxes through a series of tax-deferred like-kind exchange transactions on certain investment properties and through accelerated depreciation elections on certain other assets. Company management has estimated deferred income tax liabilities of $771,847 at September 30, 2012. Actual income taxes that may become due when taxable gains are realized on the sale of assets may differ from management’s estimates as a result of changes in tax laws, the tax status of the Company, or the actual taxable earnings of the Company in the periods the deferred income taxes become due.

Results of Operations:

			Increase (Decrease)
			2012 compared to
			2011
	2012	2011	Amount	Percent

Rent revenue	$1,418,122	$1,400,412	$17,710	1%
Operating expenses	692,299	671,790	20,509	3%
Interest expense	264,090	287,950	(23,860)	-8%
Net income	284,261	269,499	14,762	5%

Rent revenue from leasing activities is provided by the following properties:

	2012	2011	2010

National Plaza	$688,738	$670,331	$706,049
Outparcel at National Plaza	56,400	56,400	56,400
Evans Ground Lease	666,984	667,681	668,651
Other	6,000	6,000	6,000

	$1,418,122	$1,400,412	$1,437,100

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Years Ended September 30, 2012 and 2011

National Plaza consists of approximately 69,000 square feet. Approximately 56,000 square feet is leased to Publix as the investment property’s anchor tenant. See Item 2, “Properties” for additional information regarding the lease agreement with Publix. The remaining approximately 13,000 square feet is available for lease to additional tenants. This additional space was approximately 60% and 40% leased as of September 30, 2012 and 2011, respectively. Attempts are being made to lease vacant space. Also see Item 2, “Properties” for effective rental rates and lease expirations related to this property. Rent revenue from Publix and National Plaza increased slightly as compared with the prior years' amounts due to leasing an additional 2,600 square feet to a restaurant in December of 2011. In May 2006 the Company entered into a long-term ground lease with Lowes, a national home improvement retailer, with a portion of total monthly rent due during the construction period, which was completed in January 2007. Rent revenues for the Evans Ground Lease in 2013 remained relatively consistent with 2012. See Item 2, “Properties” for additional information regarding the Evans Ground Lease. Management expects both of the above two lease arrangements to continue to provide a substantial portion of the Company’s revenues.

Operating expenses increased by $20,509, 3% from 2011. Operating costs of the Company consists mainly of the costs of managing National Plaza and property taxes related to the Company’s land holding portfolio. Operating costs for 2012 include approximately $44,000 of accrued costs for professional fees and other expenses related to a claim. Company management expects operating expenses for 2013 to be relatively consistent with 2012.

Interest expense decreased by $23,860 (-8%) from 2011. The Company’s interest costs relate to outstanding debt on the Company’s land holdings as discussed above in Item 2, “Properties”. Continued amortization of outstanding debt balances resulted in decreased interest expense in 2012. Company management expects interest expense for the year ending September 30, 2013 to decline from interest expense for the current fiscal year as the outstanding debt continues to amortize.

Liquidity and Sources of Capital:

The percentage of current assets to current liabilities was 36% at September 30, 2012, and was 39% at September 30, 2011. Management of the Company expects future liquidity needs of the Company to be funded from rent revenues, refinancing and the appreciation in investment properties (which can be sold or mortgaged, if necessary).

Current maturities of notes payable will require the Company to make payments in fiscal year 2012 totaling $538,079. The Company projects that it will be able to fund the payment of its current maturities of notes payable through cash flows generated from its operations and cash on hand, but there can be no assurance that this will occur.

In addition, the Company’s line of credit of $300,000 was due to be repaid in December 2012. In November of 2012 the Company secured refinancing of this line of credit through conversion to a term note collateralized by residential rental properties. The new loan matures in December of 2017.

As of September 30, 2012 the Company’s cash flows from operations is approximately $510,000 while current maturities of debt are approximately $538,000. If the Company experiences cash flow shortages and is unable to generate adequate cash flows from operations to fund current debt maturities and other obligations, the Company’s management intends to seek additional financing from other sources but there can be no assurance that this will occur. These sources of include selling certain of its fully owned and un-collateralized assets or borrowing money from certain shareholders.

In the first quarter of fiscal year 2013, the Company borrowed $30,000 from a member of the Company’s Board of Directors to meet short term cash flow needs. This amount was repaid with interest at 6% in the first quarter of fiscal year 2013.

Capital Expenditure Commitments:

The Company currently has no significant commitments for capital expenditures for the next twelve months.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Market risk is the risk of loss from adverse changes in market prices and rates. Our market risk arises principally from the risk inherent in the credit quality of our tenants. Company management regularly evaluates the individual tenants considering their financial condition, credit history and current economic conditions.

Item 8. Financial Statements

The following consolidated financial statements of Security Land & Development Corporation are included herein:

Report of Independent Registered Public Accounting Firm

(audit of financial statements as of and for the years ended

September 30, 2012 and 2011)

Consolidated Balance Sheets as of September 30, 2012 and 2011

Consolidated Statements of Income and Retained Earnings

for the years ended September 30, 2012 and 2011

Consolidated Statements of Cash Flows for the years ended

September 30, 2012 and 2011

Notes to Consolidated Financial Statements

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors

Security Land and Development Corporation

Augusta, Georgia

We have audited the accompanying consolidated balance sheets of Security Land and Development Corporation (“the Company”) as of September 30, 2012 and 2011, and the related consolidated statements of income and retained earnings and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated balance sheets as of September 30, 2012 and 2011 and the related consolidated statements of income and retained earnings and cash flows for the years then ended, present fairly, in all material respects, the financial position of Security Land and Development Corporation at September 30, 2012 and 2011, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Elliott Davis LLC

December 21, 2012

Augusta, Georgia


*SECURITY LAND AND DEVELOPMENT CORPORATION*
*CONSOLIDATED BALANCE SHEETS*

			September 30,			September 30,
				2012		2011
ASSETS
CURRENT ASSETS
	Cash			$	48,767	$	51,190
	Receivables from tenants, net of allowance of $5,322 and $4,184 at September 30, 2012
and 2011, respectively				398,338		339,738

		Total current assets		447,105		390,928

INVESTMENT PROPERTIES
	Investment properties for lease, net of accumulated depreciation			5,587,324		5,711,502
	Land and improvements held for investment or development			3,639,598		3,639,598

				9,226,922		9,351,100

OTHER ASSETS				83,802		83,096

				$	9,757,829	$	9,825,124

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
	Accounts payable and accrued expenses			$	382,242	$	310,994
	Income taxes payable			283,747		160,979
	Current maturities of notes payable			538,079		504,660
	Current maturities of deferred revenue			24,652		24,652

		Total current liabilities		1,228,720		1,001,285

LONG-TERM LIABILITIES
	Notes payable and line of credit, less current portion			3,136,794		3,674,873
	Deferred income taxes			771,847		788,107
	Deferred revenue, less current portion			41,071		65,723

		Total long-term liabilities		3,949,712		4,528,703

		Total liabilities		5,178,432		5,529,988

Commitments and Contingencies (Note 5)

STOCKHOLDERS' EQUITY
	Common stock, par value $.10 per share; 30,000,000 shares authorized; 5,243,107
	shares issued and outstanding			524,311		524,311
	Additional paid-in capital			333,216		333,216
	Retained earnings			3,721,870		3,437,609

Total Stockholders' Equity				4,579,397		4,295,136

Liabilities and Stockholders' Equity				$	9,757,829	$	9,825,124

The accompanying notes are an integral part of these consolidated financial statements.

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*SECURITY LAND AND DEVELOPMENT CORPORATION*
*CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS*

			For the Years
			Ended September 30,
			2012		2011
OPERATING REVENUE
	Rent Revenue		$	1,418,122	$	1,400,412

OPERATING EXPENSES
	Depreciation and amortization		131,272		130,752
	Property taxes		256,309		252,010
	Payroll and related costs		86,006		80,955
	Insurance and utilities		51,770		47,542
	Repairs and maintenance		40,406		42,428
	Professional services		108,941		108,573
	Bad Debt		3,562		6,568
	Penalties		9,765		-
	Other		4,268		2,962

			692,299		671,790

		Operating income	725,823		728,622

OTHER INCOME (EXPENSE)
	Interest		(264,090)		(287,950)
	Other Income/Expense		36		5

			(264,054)		(287,945)


		Income before income taxes	461,769		440,677

INCOME TAXES PROVISION (BENEFIT)
	Income Tax Expense		193,768		184,876
	Income Tax Deferred Benefit		(16,260)		(13,698)
			177,508		171,178

		Net income	284,261		269,499

RETAINED EARNINGS, BEGINNING OF YEAR			3,437,609		3,168,110

RETAINED EARNINGS, END OF YEAR			$	3,721,870	$	3,437,609

PER SHARE DATA
	Net income per common share		$	0.05	$	0.05

The accompanying notes are an integral part of these consolidated financial statements.

- 13-

*SECURITY LAND AND DEVELOPMENT CORPORATION*
*CONSOLIDATED STATEMENTS OF CASH FLOWS*

			For Years
			Ended September 30,
			2012		2011
OPERATING ACTIVITIES
	Net income		$	284,261	$	269,499
	Adjustments to reconcile net income to net cash provided
	by operating activities:
		Bad debts	3,562		6,568
		Depreciation and Amortization	131,272		130,752
		Deferred income tax	(16,260)		(13,698)
		Changes in deferred and accrued amounts:
		Receivables from tenants	(62,162)		(64,154)
		Accounts payable and accrued expenses	71,248		71,501
		Income taxes payable	122,768		123,097
		Deferred income	(24,652)		(24,652)

		Net cash provided by operating activities	510,037		498,913

INVESTING ACTIVITIES
Additions to investment properties and other assets for
improvements to property held for lease			(7,800)		(1,000)

		Net cash used in investing activities	(7,800)		(1,000)

FINANCING ACTIVITIES
	Principal payments on notes payable		(504,660)		(469,979)

		Net cash used in financing activities	(504,660)		(469,979)

		Net (decrease) increase in cash	(2,423)		27,934

CASH, BEGINNING OF YEAR			51,190		23,256

CASH, END OF YEAR			$	48,767	$	51,190


SUPPLEMENTAL CASH FLOW INFORMATION:

	Cash paid for interest		$	258,633	$	282,508

	Cash paid for income taxes		$	71,000	$	20,000

The accompanying notes are an integral part of these consolidated financial statements.

- 14 -

SECURITY LAND AND DEVELOPMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES

Business activities

Security Land and Development Corporation (“the Company”) is engaged in the acquisition of developed and undeveloped real estate to be held for investment purposes or to be developed and leased as income producing property. Substantially all investment properties held and leased by the Company are located within the State of Georgia, in Richmond and Columbia counties and in North Augusta, South Carolina.

Royal Palms Motel, Inc., a wholly owned subsidiary of Security Land and Development Corporation, is a holding company for a parcel of land in Richmond County, Georgia. During 2004, the Company organized, as its sole member, SLDC, LLC, a Georgia limited liability company. During 2007, the Company organized, as its sole member, SLDC2, LLC, a Georgia limited liability company. During 2008, the Company organized, as its sole member, SLDC III, LLC, a South Carolina limited liability company. SLDC, LLC, SLDC2, LLC, and SLDC III, LLC were organized by the Company to hold title to certain real estate that the Company plans to develop.

During 2012 and 2011, substantially all operating revenues and operating expenses were related to real estate leasing. A substantial portion of rent revenues were earned from two investment properties, a commercial retail center, consisting of approximately 69,000 square feet on Washington Road in Augusta, Georgia (“National Plaza”) and the Evans Ground Lease on Washington Road in Evans, Georgia (“Evans Ground Lease”). National Plaza provided approximately 49% and 48% of gross rent revenue in 2012 and 2011, respectively. Approximately 81% of National Plaza was leased to a regional food supermarket, with annual rents from the lease totaling $463,200. National Plaza comprises approximately 54% of the asset Investment Properties for Lease, net of Accumulated Depreciation. The Evans Ground Lease provided approximately 47% and 48% of gross rental revenue in 2012 and 2011, respectively. This property, leased to a national home improvement retailer, earned rents totaling approximately $538,000 in both 2012 and 2011. The Evans Ground Lease comprises approximately 43% of investment properties held for lease, net, by the Company at September 30, 2012.

Basis of presentation

The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the accounts of Security Land and Development Corporation and its wholly owned subsidiaries, Royal Palms Motel, Inc., SLDC, LLC, SLDC2, LLC, and SLDC III, LLC (described on a consolidated basis as the “Company”). All intercompany transactions and accounts are eliminated in consolidation.

Use of estimates

The consolidated financial statements include estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Revenue recognition

Rent revenue is recognized on a straight-line basis over the term of the related lease agreements. The Company is reimbursed by tenants for property taxes and other maintenance fees. These reimbursements billed totaled $258,716 and $255,791, which is included in rent revenue, for the years ended September 30, 2012 and 2011, respectively.

(Continued)

- 15 -

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES, Continued

Revenue recognition, continued

Gains, or losses, realized from sales of real estate are recognized substantially when title to the property has passed and the risks and benefits of ownership have been transferred to the buyer.

Investment properties

Investment properties are stated at cost. Depreciation of the investment properties is computed principally using the straight-line method over the following estimated useful lives:

Buildings for lease		30 - 40 years
Land improvements on property for lease		15 years
Fixtures and furnishings		5 – 7 years

Major renewals or improvements on investment properties are capitalized, while maintenance and repairs that do not improve or extend the useful lives of the assets are charged to expense when incurred. Upon retirement, sale or other disposition of investment properties, the cost and accumulated depreciation are eliminated from the accounts and the gain or loss is included in income in the period of disposition.

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating recoverability, the Company generally estimates future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when the expected future cash flows of the asset is less than the carrying amount. The Company measures the impairment loss as the amount by which the asset's carrying amount exceeds the fair value of the asset. At September 30, 2012 and 2011, the Company believes that none of its long-lived assets are impaired.

Receivables from tenants

Receivables from tenants consist of rents, property taxes and other maintenance fees payable under the terms of lease agreements. Receivables are carried at original invoice amount. Management estimates an allowance for doubtful accounts by regularly evaluating individual tenant receivables and considering the collectability of balances due based on each tenant’s financial condition, credit history, and current economic conditions. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recognized in income when received. The Company has an allowance for uncollectible accounts of $5,322 and $4,184 at September 30, 2012 and 2011, respectively.

Lease commissions

Lease commissions are capitalized and amortized over the term of the related leases, using the straight-line method. Lease commissions, net of accumulated amortization, of $33,063 and $28,878 at September 30, 2012 and 2011, respectively, are included in Other Assets in the accompanying consolidated balance sheets.

Loan Fees

Loan fees are capitalized and amortized over the term of the loan using the straight-line method. Loan fees, net of accumulated amortization, were $50,739 and $54,218 at September 30, 2012 and 2011, respectively. Loan fees are included in Other Assets in the accompanying consolidated balance sheets.

Income taxes

The Company files a consolidated income tax return. Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between the financial reporting basis and income tax basis of assets and liabilities. Deferred tax assets and liabilities represent future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are adjusted for changes in tax laws and tax rates when those changes are enacted.

(Continued)

- 16 -

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES, Continued

Income taxes, continued

The Company has adopted the provisions under ASC Topic 740, “Income Taxes” (“ASC 740”) which requires that a position taken or expected to be taken in a tax return be recognized in the financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon settlement. The Company recognizes accrued interest and penalties related to uncertain tax positions as a component of income tax expense in its financial statements. Management is not aware of any uncertain tax positions as of September 30, 2012 and 2011. The Company believes it is no longer subject to income tax examination for the fiscal years prior to 2009.

Net income per common share

Net income per common share is calculated on the basis of the weighted average number of shares outstanding. The Company has no stock option plans, or other instruments resulting in earnings per share dilution. For 2012 and 2011 the weighted average number of shares outstanding was 5,243,107. Therefore, only basic net income per common share is presented.

Recently issued accounting standards

ASU 2011-04 was issued in May 2011 to amend the Fair Value Measurement topic of the ASC by clarifying the application of existing fair value measurement and disclosure requirements and by changing particular principles or requirements for measuring fair value or for disclosing information about fair value measurements. The amendments were effective for the Company beginning January 1, 2012 and had no effect on the financial statements.

The Comprehensive Income topic of the ASC was amended in June 2011. The amendment eliminates the option to present other comprehensive income as a part of the statement of changes in stockholders’ equity and requires consecutive presentation of the statement of net income and other comprehensive income. The amendments were applicable to the Company on January 1, 2012 and have been applied retrospectively. In December 2011, the topic was further amended to defer the effective date of presenting reclassification adjustments from other comprehensive income to net income on the face of the financial statements. Companies should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect prior to the amendments while FASB redeliberates future requirements. The amendments had no effect on the financial statements or financial statement presentation of the Company.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Concentrations

Substantially all of the Company’s assets consist of real estate located in Richmond and Columbia Counties in the State of Georgia, and in North Augusta, South Carolina. In 2012 and 2011, approximately 100% of the Company’s revenues were rental related revenue. In 2012 and 2011, approximately 49% and 48%, respectively of the Company’s rental revenues were earned from National Plaza. Approximately 81% of National Plaza is leased to one tenant, a regional food supermarket. Approximately 47% and 48% of the Company’s rental revenues in 2012 and 2011, respectively, were earned from the Evans Ground Lease, which is 100% leased to a major national home improvement retailer.

The majority of the Company’s receivables from tenants at September 30, 2012 and 2011 were receivable from two tenants, the regional food supermarket that leases property at National Plaza, and the major national home improvement retailer under the Evans Ground Lease.

The Company places its cash with high quality financial institutions. At times the Company’s cash balances may be in excess of Federal Deposit Insurance Corporation limits.

(Continued)

- 17 -

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES, Continued

Subsequent events

Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Unrecognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date.

In November of 2012 the Company converted the $300,000 line of credit to a term loan with a maturity date of December 2017. The loan calls for monthly installments of $3,287 and accrues annual interest at 5.5%.

Management has reviewed events occurring through the date the financial statements were issued and no other subsequent events occurred that require accrual or disclosure.

NOTE 2 - INVESTMENT PROPERTIES

Investment properties leased or held for lease

Investment properties leased or held for lease to others under operating leases consist of the following at September 30:

		2012		2011

National Plaza building, land and improvements	$	5,138,796	$	5,138,796
Evans Ground Lease, land and improvements		2,430,373		2,430,373
Commercial land and improvements		3,639,598		3,639,598
		11,208,767		11,208,767

Less accumulated depreciation		(2,099,614)		(1,978,150)
		9,109,153		9,230,617

Residential rental property		145,847		145,847
Less accumulated depreciation		(28,078)		(25,364)
		117,769		120,483

Investment properties for lease, net of depreciation	$	9,226,922	$	9,351,100

Depreciation expense totaled $124,697 and $124,176 in 2012 and 2011, respectively.

Approximately 81% of National Plaza is leased to a regional food supermarket. The lease requires minimum annual rental payments of $463,200, expires in 2015 and is renewable for a total of an additional twenty years at substantially similar lease terms. The lease provides for the supermarket to pay for interior maintenance and utilities and property taxes on a proportional basis.

The lease agreement also provides for the Company to receive each year 1.25% of the individual supermarket’s gross sales in excess of approximately $37 million. For 2012 and 2011, the supermarket did not achieve this gross sales level.

In construction of National Plaza, the supermarket contributed approximately $493,000 to the cost of the construction. The Company recorded the $493,000 as deferred revenue and is recognizing $24,652 as revenue annually using the straight-line method over the twenty-year life of the lease with the supermarket.

(Continued)

- 18 -

NOTE 2 - INVESTMENT PROPERTIES, Continued

In 2003, the Company entered into a 20-year ground lease arrangement on an outparcel of National Plaza. The ground lease provides for minimum rent of $45,000 annually, for the first 10 years of the lease. The minimum rent increases by approximately 10% after year 10 and then again after year 15 of the ground lease. Other lease agreements at National Plaza range in terms from one to five years.

The Company entered into a long-term ground lease with a major national home improvement retailer tenant and its developer in May 2006 on the approximately 18 acres of land in Columbia County, Georgia. The agreement required monthly rental payments of $20,833 during the development period, which was completed in January of 2007. Following the expiration of the development period, the lease requires annual rental payments of $500,000 for the first 5 years then increasing 5% in years 6, 11, and 16. The lease has an option to renew at year 21 and another option every 5 years thereafter for a possible total lease term of 50 years. The lease provides for the tenant to pay for insurance and property taxes.

Future minimum rents receivable under the operating lease agreements are as follows for the years ending September 30:


2013	$	1,122,558
2014		1,105,609
2015		930,502
2016		609,000
2017		587,237
Thereafter		5,571,752

	$	9,926,658

Land and improvements held for investment or development

The Company also holds for investment or future development approximately 19.38 acres of undeveloped commercial land in North Augusta, South Carolina, purchased in parcels during 2007 and 2008. The Company also owns approximately 85 acres of land in south Richmond County and a 1.1 acre parcel along Washington Road in Augusta, Georgia, that adjoins the Company’s National Plaza investment property. The aggregate cost of these investment properties held for investment or development was $3,639,598 at September 30, 2012 and 2011.

- 19 -

NOTE 3 – NOTES PAYABLE AND LINE OF CREDIT

Notes payable and line of credit consisted of the following at September 30:

		2012		2011
A note payable to the seller of 2.81 acres of land in North Augusta, South Carolina, collateralized by the land. The note is payable in monthly installments of $7,182 through June 2013, and bears interest of a fixed rate of 6%.	$	63,052	$	142,838
A line of credit with a regional financial institution for up to $251,934 procured in March 2008 with a floating interest rate based on prime and originally payable in full in April 2009. In April 2009 the Company refinanced the $243,019 line of credit with a regional financial institution. The Company entered into an agreement with the same regional financial institution to borrow the outstanding balance of $243,019, bearing interest based on the greater of prime or 6% with interest payments due monthly, maturing in April 2010. In January 2010 the Company renewed this line of credit and increased the open balance to $300,250. This agreement originally matured in February 2011. In December 2010, the Company renewed the line of credit to December 5, 2011, at the greater of prime plus 1% or 6%. In December 2011, the Company renewed the line of credit to December 12, 2012, at the greater of prime plus 1% or 6%. In November of 2012, the Company converted the line of credit to a fixed rate loan due December 2017. The new term loan accrues interest at a 5.5% annually with monthly installments of 3,287. The current balance relates to the purchase of the 1 acre adjoining the North Augusta, South Carolina property in May 2008 and is collateralized by the residential property on Stanley Drive in Augusta, Georgia.		300,000		300,000
A note payable to an insurance company, secured with a mortgage interest in National Plaza and an assignment of rents. The note is payable in monthly installments of $35,633, including interest, through June 2015, and bears interest at a fixed rate of 7.875%.		1,054,186		1,384,507
A note payable to an insurance company collateralized with approximately 18 acres of land in Columbia County, Georgia, and an assignment of the long-term ground lease. The note is payable in monthly installments of $19,137, including interest, through May 1, 2027, and bears interest at a fixed rate of 5.85%.		2,257,635		2,352,188
		3,674,873		4,179,533
Less current maturities		(538,079)		(504,660)

	$	3,136,794	$	3,674,873

(Continued)

- 20 -

NOTE 3 – NOTES PAYABLE AND LINE OF CREDIT, Continued

Aggregate maturities of notes payable and the line of credit refinanced are as follows at September 30, 2012:


2013	$	538,079
2014		517,208
2015		448,931
2016		146,734
2017		155,451
Thereafter		1,868,470

	$	3,674,873

All interest incurred for 2012 and 2011 was expensed by the Company.

In addition, the Company’s line of credit of $300,000 was due to be repaid in December 2012. In November of 2012 the company converted the line of credit to a term note which accrues annual interest at 5.5% with monthly installments of 3,287. This note matures in December 2017 with a balloon payment due for the balance.

NOTE 4 – INCOME TAXES

Deferred income taxes are the result of qualified tax-free exchanges of property transacted in previous years and reporting depreciation differently for income tax purposes. The tax effects of temporary differences that give rise to the deferred tax liability are as follows as of September 30:

		2012		2011
Deferred income tax liabilities:
Basis in Investment Properties	$	771,847	$	788,107

Taxable gains deferred by the Company in prior years through qualified tax-free like-kind exchanges totaled approximately $973,000. These deferred gains for tax reporting comprise a substantial portion of the Company's deferred income tax liabilities as of September 30, 2012 and 2011, net of the effects of depreciation.

The provision for income taxes is as follows:

		For the years ended
		September 30,
	2012		2011
Current expense	$	193,768	$	184,876
Deferred benefit		(16,260)		(13,698)

	$	177,508	$	171,178

(Continued)

- 21 -

NOTE 4 – INCOME TAXES, Continued

The provision for income taxes for the years ended September 30, 2012 and 2011 differs from the amount obtained by applying the U.S. federal and state income tax rate to pretax income due to the following:

		2012		2011

Net income before tax	$	461,770			$	440,677

Expected federal tax expense at 34%		157,002				149,830
State tax expense, net of federal benefit		18,286				17,451
Permanent differences		2,599				-
Other		(379	)			3,897

Tax expense	$	177,508			$	171,178

The Company has a total outstanding income tax payable in the amount of $291,659. Of this amount, $202,950 is related to the current year and the remaining portion of $88,709 is related to the 2011 tax expense. The Company paid $5,000 of the amount due in November 2012 and $5,000 in December 2012.

NOTE 5 – RELATED PARTY TRANSACTIONS

The Company purchases insurance from an insurance company of which a member of the Company’s Board of Directors is President. The Company’s Board of Directors believes that the insurance prices obtained from such company were not in excess of prices that would have been paid had the Company obtained this insurance from other sources.

The Company has hired an attorney who is a member of the Company’s Board of Directors. This attorney was hired to represent the company in defending a claim brought by a tenant in relation to some disputed lease related charges. Receivables from tenants at September 30, 2012 include approximately $34,000 of rents including reimbursements for property taxes and other maintenance fees that are part of this dispute. The Company has accrued approximately $100,000 for professional fees and other expenses to defend its position. The Company’s Management and their attorney believe that this claim is without merit.

During the first quarter of fiscal year 2013, the Company borrowed $30,000 from a member of the Company’s Board of Directors, who is also a member of the Flanagin family, to meet cash flow needs. The amount was repaid during the quarter along with interest at a rate of 6%.

During the year, the Company paid $5,250 to a shareholder who is also the son of the President for accounting services. The Company believes the amount paid is not in excess of prices that would have been paid had the Company obtained these services from other sources.

- 22 -

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None

Item 9A. Controls and Procedures.

Disclosure Controls and Procedures

Our disclosure controls and procedures are our controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934, as amended, is processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Disclosure controls and procedures include without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, with the participation of our Chief Executive Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in 17 C.F.R. Sections 240.13a-15d--15(e)) as of September 30, 2012, and based on such evaluation, our Chief Executive Officer concluded that such controls and procedures were ineffective as of September 30, 2011 as explained by the material weakness described in internal control over financial reports.

There were no significant changes in our internal controls over financial reporting that occurred during the fiscal year ended September 30, 2012 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Internal Controls over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in the Exchange Act Rules 13a-15(f). A system of internal control over financial reporting is a process designed 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.

The Company’s management has evaluated the effectiveness of its internal control over financial reporting as of September 30, 2012. Based on this evaluation, the Company’s management has evaluated and concluded that the Company’s internal control over financial reporting was ineffective as of September 30, 2012 as explained by the material weakness described in internal control over financial reporting:

Due to its relatively small size and the nature of its operations, having only two key employees, whom are also married to each other, actively involved in management and financial reporting of the Company there is a lack of necessary segregation of duties and accounting personnel with the requisite knowledge of accounting principles generally accepted in the United States of America (“GAAP”) and the financial reporting requirements of the Securities and Exchange Commission ("SEC"). There are insufficient written policies and procedures to insure the correct application of accounting and financial reporting with respect to the current requirements of GAAP and SEC disclosure requirements.

Notwithstanding the existence of this material weakness in our internal control over financial reporting, our management believes that the consolidated financial statements included in its reports fairly present in all material respects the Company’s financial condition, results of operations and cash flows for the periods presented.

The Company will continue its assessment on an ongoing basis and when it becomes practicable, will make efforts to add personnel and resources to address the material weakness. There has been no change in its internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

- 23-

This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. The Company’s independent registered public accounting firm was not required nor engaged to issue an attestation on its internal controls over financial reporting pursuant to temporary rules of the Securities and Exchange Commission.

Item 9B. Other Information.

None

- 24 -

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The following table sets forth certain information for the current directors and executive officers of the Company. There are no arrangements or understandings between any officers and any other persons pursuant to the election of the officers.

NAME, AGE AND
POSITION	LAST FIVE YEARS BUSINESS EXPERIENCE

W. Stewart Flanagin, Jr.	Pharmacist, former owner of Hill Drug Company
64-Chairman of Board of Directors since 1983;	and past manager of Revco Drug Store, Inc.
Member of Board since 1983; brother of President.

T. Greenlee Flanagin	Real estate
63 - President and CEO since 1983; member of
Board since 1983; brother of Chairman of Board.

M. David Alalof	President of A.C.H.S. Insurance, an insurance company;
70 - member of Board since 1977.	Past Chairman of the State Personnel Board of Georgia


John C. Bell, Jr.	Attorney at Law
64– Vice President; Member of Board since 1983.

Gregory B. Scurlock	Vice President, First Bank of Georgia, Augusta, GA
64 - Secretary/Treasurer; member of Board since	Former Senior Vice President, Wachovia Bank
1983.	Augusta, GA

Robert M. Flanagin	Real estate agent
55 - Member of Board since 1987.
brother of President and Chairman.

Section 16(a) of the Securities Exchange Act of 1934, as amended, and regulations of the SEC thereunder require the Company’s executive officers and directors and persons who own more than 10% of the Company’s Common Stock, as well as certain affiliates of such persons, to file initial reports of ownership and reports of changes in ownership with the SEC. Executive officers, directors and persons owning more than 10% of the Company’s Common Stock are required by SEC regulation to furnish the Company with copies of all Section 16(a) forms they file. Based solely on its review of the copies of such forms received by it and written representations that no other reports were required for those persons, the Company believes that during the fiscal year ended September 30, 2012 the Company’s executive officers, directors and owners of more than 10% of its Common Stock complied with all filing requirements.

Gregory B. Scurlock and M. David Alalof serve on the Company’s audit committee, both also serve on the Board of Directors and are experienced in financial matters. The audit committee members are independent of management of the Company.

- 25 -

Item 11. Executive Compensation.

The table below shows the compensation (including bonuses) of the Chief Executive Officer for the three most recent fiscal years.

NAME	COMPENSATION	DATE

T. Greenlee Flanagin	$ 10,800	September 30, 2012
T. Greenlee Flanagin	$ 10,800	September 30, 2011
T. Greenlee Flanagin	$ 10,800	September 30, 2010

No bonuses were awarded during 2012.

There were no annuity, pension or retirement benefits paid during the fiscal year ended September 30, 2012 and none are proposed to be paid to any officer or director of Security Land and Development Corporation.

The Company does not have a stock option plan and no stock or options were awarded to executives as compensation in the past 3 years.

Each Director of the Company receives compensation of $100 per Director’s meeting for services performed as a Director.

The audit committee members both receive compensation of $200 per month.

- 26 -

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Principal Shareholders:

The following table sets forth certain information regarding the beneficial ownership of the common stock as of September 30, 2012 by each person who is known to the Board of Directors of the Company to own beneficially five percent (5%) or more of the outstanding common stock.

NUMBER OF SHARES OF
NAME OF	COMMON STOCK	PERCENT OF
BENEFICIAL OWNER	BENEFICIALLY OWNED	CLASS

T. Greenlee Flanagin (1)	251,784	4.8
Robert Flanagin (1)	523,147	10.0
W. Stewart Flanagin, Jr. (1)	487,114	9.3
Ann Flanagin Smith (1)	411,604	7.9
John C. Bell, Jr.	372,565	7.1
T. Greenlee Flanagin, Jr. (1)	292,959	5.6
R. Clayton Flanagin (1)	292,959	5.6

(1) Combined with the following, these individuals form the “Flanagin Family Group”:

Harriette Flanagin

66,836

1.3

The Flanagin Family Group owns 2,326,403 common shares, which is approximately 44% of the Company's 5,243,107 shares of common stock outstanding.

Security Ownership of Management:

The following table sets forth certain information with respect to the beneficial ownership of the common stock, as of September 30, 2012, by Directors and executive officers:

NAME OF		COMMON STOCK
BENEFICIAL OWNER	ADDRESS	BENEFICIALLY	PERCENT
		OWNED	OF CLASS

W. Stewart Flanagin, Jr.	1117 Glenn Avenue	487,114	9.3
	Augusta, GA 30904

T. Greenlee Flanagin	3326 Wheeler Road	251,784	4.8
	Augusta, GA 30909

M. David Alalof	P.O. Box 15637	106,360	2.0
	Augusta, GA 30909

John C. Bell, Jr.	P.O. Box 1547	372,565	7.1
	Augusta, GA 30903

Gregory B. Scurlock	1203 Reid Road	500	0.1
	Augusta, GA 30909

Robert M. Flanagin	2002 Wrightsboro Road	523,147	10.0
	Augusta, GA 30904

All Directors and officers as a group consisting of
six individuals.		1,741,470	33.3%

-27-

The Flanagin Family Group and all Directors and Officers as a group beneficially own 2,805,828 common shares which is approximately 54% of the Company's 5,243,107 shares of common stock outstanding.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The Company purchased insurance from an insurance company of which a member of the Board of Directors is President and CEO. The Board of Directors believe that the insurance prices were not in excess of prices that would have been paid had the Company obtained this insurance from other sources.

Item 14. Principal Accounting Fees and Services.

The accounting fees billed to the Company by Elliott Davis, LLC related to the Company’s fiscal years ended September 30, 2012 and 2011 for: (i) services rendered for the audit of our annual financial statements and the review of our quarterly financial statements; (ii) services by our auditor that are reasonably related to the performance of the audit or review of our financial statements and that are not reported as Audit Fees; (iii) services rendered in connection with tax compliance, tax advice and tax planning; and (iv) all other fees for services rendered.

		2012	2011
(i)	Audit Fees	$38,500	$36,500
(ii)	Audit Related Fees	-	-

(iii)	Tax Fees	$3,150	$3,000

(iv)	All Other Fees	$1,500	$1,500

-28-

PART IV

Item 15. Exhibits, Financial Statement Schedules.

a) Exhibits required by Item 601 of Regulation S-B.

EXHIBIT
NUMBER		DESCRIPTION

	11	Computation of Earnings Per Share

	21	Subsidiaries of the Registrant

	31.1	Certification of Chief Executive Officer

	32.1	Section 906 Certification of T. Greenlee Flanagin

	101	The following financial information from Security Land and Development Corporation’s Annual Report on Form 10-K for the year ended September 30, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income and Retained Earnings, (iii) The Consolidated Statements of Cash Flows and (iv) Notes to Consolidated Financial Statements.

SIGNATURES

[See General Instruction D]

Pursuant to the requirements of Section 13 or 15(d) 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.

SECURITY LAND & DEVELOPMENT CORPORATION

(Registrant)

/s/ T. Greenlee Flanagin December 21, 2012

T. GREENLEE FLANAGIN (Date)

President

Chief Executive Officer and Chief

Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ W. Stewart Flanagin, Jr. December 21, 2012

W. STEWART FLANAGIN, JR. (Date)

Chairman of Board

/s/ M. David Alalof December 21, 2012

M. DAVID ALALOF (Date)

Director

/s/ Gregory B. Scurlock December 21, 2012

GREGORY B. SCURLOCK (Date)

Director and Secretary-Treasurer

-29-

Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act

None.

-30-

EX-11 2 ex11.htm EXHIBIT 11

EXHIBIT 11. COMPUTATION OF EARNINGS PER SHARE

	Years Ended
	September 30,
	2012	2011

Net income	$ 284,261	$ 269,499
Weighted average number of shares outstanding	5,243,107	5,243,107

Net income per common share	$ 0.05	$ 0.05

EX-21 3 ex21.htm EXHIBIT 21

EXHIBIT 21. SUBSIDIARIES OF THE REGISTRANT

Royal Palms Motel, Inc. - 100% owned by Security Land and Development Corporation. Incorporated in Georgia. Holds title to 0.85 acres of land in Richmond County, Georgia.

SLDC, LLC – 100% owned by Security Land and Development Corporation. Organized in Georgia as a limited liability company. Holds title to 0.79 acres of land in Columbia County, Georgia.

SLDC2, LLC - 100% owned by Security Land and Development Corporation. Organized in Georgia as a limited liability company. Holds title to 18.46 acres in North Augusta, South Carolina.

SLDC III, LLC – 100% owned by Security Land and Development Corporation. Organized in South Carolina as a limited liability company. Holds title to .92 acres in North Augusta, South Carolina.

EX-31 4 ex31-1.htm EXHIBIT 31

EXHIBIT 31.1

CERTIFICATIONS

I, T. Greenlee Flanagin, certify that:

1. I have reviewed this annual report on Form 10-K of Security Land and Development 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 small business issuer as of, and for, the periods presented in this report;

4. The small business issuer’s other certifying officers 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 small business issuer 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 small business issuer, 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 small business issuer’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 small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter (the small business issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and

5. The small business issuer’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small issuer’s auditors and the audit committee of small business issuer’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 small business issuer’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 small business issuer’s internal control over financial reporting.

Date: December 21, 2012

/s/ T. Greenlee Flanagin

T. Greenlee Flanagin

President and Chief Executive Officer and

Chief Financial Officer

EX-32 5 ex32.htm EXHIBIT 32

EXHIBIT 32.1

CERTIFICATION 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 Annual Report of Security Land and Development Corporation (the “Company”) on Form 10‑K for the year ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, T. Greenlee Flanagin, President and Chief Executive Officer of the Company, does hereby certify, 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 my knowledge:

	(1)	The Report fully complies with the requirements of section 13(a) 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/ T. Greenlee Flanagin
	T. Greenlee Flanagin
	President
	Chief Executive Officer and Chief
	Financial Officer
	December 21, 2012

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Basis of presentation The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America.  The consolidated financial statements include the accounts of Security Land and Development Corporation and its wholly owned subsidiaries, Royal Palms Motel, Inc., SLDC, LLC, SLDC2, LLC, and SLDC III, LLC (described on a consolidated basis as the Company).  All intercompany transactions and accounts are eliminated in consolidation.

Use of estimates The consolidated financial statements include estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

Revenue recognition Rent revenue is recognized on a straight-line basis over the term of the related lease agreements.  The Company is reimbursed by tenants for property taxes and other maintenance fees.  These reimbursements billed totaled $258,716 and $255,791, which is included in rent revenue, for the years ended September 30, 2012 and 2011, respectively.   Gains, or losses, realized from sales of real estate are recognized substantially when title to the property has passed and the risks and benefits of ownership have been transferred to the buyer.

Investment properties Investment properties are stated at cost.  Depreciation of the investment properties is computed principally using the straight-line method over the following estimated useful lives:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; width: 86%; padding-left: 12pt; font: 10pt/115% Times New Roman, Times, Serif; text-indent: -12pt">Buildings for lease</td> <td style="vertical-align: bottom; width: 1%; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">30 - 40 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; padding-left: 12pt; font: 10pt/115% Times New Roman, Times, Serif; text-indent: -12pt">Land improvements on property for lease</td> <td style="vertical-align: bottom; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">15 years</td></tr> <tr style="background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; padding-left: 12pt; font: 10pt/115% Times New Roman, Times, Serif; text-indent: -12pt">Fixtures and furnishings</td> <td style="vertical-align: bottom; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">5 7 years</td></tr> </table>   Major renewals or improvements on investment properties are capitalized, while maintenance and repairs that do not improve or extend the useful lives of the assets are charged to expense when incurred.  Upon retirement, sale or other disposition of investment properties, the cost and accumulated depreciation are eliminated from the accounts and the gain or loss is included in income in the period of disposition.   The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating recoverability, the Company generally estimates future cash flows expected to result from the use of the asset and its eventual disposition.  An impairment loss is recognized when the expected future cash flows of the asset is less than the carrying amount. The Company measures the impairment loss as the amount by which the asset's carrying amount exceeds the fair value of the asset. At September 30, 2012 and 2011, the Company believes that none of its long-lived assets are impaired.

Receivables from tenants Receivables from tenants consist of rents, property taxes and other maintenance fees payable under the terms of lease agreements.  Receivables are carried at original invoice amount.  Management estimates an allowance for doubtful accounts by regularly evaluating individual tenant receivables and considering the collectability of balances due based on each tenants financial condition, credit history, and current economic conditions.  Receivables are written off when deemed uncollectible.  Recoveries of receivables previously written off are recognized in income when received.  The Company has an allowance for uncollectible accounts of $5,322 and $4,184 at September 30, 2012 and 2011, respectively.

Lease commissions Lease commissions are capitalized and amortized over the term of the related leases, using the straight-line method.  Lease commissions, net of accumulated amortization, of $33,063 and $28,878 at September 30, 2012 and 2011, respectively, are included in Other Assets in the accompanying consolidated balance sheets.

Loan Fees Loan fees are capitalized and amortized over the term of the loan using the straight-line method.  Loan fees, net of accumulated amortization, were $50,739 and $54,218 at September 30, 2012 and 2011, respectively.  Loan fees are included in Other Assets in the accompanying consolidated balance sheets.

Income taxes The Company files a consolidated income tax return.  Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between the financial reporting basis and income tax basis of assets and liabilities.  Deferred tax assets and liabilities represent future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered  or  settled.  Deferred  taxes  are  adjusted  for  changes in tax  laws  and tax rates when those  changes are enacted.   The Company has adopted the provisions under ASC Topic 740, Income Taxes (ASC 740) which requires that a position taken or expected to be taken in a tax return be recognized in the financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities.  A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon settlement.  The Company recognizes accrued interest and penalties related to uncertain tax positions as a component of income tax expense in its financial statements.  Management is not aware of any uncertain tax positions as of September 30, 2012 and 2011.  The Company believes it is no longer subject to income tax examination for the fiscal years prior to 2009.

Net income per common share Net income per common share is calculated on the basis of the weighted average number of shares outstanding.  The Company has no stock option plans, or other instruments resulting in earnings per share dilution.  For 2012 and 2011 the weighted average number of shares outstanding was 5,243,107.  Therefore, only basic net income per common share is presented.

Recently issued accounting standards ASU 2011-04 was issued in May 2011 to amend the Fair Value Measurement topic of the ASC by clarifying the application of existing fair value measurement and disclosure requirements and by changing particular principles or requirements for measuring fair value or for disclosing information about fair value measurements.  The amendments were effective for the Company beginning January 1, 2012 and had no effect on the financial statements.   The Comprehensive Income topic of the ASC was amended in June 2011.  The amendment eliminates the option to present other comprehensive income as a part of the statement of changes in stockholders equity and requires consecutive presentation of the statement of net income and other comprehensive income.  The amendments were applicable to the Company on January 1, 2012 and have been applied retrospectively.  In December 2011, the topic was further amended to defer the effective date of presenting reclassification adjustments from other comprehensive income to net income on the face of the financial statements.  Companies should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect prior to the amendments while FASB redeliberates future requirements.  The amendments had no effect on the financial statements or financial statement presentation of the Company.   Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Companys financial position, results of operations or cash flows.

Concentrations Substantially all of the Companys assets consist of real estate located in Richmond and Columbia Counties in the State of Georgia, and in North Augusta, South Carolina.  In 2012 and 2011, approximately 100% of the Companys revenues were rental related revenue.  In 2012 and 2011, approximately 49% and 48%, respectively of the Companys rental revenues were earned from National Plaza.  Approximately 81% of National Plaza is leased to one tenant, a regional food supermarket.  Approximately 47% and 48% of the Companys rental revenues in 2012 and 2011, respectively, were earned from the Evans Ground Lease, which is 100% leased to a major national home improvement retailer.   The majority of the Companys receivables from tenants at September 30, 2012 and 2011 were receivable from two tenants, the regional food supermarket that leases property at National Plaza, and the major national home improvement retailer under the Evans Ground Lease.   The Company places its cash with high quality financial institutions. At times the Companys cash balances may be in excess of Federal Deposit Insurance Corporation limits.

Subsequent events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements.  Unrecognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date.    In November of 2012 the Company converted the $300,000 line of credit to a term loan with a maturity date of December 2017.  The loan calls for monthly installments of $3,287 and accrues annual interest at 5.5%.   Management has reviewed events occurring through the date the financial statements were issued and no other subsequent events occurred that require accrual or disclosure.

<table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; width: 86%; padding-left: 12pt; font: 10pt/115% Times New Roman, Times, Serif; text-indent: -12pt">Buildings for lease</td> <td style="vertical-align: bottom; width: 1%; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">30 - 40 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; padding-left: 12pt; font: 10pt/115% Times New Roman, Times, Serif; text-indent: -12pt">Land improvements on property for lease</td> <td style="vertical-align: bottom; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">15 years</td></tr> <tr style="background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; padding-left: 12pt; font: 10pt/115% Times New Roman, Times, Serif; text-indent: -12pt">Fixtures and furnishings</td> <td style="vertical-align: bottom; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">5 7 years</td></tr> </table>

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Investment properties leased or held for lease Investment properties leased or held for lease to others under operating leases consist of the following at September 30:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2012</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2011</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">National Plaza building, land and improvements</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">5,138,796</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">5,138,796</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Evans Ground Lease, land and improvements</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,430,373</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,430,373</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Commercial land and improvements</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,639,598</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,639,598</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,208,767</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,208,767</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Less accumulated depreciation</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,099,614</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,978,150</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,109,153</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,230,617</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Residential rental property</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">145,847</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">145,847</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Less accumulated depreciation</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(28,078</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(25,364</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">117,769</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">120,483</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Investment properties for lease, net of depreciation</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,226,922</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,351,100</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>    Depreciation expense totaled $124,697 and $124,176 in 2012 and 2011, respectively.   Approximately 81% of National Plaza is leased to a regional food supermarket.  The lease requires minimum annual rental payments of $463,200, expires in 2015 and is renewable for a total of an additional twenty years at substantially similar lease terms.  The lease provides for the supermarket to pay for interior maintenance and utilities and property taxes on a proportional basis.   The lease agreement also provides for the Company to receive each year 1.25% of the individual supermarkets gross sales in excess of approximately $37 million. For 2012 and 2011, the supermarket did not achieve this gross sales level.   In construction of National Plaza, the supermarket contributed approximately $493,000 to the cost of the construction.  The Company recorded the $493,000 as deferred revenue and is recognizing $24,652 as revenue annually using the straight-line method over the twenty-year life of the lease with the supermarket.   In 2003, the Company entered into a 20-year ground lease arrangement on an outparcel of National Plaza.  The ground lease provides for minimum rent of $45,000 annually, for the first 10 years of the lease.  The minimum rent increases by approximately 10% after year 10 and then again after year 15 of the ground lease.  Other lease agreements at National Plaza range in terms from one to five years.   The Company entered into a long-term ground lease with a major national home improvement retailer tenant and its developer in May 2006 on the approximately 18 acres of land in Columbia County, Georgia.  The agreement required monthly rental payments of $20,833 during the development period, which was completed in January of 2007.  Following the expiration of the development period, the lease requires annual rental payments of $500,000 for the first 5 years then increasing 5% in years 6, 11, and 16.  The lease has an option to renew at year 21 and another option every 5 years thereafter for a possible total lease term of 50 years.  The lease provides for the tenant to pay for insurance and property taxes.    Future minimum rents receivable under the operating lease agreements are as follows for the years ending September 30:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 43%; text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">2013</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 43%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,122,558</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">2014</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,105,609</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">2015</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">930,502</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">2016</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">609,000</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">2017</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">587,237</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">Thereafter</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,571,752</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,926,658</td><td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>    Land and improvements held for investment or development The Company also holds for investment or future development approximately 19.38 acres of undeveloped commercial land in North Augusta, South Carolina, purchased in parcels during 2007 and 2008.  The Company also owns approximately 85 acres of land in south Richmond County and a 1.1 acre parcel along Washington Road in Augusta, Georgia, that adjoins the Companys National Plaza investment property.  The aggregate cost of these investment properties held for investment or development was $3,639,598 at September 30, 2012 and 2011.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2012</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2011</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">National Plaza building, land and improvements</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">5,138,796</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">5,138,796</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Evans Ground Lease, land and improvements</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,430,373</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,430,373</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Commercial land and improvements</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,639,598</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,639,598</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,208,767</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,208,767</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Less accumulated depreciation</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,099,614</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,978,150</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,109,153</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,230,617</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Residential rental property</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">145,847</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">145,847</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Less accumulated depreciation</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(28,078</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(25,364</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">117,769</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">120,483</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Investment properties for lease, net of depreciation</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,226,922</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,351,100</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

<table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 309px; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; padding-left: 108.6pt; font: 10pt/115% Times New Roman, Times, Serif">2013</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">$</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">    1,122,558</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; padding-left: 108.6pt; font: 10pt/115% Times New Roman, Times, Serif">2014</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">1,105,609</td></tr> <tr style="background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; padding-left: 108.6pt; font: 10pt/115% Times New Roman, Times, Serif">2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">   930,502</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; padding-left: 108.6pt; font: 10pt/115% Times New Roman, Times, Serif">2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">   609,000</td></tr> <tr style="background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; padding-left: 108.6pt; font: 10pt/115% Times New Roman, Times, Serif">2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">   587,237</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; padding-left: 108.6pt; font: 10pt/115% Times New Roman, Times, Serif">Thereafter</td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,571,752</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-bottom: windowtext 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: windowtext 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">    9,926,658</td></tr> </table>

3639598

2430373

5138796

3639598

2430373

5138796

11208767

-2099614

-1978150

9109153

9230617

145847

-28078 -25364 117769 120483

1122558

1105609

930502

609000

587237

5571752

9926658

124697

124176

Notes payable and line of credit consisted of the following at September 30:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2012</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2011</td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="width: 56%; text-align: justify; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif">A note payable to the seller of 2.81 acres of land in North Augusta, South Carolina, collateralized by the land.  The note is payable in monthly installments of $7,182 through June 2013, and bears interest of a fixed rate of 6%.</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">63,052</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">142,838</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">A line of credit with a regional financial institution for up to $251,934 procured in March 2008 with a floating interest rate based on prime and originally payable in full in April 2009.  In April 2009 the Company refinanced the $243,019 line of credit with a regional financial institution.  The Company entered into an agreement with the same regional financial institution to borrow the outstanding balance of $243,019, bearing interest based on the greater of prime or 6% with interest payments due monthly, maturing in April 2010.  In January 2010 the Company renewed this line of credit and increased the open balance to $300,250.  This agreement originally matured in February 2011. In December 2010, the Company renewed the line of credit to December 5, 2011, at the greater of prime plus 1% or 6%.  In December 2011, the Company renewed the line of credit to December 12, 2012, at the greater of prime plus 1% or 6%.  In November of 2012, the Company converted the line of credit to a fixed rate loan due December 2017.  The new term loan accrues interest at a 5.5% annually with monthly installments of 3,287. The current balance relates to the purchase of the 1 acre adjoining the North Augusta, South Carolina property in May 2008 and is collateralized by the residential property on Stanley Drive in Augusta, Georgia.</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">300,000</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">300,000</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">A note payable to an insurance company, secured with a mortgage interest in National Plaza and an assignment of rents.  The note is payable in monthly installments of $35,633, including interest, through June 2015, and bears interest at a fixed rate of 7.875%.</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,054,186</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,384,507</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">A note payable to an insurance company collateralized with approximately 18 acres of land in Columbia County, Georgia, and an assignment of the long-term ground lease.  The note is payable in monthly installments of $19,137, including interest, through May 1, 2027, and bears interest at a fixed rate of 5.85%.</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,257,635</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,352,188</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,674,873</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,179,533</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 0.6pt; font: 10pt Times New Roman, Times, Serif">Less current maturities</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(538,079</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(504,660</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,136,794</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,674,873</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>    Aggregate maturities of notes payable and the line of credit refinanced are as follows at September 30, 2012:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 108.6pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="width: 25px; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="width: 119px; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="vertical-align: top; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif">2013</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif">$</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">            538,079</td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif">2014</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">517,208</td></tr> <tr style="vertical-align: top; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif">2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">448,931</td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif">2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">146,734</td></tr> <tr style="vertical-align: top; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif">2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">155,451</td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif">Thereafter</td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,868,470</td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-bottom: windowtext 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">$</td> <td style="border-bottom: windowtext 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">         3,674,873</td></tr> </table>   All interest incurred for 2012 and 2011 was expensed by the Company.         In addition, the Companys line of credit of $300,000 was due to be repaid in December 2012.  In November of 2012 the company converted the line of credit to a term note which accrues annual interest at 5.5% with monthly installments of 3,287.  This note matures in December 2017 with a balloon payment due for the balance.

3674873

4179533

63052

142838

300000

1054186

1384507

2257635

2352188

538079

517208

448931

146734

155451

1868470

Deferred income taxes are the result of qualified tax-free exchanges of property transacted in previous years and reporting depreciation differently for income tax purposes.  The tax effects of temporary differences that give rise to the deferred tax liability are as follows as of September 30:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2012</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2011</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Deferred income tax liabilities:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="width: 56%; text-align: justify; padding-bottom: 2.5pt; padding-left: 18.6pt; font: 10pt Times New Roman, Times, Serif">Basis in Investment Properties</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">771,847</td><td style="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">788,107</td><td style="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>   Taxable gains deferred by the Company in prior years through qualified tax-free like-kind exchanges totaled approximately $973,000.  These deferred gains for tax reporting comprise a substantial portion of the Company's deferred income tax liabilities as of September 30, 2012 and 2011, net of the effects of depreciation.   The provision for income taxes is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center">For the years ended</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2012</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2011</td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="width: 56%; text-align: left; padding-left: 0.15pt; font: 10pt Times New Roman, Times, Serif">Current expense</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">193,768</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">184,876</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.15pt; font: 10pt Times New Roman, Times, Serif">Deferred benefit</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(16,260</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(13,698</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 0.15pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">177,508</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">171,178</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>   The provision for income taxes for the years ended September 30, 2012 and 2011 differs from the amount obtained by applying the U.S. federal and state income tax rate to pretax income due to the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2012</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2011</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="width: 56%; text-align: left; padding-bottom: 1pt; padding-left: 0.15pt; font: 10pt Times New Roman, Times, Serif">Net income before tax</td><td style="width: 8%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">461,770</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 8%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">440,677</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 0.15pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 0.15pt; font: 10pt Times New Roman, Times, Serif">Expected federal tax expense at 34%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">157,002</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">149,830</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 0.15pt; font: 10pt Times New Roman, Times, Serif">State tax expense, net of federal benefit</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">18,286</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">17,451</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 0.15pt; font: 10pt Times New Roman, Times, Serif">Permanent differences</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,599</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">  </td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 0.15pt; font: 10pt Times New Roman, Times, Serif">Other</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(379</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,897</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.15pt; font: 10pt Times New Roman, Times, Serif">Tax expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">177,508</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">171,178</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>   The Company has a total outstanding income tax payable in the amount of $291,659.  Of this amount, $202,950 is related to the current year and the remaining portion of $88,709 is related to the 2011 tax expense.  The Company paid $5,000 of the amount due in November 2012 and $5,000 in December 2012.

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt; text-align: center">2012</td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="3" style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 4.35pt; text-align: center">2011</td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif">Net income before tax</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt; text-align: right">$</td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt; text-align: right">461,770 </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt; text-align: right">$</td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt; text-align: right">440,677 </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif">Expected federal tax expense at 34%</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">157,002</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">149,830</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif">State tax expense, net of federal benefit </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-left: 0.25in; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">18,286</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-left: 0.25in; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">17,451</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif">Permanent differences</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-left: 0.25in; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">2,599</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 8.2pt; padding-left: 0.25in; font: 10pt/115% Times New Roman, Times, Serif; text-align: right">-</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif">Other</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-left: 0.25in; text-align: right">(379</td> <td style="border-bottom: black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt">)</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="border-bottom: windowtext 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-left: 0.25in; text-align: right">3,897</td> <td style="border-bottom: black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt"> </td></tr> <tr style="vertical-align: top; background-color: #B9DCFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td></tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif">Tax expense</td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif"> </td> <td style="border-bottom: windowtext 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt; text-align: right">$</td> <td style="border-bottom: windowtext 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt; text-align: right">177,508</td> <td style="border-bottom: windowtext 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt"> </td> <td style="padding-right: 0.15pt; padding-left: 0.15pt; font: 10pt/115% Times New Roman, Times, Serif; text-align: right"> </td> <td style="border-bottom: windowtext 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt; text-align: right">$</td> <td style="border-bottom: windowtext 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt; text-align: right">171,178</td> <td style="border-bottom: windowtext 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.15pt"> </td></tr> </table>

771847

788107

157002

149830

18286

17451

2599

-379

3897

The Company purchases insurance from an insurance company of which a member of the Companys Board of Directors is President.  The Companys Board of Directors believes that the insurance prices obtained from such company were not in excess of prices that would have been paid had the Company obtained this insurance from other sources.   The Company has hired an attorney who is a member of the Companys Board of Directors.  This attorney was hired to represent the company in defending a claim brought by a tenant in relation to some disputed lease related charges.  Receivables from tenants at September 30, 2012 include approximately $34,000 of rents including reimbursements for property taxes and other maintenance fees that are part of this dispute.  The Company has accrued approximately $100,000 for professional fees and other expenses to defend its position.  The Companys Management and their attorney believe that this claim is without merit.   During the first quarter of fiscal year 2013, the Company borrowed $30,000 from a member of the Companys Board of Directors, who is also a member of the Flanagin family, to meet cash flow needs.  The amount was repaid during the quarter along with interest at a rate of 6%.   During the year, the Company paid $5,250 to a shareholder who is also the son of the President for accounting services.  The Company believes the amount paid is not in excess of prices that would have been paid had the Company obtained these services from other sources.

34000

100000

5250

5243107 0

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Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS Cash Receivables from tenants, net of allowance of $5,322 and $4,184 at September 30, 2012 and 2011, respectively Total current assets INVESTMENT PROPERTIES Investment properties for lease, net of accumulated depreciation Land and improvements held for investment or development Investment properties, Total OTHER ASSETS Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses Income taxes payable Current maturities of notes payable Current maturities of deferred revenue Total current liabilities LONG-TERM LIABILITIES Notes payable and line of credit, less current portion Deferred income taxes Deferred revenue, less current portion Total long-term liabilities Total liabilities STOCKHOLDERS' EQUITY Common stock, par value $.10 per share; 30,000,000 shares authorized; 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NOTE 4 - Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $)	12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Income Tax Disclosure [Abstract]
Net income before tax	$ 461,769	$ 440,677
Expected federal tax expense at 34%	157,002	149,830
State tax expense, net of federal benefit	18,286	17,451
Permanent differences	2,599
Other	(379)	3,897
Tax expense	$ 177,508	$ 171,178

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

+ References+ Details

- Definition

The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations.

+ References+ Details

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NOTE 4 - INCOME TAXES
12 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

NOTE 4 - INCOME TAXES

Deferred income taxes are the result of qualified tax-free exchanges of property transacted in previous years and reporting depreciation differently for income tax purposes. The tax effects of temporary differences that give rise to the deferred tax liability are as follows as of September 30:

2012 2011

Deferred income tax liabilities:

Basis in Investment Properties $ 771,847 $ 788,107

Taxable gains deferred by the Company in prior years through qualified tax-free like-kind exchanges totaled approximately $973,000. These deferred gains for tax reporting comprise a substantial portion of the Company's deferred income tax liabilities as of September 30, 2012 and 2011, net of the effects of depreciation.

The provision for income taxes is as follows:

For the years ended

September 30,

2012 2011

Current expense $ 193,768 $ 184,876

Deferred benefit (16,260 ) (13,698 )

$ 177,508 $ 171,178

The provision for income taxes for the years ended September 30, 2012 and 2011 differs from the amount obtained by applying the U.S. federal and state income tax rate to pretax income due to the following:

2012 2011

Net income before tax $ 461,770 $ 440,677

Expected federal tax expense at 34% 157,002 149,830

State tax expense, net of federal benefit 18,286 17,451

Permanent differences 2,599 —

Other (379 ) 3,897

Tax expense $ 177,508 $ 171,178

The Company has a total outstanding income tax payable in the amount of $291,659. Of this amount, $202,950 is related to the current year and the remaining portion of $88,709 is related to the 2011 tax expense. The Company paid $5,000 of the amount due in November 2012 and $5,000 in December 2012.

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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Sep. 30, 2011
CURRENT ASSETS
Cash	$ 48,767	$ 51,190
Receivables from tenants, net of allowance of $5,322 and $4,184 at September 30, 2012 and 2011, respectively	398,338	339,738
Total current assets	447,105	390,928
INVESTMENT PROPERTIES
Investment properties for lease, net of accumulated depreciation	5,587,324	5,711,502
Land and improvements held for investment or development	3,639,598	3,639,598
Investment properties, Total	9,226,922	9,351,100
OTHER ASSETS	83,802	83,096
Total Assets	9,757,829	9,825,124
CURRENT LIABILITIES
Accounts payable and accrued expenses	382,242	310,994
Income taxes payable	283,747	160,979
Current maturities of notes payable	538,079	504,660
Current maturities of deferred revenue	24,652	24,652
Total current liabilities	1,228,720	1,001,285
LONG-TERM LIABILITIES
Notes payable and line of credit, less current portion	3,136,794	3,674,873
Deferred income taxes	771,847	788,107
Deferred revenue, less current portion	41,071	65,723
Total long-term liabilities	3,949,712	4,528,703
Total liabilities	5,178,432	5,529,988
STOCKHOLDERS' EQUITY
Common stock, par value $.10 per share; 30,000,000 shares authorized; 5,243,107 shares issued and outstanding	524,311	524,311
Additional paid-in capital	333,216	333,216
Retained earnings	3,721,870	3,437,609
Total Stockholders' Equity	4,579,397	4,295,136
Liabilities and Stockholders' Equity	$ 9,757,829	$ 9,825,124

NOTE 3 - Schedule of maturities of notes payable and line of credit (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Debt Disclosure [Abstract]
2013	$ 538,079
2014	517,208
2015	448,931
2016	146,734
2017	155,451
Thereafter	1,868,470
Long-term Debt	$ 3,674,873	$ 4,179,533

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Statement of Financial Position [Abstract]
Allowance for uncollectible accounts	$ 5,322	$ 4,184
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	5,243,107	5,243,107
Common stock, shares outstanding	5,243,107	5,243,107

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES (Details Narrative) (USD $)	12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Note 1 - Summary Of Significant Accounting Policies And Activities Details Narrative
Reimbursed by tenants for property taxes and other maintenance fees	$ 258,716	$ 255,791
Allowance for uncollectible accounts	5,322	4,184
Lease commissions, accumulated amortization	33,063	28,878
Loan fees, accumulated amortization	$ 50,739	$ 54,218
Weighted average number of shares outstanding	5,243,107	5,243,107

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Sep. 30, 2012
Document And Entity Information
Entity Registrant Name	SECURITY LAND & DEVELOPMENT CORP
Entity Central Index Key	0000088572
Document Type	10-K
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float	$ 0
Entity Common Stock, Shares Outstanding	5,243,107
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2012

NOTE 2 - Investment Properties (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Investment Property, at Cost	$ 11,208,767	$ 11,208,767
Less accumulated depreciation	(2,099,614)	(1,978,150)
Investment Property, Net	9,109,153	9,230,617
Residential rental property	145,847	145,847
Less accumulated depreciation	(28,078)	(25,364)
Residential Rental Property, Net	117,769	120,483
Investment properties for lease, net of accumulated depreciation	9,226,922	9,351,100
National Plaza
Land and Land Improvements	5,138,796	5,138,796
Evans Ground Lease
Land and Land Improvements	2,430,373	2,430,373
Commercial
Land and Land Improvements	$ 3,639,598	$ 3,639,598

NOTE 4 - Schedule of Deferred Tax Liabilities (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Deferred income tax liabilities:
Basis in Investment Properties	$ 771,847	$ 788,107

NOTE 2 - Schedule of Future minimum rents receivable (Details) (USD $)	Sep. 30, 2011
Real Estate [Abstract]
2013	$ 1,122,558
2014	1,105,609
2015	930,502
2016	609,000
2017	587,237
Thereafter	5,571,752
Future Minimum Payments Receivable	$ 9,926,658

NOTE 1 - Schedule of estimated useful lives (Details)	12 Months Ended
NOTE 1 - Schedule of estimated useful lives (Details)	Sep. 30, 2012
Buildings for lease
Estimated useful lives	30 - 40 years
Land improvements on property for lease
Estimated useful lives	15 years
Fixtures and furnishings
Estimated useful lives	5 - 7 years

NOTE 5 - RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	12 Months Ended
	Sep. 30, 2012
Note 5 - Related Party Transactions Details Narrative
Receivables from tenants	$ 34,000
Accrued professional fees and other expenses	100,000
Payment to a shareholder for accounting services	$ 5,250

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
OPERATING ACTIVITIES
Net income	$ 284,261	$ 269,499
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debts	3,562	6,568
Depreciation and amortization	131,272	130,752
Deferred income tax	(16,260)	(13,698)
Changes in deferred and accrued amounts
Receivables from tenants	(62,162)	(64,154)
Accounts payable and accrued expenses	71,248	71,501
Income taxes payable	122,768	123,097
Deferred income	(24,652)	(24,652)
Net cash provided by operating activities	510,037	498,913
INVESTING ACTIVITIES
Additions to investment property and other assets for improvements to property held for lease	(7,800)	(1,000)
Net cash provided by (used in) investing activities	(7,800)	(1,000)
FINANCING ACTIVITIES
Principal payments on notes payable	(504,660)	(469,979)
Net cash used in financing activities	(504,660)	(469,979)
Net (decrease) increase in cash	(2,423)	27,934
CASH, BEGINNING OF YEAR	51,190	23,256
CASH, END OF YEAR	48,767	51,190
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	258,633	282,508
Cash paid for income taxes	$ 71,000	$ 20,000

NOTE 2 - INVESTMENT PROPERTIES (Details Narrative) (USD $)	12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Note 2 - Investment Properties Details Narrative
Depreciation expense	$ 124,697	$ 124,176
Aggregate cost of land and improvements held for investment or development	$ 3,639,598	$ 3,639,598