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Subsequent Events
6 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE 10 – SUBSEQUENT EVENTS

 

Material subsequent events have been evaluated and are disclosed herein.

 

On April 5, 2016, the Company declared a common dividend of $0.16 per share to be paid June 15, 2016 to common shareholders of record as of the close of business on May 16, 2016. On April 5, 2016, the Company declared a dividend of $0.4765625 per share to be paid June 15, 2016 to Series A preferred shareholders of record as of the close of business on May 16, 2016. On April 5, 2016, the Company declared a dividend of $0.4921875 per share to be paid June 15, 2016 to Series B preferred shareholders of record as of the close of business on May 16, 2016.

 

On April 8, 2016, the Company purchased a newly constructed 210,445 square foot industrial building located in Burlington, WA, which is in the Seattle/Everett MSA. The building is 100% net-leased to FedEx Ground Package System, Inc. through August 2030. The purchase price was $30,662,080. The Company obtained a 15 year self-amortizing mortgage of $20,221,000 at a fixed interest rate of 3.67%. Annual rental revenue over the remaining term of the lease averages approximately $1,962,000.

 

On April 19, 2016, the Company entered into a sale agreement to sell its only vacant building consisting of 59,425 square feet situated on 4.78 acres located in White Bear Lake, MN for approximately $4,272,000, which is the Company’s approximate U.S. GAAP net book carrying value. The closing of the sale is subject to the purchaser’s satisfactory due diligence.