SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST

9 Months Ended

Jun. 30, 2011

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST

NOTE 8 – SHAREHOLDERS’ EQUITY AND NONCONTROLLING INTEREST

On October 12, 2010, the Company filed with the State of Maryland an amendment to the Company’s Articles of Incorporation (the Articles) to reclassify 817,250 shares of the Company’s common stock to preferred stock. On February 28, 2011, the Company filed an additional amendment to the Company’s Articles to increase the Company’s authorized shares of common stock by 10,817,250 shares. As a result of these two amendments, the Company’s total authorized shares were increased from 46,322,500 shares (classified as 40,000,000 common shares, 1,322,500 preferred shares and 5,000,000 excess shares) to 57,139,750 shares (classified as 50,000,000 common shares, 2,139,750 preferred shares and 5,000,000 excess shares) as of June 30, 2011.

Common Stock

The Company raised $13,586,423 (including reinvestments of $4,022,977) from the issuance of 1,717,153 common shares under the Dividend Reinvestment and Stock Purchase Plan (DRIP) during the nine months ended June 30, 2011.

During the nine months ended June 30, 2011, the Company paid $15,697,869 in total cash dividends or $0.45 per common share to common shareholders, of which $4,022,977 was reinvested in the DRIP. On July 5, 2011, the Company declared a dividend of $0.15 per common share to be paid September 15, 2011 to common shareholders of record as of August 15, 2011.

Treasury Stock

No additional purchases of treasury stock were made during the nine months ended June 30, 2011.

7.625% Series A Cumulative Redeemable Preferred Stock

On October 14, 2010, the Company sold 817,250 shares of its 7.625% Series A Cumulative Redeemable Preferred Stock in a registered direct placement at $24.00 per share. The Company received net proceeds of approximately $19,000,000 and to date has used the net proceeds to purchase additional properties in the ordinary course of business, to repurchase $5,050,000 in 8% Debentures and for general corporate purposes. The Company now has a total of 2,139,750 shares of 7.625% Series A Cumulative Redeemable Preferred Stock outstanding representing an aggregate liquidation preference of approximately $53,500,000.

During the nine months ended June 30, 2011, the Company paid $3,059,414 in preferred dividends or $1.42968 per share. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $1.90625 per share. On July 5, 2011 the board of directors declared a quarterly dividend of $.4766 per share to be paid September 15, 2011, to preferred shareholders of record as of August 15, 2011.

Noncontrolling Interest

The following table summarizes the changes in the noncontrolling interests:

	2011	2010
Beginning Balance	$2,477,753	$3,393,446
Net Income Attributable to Noncontrolling Interest	61,408	99,266
Distributions to Noncontrolling Interests	(140,736)	(180,807)
Purchase of Noncontrolling Interest in Jones EPI, LLC	-0-	(779,016)
Purchase of Noncontrolling Interest in Wheeling Partners, LLC	(2,373,250)	-0-
Ending Balance	$25,175	$2,532,889