Securities Available for Sale (Tables)

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-sale Securities

The following is a listing of securities available for sale at December 31, 2017:

		Interest			Number				Market
	Series	Rate			of Shares		Cost		Value
Equity Securities:
Preferred Stock:
CBL & Associates Properties, Inc.	D		7.375	%		2,000	$	50,269	$	43,720
CBL & Associates Properties, Inc.	E		6.625	%		62,724		1,487,145		1,383,064
Cedar Realty Trust, Inc.	B		7.250	%		18,269		422,544		458,755
Cedar Realty Trust, Inc.	C		6.500	%		20,000		494,407		500,800
Colony Northstar, Inc.	I		7.150	%		20,000		500,000		503,600
Investors Real Estate Trust	C		6.625	%		20,000		500,000		520,308
Pennsylvania Real Estate Investment Trust	B		7.375	%		40,000		1,000,000		1,007,200
Pennsylvania Real Estate Investment Trust	D		6.875	%		20,000		498,207		502,200
Urstadt Biddle Properties, Inc.	G		6.750	%		5,000		125,000		131,000
Urstadt Biddle Properties, Inc.	H		6.250	%		12,500		312,500		326,875
Total Preferred Stock								5,390,072		5,377,522
Common Stock:
CBL & Associates Properties, Inc.						1,500,000		16,157,749		8,490,000
Franklin Street Properties Corporation						150,000		1,659,118		1,611,000
Government Properties Income Trust						1,020,000		19,430,983		18,910,800
Kimco Realty Corporation						750,000		14,475,908		13,612,500
Monmouth Real Estate Investment Corporation (1)						2,335,930		20,698,562		41,579,558
Pennsylvania Real Estate Investment Trust						150,000		1,602,636		1,783,500
Select Income Real Estate Investment Trust						775,000		18,649,691		19,475,750
Senior Housing Properties Trust						160,911		2,739,069		3,081,446
Tanger Factory Outlet						120,000		2,941,621		3,181,200
Urstadt Biddle Properties, Inc.						100,000		2,048,516		2,174,000
Vereit, Inc.						1,300,000		11,253,514		10,127,000
Washington Prime Group						500,000		4,397,255		3,560,000
Total Common Stock								116,054,622		127,586,754
Total Securities Available for Sale							$	121,444,694	$	132,964,276

(1) Related entity – See Note 8.

The following is a listing of securities available for sale at December 31, 2016:

		Interest			Number				Market
	Series	Rate			of Shares		Cost		Value
Equity Securities:
Preferred Stock:
Ashford Hospitality Trust, Inc.	A		8.550	%		10,000	$	251,205	$	253,800
CBL & Associates Properties, Inc.	D		7.375	%		2,000		50,269		48,900
CBL & Associates Properties, Inc.	E		6.625	%		62,724		1,487,145		1,440,789
Cedar Realty Trust, Inc.	B		7.250	%		58,577		1,411,846		1,426,126
Chesapeake Lodging Trust	A		7.750	%		20,000		500,000		507,806
Corporate Office Properties Trust	L		7.375	%		26,000		650,330		656,760
Kilroy Realty Corporation	G		6.875	%		34,948		844,770		885,932
LaSalle Hotel Properties	H		7.500	%		40,000		982,589		1,002,000
Pennsylvania Real Estate Investment Trust	A		8.250	%		68,800		1,720,885		1,739,952
Pennsylvania Real Estate Investment Trust	B		7.375	%		40,000		1,000,000		1,000,000
Retail Properties of America, Inc.	A		7.000	%		20,000		481,949		500,000
Stag Industrial, Inc.	B		6.625	%		20,100		470,007		501,495
Summit Hotel Properties, Inc.	B		7.875	%		20,000		500,000		514,780
Sun Communities, Inc.	A		7.125	%		45,000		1,117,377		1,133,550
Terreno Realty Corporation	A		7.750	%		20,300		507,791		512,575
Urstadt Biddle Properties, Inc.	F		7.125	%		30,421		756,304		775,735
Urstadt Biddle Properties, Inc.	G		6.750	%		5,000		125,000		128,000
Total Preferred Stock								12,857,467		13,028,200
Common Stock:
CBL & Associates Properties, Inc.						1,000,000		11,785,016		11,500,000
Cousins Properties, Inc.						105,950		820,348		901,635
Gladstone Commercial Corporation						180,000		3,199,933		3,618,000
Government Properties Income Trust						810,000		15,520,076		15,442,650
Monmouth Real Estate Investment Corporation (1)						2,237,588		19,231,411		34,100,835
Nobility Homes Inc.						20,000		158,200		315,000
Parkway Properties Inc.						33,243		628,819		739,657
Select Income Real Estate Investment Trust						740,000		17,802,516		18,648,000
Senior Housing Properties Trust						220,911		3,760,406		4,181,845
Urstadt Biddle Properties, Inc.						85,000		1,761,151		2,049,350
Vereit, Inc.						500,000		4,512,658		4,230,000
Total Common Stock								79,180,534		95,726,972
Total Securities Available for Sale							$	92,038,001	$	108,755,172

(1) Related entity – See Note 8.

Summary of Temporarily Impaired Securities

The following is a summary of temporarily impaired securities at December 31, 2017:

	Less than 12 Months					12 Months or Longer
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Preferred Stock	$	1,383,064	$	(104,080	)	$	43,720	$	(6,549	)
Common Stock		56,311,300		(11,063,227	)		-0-		-0-
Total	$	57,694,364	$	(11,167,307	)	$	43,720	$	(6,549	)

Summary of Range of Losses

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

Number of Individual Securities		Fair Value		Unrealized Loss			Range of Loss
	2	$	20,521,800	$	(568,302	)		3	%
	3		25,122,564		(2,094,002	)		6-10	%
	1		43,720		(6,549	)		13	%
	1		3,560,000		(837,254	)		19	%
	1		8,490,000		(7,667,749	)		47	%
	8	$	57,738,084	$	(11,173,856	)

Summary of Gain (loss) on Securities Transactions

The Company recorded the following Gain (Loss) on Sale of Securities, net:

	2017			2016			2015
Gross realized gains	$	1,749,034		$	2,287,454		$	208,200
Gross realized losses		(1,506	)		(2,153	)		(3,970	)
Total Realized Gain on Sales of Securities, net	$	1,747,528		$	2,285,301		$	204,230