XML 20 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
Real Estate Investments (Details Textual) (USD $)
9 Months Ended 1 Months Ended 9 Months Ended 1 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended 9 Months Ended
Jun. 30, 2014
Sep. 30, 2013
Orion, MI [Member]
Jun. 30, 2013
Orion, MI [Member]
Dec. 21, 2012
Orion, MI [Member]
acre
sqft
Jun. 30, 2014
Fedex Corporation [Member]
Jun. 30, 2013
Fedex Corporation [Member]
Jun. 30, 2014
Fedex Corporation Subsidiaries [Member]
Jun. 30, 2013
Fedex Corporation Subsidiaries [Member]
Jun. 30, 2014
Milwaukee Electric Tool Corporation [Member]
sqft
Jun. 30, 2013
Milwaukee Electric Tool Corporation [Member]
sqft
Jun. 30, 2014
Fedex and Fedex Subsidiaries [Member]
sqft
Jun. 30, 2013
Fedex and Fedex Subsidiaries [Member]
sqft
Jun. 30, 2013
Fort Mill SC, Phase One [Member]
sqft
Nov. 30, 2013
Fort Mill SC, Phase Two [Member]
Jun. 30, 2013
Fort Mill SC, Phase Two [Member]
Oct. 22, 2013
Tulsa [Member]
sqft
Oct. 25, 2013
Buckner Ky,Ralcorp Holdings [Member]
sqft
Oct. 31, 2013
Edwardsville, Ks [Member]
sqft
Oct. 31, 2013
Altoona, Pa [Member]
sqft
Nov. 19, 2013
Spring, Tx [Member]
sqft
Jul. 11, 2013
Richfield, Oh [Member]
acre
sqft
Oct. 31, 2013
Richfield, Oh [Member]
Nov. 30, 2013
Fort Mill, Sc [Member]
Jun. 30, 2013
Fort Mill, Sc [Member]
Sep. 30, 2013
El Paso, Tx [Member]
sqft
Jun. 30, 2014
Ralcorp Holdings, Inc [Member]
sqft
Jun. 30, 2013
Ralcorp Holdings, Inc [Member]
Jun. 30, 2014
Tampa, FL [Member]
Real Estate Investments (Textual)                                                        
Square feet of real estate property acquired       4.1                       46,240 558,600 280,000 122,522 114,923 14       51,765      
Square feet of real estate property leased                 615,000 615,000 4,500,000 4,000,000 64,250                         558,000    
Percentage of real estate property leased         9.00% 11.00% 33.00% 32.00% 6.00% 7.00% 42.00% 43.00%       100.00% 100.00% 100.00% 100.00% 100.00%           5.00% 0.00%  
Expected revenue as percentage of aggregate rental and reimbursement revenue in fiscal year         10.00%   44.00%       54.00%                                  
Percentage of aggregate rental and reimbursement revenue           12.00%   41.00%       53.00%                                
Lease expiration date       Jun. 30, 2017                       Feb. 29, 2024 Oct. 31, 2033 Aug. 31, 2023 Aug. 31, 2023 Aug. 31, 2023 Oct. 31, 2016     Sep. 30, 2019 Sep. 30, 2015     Jan. 31, 2019
Extended lease expiration date       Jun. 30, 2023                                 Sep. 30, 2024     Oct. 31, 2023 Sep. 30, 2023     Jun. 30, 2024
Purchase price of properties acquired       $ 988,579                       $ 3,700,000 $ 27,070,616 $ 18,818,825 $ 8,990,000 $ 15,281,318 $ 1,655,166              
Mortgage loans committed on real estate, old amount of loan                                     7,350,000                  
Mortgage loans committed on real estate, carrying amount of loan                               2,250,000 18,475,000 12,550,000 12,350,000 10,630,000                
Increase in mortgage loan on real estate 5,000,000                                   5,000,000                  
Mortgage loans on real estate, interest rate                               4.58% 4.17% 3.45% 4.00% 4.01%                
Mortgage loans on real estate, term of loan                               15 years 20 years 10 years 12 years 10 years                
Mortgage loans on real estate, amortization period                                   15 years   15 years                
Annual rental income                               253,000 2,133,000 1,304,000 651,000 1,146,000                
Intangible asset related to the lease in-place                                 437,491 733,333                    
Area of building to be expanded       52,154                                 51,667              
Cost of property expansion   1,500,000 3,900,000                   3,574,000   426,000           3,655,000 3,142,000     3,800,000     811,000
Description of building expansion   In September 2013 for a cost of approximately $1,500,000 resulting in an increase in annual rent effective October 1, 2013 to $1,908,221. Building expansion was completed in June 2013 for a cost of approximately $3,900,000 resulting in an increase in annual rent effective July 1, 2013 from $1,285,265 to $1,744,853.                   Phase I of a 64,240 square foot building expansion leased to FedEx Ground Package System, Inc. located in Fort Mill, SC was completed for a cost of approximately $3,574,000 resulting in an increase in annual rent effective July 1, 2013 from $1,023,745 to $1,364,761. Phase II of the expansion, which consists of a parking lot expansion, cost approximately $426,000.

Phase II was completed in November 2013, resulting in an increase in annual rent effective November 1, 2013 to $1,414,639.

            Building expansion, which is expected to cost approximately $3,655,000 and is expected to be completed by late August 2014, at which time the annual rent will increase to $1,489,907. The parking lot expansion was completed in October 2013 and cost approximately $3,142,000. As a result, effective November 1, 2013, the annual rent increased from $644,640 to $1,124,384.     Building expansion leased to FedEx Ground Package System, Inc. located in El Paso, TX was substantially complete for a cost of approximately $3,800,000 resulting in an increase in annual rent effective October 1, 2013 from $667,584 to $1,045,610.     The parking lot expansion for a property leased to FedEx Ground Package System, Inc. located in Tampa, FL was completed for a cost of approximately $811,000 resulting in an increase in annual rent effective July 1, 2014 from $1,412,177 to $1,491,006.
Lease on real estate,terms       10 years                                 10 years     10 years 10 years     10 years
Rent prior to expansion     1,285,265                                     644,640   1,023,745 667,584     1,412,177
Rent increased to after expansion     1,744,853                                     1,124,384   1,364,761 1,045,610     1,491,006
Rent increased to after second phase of expansion   $ 1,908,221                                     $ 1,489,907   $ 1,414,639