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Subsequent Events
3 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

NOTE 10 – SUBSEQUENT EVENTS

 

Material subsequent events have been evaluated and are disclosed herein.

 

On January 16, 2019, our Board of Directors declared a common dividend of $0.17 per share to be paid March 15, 2019 to the common shareholders of record as of the close of business on February 15, 2019.

 

On January 16, 2019, our Board of Directors declared a preferred dividend of $0.3828125 per share to be paid March 15, 2019 to the 6.125% Series C Preferred shareholders of record as of the close of business on February 15, 2019.

 

Subsequent to the quarter end, we completed a 154,800 square foot property expansion at our property located in Monroe (Cincinnati), OH for a total project cost of approximately $9,072,000. The expansion resulted in a new 15 year lease which extended the prior lease expiration date from February 2030 to January 2034. The expansion also resulted in an increase in initial annual rent effective February 1, 2019 by approximately $862,000 from approximately $961,000, or $4.14 per square foot, to approximately $1,823,000, or $4.71 per square foot. In addition, the annual rent will increase by 2% per annum.