INCOME FROM LEASES

12 Months Ended

Sep. 30, 2019

Leases [Abstract]

INCOME FROM LEASES

NOTE 10 - INCOME FROM LEASES

We derive income primarily from operating leases on our commercial properties. At September 30, 2019, we held investments in 114 properties totaling 22.3 million square feet with an occupancy rate of 98.9%. Subsequent to fiscal yearend 2019, effective November 1, 2019, we leased one of our previously vacant properties consisting of 60,000 square feet for 12.5 years, increasing our current overall occupancy rate to 99.2%. In general, these leases are written for periods up to 10 years or more with various provisions for renewal. These leases generally contain clauses for reimbursement (or direct payment) of real estate taxes, maintenance, insurance and certain other operating expenses of the properties.

As of September 30, 2019, we had a weighted average lease maturity of 7.6 years and our average annualized rent per occupied square foot was $6.20. Approximate minimum base rents due under non-cancellable leases as of September 30, 2019 are scheduled as follows (in thousands):  

Fiscal Year	Amount
2020	$	132,947
2021		130,863
2022		124,380
2023		119,725
2024		108,844
thereafter		482,571
Total	$	1,099,330