Securities Available for Sale (Tables)

12 Months Ended

Sep. 30, 2012

Securities Available For Sale [Abstract]

Summary of investments in debt and equity securities

The following is a listing of investments in debt and equity securities at September 30, 2012:

			Interest Rate/			Number of				Estimated Market
Description	Series		Dividend			Shares		Cost		Value
Equity Securities - Preferred Stock:
American Land Lease, Inc.		A		7.75	%		18,000		146,700		424,800
Apollo Commercial Real Estate		A		8.625	%		10,000		250,000		256,000
Ashford Hospitality Trust, Inc.		A		8.55	%		5,000		124,605		127,350
Campus Crest Communities		A		7.40	%		10,000		250,000		270,200
CapLease, Inc.		A		8.125	%		4,400		78,036		110,000
CapLease, Inc.		B		8.375	%		52,403		1,313,304		1,362,478
CBL & Associates Properties, Inc.		E		6.625	%		20,000		500,000		500,000
Cedar Realty Trust Inc.		B		7.25	%		32,000		757,972		776,111
Chesapeake Lodging		A		7.75	%		20,000		500,000		518,200
Commonwealth REIT		D		6.50	%		20,000		468,053		470,000
Corporate Office		L		7.375	%		20,000		502,859		515,400
Dynex Capital		A		8.50	%		60,000		1,500,000		1,563,000
Glimcher Realty		H		7.50	%		40,000		1,000,000		1,021,200
Grace Acquisitions I		B		8.75	%		31,000		3,720		137,330
Hatteras Financial Corp		A		7.625	%		20,000		500,000		501,800
Investors Real Estate		B		7.95	%		20,000		500,000		517,800
iStar Financial, Inc.		D		8.00	%		41,753		748,990		865,540
iStar Financial, Inc.		E		7.875	%		98,400		1,130,912		1,968,000
iStar Financial, Inc.		F		8.00	%		26,885		479,493		537,431
iStar Financial, Inc.		I		7.50	%		33,883		602,558		676,305
Kilroy Realty		H		6.375	%		20,000		500,000		497,040
Kite Realty Group Trust		A		8.25	%		24,000		590,047		622,560
MPG Office Trust, Inc.		A		7.625	%		31,600		35,708		712,264
Pennsylvania Real Estate Investment Trust		A		8.25	%		44,000		1,100,885		1,160,280
SL Green Realty		I		6.50	%		20,000		500,000		500,400
Stag Industrial Inc.		A		9.00	%		2,000		49,965		54,540
Supertel Hospitality, Inc.		A		8.00	%		17,000		170,005		157,250
Taubman Centers		J		6.50	%		20,000		500,940		512,000
Terreno Realty		A		7.75	%		20,000		500,000		522,200
UMH Properties, Inc. (1)		A		8.25	%		200,000		5,000,005		5,359,400
Winthrop Realty		D		9.25	%		35,000		867,305		937,020
Total Equity Securities - Preferred Stock								$	21,172,062	$	24,153,899

Equity Securities - Common Stock
CapLease, Inc.			26,000		71,351		134,420
Commonwealth REIT			390,300		7,272,542		5,682,768
Duke Realty Corporation			40,000		605,754		588,000
First Industrial Realty			80,000		1,016,307		1,051,200
First Potomac Realty			75,454		905,803		971,848
Getty Realty Corporation			247,000		4,928,299		4,433,650
Gladstone Commercial Corp			72,600		1,207,019		1,325,676
Liberty Property Trust			2,000		37,880		72,480
Mack-Cali Realty Corporation			70,000		1,910,740		1,862,000
Medical Properties Trust			90,000		858,324		940,500
Mission West Properties, Inc.			70,000		454,146		609,000
Omega Healthcare			93,000		1,674,591		2,113,890
One Liberty Properties, Inc.			57,000		887,762		1,063,050
Pennsylvania Real Estate Investment Trust			207,100		1,970,256		3,284,606
Select Income REIT			60,000		1,500,949		1,477,200
Senior Housing Properties Trust			100,000		2,140,876		2,178,000
UMH Properties, Inc. (1)			740,923		6,959,460		8,868,854
Urstadt Biddle Properties Inc.			42,542		715,238		860,625
Total Equity Securities - Common Stock				$	35,117,297	$	37,517,767
Debt Securities:
Government National Mortgage Association (GNMA)	6.50	%	500,000		11,877		13,507
Total Debt Securities				$	11,877	$	13,507
Total Securities Available for Sale				$	56,301,236	$	61,685,173

(1) Investment is an affiliate. See Notes No. 12 and No. 18 for further discussion.

The following is a listing of investments in debt and equity securities at September 30, 2011:

			Interest Rate/			Number of				Estimated Market
Description	Series		Dividend			Shares		Cost		Value
Equity Securities - Preferred Stock:
American Land Lease, Inc.		A		7.75	%		18,000		146,700		374,400
Ashford Hospitality Trust, Inc.		A		8.55	%		5,000		124,605		120,500
Ashford Hospitality Trust, Inc.		E		9.00	%		20,000		500,255		477,000
Brandywine Realty Trust		D		7.375	%		10,200		221,153		251,430
CapLease, Inc.		A		8.125	%		7,000		124,143		163,310
CBL & Associates Properties, Inc.		C		7.75	%		26,000		445,062		628,940
CBL & Associates Properties, Inc.		D		7.375	%		6,000		116,672		138,420
Cogdell Spencer, Inc.		A		8.50	%		50,000		1,245,070		1,175,000
Commonwealth REIT		D		6.50	%		80,000		1,058,297		1,632,800
Cousins Properties, Inc.		B		7.50	%		49,000		1,059,108		1,185,310
DuPont Fabros Technology, Inc.		A		7.875	%		45,000		1,128,003		1,150,650
Entertainment Properties Trust		D		7.375	%		3,700		64,729		89,352
Grace Acquisitions I		B		8.75	%		31,000		3,720		53,630
Hospitality Properties Trust		B		8.875	%		1,000		21,576		25,650
Innkeepers USA		C		8.00	%		30,000		15,000		30,000
iStar Financial, Inc.		D		8.00	%		8,000		146,747		145,680
iStar Financial, Inc.		E		7.875	%		54,000		379,354		926,640
Kite Realty Group Trust		A		8.25	%		49,510		1,237,224		1,113,975
LaSalle Hotel Properties		D		7.50	%		33,000		620,323		789,030
Lexington Realty Trust		B		8.04	%		31,200		630,155		771,014
Lexington Realty Trust		C		6.50	%		18,000		530,033		747,000
Lexington Realty Trust		D		7.55	%		14,500		220,346		347,275
MPG Office Trust, Inc.		A		7.625	%		31,600		35,708		445,244
Prologis Trust		O		7.00	%		10,000		199,553		244,000
Regency Centers Corp		E		6.70	%		526		9,877		13,150
Supertel Hospitality, Inc.		A		8.00	%		17,000		170,005		132,770
UMH Properties, Inc. (1)		A		8.25	%		200,000		5,000,005		5,018,000
Vornado Realty Trust		I		6.625	%		18,000		330,971		453,220
Total Equity Securities – Preferred Stock								$	15,784,394	$	18,643,390

Equity Securities - Common Stock
CapLease, Inc.			26,000		71,351		93,860
Commonwealth REIT			152,500		3,420,019		2,892,925
Franklin Street Properties, Inc.			10,000		116,901		113,100
Getty Realty Corporation			158,000		3,571,197		2,278,360
Gladstone Commercial Corp			37,600		607,375		589,568
Health Care REIT, Inc.			2,500		104,404		117,000
Hospitality Properties Trust			20,000		240,000		424,600
iStar Financial, Inc.			29,400		65,562		171,108
Liberty Property Trust			2,000		37,880		58,220
Mack-Cali Realty Corporation			12,000		370,280		321,000
Medical Properties Trust			10,000		114,476		89,500
Mission West Properties, Inc.			73,500		476,853		557,865
National Retail Properties, Inc.			60,000		1,349,963		1,612,200
Omega Healthcare			73,000		1,364,875		1,162,890
One Liberty Properties, Inc.			47,000		718,183		689,020
Pennsylvania Real Estate Investment Trust			264,500		2,494,121		2,044,585
PS Business Parks, Inc.			5,000		272,123		247,700
Senior Housing Properties Trust			15,000		337,248		323,100
Stag Industrial, Inc.			123,500		1,427,987		1,259,700
Sun Communities, Inc.			118,000		2,358,046		4,152,420
UMH Properties, Inc. (1)			630,266		5,864,969		5,729,114
Urstadt Biddle Properties Inc.			42,542		715,238		679,396
Total Equity Securities - Common Stock				$	26,099,051	$	25,607,231
Debt Securities:
Government National Mortgage Association (GNMA)	6.5	%	500,000		13,451		14,438
Total Debt Securities				$	13,451	$	14,438
Total Securities Available for Sale				$	41,896,896	$	44,265,059

(1)Investment is an affiliate. See Notes No. 12 and No. 18 for further discussion.

Summary of temporarily impaired securities

	Less than 12 Months					12 Months or Longer
			Unrealized					Unrealized
Description of Securities	Fair Value		Losses			Fair Value		Losses
Preferred stock	$	497,040	$	(2,960	)	$	157,250	$	(12,755	)
Common stock		9,609,968		(1,680,017	)		4,433,650		(494,649	)
Total	$	10,107,008	$	(1,682,977	)	$	4,590,900	$	(507,404	)

Summary of the range of losses

Number of Individual Securities	Fair Value		Unrealized Losses			Range of Loss
4		4,424,240		(93,203	)		0-5	%
2		4,590,900		(507,404	)		6-10	%
1		5,682,768		(1,589,774	)		21-25	%
7	$	14,697,908	$	(2,190,381	)

Gain (Loss) on Securities Transactions, net:

	2012			2011			2010
Gross realized gains	$	6,066,971		$	5,265,715		$	2,609,775
Gross realized losses		(22,906	)		(27,512	)		(626	)
Gain (Loss) on Securities Transactions, net	$	6,044,065		$	5,238,203		$	2,609,149