Shareholders' Equity

6 Months Ended

Mar. 31, 2015

Shareholders' Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE 6 – SHAREHOLDERS’ EQUITY

The Company’s authorized stock as of March 31, 2015 consisted of 200,000,000 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 200,000,000 shares of Excess stock.

Common Stock

The Company raised $19,662,939 (including dividend reinvestments of $4,131,530) from the issuance of 1,847,541 shares of Common Stock under its Dividend Reinvestment and Stock Purchase Plan (DRIP) during the six months ended March 31, 2015. During the six months ended March 31, 2015, the Company paid $17,363,861 in total cash dividends or $0.30 per share to common shareholders, of which $4,131,530 was reinvested in the DRIP. On April 1, 2015, the Company declared a dividend of $0.15 per share to be paid June 15, 2015 to common shareholders of record as of the close of business on May 15, 2015.

As of March 31, 2015, the Company does not own any of its own shares of Common Stock.

7.625% Series A Cumulative Redeemable Preferred Stock

During the six months ended March 31, 2015, 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 1, 2015, the Company declared a dividend of $0.4766 per share to be paid June 15, 2015 to Series A preferred shareholders of record as of the close of business on May 15, 2015.

7.875% Series B Cumulative Redeemable Preferred Stock

During the six months ended March 31, 2015, 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 1, 2015, the Company declared a dividend of $0.4922 per share to be paid June 15, 2015 to Series B preferred shareholders of record as of the close of business on May 15, 2015.