CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2011	Sep. 30, 2010
Real Estate Investments:
Land	$ 82,129,278	$ 77,664,817
Buildings and Improvements	390,480,376	373,324,637
Total Real Estate Investments	472,609,654	450,989,454
Accumulated Depreciation	(66,473,970)	(58,800,741)
Net Real Estate Investments	406,135,684	392,188,713
Cash and Cash Equivalents	7,719,859	6,814,553
Securities Available for Sale at Fair Value	48,501,911	42,517,725
Tenant and Other Receivables	840,305	647,261
Deferred Rent Receivable	1,643,079	1,574,933
Loans Receivable, net	218,782	268,817
Prepaid Expenses	1,136,927	613,994
Financing Costs, net of Accumulated Amortization of $1,997,509 and $1,731,822, respectively	2,412,517	2,443,616
Lease Costs, net of Accumulated Amortization of $738,663 and $571,324, respectively	1,143,147	1,020,402
Intangible Assets, net of Accumulated Amortization of $5,583,154 and $4,697,265, respectively	5,494,385	5,835,274
Other Assets	1,336,489	193,509
TOTAL ASSETS	476,583,085	454,118,797
Liabilities:
Mortgage Notes Payable	210,428,838	210,577,861
Subordinated Convertible Debentures	8,940,000	13,990,000
Loans Payable	12,288,470	9,273,913
Accounts Payable and Accrued Expenses	1,839,202	2,088,853
Other Liabilities	3,386,808	2,675,698
Total Liabilities	236,883,318	238,606,325
Shareholders' Equity:
Series A - 7.625% Cumulative Redeemable Preferred Stock, $ 53,493,750 and $33,062,500 liquidation value, respectively; 2,139,750 and 1,322,500, Shares Authorized, Issued and Outstanding, respectively	53,493,750	33,062,500
Common Stock - $.01 Par Value, 50,000,000 and 40,000,000 Shares Authorized; 35,951,080 and 33,956,138 Shares Issued and 35,946,080 and 33,951,138 Shares Outstanding, respectively	359,510	339,561
Excess Stock - $.01 Par Value, 5,000,000 Shares Authorized; No Shares Issued or Outstanding
Additional Paid-In Capital	177,272,887	170,743,069
Treasury Stock at Cost (5,000 Shares)	(24,905)	(24,905)
Accumulated Other Comprehensive Income	9,745,226	10,116,057
Loans to Officers, Directors and Key Employees	(1,171,876)	(1,201,563)
Undistributed Income
Total MREIC'S Shareholders' Equity	239,674,592	213,034,719
Noncontrolling Interests	25,175	2,477,753
Total Shareholders' Equity	239,699,767	215,512,472
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 476,583,085	$ 454,118,797