SUBSEQUENT EVENTS	9 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10 – SUBSEQUENT EVENTS Material subsequent events have been evaluated and are disclosed herein. Subsequent to the quarter end, on July 26, 2019, we purchased a newly constructed 350,000 square foot industrial building, situated on 45.6 acres, located in Lafayette, IN. The building is 100% net-leased to Toyota Tsusho America, Inc. (Toyota) for 10 years through June 2029. The purchase price was $25.5 million. We obtained a 15 year, fully-amortizing mortgage loan of $17.0 million at a fixed interest rate of 4.25%. Annual rental revenue over the remaining term of the lease averages $1.7 million. Toyota is considered Investment Grade by S&P Global Ratings (www.standardandpoors.com) and by Moody’s (www.moodys.com). The references in this report to the S&P Global Ratings’ website and the Moody’s website are not intended to and do not include, or incorporate by reference into this report, the information of S&P Global Ratings or Moody’s on such websites. Effective July 1, 2019, we entered into a new ten-year lease agreement with Amazon.com Services, Inc. through June 30, 2029 for our 92,000 square foot facility located in the Charleston, SC MSA. This facility was previously leased to FedEx Ground Package System, Inc. through November 2018. Initial annual rent is $688,000, representing $7.50 per square foot, with 3.0% annual increases thereafter. This results in a U.S. GAAP straight-line annualized rent of $789,000, representing $8.60 per square foot over the life of the lease. This compares to the former cash rent and U.S. GAAP straight-line rent of $7.35 per square foot, resulting in an increase in the average lease rate of 17.0% on a U.S. GAAP straight-line basis and an increase of 2.0% on a cash basis. We have agreed to make certain improvements, including expanding the parking, which we expect to cost $1.75 million. Subsequent to the quarter end, we prepaid a 7.00% mortgage loan for one of our properties located in Fort Mill, SC for $229,000 that was originally set to mature in October 2019 and we prepaid a 6.07% mortgage loan for one of our properties located in Denver, CO for $121,000 that was originally set to mature in November 2019. On July 1, 2019, our Board of Directors declared a common dividend of $0.17 per share to be paid September 16, 2019 to common shareholders of record as of the close of business on August 15, 2019. On July 1, 2019, our Board of Directors declared a preferred dividend of $0.3828125 per share to be paid September 16, 2019 to the 6.125% Series C Preferred shareholders of record as of the close of business on August 15, 2019. Subsequent to the June 30, 2019 quarter end, through July 18, 2019, we sold 277,000 shares of our 6.125% Series C Preferred Stock under our Preferred Stock ATM Program at a weighted average price of $24.26 per share, and realized net proceeds, after offering expenses, of $6.6 million.

SUBSEQUENT EVENTS

9 Months Ended

Jun. 30, 2019

NOTE 10 – SUBSEQUENT EVENTS

Material subsequent events have been evaluated and are disclosed herein.

Subsequent to the quarter end, on July 26, 2019, we purchased a newly constructed 350,000 square foot industrial building, situated on 45.6 acres, located in Lafayette, IN. The building is 100% net-leased to Toyota Tsusho America, Inc. (Toyota) for 10 years through June 2029. The purchase price was $25.5 million. We obtained a 15 year, fully-amortizing mortgage loan of $17.0 million at a fixed interest rate of 4.25%. Annual rental revenue over the remaining term of the lease averages $1.7 million. Toyota is considered Investment Grade by S&P Global Ratings (www.standardandpoors.com) and by Moody’s (www.moodys.com). The references in this report to the S&P Global Ratings’ website and the Moody’s website are not intended to and do not include, or incorporate by reference into this report, the information of S&P Global Ratings or Moody’s on such websites.

Effective July 1, 2019, we entered into a new ten-year lease agreement with Amazon.com Services, Inc. through June 30, 2029 for our 92,000 square foot facility located in the Charleston, SC MSA. This facility was previously leased to FedEx Ground Package System, Inc. through November 2018. Initial annual rent is $688,000, representing $7.50 per square foot, with 3.0% annual increases thereafter. This results in a U.S. GAAP straight-line annualized rent of $789,000, representing $8.60 per square foot over the life of the lease. This compares to the former cash rent and U.S. GAAP straight-line rent of $7.35 per square foot, resulting in an increase in the average lease rate of 17.0% on a U.S. GAAP straight-line basis and an increase of 2.0% on a cash basis. We have agreed to make certain improvements, including expanding the parking, which we expect to cost $1.75 million.

Subsequent to the quarter end, we prepaid a 7.00% mortgage loan for one of our properties located in Fort Mill, SC for $229,000 that was originally set to mature in October 2019 and we prepaid a 6.07% mortgage loan for one of our properties located in Denver, CO for $121,000 that was originally set to mature in November 2019.

On July 1, 2019, our Board of Directors declared a common dividend of $0.17 per share to be paid September 16, 2019 to common shareholders of record as of the close of business on August 15, 2019.

On July 1, 2019, our Board of Directors declared a preferred dividend of $0.3828125 per share to be paid September 16, 2019 to the 6.125% Series C Preferred shareholders of record as of the close of business on August 15, 2019.

Subsequent to the June 30, 2019 quarter end, through July 18, 2019, we sold 277,000 shares of our 6.125% Series C Preferred Stock under our Preferred Stock ATM Program at a weighted average price of $24.26 per share, and realized net proceeds, after offering expenses, of $6.6 million.