TAXES

12 Months Ended

Sep. 30, 2011

Income Tax Disclosure [Abstract]

TAXES

NOTE 13 - TAXES

Income Tax

The Company has elected to be taxed as a Real Estate Investment Trust under the applicable provisions of the Internal Revenue Code under Sections 856 to 860 and the comparable New Jersey Statutes. Under such provisions, the Company will not be taxed on that portion of its taxable income distributed currently to shareholders, provided that at least 90% of its taxable income is distributed. As the Company has and intends to continue to distribute all of its income currently, no provision has been made for income taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state, and local income taxes.

Federal Excise Tax

The Company does not have a Federal excise tax liability for the calendar years 2011, 2010 and 2009, since it intends to or has distributed all of its annual income.

Reconciliation Between GAAP Net Income and Taxable Income

The following table reconciles net income attributable to common shares to taxable income for the years ended September 30, 2011, 2010 and 2009:

		2011 Estimated (unaudited)		2010 Actual		2009 Actual
Net income (loss) applicable to common shareholders	$	11,338,979	$	8,486,301	$	(868,313)
Book / tax difference on gains / (losses) from capital transactions		(4,801,823)		(1,800,776)		6,398,548
Stock option expense		163,150		33,860		77,351
Deferred compensation		54,606		156,832		(6,680)
Other book / tax differences, net		(862,429)		(125,425)		1,737,216
Taxable income before adjustments		5,892,483		6,750,792		7,338,122
Add/(Less) capital gains (losses)		5,238,203		1,175,321		(600,782)
Estimated taxable income subject to 90% dividend requirement	$	11,130,686	$	7,926,113	$	6,737,340

Reconciliation Between Cash Dividends Paid and Dividends Paid Deduction

The following table reconciles cash dividends paid with the dividends paid deduction for the years ended September 30, 2011, 2010 and 2009:

		2011
		Estimated (unaudited)		2010 Actual		2009 Actual
Cash dividends paid	$	21,161,033	$	18,466,225	$	14,984,179
Less: Portion designated capital (gains) losses distribution		(5,238,203)		(1,175,321)		600,782
Less: Return of capital		(5,551,126)		(6,118,373)		(5,748,067)
Estimated dividends paid deduction	$	10,371,704	$	11,172,531	$	9,836,894