MARKETABLE SECURITIES	9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	NOTE 4 – MARKETABLE SECURITIES The Company’s marketable securities consist primarily of marketable common and preferred stock of other REITs with a fair value of $102.8 million as of September 30, 2021, which represents 6.8% of undepreciated assets. The Company generally limits its investment in marketable securities to no more than approximately 15% of its undepreciated assets. The REIT securities portfolio provides the Company with additional liquidity and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available. During the three and nine months ended September 30, 2021, the Company sold securities with a cost basis of $7.2 million and $14.5 million, respectively, and recognized a gain on sales of $2.6 million and $2.3 million, respectively. As of September 30, 2021, the Company owned a total of 2.7 million common shares of Monmouth Real Estate Investment Corporation (“MREIC”), a related REIT, at a total cost of $25.0 million and a fair value of $49.5 million. As of September 30, 2021, the Company had total net unrealized losses of $25.2 million in its REIT securities portfolio. For the three and nine months ended September 30, 2021, the Company recorded a decrease of $5.4 million and an increase of $14.1 million, respectively, in the fair value of these marketable securities. The Company held eleven securities that had unrealized losses as of September 30, 2021. The Company normally holds REIT securities long-term and has the ability and intent to hold these securities to recovery.

MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

NOTE 4 – MARKETABLE SECURITIES

The Company’s marketable securities consist primarily of marketable common and preferred stock of other REITs with a fair value of $102.8 million as of September 30, 2021, which represents 6.8% of undepreciated assets. The Company generally limits its investment in marketable securities to no more than approximately 15% of its undepreciated assets. The REIT securities portfolio provides the Company with additional liquidity and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available.

During the three and nine months ended September 30, 2021, the Company sold securities with a cost basis of $7.2 million and $14.5 million, respectively, and recognized a gain on sales of $2.6 million and $2.3 million, respectively. As of September 30, 2021, the Company owned a total of 2.7 million common shares of Monmouth Real Estate Investment Corporation (“MREIC”), a related REIT, at a total cost of $25.0 million and a fair value of $49.5 million.

As of September 30, 2021, the Company had total net unrealized losses of $25.2 million in its REIT securities portfolio. For the three and nine months ended September 30, 2021, the Company recorded a decrease of $5.4 million and an increase of $14.1 million, respectively, in the fair value of these marketable securities. The Company held eleven securities that had unrealized losses as of September 30, 2021. The Company normally holds REIT securities long-term and has the ability and intent to hold these securities to recovery.