Shareholders' Equity

6 Months Ended

Mar. 31, 2013

Shareholders' Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE 7 – SHAREHOLDERS’ EQUITY

The Company’s authorized stock as of March 31, 2013 consisted of 67,700,000 shares of common stock, 2,139,750 shares of 7.625% Series A Cumulative Redeemable Preferred Stock (Series A preferred shares), 2,300,000 shares of 7.875% Series B Cumulative Redeemable Preferred Stock (Series B preferred shares) and 5,000,000 shares of excess stock.

Common Stock

The Company raised $11,379,153 (including reinvestments of $3,218,336) from the issuance of 1,126,675 shares of common stock under the Dividend Reinvestment and Stock Purchase Plan (DRIP) during the six months ended March 31, 2013.

During the six months ended March 31, 2013, the Company paid $12,412,874 in total cash dividends or $0.30 per share to common shareholders, of which $3,218,336 was reinvested in the DRIP. On April 9, 2013, the Company declared a dividend of $0.15 per share to be paid June 17, 2013 to common shareholders of record as of May 15, 2013.

Treasury Stock

As of March 31, 2013, the Company holds no shares in treasury stock.

7.625% Series A Cumulative Redeemable Preferred Stock

During the six months ended March 31, 2013, the Company paid $2,039,452 in preferred dividends or $0.9531 per share on its outstanding Series A preferred shares. Dividends on the Series A preferred shares are cumulative and payable quarterly at an annual rate of $1.90625 per share. On April 9, 2013, the Company declared a dividend of $0.4766 per share to be paid June 17, 2013 to Series A preferred shareholders of record as of May 15, 2013.

7.875% Series B Cumulative Redeemable Preferred Stock

During the six months ended March 31, 2013, the Company paid $2,264,064 in preferred dividends or $0.9844 per share on its outstanding Series B preferred shares. Dividends on the Series B preferred shares are cumulative and payable quarterly at an annual rate of $1.96875 per share. On April 9, 2013, the Company declared a dividend of $0.4922 per share to be paid June 17, 2013 to Series B preferred shareholders of record as of May 15, 2013.

Noncontrolling Interest

The following table summarizes the changes in the noncontrolling interests in the Company’s majority owned subsidiary for the six months ended March 31, 2013 and 2012:

	Six Months Ended
	3/31/2013	3/31/2012
Beginning Balance	$50,027	$28,588
Net Income Attributable to Noncontrolling Interest	31,043	47,309
Distributions to Noncontrolling Interests	(40,266)	(40,267)
Ending Balance	$40,804	$35,630

The noncontrolling interest balance as of March 31, 2013 is included in Other liabilities in the accompanying Consolidated Balance Sheet.