SECURITIES AVAILABLE FOR SALE

3 Months Ended

Mar. 31, 2012

Investments, Debt and Equity Securities [Abstract]

SECURITIES AVAILABLE FOR SALE

NOTE 4 – SECURITIES AVAILABLE FOR SALE

During the quarter ended March 31, 2012, the Company sold securities with an adjusted cost of $3,211,439 and recognized a gain on sale of $1,212,712. The Company also made purchases of $3,483,571 in securities available for sale.

As of March 31, 2012, the Company had eight securities that were temporarily impaired. The Company considers many factors in determining whether a security is other than temporarily impaired, including the nature of the security and the cause, severity and duration of the impairment. The following is a summary of temporarily impaired securities at March 31, 2012:

	Less Than 12 Months		12 Months or Longer
	Fair	Unrealized	Fair	Unrealized
	Value	Loss	Value	Loss
Preferred Stock	$273,100	($8,861)	$    -0-	$    -0-
Common Stock	6,490,746	(1,108,496)	-0-	-0-
Total	$6,763,846	($1,117,357)	$    -0-	$    -0-

The following is a summary of the range of the losses:

Number of Individual Securities	Fair Value	Unrealized Loss	Range of Loss
6	$2,199,400	($  51,153)	Less than or equal to 10%
1	2,793,000	(346,212)	Less than or equal to 20%
1	1,771,446	(719,992)	Less than or equal to 30%
8	$6,763,846	($1,117,357)

The Company has determined that these securities are temporarily impaired as of March 31, 2012. The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. As of March 31, 2012, the Company had total net unrealized gains of $6,551,894 in its REIT securities portfolio.

The Company has an investment in one common security which was at a loss of 38% as of December 31, 2011. This security has increased in value and was at a loss of 29% as of March 31, 2012. The Company believes that this security is temporarily impaired. The Company continues to monitor this security for other than temporary impairment under its policy.