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SECURITIES AVAILABLE FOR SALE (Tables)
 12 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
SCHEDULE OF GAIN (LOSS) ON SECURITIES TRANSACTIONS, NET

 

   2020   2019   2018 
Gross realized gains  $0   $0   $112 
Gross realized losses   0    0    (1)
Gains on Sale of Securities Transactions, net  $0   $0   $111 
SUMMARY OF INVESTMENTS IN DEBT AND EQUITY SECURITIES

The following is a listing of our investments in securities at September 30, 2020 (in thousands):

 

 

Description  Series  Interest
Rate/
Dividend		   Number of
Shares		   Cost   Fair Value 
Equity Securities - Preferred Stock:                       
CBL & Associates Properties, Inc.  D   7.375%   400   $7,967   $304 
Cedar Realty Trust, Inc.  B   7.25%   6    136    109 
iStar Inc.  D   8.00%   10    232    253 
iStar Inc.  I   7.50%   60    1,301    1,452 
Pennsylvania Real Estate Investment Trust  D   6.875%   120    2,150    610 
Pennsylvania Real Estate Investment Trust  B   7.375%   120    2,216    606 
UMH Properties, Inc. (1) (2)  B   8.00%   100    2,500    2,526 
Total Equity Securities - Preferred Stock               $16,502   $5,860 

 

Description  Number of
Shares		   Cost   Fair Value 
Equity Securities - Common Stock:               
CBL & Associates Properties, Inc.   4,000   $33,525   $644 
Diversified Healthcare Trust   1,100    17,871    3,872 
Five Star Senior Living Inc.   75    290    378 
Franklin Street Properties Corp.   1,000    8,478    3,660 
Industrial Logistics Property Trust   700    13,789    15,309 
Kimco Realty Corporation   1,700    27,937    19,142 
Office Properties Income Trust   659    37,892    13,655 
Pennsylvania Real Estate Investment Trust   1,800    13,443    997 
Tanger Factory Outlet Centers, Inc.   600    12,300    3,618 
VEREIT, Inc.   3,500    27,891    22,750 
Washington Prime Group Inc.   1,500    11,860    971 
UMH Properties, Inc. (1)   1,328    13,858    17,975 
Total Equity Securities - Common Stock       $219,134   $102,971 

 

Description  Interest
Rate/
Dividend		   Number of
Shares		   Cost   Fair Value 
Modified Pass-Through Mortgage-Backed Securities:                    
Government National Mortgage Association (GNMA)   6.50%   500   $1   $1 
                     
Total Securities Available for Sale            $235,637   $108,832 

 

(1)Investment is in a related company. See Note No. 11 for further discussion.
(2)Subsequent to fiscal year end 2020, UMH redeemed all their 8.00% Series B Cumulative Redeemable Preferred Stock at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends.

 

 

The following is a listing of our investments in securities at September 30, 2019 (in thousands):

 

Description  Series  Interest
Rate/
Dividend		   Number of
Shares		   Cost   Fair Value 
Equity Securities - Preferred Stock:                       
CBL & Associates Properties, Inc.  D   7.375%   400   $7,967   $3,444 
Cedar Realty Trust, Inc.  B   7.25%   6    136    144 
Dynex Capital, Inc.  A   8.50%   10    250    256 
iStar Inc.  D   8.00%   10    232    261 
iStar Inc.  I   7.50%   60    1,301    1,547 
Pennsylvania Real Estate Investment Trust  D   6.875%   120    2,150    2,431 
Pennsylvania Real Estate Investment Trust  B   7.375%   120    2,216    2,484 
UMH Properties, Inc. (1)(2)  B   8.00%   100    2,500    2,600 
Total Equity Securities - Preferred Stock               $16,752   $13,167 

 

Description  Number of
Shares		   Cost   Fair Value 
Equity Securities - Common Stock:               
CBL & Associates Properties, Inc.   4,000   $33,525   $5,160 
Franklin Street Properties Corp.   1,000    8,478    8,460 
Industrial Logistics Property Trust   700    13,789    14,875 
Kimco Realty Corporation   1,700    27,937    35,496 
Office Properties Income Trust   659    37,892    20,192 
Pennsylvania Real Estate Investment Trust   1,800    13,443    10,296 
Senior Housing Property Trust   1,100    17,871    10,181 
Tanger Factory Outlet Centers, Inc.   600    12,300    9,288 
VEREIT, Inc.   3,500    27,891    34,230 
Washington Prime Group Inc.   1,500    11,860    6,210 
UMH Properties, Inc. (1)   1,257    12,935    17,693 
Total Equity Securities - Common Stock       $217,921   $172,081 

 

Description  Interest
Rate/
Dividend		   Number of
Shares		   Cost   Fair Value 
Modified Pass-Through Mortgage-Backed Securities:                    
Government National Mortgage Association (GNMA)   6.50%   500   $2   $2 
                     
Total Securities Available for Sale            $234,675   $185,250 

 

(1)Investment is in a related company. See Note No. 11 for further discussion.
(2)Subsequent to fiscal year end 2020, UMH redeemed all their 8.00% Series B Cumulative Redeemable Preferred Stock at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends.