REAL ESTATE INVESTMENTS

12 Months Ended

Sep. 30, 2011

Real Estate Invesments [Abstract]

REAL ESTATE INVESTMENTS

NOTE 2 – REAL ESTATE INVESTMENTS

The following is a summary of the cost and accumulated depreciation of the Company's land, buildings and improvements at September 30, 2011 and 2010:
 

September 30, 2011	Property Type	Land	Buildings & Improvements	Accumulated Depreciation	Net Book Value
ALABAMA:
Huntsville	Industrial	$742,500	$2,731,068	$436,195	$3,037,373
ARIZONA:
Tolleson	Industrial	1,320,000	13,336,442	2,905,038	11,751,404
COLORADO:
Colorado Springs	Industrial	1,270,000	5,918,640	724,835	6,463,805
Denver	Industrial	1,150,000	5,204,051	766,878	5,587,173
CONNECTICUT:
Newington	Industrial	410,000	2,980,459	805,087	2,585,372
FLORIDA:
Cocoa	Industrial	1,881,316	8,640,139	778,430	9,743,025
Ft. Myers	Industrial	1,910,000	2,557,289	574,425	3,892,864
Jacksonville	Industrial	1,165,000	4,942,099	1,570,019	4,537,080
Lakeland	Industrial	261,000	1,635,448	190,282	1,706,166
Orlando	Industrial	2,200,000	6,274,556	583,317	7,891,239
Punta Gorda	Industrial	660,000	3,444,915	386,407	3,718,508
Tampa (FDX Ground)	Industrial	5,000,000	12,714,863	2,435,902	15,278,961
Tampa (FDX)	Industrial	2,830,000	4,708,417	644,634	6,893,783
Tampa (Kelloggs)	Industrial	1,867,000	3,749,874	442,422	5,174,452
GEORGIA:
Augusta (FDX Ground)	Industrial	614,406	4,711,968	650,780	4,675,594
Augusta (FDX)	Industrial	380,000	1,400,943	161,640	1,619,303
Griffin	Industrial	760,000	14,108,857	1,957,835	12,911,022
ILLINOIS:
Burr Ridge	Industrial	270,000	1,279,716	447,059	1,102,657
Elgin	Industrial	1,280,000	5,529,488	1,346,872	5,462,616
Granite City	Industrial	340,000	12,046,675	2,935,498	9,451,177
Montgomery	Industrial	2,000,000	9,242,162	1,087,044	10,155,118
Rockford	Industrial	1,100,000	4,440,000	56,925	5,483,075
Schaumburg	Industrial	1,039,800	3,847,580	1,494,288	3,393,092
Wheeling	Industrial	5,112,120	13,401,112	1,844,280	16,668,952
IOWA:
Urbandale	Industrial	310,000	1,851,895	827,151	1,334,744
KANSAS:
Edwardsville	Industrial	1,185,000	5,835,401	1,280,148	5,740,253
Topeka	Industrial	-0-	3,679,843	235,937	3,443,906
MARYLAND:
Beltsville	Industrial	3,200,000	11,162,239	2,065,361	12,296,878
MICHIGAN:
Orion	Industrial	3,630,000	13,053,289	1,472,068	15,211,221
Romulus	Industrial	531,000	3,686,432	1,279,020	2,938,412
MINNESOTA:
White Bear Lake	Industrial	1,393,000	3,764,126	443,239	4,713,887

September 30, 2011 (cont’d)
	Property Type	Land	Buildings & Improvements	Accumulated Depreciation	Net Book Value
MISSOURI:
Kansas City	Industrial	$660,000	$4,068,374	$470,760	$4,257,614
Liberty	Industrial	723,000	6,554,744	2,263,022	5,014,722
O' Fallon	Industrial	264,000	3,636,602	1,512,832	2,387,770
St. Joseph	Industrial	800,000	11,753,964	3,164,366	9,389,598
MISSISSIPPI:
Ridgeland	Industrial	218,000	1,629,135	828,661	1,018,474
Richland	Industrial	211,000	1,267,000	550,138	927,862
NORTH CAROLINA:
Fayetteville	Industrial	172,000	4,681,114	1,714,285	3,138,829
Greensboro	Industrial	327,100	1,868,246	1,036,325	1,159,021
Monroe	Industrial	500,000	4,983,272	1,213,652	4,269,620
Winston-Salem	Industrial	980,000	5,656,481	1,375,223	5,261,258
NEBRASKA:
Omaha	Industrial	1,170,000	4,519,405	1,471,700	4,217,705
NEW JERSEY:
Carlstadt (1)	Industrial	1,194,000	3,645,501	397,245	4,442,256
Somerset (2)	Shopping Center	55,182	1,302,315	1,219,860	137,637
NEW YORK:
Cheektowaga	Industrial	4,768,000	6,155,550	695,164	10,228,386
Orangeburg	Industrial	694,720	2,995,998	1,796,801	1,893,917
OHIO:
Bedford Heights	Industrial	990,000	5,573,999	600,574	5,963,425
Richfield	Industrial	1,000,000	7,200,383	1,016,045	7,184,338
West Chester Township	Industrial	695,000	4,366,253	1,184,745	3,876,508
PENNSYLVANIA:
Monaca	Industrial	330,772	2,463,710	1,264,500	1,529,982
SOUTH CAROLINA:
Hanahan (FDX)	Industrial	930,000	6,676,670	860,191	6,746,479
Hanahan (Norton)	Industrial	1,129,000	11,843,474	1,973,155	10,999,319
Ft. Mill	Industrial	1,670,000	10,045,000	386,346	11,328,654
TENNESSEE:
Chattanooga	Industrial	300,000	4,467,271	516,147	4,251,124
Lebanon	Industrial	2,230,000	11,985,126	153,660	14,061,466
Memphis	Industrial	1,220,000	13,380,000	514,620	14,085,380
Shelby County	Vacant Land	11,065	-0-	-0-	11,065

September 30, 2011 (cont’d)
	Property Type	Land	Buildings & Improvements	Accumulated Depreciation	Net Book Value
TEXAS:
Carrollton (Dallas)	Industrial	$1,500,000	$16,240,000	$624,615	$17,115,385
Edinburg	Industrial	1,000,000	6,414,000	82,231	7,331,769
El Paso	Industrial	2,088,242	4,519,427	520,875	6,086,794
El Paso	Vacant Land	1,133,600	-0-	-0-	1,133,600
Houston	Industrial	1,730,000	6,322,355	244,349	7,808,006
VIRGINIA:
Charlottesville	Industrial	1,170,000	2,902,518	919,431	3,153,087
Richmond (FDX)	Industrial	1,160,000	6,543,393	1,754,496	5,948,897
Richmond (Carrier)	Industrial	446,000	3,924,915	450,340	3,920,575
Roanoke	Industrial	1,853,000	4,962,697	555,548	6,260,149
WISCONSIN:
Cudahy	Industrial	980,000	8,387,024	1,747,251	7,619,773
Total as of September 30, 2011		$82,115,823	$394,815,902	$67,908,169	$409,023,556

(1)The Company owns 51% of the entity which owns this property.

(2)This represents the Company's 2/3 undivided interest in the property.

September 30, 2010	Property Type	Land	Buildings & Improvements	Accumulated Depreciation	Net Book Value
ALABAMA:
Huntsville	Industrial	$742,500	$ 2,724,418	$364,713	$3,102,205
ARIZONA:
Tolleson	Industrial	1,320,000	13,329,000	2,563,159	12,085,841
COLORADO:
Colorado Springs	Industrial	1,270,000	5,918,640	573,095	6,615,545
Denver	Industrial	1,150,000	5,198,816	632,501	5,716,315
CONNECTICUT:
Newington	Industrial	410,000	2,978,029	725,597	2,662,432
FLORIDA:
Cocoa	Industrial	1,881,316	8,628,280	552,976	9,956,620
Ft. Myers	Industrial	1,910,000	2,541,044	502,067	3,948,977
Jacksonville	Industrial	1,165,000	4,930,806	1,425,055	4,670,751
Lakeland	Industrial	261,000	1,621,163	145,484	1,736,679
Orlando	Industrial	2,200,000	6,270,908	403,228	8,067,680
Punta Gorda	Industrial	660,000	3,441,992	297,821	3,804,171
Tampa (FDX Ground)	Industrial	5,000,000	12,660,003	2,110,366	15,549,637
Tampa (FDX)	Industrial	2,830,000	4,704,302	522,678	7,011,624
Tampa (Kelloggs)	Industrial	1,867,000	3,728,904	341,802	5,254,102
GEORGIA:
Augusta (FDX Ground)	Industrial	613,000	4,711,968	527,935	4,797,033
Augusta (FDX)	Industrial	380,000	1,400,943	125,720	1,655,223
Griffin	Industrial	760,000	14,108,857	1,595,960	13,272,897

September 30, 2010 (cont’d)
	Property Type	Land	Buildings & Improvements	Accumulated Depreciation	Net Book Value
ILLINOIS:
Burr Ridge	Industrial	$ 270,000	$1,292,087	$425,026	$1,137,061
Elgin	Industrial	1,280,000	5,529,488	1,205,096	5,604,392
Granite City	Industrial	340,000	12,046,675	2,626,426	9,760,249
Montgomery	Industrial	2,000,000	9,242,162	848,755	10,393,407
Schaumburg	Industrial	1,039,800	3,866,158	1,392,225	3,513,733
Wheeling (1)	Industrial	5,112,120	13,401,113	1,367,754	17,145,479
IOWA:
Urbandale	Industrial	310,000	1,854,515	780,329	1,384,186
KANSAS:
Edwardsville	Industrial	1,185,000	5,835,401	1,126,922	5,893,479
Topeka	Industrial	-0-	3,679,843	141,545	3,538,298
MARYLAND:
Beltsville	Industrial	3,200,000	11,175,829	1,778,745	12,597,084
MICHIGAN:
Orion	Industrial	3,630,000	13,053,289	1,136,349	15,546,940
Romulus	Industrial	531,000	3,686,432	1,177,751	3,039,681
MINNESOTA:
White Bear Lake	Industrial	1,393,000	3,764,126	342,819	4,814,307
MISSOURI:
Kansas City	Industrial	660,000	4,068,374	364,734	4,363,640
Liberty	Industrial	723,000	6,519,412	2,095,450	5,146,962
O' Fallon	Industrial	264,000	3,603,188	1,403,782	2,463,406
St. Joseph	Industrial	800,000	11,753,964	2,862,998	9,690,966
MISSISSIPPI:
Ridgeland	Industrial	218,000	1,629,106	761,061	1,086,045
Richland	Industrial	211,000	1,267,000	517,642	960,358
NORTH CAROLINA:
Fayetteville	Industrial	172,000	4,687,862	1,593,042	3,266,820
Greensboro	Industrial	327,100	1,870,900	1,013,163	1,184,837
Monroe	Industrial	500,000	4,983,272	1,085,615	4,397,657
Winston-Salem	Industrial	980,000	5,675,193	1,244,876	5,410,317
NEBRASKA:
Omaha	Industrial	1,170,000	4,514,245	1,340,278	4,343,967
NEW JERSEY:
Carlstadt (1)	Industrial	1,194,000	3,645,501	303,771	4,535,730
Somerset (2)	Shopping Center	55,182	1,302,315	1,203,294	154,203
NEW YORK:
Cheektowaga	Industrial	4,768,000	6,139,362	505,285	10,402,077
Orangeburg	Industrial	694,720	3,004,321	1,706,856	1,992,185
OHIO:
Bedford Heights	Industrial	990,000	4,952,526	446,117	5,496,409
Richfield	Industrial	1,000,000	7,200,383	830,666	7,369,717
West Chester Township	Industrial	695,000	4,366,253	1,072,189	3,989,064

September 30, 2010 (cont’d)
	Property Type	Land	Buildings & Improvements	Accumulated Depreciation	Net Book Value
PENNSYLVANIA:
Monaca	Industrial	330,772	2,959,800	1,997,547	1,293,025
SOUTH CAROLINA:
Hanahan (FDX)	Industrial	930,000	6,676,670	688,223	6,918,447
Hanahan (Norton)	Industrial	1,129,000	11,843,474	1,669,476	11,302,998
Ft. Mill	Industrial	1,670,000	10,045,000	128,782	11,586,218
TENNESSEE:
Chattanooga	Industrial	300,000	4,467,271	400,815	4,366,456
Memphis	Industrial	1,220,000	13,380,000	171,540	14,428,460
Shelby County	Vacant Land	11,065	-0-	-0-	11,065
TEXAS:
Carrollton (Dallas)	Industrial	1,500,000	16,240,000	208,205	17,531,795
El Paso	Industrial	2,088,242	4,514,427	405,125	6,197,544
Houston	Industrial	1,730,000	6,322,335	81,128	7,971,207
VIRGINIA:
Charlottesville	Industrial	1,170,000	2,852,700	839,916	3,182,784
Richmond (FDX)	Industrial	1,160,000	6,527,170	1,578,563	6,108,607
Richmond (Carrier)	Industrial	446,000	3,924,915	348,979	4,021,936
Roanoke	Industrial	1,853,000	4,869,463	427,301	6,295,162
WISCONSIN:
Cudahy	Industrial	980,000	8,387,044	1,524,701	7,842,343
Total as of September 30, 2010		$76,650,817	$371,518,637	$58,581,019	$389,588,435

(1)The Company owned a majority interest in the entities which own these properties.

(2)This represents the Company's 2/3 undivided interest in the property.