Securities Available for Sale

12 Months Ended

Dec. 31, 2014

Securities Available For Sale [Abstract]

SECURITIES AVAILABLE FOR SALE

NOTE 4 – SECURITIES AVAILABLE FOR SALE

The Company’s securities available for sale consist of common and preferred stock of other REITs. The Company does not own more than 10% of the outstanding shares of any of these securities, nor does it have controlling financial interest.

As of December 31, 2014 and 2013, the Company’s securities are all classified as available-for-sale. See Note 13 for Fair Value Measurements.

The following is a listing of securities available for sale at December 31, 2014:

			Interest	Number		Market
		Series	Rate	Of Shares	Cost	Value
Equity Securities:
	Preferred Stock:
	Ashford Hospitality Trust, Inc.	A	8.550%	10,000	$   251,205	$   257,800
	Campus Crest Communities, Inc.	A	8.000%	30,000	751,222	766,500
	CBL & Associates Properties, Inc.	D	7.375%	2,000	50,269	50,400
	CBL & Associates Properties, Inc.	E	6.625%	65,000	1,543,385	1,632,800
	Cedar Realty Trust, Inc.	B	7.250%	50,905	1,215,497	1,337,789
	Chesapeake Lodging Trust	A	7.750%	20,000	500,000	526,000
	Corporate Office Properties Trust	L	7.375%	26,000	650,330	678,080
	CubeSmart	A	7.750%	2,000	52,153	53,952
	Digital Realty Trust, Inc.	F	6.625%	2,000	44,870	51,000
	Dupont Fabros Technology, Inc.	A	7.875%	26,412	657,703	672,336
	Dupont Fabros Technology, Inc.	B	7.625%	10,000	250,000	255,200
	EPR Properties	F	6.625%	20,000	472,680	504,000
	Equity LifeStyle Properties, Inc.	C	6.750%	2,000	46,885	52,400

		Interest	Number		Market
	Series	Rate	Of Shares	Cost	Value
Glimcher Realty Trust	I	6.875%	39,738	964,267	1,017,690
Kilroy Realty Corporation	G	6.875%	34,948	844,770	913,436
Kilroy Realty Corporation	H	6.380%	10,000	235,486	250,000
Kite Realty Group Trust	A	8.250%	50,000	1,227,138	1,304,000
LaSalle Hotel Properties	H	7.500%	40,000	982,589	1,050,800
Pennsylvania Real Estate Investment Trust	A	8.250%	94,000	2,350,885	2,467,500
Pennsylvania Real Estate Investment Trust	B	7.375%	40,000	1,000,000	1,035,460
Retail Properties of America, Inc.	A	7.000%	20,000	481,949	524,000
Stag Industrial, Inc.	B	6.625%	20,100	470,007	516,110
Summit Hotel Properties, Inc	B	7.875%	20,000	500,000	525,400
Sun Communities, Inc.	A	7.125%	45,000	1,117,377	1,155,600
Terreno Realty Corporation	A	7.750%	20,300	507,791	520,898
Urstadt Biddle Properties, Inc.	F	7.125%	30,421	756,305	798,232
Urstadt Biddle Properties, Inc.	G	6.750%	5,000	125,000	128,600
Total Preferred Stock				$18,049,763	$19,045,983
Common Stock:
CBL & Associates Properties, Inc			60,000	$  1,108,384	$  1,165,200
Getty Realty Corporation			130,000	2,457,219	2,367,300
Gladstone Commercial Corporation			50,000	856,545	858,500
Government Properties Income Trust			210,000	5,059,017	4,832,100
Mack-Cali Realty Corporation			85,000	2,017,705	1,620,100
Monmouth Real Estate Investment Corp. (1)			1,995,809	16,644,510	22,093,602
Nobility Homes Inc.			20,000	158,200	215,000
Parkway Properties Inc.			10,000	182,343	183,900
Select Income REIT			373,473	9,981,576	9,116,476
Senior Housing Properties Trust			20,000	474,337	442,200
Urstadt Biddle Properties, Inc.			10,000	193,808	218,800
Weingarten Realty Investors			40,000	1,292,633	1,396,800
Total Common Stock				$40,426,277	$44,509,978
Total Securities Available for Sale				$58,476,040	$63,555,961

(1) Related entity – See Note 8.

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 Equities Inc.	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, Inc.	A	8.550%	10,000	251,205	252,490
	Campus Crest Communities, Inc.	A	8.000%	30,000	751,222	741,000
	CBL & Associates Properties, Inc.	D	7.375%	2,000	50,269	47,500
	CBL & Associates Properties, Inc.	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 Trust	A	7.750%	20,000	500,000	491,800
	Commonwealth Real Estate Securities	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, Inc.	C	6.750%	2,000	46,885	46,200
	General Growth Properties, Inc.	A	6.375%	10,000	250,000	201,500
	Glimcher Realty Trust	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 Corporation	G	6.875%	34,948	844,770	766,410
	Kilroy Realty Corporation	H	6.380%	10,000	235,486	205,700
	Kimco Realty Corporation	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
	Pebblebrook Hotel Trust	C	6.500%	19,000	400,742	387,062
	Pennsylvania Real Estate Investment Trust	A	8.250%	94,000	2,350,885	2,364,852
	Pennsylvania Real Estate Investment Trust	B	7.375%	40,000	1,000,000	949,200
	Retail Properties of America, Inc.	A	7.000%	20,000	481,949	421,600
	SL Green Realty Corporation	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, Inc.	K	6.250%	11,000	228,009	218,932
	Terreno Realty Corporation	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 Corporation			100,000	$ 1,886,332	$ 1,837,000
	Gladstone Commercial Corporation			60,000	1,031,950	1,078,200
	Government Properties Income Trust			110,000	2,664,307	2,733,500

		Interest	Number		Market
	Series	Rate	Of Shares	Cost	Value
Mack-Cali Realty Corporation			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 Inc.			20,000	158,200	180,200
Parkway Properties Inc.			10,000	134,799	192,900
Select Income REIT			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.

As of December 31, 2014, the Company held five securities that the Company determined were temporarily impaired investments. 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 December 31, 2014:

	Less than 12 Months		12 Months or Longer
	Fair Value	Unrealized Loss		Fair Value	Unrealized Loss
Preferred Stock	$ -0-	$ -0-		$ -0-	$ -0-
Common Stock	16,758,076	(1,214,073)		1,620,100	(397,605)
Total	$16,758,076	($1,214,073)		$1,620,100	($397,605)

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

Number of Individual Securities	Fair Value	Unrealized Loss	Range of Loss
4	$16,758,076	($1,214,073)	Less than or equal to 10%
1	1,620,100	(397,605)	Less than or equal to 20%
5	$18,378,176	($1,611,678)

The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. As of December 31, 2014, 2013 and 2012, the securities portfolio had net unrealized holding gains of $5,079,921, $1,116,738 and $6,613,956, respectively.

During the years ended December 31, 2014, 2013 and 2012, the Company received proceeds of $10,911,791, $18,981,468 and $16,159,984, on sales or redemptions of securities available for sale, respectively. The Company recorded the following Gain (Loss) on Sale of Securities Transactions, net:

	2014	2013	2012
Gross realized gains	$1,555,656	$4,284,934	$4,092,585
Gross realized losses	(13,067)	(229,122)	-0-
Gains on Sale of Securities Transactions, net	$1,542,589	$4,055,812	$4,092,585

The Company had margin loan balances of $19,392,382 and $18,574,228 at December 31, 2014 and 2013, respectively, which were collateralized by the Company’s securities portfolio.