Securities Available for Sale (Tables)

12 Months Ended

Dec. 31, 2012

Securities Available For Sale

Summary of available-for-sale securities

The following is a listing of securities available for sale at December 31, 2012:

			Interest			Number				Market
	Series		Rate			Of Shares		Cost		Value
Equity Securities:
Preferred Stock:
American Land Lease, Inc.		A		7.750	%		46,200	$	397,547	$	1,113,420
Ashford Hospitality Trust		E		9.000	%		21,600		540,021		578,880
Ashford Hospitality Trust		A		8.550	%		10,000		251,205		252,500
Campus Crest		A		8.000	%		10,000		250,000		259,200
CapLease Inc.		A		8.125	%		14,000		293,473		350,700
CapLease Inc.		B		8.375	%		48,000		1,200,752		1,257,120
CBL & Associates Properties		D		7.375	%		3,000		68,126		75,150
Cedar Realty Trust Inc.		A		8.875	%		2,268		56,976		57,403
Cedar Realty Trust Inc.		B		7.250	%		20,370		483,594		498,054
Chesapeake Lodging		A		7.750	%		20,000		500,000		529,000
Corporate Office Properties Trust		L		7.375	%		20,000		502,800		502,800
Cousins Properties		B		7.500	%		3,500		82,146		87,570
Digital Realty Trust Inc.		E		7.000	%		4,000		100,000		106,680
Dupont Fabros Technology, Inc.		A		7.875	%		26,412		657,703		703,877
				Interest			Number				Market
		Series		Rate			Of Shares		Cost		Value
Dupont Fabros Technology, Inc.		B		7.625	%		20,000		500,000		531,380
EPR Properties		F		6.625	%		10,000		250,000		246,000
Commonwealth REIT		D		6.500	%		35,000		431,643		807,800
Istar Financial, Inc.		I		7.500	%		10,500		190,597		228,375
Istar Financial, Inc.		D		8.000	%		1,500		30,756		33,495
Istar Financial, Inc.		E		7.875	%		11,000		203,221		243,430
Kilroy Realty Corp		G		6.875	%		20,000		500,000		518,200
Kite Realty Group Trust		A		8.250	%		62,000		1,527,328		1,590,300
Lasalle Hotel Properties		H		7.500	%		32,000		784,172		824,000
Lexington Realty Trust		C		6.500	%		6,000		247,860		284,701
Lexington Realty Trust		D		7.750	%		1,500		36,329		37,650
MPG Office Trust, Inc.		A		7.625	%		12,000		13,560		253,200
Parkway Properties, Inc.		D		8.000	%		13,400		331,241		335,243
Pennsylvania Real Estate Trust		A		8.250	%		94,000		2,350,885		2,470,320

Pennsylvania Real Estate Trust	B	7.375	%	40,000		1,000,000		1,010,940
Retail Properties of America	A	7.000	%	10,000		250,000		246,500
Stag Industrial, Inc.	A	9.000	%	9,000		224,885		242,595
Summit Hotel Properties, Inc	B	7.875	%	20,000		500,000		506,200
Sun Communities, Inc.	A	7.125	%	20,000		500,000		501,998
Terreno Realty Corporation	A	7.750	%	20,000		500,000		518,600
Urstadt Biddle	F	7.125	%	15,000		375,000		389,370
Vornado Realty Trust	D	7.875	%	4,000		96,112		108,319
Total Preferred Stock					$	16,227,932	$	18,300,970
Common Stock:
Getty Realty Corp.				135,700	$	2,833,601	$	2,450,742
Gladstone Commercial Corporation				80,500		1,404,133		1,444,975
Government Properties Income Trust				30,000		681,529		719,100
Commonwealth REIT				300,000		5,523,942		4,752,000
Mack-Cali Realty Group				40,000		1,103,392		1,044,400
Medical Properties Trust Inc				67,000		630,427		801,320
Monmouth Real Estate Investment Corporation (1)				1,767,147		14,521,198		18,307,641
Nobility Homes				20,000		158,200		98,000
Omega Healthcare REIT Investors				45,000		746,936		1,073,250
One Liberty Properties, Inc.				30,000		446,025		608,700
Parkway Properties, Inc.				10,000		134,799		139,900
Pennsylvania Real Estate Investment Trust				140,000		1,460,129		2,469,600
Select Income Real Estate Investment Trust				132,387		3,204,612		3,279,226
Senior Housing Properties Trust				60,000		1,291,280		1,418,400
Urstadt Biddle Properties Incorporated				21,200		343,350		417,216
Total Common Stock						34,483,553		39,024,470
Total Securities Available for Sale					$	50,711,485	$	57,325,440

(1) Related entity – See Note 8.

The following is a listing of securities available for sale at December 31, 2011:

			Interest			Number of				Market
	Series		Rate			Shares		Cost		Value
Equity Securities:
Preferred Stock:
American Land Lease, Inc.		A		7.750	%		46,200	$	397,547	$	1,004,850
Ashford Hospitality Trust		E		9.000	%		24,000		600,063		584,400
Ashford Hospitality Trust		A		8.550	%		10,000		251,205		242,700
CapLease Inc.		A		8.125	%		14,000		293,473		336,420
CBL & Associates Properties		D		7.375	%		3,000		68,126		71,040
CBL & Associates Properties		C		7.750	%		15,000		359,011		373,350
Cogdell Spencer		A		8.500	%		30,200		752,642		764,060
Commonwealth REIT		D		6.500	%		55,000		630,698		1,115,950
Cousins Properties		B		7.500	%		3,500		82,146		84,630
Developers Diversified Realty Corporation		I		7.500	%		4,000		43,755		98,120
Digital Realty Trust Inc.		E		7.000	%		4,000		100,000		102,400
Dupont Fabros Technology, Inc.		A		7.875	%		26,412		657,703		663,205
Entertainment Properties REIT		D		7.375	%		1,000		24,636		24,940
Equity Lifestyle Properties, Inc.		A		8.034	%		22,500		562,390		569,475
iStar Financial Inc.		I		7.500	%		10,500		190,597		145,740
iStar Financial Inc.		D		8.000	%		1,500		30,756		22,785
iStar Financial Inc.		E		7.875	%		11,000		203,221		159,060
Kite Realty Group Trust		A		8.250	%		63,000		1,552,348		1,459,080
LaSalle Hotel Properties		H		7.500	%		32,000		784,172		783,360
LaSalle Hotel Properties		D		7.500	%		3,797		95,034		91,318
Lexington Realty Trust		B		8.050	%		25,000		502,222		623,750
Lexington Realty Trust		C		6.500	%		6,000		247,860		251,940
Lexington Realty Trust		D		7.550	%		1,500		36,329		36,442
MPG Office Trust, Inc.		A		7.625	%		12,000		13,560		149,880
Parkway Properties, Inc.		D		8.000	%		13,400		331,241		310,344
STAG Industrial, Inc.		A		9.000	%		9,000		224,885		225,450
Vornado Realty Trust		D		7.875	%		4,000		96,111		109,920
Total Preferred Stock									9,131,731		10,404,609
Common Stock:
Commonwealth REIT							140,000		2,942,699		2,329,600
Getty Realty Corp.							105,700		2,370,708		1,474,515
Gladstone Commercial Corporation							60,000		1,041,990		1,053,000
Monmouth Real Estate Investment Corporation (1)							1,726,254		14,111,176		15,795,213
Nobility Homes, Inc.							20,000		158,200		104,000
Omega Healthcare REIT Investors							45,000		746,936		870,750
One Liberty Properties, Inc.							30,000		446,025		495,000
Pennsylvania Real Estate Investment Trust							455,000		4,542,158		4,750,200
ProLogis							22,320		537,572		638,129
Stag Industrial Inc.							337,500		3,945,136		3,871,125
Sun Communities, Inc.							30,900		519,228		1,128,777
Urstadt Biddle Properties Incorporated							21,200		343,350		383,296
Total Common Stock									31,705,178		32,893,605
Total Securities Available for Sale								$	40,836,909	$	43,298,214

(1) Related entity – See Note 8.

Summary of temporarily impaired securities

	Less Than 12 Months					12 Months or Longer
	Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss
Preferred Stock	$	492,500	$	(7,500	)	$	-0-	$	-0-
Common Stock		5,894,400		(891,134	)		2,450,742		(382,859	)
Total	$	6,386,900	$	(898,634	)	$	2,450,742	$	(382,859	)

Summary of the range of the losses

Number of Individual Securities		Fair Value	Unrealized Loss		Range of Loss
3	$	1,536,900	($66,492	)	Less than or equal to 10%
2		7,202,742	(1,154,801	)	Less than or equal to 20%
1		98,000	(60,200	)	Less than or equal to 40%
6	$	8,837,642	($1,281,493	)

Summary of gain (loss) on securities transactions

	2012		2011		2010
Gross realized gains	$	4,092,585	$	2,692,649	$	3,970,927
Gross realized losses		-0-		-0-		(39,047	)
Impairment loss		-0-		-0-		-0-
Total Gain (Loss) on Securities Transactions, net	$	4,092,585	$	2,692,649	$	3,931,880