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Real Estate Investments
 12 Months Ended
Sep. 30, 2016
Real Estate [Abstract]  
Real Estate Investments

NOTE 2 – REAL ESTATE INVESTMENTS

 

The following is a summary of the cost and accumulated depreciation of the Company’s land, buildings and improvements at September 30, 2016 and 2015:

 

SEPTEMBER 30, 2016   Property         Buildings &     Accumulated     Net Book  
    Type   Land     Improvements     Depreciation     Value  
Alabama:                                    
Huntsville   Industrial   $ 748,115     $ 5,857,016     $ 936,862     $ 5,668,269  
Arizona:                                    
Tolleson (Phoenix)   Industrial     1,316,075       15,508,151       5,115,610       11,708,616  
Colorado:                                    
Colorado Springs   Industrial     1,270,000       5,934,472       1,490,351       5,714,121  
Colorado Springs   Industrial     2,150,000       26,350,000       225,214       28,274,786  
Denver   Industrial     1,150,000       5,204,051       1,437,516       4,916,535  
Connecticut:                                    
Newington (Hartford)   Industrial     410,000       3,053,824       1,207,938       2,255,886  
Florida:                                    
Cocoa   Industrial     1,881,316       12,246,133       2,113,243       12,014,206  
Davenport (Orlando)   Industrial     7,060,000       30,720,000       131,282       37,648,718  
Ft. Myers   Industrial     1,910,000       3,107,447       991,678       4,025,769  
Jacksonville (FDX)   Industrial     1,165,000       5,081,404       2,295,680       3,950,724  
Jacksonville (FDX Ground)   Industrial     6,000,000       24,645,954       1,053,246       29,592,708  
Lakeland   Industrial     261,000       1,721,532       466,240       1,516,292  
Orlando   Industrial     2,200,000       6,354,432       1,471,814       7,082,618  
Punta Gorda   Industrial     -0-       4,113,265       833,789       3,279,476  
Tampa (FDX Ground)   Industrial     5,000,000       14,696,102       4,161,734       15,534,368  
Tampa (FDX)   Industrial     2,830,000       4,762,861       1,258,519       6,334,342  
Tampa (Tampa Bay Grand Prix)   Industrial     1,867,000       3,810,982       941,848       4,736,134  
Georgia:                                    
Augusta (FDX Ground)   Industrial     614,406       4,739,628       1,258,944       4,095,090  
Augusta (FDX)   Industrial     380,000       1,591,732       367,357       1,604,375  
Griffin (Atlanta)   Industrial     760,000       14,108,857       3,767,103       11,101,754  
Illinois:                                    
Burr Ridge (Chicago)   Industrial     270,000       1,422,901       656,159       1,036,742  
Elgin (Chicago)   Industrial     1,280,000       5,652,916       2,124,899       4,808,017  
Granite City (St. Louis, MO)   Industrial     340,000       12,202,814       4,485,359       8,057,455  
Montgomery (Chicago)   Industrial     2,000,000       9,298,367       2,282,887       9,015,480  
Rockford (B/E Aerospace)   Industrial     480,000       4,620,000       236,923       4,863,077  
Rockford (Sherwin-Williams)   Industrial     1,100,000       4,451,227       628,612       4,922,615  
Sauget (St. Louis, MO)   Industrial     1,890,000       13,314,950       682,605       14,522,345  
Schaumburg (Chicago)   Industrial     1,039,800       3,941,614       2,037,309       2,944,105  
Wheeling (Chicago)   Industrial     5,112,120       13,425,532       3,735,969       14,801,683  
Indiana:                                    
Greenwood (Indianapolis)   Industrial     2,250,000       35,250,391       1,280,020       36,220,371  
Indianapolis   Industrial     3,500,000       20,446,000       1,132,868       22,813,132  
Iowa:                                    
Urbandale (Des Moines)   Industrial     310,000       1,851,895       1,094,293       1,067,602  
Kansas:                                    
Edwardsville (Kansas City)(Carlisle Tire)   Industrial     1,185,000       6,040,401       2,158,091       5,067,310  
Edwardsville (Kansas City)(International Paper)   Industrial     2,750,000       15,544,108       1,172,549       17,121,559  
Olathe (Kansas City)   Industrial     2,350,000       29,387,000       125,585       31,611,415  
Topeka   Industrial     -0-       3,679,843       707,765       2,972,078  
Kentucky:                                    
Buckner (Louisville)   Industrial     2,280,000       24,487,852       1,834,166       24,933,686  
Frankfort (Lexington)   Industrial     1,850,000       26,150,000       1,229,274       26,770,726  
Louisville   Industrial     1,590,000       9,714,000       83,026       11,220,974  
Louisiana:                                    
Covington (New Orleans)   Industrial     2,720,000       15,690,000       335,256       18,074,744  

 

Maryland:                                    
Beltsville (Washington, DC)   Industrial   $ 3,200,000     $ 11,312,355     $ 3,536,076     $ 10,976,279  
Michigan:                                    
Livonia (Detroit)   Industrial     320,000       13,442,030       1,350,345       12,411,685  
Orion   Industrial     4,649,971       18,235,665       3,549,648       19,335,988  
Romulus (Detroit)   Industrial     531,000       4,069,532       1,804,248       2,796,284  
Minnesota:                                    
Stewartville (Rochester)   Industrial     900,000       4,320,000       332,308       4,887,692  
White Bear Lake (Minneapolis/St. Paul)   Industrial     1,393,000       3,764,126       927,965       4,229,161  
Mississippi:                                    
Olive Branch (Memphis, TN)(Anda Distribution)   Industrial     800,000       13,750,000       1,498,397       13,051,603  
Olive Branch (Memphis, TN)(Milwaukee Tool)   Industrial     2,550,000       34,364,917       2,275,368       34,639,549  
Richland (Jackson)   Industrial     211,000       1,689,691       826,199       1,074,492  
Ridgeland (Jackson)   Industrial     218,000       1,640,591       1,177,386       681,205  
Missouri:                                    
Kansas City (Bunzl)   Industrial     1,000,000       8,600,000       422,650       9,177,350  
Kansas City (Kellogg)   Industrial     660,000       4,140,474       1,022,653       3,777,821  
Liberty (Kansas City)   Industrial     723,000       6,674,881       3,152,489       4,245,392  
O’Fallon (St. Louis)   Industrial     264,000       3,981,913       2,096,073       2,149,840  
St. Joseph   Industrial     800,000       12,433,706       4,756,910       8,476,796  
Nebraska:                                    
Omaha   Industrial     1,170,000       4,774,691       2,109,230       3,835,461  
New Jersey:                                    
Carlstadt (New York, NY)   Industrial     1,194,000       3,709,589       849,584       4,054,005  
Somerset   Shopping Center     34,316       3,038,565       1,399,343       1,673,538  
New York:                                    
Cheektowaga (Buffalo)   Industrial     4,796,765       6,164,058       1,531,509       9,429,314  
Halfmoon (Albany)   Industrial     1,190,000       4,335,600       500,262       5,025,338  
Orangeburg (New York)   Industrial     694,720       3,200,955       2,319,253       1,576,422  
North Carolina:                                    
Concord (Charlotte)   Industrial     4,305,000       27,670,897       650,384       31,325,513  
Fayetteville   Industrial     172,000       5,269,876       2,458,876       2,983,000  
Winston-Salem   Industrial     980,000       6,258,613       2,185,430       5,053,183  
Ohio:                                    
Bedford Heights (Cleveland)   Industrial     990,000       5,873,879       1,521,396       5,342,483  
Cincinnati   Industrial     800,000       5,950,000       165,278       6,584,722  
Lebanon (Cincinnati)   Industrial     240,000       4,212,425       485,114       3,967,311  
Monroe (Cincinnati)   Industrial     1,800,000       11,137,000       452,143       12,484,857  
Richfield (Cleveland)   Industrial     2,676,848       13,758,630       2,373,693       14,061,785  
Streetsboro (Cleveland)   Industrial     1,760,000       17,840,000       2,058,462       17,541,538  
West Chester Twp. (Cincinnati)   Industrial     695,000       5,033,690       1,947,128       3,781,562  
Oklahoma:                                    
Oklahoma City   Industrial     1,410,000       11,170,262       1,014,638       11,565,624  
Tulsa   Industrial     790,000       2,958,031       227,268       3,520,763  
Pennsylvania:                                    
Altoona   Industrial     1,200,000       7,808,650       583,052       8,425,598  
Imperial (Pittsburgh)   Industrial     3,700,000       16,250,000       243,056       19,706,944  
Monaca (Pittsburgh)   Industrial     401,716       7,404,507       2,331,288       5,474,935  
South Carolina:                                    
Ft. Mill (Charlotte, NC)   Industrial     1,670,000       13,743,307       1,949,873       13,463,434  
Hanahan (Charleston)(SAIC)   Industrial     1,129,000       12,211,592       3,577,226       9,763,366  
Hanahan (Charleston)(FDX Ground)   Industrial     930,000       6,684,653       1,724,191       5,890,462  
Tennessee:                                    
Chattanooga   Industrial     300,000       4,712,203       1,131,706       3,880,497  
Lebanon (Nashville)   Industrial     2,230,000       11,985,126       1,536,542       12,678,584  

 

Memphis   Industrial   $ 1,240,887     $ 13,380,000     $ 2,230,008     $ 12,390,879  
Shelby County   Vacant Land     11,065       -0-       -0-       11,065  
Texas:                                    
Carrollton (Dallas)   Industrial     1,500,000       16,269,106       2,708,020       15,061,086  
Corpus Christi   Industrial     -0-       4,764,500       549,750       4,214,750  
Edinburg   Industrial     1,000,000       10,423,872       907,803       10,516,069  
El Paso   Industrial     3,225,195       9,205,997       1,442,146       10,989,046  
Fort Worth (Dallas)   Industrial     8,200,000       27,100,832       810,709       34,490,123  
Houston   Industrial     1,730,000       6,353,107       1,080,294       7,002,813  
Lindale (Tyler)   Industrial     540,000       9,390,000       481,538       9,448,462  
Spring (Houston)   Industrial     1,890,000       17,393,798       1,183,663       18,100,135  
Waco   Industrial     1,350,000       11,196,157       923,263       11,622,894  
Virginia:                                    
Charlottesville   Industrial     1,170,000       3,178,499       1,393,226       2,955,273  
Mechanicsville (Richmond) (FDX)   Industrial     1,160,000       6,598,181       2,644,156       5,114,025  
Richmond (United Technologies)   Industrial     446,000       4,322,309       1,229,737       3,538,572  
Roanoke (CHEP)   Industrial     1,853,000       5,552,447       1,329,033       6,076,414  
Roanoke (FDX Ground)   Industrial     1,740,000       8,460,000       714,038       9,485,962  
Washington:                                    
Burlington (Seattle/Everett)   Industrial     8,000,000       22,210,680       284,752       29,925,928  
Wisconsin:                                    
Cudahy (Milwaukee)   Industrial     980,000       8,402,361       2,853,810       6,528,551  
Green Bay   Industrial     590,000       5,980,000       460,000       6,110,000  
                                     
Total as of September 30, 2016       $ 165,375,315     $ 1,005,938,180     $ 148,830,169     $ 1,022,483,326  

 

SEPTEMBER 30, 2015   Property         Buildings &     Accumulated     Net Book  
    Type   Land     Improvements     Depreciation     Value  
Alabama:                                    
Huntsville   Industrial   $ 748,115     $ 4,003,626     $ 821,527     $ 3,930,214  
Arizona:                                    
Tolleson (Phoenix)   Industrial     1,316,075       13,852,511       4,669,262       10,499,324  
Colorado:                                    
Colorado Springs   Industrial     1,270,000       5,925,115       1,336,829       5,858,286  
Denver   Industrial     1,150,000       5,204,051       1,304,213       5,049,838  
Connecticut:                                    
Newington (Hartford)   Industrial     410,000       3,053,824       1,129,167       2,334,657  
Florida:                                    
Cocoa   Industrial     1,881,316       12,208,527       1,793,254       12,296,589  
Ft. Myers   Industrial     1,910,000       3,107,447       913,073       4,104,374  
Jacksonville (FDX)   Industrial     1,165,000       5,064,421       2,145,184       4,084,237  
Jacksonville (FDX Ground)   Industrial     6,000,000       24,645,954       421,298       30,224,656  
Lakeland   Industrial     261,000       1,705,211       406,472       1,559,739  
Orlando   Industrial     2,200,000       6,341,237       1,307,147       7,234,090  
Punta Gorda   Industrial     -0-       4,104,915       742,718       3,362,197  
Tampa (FDX Ground)   Industrial     5,000,000       13,448,962       3,799,846       14,649,116  
Tampa (FDX)   Industrial     2,830,000       4,735,717       1,135,794       6,429,923  
Tampa (Tampa Bay Grand Prix)   Industrial     1,867,000       3,784,066       841,103       4,809,963  
Georgia:                                    
Augusta (FDX Ground)   Industrial     614,406       4,714,467       1,137,702       4,191,171  
Augusta (FDX)   Industrial     380,000       1,567,032       321,283       1,625,749  
Griffin (Atlanta)   Industrial     760,000       14,108,857       3,405,334       11,463,523  

 

Illinois:                                    
Burr Ridge (Chicago)   Industrial   $ 270,000     $ 1,414,201     $ 613,666     $ 1,070,535  
Elgin (Chicago)   Industrial     1,280,000       5,646,956       1,976,098       4,950,858  
Granite City (St. Louis, MO)   Industrial     340,000       12,046,675       4,171,237       8,215,438  
Montgomery (Chicago)   Industrial     2,000,000       9,298,367       2,043,560       9,254,807  
Rockford (B/E Aerospace)   Industrial     480,000       4,620,000       118,462       4,981,538  
Rockford (Sherwin-Williams)   Industrial     1,100,000       4,451,227       512,938       5,038,289  
Sauget (St. Louis, MO)   Industrial     1,890,000       13,310,000       341,282       14,858,718  
Schaumburg (Chicago)   Industrial     1,039,800       3,927,839       1,932,902       3,034,737  
Wheeling (Chicago)   Industrial     5,112,120       13,425,532       3,392,350       15,145,302  
Indiana:                                    
Greenwood (Indianapolis)   Industrial     2,250,000       35,234,574       376,438       37,108,136  
Indianapolis   Industrial     3,500,000       20,446,000       608,611       23,337,389  
Iowa:                                    
Urbandale (Des Moines)   Industrial     310,000       1,851,895       1,042,050       1,119,845  
Kansas:                                    
Edwardsville (Kansas City)(Carlisle Tire)   Industrial     1,185,000       6,040,401       1,957,985       5,267,416  
Edwardsville (Kansas City)(International Paper)   Industrial     2,750,000       15,538,753       757,934       17,530,819  
Topeka   Industrial     -0-       3,679,843       613,406       3,066,437  
Kentucky:                                    
Buckner (Louisville)   Industrial     2,280,000       24,439,716       1,199,729       25,519,987  
Frankfort (Lexington)   Industrial     1,850,000       26,150,000       558,761       27,441,239  
Maryland:                                    
Beltsville (Washington, DC)   Industrial     3,200,000       11,267,755       3,230,319       11,237,436  
Michigan:                                    
Livonia (Detroit)   Industrial     320,000       13,410,533       1,002,083       12,728,450  
Orion   Industrial     4,649,971       18,229,798       3,080,057       19,799,712  
Romulus (Detroit)   Industrial     531,000       4,069,532       1,691,732       2,908,800  
Minnesota:                                    
Stewartville (Rochester)   Industrial     900,000       4,320,000       221,538       4,998,462  
White Bear Lake (Minneapolis/St. Paul)   Industrial     1,393,000       3,764,126       831,891       4,325,235  
Mississippi:                                    
Olive Branch (Memphis, TN)(Anda Distribution)   Industrial     800,000       13,750,000       1,145,833       13,404,167  
Olive Branch (Memphis, TN)(Milwaukee Tool)   Industrial     2,550,000       24,952,797       1,592,066       25,910,731  
Richland (Jackson)   Industrial     211,000       1,689,691       748,265       1,152,426  
Ridgeland (Jackson)   Industrial     218,000       1,632,794       1,109,322       741,472  
Missouri:                                    
Kansas City (Bunzl)   Industrial     1,000,000       8,600,000       202,137       9,397,863  
Kansas City (Kellogg)   Industrial     660,000       4,088,374       901,195       3,847,179  
Liberty (Kansas City)   Industrial     723,000       6,650,618       2,973,407       4,400,211  
O’Fallon (St. Louis)   Industrial     264,000       3,981,913       1,963,226       2,282,687  
St. Joseph   Industrial     800,000       12,382,772       4,423,009       8,759,763  
Nebraska:                                    
Omaha   Industrial     1,170,000       4,767,281       1,984,805       3,952,476  
New Jersey:                                    
Carlstadt (New York, NY)   Industrial     1,194,000       3,695,712       767,084       4,122,628  
Somerset   Shopping Center     34,316       2,660,928       1,318,964       1,376,280  
New York:                                    
Cheektowaga (Buffalo)   Industrial     4,796,765       6,164,058       1,370,655       9,590,168  
Halfmoon (Albany)   Industrial     1,190,000       4,335,600       389,092       5,136,508  
Orangeburg (New York)   Industrial     694,720       3,200,955       2,201,868       1,693,807  
North Carolina:                                    
Fayetteville   Industrial     172,000       4,712,522       2,229,107       2,655,415  

 

Winston-Salem   Industrial   $ 980,000     $ 5,942,086     $ 1,980,737     $ 4,941,349  
Ohio:                                    
Bedford Heights (Cleveland)   Industrial     990,000       5,789,591       1,337,898       5,441,693  
Cincinnati   Industrial     800,000       5,950,000       12,714       6,737,286  
Lebanon (Cincinnati)   Industrial     240,000       4,212,425       375,609       4,076,816  
Monroe (Cincinnati)   Industrial     1,800,000       11,137,000       166,579       12,770,421  
Richfield (Cleveland)   Industrial     2,676,848       13,758,630       2,016,458       14,419,020  
Streetsboro (Cleveland)   Industrial     1,760,000       17,840,000       1,601,026       17,998,974  
West Chester Twp. (Cincinnati)   Industrial     695,000       5,033,690       1,768,517       3,960,173  
Oklahoma:                                    
Oklahoma City   Industrial     1,410,000       11,183,873       723,874       11,869,999  
Tulsa   Industrial     790,000       2,958,031       145,342       3,602,689  
Pennsylvania:                                    
Altoona   Industrial     1,200,000       7,790,000       382,842       8,607,158  
Monaca (Pittsburgh)   Industrial     401,716       7,367,252       2,023,850       5,745,118  
South Carolina:                                    
Ft. Mill (Charlotte, NC)   Industrial     1,670,000       13,743,307       1,597,480       13,815,827  
Hanahan (Charleston) (SAIC)   Industrial     1,129,000       12,171,592       3,199,452       10,101,140  
Hanahan (Charleston) (FDX Ground)   Industrial     930,000       6,684,653       1,550,717       6,063,936  
Tennessee:                                    
Chattanooga   Industrial     300,000       4,671,161       1,003,292       3,967,869  
Lebanon (Nashville)   Industrial     2,230,000       11,985,126       1,229,231       12,985,895  
Memphis   Industrial     1,240,887       13,380,000       1,886,931       12,733,956  
Shelby County   Vacant Land     11,065       -0-       -0-       11,065  
Texas:                                    
Carrollton (Dallas)   Industrial     1,500,000       16,244,300       2,290,543       15,453,757  
Corpus Christi   Industrial     -0-       4,764,500       427,583       4,336,917  
Edinburg   Industrial     1,000,000       6,438,483       742,117       6,696,366  
El Paso   Industrial     3,225,195       9,205,997       1,176,363       11,254,829  
Fort Worth (Dallas)   Industrial     8,200,000       27,100,832       115,816       35,185,016  
Houston   Industrial     1,730,000       6,353,107       913,317       7,169,790  
Lindale (Tyler)   Industrial     540,000       9,390,000       240,769       9,689,231  
Spring (Houston)   Industrial     1,890,000       17,337,523       738,390       18,489,133  
Waco   Industrial     1,350,000       11,196,157       636,182       11,909,975  
Virginia:                                    
Charlottesville   Industrial     1,170,000       3,174,037       1,295,758       3,048,279  
Mechanicsville (Richmond) (FDX)   Industrial     1,160,000       6,579,671       2,465,144       5,274,527  
Richmond (United Technologies)   Industrial     446,000       4,314,769       1,049,842       3,710,927  
Roanoke (CHEP)   Industrial     1,853,000       5,552,447       1,140,757       6,264,690  
Roanoke (FDX Ground)   Industrial     1,740,000       8,460,000       497,115       9,702,885  
Wisconsin:                                    
Cudahy (Milwaukee)   Industrial     980,000       8,393,672       2,633,457       6,740,215  
Green Bay   Industrial     590,000       5,980,000       306,667       6,263,333  
                                     
Total as of September 30, 2015       $ 133,500,315     $ 807,509,590     $ 124,898,639     $ 816,111,266