Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

The following is a listing of marketable securities at December 31, 2018:

			Interest			Number				Market
	Series		Rate			of Shares		Cost		Value
Equity Securities:
Preferred Stock:
CBL & Associates Properties, Inc.		D		7.375	%		2,000	$	50,269	$	21,160
CBL & Associates Properties, Inc.		E		6.625	%		62,724		1,487,145		599,641
Cedar Realty Trust, Inc.		B		7.250	%		8,111		188,005		187,023
Cedar Realty Trust, Inc.		C		6.500	%		20,000		494,407		379,600
Colony Capital Inc.		I		7.150	%		20,000		500,000		369,000
Investors Real Estate Trust		C		6.625	%		20,000		500,000		461,684
Pennsylvania Real Estate Investment Trust		B		7.375	%		40,000		1,000,000		654,400
Pennsylvania Real Estate Investment Trust		D		6.875	%		20,000		498,207		310,800
Urstadt Biddle Properties, Inc.		G		6.750	%		5,000		125,000		123,750
Urstadt Biddle Properties, Inc.		H		6.250	%		12,500		312,500		292,500
Total Preferred Stock									5,155,533		3,399,558
Common Stock:
CBL & Associates Properties, Inc.							1,600,000		16,692,139		3,072,000
Franklin Street Properties Corporation							220,000		2,219,219		1,370,600
Government Properties Income Trust							2,246,000		36,418,264		15,430,020
Industrial Logistics Properties Trust							502,258		9,951,185		9,879,415
Kimco Realty Corporation							910,000		17,052,180		13,331,500
Monmouth Real Estate Investment Corporation (1)							2,446,054		22,292,408		30,331,065
Pennsylvania Real Estate Investment Trust							210,000		2,226,089		1,247,400
Senior Housing Properties Trust							170,911		2,919,572		2,003,078
Tanger Factory Outlet							180,000		4,228,627		3,639,600
Urstadt Biddle Properties, Inc.							100,000		2,048,516		1,922,000
Vereit, Inc.							1,410,000		12,058,590		10,081,500
Washington Prime Group							800,000		6,489,228		3,888,000
Total Common Stock									134,596,017		96,196,178
Total Marketable Securities								$	139,751,550	$	99,595,736

(1) Related entity – See Note 8.

The following is a listing of marketable securities 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 Marketable Securities								$	121,444,694	$	132,964,276

(1) Related entity – See Note 8.

Summary of Gain (Loss) on Securities Transactions

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

	2018		2017			2016
Gross realized gains	$	20,107	$	1,749,034		$	2,287,454
Gross realized losses		-0-		(1,506	)		(2,153	)
Total Gain on Sales of Marketable Securities, net	$	20,107	$	1,747,528		$	2,285,301