CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2011	Sep. 30, 2010
Real Estate Investments:
Land	$ 82,115,823	$ 76,650,817
Buildings and Improvements	394,815,902	371,518,637
Total Real Estate Investments	476,931,725	448,169,454
Accumulated Depreciation	(67,908,169)	(58,581,019)
Net Real Estate Investments	409,023,556	389,588,435
Real Estate Held for Sale	2,561,727	2,600,278
Cash and Cash Equivalents	6,376,808	6,814,553
Securities Available for Sale at Fair Value	44,265,059	42,517,725
Tenant and Other Receivables	1,018,733	647,261
Deferred Rent Receivable	1,661,027	1,574,933
Loans Receivable, net	187,384	268,817
Prepaid Expenses	556,541	613,994
Financing Costs, net of Accumulated Amortization of$2,122,218 and $1,731,822, respectively	2,405,426	2,443,616
Lease Costs, net of Accumulated Amortization of$825,709 and $571,324, respectively	1,227,451	1,020,402
Intangible Assets, net of Accumulated Amortization of$5,253,659 and $4,067,265, respectively	5,757,880	5,835,274
Other Assets	1,945,244	193,509
TOTAL ASSETS	476,986,836	454,118,797
Liabilities:
Mortgage Notes Payable	211,614,170	210,577,861
Subordinated Convertible Debentures	8,915,000	13,990,000
Loans Payable	16,860,950	9,273,913
Accounts Payable and Accrued Expenses	2,129,658	2,088,853
Other Liabilities	2,924,386	2,675,698
Total Liabilities	242,444,164	238,606,325
Shareholders' Equity:
Series A - 7.625% Cumulative Redeemable PreferredStock, $53,493,750 and $33,062,500 liquidation value, 2,139,750 and 1,322,500 Shares Authorized, Issuedand Outstanding as of September 30, 2011 and 2010,respectively	53,493,750	33,062,500
Common Stock - $.01 Par Value, 50,000,000 and 40,000,000 Shares Authorized; 36,785,037 and 33,956,138 Issued as of September 30, 2011 and 2010, respectively and 36,780,037 and 33,951,138 Shares Outstanding as of September 30, 2011 and 2010, respectively	367,850	339,561
Excess Stock - $.01 Par Value, 5,000,000 SharesAuthorized; No Shares Issued or Outstanding	0	0
Treasury Stock at Cost - 5,000 Shares	(24,905)	(24,905)
Additional Paid-In Capital	179,392,039	170,743,069
Accumulated Other Comprehensive Income	2,368,163	10,116,057
Loans to Officers, Directors and Key Employees	(1,082,813)	(1,201,563)
Undistributed Income	0	0
Total MREIC's Shareholders' Equity	234,514,084	213,034,719
Noncontrolling Interests	28,588	2,477,753
Total Shareholders' Equity	234,542,672	215,512,472
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 476,986,836	$ 454,118,797