SECURITIES AVAILABLE FOR SALE AT FAIR VALUE	9 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
SECURITIES AVAILABLE FOR SALE AT FAIR VALUE	NOTE 4 – SECURITIES AVAILABLE FOR SALE AT FAIR VALUE Our Securities Available for Sale at Fair Value consists primarily of marketable common and preferred stock of other REITs with a fair value of $118.9 million as of June 30, 2020, representing 5.4% of our undepreciated assets, which we define as total assets excluding accumulated depreciation. Total assets excluding accumulated depreciation were $2.2 billion as of June 30, 2020. We are in the process of gradually reducing the size of this portfolio to no more than approximately 5% of our undepreciated assets. Our REIT securities portfolio provides us with diversification, income, and is a source of potential liquidity when needed. We normally hold REIT securities long-term and have the ability and intent to hold these securities to recovery. We recognized dividend income on our investments in securities of $2.3 million and $9.0 million for the three and nine months ended June 30, 2020. There have been no open market purchases or sales of securities during the nine months ended June 30, 2020. During the nine months ended June 30, 2020, one of our preferred stock investments was called for redemption at its liquidation value, which was equal to our cost basis. We owned a total of 1.3 million common shares in UMH Properties, Inc. (UMH), a related REIT, as of June 30, 2020, at a total cost of $13.6 million and a fair value of $16.9 million representing 3.2% of the outstanding common shares of UMH. Dividends received from our UMH common shares are reinvested through UMH’s Dividend Reinvestment and Stock Purchase Plan. In addition, as of June 30, 2020, we owned 100,000 shares of UMH’s 8.00% Series B Cumulative Redeemable Preferred Stock at a total cost of $2.5 million with a fair value of $2.5 million. The total unrealized gain on our investment in UMH’s common and preferred stock as of June 30, 2020 was $3.3 million. As of June 30, 2020, we had total net unrealized holding losses on our securities portfolio of $116.5 million. As a result of the adoption of ASU 2016-01, effective October 1, 2018, we recorded a $24.7 million adjustment to opening retained earnings. In addition, $19.6 million of net unrealized holding gains and $67.1 million of the net unrealized holding losses have been reflected as Unrealized Holding Gains (Losses) Arising During the Periods in the accompanying Consolidated Statements of Income (Loss) for the three and nine months ended June 30, 2020, respectively.

SECURITIES AVAILABLE FOR SALE AT FAIR VALUE

9 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

SECURITIES AVAILABLE FOR SALE AT FAIR VALUE

NOTE 4 – SECURITIES AVAILABLE FOR SALE AT FAIR VALUE

Our Securities Available for Sale at Fair Value consists primarily of marketable common and preferred stock of other REITs with a fair value of $118.9 million as of June 30, 2020, representing 5.4% of our undepreciated assets, which we define as total assets excluding accumulated depreciation. Total assets excluding accumulated depreciation were $2.2 billion as of June 30, 2020. We are in the process of gradually reducing the size of this portfolio to no more than approximately 5% of our undepreciated assets. Our REIT securities portfolio provides us with diversification, income, and is a source of potential liquidity when needed. We normally hold REIT securities long-term and have the ability and intent to hold these securities to recovery.

We recognized dividend income on our investments in securities of $2.3 million and $9.0 million for the three and nine months ended June 30, 2020. There have been no open market purchases or sales of securities during the nine months ended June 30, 2020. During the nine months ended June 30, 2020, one of our preferred stock investments was called for redemption at its liquidation value, which was equal to our cost basis. We owned a total of 1.3 million common shares in UMH Properties, Inc. (UMH), a related REIT, as of June 30, 2020, at a total cost of $13.6 million and a fair value of $16.9 million representing 3.2% of the outstanding common shares of UMH. Dividends received from our UMH common shares are reinvested through UMH’s Dividend Reinvestment and Stock Purchase Plan. In addition, as of June 30, 2020, we owned 100,000 shares of UMH’s 8.00% Series B Cumulative Redeemable Preferred Stock at a total cost of $2.5 million with a fair value of $2.5 million. The total unrealized gain on our investment in UMH’s common and preferred stock as of June 30, 2020 was $3.3 million.

As of June 30, 2020, we had total net unrealized holding losses on our securities portfolio of $116.5 million. As a result of the adoption of ASU 2016-01, effective October 1, 2018, we recorded a $24.7 million adjustment to opening retained earnings. In addition, $19.6 million of net unrealized holding gains and $67.1 million of the net unrealized holding losses have been reflected as Unrealized Holding Gains (Losses) Arising During the Periods in the accompanying Consolidated Statements of Income (Loss) for the three and nine months ended June 30, 2020, respectively.