Mortgage Notes and Loans Payable (Tables)

12 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Summary of Mortgage Notes Payable

The following is a summary of mortgage notes payable at September 30, 2016 and 2015:

Property		Fixed Rate			Maturity Date	Balance 9/30/16		Balance 9/30/15
St. Joseph, MO			8.12	%	03/01/16	$	-0-	$	417,435
Beltsville, MD (Washington, DC)			7.53	%	05/01/16		-0-		419,505
Beltsville, MD (Washington, DC)			5.25	%	05/01/16		-0-		4,745,219
Wheeling, IL (Chicago)			5.68	%	09/05/16		-0-		3,457,456
Griffin, GA (Atlanta)			6.37	%	10/01/16		-0-		7,026,763
Granite City, IL (St. Louis, MO)			7.11	%	11/01/16		-0-		1,151,798
Jacksonville, FL (FDX)	(1)		6.92	%	12/01/16		84,194		406,962
Jacksonville, FL (FDX)	(1)(2)		6.00	%	12/01/16		1,300,000		1,300,000
El Paso, TX			5.50	%	01/05/17		3,259,726		3,611,052
Bedford Heights, OH (Cleveland)			5.96	%	04/01/17		2,685,791		2,862,734
Chattanooga, TN			5.96	%	05/01/17		1,551,081		1,774,568
Elgin, IL (Chicago)			6.97	%	05/01/17		349,658		844,690
Hanahan, SC (Charleston) (SAIC)			7.36	%	05/01/17		5,605,514		5,939,583
Roanoke, VA			5.96	%	05/30/17		2,519,243		2,819,927
Edwardsville, KS (Kansas City)(Carlisle Tire)			7.38	%	07/01/17		397,513		894,552
Kansas City, MO (Kellogg)			6.11	%	08/01/17		2,241,680		2,381,917
Orion, MI			6.57	%	09/01/17		8,580,058		9,095,386
Cheektowaga, NY (Buffalo)			6.78	%	10/01/17		343,548		639,095
Punta Gorda, FL			6.29	%	10/01/17		1,990,764		2,111,294
Cocoa, FL			6.29	%	12/01/17		5,063,864		5,364,157
Richfield, OH (Cleveland)			5.22	%	01/01/18		3,078,731		3,414,645
Tampa, FL (FDX)			5.65	%	04/01/18		3,900,447		4,132,523
West Chester Twp., OH (Cincinnati)			6.80	%	06/01/18		2,071,107		2,305,050
Orlando, FL			6.56	%	10/01/18		4,342,604		4,570,915
Tampa, FL (FDX Ground)			6.00	%	03/01/19		6,633,049		7,313,195
Lebanon, OH (Cincinnati)	(3)		5.55	%	05/01/19		2,592,182		2,695,845
Lebanon, TN (Nashville)			7.60	%	07/10/19		7,659,116		7,856,077

Ft. Mill, SC (Charlotte, NC)		7.00	%	10/10/19	$	1,926,986	$	2,468,015
Denver, CO		6.07	%	11/01/19		1,059,646		1,354,284
Hanahan, SC (Charleston) (FDX Ground)		5.54	%	01/21/20		1,064,185		1,339,490
Augusta, GA (FDX Ground)		5.54	%	02/01/20		774,093		974,351
Huntsville, AL		5.50	%	03/01/20		795,594		991,088
Colorado Springs, CO		5.41	%	01/01/21		1,329,709		1,600,686
Topeka, KS		6.50	%	08/10/21		1,363,023		1,590,945
Streetsboro, OH (Cleveland)		5.50	%	11/01/21		10,446,469		10,972,757
Kansas City, MO (Bunzl)		5.18	%	12/01/21		6,958,091		7,107,312
Olive Branch, MS (Memphis, TN) (Anda Distribution)		4.80	%	04/01/22		8,750,368		9,302,178
Waco, TX		4.75	%	08/01/22		4,799,919		5,063,021
Houston, TX		6.88	%	09/10/22		3,124,904		3,531,824
Tolleson, AZ (Phoenix)		3.95	%	11/01/22		5,299,383		6,043,710
Edwardsville, KS (Kansas City) (International Paper)		3.45	%	11/01/23		10,648,115		11,340,664
Spring, TX (Houston)		4.01	%	12/01/23		9,126,834		9,692,678
Memphis, TN		4.50	%	01/01/24		6,667,886		7,418,616
Oklahoma City, OK		4.35	%	07/01/24		4,401,832		4,863,512
Indianapolis, IN		4.00	%	09/01/24		12,289,676		13,161,911
Frankfort, KY (Lexington)		4.84	%	12/15/24		18,352,289		19,078,153
Carrollton, TX (Dallas)		6.75	%	02/01/25		7,960,781		8,640,732
Altoona, PA	(4)	4.00	%	10/01/25		4,017,147		4,376,801
Green Bay, WI	(4)	4.00	%	10/01/25		3,260,401		3,552,304
Stewartville, MN (Rochester)	(4)	4.00	%	10/01/25		2,612,978		2,846,710
Carlstadt, NJ (New York, NY)		5.25	%	05/15/26		1,898,198		2,045,141
Roanoke, VA (FDX Ground)		3.84	%	07/01/26		5,321,390		5,758,502
Livonia, MI (Detroit)		4.45	%	12/01/26		7,503,400		8,068,751
Olive Branch, MS (Memphis, TN) (Milwaukee Tool)	(5)	3.76	%	10/01/28		25,000,000		14,312,846
Tulsa, OK		4.58	%	11/01/28		1,934,175		2,050,342
Lindale, TX (Tyler)		4.57	%	11/01/29		6,378,382		6,723,881
Sauget, IL (St. Louis, MO)		4.40	%	11/01/29		9,701,419		10,233,837
Jacksonville, FL (FDX Ground)		3.93	%	12/01/29		18,453,112		19,494,453
Imperial, PA (Pittsburgh)		3.63	%	04/01/30		12,700,739		-0-
Monroe, OH (Cincinnati)		3.77	%	04/01/30		8,071,987		8,518,754
Indianapolis, IN (Ulta)		3.91	%	06/01/30		22,760,488		23,987,008
Fort Worth, TX (Dallas)		3.56	%	09/01/30		23,431,093		24,700,000
Concord, NC (Charlotte)		3.87	%	12/01/30		20,001,944		-0-
Covington, LA (New Orleans)		4.08	%	01/01/31		12,468,713		-0-
Burlington, WA (Seattle/Everett)		3.67	%	05/01/31		19,881,817		-0-
Louisville, KY		3.74	%	07/01/31		7,288,891		-0-
Colorado Springs, CO		3.90	%	07/01/31		18,576,282		-0-
Davenport, FL (Orlando)		3.89	%	09/01/31		26,400,000		-0-
Olathe, KS (Kansas City)		3.96	%	09/01/31		22,215,000		-0-
Buckner, KY (Louisville)		4.17	%	11/01/33		16,694,846		17,347,243
Halfmoon, NY (Albany)	(6)	5.25	%	01/13/37		3,786,098		3,886,331
Total Mortgage Notes Payable					$	483,748,153	$	373,991,174

(1)	Loan was prepaid in full on November 1, 2016.
(2)	Loan is interest only.
(3)	Interest rate is fixed at 5.55% through December 31, 2016. On January 1, 2017, the interest rate resets to the lender’s prevailing rate.
(4)	One loan is secured by Altoona, PA, Green Bay, WI and Stewartville (Rochester), MN.
(5)	Loan was refinanced extending the maturity from January 1, 2023 through October 1, 2028 and increasing loan amount to $25,000,000. Interest rate remained the same at 3.76%.
(6)	Interest rate is fixed at 5.25% for the first 5 years. Commencing on January 13, 2017, the interest rate is adjusted every 5 years to the 5 year U.S. Treasury yield plus 265 basis points with a floor of 5.25%.

Schedule of Maturities of Long-term Debt

Principal on the foregoing debt at September 30, 2016 is scheduled to be paid as follows:

Year Ending September 30,	2017	$	57,791,871
	2018		43,879,833
	2019		47,464,988
	2020		28,808,574
	2021		29,255,776
	Thereafter		276,547,111
		$	483,748,153