Securities Available for Sale (Tables)

12 Months Ended

Dec. 31, 2013

Securities Available For Sale [Abstract]

Summary of available-for-sale securities

The following is a listing of securities available for sale at December 31, 2013:

			Interest			Number				Market
	Series		Rate			Of Shares		Cost		Value
Equity Securities:
Preferred Stock:
Alexandria Real Estate		E		6.450	%		2,000	$	45,425	$	42,400
American Land Lease, Inc.		A		7.750	%		31,200		275,297		756,600
Ashford Hospitality Trust		A		8.550	%		10,000		251,205		252,490
Campus Crest Communities		A		8.000	%		30,000		751,222		741,000
CBL & Associates Properties		D		7.375	%		2,000		50,269		47,500
CBL & Associates Properties		E		6.625	%		65,000		1,543,385		1,381,900
Cedar Realty Trust Inc.		B		7.250	%		47,355		1,127,208		1,089,157
Chesapeake Lodging		A		7.750	%		20,000		500,000		491,800
Commonwealth Real Estate Trust		D		6.500	%		74,000		1,660,828		1,517,740
Corporate Office Properties Trust		L		7.375	%		26,000		650,330		612,040
Cubesmart		A		7.750	%		2,000		52,153		50,300
Digital Realty Trust Inc.		E		7.000	%		4,000		100,000		86,840
Digital Realty Trust Inc.		F		6.625	%		2,000		44,870		41,160
Dupont Fabros Technology, Inc.		A		7.875	%		26,412		657,703		632,303
Dupont Fabros Technology, Inc.		B		7.625	%		20,000		500,000		455,400
EPR Properties		F		6.625	%		20,000		472,680		423,800
Equity Lifestyle Properties		C		6.750	%		2,000		46,885		46,200
General Growth Properties		A		6.375	%		10,000		250,000		201,500
Glimcher Realty		I		6.875	%		39,738		964,267		858,341
Istar Financial, Inc.		D		8.000	%		26,600		636,609		635,447
Istar Financial, Inc.		E		7.875	%		38,342		851,903		896,819
Istar Financial, Inc.		I		7.500	%		59,600		1,325,647		1,363,648
Kilroy Realty Corp.		G		6.875	%		34,948		844,770		766,410
Kilroy Realty Corp.		H		6.380	%		10,000		235,486		205,700
Kimco Realty		I		6.000	%		2,000		43,026		41,740
Kite Realty Group Trust		A		8.250	%		50,000		1,227,138		1,262,500
Lasalle Hotel Properties		H		7.500	%		40,000		982,589		986,000
Lasalle Hotel Properties		I		6.375	%		6,000		124,984		121,080
Lexington Realty Trust		C		6.500	%		6,000		247,860		264,900

			Interest			Number				Market
	Series		Rate			Of Shares		Cost		Value
Pebblebrook Hotel		C		6.500	%		19,000	$	400,742	$	387,062
Pennsylvania Real Estate Trust		A		8.250	%		94,000		2,350,885		2,364,852
Pennsylvania Real Estate Trust		B		7.375	%		40,000		1,000,000		949,200
Retail Properties of America		A		7.000	%		20,000		481,949		421,600
SL Green Realty Corp.		I		6.500	%		20,000		460,169		426,200
Stag Industrial, Inc.		A		9.000	%		9,000		224,885		239,040
Stag Industrial, Inc.		B		6.625	%		20,100		470,007		418,683
Summit Hotel Properties, Inc		B		7.875	%		20,000		500,000		477,002
Sun Communities, Inc.		A		7.125	%		45,000		1,117,377		1,059,750
Taubman Centers		K		6.250	%		11,000		228,009		218,932
Terreno Realty Corp.		A		7.750	%		20,300		507,791		497,350
Urstadt Biddle Properties, Inc.		F		7.125	%		30,421		756,305		700,596
Vornado Realty Trust		D		7.875	%		4,000		96,114		103,960
Total Preferred Stock								$	25,057,972	$	24,536,942
Common Stock:
Getty Realty Corp.							100,000	$	1,886,332	$	1,837,000
Gladstone Commercial Corp.							60,000		1,031,950		1,078,200
Government Properties Income Trust							110,000		2,664,307		2,733,500
Mack-Cali Realty Group							75,000		1,824,903		1,611,000
Monmouth Real Estate Investment Corp. (1)							1,875,147		15,491,475		17,045,082
Nobility Homes							20,000		158,200		180,200
Parkway Properties, Inc.							10,000		134,799		192,900
Select Income Real Estate Investment Trust							340,973		8,976,023		9,117,618
Urstadt Biddle Properties, Inc.							50,000		912,243		922,500
Total Common Stock									33,080,232		34,718,000
Total Securities Available for Sale								$	58,138,204	$	59,254,942

(1)  Related entity – See Note 8.

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
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 Corp.		A		7.750	%		20,000		500,000		518,600
Urstadt Biddle Properties, Inc.		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 Corp.							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 Corp. (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

		Interest	Number				Market
	Series	Rate	Of Shares		Cost		Value
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, Inc.				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.

Summary of temporarily impaired securities

	Less Than 12 Months					12 Months or Longer
	Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss
Preferred Stock	$	16,046,133	$	(1,178,316	)	$	-0-	$	-0-
Common Stock		3,448,000		(263,235	)		-0-		-0-
Total	$	19,494,133	$	(1,441,551	)	$	-0-	$	-0-

Summary of the range of the losses

Number of Individual Securities	Fair Value		Unrealized Loss			Range of Loss
27	$	15,690,469	$	(918,603	)	Less than or equal to 10%
7		3,803,664		(522,948	)	Less than or equal to 20%
34	$	19,494,133	$	(1,441,551	)

Summary of gain (loss) on securities transactions

	2013			2012		2011
Gross realized gains	$	4,284,934		$	4,092,585	$	2,692,649
Gross realized losses		(229,122	)		-0-		-0-
Impairment loss		-0-			-0-		-0-
Total Gains realized on Sale of Securities Transactions, net	$	4,055,812		$	4,092,585	$	2,692,649