NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER
30, 2020
NOTE
1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description
of the Business
Monmouth
Real Estate Investment Corporation, a Maryland corporation, together with its consolidated subsidiaries (we, our, us, the Company
or MREIC), operates as a real estate investment trust (REIT) deriving its income primarily from real estate rental operations.
We were founded in 1968 and are one of the oldest public equity REITs in the world. As of September 30, 2020 and 2019, rental
properties consisted of 119 and 114 property holdings, respectively. These properties are located in 31 states: Alabama, Arizona,
Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota,
Mississippi, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee,
Texas, Utah, Virginia, Washington and Wisconsin. As of September 30, 2020, our weighted average lease maturity was 7.1 years and
our annualized average base rent per occupied square foot was $. As of September 30, 2020, the weighted average building age,
based on the square footage of our buildings, was 9.8 years.
The
future effects of the evolving impact of the COVID-19 pandemic are uncertain, however, at this time COVID-19 has not had a material
adverse effect on our financial condition. We invest in modern single-tenant, industrial buildings, leased primarily to investment-grade
tenants or their subsidiaries on long-term net-leases. Our investments are exclusively situated in the continental United States,
and are primarily located in strategic locations that are mission-critical to our tenants’ needs. In many cases our buildings
are highly automated in order to serve the omni-channel distribution networks that have become essential today. Approximately
81% of our revenue is derived from investment-grade tenants, or their subsidiaries as defined by S&P Global Ratings (www.standardandpoors.com)
and by Moody’s (www.moodys.com). The references in this report to S&P Global Ratings and Moody’s are not
intended to and do not include, or incorporate by reference into this report, the information of S&P Global Ratings or Moody’s
on such websites.
For
many years, ecommerce demand has increased, and it has now become an integral part of the retail landscape. The COVID-19 pandemic
has created an even greater move towards on-line shopping. As a result of state and local government-mandated shutdowns, ecommerce
sales as a percentage of total retail sales increased from approximately 15% to 27% during the last two quarters. It is estimated
that ecommerce sales require three times the warehouse space relative to brick and mortar retail sales. The COVID-19 pandemic
has also created a need for supply chain reconfiguration. Increased inventory stocking is currently taking place across many industries
and it appears that this trend will continue in order to accommodate surges in demand. Additionally, U.S. manufacturing has been
increasing in recent years and the COVID-19 pandemic has accelerated this trend as supply chains now prefer shorter distances
and less reliance on foreign sources.
Our
portfolio of modern, net-leased industrial properties, continues to provide shareholders with reliable and predictable income
streams. Our resilient occupancy rates and rent collection results during these challenging times highlights the mission-critical
nature of our assets and underscores the essential need for our tenants’ operations. Furthermore, because our weighted average
lease maturity is 7.1 years and our weighted average fixed rate mortgage debt maturity is 11.1
years, we expect our cash flow to remain
resilient over long periods of time. Our overall occupancy rate and our base rent collections have remained strong throughout
the COVID-19 pandemic. Our overall occupancy rate has remained at 99.4%.
Our base rent collections have averaged 99.7%
and we expect November and future months to be consistent with this trend.
Use
of Estimates
In
preparing the financial statements in accordance with accounting principles generally accepted in the United States of America
(U.S. GAAP), we are required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual
results could differ from these estimates and assumptions.
Segment
Reporting & Financial Information
Our
primary business is the ownership and management of real estate properties. We invest in well-located, modern, single-tenant,
industrial buildings leased primarily to investment-grade tenants or their subsidiaries on long-term net leases. We review operating
and financial information for each property on an individual basis and, therefore, each property represents an individual operating
segment. We evaluate financial performance using Net Operating Income (NOI) from property operations. NOI is a non-GAAP financial
measure, which we define as recurring Rental and Reimbursement Revenue, less Real Estate Taxes and Operating Expenses, such as
insurance, utilities and repairs and maintenance. We have aggregated the properties into one reportable segment as the properties
share similar long-term economic characteristics and have other similarities, including the fact that they are operated as industrial
properties subject to long-term net leases primarily to investment-grade tenants or their subsidiaries.
Principles
of Consolidation
The
consolidated financial statements include the Company and our wholly-owned subsidiaries. In 2005, we formed MREIC Financial, Inc.,
a taxable REIT subsidiary which has had no activity since inception. In 2007, we merged with Monmouth Capital Corporation (Monmouth
Capital), with Monmouth Capital surviving as our wholly-owned subsidiary. All intercompany transactions and balances have been
eliminated in consolidation.
Buildings
and Improvements
Buildings
and improvements are stated at the lower of depreciated cost or net realizable value. Depreciation is computed based on the straight-line
method over the estimated useful lives of the assets. These lives are 39 years for buildings and range from 3 to 39 years for
improvements.
We
apply Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360-10, Property, Plant & Equipment
(ASC 360-10) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when
conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without
interest) from a rental property is less than its historical net cost basis. These expected future cash flows consider factors
such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors.
Upon determination that an other-than-temporary impairment has occurred, rental properties are reduced to their fair value. For
properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to
sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or
it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated
fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not
recorded.
Gains
(Losses) on Sale of Real Estate
Gains
(losses) on the sale of real estate investments are recognized when the profit (loss) on a given sale is determinable, and the
seller is not obliged to perform significant activities after the sale to earn such profit (loss).
Acquisitions
We
account for our property acquisitions as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized
to real estate investments as part of the purchase price. In addition, acquisitions that do not meet the definition of a business
combination are accounted for as asset acquisitions whereby the consideration incurred is allocated to the individual assets acquired
on a relative fair value basis.
Marketable
Securities
Investments
in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs. We intend
to limit the size of this portfolio to no more than approximately 5% of our undepreciated assets, which we define as total assets
excluding accumulated depreciation. The value of the marketable securities was $108.8 million as of September 30, 2020, representing
4.9% of our undepreciated assets. We continue to believe that our REIT securities portfolio provides us with diversification,
income, a source of potential liquidity when needed and also serves as a proxy for real estate when more favorable risk adjusted
returns are not available in the private real estate markets. Our decision to reduce this threshold mainly stems from the implementation
of accounting rule ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets
and Financial Liabilities”, which took effect at the beginning of last fiscal year. This new rule requires that quarterly
changes in the market value of our marketable securities flow through our Consolidated Statements of Income. The implementation
of this accounting rule has resulted in increased volatility in our reported earnings and some of our key performance metrics.
These marketable securities are all publicly-traded and purchased on the open market through private transactions or through dividend
reinvestment plans. These securities may be classified among three categories: held-to-maturity, trading, and available-for-sale.
We normally hold REIT securities on a long-term basis and have the ability and intent to hold securities to recovery. Therefore,
as of September 30, 2020 and 2019, our securities are all classified as available-for-sale and are carried at fair value based
upon quoted market prices in active markets. Gains or losses on the sale of securities are based on average cost and are accounted
for on a trade date basis.
In
January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, “Financial
Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires
equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of
the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities
to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate
presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates
the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value
that is required to be disclosed for financial instruments measured at amortized cost. These changes became effective for our
fiscal year beginning October 1, 2018. The most significant change for us, once ASU 2016-01 was adopted, was the accounting treatment
for our investments in marketable securities that are classified as available-for-sale. The accounting treatment used for our
Consolidated Financial Statements through fiscal 2018 was that our investments in marketable securities, classified as available
for sale, were carried at fair value, with net unrealized holding gains and losses being excluded from earnings and reported as
a separate component of Shareholders’ Equity until realized and the change in net unrealized holding gains and losses being
reflected as comprehensive income (loss). Under ASU 2016-01, effective October 1, 2018, these marketable securities continue to
be measured at fair value, however, the changes in net unrealized holding gains and losses are now recognized through net income
on our Consolidated Statements of Income. On October 1, 2018, we recorded a $24.7 million adjustment to opening retained earnings.
In addition, $77.4 and $24.7 million of the net unrealized holding losses have been reflected as Unrealized Holding Gains (Losses)
Arising During the Periods in the accompanying Consolidated Statements of Income (Loss) for the fiscal years ended 2020 and 2019,
respectively.
Cash
and Cash Equivalents
Cash
and cash equivalents include all cash and investments with an original maturity of three months or less. We maintain our cash
in bank accounts in amounts that may exceed federally insured limits. We have not experienced any losses in these accounts in
the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term
in nature.
Intangible
Assets, Capitalized Lease Costs and Financing Costs
Intangible
assets, consisting primarily of the value of in-place leases, are amortized to expense over the remaining terms of the respective
leases. Upon termination of a lease, the unamortized portion is charged to expense. The weighted average amortization period upon
acquisition for intangible assets recorded during 2020, 2019 and 2018 was 14 years, 12 years and 12 years, respectively.
Costs
incurred in connection with the execution of leases are capitalized and amortized over the term of the respective leases. Unamortized
lease costs are charged to expense upon cancellation of leases prior to the expiration of lease terms. Costs incurred in connection
with obtaining mortgages and other financings and refinancings are deferred and are amortized over the term of the related obligations
using the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. Amortization
expense related to these deferred leasing and financing costs were $2.6 million, $2.2 million and $2.1 million for the years ended
September 30, 2020, 2019 and 2018, respectively. We estimate that aggregate amortization expense for existing assets will be $2.4
million, $2.3 million, $2.2 million, $1.7 million and $1.3 million for the fiscal years 2021, 2022, 2023, 2024 and 2025, respectively.
Derivative
Instruments and Hedging Activities
In
the normal course of business, we are exposed to financial market risks, including interest rate risk on our variable rate debt.
We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use
of derivative financial instruments. Our primary strategy in entering into derivative contracts is to minimize the variability
that changes in interest rates could have on its future cash flows. We generally employ derivative instruments that effectively
convert a portion of our variable rate debt to fixed rate debt. We do not enter into derivative instruments for speculative purposes.
As further described in “Note 7 – Mortgage Notes and Loans Payable”, in November 2019 we entered into an interest
rate swap agreement that has the effect of fixing the interest rate on our $75.0 million unsecured term loan (the “Term
Loan”).
The
interest rate for borrowings under the Term Loan will at our election, either i) bear interest at LIBOR plus 130 basis points
to 200 basis points, depending on our leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 30 basis points
to 100 basis points, depending on our leverage ratio. The re-pricing and scheduled maturity dates, payment dates, index and the
notional amounts of the interest rate swap agreement coincides with those of the underlying Term Loan. The interest rate swap
agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value
on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 14 for information on the determination of
fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive
Income (Loss) on our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify
as a cash flow hedge, the ineffective portion is recorded in interest expense. Hedges that received designated hedge accounting
treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of September
30, 2020, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result,
the fair value of this derivative of $(4.4) million as of September 30, 2020 was recorded as a component of Accumulated Other
Comprehensive Income (Loss), with the corresponding liability included in Other Liabilities.
Revenue
Recognition
Rental
revenue from tenants with leases having scheduled rental increases are recognized on a straight-line basis over the term of the
lease. Tenant recoveries related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating
expenses are recognized as revenue in the period the expenses are incurred. The reimbursements are recognized and presented gross,
as we are generally the primary obligor and, with respect to purchasing goods and services from third-party suppliers, have discretion
in selecting the supplier and bears the associated credit risk. These occupancy charges are recognized as earned.
When
applicable, we provide an allowance for doubtful accounts against the portion of tenant and other receivables and deferred rent
receivables, which are estimated to be uncollectible. For accounts receivables that we deem uncollectible, we use the direct write-off
method.
Lease
Termination Income
Lease
Termination Income is recognized in operating revenues when there is a signed termination agreement, all of the conditions of
the agreement have been met, the tenant is no longer occupying the property and the termination consideration is probable of collection.
Lease termination amounts are paid by tenants who want to terminate their lease obligations before the end of the contractual
term of the lease by agreement with us.
Only
three of our 119 properties have leases that contain an early termination provision. These three properties contain 158,000 total
rentable square feet, representing less than 0.7% of our total rentable square feet. Our leases with early termination provisions
are our 36,000 square foot location in Urbandale (Des Moines), IA, our 39,000 square foot location in Rockford, IL, and our 83,000
square foot location in Roanoke, VA. Each lease termination provision contains certain requirements that must be met in order
to exercise each termination provision. These requirements include: the date termination can be exercised, the time frame that
notice must be given by the tenant to us and the termination fee that would be required to be paid by the tenant to us. The total
potential termination fee to be paid to us from the three tenants with leases that have a termination provision amounts to $1.7
million.
Net
Income Per Share
Basic
Net Income (Loss) per Common Share is calculated by dividing Net Income (Loss) Attributable to Common Shareholders by the
weighted average number of common shares outstanding during the period. Diluted Net Income (Loss) per Common Share is calculated
by dividing Net Income (Loss) Attributable to Common Shareholders by the weighted average number of common shares outstanding
for the period and, when dilutive, the potential net shares that would be issued upon exercise of stock options pursuant to the
treasury stock method. In periods with a net loss, the basic loss per share equals the diluted loss per share as all common stock
equivalents are excluded from the per share calculation because they are anti-dilutive.
In
addition, common stock equivalents of 82,000, 98,000 and 183,000 shares are included in the diluted weighted average shares outstanding
for fiscal years 2020, 2019 and 2018, respectively. As of September 30, 2020, 2019 and 2018, options to purchase 315,000, 305,000
and 65,000 shares, respectively, were antidilutive.
Stock
Compensation Plan
We
account for awards of stock, stock options and restricted stock in accordance with ASC 718-10, “Compensation-Stock Compensation.”
ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally
equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended
to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted
stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of stock
awards and restricted stock awards is equal to the fair value of our stock on the grant date. The amortization of compensation
costs for the awards of stock, stock option grants and restricted stock are included in General and Administrative Expenses in
the accompanying Consolidated Statements of Income and amounted to $452,000, $784,000 and $434,000 have been recognized in 2020,
2019 and 2018, respectively. Included in Note 9 to these consolidated financial statements are the assumptions and methodology
used to calculate the fair value of stock options and restricted shares.
Income
Tax
We
have elected to be taxed as a REIT under Sections 856-860 of the Code, and we intend to maintain our qualification as a REIT in
the future. As a qualified REIT, with limited exceptions, we will not be taxed under Federal and certain state income tax laws
at the corporate level on taxable income that we distribute to our shareholders. For special tax provisions applicable to REITs,
refer to Sections 856-860 of the Code. We are subject to franchise taxes in several of the states in which we own properties.
In
December 2017, the Tax Cuts and Jobs Act of 2017 (the TCJA), Code Section 199A, was added to the Code and became effective for
tax years beginning after December 31, 2017 and before January 1, 2026. Under the TCJA, subject to certain income limitations,
individual taxpayers and trusts and estates may deduct 20% of the aggregate amount of qualified REIT dividends they receive from
their taxable income. Qualified REIT dividends do not include any portion of a dividend received from a REIT that is classified
as a capital gain dividend or qualified dividend income.
We
follow the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement
attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods,
disclosure, and transition. Based on our evaluation, we determined that we have no uncertain tax positions and no unrecognized
tax benefits as of September 30, 2020. We record interest and penalties relating to unrecognized tax benefits, if any, as interest
expense. As of September 30, 2020, the fiscal tax years 2017 through and including 2020 remain open to examination by the Internal
Revenue Service. There are currently no federal tax examinations in progress.
Comprehensive
Income (Loss)
Comprehensive
income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive
income (loss) consists of the change in the fair value of an interest rate swap derivative. Prior to our adoption of Financial
Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-01, “Financial Instruments – Overall:
Recognition and Measurement of Financial Assets and Financial Liabilities” on October 1, 2018, other comprehensive income
consisted of unrealized holding gains or losses arising during the period on securities available for sale, less any reclassification
adjustments for net gains of sales of securities transactions realized in income. Once we adopted ASU 2016-01, the changes in
net unrealized holding gains and losses were no longer recognized through other comprehensive income and instead these changes
are now recognized through net income on our Consolidated Statements of Income.
Reclassifications
Certain
amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement
presentation for the current year.
Recent
Accounting Pronouncements
In
January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, “Financial
Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires
equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of
the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities
to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate
presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates
the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value
that is required to be disclosed for financial instruments measured at amortized cost. These changes became effective for our
fiscal year beginning October 1, 2018. The most significant change for us, once ASU 2016-01 was adopted, was the accounting treatment
for our investments in marketable securities that are classified as available for sale. The accounting treatment used for our
Consolidated Financial Statements through Fiscal 2018 was that our investments in marketable securities, classified as available
for sale, were carried at fair value, with net unrealized holding gains and losses being excluded from earnings and reported as
a separate component of Shareholders’ Equity until realized and the change in net unrealized holding gains and losses being
reflected as comprehensive income (loss). Under ASU 2016-01, effective October 1, 2018, these marketable securities continue to
be measured at fair value, however, the changes in net unrealized holding gains and losses are now recognized through net income
on our Consolidated Statements of Income (Loss). On October 1, 2018, unrealized net holding losses of $24.7
million were reclassed to beginning Undistributed
Income (Loss) to recognize the unrealized losses previously recorded in “accumulated other comprehensive income (loss)”
on our consolidated balance sheets.
In
February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 amends the existing accounting standards for lease
accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessee
and lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered
into after, the date of initial application, with an option to use certain transition relief. The most significant changes related
to lessor accounting under ASU 2016-02 include bifurcating revenue into lease and non-lease components and the new standard’s
narrow definition of initial direct costs for leases. Since our revenue is primarily derived from leasing activities from long-term
net-leases and since we previously did not capitalize indirect costs for leases, we continue to account for our leases and related
leasing costs in substantially the same manner as we previously did prior to the adoption of the ASU 2016-02 on October 1, 2019.
In addition, the guidance requires lessees to recognize assets and liabilities for operating leases with lease terms greater than
twelve months on the balance sheet. Therefore, the most significant impact for us is the recognition of our corporate office lease,
while accounting where we are the lessor remains substantially the same. Upon adoption, we calculated the asset and lease liability
equal to the present value of the minimum lease payments due under our corporate office lease and determined that the asset and
lease liability was immaterial to our Consolidated Financial Statements. In July 2018, the FASB issued ASU 2018-10, “Codification
Improvements to Topic 842, Leases.” The amendment in ASU 2018-10 affects narrow aspects of the guidance issued earlier in
ASU 2016-02 by removing certain inconsistencies and providing additional clarification related to the guidance issued earlier.
In December 2018, the FASB issued ASU 2018-20 “Narrow-Scope Improvements for Lessors.” Similar to ASU 2018-10, ASU
2018-20 affects narrow aspects of the guidance issued earlier in ASU 2016-02 by providing additional clarification related to
the guidance issued earlier. The most significant changes related to lessor accounting under ASU 2018-20 is the clarification
of how to treat payments made by a lessee directly to a third party, such as real estate taxes paid by the lessee directly to
the taxing authority, whereby items paid directly by the lessee to a third party should not be reflected in the lessors income
statement and, thus, should not be bifurcated and included in revenue and operating expenses. A majority of our reimbursable expenses
are paid by us and are billed back to our lessees. Therefore, these reimbursable expenses will continue to be presented separately
by bifurcating these revenue and expense items in our Consolidated Statements of Income (Loss). We adopted these standards effective
October 1, 2019 and the adoption of these standards did not have a significant impact on our consolidated financial statements
and related disclosures. The only effect the adoption of these standards had on our consolidated financial statements and related
disclosures effective October 1, 2019 are instances where certain types of payments are made by a lessee directly to a third party
whereas these payments are no longer presented on a gross basis in our Consolidated Statements of Income (Loss), which have an
immaterial effect on our reported revenue and a net zero effect on our Net Income (Loss) Attributable to Common Shareholders.
In addition, in order to conform to the current period’s presentation, Real Estate Taxes and Reimbursement Revenue for the
twelve months ended September 30, 2019 were reduced by $3.7 million for the amount of Real Estate Taxes made by a lessee directly
to a third party during the twelve months ended September 30, 2019. For the twelve months ended September 30, 2018, Real Estate
Taxes and Reimbursement Revenue were reduced by $3.7 million for the amount of Real Estate Taxes made by a lessee directly to
a third party during the twelve months ended September 30, 2018.
In
April 2020, FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19
pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification
accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial
increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent
deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our
revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease
modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period.
As of September 30, 2020, we have entered into rent deferral agreements related to the COVID-19 pandemic representing approximately
$438,000 of base rent otherwise owed during the months of April through October 2020 representing 31 basis points of our total
annual base rent. To date, we have collected 71% of this amount.
We
do not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material
effect on the accompanying Consolidated Financial Statements.
NOTE
2 – REAL ESTATE INVESTMENTS
The
following is a summary of the cost and accumulated depreciation of our land, buildings and improvements at September 30, 2020
and 2019 (in thousands):
SCHEDULE OF REAL ESTATE INVESTMENTS
|
|
|
Property
|
|
|
|
|
Buildings &
|
|
|
Accumulated
|
|
|
Net Book
|
|
|
SEPTEMBER 30, 2020
|
|
Type
|
|
Land
|
|
|
Improvements
|
|
|
Depreciation
|
|
|
Value
|
|
|
Alabama:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huntsville
|
|
Industrial
|
|
$
|
748
|
|
|
$
|
5,914
|
|
|
$
|
1,562
|
|
|
$
|
5,100
|
|
|
Mobile
|
|
Industrial
|
|
|
2,480
|
|
|
|
30,572
|
|
|
|
1,763
|
|
|
|
31,289
|
|
|
Arizona:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tolleson (Phoenix)
|
|
Industrial
|
|
|
1,316
|
|
|
|
15,508
|
|
|
|
7,167
|
|
|
|
9,657
|
|
|
Colorado:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Springs
|
|
Industrial
|
|
|
2,150
|
|
|
|
27,170
|
|
|
|
3,027
|
|
|
|
26,293
|
|
|
Denver
|
|
Industrial
|
|
|
1,150
|
|
|
|
5,224
|
|
|
|
1,973
|
|
|
|
4,401
|
|
|
Connecticut:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Newington (Hartford)
|
|
Industrial
|
|
|
410
|
|
|
|
3,097
|
|
|
|
1,553
|
|
|
|
1,954
|
|
|
Florida:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cocoa
|
|
Industrial
|
|
|
1,881
|
|
|
|
12,246
|
|
|
|
3,403
|
|
|
|
10,724
|
|
|
Davenport (Orlando)
|
|
Industrial
|
|
|
7,060
|
|
|
|
31,025
|
|
|
|
3,286
|
|
|
|
34,799
|
|
|
Daytona Beach
|
|
Industrial
|
|
|
3,120
|
|
|
|
27,161
|
|
|
|
1,730
|
|
|
|
28,551
|
|
|
Ft. Myers
|
|
Industrial
|
|
|
2,486
|
|
|
|
19,198
|
|
|
|
1,821
|
|
|
|
19,863
|
|
|
Homestead (Miami)
|
|
Industrial
|
|
|
4,427
|
|
|
|
33,485
|
|
|
|
2,795
|
|
|
|
35,117
|
|
|
Jacksonville (FDX)
|
|
Industrial
|
|
|
1,165
|
|
|
|
5,419
|
|
|
|
2,979
|
|
|
|
3,605
|
|
|
Jacksonville (FDX Ground)
|
|
Industrial
|
|
|
6,000
|
|
|
|
24,926
|
|
|
|
3,633
|
|
|
|
27,293
|
|
|
Lakeland
|
|
Industrial
|
|
|
261
|
|
|
|
1,782
|
|
|
|
676
|
|
|
|
1,367
|
|
|
Orlando
|
|
Industrial
|
|
|
2,200
|
|
|
|
6,610
|
|
|
|
2,212
|
|
|
|
6,598
|
|
|
Punta Gorda
|
|
Industrial
|
|
|
0
|
|
|
|
4,134
|
|
|
|
1,286
|
|
|
|
2,848
|
|
|
Tampa (FDX Ground)
|
|
Industrial
|
|
|
5,000
|
|
|
|
14,745
|
|
|
|
5,680
|
|
|
|
14,065
|
|
|
Tampa (FDX)
|
|
Industrial
|
|
|
2,830
|
|
|
|
5,071
|
|
|
|
1,824
|
|
|
|
6,077
|
|
|
Tampa (Tampa Bay Grand Prix)
|
|
Industrial
|
|
|
1,867
|
|
|
|
3,811
|
|
|
|
1,347
|
|
|
|
4,331
|
|
|
Georgia:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Augusta (FDX Ground)
|
|
Industrial
|
|
|
614
|
|
|
|
4,749
|
|
|
|
1,756
|
|
|
|
3,607
|
|
|
Augusta (FDX)
|
|
Industrial
|
|
|
380
|
|
|
|
1,604
|
|
|
|
558
|
|
|
|
1,426
|
|
|
Braselton (Atlanta)
|
|
Industrial
|
|
|
13,965
|
|
|
|
46,262
|
|
|
|
2,471
|
|
|
|
57,756
|
|
|
Griffin (Atlanta)
|
|
Industrial
|
|
|
760
|
|
|
|
14,322
|
|
|
|
5,338
|
|
|
|
9,744
|
|
|
Savannah (Shaw)
|
|
Industrial
|
|
|
4,405
|
|
|
|
51,621
|
|
|
|
3,530
|
|
|
|
52,496
|
|
|
Savannah (FDX Ground)
|
|
Industrial
|
|
|
3,441
|
|
|
|
24,091
|
|
|
|
1,133
|
|
|
|
26,399
|
|
|
Illinois:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Burr Ridge (Chicago)
|
|
Industrial
|
|
|
270
|
|
|
|
1,437
|
|
|
|
822
|
|
|
|
885
|
|
|
Elgin (Chicago)
|
|
Industrial
|
|
|
1,280
|
|
|
|
5,902
|
|
|
|
2,791
|
|
|
|
4,391
|
|
|
Granite City (St. Louis, MO)
|
|
Industrial
|
|
|
340
|
|
|
|
12,358
|
|
|
|
5,895
|
|
|
|
6,803
|
|
|
Montgomery (Chicago)
|
|
Industrial
|
|
|
2,000
|
|
|
|
9,303
|
|
|
|
3,245
|
|
|
|
8,058
|
|
|
Rockford (Collins Aerospace Systems)
|
|
Industrial
|
|
|
480
|
|
|
|
4,620
|
|
|
|
711
|
|
|
|
4,389
|
|
|
Rockford (Sherwin-Williams Co.)
|
|
Industrial
|
|
|
1,100
|
|
|
|
4,451
|
|
|
|
1,091
|
|
|
|
4,460
|
|
|
Sauget (St. Louis, MO)
|
|
Industrial
|
|
|
1,890
|
|
|
|
13,315
|
|
|
|
2,050
|
|
|
|
13,155
|
|
|
Schaumburg (Chicago)
|
|
Industrial
|
|
|
1,040
|
|
|
|
4,407
|
|
|
|
2,534
|
|
|
|
2,913
|
|
|
Wheeling (Chicago)
|
|
Industrial
|
|
|
5,112
|
|
|
|
13,881
|
|
|
|
5,210
|
|
|
|
13,783
|
|
|
Indiana:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greenwood (Indianapolis) (Ulta)
|
|
Industrial
|
|
|
2,250
|
|
|
|
35,515
|
|
|
|
4,906
|
|
|
|
32,859
|
|
|
|
|
Property
|
|
|
|
|
Buildings &
|
|
|
Accumulated
|
|
|
Net Book
|
|
|
SEPTEMBER 30, 2020 (cont’d)
|
|
Type
|
|
Land
|
|
|
Improvements
|
|
|
Depreciation
|
|
|
Value
|
|
|
Indianapolis (FDX Ground)
|
|
Industrial
|
|
$
|
3,746
|
|
|
$
|
21,758
|
|
|
$
|
3,420
|
|
|
$
|
22,084
|
|
|
Greenwood (Indianapolis) (Amazon)
|
|
Industrial
|
|
|
4,839
|
|
|
|
74,525
|
|
|
|
1,911
|
|
|
|
77,453
|
|
|
Lafayette
|
|
Industrial
|
|
|
2,802
|
|
|
|
22,277
|
|
|
|
667
|
|
|
|
24,412
|
|
|
Iowa:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Urbandale (Des Moines)
|
|
Industrial
|
|
|
310
|
|
|
|
2,234
|
|
|
|
1,377
|
|
|
|
1,167
|
|
|
Kansas:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Edwardsville (Kansas City) (Carlisle Tire)
|
|
Industrial
|
|
|
1,185
|
|
|
|
6,098
|
|
|
|
2,847
|
|
|
|
4,436
|
|
|
Edwardsville (Kansas City) (International Paper)
|
|
Industrial
|
|
|
2,750
|
|
|
|
15,544
|
|
|
|
2,831
|
|
|
|
15,463
|
|
|
Olathe (Kansas City)
|
|
Industrial
|
|
|
2,350
|
|
|
|
29,476
|
|
|
|
3,140
|
|
|
|
28,686
|
|
|
Topeka
|
|
Industrial
|
|
|
0
|
|
|
|
3,680
|
|
|
|
1,085
|
|
|
|
2,595
|
|
|
Kentucky:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buckner (Louisville)
|
|
Industrial
|
|
|
2,280
|
|
|
|
24,528
|
|
|
|
4,397
|
|
|
|
22,411
|
|
|
Frankfort (Lexington)
|
|
Industrial
|
|
|
1,850
|
|
|
|
26,150
|
|
|
|
3,911
|
|
|
|
24,089
|
|
|
Louisville
|
|
Industrial
|
|
|
1,590
|
|
|
|
9,714
|
|
|
|
1,079
|
|
|
|
10,225
|
|
|
Louisiana:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Covington (New Orleans)
|
|
Industrial
|
|
|
2,720
|
|
|
|
15,706
|
|
|
|
1,947
|
|
|
|
16,479
|
|
|
Maryland:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beltsville (Washington, DC)
|
|
Industrial
|
|
|
3,200
|
|
|
|
11,312
|
|
|
|
4,748
|
|
|
|
9,764
|
|
|
Michigan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walker (Grand Rapids)
|
|
Industrial
|
|
|
4,034
|
|
|
|
27,621
|
|
|
|
2,479
|
|
|
|
29,176
|
|
|
Livonia (Detroit)
|
|
Industrial
|
|
|
320
|
|
|
|
13,560
|
|
|
|
2,767
|
|
|
|
11,113
|
|
|
Orion
|
|
Industrial
|
|
|
4,650
|
|
|
|
18,291
|
|
|
|
5,430
|
|
|
|
17,511
|
|
|
Romulus (Detroit)
|
|
Industrial
|
|
|
531
|
|
|
|
4,418
|
|
|
|
2,329
|
|
|
|
2,620
|
|
|
Minnesota:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stewartville (Rochester)
|
|
Industrial
|
|
|
900
|
|
|
|
4,324
|
|
|
|
777
|
|
|
|
4,447
|
|
|
Mississippi:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olive Branch (Memphis, TN) (Anda Pharmaceuticals, Inc.)
|
|
Industrial
|
|
|
800
|
|
|
|
13,750
|
|
|
|
2,909
|
|
|
|
11,641
|
|
|
Olive Branch (Memphis, TN) (Milwaukee Tool)
|
|
Industrial
|
|
|
2,550
|
|
|
|
34,365
|
|
|
|
5,813
|
|
|
|
31,102
|
|
|
Richland (Jackson)
|
|
Industrial
|
|
|
211
|
|
|
|
1,690
|
|
|
|
1,129
|
|
|
|
772
|
|
|
Ridgeland (Jackson)
|
|
Industrial
|
|
|
218
|
|
|
|
2,519
|
|
|
|
1,465
|
|
|
|
1,272
|
|
|
Missouri:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas City
|
|
Industrial
|
|
|
1,000
|
|
|
|
9,003
|
|
|
|
1,408
|
|
|
|
8,595
|
|
|
Liberty (Kansas City)
|
|
Industrial
|
|
|
724
|
|
|
|
7,075
|
|
|
|
3,904
|
|
|
|
3,895
|
|
|
O’Fallon (St. Louis)
|
|
Industrial
|
|
|
264
|
|
|
|
3,986
|
|
|
|
2,614
|
|
|
|
1,636
|
|
|
St. Joseph
|
|
Industrial
|
|
|
800
|
|
|
|
12,598
|
|
|
|
6,158
|
|
|
|
7,240
|
|
|
Nebraska:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Omaha
|
|
Industrial
|
|
|
1,170
|
|
|
|
4,794
|
|
|
|
2,609
|
|
|
|
3,355
|
|
|
New Jersey:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlstadt (New York, NY)
|
|
Industrial
|
|
|
1,194
|
|
|
|
4,103
|
|
|
|
1,229
|
|
|
|
4,068
|
|
|
Somerset
|
|
Shopping Center
|
|
|
34
|
|
|
|
3,105
|
|
|
|
1,779
|
|
|
|
1,360
|
|
|
Trenton
|
|
Industrial
|
|
|
8,336
|
|
|
|
75,652
|
|
|
|
3,880
|
|
|
|
80,108
|
|
|
New York:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cheektowaga (Buffalo)
|
|
Industrial
|
|
|
4,797
|
|
|
|
6,164
|
|
|
|
2,170
|
|
|
|
8,791
|
|
|
Halfmoon (Albany)
|
|
Industrial
|
|
|
1,190
|
|
|
|
4,537
|
|
|
|
945
|
|
|
|
4,782
|
|
|
Hamburg (Buffalo)
|
|
Industrial
|
|
|
1,700
|
|
|
|
33,432
|
|
|
|
3,436
|
|
|
|
31,696
|
|
|
North Carolina:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concord (Charlotte)
|
|
Industrial
|
|
|
4,305
|
|
|
|
28,749
|
|
|
|
4,002
|
|
|
|
29,052
|
|
|
Concord (Charlotte)
|
|
Industrial
|
|
|
4,307
|
|
|
|
35,736
|
|
|
|
2,902
|
|
|
|
37,141
|
|
|
Fayetteville
|
|
Industrial
|
|
|
172
|
|
|
|
5,283
|
|
|
|
3,397
|
|
|
|
2,058
|
|
|
Whitsett (Greensboro)
|
|
Industrial
|
|
|
2,735
|
|
|
|
43,976
|
|
|
|
376
|
|
|
|
46,335
|
|
|
Winston-Salem
|
|
Industrial
|
|
|
980
|
|
|
|
6,284
|
|
|
|
3,057
|
|
|
|
4,207
|
|
|
Ohio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bedford Heights (Cleveland)
|
|
Industrial
|
|
|
990
|
|
|
|
6,314
|
|
|
|
2,310
|
|
|
|
4,994
|
|
|
Cincinnati
|
|
Industrial
|
|
|
800
|
|
|
|
5,950
|
|
|
|
776
|
|
|
|
5,974
|
|
|
|
|
Property
|
|
|
|
|
Buildings &
|
|
|
Accumulated
|
|
|
Net Book
|
|
|
SEPTEMBER 30, 2020 (cont’d)
|
|
Type
|
|
Land
|
|
|
Improvements
|
|
|
Depreciation
|
|
|
Value
|
|
|
Lancaster (Columbus)
|
|
Industrial
|
|
$
|
959
|
|
|
$
|
16,599
|
|
|
$
|
213
|
|
|
$
|
17,345
|
|
|
Kenton
|
|
Industrial
|
|
|
855
|
|
|
|
17,876
|
|
|
|
1,449
|
|
|
|
17,282
|
|
|
Lebanon (Cincinnati)
|
|
Industrial
|
|
|
240
|
|
|
|
4,315
|
|
|
|
933
|
|
|
|
3,622
|
|
|
Monroe (Cincinnati)
|
|
Industrial
|
|
|
1,800
|
|
|
|
19,777
|
|
|
|
1,945
|
|
|
|
19,632
|
|
|
Richfield (Cleveland)
|
|
Industrial
|
|
|
2,677
|
|
|
|
13,770
|
|
|
|
3,800
|
|
|
|
12,647
|
|
|
Stow
|
|
Industrial
|
|
|
1,430
|
|
|
|
17,504
|
|
|
|
1,346
|
|
|
|
17,588
|
|
|
Streetsboro (Cleveland)
|
|
Industrial
|
|
|
1,760
|
|
|
|
17,840
|
|
|
|
3,888
|
|
|
|
15,712
|
|
|
West Chester Twp. (Cincinnati)
|
|
Industrial
|
|
|
695
|
|
|
|
5,039
|
|
|
|
2,663
|
|
|
|
3,071
|
|
|
Oklahoma:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma City (FDX Ground)
|
|
Industrial
|
|
|
1,410
|
|
|
|
11,215
|
|
|
|
2,185
|
|
|
|
10,440
|
|
|
Oklahoma City (Bunzl)
|
|
Industrial
|
|
|
845
|
|
|
|
7,883
|
|
|
|
657
|
|
|
|
8,071
|
|
|
Oklahoma City (Amazon)
|
|
Industrial
|
|
|
1,618
|
|
|
|
28,260
|
|
|
|
2,052
|
|
|
|
27,826
|
|
|
Oklahoma City (Amazon II)
|
|
Industrial
|
|
|
1,378
|
|
|
|
13,584
|
|
|
|
14
|
|
|
|
14,948
|
|
|
Tulsa
|
|
Industrial
|
|
|
790
|
|
|
|
2,958
|
|
|
|
553
|
|
|
|
3,195
|
|
|
Pennsylvania:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altoona
|
|
Industrial
|
|
|
1,200
|
|
|
|
7,823
|
|
|
|
1,392
|
|
|
|
7,631
|
|
|
Imperial (Pittsburgh)
|
|
Industrial
|
|
|
3,700
|
|
|
|
16,264
|
|
|
|
1,912
|
|
|
|
18,052
|
|
|
Monaca (Pittsburgh)
|
|
Industrial
|
|
|
402
|
|
|
|
7,551
|
|
|
|
3,481
|
|
|
|
4,472
|
|
|
South Carolina:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aiken (Augusta, GA)
|
|
Industrial
|
|
|
1,362
|
|
|
|
19,678
|
|
|
|
1,639
|
|
|
|
19,401
|
|
|
Charleston (FDX)
|
|
Industrial
|
|
|
4,639
|
|
|
|
16,880
|
|
|
|
1,265
|
|
|
|
20,254
|
|
|
Charleston (FDX Ground)
|
|
Industrial
|
|
|
7,103
|
|
|
|
39,473
|
|
|
|
2,193
|
|
|
|
44,383
|
|
|
Ft. Mill (Charlotte, NC)
|
|
Industrial
|
|
|
1,747
|
|
|
|
15,317
|
|
|
|
3,434
|
|
|
|
13,630
|
|
|
Hanahan (Charleston) (SAIC)
|
|
Industrial
|
|
|
1,129
|
|
|
|
13,334
|
|
|
|
5,256
|
|
|
|
9,207
|
|
|
Hanahan (Charleston) (Amazon)
|
|
Industrial
|
|
|
930
|
|
|
|
8,373
|
|
|
|
2,513
|
|
|
|
6,790
|
|
|
Tennessee:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chattanooga
|
|
Industrial
|
|
|
300
|
|
|
|
5,069
|
|
|
|
1,678
|
|
|
|
3,691
|
|
|
Lebanon (Nashville)
|
|
Industrial
|
|
|
2,230
|
|
|
|
11,985
|
|
|
|
2,766
|
|
|
|
11,449
|
|
|
Memphis
|
|
Industrial
|
|
|
1,235
|
|
|
|
14,858
|
|
|
|
3,787
|
|
|
|
12,306
|
|
|
Shelby County
|
|
Vacant Land
|
|
|
11
|
|
|
|
0
|
|
|
|
0
|
|
|
|
11
|
|
|
Texas:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrollton (Dallas)
|
|
Industrial
|
|
|
1,500
|
|
|
|
16,995
|
|
|
|
4,442
|
|
|
|
14,053
|
|
|
Corpus Christi
|
|
Industrial
|
|
|
0
|
|
|
|
4,808
|
|
|
|
1,049
|
|
|
|
3,759
|
|
|
Edinburg
|
|
Industrial
|
|
|
1,000
|
|
|
|
11,039
|
|
|
|
2,040
|
|
|
|
9,999
|
|
|
El Paso
|
|
Industrial
|
|
|
3,225
|
|
|
|
9,206
|
|
|
|
2,512
|
|
|
|
9,919
|
|
|
Ft. Worth (Dallas)
|
|
Industrial
|
|
|
8,200
|
|
|
|
27,419
|
|
|
|
3,627
|
|
|
|
31,992
|
|
|
Houston
|
|
Industrial
|
|
|
1,661
|
|
|
|
6,530
|
|
|
|
1,825
|
|
|
|
6,366
|
|
|
Lindale (Tyler)
|
|
Industrial
|
|
|
540
|
|
|
|
9,426
|
|
|
|
1,456
|
|
|
|
8,510
|
|
|
Mesquite (Dallas)
|
|
Industrial
|
|
|
6,248
|
|
|
|
43,632
|
|
|
|
3,636
|
|
|
|
46,244
|
|
|
Spring (Houston)
|
|
Industrial
|
|
|
1,890
|
|
|
|
17,439
|
|
|
|
2,979
|
|
|
|
16,350
|
|
|
Waco
|
|
Industrial
|
|
|
1,350
|
|
|
|
11,201
|
|
|
|
2,075
|
|
|
|
10,476
|
|
|
Utah:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ogden (Salt Lake City)
|
|
Industrial
|
|
|
1,287
|
|
|
|
11,380
|
|
|
|
97
|
|
|
|
12,570
|
|
|
Virginia:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charlottesville
|
|
Industrial
|
|
|
1,170
|
|
|
|
3,292
|
|
|
|
1,801
|
|
|
|
2,661
|
|
|
Mechanicsville (Richmond)
|
|
Industrial
|
|
|
1,160
|
|
|
|
6,667
|
|
|
|
3,375
|
|
|
|
4,452
|
|
|
Richmond
|
|
Industrial
|
|
|
446
|
|
|
|
4,644
|
|
|
|
1,794
|
|
|
|
3,296
|
|
|
Roanoke (CHEP USA)
|
|
Industrial
|
|
|
1,853
|
|
|
|
5,610
|
|
|
|
2,092
|
|
|
|
5,371
|
|
|
Roanoke (FDX Ground)
|
|
Industrial
|
|
|
1,740
|
|
|
|
8,460
|
|
|
|
1,582
|
|
|
|
8,618
|
|
|
Washington:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Burlington (Seattle/Everett)
|
|
Industrial
|
|
|
8,000
|
|
|
|
22,371
|
|
|
|
2,572
|
|
|
|
27,799
|
|
|
Wisconsin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cudahy (Milwaukee)
|
|
Industrial
|
|
|
980
|
|
|
|
8,827
|
|
|
|
3,812
|
|
|
|
5,995
|
|
|
Green Bay
|
|
Industrial
|
|
|
590
|
|
|
|
5,979
|
|
|
|
1,072
|
|
|
|
5,497
|
|
|
Total as of September 30, 2020
|
|
|
|
$
|
250,497
|
|
|
$
|
1,793,367
|
|
|
$
|
296,020
|
|
|
$
|
1,747,844
|
|
|
|
|
Property
|
|
|
|
|
Buildings &
|
|
|
Accumulated
|
|
|
Net Book
|
|
|
SEPTEMBER 30, 2019
|
|
Type
|
|
Land
|
|
|
Improvements
|
|
|
Depreciation
|
|
|
Value
|
|
|
Alabama:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huntsville
|
|
Industrial
|
|
$
|
748
|
|
|
$
|
5,914
|
|
|
$
|
1,406
|
|
|
$
|
5,256
|
|
|
Mobile
|
|
Industrial
|
|
|
2,480
|
|
|
|
30,572
|
|
|
|
980
|
|
|
|
32,072
|
|
|
Arizona:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tolleson (Phoenix)
|
|
Industrial
|
|
|
1,316
|
|
|
|
15,508
|
|
|
|
6,659
|
|
|
|
10,165
|
|
|
Colorado:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Springs
|
|
Industrial
|
|
|
2,150
|
|
|
|
27,170
|
|
|
|
2,310
|
|
|
|
27,010
|
|
|
Denver
|
|
Industrial
|
|
|
1,150
|
|
|
|
5,214
|
|
|
|
1,839
|
|
|
|
4,525
|
|
|
Connecticut:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Newington (Hartford)
|
|
Industrial
|
|
|
410
|
|
|
|
3,084
|
|
|
|
1,466
|
|
|
|
2,028
|
|
|
Florida:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cocoa
|
|
Industrial
|
|
|
1,881
|
|
|
|
12,246
|
|
|
|
3,080
|
|
|
|
11,047
|
|
|
Davenport (Orlando)
|
|
Industrial
|
|
|
7,060
|
|
|
|
30,720
|
|
|
|
2,494
|
|
|
|
35,286
|
|
|
Daytona Beach
|
|
Industrial
|
|
|
3,120
|
|
|
|
26,888
|
|
|
|
1,036
|
|
|
|
28,972
|
|
|
Ft. Myers
|
|
Industrial
|
|
|
2,486
|
|
|
|
19,178
|
|
|
|
1,332
|
|
|
|
20,332
|
|
|
Homestead (Miami)
|
|
Industrial
|
|
|
4,427
|
|
|
|
33,485
|
|
|
|
1,933
|
|
|
|
35,979
|
|
|
Jacksonville (FDX)
|
|
Industrial
|
|
|
1,165
|
|
|
|
5,419
|
|
|
|
2,961
|
|
|
|
3,623
|
|
|
Jacksonville (FDX Ground)
|
|
Industrial
|
|
|
6,000
|
|
|
|
24,827
|
|
|
|
2,799
|
|
|
|
28,028
|
|
|
Lakeland
|
|
Industrial
|
|
|
261
|
|
|
|
1,782
|
|
|
|
625
|
|
|
|
1,418
|
|
|
Orlando
|
|
Industrial
|
|
|
2,200
|
|
|
|
6,575
|
|
|
|
2,022
|
|
|
|
6,753
|
|
|
Punta Gorda
|
|
Industrial
|
|
|
0
|
|
|
|
4,134
|
|
|
|
1,172
|
|
|
|
2,962
|
|
|
Tampa (FDX Ground)
|
|
Industrial
|
|
|
5,000
|
|
|
|
14,702
|
|
|
|
5,302
|
|
|
|
14,400
|
|
|
Tampa (FDX)
|
|
Industrial
|
|
|
2,830
|
|
|
|
5,035
|
|
|
|
1,669
|
|
|
|
6,196
|
|
|
Tampa (Tampa Bay Grand Prix)
|
|
Industrial
|
|
|
1,867
|
|
|
|
3,811
|
|
|
|
1,246
|
|
|
|
4,432
|
|
|
Georgia:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Augusta (FDX Ground)
|
|
Industrial
|
|
|
614
|
|
|
|
4,749
|
|
|
|
1,634
|
|
|
|
3,729
|
|
|
Augusta (FDX)
|
|
Industrial
|
|
|
380
|
|
|
|
1,604
|
|
|
|
512
|
|
|
|
1,472
|
|
|
Braselton (Atlanta)
|
|
Industrial
|
|
|
13,965
|
|
|
|
46,262
|
|
|
|
1,285
|
|
|
|
58,942
|
|
|
Griffin (Atlanta)
|
|
Industrial
|
|
|
760
|
|
|
|
14,315
|
|
|
|
4,912
|
|
|
|
10,163
|
|
|
Savannah (Shaw)
|
|
Industrial
|
|
|
4,405
|
|
|
|
51,621
|
|
|
|
2,206
|
|
|
|
53,820
|
|
|
Savannah (FDX Ground)
|
|
Industrial
|
|
|
3,441
|
|
|
|
24,091
|
|
|
|
515
|
|
|
|
27,017
|
|
|
Illinois:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Burr Ridge (Chicago)
|
|
Industrial
|
|
|
270
|
|
|
|
1,437
|
|
|
|
783
|
|
|
|
924
|
|
|
Elgin (Chicago)
|
|
Industrial
|
|
|
1,280
|
|
|
|
5,697
|
|
|
|
2,599
|
|
|
|
4,378
|
|
|
Granite City (St. Louis, MO)
|
|
Industrial
|
|
|
340
|
|
|
|
12,358
|
|
|
|
5,539
|
|
|
|
7,159
|
|
|
Montgomery (Chicago)
|
|
Industrial
|
|
|
2,000
|
|
|
|
9,303
|
|
|
|
3,004
|
|
|
|
8,299
|
|
|
Rockford (Collins Aerospace Systems)
|
|
Industrial
|
|
|
480
|
|
|
|
4,620
|
|
|
|
592
|
|
|
|
4,508
|
|
|
Rockford (Sherwin-Williams Co.)
|
|
Industrial
|
|
|
1,100
|
|
|
|
4,451
|
|
|
|
975
|
|
|
|
4,576
|
|
|
Sauget (St. Louis, MO)
|
|
Industrial
|
|
|
1,890
|
|
|
|
13,315
|
|
|
|
1,708
|
|
|
|
13,497
|
|
|
Schaumburg (Chicago)
|
|
Industrial
|
|
|
1,040
|
|
|
|
4,138
|
|
|
|
2,407
|
|
|
|
2,771
|
|
|
Wheeling (Chicago)
|
|
Industrial
|
|
|
5,112
|
|
|
|
13,881
|
|
|
|
4,820
|
|
|
|
14,173
|
|
|
Indiana:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greenwood (Indianapolis) (Ulta)
|
|
Industrial
|
|
|
2,250
|
|
|
|
35,262
|
|
|
|
3,998
|
|
|
|
33,514
|
|
|
Indianapolis
|
|
Industrial
|
|
|
3,746
|
|
|
|
21,758
|
|
|
|
2,830
|
|
|
|
22,674
|
|
|
Lafayette
|
|
Industrial
|
|
|
2,802
|
|
|
|
22,277
|
|
|
|
96
|
|
|
|
24,983
|
|
|
Iowa:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Urbandale (Des Moines)
|
|
Industrial
|
|
|
310
|
|
|
|
2,234
|
|
|
|
1,294
|
|
|
|
1,250
|
|
|
Kansas:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Edwardsville (Kansas City) (Carlisle Tire)
|
|
Industrial
|
|
|
1,185
|
|
|
|
6,048
|
|
|
|
2,689
|
|
|
|
4,544
|
|
|
Edwardsville (Kansas City) (International Paper)
|
|
Industrial
|
|
|
2,750
|
|
|
|
15,544
|
|
|
|
2,416
|
|
|
|
15,878
|
|
|
Olathe (Kansas City)
|
|
Industrial
|
|
|
2,350
|
|
|
|
29,387
|
|
|
|
2,386
|
|
|
|
29,351
|
|
|
Topeka
|
|
Industrial
|
|
|
0
|
|
|
|
3,680
|
|
|
|
991
|
|
|
|
2,689
|
|
|
|
|
Property
|
|
|
|
|
Buildings &
|
|
|
Accumulated
|
|
|
Net Book
|
|
|
SEPTEMBER 30, 2019 (cont’d)
|
|
Type
|
|
Land
|
|
|
Improvements
|
|
|
Depreciation
|
|
|
Value
|
|
|
Kentucky:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buckner (Louisville)
|
|
Industrial
|
|
$
|
2,280
|
|
|
$
|
24,528
|
|
|
$
|
3,755
|
|
|
$
|
23,053
|
|
|
Frankfort (Lexington)
|
|
Industrial
|
|
|
1,850
|
|
|
|
26,150
|
|
|
|
3,241
|
|
|
|
24,759
|
|
|
Louisville
|
|
Industrial
|
|
|
1,590
|
|
|
|
9,714
|
|
|
|
830
|
|
|
|
10,474
|
|
|
Louisiana:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Covington (New Orleans)
|
|
Industrial
|
|
|
2,720
|
|
|
|
15,706
|
|
|
|
1,543
|
|
|
|
16,883
|
|
|
Maryland:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beltsville (Washington, DC)
|
|
Industrial
|
|
|
3,200
|
|
|
|
11,312
|
|
|
|
4,454
|
|
|
|
10,058
|
|
|
Michigan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walker (Grand Rapids)
|
|
Industrial
|
|
|
4,034
|
|
|
|
27,621
|
|
|
|
1,771
|
|
|
|
29,884
|
|
|
Livonia (Detroit)
|
|
Industrial
|
|
|
320
|
|
|
|
13,560
|
|
|
|
2,407
|
|
|
|
11,473
|
|
|
Orion
|
|
Industrial
|
|
|
4,650
|
|
|
|
18,240
|
|
|
|
4,959
|
|
|
|
17,931
|
|
|
Romulus (Detroit)
|
|
Industrial
|
|
|
531
|
|
|
|
4,418
|
|
|
|
2,182
|
|
|
|
2,767
|
|
|
Minnesota:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stewartville (Rochester)
|
|
Industrial
|
|
|
900
|
|
|
|
4,324
|
|
|
|
665
|
|
|
|
4,559
|
|
|
Mississippi:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olive Branch (Memphis, TN) (Anda Pharmaceuticals, Inc.)
|
|
Industrial
|
|
|
800
|
|
|
|
13,750
|
|
|
|
2,556
|
|
|
|
11,994
|
|
|
Olive Branch (Memphis, TN) (Milwaukee Tool)
|
|
Industrial
|
|
|
2,550
|
|
|
|
34,365
|
|
|
|
4,929
|
|
|
|
31,986
|
|
|
Richland (Jackson)
|
|
Industrial
|
|
|
211
|
|
|
|
1,690
|
|
|
|
1,057
|
|
|
|
844
|
|
|
Ridgeland (Jackson)
|
|
Industrial
|
|
|
218
|
|
|
|
2,093
|
|
|
|
1,382
|
|
|
|
929
|
|
|
Missouri:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas City
|
|
Industrial
|
|
|
1,000
|
|
|
|
9,003
|
|
|
|
1,147
|
|
|
|
8,856
|
|
|
Liberty (Kansas City)
|
|
Industrial
|
|
|
724
|
|
|
|
6,813
|
|
|
|
3,669
|
|
|
|
3,868
|
|
|
O’Fallon (St. Louis)
|
|
Industrial
|
|
|
264
|
|
|
|
3,986
|
|
|
|
2,492
|
|
|
|
1,758
|
|
|
St. Joseph
|
|
Industrial
|
|
|
800
|
|
|
|
12,589
|
|
|
|
5,804
|
|
|
|
7,585
|
|
|
Nebraska:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Omaha
|
|
Industrial
|
|
|
1,170
|
|
|
|
4,794
|
|
|
|
2,484
|
|
|
|
3,480
|
|
|
New Jersey:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlstadt (New York, NY)
|
|
Industrial
|
|
|
1,194
|
|
|
|
4,103
|
|
|
|
1,123
|
|
|
|
4,174
|
|
|
Somerset
|
|
Shopping Center
|
|
|
34
|
|
|
|
3,095
|
|
|
|
1,687
|
|
|
|
1,442
|
|
|
Trenton
|
|
Industrial
|
|
|
8,336
|
|
|
|
75,652
|
|
|
|
1,940
|
|
|
|
82,048
|
|
|
New York:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cheektowaga (Buffalo)
|
|
Industrial
|
|
|
4,797
|
|
|
|
6,164
|
|
|
|
2,011
|
|
|
|
8,950
|
|
|
Halfmoon (Albany)
|
|
Industrial
|
|
|
1,190
|
|
|
|
4,336
|
|
|
|
834
|
|
|
|
4,692
|
|
|
Hamburg (Buffalo)
|
|
Industrial
|
|
|
1,700
|
|
|
|
33,394
|
|
|
|
2,560
|
|
|
|
32,534
|
|
|
North Carolina:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concord (Charlotte)
|
|
Industrial
|
|
|
4,305
|
|
|
|
28,740
|
|
|
|
3,158
|
|
|
|
29,887
|
|
|
Concord (Charlotte)
|
|
Industrial
|
|
|
4,307
|
|
|
|
35,736
|
|
|
|
1,985
|
|
|
|
38,058
|
|
|
Fayetteville
|
|
Industrial
|
|
|
172
|
|
|
|
5,283
|
|
|
|
3,165
|
|
|
|
2,290
|
|
|
Winston-Salem
|
|
Industrial
|
|
|
980
|
|
|
|
6,266
|
|
|
|
2,835
|
|
|
|
4,411
|
|
|
Ohio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bedford Heights (Cleveland)
|
|
Industrial
|
|
|
990
|
|
|
|
6,308
|
|
|
|
2,090
|
|
|
|
5,208
|
|
|
Cincinnati
|
|
Industrial
|
|
|
800
|
|
|
|
5,950
|
|
|
|
623
|
|
|
|
6,127
|
|
|
Kenton
|
|
Industrial
|
|
|
855
|
|
|
|
17,876
|
|
|
|
927
|
|
|
|
17,804
|
|
|
Lebanon (Cincinnati)
|
|
Industrial
|
|
|
240
|
|
|
|
4,212
|
|
|
|
813
|
|
|
|
3,639
|
|
|
Monroe (Cincinnati)
|
|
Industrial
|
|
|
1,800
|
|
|
|
19,777
|
|
|
|
1,438
|
|
|
|
20,139
|
|
|
Richfield (Cleveland)
|
|
Industrial
|
|
|
2,677
|
|
|
|
13,770
|
|
|
|
3,441
|
|
|
|
13,006
|
|
|
Stow
|
|
Industrial
|
|
|
1,430
|
|
|
|
17,504
|
|
|
|
898
|
|
|
|
18,036
|
|
|
Streetsboro (Cleveland)
|
|
Industrial
|
|
|
1,760
|
|
|
|
17,840
|
|
|
|
3,431
|
|
|
|
16,169
|
|
|
West Chester Twp. (Cincinnati)
|
|
Industrial
|
|
|
695
|
|
|
|
5,039
|
|
|
|
2,484
|
|
|
|
3,250
|
|
|
|
|
Property
|
|
|
|
|
Buildings &
|
|
|
Accumulated
|
|
|
Net Book
|
|
|
SEPTEMBER 30, 2019 (cont’d)
|
|
Type
|
|
Land
|
|
|
Improvements
|
|
|
Depreciation
|
|
|
Value
|
|
|
Oklahoma:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma City (FDX Ground)
|
|
Industrial
|
|
$
|
1,410
|
|
|
$
|
11,196
|
|
|
$
|
1,892
|
|
|
$
|
10,714
|
|
|
Oklahoma City (Bunzl)
|
|
Industrial
|
|
|
845
|
|
|
|
7,883
|
|
|
|
454
|
|
|
|
8,274
|
|
|
Oklahoma City (Amazon)
|
|
Industrial
|
|
|
1,618
|
|
|
|
28,260
|
|
|
|
1,328
|
|
|
|
28,550
|
|
|
Tulsa
|
|
Industrial
|
|
|
790
|
|
|
|
2,958
|
|
|
|
473
|
|
|
|
3,275
|
|
|
Pennsylvania:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altoona
|
|
Industrial
|
|
|
1,200
|
|
|
|
7,827
|
|
|
|
1,189
|
|
|
|
7,838
|
|
|
Imperial (Pittsburgh)
|
|
Industrial
|
|
|
3,700
|
|
|
|
16,264
|
|
|
|
1,494
|
|
|
|
18,470
|
|
|
Monaca (Pittsburgh)
|
|
Industrial
|
|
|
402
|
|
|
|
7,509
|
|
|
|
3,229
|
|
|
|
4,682
|
|
|
South Carolina:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aiken (Augusta, GA)
|
|
Industrial
|
|
|
1,362
|
|
|
|
19,678
|
|
|
|
1,135
|
|
|
|
19,905
|
|
|
Charleston (FDX)
|
|
Industrial
|
|
|
4,639
|
|
|
|
16,880
|
|
|
|
831
|
|
|
|
20,688
|
|
|
Charleston (FDX Ground)
|
|
Industrial
|
|
|
7,103
|
|
|
|
39,473
|
|
|
|
1,180
|
|
|
|
45,396
|
|
|
Ft. Mill (Charlotte, NC)
|
|
Industrial
|
|
|
1,747
|
|
|
|
15,317
|
|
|
|
3,041
|
|
|
|
14,023
|
|
|
Hanahan (Charleston) (SAIC)
|
|
Industrial
|
|
|
1,129
|
|
|
|
12,887
|
|
|
|
4,754
|
|
|
|
9,262
|
|
|
Hanahan (Charleston) (Amazon)
|
|
Industrial
|
|
|
930
|
|
|
|
6,760
|
|
|
|
2,244
|
|
|
|
5,446
|
|
|
Tennessee:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chattanooga
|
|
Industrial
|
|
|
300
|
|
|
|
5,049
|
|
|
|
1,529
|
|
|
|
3,820
|
|
|
Lebanon (Nashville)
|
|
Industrial
|
|
|
2,230
|
|
|
|
11,985
|
|
|
|
2,458
|
|
|
|
11,757
|
|
|
Memphis
|
|
Industrial
|
|
|
1,235
|
|
|
|
14,879
|
|
|
|
3,297
|
|
|
|
12,817
|
|
|
Shelby County
|
|
Vacant Land
|
|
|
11
|
|
|
|
0
|
|
|
|
0
|
|
|
|
11
|
|
|
Texas:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrollton (Dallas)
|
|
Industrial
|
|
|
1,500
|
|
|
|
16,447
|
|
|
|
3,987
|
|
|
|
13,960
|
|
|
Corpus Christi
|
|
Industrial
|
|
|
0
|
|
|
|
4,808
|
|
|
|
923
|
|
|
|
3,885
|
|
|
Edinburg
|
|
Industrial
|
|
|
1,000
|
|
|
|
11,039
|
|
|
|
1,756
|
|
|
|
10,283
|
|
|
El Paso
|
|
Industrial
|
|
|
3,225
|
|
|
|
9,206
|
|
|
|
2,244
|
|
|
|
10,187
|
|
|
Ft. Worth (Dallas)
|
|
Industrial
|
|
|
8,200
|
|
|
|
27,133
|
|
|
|
2,896
|
|
|
|
32,437
|
|
|
Houston
|
|
Industrial
|
|
|
1,661
|
|
|
|
6,502
|
|
|
|
1,632
|
|
|
|
6,531
|
|
|
Lindale (Tyler)
|
|
Industrial
|
|
|
540
|
|
|
|
9,426
|
|
|
|
1,211
|
|
|
|
8,755
|
|
|
Mesquite (Dallas)
|
|
Industrial
|
|
|
6,248
|
|
|
|
43,632
|
|
|
|
2,517
|
|
|
|
47,363
|
|
|
Spring (Houston)
|
|
Industrial
|
|
|
1,890
|
|
|
|
17,427
|
|
|
|
2,527
|
|
|
|
16,790
|
|
|
Waco
|
|
Industrial
|
|
|
1,350
|
|
|
|
11,201
|
|
|
|
1,786
|
|
|
|
10,765
|
|
|
Virginia:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charlottesville
|
|
Industrial
|
|
|
1,170
|
|
|
|
3,292
|
|
|
|
1,693
|
|
|
|
2,769
|
|
|
Mechanicsville (Richmond)
|
|
Industrial
|
|
|
1,160
|
|
|
|
6,647
|
|
|
|
3,191
|
|
|
|
4,616
|
|
|
Richmond
|
|
Industrial
|
|
|
446
|
|
|
|
4,460
|
|
|
|
1,666
|
|
|
|
3,240
|
|
|
Roanoke (CHEP USA)
|
|
Industrial
|
|
|
1,853
|
|
|
|
5,610
|
|
|
|
1,899
|
|
|
|
5,564
|
|
|
Roanoke (FDX Ground)
|
|
Industrial
|
|
|
1,740
|
|
|
|
8,460
|
|
|
|
1,365
|
|
|
|
8,835
|
|
|
Washington:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Burlington (Seattle/Everett)
|
|
Industrial
|
|
|
8,000
|
|
|
|
22,321
|
|
|
|
2,000
|
|
|
|
28,321
|
|
|
Wisconsin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cudahy (Milwaukee)
|
|
Industrial
|
|
|
980
|
|
|
|
8,827
|
|
|
|
3,550
|
|
|
|
6,257
|
|
|
Green Bay
|
|
Industrial
|
|
|
590
|
|
|
|
5,979
|
|
|
|
921
|
|
|
|
5,648
|
|
|
Total as of September 30, 2019
|
|
|
|
$
|
239,299
|
|
|
$
|
1,627,219
|
|
|
$
|
249,584
|
|
|
$
|
1,616,934
|
|
NOTE
3 – ACQUISITIONS, EXPANSIONS AND DISPOSITIONS
Fiscal
2020 Acquisitions
On
October 10, 2019, we purchased a newly constructed square foot industrial building, situated on 78.6 acres, located in
the Indianapolis, IN Metropolitan Statistical Area (MSA). The building is 100% net-leased to a subsidiary of Amazon.com Services,
Inc. (Amazon) for 15 years through August 2034. The lease is guaranteed by Amazon. The purchase price was $81.5 million. We obtained
an 18 year, fully-amortizing mortgage loan of $52.5 million at a fixed interest rate of 4.27%. Annual rental revenue over the
remaining term of the lease averages $5.0 million.
On
March 30, 2020, we purchased a newly constructed square foot industrial building, situated on 24.2 acres, located in the
Columbus, OH MSA. The building is 100% net-leased to Magna Seating of America, Inc. for 10 years through January 2030. The purchase
price was $17.9 million. We obtained a 10 year, fully-amortizing mortgage loan of $9.4 million at a fixed interest rate of 3.47%.
Annual rental revenue over the remaining term of the lease averages $1.2 million.
On
May 21, 2020, we purchased a newly constructed square foot industrial building, situated on 39.3 acres, located in the
Greensboro, NC MSA. The building is 100% net-leased to FedEx Ground Package System, Inc. for 15 years through April 2035. The
purchase price was $47.6 million. We obtained a 15 year, fully-amortizing mortgage loan of $30.3 million at a fixed interest rate
of 3.10%. Annual rental revenue over the remaining term of the lease averages $3.0 million.
On
May 21, 2020, we purchased a newly constructed square foot industrial building, situated on 7.5 acres, located in the Salt
Lake City, UT MSA. The building is 100% net-leased to FedEx Corporation for 15 years through March 2035. The purchase price was
$12.9 million. We obtained a 15 year, fully-amortizing mortgage loan of $8.4 million at a fixed interest rate of 3.18%. Annual
rental revenue over the remaining term of the lease averages $772,000.
On
September 15, 2020, we purchased a newly constructed square foot industrial building, situated on 21.5 acres, located
in Oklahoma City, OK. The building is 100% net-leased to a subsidiary of Amazon for 10 years through August 2030. The lease is
guaranteed by Amazon. The purchase price was $15.2 million. We obtained a 15 year, fully-amortizing mortgage loan of $9.8 million
at a fixed interest rate of 3.00%. Annual rental revenue over the remaining term of the lease averages $934,000.
We
evaluated the property acquisitions which took place during the twelve months ended September 30, 2020, to determine whether
an integrated set of assets and activities meets the definition of a business, pursuant to ASU 2017-01. Acquisitions that do
not meet the definition of a business are accounted for as asset acquisitions. Accordingly, we accounted for all five
properties purchased during fiscal 2020 as asset acquisitions and allocated the total cash consideration, including
transaction costs of $179,000,
to the individual assets acquired on a relative fair value basis. There were no liabilities assumed in these acquisitions. The
financial information set forth below summarizes our purchase price allocation for these five properties acquired during the
fiscal year 2020 that were accounted for as asset acquisitions (in thousands):
SUMMARY OF PURCHASE PRICE ALLOCATION FOR 2020 ASSETS ACQUISITIONS
|
Land
|
|
$
|
11,198
|
|
|
Building
|
|
|
160,064
|
|
|
In-Place Leases
|
|
|
3,999
|
|
The
following table summarizes the operating results included in our consolidated statements of income for the fiscal year ended September
30, 2020 for the five properties acquired during the twelve months ended September 30, 2020 (in thousands):
SUMMARY OF OPERATIONS
RESULT FOR 2020 PROPERTIES ACQUISITIONS
|
|
|
Year Ended
9/30/2020
|
|
|
Rental Revenues
|
|
$
|
6,846
|
|
|
Net Income (Loss) Attributable to Common Shareholders
|
|
|
1,624
|
|
FedEx
Ground Package System, Inc.’s ultimate parent, FedEx Corporation, Magna Seating of America, Inc.’s ultimate parent,
Magna International Inc. and Amazon are publicly-listed companies that are considered Investment Grade by S&P Global Ratings
(www.standardandpoors.com) and by Moody’s (www.moodys.com). The references in this report to the S&P Global
Ratings’ website and the Moody’s website are not intended to and do not include, or incorporate by reference into
this report, the information of S&P Global Ratings or Moody’s on such websites.
Fiscal
2019 Acquisitions
On
October 19, 2018, we purchased a newly constructed square foot industrial building, situated on 62.0 acres, located in
Trenton, NJ. The building is 100% net-leased to FedEx Ground Package System, Inc. for 15 years through June 2032. The purchase
price was $85.2 million. We obtained a 15 year, fully-amortizing mortgage loan of $55.0 million at a fixed interest rate of 4.13%.
Annual rental revenue over the remaining term of the lease averages $5.3 million.
On
November 30, 2018, we purchased a newly constructed square foot industrial building, situated on 29.4 acres, located in
Savannah, GA. The building is 100% net-leased to FedEx Ground Package System, Inc. for 10 years through October 2028. The purchase
price was $27.8 million. We obtained a 15 year, fully-amortizing mortgage loan of $17.5 million at a fixed interest rate of 4.40%.
Annual rental revenue over the remaining term of the lease averages $1.8 million.
On
July 26, 2019, we purchased a newly constructed square foot industrial building, situated on 45.6 acres, located in Lafayette,
IN. The building is 100% net-leased to Toyota Tsusho America, Inc. (Toyota) for 10 years through June 2029. The purchase price
was $25.5 million. We obtained a 15 year, fully-amortizing mortgage loan of $17.0 million at a fixed interest rate of 4.25%. Annual
rental revenue over the remaining term of the lease averages $1.7 million.
We
evaluated the property acquisitions which took place during the twelve months ended September 30, 2019, to determine whether an
integrated set of assets and activities meets the definition of a business, pursuant to ASU 2017-01. Acquisitions that do not
meet the definition of a business are accounted for as asset acquisitions. Accordingly, we accounted for all three properties
purchased during fiscal 2019 as asset acquisitions and allocated the total cash consideration, including transaction costs of
$347,000, to the individual assets acquired on a relative fair value basis. There were no liabilities assumed in these acquisitions.
The
financial information set forth below summarizes our purchase price allocation for these three properties acquired during the
fiscal year 2019 that were accounted for as asset acquisitions (in thousands):
SUMMARY
OF PURCHASE PRICE ALLOCATION FOR 2019 ASSETS ACQUISITIONS
|
Land
|
|
$
|
14,579
|
|
|
Building
|
|
|
122,018
|
|
|
In-Place Leases
|
|
|
2,367
|
|
The
following table summarizes the operating results included in our consolidated statements of income for the fiscal year ended September
30, 2019 for the three properties acquired during the twelve months ended September 30, 2019 (in thousands):
SUMMARY OF OPERATIONS RESULT FOR 2019 PROPERTIES
ACQUISITION
|
|
|
Year Ended
9/30/2019
|
|
|
Rental Revenues
|
|
$
|
7,073
|
|
|
Net Income (Loss) Attributable to Common Shareholders
|
|
|
1,723
|
|
FedEx
Ground Package System, Inc.’s ultimate parent, FedEx Corporation and Toyota Tsusho America, Inc’s parent, Toyota Tsusho
Corporation are publicly-listed companies that are considered Investment Grade by S&P Global Ratings (www.standardandpoors.com)
and by Moody’s (www.moodys.com).
Fiscal
2019 Expansions
In
February 2019, we completed a square foot building expansion at our property located in Monroe (Cincinnati), OH for a
total project cost of $8.6 million. The expansion resulted in a new 15-year lease which extended the prior lease expiration date
from February 2030 to February 2034. The expansion also resulted in an increase in initial annual rent effective March 1, 2019
of $821,000 from $980,000, or $ per square foot, to $1.8 million, or $ per square foot. In addition, the annual rent will
increase by 2% per annum, resulting in an average annualized rent of $2.1 million over the 15-year term. In connection with this
expansion, we obtained a 10.6 year, fully-amortizing second mortgage loan of $7.0 million at a fixed interest rate of 3.85%. The
maturity of the second mortgage loan coincides with the maturity of the property’s first fully-amortizing mortgage loan
which is at a fixed interest rate of 3.77% and has a principal balance of $6.6 million as of the fiscal year end.
Consolidated
Statements of Income for the three fiscal years ended September 30, 2020, 2019 and 2018 of properties sold during the periods
presented
The
sale of the four properties sold during fiscal 2018 do not represent a strategic shift that has a major effect on our operations
and financial results. Therefore, the operations generated from these four properties sold during fiscal 2018 are not included
in Discontinued Operations. There were no properties sold during fiscal 2019 or 2020.
The following table summarizes (in thousands)
the operations of these four properties, prior to their sales, that are included in the accompanying Consolidated Statements of
Income for the three fiscal years ended September 30, 2020, 2019 and 2018:
SCHEDULE
OF DISPOSITION AND REAL ESTATE CLASSIFIED AS HELD FOR SALE
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
Rental and Reimbursement Revenue
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
929
|
|
|
Lease Termination Income
|
|
|
0
|
|
|
|
0
|
|
|
|
210
|
|
|
Real Estate Taxes
|
|
|
0
|
|
|
|
0
|
|
|
|
(212
|
)
|
|
Operating Expenses
|
|
|
0
|
|
|
|
0
|
|
|
|
(110
|
)
|
|
Depreciation & Amortization
|
|
|
0
|
|
|
|
0
|
|
|
|
(79
|
)
|
|
Interest Expense
|
|
|
0
|
|
|
|
0
|
|
|
|
(38
|
)
|
|
Income from Operations
|
|
|
0
|
|
|
|
0
|
|
|
|
700
|
|
|
Gain on Sale of Real Estate Investment
|
|
|
0
|
|
|
|
0
|
|
|
|
7,485
|
|
|
Net Income
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
8,185
|
|
Pro
forma information (unaudited)
The
following unaudited pro forma condensed financial information has been prepared utilizing our historical financial statements
and from the properties acquired and expanded during fiscal years 2020 and 2019, assuming that these acquisitions and these completed
expansions had occurred as of October 1, 2018, after giving effect to certain adjustments including: (a) Rental Revenue adjustments
resulting from the straight-lining of scheduled rent increases, (b) Interest Expense resulting from the assumed increase in Fixed
Rate Mortgage Notes Payable and Loans Payable related to the new acquisitions, and (c) Depreciation Expense related to the new
acquisitions and expansions. Furthermore, the net proceeds raised from our Dividend Reinvestment and Stock Purchase Plan (the
DRIP) were used to fund property acquisitions and expansions and therefore, the weighted average shares outstanding used in calculating
the pro-forma Basic and Diluted Net Income (Loss) per Share Attributable to Common Shareholders has been adjusted to account for
the increase in shares raised through the DRIP, as if all the shares raised had occurred on October 1, 2018. Additionally, the
net proceeds raised from the issuance of our 6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share
(6.125% Series C Preferred Stock), through our At-The-Mark Sales Agreement Program were used to help fund property acquisitions
and, therefore, the pro-forma preferred dividend has been adjusted to account for its effect on pro-forma Net Income (Loss) Attributable
to Common Shareholders as if all the preferred stock issuances had occurred on October 1, 2018.
The
unaudited pro-forma condensed financial information is not indicative of the results of operations that would have been achieved
had the acquisitions and expansions reflected herein been consummated on the dates indicated or that will be achieved in the future.
SCHEDULE
OF PRO FORMA INFORMATION
|
|
|
Fiscal Year Ended
(in thousands, except per share amounts)
|
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
As Reported
|
|
|
Pro-forma
|
|
|
As Reported
|
|
|
Pro-forma
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental Revenue
|
|
$
|
141,583
|
|
|
$
|
145,486
|
|
|
$
|
132,524
|
|
|
$
|
145,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Common Shareholders
|
|
$
|
(48,617
|
)
|
|
$
|
(47,315
|
)
|
|
$
|
11,026
|
|
|
$
|
6,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Net Income (Loss) per Share Attributable to Common Shareholders
|
|
$
|
(0.50
|
)
|
|
$
|
(0.48
|
)
|
|
$
|
0.12
|
|
|
$
|
0.07
|
|
NOTE
4 – INTANGIBLE ASSETS
Net
intangible assets consist of the estimated value of the acquired in-place leases and the acquired above market rent leases at
acquisition for the following properties and are amortized over the remaining term of the lease.
Intangible Assets, net of Accumulated
Amortization is made up of the following balances as of September 30, 2020 and 2019 (in thousands):
SCHEDULE OF INTANGIBLE ASSETS UNDER LEASES IN-PLACE ACQUISITION
|
|
|
As of
September 30,
2020
|
|
|
As of
September 30,
2019
|
|
|
Topeka, KS
|
|
$
|
34
|
|
|
$
|
69
|
|
|
Lebanon (Nashville), TN
|
|
|
78
|
|
|
|
99
|
|
|
Rockford, IL (Sherwin-Williams Co.)
|
|
|
65
|
|
|
|
85
|
|
|
Edinburg, TX
|
|
|
52
|
|
|
|
109
|
|
|
Corpus Christi, TX
|
|
|
21
|
|
|
|
44
|
|
|
Halfmoon (Albany), NY
|
|
|
0
|
|
|
|
108
|
|
|
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals)
|
|
|
336
|
|
|
|
520
|
|
|
Livonia (Detroit), MI
|
|
|
103
|
|
|
|
171
|
|
|
Stewartville (Rochester), MN
|
|
|
13
|
|
|
|
17
|
|
|
Buckner (Louisville), KY
|
|
|
286
|
|
|
|
308
|
|
|
Edwardsville (Kansas City), KS (International Paper)
|
|
|
218
|
|
|
|
292
|
|
|
Lindale (Tyler), TX
|
|
|
131
|
|
|
|
166
|
|
|
Sauget (St. Louis, MO), IL
|
|
|
18
|
|
|
|
20
|
|
|
Rockford, IL (Collins Aerospace Systems)
|
|
|
53
|
|
|
|
61
|
|
|
Kansas City, MO
|
|
|
5
|
|
|
|
10
|
|
|
Monroe, OH (Cincinnati)
|
|
|
301
|
|
|
|
333
|
|
|
Cincinnati, OH
|
|
|
32
|
|
|
|
36
|
|
|
Imperial (Pittsburgh), PA
|
|
|
45
|
|
|
|
53
|
|
|
Burlington (Seattle/Everett), WA
|
|
|
312
|
|
|
|
344
|
|
|
Colorado Springs, CO
|
|
|
202
|
|
|
|
241
|
|
|
Hamburg (Buffalo), NY
|
|
|
181
|
|
|
|
198
|
|
|
|
|
As of
September 30,
2020
|
|
|
As of
September 30,
2019
|
|
|
Ft. Myers, FL
|
|
$
|
143
|
|
|
$
|
164
|
|
|
Walker (Grand Rapids), MI
|
|
|
382
|
|
|
|
415
|
|
|
Aiken (Augusta, GA), SC
|
|
|
728
|
|
|
|
791
|
|
|
Mesquite (Dallas), TX
|
|
|
628
|
|
|
|
683
|
|
|
Homestead (Miami), FL
|
|
|
437
|
|
|
|
475
|
|
|
Oklahoma City, OK (Bunzl)
|
|
|
159
|
|
|
|
200
|
|
|
Concord (Charlotte), NC
|
|
|
496
|
|
|
|
539
|
|
|
Kenton, OH
|
|
|
340
|
|
|
|
389
|
|
|
Stow, OH
|
|
|
404
|
|
|
|
463
|
|
|
Charleston, SC (FDX)
|
|
|
324
|
|
|
|
351
|
|
|
Oklahoma City, OK (Amazon)
|
|
|
522
|
|
|
|
596
|
|
|
Savannah, GA (Shaw)
|
|
|
1,091
|
|
|
|
1,247
|
|
|
Daytona Beach, FL
|
|
|
604
|
|
|
|
685
|
|
|
Mobile, AL
|
|
|
817
|
|
|
|
917
|
|
|
Charleston, SC (FDX Ground)
|
|
|
577
|
|
|
|
622
|
|
|
Braselton (Atlanta), GA
|
|
|
861
|
|
|
|
930
|
|
|
Trenton, NJ
|
|
|
1,303
|
|
|
|
1,413
|
|
|
Savannah, GA (FDX Ground)
|
|
|
298
|
|
|
|
334
|
|
|
Lafayette, IN
|
|
|
424
|
|
|
|
472
|
|
|
Greenwood (Indianapolis), IN (Amazon)
|
|
|
2,005
|
|
|
|
0
|
|
|
Lancaster (Columbus), OH
|
|
|
335
|
|
|
|
0
|
|
|
Whitsett (Greensboro), NC
|
|
|
963
|
|
|
|
0
|
|
|
Ogden (Salt Lake City), UT
|
|
|
232
|
|
|
|
0
|
|
|
Oklahoma City, OK (Amazon II)
|
|
|
273
|
|
|
|
0
|
|
|
Total Intangible Assets, net of Accumulated Amortization
|
|
$
|
16,832
|
|
|
$
|
14,970
|
|
Amortization
expense related to the intangible assets attributable to acquired in-place leases was $2.0 million, $1.9 million and $1.5 million
for the years ended September 30, 2020, 2019 and 2018, respectively. We estimate that the aggregate amortization expense for these
existing intangible assets will be $2.0 million, $1.9 million, $1.7 million, $1.6 million, and $1.6 million for each of the fiscal
years 2021, 2022, 2023, 2024 and 2025, respectively. The amount that is being amortized into rental revenue related to the intangible
assets attributable to acquired above market leases was $103,000 for the years ended September 30, 2020, 2019 and 2018. We estimate
that the aggregate amount that will be amortized into rental revenue for existing intangible assets will be $103,000 for fiscal
year 2021 and will be $34,000 for the fiscal year 2022.
NOTE
5 – SIGNIFICANT CONCENTRATIONS OF CREDIT RISK
As
of September 30, 2020, we had million square feet of property, of which million square feet, or 46%, consisting of 62
separate stand-alone leases, were leased to FedEx Corporation (FDX) and its subsidiaries, (5% to FDX and 41% to FDX subsidiaries).
These properties are located in 26 different states. As of September 30, 2020, the 62 separate stand-alone leases that are leased
to FDX and FDX subsidiaries had a weighted average lease maturity of 7.9 years. As of September 30, 2020, in addition to FDX and
its subsidiaries, the only tenants that leased 5% or more of our total square footage were subsidiaries of Amazon, which consists
of five separate stand-alone leases for properties located in four different states, containing million total square feet,
comprising 6% of our total leasable square feet. None of our properties are subject to a master lease or any cross-collateralization
agreements. The tenants that leased more than 5% of total rentable square footage as of September 30, 2020, 2019, and 2018 were
as follows:
SCHEDULE OF
CONCENTRATION OF RISK
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
FDX and Subsidiaries
|
|
|
46%
|
|
|
|
47%
|
|
|
|
48%
|
|
|
Subsidiaries of Amazon
|
|
|
6%
|
|
|
|
<5%
|
|
|
|
<5%
|
|
During
fiscal 2020, the only tenants that accounted for 5%
or more of our rental and reimbursement revenue were FDX (including its subsidiaries) and subsidiaries of Amazon. Our rental
and reimbursement revenue from FDX and its subsidiaries for the fiscal years ended September 30, 2020, 2019 and 2018,
respectively, totaled $96.4
million, $93.3
million and $79.1
million, or as a percentage of total rent and reimbursement revenues, 58%
(5%
from FDX and 53%
from FDX subsidiaries), 60%
(5%
from FDX and 55%
from FDX subsidiaries) and 58%
(5%
from FDX and 53%
from FDX subsidiaries). Subsidiaries of Amazon represented 6% of our Rental and Reimbursement Revenue for the fiscal year
ended September 30, 2020. Rental and Reimbursement Revenue from subsidiaries of Amazon for the fiscal years ended September
30, 2019 and 2018 was less than 5% of our Rental and Reimbursement Revenue. No
other tenant accounted for 5% or more of our total Rental and Reimbursement revenue for the fiscal years ended
September 30, 2020, 2019 and 2018.
FDX
and Amazon are rated “BBB” and “AA-”, respectively by S&P Global Ratings (www.standardandpoors.com)
and are rated “Baa2” and “A2”, respectively by Moody’s (www.moodys.com), which are both considered
“Investment Grade” ratings. The references in this report to the SEC’s website, S&P Global Ratings’
website and Moody’s website are not intended to and do not include, or incorporate by reference into this report, the information
of FDX, Amazon, S&P Global Ratings or Moody’s on such websites.
NOTE
6 – SECURITIES AVAILABLE FOR SALE
Our
Securities Available for Sale at Fair Value consists primarily of marketable common and preferred stock of other REITs with a
fair value of $108.8 million as of September 30, 2020. We intend to limit the size of this portfolio to no more than approximately
5% of our undepreciated assets, which we define as total assets excluding accumulated depreciation. We continue to believe that
our REIT securities portfolio provides us with diversification, income, a source of potential liquidity when needed and also serves
as a proxy for real estate when more favorable risk adjusted returns are not available in the private real estate markets. Our
decision to reduce this threshold mainly stems from the implementation of accounting rule ASU 2016-01, “Financial Instruments
– Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”, which took effect at the beginning
of last fiscal year. This new rule requires that quarterly changes in the market value of our marketable securities flow through
our Consolidated Statements of Income (Loss). The implementation of this accounting rule has resulted in increased volatility
in our reported earnings and some of our key performance metrics. Total assets excluding accumulated depreciation were $2.2 billion
as of September 30, 2020. Our $108.8 million investment in marketable REIT securities as of September 30, 2020 represented 4.9%
of our undepreciated assets.
During
the fiscal year ended September 30, 2020, one of our preferred stock investments was called for redemption at its liquidation
value, which was equal to our cost basis. There have been no open market purchases or sales of securities during the fiscal year
ended September 30, 2020. During the fiscal year ended September 30, 2019, we did not sell or redeem any securities. We received
proceeds of $2.6 million on sales or redemptions of securities available for sale during fiscal years 2018. We recorded the following
realized Gain on Sale of Securities Transactions, net for the fiscal years ended September 30 (in thousands):
SCHEDULE OF
GAIN (LOSS) ON SECURITIES TRANSACTIONS, NET
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
Gross realized gains
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
112
|
|
|
Gross realized losses
|
|
|
0
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
Gains on Sale of Securities Transactions, net
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
111
|
|
We
recognized dividend income from our portfolio of REIT investments for the fiscal years ended September 30, 2020, 2019 and 2018
of $10.4 million, $15.1 million and $13.1 million, respectively. As of September 30, 2020, we had total net unrealized holding
losses on our securities portfolio of $126.8 million. As a result of the adoption of ASU 2016-01, $77.4 million and $24.7 million
of the net unrealized holding losses have been reflected as Unrealized Holding Gains (Losses) Arising During the Periods in the
accompanying Consolidated Statements of Income (Loss) for the fiscal year ended September 30, 2020 and 2019, respectively. The
remaining $24.7 million of the net unrealized holding losses have been reflected as a reclass to beginning Undistributed Income
(Loss).
We
normally hold REIT securities long-term and have the ability and intent to hold these securities to recovery. We have determined
that none of our security holdings are other than temporarily impaired and therefore all unrealized gains and losses from these
securities have been recognized as Unrealized Holding Gains (Losses) Arising During the Periods in our Consolidated Statements
of Income (Loss). If we were to determine any of our securities to be other than temporarily impaired, we would present these
unrealized holding losses as an impairment charge in our Consolidated Statements of Income (Loss).
The
following is a listing of our investments in securities at September 30, 2020 (in thousands):
SUMMARY OF INVESTMENTS IN DEBT AND EQUITY SECURITIES
|
Description
|
|
Series
|
|
Interest
Rate/
Dividend
|
|
|
Number of
Shares
|
|
|
Cost
|
|
|
Fair Value
|
|
|
Equity Securities - Preferred Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBL & Associates Properties, Inc.
|
|
D
|
|
|
7.375
|
%
|
|
|
400
|
|
|
$
|
7,967
|
|
|
$
|
304
|
|
|
Cedar Realty Trust, Inc.
|
|
B
|
|
|
7.25
|
%
|
|
|
6
|
|
|
|
136
|
|
|
|
109
|
|
|
iStar Inc.
|
|
D
|
|
|
8.00
|
%
|
|
|
10
|
|
|
|
232
|
|
|
|
253
|
|
|
iStar Inc.
|
|
I
|
|
|
7.50
|
%
|
|
|
60
|
|
|
|
1,301
|
|
|
|
1,452
|
|
|
Pennsylvania Real Estate Investment Trust
|
|
D
|
|
|
6.875
|
%
|
|
|
120
|
|
|
|
2,150
|
|
|
|
610
|
|
|
Pennsylvania Real Estate Investment Trust
|
|
B
|
|
|
7.375
|
%
|
|
|
120
|
|
|
|
2,216
|
|
|
|
606
|
|
|
UMH Properties, Inc. (1) (2)
|
|
B
|
|
|
8.00
|
%
|
|
|
100
|
|
|
|
2,500
|
|
|
|
2,526
|
|
|
Total Equity Securities - Preferred Stock
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,502
|
|
|
$
|
5,860
|
|
|
Description
|
|
Number of
Shares
|
|
|
Cost
|
|
|
Fair Value
|
|
|
Equity Securities - Common Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBL & Associates Properties, Inc.
|
|
|
4,000
|
|
|
$
|
33,525
|
|
|
$
|
644
|
|
|
Diversified Healthcare Trust
|
|
|
1,100
|
|
|
|
17,871
|
|
|
|
3,872
|
|
|
Five Star Senior Living Inc.
|
|
|
75
|
|
|
|
290
|
|
|
|
378
|
|
|
Franklin Street Properties Corp.
|
|
|
1,000
|
|
|
|
8,478
|
|
|
|
3,660
|
|
|
Industrial Logistics Property Trust
|
|
|
700
|
|
|
|
13,789
|
|
|
|
15,309
|
|
|
Kimco Realty Corporation
|
|
|
1,700
|
|
|
|
27,937
|
|
|
|
19,142
|
|
|
Office Properties Income Trust
|
|
|
659
|
|
|
|
37,892
|
|
|
|
13,655
|
|
|
Pennsylvania Real Estate Investment Trust
|
|
|
1,800
|
|
|
|
13,443
|
|
|
|
997
|
|
|
Tanger Factory Outlet Centers, Inc.
|
|
|
600
|
|
|
|
12,300
|
|
|
|
3,618
|
|
|
VEREIT, Inc.
|
|
|
3,500
|
|
|
|
27,891
|
|
|
|
22,750
|
|
|
Washington Prime Group Inc.
|
|
|
1,500
|
|
|
|
11,860
|
|
|
|
971
|
|
|
UMH Properties, Inc. (1)
|
|
|
1,328
|
|
|
|
13,858
|
|
|
|
17,975
|
|
|
Total Equity Securities - Common Stock
|
|
|
|
|
|
$
|
219,134
|
|
|
$
|
102,971
|
|
|
Description
|
|
Interest
Rate/
Dividend
|
|
|
Number of
Shares
|
|
|
Cost
|
|
|
Fair Value
|
|
|
Modified Pass-Through Mortgage-Backed Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government National Mortgage Association (GNMA)
|
|
|
6.50
|
%
|
|
|
500
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Securities Available for Sale
|
|
|
|
|
|
|
|
|
|
$
|
235,637
|
|
|
$
|
108,832
|
|
|
|
(1)
|
Investment
is in a related company. See Note No. 11 for further discussion.
|
|
|
(2)
|
Subsequent
to fiscal year end 2020, UMH redeemed all their 8.00% Series B Cumulative Redeemable Preferred
Stock at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends.
|
The
following is a listing of our investments in securities at September 30, 2019 (in thousands):
|
Description
|
|
Series
|
|
Interest
Rate/
Dividend
|
|
|
Number of
Shares
|
|
|
Cost
|
|
|
Fair Value
|
|
|
Equity Securities - Preferred Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBL & Associates Properties, Inc.
|
|
D
|
|
|
7.375
|
%
|
|
|
400
|
|
|
$
|
7,967
|
|
|
$
|
3,444
|
|
|
Cedar Realty Trust, Inc.
|
|
B
|
|
|
7.25
|
%
|
|
|
6
|
|
|
|
136
|
|
|
|
144
|
|
|
Dynex Capital, Inc.
|
|
A
|
|
|
8.50
|
%
|
|
|
10
|
|
|
|
250
|
|
|
|
256
|
|
|
iStar Inc.
|
|
D
|
|
|
8.00
|
%
|
|
|
10
|
|
|
|
232
|
|
|
|
261
|
|
|
iStar Inc.
|
|
I
|
|
|
7.50
|
%
|
|
|
60
|
|
|
|
1,301
|
|
|
|
1,547
|
|
|
Pennsylvania Real Estate Investment Trust
|
|
D
|
|
|
6.875
|
%
|
|
|
120
|
|
|
|
2,150
|
|
|
|
2,431
|
|
|
Pennsylvania Real Estate Investment Trust
|
|
B
|
|
|
7.375
|
%
|
|
|
120
|
|
|
|
2,216
|
|
|
|
2,484
|
|
|
UMH Properties, Inc. (1)(2)
|
|
B
|
|
|
8.00
|
%
|
|
|
100
|
|
|
|
2,500
|
|
|
|
2,600
|
|
|
Total Equity Securities - Preferred Stock
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,752
|
|
|
$
|
13,167
|
|
|
Description
|
|
Number of
Shares
|
|
|
Cost
|
|
|
Fair Value
|
|
|
Equity Securities - Common Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBL & Associates Properties, Inc.
|
|
|
4,000
|
|
|
$
|
33,525
|
|
|
$
|
5,160
|
|
|
Franklin Street Properties Corp.
|
|
|
1,000
|
|
|
|
8,478
|
|
|
|
8,460
|
|
|
Industrial Logistics Property Trust
|
|
|
700
|
|
|
|
13,789
|
|
|
|
14,875
|
|
|
Kimco Realty Corporation
|
|
|
1,700
|
|
|
|
27,937
|
|
|
|
35,496
|
|
|
Office Properties Income Trust
|
|
|
659
|
|
|
|
37,892
|
|
|
|
20,192
|
|
|
Pennsylvania Real Estate Investment Trust
|
|
|
1,800
|
|
|
|
13,443
|
|
|
|
10,296
|
|
|
Senior Housing Property Trust
|
|
|
1,100
|
|
|
|
17,871
|
|
|
|
10,181
|
|
|
Tanger Factory Outlet Centers, Inc.
|
|
|
600
|
|
|
|
12,300
|
|
|
|
9,288
|
|
|
VEREIT, Inc.
|
|
|
3,500
|
|
|
|
27,891
|
|
|
|
34,230
|
|
|
Washington Prime Group Inc.
|
|
|
1,500
|
|
|
|
11,860
|
|
|
|
6,210
|
|
|
UMH Properties, Inc. (1)
|
|
|
1,257
|
|
|
|
12,935
|
|
|
|
17,693
|
|
|
Total Equity Securities - Common Stock
|
|
|
|
|
|
$
|
217,921
|
|
|
$
|
172,081
|
|
|
Description
|
|
Interest
Rate/
Dividend
|
|
|
Number of
Shares
|
|
|
Cost
|
|
|
Fair Value
|
|
|
Modified Pass-Through Mortgage-Backed Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government National Mortgage Association (GNMA)
|
|
|
6.50
|
%
|
|
|
500
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Securities Available for Sale
|
|
|
|
|
|
|
|
|
|
$
|
234,675
|
|
|
$
|
185,250
|
|
|
|
(1)
|
Investment
is in a related company. See Note No. 11 for further discussion.
|
|
|
(2)
|
Subsequent
to fiscal year end 2020, UMH redeemed all their 8.00% Series B Cumulative Redeemable Preferred
Stock at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends.
|
NOTE
7- MORTGAGE NOTES AND LOANS PAYABLE
Mortgage
Notes Payable:
As
of September 30, 2020, we owned 119 properties, of which 62 carried Fixed Rate Mortgage Notes Payable with outstanding principal
balances totaling $807.4 million. Interest is payable on these mortgages at fixed rates ranging from 3.00% to 6.875%, with a weighted
average interest rate of 3.98%. This compares to a weighted average interest rate of 4.03% as of September 30, 2019. As of September
30, 2020, the weighted average loan maturity of the Mortgage Notes Payable was 11.1 years. This compares to a weighted average
loan maturity of the Mortgage Notes Payable of 11.3 years as of September 30, 2019.
As
described in Note 3, during fiscal year ended September 30, 2020, we entered into five mortgages in connection with the acquisitions
of properties in the Indianapolis, IN; Columbus, OH; Greensboro, NC; Salt Lake City, UT and Oklahoma City, OK MSA’s. These
five mortgages consisted of one 10 year fully-amortizing mortgage loan, three 15 year fully-amortizing mortgage loans and one
18 year fully-amortizing mortgage loan. These five mortgage loans originally totaled $110.3 million, with an original weighted
average mortgage loan maturity of 16.0 years with interest rates ranging from 3.00% to 4.27% resulting in a weighted average interest
rate of 3.69%.
During
the fiscal year ended September 30, 2020, we fully repaid two self-amortizing mortgage loans for our properties located in Augusta,
GA and Huntsville, AL. These loans were at a weighted average interest rate of 5.52%.
During
the fiscal year ended September 30, 2019, we fully repaid the mortgage loans for five of our properties located in Tampa, FL;
Lebanon, TN; Hanahan, SC; Ft. Mill, SC and Denver, CO, totaling $12.5 million.
The
following is a summary of our Fixed Rate Mortgage Notes Payable as of September 30, 2020 and 2019 (in thousands):
SUMMARY
OF FIXED RATE MORTGAGE NOTES PAYABLE
|
|
|
9/30/20
|
|
|
9/30/19
|
|
|
|
|
Amount
|
|
|
Weighted
Average
Interest
Rate (1)
|
|
|
Amount
|
|
|
Weighted
Average
Interest
Rate (1)
|
|
|
Fixed Rate Mortgage Notes Payable
|
|
$
|
807,371
|
|
|
|
3.98
|
%
|
|
$
|
752,916
|
|
|
|
4.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Issuance Costs
|
|
$
|
12,377
|
|
|
|
|
|
|
$
|
11,733
|
|
|
|
|
|
|
Accumulated Amortization of Debt Issuance Costs
|
|
|
(4,513
|
)
|
|
|
|
|
|
|
(3,745
|
)
|
|
|
|
|
|
Unamortized Debt Issuance Costs
|
|
$
|
7,864
|
|
|
|
|
|
|
$
|
7,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs
|
|
$
|
799,507
|
|
|
|
|
|
|
$
|
744,928
|
|
|
|
|
|
|
|
(1)
|
Weighted
average interest rate excludes amortization of debt issuance costs.
|
The
following is a summary of our mortgage notes payable by property at September 30, 2020 and 2019 (in thousands):
SUMMARY
OF MORTGAGE NOTES PAYABLE
|
Property
|
|
|
|
|
Fixed
Rate
|
|
|
Maturity
Date
|
|
Balance
9/30/20
|
|
|
Balance
9/30/19
|
|
|
Augusta, GA (FDX Ground)
|
|
|
(1)
|
|
|
|
5.54
|
%
|
|
02/01/20
|
|
$
|
0
|
|
|
$
|
102
|
|
|
Huntsville, AL
|
|
|
(1)
|
|
|
|
5.50
|
%
|
|
04/01/20
|
|
|
0
|
|
|
|
140
|
|
|
Topeka, KS
|
|
|
|
|
|
|
6.50
|
%
|
|
08/10/21
|
|
|
288
|
|
|
|
584
|
|
|
Streetsboro, OH (Cleveland)
|
|
|
|
|
|
|
5.50
|
%
|
|
11/01/21
|
|
|
8,025
|
|
|
|
8,680
|
|
|
Kansas City, MO
|
|
|
|
|
|
|
5.18
|
%
|
|
12/01/21
|
|
|
6,273
|
|
|
|
6,457
|
|
|
Olive Branch, MS (Memphis, TN)(Anda Pharmaceuticals, Inc.)
|
|
|
|
|
|
|
4.80
|
%
|
|
04/01/22
|
|
|
6,259
|
|
|
|
6,927
|
|
|
Waco, TX
|
|
|
|
|
|
|
4.75
|
%
|
|
08/01/22
|
|
|
3,613
|
|
|
|
3,931
|
|
|
Houston, TX
|
|
|
|
|
|
|
6.88
|
%
|
|
09/10/22
|
|
|
1,102
|
|
|
|
1,643
|
|
|
Tolleson, AZ (Phoenix)
|
|
|
|
|
|
|
3.95
|
%
|
|
11/01/22
|
|
|
2,010
|
|
|
|
2,882
|
|
|
Edwardsville, KS (Kansas City)(International Paper)
|
|
|
|
|
|
|
3.45
|
%
|
|
11/01/23
|
|
|
7,627
|
|
|
|
8,421
|
|
|
Spring, TX (Houston)
|
|
|
|
|
|
|
4.01
|
%
|
|
12/01/23
|
|
|
6,623
|
|
|
|
7,287
|
|
|
Memphis, TN
|
|
|
|
|
|
|
4.50
|
%
|
|
01/01/24
|
|
|
3,304
|
|
|
|
4,202
|
|
|
Oklahoma City, OK (FDX Ground)
|
|
|
|
|
|
|
4.35
|
%
|
|
07/01/24
|
|
|
2,341
|
|
|
|
2,890
|
|
|
Indianapolis, IN
|
|
|
|
|
|
|
4.00
|
%
|
|
09/01/24
|
|
|
8,431
|
|
|
|
9,454
|
|
|
Frankfort, KY (Lexington)
|
|
|
|
|
|
|
4.84
|
%
|
|
12/15/24
|
|
|
14,611
|
|
|
|
15,672
|
|
|
Carrollton, TX (Dallas)
|
|
|
|
|
|
|
6.75
|
%
|
|
02/01/25
|
|
|
4,733
|
|
|
|
5,623
|
|
|
Altoona, PA
|
|
|
(2)
|
|
|
|
4.00
|
%
|
|
10/01/25
|
|
|
2,426
|
|
|
|
2,848
|
|
|
Green Bay, WI
|
|
|
(2)
|
|
|
|
4.00
|
%
|
|
10/01/25
|
|
|
1,971
|
|
|
|
2,311
|
|
|
Stewartville, MN (Rochester)
|
|
|
(2)
|
|
|
|
4.00
|
%
|
|
10/01/25
|
|
|
1,578
|
|
|
|
1,852
|
|
|
Carlstadt, NJ (New York, NY)
|
|
|
|
|
|
|
5.25
|
%
|
|
05/15/26
|
|
|
1,227
|
|
|
|
1,408
|
|
|
Roanoke, VA (FDX Ground)
|
|
|
|
|
|
|
3.84
|
%
|
|
07/01/26
|
|
|
3,395
|
|
|
|
3,905
|
|
|
Livonia, MI (Detroit)
|
|
|
|
|
|
|
4.45
|
%
|
|
12/01/26
|
|
|
4,973
|
|
|
|
5,649
|
|
|
Oklahoma City, OK (Amazon)
|
|
|
|
|
|
|
3.64
|
%
|
|
12/01/27
|
|
|
17,369
|
|
|
|
18,206
|
|
|
Olive Branch, MS (Memphis, TN) (Milwaukee Tool)
|
|
|
|
|
|
|
3.76
|
%
|
|
10/01/28
|
|
|
18,042
|
|
|
|
19,917
|
|
|
Tulsa, OK
|
|
|
|
|
|
|
4.58
|
%
|
|
11/01/28
|
|
|
1,413
|
|
|
|
1,552
|
|
|
Oklahoma City, OK (Bunzl)
|
|
|
|
|
|
|
4.13
|
%
|
|
07/01/29
|
|
|
4,692
|
|
|
|
5,124
|
|
|
Lindale, TX (Tyler)
|
|
|
|
|
|
|
4.57
|
%
|
|
11/01/29
|
|
|
4,827
|
|
|
|
5,242
|
|
|
Sauget, IL (St. Louis, MO)
|
|
|
|
|
|
|
4.40
|
%
|
|
11/01/29
|
|
|
7,322
|
|
|
|
7,956
|
|
|
Jacksonville, FL (FDX Ground)
|
|
|
|
|
|
|
3.93
|
%
|
|
12/01/29
|
|
|
13,854
|
|
|
|
15,072
|
|
|
Lancaster (Columbus), OH
|
|
|
|
|
|
|
3.47
|
%
|
|
01/01/30
|
|
|
9,091
|
|
|
|
0
|
|
|
Imperial, PA (Pittsburgh)
|
|
|
|
|
|
|
3.63
|
%
|
|
04/01/30
|
|
|
9,586
|
|
|
|
10,407
|
|
|
Monroe, OH (Cincinnati)
|
|
|
(3)
|
|
|
|
3.77
|
%
|
|
04/01/30
|
|
|
6,107
|
|
|
|
6,626
|
|
|
Monroe, OH (Cincinnati)
|
|
|
(3)
|
|
|
|
3.85
|
%
|
|
04/01/30
|
|
|
6,453
|
|
|
|
7,000
|
|
|
Greenwood, IN (Indianapolis) (Ulta)
|
|
|
|
|
|
|
3.91
|
%
|
|
06/01/30
|
|
|
17,346
|
|
|
|
18,780
|
|
|
Ft. Worth, TX (Dallas)
|
|
|
|
|
|
|
3.56
|
%
|
|
09/01/30
|
|
|
17,879
|
|
|
|
19,342
|
|
|
Concord, NC (Charlotte)
|
|
|
|
|
|
|
3.87
|
%
|
|
12/01/30
|
|
|
15,449
|
|
|
|
16,654
|
|
|
Covington, LA (New Orleans)
|
|
|
|
|
|
|
4.08
|
%
|
|
01/01/31
|
|
|
9,686
|
|
|
|
10,425
|
|
|
Burlington, WA (Seattle/Everett)
|
|
|
|
|
|
|
3.67
|
%
|
|
05/01/31
|
|
|
15,471
|
|
|
|
16,635
|
|
|
Louisville, KY
|
|
|
|
|
|
|
3.74
|
%
|
|
07/01/31
|
|
|
5,702
|
|
|
|
6,121
|
|
|
Colorado Springs, CO
|
|
|
|
|
|
|
3.90
|
%
|
|
07/01/31
|
|
|
14,571
|
|
|
|
15,632
|
|
|
Davenport, FL (Orlando)
|
|
|
|
|
|
|
3.89
|
%
|
|
09/01/31
|
|
|
20,788
|
|
|
|
22,274
|
|
|
Olathe, KS (Kansas City)
|
|
|
|
|
|
|
3.96
|
%
|
|
09/01/31
|
|
|
17,513
|
|
|
|
18,759
|
|
|
Hamburg, NY (Buffalo)
|
|
|
|
|
|
|
4.03
|
%
|
|
11/01/31
|
|
|
18,770
|
|
|
|
20,075
|
|
|
Ft. Myers, FL
|
|
|
|
|
|
|
3.97
|
%
|
|
01/01/32
|
|
|
11,707
|
|
|
|
12,510
|
|
|
Savannah, GA (Shaw)
|
|
|
|
|
|
|
3.53
|
%
|
|
02/01/32
|
|
|
28,324
|
|
|
|
30,304
|
|
|
Walker, MI (Grand Rapids)
|
|
|
|
|
|
|
3.86
|
%
|
|
05/01/32
|
|
|
17,219
|
|
|
|
18,365
|
|
|
Mesquite, TX (Dallas)
|
|
|
|
|
|
|
3.60
|
%
|
|
07/01/32
|
|
|
27,350
|
|
|
|
29,171
|
|
|
Aiken, SC (Augusta, GA)
|
|
|
|
|
|
|
4.20
|
%
|
|
07/01/32
|
|
|
12,861
|
|
|
|
13,683
|
|
|
Homestead, FL (Miami)
|
|
|
|
|
|
|
3.60
|
%
|
|
07/01/32
|
|
|
20,616
|
|
|
|
21,989
|
|
|
Mobile, AL
|
|
|
|
|
|
|
4.14
|
%
|
|
07/01/32
|
|
|
16,728
|
|
|
|
17,802
|
|
|
Concord, NC (Charlotte)
|
|
|
|
|
|
|
3.80
|
%
|
|
09/01/32
|
|
|
22,067
|
|
|
|
23,492
|
|
|
Kenton, OH
|
|
|
|
|
|
|
4.45
|
%
|
|
10/01/32
|
|
|
10,247
|
|
|
|
10,874
|
|
|
Stow, OH
|
|
|
|
|
|
|
4.17
|
%
|
|
10/01/32
|
|
|
10,809
|
|
|
|
11,484
|
|
|
Charleston, SC (FDX)
|
|
|
|
|
|
|
4.23
|
%
|
|
12/01/32
|
|
|
12,222
|
|
|
|
12,968
|
|
|
Daytona Beach, FL
|
|
|
|
|
|
|
4.25
|
%
|
|
05/31/33
|
|
|
17,219
|
|
|
|
18,224
|
|
|
Charleston, SC (FDX Ground)
|
|
|
|
|
|
|
3.82
|
%
|
|
09/01/33
|
|
|
26,794
|
|
|
|
28,356
|
|
|
Property
|
|
|
|
|
Fixed
Rate
|
|
|
Maturity
Date
|
|
Balance
9/30/20
|
|
|
Balance
9/30/19
|
|
|
Braselton, GA (Atlanta)
|
|
|
|
|
|
|
4.02
|
%
|
|
10/01/33
|
|
$
|
35,856
|
|
|
$
|
37,898
|
|
|
Buckner, KY (Louisville)
|
|
|
|
|
|
|
4.17
|
%
|
|
11/01/33
|
|
|
13,796
|
|
|
|
14,566
|
|
|
Trenton, NJ
|
|
|
|
|
|
|
4.13
|
%
|
|
11/01/33
|
|
|
49,955
|
|
|
|
52,759
|
|
|
Savannah, GA (FDX Ground)
|
|
|
|
|
|
|
4.40
|
%
|
|
12/01/33
|
|
|
16,001
|
|
|
|
16,872
|
|
|
Lafayette, IN
|
|
|
|
|
|
|
4.25
|
%
|
|
08/01/34
|
|
|
16,101
|
|
|
|
16,932
|
|
|
Whitsett (Greensboro), NC
|
|
|
|
|
|
|
3.10
|
%
|
|
06/01/35
|
|
|
29,902
|
|
|
|
0
|
|
|
Ogden (Salt Lake City), UT
|
|
|
|
|
|
|
3.18
|
%
|
|
06/01/35
|
|
|
8,251
|
|
|
|
0
|
|
|
Oklahoma City, OK (Amazon)
|
|
|
|
|
|
|
3.00
|
%
|
|
10/01/35
|
|
|
9,750
|
|
|
|
0
|
|
|
Greenwood (Indianapolis), IN (Amazon II)
|
|
|
|
|
|
|
4.27
|
%
|
|
11/01/37
|
|
|
50,855
|
|
|
|
0
|
|
|
Total Mortgage Notes Payable
|
|
|
|
|
|
|
|
|
|
|
|
$
|
807,371
|
|
|
$
|
752,916
|
|
|
|
(1)
|
Loan
was paid in full during fiscal 2020.
|
|
|
(2)
|
One
self-amortizing loan is secured by Altoona, PA, Green Bay, WI and Stewartville (Rochester),
MN.
|
|
|
(3)
|
Two
self-amortizing loans secured by same property.
|
Principal
on the foregoing debt at September 30, 2020 is scheduled to be paid as follows (in thousands):
SCHEDULE
OF MATURITIES OF LONG-TERM DEBT
|
Year Ending September 30,
|
|
|
2021
|
|
|
$
|
60,742
|
|
|
|
|
|
2022
|
|
|
|
83,150
|
|
|
|
|
|
2023
|
|
|
|
62,095
|
|
|
|
|
|
2024
|
|
|
|
75,378
|
|
|
|
|
|
2025
|
|
|
|
69,611
|
|
|
|
|
|
Thereafter
|
|
|
|
456,395
|
|
|
|
|
|
|
|
|
$
|
807,371
|
|
Loans
Payable:
BMO
Capital Markets
The
$75.0 million Loans Payable represents our unsecured term loan (the “Term Loan”). On November 15, 2019, we entered
into a new line of credit facility (the “New Facility”) consisting of a $225.0 million unsecured line of credit facility
(the “Revolver”) and a new $75.0 million Term Loan, resulting in the total potential availability under both the Revolver
and the Term Loan of $300.0 million, which is an additional $100.0 million over the former line of credit facility. In addition,
the Revolver includes an accordion feature that will allow the total potential availability under the New Facility to further
increase to $400.0 million, under certain conditions. The $225.0 million Revolver matures in January 2024 with two options to
extend for additional six-month periods. Availability under the New Facility is limited to 60% of the value of the borrowing base
properties. The value of the borrowing base properties is determined by applying a capitalization rate to the NOI generated by
our unencumbered, wholly-owned industrial properties. Under the New Facility the capitalization rate applied to our NOI generated
by our unencumbered, wholly-owned industrial properties was lowered from 6.5% under the former line of credit facility to 6.25%,
thus increasing the value of the borrowing base properties under the terms of the New Facility. In addition, the interest rate
for borrowings under the Revolver was lowered by a range of 5 basis points to 35 basis points, depending on our leverage ratio,
and will, at our election, either i) bear interest at LIBOR plus 135 basis points to 205 basis points, depending on our leverage
ratio, or ii) bear interest at Bank of Montreal’s (BMO) prime lending rate plus 35 basis points to 105 basis points, depending
on our leverage ratio. Currently, our borrowings bear interest under the Revolver at LIBOR plus 145 basis points, which results
in an interest rate of 1.61%. As of the fiscal yearend and currently, we do not have any amount drawn down under our Revolver,
resulting in the full $225.0 million being currently available. The $75.0 million Term Loan matures January 2025. The interest
rate for borrowings under the Term Loan will at our election, either i) bear interest at LIBOR plus 130 basis points to 200 basis
points, depending on our leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 30 basis points to 100 basis
points, depending on our leverage ratio. To reduce floating interest rate exposure under the Term Loan, we also entered into an
interest rate swap agreement to fix LIBOR on the entire $75.0 million for the full duration of the Term Loan resulting in an all-in
rate of 2.92%.
Margin
Loans
From
time to time we use a margin loan for purchasing securities, for temporary funding of acquisitions, and for working capital purposes.
This loan is due on demand and is collateralized by our securities portfolio. We must maintain a coverage ratio of approximately
50%. The interest rate charged on the margin loan is the bank’s margin rate and was 0.75% and 2.50% as of September 30,
2020 and 2019, respectively, and is currently 0.75%. At September 30, 2020 and 2019, there were no amounts drawn down under the
margin loan.
For
the three fiscal years ended September 30, 2020, 2019 and 2018, amortization of financing costs included in interest expense was
$1.4 million, $1.3 million and $1.2 million, respectively.
NOTE
8 - OTHER LIABILITIES
Other
liabilities consist of the following as of September 30 (in thousands):
SCHEDULE
OF OTHER LIABILITIES
|
|
|
9/30/20
|
|
|
9/30/19
|
|
|
Rent paid in advance
|
|
$
|
10,167
|
|
|
$
|
9,343
|
|
|
Unearned reimbursement revenue
|
|
|
6,208
|
|
|
|
5,385
|
|
|
Interest Rate Swap, Market Value
|
|
|
4,368
|
|
|
|
0
|
|
|
Tenant security deposits
|
|
|
1,326
|
|
|
|
691
|
|
|
Deferred Straight Line Rent
|
|
|
972
|
|
|
|
1,340
|
|
|
Other
|
|
|
632
|
|
|
|
648
|
|
|
Total
|
|
$
|
23,673
|
|
|
$
|
17,407
|
|
NOTE
9 - STOCK COMPENSATION PLAN
At
our Annual Meeting held on May 18, 2017, our common shareholders approved our Amended and Restated 2007 Incentive Award Plan (the
Plan) which extended the term of our 2007 Incentive Award Plan for an additional 10 years, until March 13, 2027, added 1.6 million
shares of common stock to the share reserve, expanded the types of awards available for grant under the Plan and made other improvements
to the 2007 Plan.
The
Compensation Committee, in its capacity as Plan Administrator, shall determine, among other things: the recipients of awards;
the type and number of awards participants will receive; the terms, conditions and forms of the awards; the times and conditions
subject to which awards may be exercised or become vested, deliverable or exercisable, or as to which any restrictions may apply
or lapse; and may amend or modify the terms and conditions of an award, except that repricing of options or Stock Appreciation
Rights (SAR) is not permitted without shareholder approval.
No
participant may receive awards during any calendar year covering more than 200,000 shares of common stock or more than $1.5 million
in cash. Regular annual awards granted to non-employee directors as compensation for services as non-employee directors during
any fiscal year may not exceed $100,000 in value on the date of grant, and the grant date value of any special or one-time award
upon election or appointment to the Board of Directors may not exceed $200,000.
Awards
granted pursuant to the Plan generally may not vest until the first anniversary of the date the award was granted, provided, however,
that up to 5% of the Common Shares available under the Plan may be awarded to any one or more Eligible Individuals without the
minimum vesting period.
If
an award made under the Plan is forfeited, expires or is converted into shares of another entity in connection with a recapitalization,
reorganization, merger, consolidation, split-up, spin-off, combination, exchange of shares or other similar event, or the award
is settled in cash, the shares associated with the forfeited, expired, converted or settled award will become available for additional
awards under the Plan.
The
term of any stock option or SAR generally may not be more than 10 years from the date of grant. The exercise price per common
share under the Plan generally may not be below 100% of the fair market value of a common share at the date of grant.
We
account for our stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10
requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the
vesting period).
Stock
Options
During
fiscal 2020, one employee was granted options to purchase 65,000 shares. During fiscal 2019, thirteen employees were granted options
to purchase 450,000 shares. During fiscal 2018, one employee was granted options to purchase 65,000 shares. The fair value of
these options that were issued during the fiscal years 2020, 2019 and 2018 was $81,000, $528,000, and $120,000. The value of these
options was determined based on the assumptions below and is being amortized over a one-year vesting period. For the fiscal years
ended September 30, 2020, 2019 and 2018, amounts charged to compensation expense related to stock options totaled $154,000, $464,000
and $168,000, respectively. The remaining unamortized stock option expense was $20,000 as of September 30, 2020 which will be
expensed in fiscal 2021.
The
fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following
weighted average assumptions used for grants in fiscal 2020, 2019 and 2018:
SCHEDULE OF STOCK OPTIONS, VALUATION ASSUMPTIONS
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
Dividend yield
|
|
|
4.67%
|
|
|
|
5.03%
|
|
|
|
3.82%
|
|
|
Expected volatility
|
|
|
18.40%
|
|
|
|
17.17%
|
|
|
|
16.45%
|
|
|
Risk-free interest rate
|
|
|
1.76%
|
|
|
|
2.88%
|
|
|
|
2.37%
|
|
|
Expected lives (years)
|
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
|
Estimated forfeitures
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
A
summary of the status of our stock option plan as of September 30, 2020, 2019 and 2018 is as follows (shares in thousands):
SUMMARY OF STATUS OF COMPANY'S STOCK OPTION PLAN
|
|
|
|
|
|
2020
|
|
|
|
|
|
2019
|
|
|
|
|
|
2018
|
|
|
|
|
2020
Shares
|
|
|
Weighted
Average
Exercise
Price
|
|
|
2019
Shares
|
|
|
Weighted
Average
Exercise
Price
|
|
|
2018
Shares
|
|
|
Weighted
Average
Exercise
Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at beginning of year
|
|
|
1,080
|
|
|
$
|
12.95
|
|
|
|
695
|
|
|
$
|
12.17
|
|
|
|
670
|
|
|
$
|
11.75
|
|
|
Granted
|
|
|
65
|
|
|
|
14.55
|
|
|
|
450
|
|
|
|
13.53
|
|
|
|
65
|
|
|
|
17.80
|
|
|
Exercised
|
|
|
(95
|
)
|
|
|
10.69
|
|
|
|
(65
|
)
|
|
|
8.72
|
|
|
|
(40
|
)
|
|
|
14.24
|
|
|
Expired/Forfeited
|
|
|
(100
|
)
|
|
|
13.97
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Outstanding at end of year
|
|
|
950
|
|
|
|
13.17
|
|
|
|
1,080
|
|
|
|
12.95
|
|
|
|
695
|
|
|
|
12.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at end of year
|
|
|
885
|
|
|
|
|
|
|
|
630
|
|
|
|
|
|
|
|
630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average fair value of options granted during the year
|
|
|
|
|
|
$
|
1.24
|
|
|
|
|
|
|
$
|
1.17
|
|
|
|
|
|
|
$
|
1.84
|
|
The
following is a summary of stock options outstanding as of September 30, 2020:
SUMMARY OF STOCK OPTION OUTSTANDING
|
Date of Grant
|
|
Number of
Grants
|
|
|
Number of
Shares
(in thousands)
|
|
|
Option Price
|
|
|
Expiration
Date
|
|
01/03/13
|
|
|
1
|
|
|
|
65
|
|
|
$
|
10.46
|
|
|
01/03/21
|
|
01/03/14
|
|
|
1
|
|
|
|
65
|
|
|
$
|
8.94
|
|
|
01/03/22
|
|
01/05/15
|
|
|
1
|
|
|
|
65
|
|
|
$
|
11.16
|
|
|
01/05/23
|
|
01/05/16
|
|
|
1
|
|
|
|
65
|
|
|
$
|
10.37
|
|
|
01/05/24
|
|
12/09/16
|
|
|
6
|
|
|
|
120
|
|
|
$
|
14.24
|
|
|
12/09/24
|
|
01/04/17
|
|
|
1
|
|
|
|
65
|
|
|
$
|
15.04
|
|
|
01/04/25
|
|
01/03/18
|
|
|
1
|
|
|
|
65
|
|
|
$
|
17.80
|
|
|
01/03/26
|
|
12/10/18
|
|
|
10
|
|
|
|
310
|
|
|
$
|
13.64
|
|
|
12/10/26
|
|
01/10/19
|
|
|
1
|
|
|
|
65
|
|
|
$
|
12.86
|
|
|
01/10/27
|
|
01/13/20
|
|
|
1
|
|
|
|
65
|
|
|
$
|
14.55
|
|
|
01/13/28
|
|
|
|
|
|
|
|
|
950
|
|
|
|
|
|
|
|
The
aggregate intrinsic value of options outstanding as of September 30, 2020, 2019 and 2018 was $1.1 million, $1.8 million and $3.2
million, respectively. The intrinsic value of options exercised in fiscal years 2020, 2019 and 2018 was $381,000, $267,000, and
$141,000, respectively. The weighted average remaining contractual term of the above options was 4.5, 5.1 and 4.3 years as of
September 30, 2020, 2019 and 2018, respectively.
Unrestricted
Stock
Effective
September 12, 2017, a portion of our quarterly directors’ fee was paid with our unrestricted common stock. During fiscal
2020, 5,000 unrestricted shares of common stock were granted with a weighted average fair value on the grant date of $13.44 per
share. During fiscal 2019, 5,000 unrestricted shares of common stock were granted with a weighted average fair value on the grant
date of $13.58 per share. During fiscal 2018, 4,000 unrestricted shares of common stock were granted with a weighted average fair
value on the grant date of $16.10 per share.
Restricted
Stock
During
fiscal 2020, there were no shares of restricted stock awarded under our Plan. During fiscal 2019, we awarded 25,000 shares of
restricted stock to one participant under our Plan. During fiscal 2018, we awarded 12,500 shares of restricted stock to one participant
under our Plan. The grant date fair value of restricted stock grants awarded to participants was $0, $386,000 and $206,000 in
fiscal 2020, 2019 and 2018, respectively. These grants vest in equal installments over five years. As of September 30, 2020, there
remained a total of $381,000 of unrecognized restricted stock compensation related to outstanding non-vested restricted stock
grants awarded under the Plan and outstanding at that date. Restricted stock compensation is expected to be expensed over a remaining
weighted average period of 2.7 years. For the fiscal years ended September 30, 2020, 2019 and 2018, amounts charged to compensation
expense related to restricted stock grants totaled $235,000, $258,000 and $207,000, respectively.
A
summary of the status of our non-vested restricted stock awards as of September 30, 2020, 2019 and 2018 are presented below (shares
in thousands):
SUMMARY OF NONVESTED RESTRICTED STOCK AWARDS
|
|
|
|
|
|
2020
|
|
|
|
|
|
2019
|
|
|
|
|
|
2018
|
|
|
|
|
2020
Shares
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
|
2019
Shares
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
|
2018
Shares
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested at beginning of year
|
|
|
77
|
|
|
$
|
13.94
|
|
|
|
78
|
|
|
$
|
13.18
|
|
|
|
90
|
|
|
$
|
12.15
|
|
|
Granted
|
|
|
0
|
|
|
|
0
|
|
|
|
25
|
|
|
|
15.45
|
|
|
|
13
|
|
|
|
16.47
|
|
|
Dividend Reinvested Shares
|
|
|
4
|
|
|
|
12.89
|
|
|
|
5
|
|
|
|
13.11
|
|
|
|
4
|
|
|
|
15.42
|
|
|
Vested
|
|
|
(35
|
)
|
|
|
(14.37
|
)
|
|
|
(31
|
)
|
|
|
(14.33
|
)
|
|
|
(29
|
)
|
|
|
(16.99
|
)
|
|
Forfeited
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Non-vested at end of year
|
|
|
46
|
|
|
$
|
15.02
|
|
|
|
77
|
|
|
$
|
13.94
|
|
|
|
78
|
|
|
$
|
13.18
|
|
As
of September 30, 2020, there were 1.2 million shares available for grant under the Plan.
NOTE
10 - INCOME FROM LEASES
We
derive income primarily from operating leases on our commercial properties. At September 30, 2020, we held investments in 119
properties totaling
million square feet with an overall occupancy rate of 99.4%.
In general, these leases are written for periods up to 10
years or more with various provisions for renewal. These leases generally contain clauses for reimbursement (or direct
payment) of real estate taxes, maintenance, insurance and certain other operating expenses of the properties. As of September
30, 2020, we had a weighted average lease maturity of 7.1
years and our average annualized rent per occupied square foot was $.
Approximate minimum base rents due under non-cancellable leases as of September 30, 2020 are scheduled as follows (in
thousands):
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES
|
Fiscal Year
|
|
Amount
|
|
|
2021
|
|
$
|
144,172
|
|
|
2022
|
|
|
139,133
|
|
|
2023
|
|
|
133,704
|
|
|
2024
|
|
|
122,118
|
|
|
2025
|
|
|
110,767
|
|
|
thereafter
|
|
|
484,620
|
|
|
Total
|
|
$
|
1,134,514
|
|
NOTE
11 - RELATED PARTY TRANSACTIONS
Four
of our 13 directors are also directors and shareholders of UMH. As of September 30, 2020 we held common and preferred stock of
UMH in our securities portfolio. See Note 6 for current holdings. During fiscal 2020, we made total purchases of 71,000 common
shares of UMH for a total cost of $923,000, or a weighted average cost of $13.02 per share, which were purchased through UMH’s
Dividend Reinvestment and Stock Purchase Plan. We owned a total of 1.3 million shares of UMH’s common stock as of September
30, 2020 at a total cost of $13.9 million and a fair value of $18.0 million representing 3.2% of the outstanding common shares
of UMH. In addition, as of September 30, 2020, we owned 100,000 shares of UMH’s 8.00% Series B Cumulative Redeemable Preferred
Stock at a total cost of $2.5 million with a fair value of $2.5 million. Subsequent to fiscal yearend 2020, UMH redeemed all their
8.00% Series B Cumulative Redeemable Preferred Stock at a cash redemption price of $25.00 per share, plus all accrued and unpaid
dividends. The total unrealized gain on our investment in UMH’s common and preferred stock as of September 30, 2020 was
$4.1 million. During fiscal 2020, UMH made total purchases of 100,000 of our common shares through our DRIP for a total cost of
$1.3 million, or a weighted average cost of $12.76 per share.
As
of September 30, 2020, we had 14 full-time employees. Our Chairman of the Board is also the Chairman of the Board of UMH. Other
than our Chairman of the Board, we do not share any employees with UMH.
NOTE
12 - TAXES
Income
Tax
We
have elected to be taxed as a REIT under the applicable provisions of the Code under Sections 856 to 860 and the comparable New
Jersey Statutes. Under such provisions, we will not be taxed on that portion of our taxable income distributed currently to shareholders,
provided that at least 90% of our taxable income is distributed. As we have and intend to continue to distribute all of our income,
currently no provision has been made for income taxes. If we fail to qualify as a REIT in any taxable year, we will be subject
to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years.
Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and
to federal income and excise taxes on our undistributed taxable income. In addition, taxable income from non-REIT activities managed
through taxable REIT subsidiaries is subject to federal, state, and local income taxes.
Federal
Excise Tax
We
do not have a Federal excise tax liability for the calendar years 2020, 2019 and 2018, since we intend to or have distributed
all of our annual Federal taxable net income.
Reconciliation
Between U.S. GAAP Net Income and Taxable Income
The
following table reconciles Net Income (Loss) Attributable to common shares to taxable income for the years ended September 30,
2020, 2019 and 2018 (in thousands):
SCHEDULE OF NET INCOME AND TAXABLE INCOME
|
|
|
2020
Estimated
(unaudited)
|
|
|
2019
Actual
|
|
|
2018
Actual
|
|
|
Net Income (Loss) Attributable to Common Shareholders
|
|
$
|
(48,617
|
)
|
|
$
|
11,026
|
|
|
$
|
38,815
|
|
|
Book / tax difference on gains realized from capital transactions
|
|
|
0
|
|
|
|
0
|
|
|
|
(7,596
|
)
|
|
Stock compensation expense
|
|
|
452
|
|
|
|
784
|
|
|
|
434
|
|
|
Unrealized Holding (Gain)/Loss Arising During the Period
|
|
|
77,381
|
|
|
|
24,680
|
|
|
|
0
|
|
|
Other book / tax differences, net
|
|
|
228
|
|
|
|
526
|
|
|
|
(1,039
|
)
|
|
Taxable income before adjustments
|
|
|
29,444
|
|
|
|
37,016
|
|
|
|
30,614
|
|
|
Add: Capital gains
(losses)
|
|
|
(5,000
|
)
|
|
|
(4,967
|
)
|
|
|
7,996
|
|
|
Estimated taxable income subject to 90% dividend requirement
|
|
$
|
24,444
|
|
|
$
|
32,049
|
|
|
$
|
38,610
|
|
Reconciliation
Between Cash Dividends Paid and Dividends Paid Deduction
The
following table reconciles cash dividends paid with the dividends paid deduction for the years ended September 30, 2020, 2019
and 2018 (in thousands):
SCHEDULE OF CASH DIVIDENDS PAID AND DIVIDENDS PAID DEDUCTION
|
|
|
2020
Estimated
(unaudited)
|
|
|
2019
Actual
|
|
|
2018
Actual
|
|
|
Cash dividends paid
|
|
$
|
66,438
|
|
|
$
|
63,742
|
|
|
$
|
53,586
|
|
|
Less: Portion designated capital gains distribution
|
|
|
5,000
|
|
|
|
4,967
|
|
|
|
(7,996
|
)
|
|
Less: Return of capital
|
|
|
(41,360
|
)
|
|
|
(56,373
|
)
|
|
|
(14,976
|
)
|
|
Estimated dividends paid deduction
|
|
$
|
30,078
|
|
|
$
|
12,336
|
|
|
$
|
30,614
|
|
NOTE
13 - SHAREHOLDERS’ EQUITY
Our
authorized stock as of September 30, 2020 consisted of 200.0 million shares of common stock, of which 98.1 million shares were
issued and outstanding, 21.9 million authorized shares of 6.125% Series C Preferred Stock, of which 18.9 million shares were issued
and outstanding, and 200.0 million authorized shares of Excess Stock, $0.01 par value per share, of which none were issued or
outstanding.
Common
Stock
We
have implemented a Dividend Reinvestment and Stock Purchase Plan (the DRIP) effective December 15, 1987. Under the terms of the
DRIP, as subsequently amended, shareholders who participate may reinvest all or part of their dividends in additional shares at
a discounted price (approximately 95% of market value) directly from us, from authorized but unissued shares of our common stock.
Shareholders may also purchase additional shares through the DRIP by making optional cash payments monthly.
Amounts
received in connection with the DRIP and shares issued in connection with the DRIP for the fiscal years ended September 30, 2020,
2019 and 2018 were as follows:
SCHEDULE
OF SHARES ISSUED IN CONNECTION WITH DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
Amounts received (1)
|
|
$
|
26,411
|
|
|
$
|
73,965
|
|
|
$
|
90,029
|
|
|
Less: Dividend reinvestments
|
|
|
7,596
|
|
|
|
16,886
|
|
|
|
12,928
|
|
|
Amounts received, net
|
|
$
|
18,815
|
|
|
$
|
57,079
|
|
|
$
|
77,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares Issued
|
|
|
1,956
|
|
|
|
5,601
|
|
|
|
5,816
|
|
|
|
(1)
|
Optional
cash payments must be not less than $500 per payment nor more than $1,000 unless a request
for a waiver has been accepted by us. We have not granted any waivers since March 2020.
|
The
following cash distributions were paid to common shareholders during the years ended September 30, 2020, 2019 and 2018 (in
thousands):
SUMMARY
OF CASH DISTRIBUTIONS TO COMMON SHAREHOLDERS
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
Quarter Ended
|
|
Amount
|
|
|
Per Share
|
|
|
Amount
|
|
|
Per Share
|
|
|
Amount
|
|
|
Per Share
|
|
|
December 31
|
|
$
|
16,486
|
|
|
$
|
0.17
|
|
|
$
|
15,570
|
|
|
$
|
0.17
|
|
|
$
|
13,017
|
|
|
$
|
0.17
|
|
|
March 31
|
|
|
16,654
|
|
|
|
0.17
|
|
|
|
15,825
|
|
|
|
0.17
|
|
|
|
13,303
|
|
|
|
0.17
|
|
|
June 30
|
|
|
16,641
|
|
|
|
0.17
|
|
|
|
16,064
|
|
|
|
0.17
|
|
|
|
13,523
|
|
|
|
0.17
|
|
|
September 30
|
|
|
16,657
|
|
|
|
0.17
|
|
|
|
16,283
|
|
|
|
0.17
|
|
|
|
13,743
|
|
|
|
0.17
|
|
|
|
|
$
|
66,438
|
|
|
$
|
0.68
|
|
|
$
|
63,742
|
|
|
$
|
0.68
|
|
|
$
|
53,586
|
|
|
$
|
0.68
|
|
On
October 1, 2015, our Board of Directors approved a 6.7% increase in our quarterly common stock dividend, raising it to $0.16 per
share from $0.15 per share. This represented an annualized dividend rate of $0.64 per share. On October 2, 2017, our Board of
Directors approved a 6.3% increase in our quarterly common stock dividend, raising it to $0.17 per share from $0.16 per share.
This represents an annualized dividend rate of $0.68 per share. These two dividend raises represent a total increase of 13%. We
have maintained or increased our common stock cash dividend for 29 consecutive years. On October 1, 2020, our Board of Directors
approved a cash dividend of $0.17 per share, to be paid on December 15, 2020, to shareholders of record at the close of business
on November 16, 2020. This represents an annualized dividend rate of $0.68 per share.
In
October 2018, we completed a public offering of 9.2 million shares of our common stock (including the underwriters’ option
to purchase 1.2 million additional shares) at a price of $15.00 per share, before underwriting discounts. This was our first common
stock offering since 2014 and represented an 11.3% increase in our outstanding common shares. We received net proceeds from the
offering, after deducting underwriting discounts and all other transaction costs, of $132.3 million.
On
February 6, 2020, we entered into an Equity Distribution Agreement (Common Stock ATM Program) with BMO Capital Markets Corp.,
B. Riley Securities, Inc. (formerly B. Riley FBR, Inc.), D.A. Davidson & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC and RBC Capital Markets,
LLC (together the “Distribution Agents”) under which we may offer and sell shares of our common stock, $0.01 par value
per share, having an aggregate sales price of up to $150.0 million from time to time through the Distribution Agents. Sales of
the shares of Common Stock under the Agreement, if any, will be in “at the market offerings.” We implemented the Common
Stock ATM program for the flexibility that it provides to opportunistically access the capital markets and to best time our equity
capital needs as we close on acquisitions. To date, we have not raised any equity though our Common Stock Equity Program.
Preferred
Stock
6.125%
Series C Cumulative Redeemable Preferred Stock
On
September 13, 2016, we issued 5.4 million shares of 6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per
share (6.125% Series C Preferred Stock), at an offering price of $25.00 per share in an underwritten public offering. We received
net proceeds from the offering, after deducting the underwriting discount and other estimated offering expenses, of $130.5 million.
On September 15, 2016, we used $45.0 million of such net proceeds from the offering to reduce the amounts outstanding under our
Facility and on October 14, 2016, and as discussed above, we used $53.5 million of such net proceeds from the offering to redeem
all of the 2.1 million issued and outstanding shares of our 7.625% Series A Preferred Stock. In addition, on October 14, 2016,
we used $499,000 of such net proceeds from the offering to pay all dividends, accrued and unpaid, up to and including the redemption
date of the 7.625% Series A Preferred Stock.
On
March 9, 2017, we issued an additional 3.0 million shares of our 6.125% Series C Preferred Stock, liquidation preference of $25.00
per share, at a public offering price of $24.50 per share, for gross proceeds of $73.5 million before deducting the underwriting
discount and offering expenses. Net proceeds from the offering, after deducting underwriting discounts and other offering expenses
were $71.0 million. As discussed above, we used the net proceeds from this offering to redeem all of the outstanding shares of
our 7.875% Series B Preferred Stock.
On
June 29, 2017, we entered into a Preferred Stock At-The-Market Sales Agreement Program with B. Riley Securities, Inc. (formerly
B. Riley FBR, Inc. or B. Riley & Co., LLC or FBR Capital Markets & Co.), that provided for the offer and sale of shares
of our 6.125% Series C Preferred Stock, having an aggregate sales price of up to $100.0 million. On August 2, 2018, we replaced
this program with a new Preferred Stock At-The-Market Sales Agreement Program that provides for the offer and sale from time to
time of $125.0 million of our 6.125% Series C Preferred Stock, representing an additional $96.5 million, with $28.5 million being
carried over from the Preferred Stock At-The-Market Sales Agreement Program entered into on June 29, 2017. On December 4, 2019,
we replaced the Preferred Stock At-The-Market Sales Agreement Program entered into on August 2, 2018 with another new Preferred
Stock At-The-Market Sales Agreement Program (Preferred Stock ATM Program) that provides for the offer and sale from time to time
of $125.0 million of our 6.125% Series C Preferred Stock, representing an additional $101.0 million, with $24.0 million being
carried over from the Preferred Stock At-The-Market Sales Agreement Program entered into on August 2, 2018. Sales of shares of
our 6.125% Series C Preferred Stock under the Preferred Stock ATM Program are in “at the market offerings” as defined
in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE, or on any other
existing trading market for the 6.125% Series C Preferred Stock, or to or through a market maker, or any other method permitted
by law, including, without limitation, negotiated transactions and block trades. We began selling shares through these programs
on July 3, 2017. Since inception through September 30, 2020, we sold 10.5 million shares under these programs at a weighted average
price of $24.92 per share, and generated net proceeds, after offering expenses, of $256.4 million, of which 5.0 million shares
were sold during the fiscal year ended September 30, 2020 at a weighted average price of $25.04 per share, and generated net proceeds,
after offering expenses, of $122.4 million. As of September 30, 2020, there was $36.3 million remaining that may be sold under
the Preferred Stock ATM Program.
As
of September 30, 2020, 18.9 million shares of the 6.125% Series C Preferred Stock were issued and outstanding.
Subsequent
to September 30, 2020, through November 23, 2020, we sold 1.4 million shares of our 6.125% Series C Preferred Stock under our
Preferred Stock ATM Program at a weighted average price of $24.92 per share, and realized net proceeds, after offering expenses,
of $35.0 million.
We
have been and we intend to continue to use the proceeds raised through the Preferred Stock ATM Program to purchase properties
and fund expansions of our existing properties in the ordinary course of business and for general corporate purposes.
Our
Board of Directors has authorized and we have paid the following dividends on our 6.125% Series C Preferred Stock for the fiscal
years ended September 30, 2020, 2019 and 2018 (in thousands except per share amounts):
SCHEDULE
OF DIVIDEND DECLARED AND PAID ON SERIES C PREFERRED STOCK
Declaration
Date
|
|
Record
Date
|
|
Payment
Date
|
|
Dividend
|
|
|
Dividend
per Share
|
|
|
10/1/19
|
|
11/15/19
|
|
12/16/19
|
|
$
|
5,873
|
|
|
$
|
0.3828125
|
|
|
1/16/20
|
|
2/18/20
|
|
3/16/20
|
|
|
6,572
|
|
|
|
0.3828125
|
|
|
4/1/20
|
|
5/15/20
|
|
6/15/20
|
|
|
6,583
|
|
|
|
0.3828125
|
|
|
7/1/20
|
|
8/17/20
|
|
9/15/20
|
|
|
6,811
|
|
|
|
0.3828125
|
|
|
|
|
|
|
|
|
$
|
25,839
|
|
|
$
|
1.53125
|
|
Declaration
Date
|
|
Record
Date
|
|
Payment
Date
|
|
Dividend
|
|
|
Dividend
per Share
|
|
|
10/1/18
|
|
11/15/18
|
|
12/17/18
|
|
$
|
4,415
|
|
|
$
|
0.3828125
|
|
|
1/16/19
|
|
2/15/19
|
|
3/15/19
|
|
|
4,424
|
|
|
|
0.3828125
|
|
|
4/2/19
|
|
5/15/19
|
|
6/17/19
|
|
|
4,681
|
|
|
|
0.3828125
|
|
|
7/1/19
|
|
8/15/19
|
|
9/16/19
|
|
|
4,945
|
|
|
|
0.3828125
|
|
|
|
|
|
|
|
|
$
|
18,465
|
|
|
$
|
1.53125
|
|
Declaration
Date
|
|
Record
Date
|
|
Payment
Date
|
|
Dividend
|
|
|
Dividend
per Share
|
|
|
10/2/17
|
|
11/15/17
|
|
12/15/17
|
|
$
|
4,081
|
|
|
$
|
0.3828125
|
|
|
1/16/18
|
|
2/15/18
|
|
3/15/18
|
|
|
4,221
|
|
|
|
0.3828125
|
|
|
4/2/18
|
|
5/15/18
|
|
6/15/18
|
|
|
4,248
|
|
|
|
0.3828125
|
|
|
7/2/18
|
|
8/15/18
|
|
9/17/18
|
|
|
4,327
|
|
|
|
0.3828125
|
|
|
|
|
|
|
|
|
$
|
16,877
|
|
|
$
|
1.53125
|
|
The
annual dividend of the 6.125% Series C Preferred Stock is $1.53125 per share, or 6.125% of the $25.00 per share liquidation value
and is payable quarterly in arrears on March 15, June 15, September 15, and December 15. The 6.125% Series C Preferred Stock has
no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances
relating to our qualification as a REIT, and as described below, the 6.125% Series C Preferred Stock is not redeemable prior to
September 15, 2021. On and after September 15, 2021, at any time and, from time to time, the 6.125% Series C Preferred Stock will
be redeemable in whole, or in part, at our option, at a cash redemption price of $25.00 per share, plus all accrued and unpaid
dividends (whether or not declared) to the date of redemption.
Upon
the occurrence of a Delisting Event, as defined in the Articles Supplementary (Series C Articles Supplementary) classifying and
designating the 6.125% Series C Preferred Stock, we may, at our option and subject to certain conditions, redeem the 6.125% Series
C Preferred Stock, in whole or in part, within 90 days after the Delisting Event, for a cash redemption price per share of 6.125%
Series C Preferred Stock equal to $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared), to, but
not including, the redemption date.
Upon
the occurrence of a Change of Control, as defined in the Series C Articles Supplementary, we may, at our option and subject to
certain conditions, redeem the 6.125% Series C Preferred Stock, in whole or in part, within 120 days after the first date on which
such Change of Control occurred, for a cash redemption price per share of 6.125% Series C Preferred Stock equal to $25.00 plus
any accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the redemption date.
On
October 1, 2020, our Board of Directors declared a quarterly dividend for the period September 1, 2020 through November 30, 2020,
of $0.3828125 per share to be paid December 15, 2020 to shareholders of record as of the close of business on November 16, 2020.
Repurchase
of Common Stock
On
January 16, 2019, our Board of Directors authorized a $40.0 million increase to our previously announced $10.0 million Common
Stock Repurchase Program (the “Program”), bringing the total available under the Program to $50.0 million. The timing,
manner, price and amount of any repurchase will be determined by us at our discretion and will be subject to economic and market
conditions, stock price, applicable legal requirements and other factors. The Program does not have a termination date and may
be suspended or discontinued at our discretion without prior notice. On January 16, 2020, our Board of Directors reaffirmed the
Program that authorizes us to purchase up to $50.0 million of shares of our common stock. Under the Program, during March and
April of fiscal 2020, we repurchased 400,000 shares of our common stock for $4.3 million at an average price of $10.69 per share.
These are the only repurchases made under the Program to date and we may elect not to repurchase any additional common stock in
the future. The remaining maximum dollar value that may be purchased under the Repurchase Program as of September 30, 2020 is
$45.7 million.
NOTE
14 - FAIR VALUE MEASUREMENTS
We
follow ASC 825, Financial Instruments, for financial assets and liabilities recognized at fair value on a recurring basis. We
measure certain financial assets and liabilities at fair value on a recurring basis, including securities available for sale and
an interest rate swap agreement. Our financial assets consist mainly of marketable REIT securities. The fair value of these
certain financial assets was determined using the following inputs at
September 30, 2020 and 2019 (in thousands):
SUMMARY
OF FAIR VALUE OF FINANCIAL ASSETS
|
|
|
Fair
Value Measurements at Reporting Date Using
|
|
|
|
|
Total
|
|
|
Quoted
Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
September 30, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for
sale
|
|
$
|
108,832
|
|
|
$
|
108,832
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
Interest Rate
Swap
|
|
|
(4,368
|
)
|
|
|
0
|
|
|
|
(4,368
|
)
|
|
|
0
|
|
|
Total
|
|
$
|
104,464
|
|
|
$
|
108,832
|
|
|
$
|
(4,368
|
)
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale
|
|
$
|
185,250
|
|
|
$
|
185,250
|
|
|
$
|
0
|
|
|
$
|
0
|
|
In
addition to our investments in Securities Available for Sale at Fair Value and our interest rate swap agreement, we are required
to disclose certain information about fair values of our other financial instruments. Estimates of fair value are made at a specific
point in time based upon, where available, relevant market prices and information about the financial instrument. Such estimates
do not include any premium or discount that could result from offering for sale at one time our entire holdings of a particular
financial instrument. For a portion of our other financial instruments, no quoted market value exists. Therefore, estimates of
fair value are necessarily based on a number of significant assumptions (many of which involve events outside of our control).
Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments
and their counterparties; future expected loss experience and other factors. Given the uncertainties surrounding these assumptions,
the reported fair values represent estimates only, and therefore cannot be compared to the historical accounting model. The use
of different assumptions or methodologies is likely to result in significantly different fair value estimates.
The
fair value of Cash and Cash Equivalents approximates their current carrying amounts since all such items are short-term in nature.
The fair value of variable rate Loans Payable approximates their current carrying amounts since such amounts payable are at approximately
a weighted average current market rate of interest. The estimated fair value of fixed rate mortgage notes payable is based on
discounting the future cash flows at a year-end risk adjusted borrowing rate currently available to us for issuance of debt with
similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. At September
30, 2020, the fixed rate Mortgage Notes Payable fair value (estimated based upon expected cash outflows discounted at current
market rates) amounted to $861.5 million and the carrying value amounted to $807.4
million. When we acquired a property,
we allocate purchase price based upon relative fair value of all the assets and liabilities, including intangible assets and liabilities,
relating to the properties acquired lease (See Note 3). Those fair value measurements were estimated based on independent third-party
appraisals and fell within level 3 of the fair value hierarchy.
NOTE
15 - CASH FLOW
During
fiscal years 2020, 2019 and 2018, we paid cash for interest of $35.0 million, $35.9 million and $31.3 million, respectively.
During
fiscal years 2020, 2019 and 2018, we had $7.6 million, $16.9 million and $12.9 million, respectively, of dividends which were
reinvested that required no cash transfers.
NOTE
16 – CONTINGENCIES, COMMITMENTS AND LEGAL MATTERS
From
time to time, we can be subject to claims and litigation in the ordinary course of business. We do not believe that any such claim
or litigation will have a material adverse effect on our consolidated balance sheet or results of operations.
We
have entered into agreements to purchase six, new build-to-suit, industrial buildings that are currently being developed in Alabama
(2), Georgia, Ohio, Tennessee and Vermont, totaling million square feet. These future acquisitions
have net-leased terms ranging from 10 to 20 years with a weighted average lease term of 15.3 years. The total purchase price for
these six properties is $338.4
million. Four of these six properties,
consisting of an aggregate of million square feet, or 50%
of the total leasable area, are leased to FedEx Ground Package System, Inc. All six properties are leased to companies, or subsidiaries
of companies, that are considered Investment Grade by S&P Global Ratings (www.standardandpoors.com) and by Moody’s
(www.moodys.com). Subject to satisfactory due diligence and other customary closing conditions and requirements, we anticipate
closing five of these transactions during fiscal 2021 and one during fiscal 2022. In connection with three of these six properties,
we have entered into commitments to obtain three separate fully-amortizing mortgage loans totaling $139.5
million with fixed interest rates ranging
from 2.62%
to 3.25%
with a weighted average fixed interest rate of 2.99%. The three loans have terms ranging from 15
to 17
years with a weighted average term of
15.8 years.
We
now have several FedEx Ground parking expansion projects in progress with more under discussion. Currently there are six parking
expansion projects underway and one parking expansion project recently completed subsequent to the fiscal yearend on November
5, 2020. These six projects plus the recently completed project are expected to cost approximately $20.1 million. These parking
expansion projects will enable us to capture additional rent while lengthening the terms of these leases. We are also in discussions
to expand the parking at ten additional locations bringing the total potential parking lot expansion projects to 17 currently.
The parking expansion project that was completed on November 5, 2020 was at our property located in Olathe (Kansas City), KS for
a total project cost of $3.4 million. The expansion resulted in a $349,000 increase in annualized rent effective November 5, 2020
increasing the annualized rent from $2,210,000 to $2,559,000.
Our
headquarters is located within the Bell Works complex in Holmdel, NJ and comprises square feet of office space and is leased
for 10.3 years through December 2029 with two, five-year extension options at fair market rent, as defined in the lease
agreement. Initial annual rent when the lease commenced in September 2019 was at a rate of $410,000
or $per square foot, with 2%
annual escalations. The base rent includes our proportionate share of real estate taxes and common area maintenance and we are
responsible for increases in real estate taxes and common area maintenance above our 2019 base year actual amounts. In addition,
we received four months of free rent and a tenant improvement allowance of $per square foot.
NOTE
17 – SUBSEQUENT EVENTS
Material
subsequent events have been evaluated and are disclosed herein.
Effective
October 1, 2020, we entered into a lease termination agreement with RGH Enterprises, Inc. (Cardinal Health) for our square
foot facility located in Halfmoon (Albany), NY whereby we received a termination fee in the amount of $377,000 representing approximately
50% of the then remaining rent due under the lease, which was to expire in 1.2 years on November 30, 2021. We simultaneously entered
into 10.4 year lease agreement with United Parcel Service, Inc. (UPS) which became effective November 1, 2020. The lease agreement
with UPS provides for five months of free rent, after which, on April 1, 2021, initial annual rent of $510,000, representing $, will commence, with 2.0% annual increases thereafter, resulting in a straight-line annualized rent of $541,000,
representing $ over the life of the lease, which expires March 31, 2031. This compares to the former U.S GAAP
straight-line rent of $7.65 per square foot and former cash rent of $8.19 per square foot, resulting in a decrease of 5.8% on
a U.S GAAP straight-line basis and a decrease of 17.0% on a cash basis. The new 10.4 year lease agreement with UPS provides for
an additional 9.3 years of lease term versus the old lease with Cardinal Health.
As
discussed in Note 16, we completed a parking expansion project on November 5, 2020 at our property located in Olathe (Kansas City),
KS for a total project cost of $3.4 million. The expansion resulted in a $349,000 increase in annualized rent effective November 5,
2020 increasing the annualized rent from $2,210,000 to $2,559,000.
Subsequent
to September 30, 2020, through November 23, 2020, we sold 1.4 million shares of our 6.125% Series C Preferred Stock under our
Preferred Stock ATM Program at a weighted average price of $24.92 per share, and realized net proceeds, after offering expenses,
of $35.0 million.
On
October 1, 2020, our Board of Directors declared a dividend of $0.17 per share to be paid December 15, 2020 to common shareholders
of record as of the close of business on November 16, 2020.
On
October 1, 2020, our Board of Directors declared a dividend of $0.3828125 per share to be paid December 15, 2020 to the 6.125%
Series C Preferred shareholders of record as of the close of business on November 16, 2020.
NOTE
18 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
The
following is the Unaudited Selected Quarterly Financial Data:
SELECTED
QUARTERLY FINANCIAL DATA (UNAUDITED)
THREE
MONTHS ENDED (in thousands)
SCHEDULE OF SELECTED QUARTERLY FINANCIAL DATA
|
FISCAL 2020
|
|
12/31/19
|
|
|
3/31/20
|
|
|
6/30/20
|
|
|
9/30/20
|
|
|
Rental and Reimbursement Revenue
|
|
$
|
41,700
|
|
|
$
|
41,707
|
|
|
$
|
41,775
|
|
|
$
|
42,635
|
|
|
Total Expenses
|
|
|
22,469
|
|
|
|
21,301
|
|
|
|
21,295
|
|
|
|
21,584
|
|
|
Unrealized Holding Gains (Losses) Arising During the Periods (1)
|
|
|
(3,635
|
)
|
|
|
(83,075
|
)
|
|
|
19,610
|
|
|
|
(10,280
|
)
|
|
Other Income (Expense) (1)
|
|
|
(9,606
|
)
|
|
|
(88,721
|
)
|
|
|
12,979
|
|
|
|
(17,963
|
)
|
|
Net Income (Loss) (1)
|
|
|
9,625
|
|
|
|
(68,314
|
)
|
|
|
33,458
|
|
|
|
3,088
|
|
|
Net Income (Loss) per diluted share (1)
|
|
$
|
0.10
|
|
|
$
|
(0.70
|
)
|
|
$
|
0.34
|
|
|
$
|
0.03
|
|
|
Net Income (Loss) Attributable to Common Shareholders (1)
|
|
|
3,528
|
|
|
|
(75,078
|
)
|
|
|
26,850
|
|
|
|
(3,917
|
)
|
|
Net Income (Loss) Attributable to Common Shareholders per diluted share (1)
|
|
$
|
0.04
|
|
|
$
|
(0.77
|
)
|
|
$
|
0.27
|
|
|
$
|
(0.04
|
)
|
|
FISCAL 2019
|
|
12/31/18
|
|
|
3/31/19
|
|
|
6/30/19
|
|
|
9/30/19
|
|
|
Rental and Reimbursement Revenue
|
|
$
|
38,222
|
|
|
$
|
38,381
|
|
|
$
|
38,548
|
|
|
$
|
39,670
|
|
|
Total Expenses
|
|
|
18,901
|
|
|
|
19,565
|
|
|
|
19,721
|
|
|
|
20,410
|
|
|
Unrealized Holding Gains (Losses) Arising During the Periods (1)
|
|
|
(42,627
|
)
|
|
|
15,568
|
|
|
|
(11,609
|
)
|
|
|
13,988
|
|
|
Other Income (Expense) (1)
|
|
|
(47,264
|
)
|
|
|
9,485
|
|
|
|
(17,198
|
)
|
|
|
8,553
|
|
|
Net Income (Loss) (1)
|
|
|
(27,943
|
)
|
|
|
28,301
|
|
|
|
1,628
|
|
|
|
27,814
|
|
|
Net Income (Loss) per diluted share (1)
|
|
$
|
(0.31
|
)
|
|
$
|
0.30
|
|
|
$
|
0.02
|
|
|
$
|
0.29
|
|
|
Net Income (Loss) Attributable to Common Shareholders (1)
|
|
|
(32,364
|
)
|
|
|
23,821
|
|
|
|
(3,121
|
)
|
|
|
22,690
|
|
|
Net Income (Loss) Attributable to Common Shareholders per diluted share (1)
|
|
$
|
(0.36
|
)
|
|
$
|
0.26
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.24
|
|
|
|
(1)
|
Effective
October 1, 2018, we adopted ASU 2016-01. This new accounting standard requires unrealized gains or losses on our securities
investments to flow through our income statement.
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION
SCHEDULE
III
REAL
ESTATE AND ACCUMULATED DEPRECIATION
SEPTEMBER
30, 2020
(in
thousands)
|
Column A
|
|
Column B
|
|
|
Column C
|
|
|
Column D
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
|
|
|
|
|
|
|
|
|
|
|
Buildings and
|
|
|
Subsequent to
|
|
|
Description
|
|
Encumbrances
|
|
|
Land
|
|
|
Improvements
|
|
|
Acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Buildings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monaca (Pittsburgh), PA
|
|
$
|
0
|
|
|
$
|
402
|
|
|
$
|
878
|
|
|
$
|
6,673
|
|
|
Ridgeland (Jackson), MS
|
|
|
0
|
|
|
|
218
|
|
|
|
1,234
|
|
|
|
1,285
|
|
|
Urbandale (Des Moines), IA
|
|
|
0
|
|
|
|
310
|
|
|
|
1,758
|
|
|
|
476
|
|
|
Richland (Jackson), MS
|
|
|
0
|
|
|
|
211
|
|
|
|
1,195
|
|
|
|
495
|
|
|
O’Fallon (St. Louis), MO
|
|
|
0
|
|
|
|
264
|
|
|
|
3,302
|
|
|
|
684
|
|
|
Fayetteville, NC
|
|
|
0
|
|
|
|
172
|
|
|
|
4,468
|
|
|
|
815
|
|
|
Schaumburg (Chicago), IL
|
|
|
0
|
|
|
|
1,040
|
|
|
|
3,694
|
|
|
|
713
|
|
|
Burr Ridge (Chicago), IL
|
|
|
0
|
|
|
|
270
|
|
|
|
1,237
|
|
|
|
200
|
|
|
Romulus (Detroit), MI
|
|
|
0
|
|
|
|
531
|
|
|
|
3,654
|
|
|
|
764
|
|
|
Liberty (Kansas City), MO
|
|
|
0
|
|
|
|
724
|
|
|
|
6,498
|
|
|
|
577
|
|
|
Omaha, NE
|
|
|
0
|
|
|
|
1,170
|
|
|
|
4,426
|
|
|
|
368
|
|
|
Charlottesville, VA
|
|
|
0
|
|
|
|
1,170
|
|
|
|
2,845
|
|
|
|
447
|
|
|
Jacksonville, FL (FDX)
|
|
|
0
|
|
|
|
1,165
|
|
|
|
4,668
|
|
|
|
751
|
|
|
West Chester Twp. (Cincinnati), OH
|
|
|
0
|
|
|
|
695
|
|
|
|
3,342
|
|
|
|
1,697
|
|
|
Mechanicsville (Richmond), VA
|
|
|
0
|
|
|
|
1,160
|
|
|
|
6,413
|
|
|
|
254
|
|
|
St. Joseph, MO
|
|
|
0
|
|
|
|
800
|
|
|
|
11,754
|
|
|
|
844
|
|
|
Newington (Hartford), CT
|
|
|
0
|
|
|
|
410
|
|
|
|
2,961
|
|
|
|
136
|
|
|
Cudahy (Milwaukee), WI
|
|
|
0
|
|
|
|
980
|
|
|
|
5,051
|
|
|
|
3,776
|
|
|
Beltsville (Washington, DC), MD
|
|
|
0
|
|
|
|
3,200
|
|
|
|
5,959
|
|
|
|
5,353
|
|
|
Carlstadt (New York, NY), NJ
|
|
|
1,227
|
|
|
|
1,194
|
|
|
|
3,646
|
|
|
|
457
|
|
|
Granite City (St. Louis, MO), IL
|
|
|
0
|
|
|
|
340
|
|
|
|
12,047
|
|
|
|
311
|
|
|
Winston-Salem, NC
|
|
|
0
|
|
|
|
980
|
|
|
|
5,610
|
|
|
|
674
|
|
|
Elgin (Chicago), IL
|
|
|
0
|
|
|
|
1,280
|
|
|
|
5,529
|
|
|
|
373
|
|
|
Cheektowaga (Buffalo), NY
|
|
|
0
|
|
|
|
4,797
|
|
|
|
3,884
|
|
|
|
2,280
|
|
|
Tolleson (Phoenix), AZ
|
|
|
2,010
|
|
|
|
1,316
|
|
|
|
13,329
|
|
|
|
2,179
|
|
|
Edwardsville (Kansas City), KS (Carlisle Tire)
|
|
|
0
|
|
|
|
1,185
|
|
|
|
5,815
|
|
|
|
283
|
|
|
Wheeling (Chicago), IL
|
|
|
0
|
|
|
|
5,112
|
|
|
|
9,187
|
|
|
|
4,694
|
|
|
Richmond, VA
|
|
|
0
|
|
|
|
446
|
|
|
|
3,911
|
|
|
|
733
|
|
|
Tampa, FL (FDX Ground)
|
|
|
0
|
|
|
|
5,000
|
|
|
|
12,660
|
|
|
|
2,085
|
|
|
Montgomery (Chicago), IL
|
|
|
0
|
|
|
|
2,000
|
|
|
|
9,226
|
|
|
|
77
|
|
|
Denver, CO
|
|
|
0
|
|
|
|
1,150
|
|
|
|
3,890
|
|
|
|
1,334
|
|
|
Hanahan (Charleston), SC (SAIC)
|
|
|
0
|
|
|
|
1,129
|
|
|
|
11,831
|
|
|
|
1,503
|
|
|
Hanahan (Charleston), SC (Amazon)
|
|
|
0
|
|
|
|
930
|
|
|
|
3,426
|
|
|
|
4,947
|
|
|
Augusta, GA (FDX Ground)
|
|
|
0
|
|
|
|
614
|
|
|
|
3,026
|
|
|
|
1,723
|
|
|
Tampa, FL (Tampa Bay Grand Prix)
|
|
|
0
|
|
|
|
1,867
|
|
|
|
3,685
|
|
|
|
126
|
|
|
Huntsville, AL
|
|
|
0
|
|
|
|
748
|
|
|
|
2,724
|
|
|
|
3,190
|
|
|
Augusta, GA (FDX)
|
|
|
0
|
|
|
|
380
|
|
|
|
1,401
|
|
|
|
203
|
|
|
Lakeland, FL
|
|
|
0
|
|
|
|
261
|
|
|
|
1,621
|
|
|
|
161
|
|
|
El Paso, TX
|
|
|
0
|
|
|
|
3,225
|
|
|
|
4,514
|
|
|
|
4,692
|
|
|
Richfield (Cleveland), OH
|
|
|
0
|
|
|
|
2,677
|
|
|
|
7,198
|
|
|
|
6,572
|
|
|
Tampa, FL (FDX)
|
|
|
0
|
|
|
|
2,830
|
|
|
|
4,705
|
|
|
|
366
|
|
|
Griffin (Atlanta), GA
|
|
|
0
|
|
|
|
760
|
|
|
|
13,692
|
|
|
|
630
|
|
|
Roanoke, VA (CHEP USA)
|
|
|
0
|
|
|
|
1,853
|
|
|
|
4,816
|
|
|
|
794
|
|
|
Orion, MI
|
|
|
0
|
|
|
|
4,650
|
|
|
|
13,053
|
|
|
|
5,238
|
|
|
Chattanooga, TN
|
|
|
0
|
|
|
|
300
|
|
|
|
4,465
|
|
|
|
604
|
|
|
Bedford Heights (Cleveland), OH
|
|
|
0
|
|
|
|
990
|
|
|
|
4,894
|
|
|
|
1,420
|
|
|
Punta Gorda, FL
|
|
|
0
|
|
|
|
0
|
|
|
|
4,105
|
|
|
|
29
|
|
|
Cocoa, FL
|
|
|
0
|
|
|
|
1,881
|
|
|
|
8,624
|
|
|
|
3,622
|
|
|
Orlando, FL
|
|
|
0
|
|
|
|
2,200
|
|
|
|
6,134
|
|
|
|
476
|
|
|
Topeka, KS
|
|
|
288
|
|
|
|
0
|
|
|
|
3,680
|
|
|
|
0
|
|
|
Memphis, TN
|
|
|
3,304
|
|
|
|
1,235
|
|
|
|
13,380
|
|
|
|
1,478
|
|
|
Houston, TX
|
|
|
1,102
|
|
|
|
1,661
|
|
|
|
6,320
|
|
|
|
210
|
|
|
Carrollton (Dallas), TX
|
|
|
4,733
|
|
|
|
1,500
|
|
|
|
16,240
|
|
|
|
755
|
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION
SCHEDULE
III
REAL
ESTATE AND ACCUMULATED DEPRECIATION
SEPTEMBER
30, 2020
(in
thousands)
|
Column A
|
|
Column B
|
|
|
Column C
|
|
|
Column D
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
|
|
|
|
|
|
|
|
|
|
|
Buildings and
|
|
|
Subsequent to
|
|
|
Description
|
|
Encumbrances
|
|
|
Land
|
|
|
Improvements
|
|
|
Acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ft. Mill (Charlotte, NC), SC
|
|
$
|
0
|
|
|
$
|
1,747
|
|
|
$
|
10,045
|
|
|
$
|
5,272
|
|
|
Lebanon (Nashville), TN
|
|
|
0
|
|
|
|
2,230
|
|
|
|
11,985
|
|
|
|
0
|
|
|
Rockford, IL (Sherwin-Williams Co.)
|
|
|
0
|
|
|
|
1,100
|
|
|
|
4,440
|
|
|
|
11
|
|
|
Edinburg, TX
|
|
|
0
|
|
|
|
1,000
|
|
|
|
6,414
|
|
|
|
4,625
|
|
|
Streetsboro (Cleveland), OH
|
|
|
8,025
|
|
|
|
1,760
|
|
|
|
17,840
|
|
|
|
0
|
|
|
Corpus Christi, TX
|
|
|
0
|
|
|
|
0
|
|
|
|
4,765
|
|
|
|
43
|
|
|
Halfmoon (Albany), NY
|
|
|
0
|
|
|
|
1,190
|
|
|
|
4,336
|
|
|
|
201
|
|
|
Lebanon (Cincinnati), OH
|
|
|
0
|
|
|
|
240
|
|
|
|
4,176
|
|
|
|
139
|
|
|
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.)
|
|
|
6,259
|
|
|
|
800
|
|
|
|
13,750
|
|
|
|
0
|
|
|
Oklahoma City, OK (FDX Ground)
|
|
|
2,341
|
|
|
|
1,410
|
|
|
|
8,043
|
|
|
|
3,172
|
|
|
Waco, TX
|
|
|
3,613
|
|
|
|
1,350
|
|
|
|
7,383
|
|
|
|
3,818
|
|
|
Livonia (Detroit), MI
|
|
|
4,973
|
|
|
|
320
|
|
|
|
13,380
|
|
|
|
180
|
|
|
Olive Branch (Memphis, TN), MS (Milwaukee Tool)
|
|
|
18,042
|
|
|
|
2,550
|
|
|
|
24,819
|
|
|
|
9,546
|
|
|
Roanoke, VA (FDX Ground)
|
|
|
3,395
|
|
|
|
1,740
|
|
|
|
8,460
|
|
|
|
0
|
|
|
Green Bay, WI
|
|
|
1,971
|
|
|
|
590
|
|
|
|
5,979
|
|
|
|
0
|
|
|
Stewartville (Rochester), MN
|
|
|
1,578
|
|
|
|
900
|
|
|
|
4,320
|
|
|
|
4
|
|
|
Tulsa, OK
|
|
|
1,413
|
|
|
|
790
|
|
|
|
2,910
|
|
|
|
48
|
|
|
Buckner (Louisville), KY
|
|
|
13,796
|
|
|
|
2,280
|
|
|
|
24,353
|
|
|
|
175
|
|
|
Edwardsville (Kansas City), KS (International Paper)
|
|
|
7,627
|
|
|
|
2,750
|
|
|
|
15,335
|
|
|
|
209
|
|
|
Altoona, PA
|
|
|
2,426
|
|
|
|
1,200
|
|
|
|
7,790
|
|
|
|
33
|
|
|
Spring (Houston), TX
|
|
|
6,623
|
|
|
|
1,890
|
|
|
|
13,391
|
|
|
|
4,048
|
|
|
Indianapolis, IN
|
|
|
8,431
|
|
|
|
3,746
|
|
|
|
20,446
|
|
|
|
1,312
|
|
|
Sauget (St. Louis, MO), IL
|
|
|
7,322
|
|
|
|
1,890
|
|
|
|
13,310
|
|
|
|
5
|
|
|
Lindale (Tyler), TX
|
|
|
4,827
|
|
|
|
540
|
|
|
|
9,390
|
|
|
|
36
|
|
|
Kansas City, MO
|
|
|
6,273
|
|
|
|
1,000
|
|
|
|
8,600
|
|
|
|
403
|
|
|
Frankfort (Lexington), KY
|
|
|
14,611
|
|
|
|
1,850
|
|
|
|
26,150
|
|
|
|
0
|
|
|
Jacksonville, FL (FDX Ground)
|
|
|
13,854
|
|
|
|
6,000
|
|
|
|
24,646
|
|
|
|
280
|
|
|
Monroe (Cincinnati), OH
|
|
|
12,560
|
|
|
|
1,800
|
|
|
|
11,137
|
|
|
|
8,640
|
|
|
Greenwood (Indianapolis), IN (Ulta)
|
|
|
17,346
|
|
|
|
2,250
|
|
|
|
35,235
|
|
|
|
280
|
|
|
Ft. Worth (Dallas), TX
|
|
|
17,879
|
|
|
|
8,200
|
|
|
|
27,101
|
|
|
|
318
|
|
|
Cincinnati, OH
|
|
|
0
|
|
|
|
800
|
|
|
|
5,950
|
|
|
|
0
|
|
|
Rockford, IL (Collins Aerospace Systems)
|
|
|
0
|
|
|
|
480
|
|
|
|
4,620
|
|
|
|
0
|
|
|
Concord (Charlotte), NC
|
|
|
15,449
|
|
|
|
4,305
|
|
|
|
27,671
|
|
|
|
1,078
|
|
|
Covington (New Orleans), LA
|
|
|
9,686
|
|
|
|
2,720
|
|
|
|
15,690
|
|
|
|
16
|
|
|
Imperial (Pittsburgh), PA
|
|
|
9,586
|
|
|
|
3,700
|
|
|
|
16,250
|
|
|
|
14
|
|
|
Burlington (Seattle/Everett), WA
|
|
|
15,471
|
|
|
|
8,000
|
|
|
|
22,211
|
|
|
|
160
|
|
|
Colorado Springs, CO
|
|
|
14,571
|
|
|
|
2,150
|
|
|
|
26,350
|
|
|
|
820
|
|
|
Louisville, KY
|
|
|
5,702
|
|
|
|
1,590
|
|
|
|
9,714
|
|
|
|
0
|
|
|
Davenport (Orlando), FL
|
|
|
20,788
|
|
|
|
7,060
|
|
|
|
30,721
|
|
|
|
304
|
|
|
Olathe (Kansas City), KS
|
|
|
17,513
|
|
|
|
2,350
|
|
|
|
29,387
|
|
|
|
89
|
|
|
Hamburg (Buffalo), NY
|
|
|
18,770
|
|
|
|
1,700
|
|
|
|
33,150
|
|
|
|
282
|
|
|
Ft. Myers, FL
|
|
|
11,707
|
|
|
|
2,486
|
|
|
|
18,400
|
|
|
|
798
|
|
|
Walker (Grand Rapids), MI
|
|
|
17,219
|
|
|
|
4,034
|
|
|
|
27,621
|
|
|
|
0
|
|
|
Mesquite (Dallas), TX
|
|
|
27,350
|
|
|
|
6,248
|
|
|
|
43,632
|
|
|
|
0
|
|
|
Aiken (Augusta, GA), SC
|
|
|
12,861
|
|
|
|
1,362
|
|
|
|
19,678
|
|
|
|
0
|
|
|
Homestead (Miami), FL
|
|
|
20,616
|
|
|
|
4,427
|
|
|
|
33,446
|
|
|
|
39
|
|
|
Oklahoma City, OK (Bunzl)
|
|
|
4,692
|
|
|
|
845
|
|
|
|
7,883
|
|
|
|
0
|
|
|
Concord (Charlotte), NC
|
|
|
22,067
|
|
|
|
4,307
|
|
|
|
35,736
|
|
|
|
0
|
|
|
Kenton, OH
|
|
|
10,247
|
|
|
|
855
|
|
|
|
17,027
|
|
|
|
849
|
|
|
Stow, OH
|
|
|
10,809
|
|
|
|
1,430
|
|
|
|
17,504
|
|
|
|
0
|
|
|
Charleston, SC (FDX)
|
|
|
12,222
|
|
|
|
4,639
|
|
|
|
16,848
|
|
|
|
32
|
|
|
Oklahoma City, OK (Amazon)
|
|
|
17,369
|
|
|
|
1,618
|
|
|
|
28,260
|
|
|
|
0
|
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION
SCHEDULE
III
REAL
ESTATE AND ACCUMULATED DEPRECIATION
SEPTEMBER
30, 2020
(in
thousands)
|
Column A
|
|
Column B
|
|
|
Column C
|
|
|
Column D
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
|
|
|
|
|
|
|
|
|
|
|
Buildings and
|
|
|
Subsequent to
|
|
|
Description
|
|
Encumbrances
|
|
|
Land
|
|
|
Improvements
|
|
|
Acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savannah, GA (Shaw)
|
|
$
|
28,324
|
|
|
$
|
4,405
|
|
|
$
|
51,621
|
|
|
$
|
0
|
|
|
Daytona Beach, FL
|
|
|
17,219
|
|
|
|
3,120
|
|
|
|
26,855
|
|
|
|
306
|
|
|
Mobile, AL
|
|
|
16,728
|
|
|
|
2,480
|
|
|
|
30,572
|
|
|
|
0
|
|
|
Charleston, SC (FDX Ground)
|
|
|
26,794
|
|
|
|
7,103
|
|
|
|
39,473
|
|
|
|
0
|
|
|
Braselton (Atlanta), GA
|
|
|
35,856
|
|
|
|
13,965
|
|
|
|
46,262
|
|
|
|
0
|
|
|
Trenton, NJ
|
|
|
49,955
|
|
|
|
8,336
|
|
|
|
75,652
|
|
|
|
0
|
|
|
Savannah, GA (FDX Ground)
|
|
|
16,001
|
|
|
|
3,441
|
|
|
|
24,091
|
|
|
|
0
|
|
|
Lafayette, IN
|
|
|
16,101
|
|
|
|
2,802
|
|
|
|
22,277
|
|
|
|
0
|
|
|
Greenwood (Indianapolis), IN (Amazon)
|
|
|
50,855
|
|
|
|
4,839
|
|
|
|
74,525
|
|
|
|
0
|
|
|
Lancaster (Columbus), OH
|
|
|
9,091
|
|
|
|
959
|
|
|
|
16,599
|
|
|
|
0
|
|
|
Whitsett (Greensboro), NC
|
|
|
29,902
|
|
|
|
2,735
|
|
|
|
43,976
|
|
|
|
0
|
|
|
Ogden (Salt Lake City), UT
|
|
|
8,251
|
|
|
|
1,287
|
|
|
|
11,380
|
|
|
|
0
|
|
|
Oklahoma City, OK (Amazon II)
|
|
|
9,750
|
|
|
|
1,378
|
|
|
|
13,584
|
|
|
|
0
|
|
|
Shopping Center
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Somerset, NJ
|
|
|
0
|
|
|
|
34
|
|
|
|
637
|
|
|
|
2,468
|
|
|
Vacant Land
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shelby County, TN
|
|
|
0
|
|
|
|
11
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
$
|
807,371
|
|
|
$
|
250,497
|
|
|
$
|
1,662,787
|
|
|
$
|
130,580
|
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION
SCHEDULE
III
REAL ESTATE AND ACCUMULATED GROSS DEPRECIATION
REAL
ESTATE AND ACCUMULATED DEPRECIATION
SEPTEMBER
30, 2020
(in
thousands)
|
Column A
|
|
Column E (1) (2)
|
|
|
|
|
Gross Amount at Which Carried
|
|
|
|
|
September 30, 2020
|
|
|
Description
|
|
Land
|
|
|
Bldg & Imp
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Buildings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monaca (Pittsburgh), PA
|
|
$
|
402
|
|
|
$
|
7,551
|
|
|
$
|
7,953
|
|
|
Ridgeland (Jackson), MS
|
|
|
218
|
|
|
|
2,519
|
|
|
|
2,737
|
|
|
Urbandale (Des Moines), IA
|
|
|
310
|
|
|
|
2,234
|
|
|
|
2,544
|
|
|
Richland (Jackson), MS
|
|
|
211
|
|
|
|
1,690
|
|
|
|
1,901
|
|
|
O’Fallon (St. Louis), MO
|
|
|
264
|
|
|
|
3,986
|
|
|
|
4,250
|
|
|
Fayetteville, NC
|
|
|
172
|
|
|
|
5,283
|
|
|
|
5,455
|
|
|
Schaumburg (Chicago), IL
|
|
|
1,040
|
|
|
|
4,407
|
|
|
|
5,447
|
|
|
Burr Ridge (Chicago), IL
|
|
|
270
|
|
|
|
1,437
|
|
|
|
1,707
|
|
|
Romulus (Detroit), MI
|
|
|
531
|
|
|
|
4,418
|
|
|
|
4,949
|
|
|
Liberty (Kansas City), MO
|
|
|
724
|
|
|
|
7,075
|
|
|
|
7,799
|
|
|
Omaha, NE
|
|
|
1,170
|
|
|
|
4,794
|
|
|
|
5,964
|
|
|
Charlottesville, VA
|
|
|
1,170
|
|
|
|
3,292
|
|
|
|
4,462
|
|
|
Jacksonville, FL (FDX)
|
|
|
1,165
|
|
|
|
5,419
|
|
|
|
6,584
|
|
|
West Chester Twp. (Cincinnati), OH
|
|
|
695
|
|
|
|
5,039
|
|
|
|
5,734
|
|
|
Mechanicsville (Richmond), VA
|
|
|
1,160
|
|
|
|
6,667
|
|
|
|
7,827
|
|
|
St. Joseph, MO
|
|
|
800
|
|
|
|
12,598
|
|
|
|
13,398
|
|
|
Newington (Hartford), CT
|
|
|
410
|
|
|
|
3,097
|
|
|
|
3,507
|
|
|
Cudahy (Milwaukee), WI
|
|
|
980
|
|
|
|
8,827
|
|
|
|
9,807
|
|
|
Beltsville (Washington, DC), MD
|
|
|
3,200
|
|
|
|
11,312
|
|
|
|
14,512
|
|
|
Carlstadt (New York, NY), NJ
|
|
|
1,194
|
|
|
|
4,103
|
|
|
|
5,297
|
|
|
Granite City (St. Louis, MO), IL
|
|
|
340
|
|
|
|
12,358
|
|
|
|
12,698
|
|
|
Winston-Salem, NC
|
|
|
980
|
|
|
|
6,284
|
|
|
|
7,264
|
|
|
Elgin (Chicago), IL
|
|
|
1,280
|
|
|
|
5,902
|
|
|
|
7,182
|
|
|
Cheektowaga (Buffalo), NY
|
|
|
4,797
|
|
|
|
6,164
|
|
|
|
10,961
|
|
|
Tolleson (Phoenix), AZ
|
|
|
1,316
|
|
|
|
15,508
|
|
|
|
16,824
|
|
|
Edwardsville (Kansas City), KS (Carlisle Tire)
|
|
|
1,185
|
|
|
|
6,098
|
|
|
|
7,283
|
|
|
Wheeling (Chicago), IL
|
|
|
5,112
|
|
|
|
13,881
|
|
|
|
18,993
|
|
|
Richmond, VA
|
|
|
446
|
|
|
|
4,644
|
|
|
|
5,090
|
|
|
Tampa, FL (FDX Ground)
|
|
|
5,000
|
|
|
|
14,745
|
|
|
|
19,745
|
|
|
Montgomery (Chicago), IL
|
|
|
2,000
|
|
|
|
9,303
|
|
|
|
11,303
|
|
|
Denver, CO
|
|
|
1,150
|
|
|
|
5,224
|
|
|
|
6,374
|
|
|
Hanahan (Charleston), SC (SAIC)
|
|
|
1,129
|
|
|
|
13,334
|
|
|
|
14,463
|
|
|
Hanahan (Charleston), SC (Amazon)
|
|
|
930
|
|
|
|
8,373
|
|
|
|
9,303
|
|
|
Augusta, GA (FDX Ground)
|
|
|
614
|
|
|
|
4,749
|
|
|
|
5,363
|
|
|
Tampa, FL (Tampa Bay Grand Prix)
|
|
|
1,867
|
|
|
|
3,811
|
|
|
|
5,678
|
|
|
Huntsville, AL
|
|
|
748
|
|
|
|
5,914
|
|
|
|
6,662
|
|
|
Augusta, GA (FDX)
|
|
|
380
|
|
|
|
1,604
|
|
|
|
1,984
|
|
|
Lakeland, FL
|
|
|
261
|
|
|
|
1,782
|
|
|
|
2,043
|
|
|
El Paso, TX
|
|
|
3,225
|
|
|
|
9,206
|
|
|
|
12,431
|
|
|
Richfield (Cleveland), OH
|
|
|
2,677
|
|
|
|
13,770
|
|
|
|
16,447
|
|
|
Tampa, FL (FDX)
|
|
|
2,830
|
|
|
|
5,071
|
|
|
|
7,901
|
|
|
Griffin (Atlanta), GA
|
|
|
760
|
|
|
|
14,322
|
|
|
|
15,082
|
|
|
Roanoke, VA (CHEP USA)
|
|
|
1,853
|
|
|
|
5,610
|
|
|
|
7,463
|
|
|
Orion, MI
|
|
|
4,650
|
|
|
|
18,291
|
|
|
|
22,941
|
|
|
Chattanooga, TN
|
|
|
300
|
|
|
|
5,069
|
|
|
|
5,369
|
|
|
Bedford Heights (Cleveland), OH
|
|
|
990
|
|
|
|
6,314
|
|
|
|
7,304
|
|
|
Punta Gorda, FL
|
|
|
0
|
|
|
|
4,134
|
|
|
|
4,134
|
|
|
Cocoa, FL
|
|
|
1,881
|
|
|
|
12,246
|
|
|
|
14,127
|
|
|
Orlando, FL
|
|
|
2,200
|
|
|
|
6,610
|
|
|
|
8,810
|
|
|
Topeka, KS
|
|
|
0
|
|
|
|
3,680
|
|
|
|
3,680
|
|
|
Memphis, TN
|
|
|
1,235
|
|
|
|
14,858
|
|
|
|
16,093
|
|
|
Houston, TX
|
|
|
1,661
|
|
|
|
6,530
|
|
|
|
8,191
|
|
|
Carrollton (Dallas), TX
|
|
|
1,500
|
|
|
|
16,995
|
|
|
|
18,495
|
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION
SCHEDULE
III
REAL
ESTATE AND ACCUMULATED DEPRECIATION
SEPTEMBER
30, 2020
(in
thousands)
|
Column A
|
|
Column E (1) (2)
|
|
|
|
|
Gross Amount at Which Carried
|
|
|
|
|
September 30, 2020
|
|
|
Description
|
|
Land
|
|
|
Bldg & Imp
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ft. Mill (Charlotte, NC), SC
|
|
$
|
1,747
|
|
|
$
|
15,317
|
|
|
$
|
17,064
|
|
|
Lebanon (Nashville), TN
|
|
|
2,230
|
|
|
|
11,985
|
|
|
|
14,215
|
|
|
Rockford, IL (Sherwin-Williams Co.)
|
|
|
1,100
|
|
|
|
4,451
|
|
|
|
5,551
|
|
|
Edinburg, TX
|
|
|
1,000
|
|
|
|
11,039
|
|
|
|
12,039
|
|
|
Streetsboro (Cleveland), OH
|
|
|
1,760
|
|
|
|
17,840
|
|
|
|
19,600
|
|
|
Corpus Christi, TX
|
|
|
0
|
|
|
|
4,808
|
|
|
|
4,808
|
|
|
Halfmoon (Albany), NY
|
|
|
1,190
|
|
|
|
4,537
|
|
|
|
5,727
|
|
|
Lebanon (Cincinnati), OH
|
|
|
240
|
|
|
|
4,315
|
|
|
|
4,555
|
|
|
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.)
|
|
|
800
|
|
|
|
13,750
|
|
|
|
14,550
|
|
|
Oklahoma City, OK (FDX Ground)
|
|
|
1,410
|
|
|
|
11,215
|
|
|
|
12,625
|
|
|
Waco, TX
|
|
|
1,350
|
|
|
|
11,201
|
|
|
|
12,551
|
|
|
Livonia (Detroit), MI
|
|
|
320
|
|
|
|
13,560
|
|
|
|
13,880
|
|
|
Olive Branch (Memphis, TN), MS (Milwaukee Tool)
|
|
|
2,550
|
|
|
|
34,365
|
|
|
|
36,915
|
|
|
Roanoke, VA (FDX Ground)
|
|
|
1,740
|
|
|
|
8,460
|
|
|
|
10,200
|
|
|
Green Bay, WI
|
|
|
590
|
|
|
|
5,979
|
|
|
|
6,569
|
|
|
Stewartville (Rochester), MN
|
|
|
900
|
|
|
|
4,324
|
|
|
|
5,224
|
|
|
Tulsa, OK
|
|
|
790
|
|
|
|
2,958
|
|
|
|
3,748
|
|
|
Buckner (Louisville), KY
|
|
|
2,280
|
|
|
|
24,528
|
|
|
|
26,808
|
|
|
Edwardsville (Kansas City), KS (International Paper)
|
|
|
2,750
|
|
|
|
15,544
|
|
|
|
18,294
|
|
|
Altoona, PA
|
|
|
1,200
|
|
|
|
7,823
|
|
|
|
9,023
|
|
|
Spring (Houston), TX
|
|
|
1,890
|
|
|
|
17,439
|
|
|
|
19,329
|
|
|
Indianapolis, IN
|
|
|
3,746
|
|
|
|
21,758
|
|
|
|
25,504
|
|
|
Sauget (St. Louis, MO), IL
|
|
|
1,890
|
|
|
|
13,315
|
|
|
|
15,205
|
|
|
Lindale (Tyler), TX
|
|
|
540
|
|
|
|
9,426
|
|
|
|
9,966
|
|
|
Kansas City, MO
|
|
|
1,000
|
|
|
|
9,003
|
|
|
|
10,003
|
|
|
Frankfort (Lexington), KY
|
|
|
1,850
|
|
|
|
26,150
|
|
|
|
28,000
|
|
|
Jacksonville, FL (FDX Ground)
|
|
|
6,000
|
|
|
|
24,926
|
|
|
|
30,926
|
|
|
Monroe (Cincinnati), OH
|
|
|
1,800
|
|
|
|
19,777
|
|
|
|
21,577
|
|
|
Greenwood (Indianapolis), IN (Ulta)
|
|
|
2,250
|
|
|
|
35,515
|
|
|
|
37,765
|
|
|
Ft. Worth (Dallas), TX
|
|
|
8,200
|
|
|
|
27,419
|
|
|
|
35,619
|
|
|
Cincinnati, OH
|
|
|
800
|
|
|
|
5,950
|
|
|
|
6,750
|
|
|
Rockford, IL (Collins Aerospace Systems)
|
|
|
480
|
|
|
|
4,620
|
|
|
|
5,100
|
|
|
Concord (Charlotte), NC
|
|
|
4,305
|
|
|
|
28,749
|
|
|
|
33,054
|
|
|
Covington (New Orleans), LA
|
|
|
2,720
|
|
|
|
15,706
|
|
|
|
18,426
|
|
|
Imperial (Pittsburgh), PA
|
|
|
3,700
|
|
|
|
16,264
|
|
|
|
19,964
|
|
|
Burlington (Seattle/Everett), WA
|
|
|
8,000
|
|
|
|
22,371
|
|
|
|
30,371
|
|
|
Colorado Springs, CO
|
|
|
2,150
|
|
|
|
27,170
|
|
|
|
29,320
|
|
|
Louisville, KY
|
|
|
1,590
|
|
|
|
9,714
|
|
|
|
11,304
|
|
|
Davenport (Orlando), FL
|
|
|
7,060
|
|
|
|
31,025
|
|
|
|
38,085
|
|
|
Olathe (Kansas City), KS
|
|
|
2,350
|
|
|
|
29,476
|
|
|
|
31,826
|
|
|
Hamburg (Buffalo), NY
|
|
|
1,700
|
|
|
|
33,432
|
|
|
|
35,132
|
|
|
Ft. Myers, FL
|
|
|
2,486
|
|
|
|
19,198
|
|
|
|
21,684
|
|
|
Walker (Grand Rapids), MI
|
|
|
4,034
|
|
|
|
27,621
|
|
|
|
31,655
|
|
|
Mesquite (Dallas), TX
|
|
|
6,248
|
|
|
|
43,632
|
|
|
|
49,880
|
|
|
Aiken (Augusta, GA), SC
|
|
|
1,362
|
|
|
|
19,678
|
|
|
|
21,040
|
|
|
Homestead (Miami), FL
|
|
|
4,427
|
|
|
|
33,485
|
|
|
|
37,912
|
|
|
Oklahoma City, OK (Bunzl)
|
|
|
845
|
|
|
|
7,883
|
|
|
|
8,728
|
|
|
Concord (Charlotte), NC
|
|
|
4,307
|
|
|
|
35,736
|
|
|
|
40,043
|
|
|
Kenton, OH
|
|
|
855
|
|
|
|
17,876
|
|
|
|
18,731
|
|
|
Stow, OH
|
|
|
1,430
|
|
|
|
17,504
|
|
|
|
18,934
|
|
|
Charleston, SC (FDX)
|
|
|
4,639
|
|
|
|
16,880
|
|
|
|
21,519
|
|
|
Oklahoma City, OK (Amazon)
|
|
|
1,618
|
|
|
|
28,260
|
|
|
|
29,878
|
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION
SCHEDULE
III
REAL
ESTATE AND ACCUMULATED DEPRECIATION
SEPTEMBER
30, 2020
(in
thousands)
|
Column A
|
|
Column E (1) (2)
|
|
|
|
|
Gross Amount at Which Carried
|
|
|
|
|
September 30, 2020
|
|
|
Description
|
|
Land
|
|
|
Bldg & Imp
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savannah, GA (Shaw)
|
|
$
|
4,405
|
|
|
$
|
51,621
|
|
|
$
|
56,026
|
|
|
Daytona Beach, FL
|
|
|
3,120
|
|
|
|
27,161
|
|
|
|
30,281
|
|
|
Mobile, AL
|
|
|
2,480
|
|
|
|
30,572
|
|
|
|
33,052
|
|
|
Charleston, SC (FDX Ground)
|
|
|
7,103
|
|
|
|
39,473
|
|
|
|
46,576
|
|
|
Braselton (Atlanta), GA
|
|
|
13,965
|
|
|
|
46,262
|
|
|
|
60,227
|
|
|
Trenton, NJ
|
|
|
8,336
|
|
|
|
75,652
|
|
|
|
83,988
|
|
|
Savannah, GA (FDX Ground)
|
|
|
3,441
|
|
|
|
24,091
|
|
|
|
27,532
|
|
|
Lafayette, IN
|
|
|
2,802
|
|
|
|
22,277
|
|
|
|
25,079
|
|
|
Greenwood (Indianapolis), IN (Amazon)
|
|
|
4,839
|
|
|
|
74,525
|
|
|
|
79,364
|
|
|
Lancaster (Columbus), OH
|
|
|
959
|
|
|
|
16,599
|
|
|
|
17,558
|
|
|
Whitsett (Greensboro), NC
|
|
|
2,735
|
|
|
|
43,976
|
|
|
|
46,711
|
|
|
Ogden (Salt Lake City), UT
|
|
|
1,287
|
|
|
|
11,380
|
|
|
|
12,667
|
|
|
Oklahoma City, OK (Amazon II)
|
|
|
1,378
|
|
|
|
13,584
|
|
|
|
14,962
|
|
|
Shopping Center
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Somerset, NJ
|
|
|
34
|
|
|
|
3,105
|
|
|
|
3,139
|
|
|
Vacant Land
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shelby County, TN
|
|
|
11
|
|
|
|
0
|
|
|
|
11
|
|
|
|
|
$
|
250,497
|
|
|
$
|
1,793,367
|
|
|
$
|
2,043,864
|
|
|
|
(1)
|
See
pages 157-160 for reconciliation.
|
|
|
(2)
|
The
aggregate cost for Federal tax purposes approximates historical cost.
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION
SCHEDULE
III
REAL
ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE
OF ACCUMULATED DEPRECIATION LIFE
SEPTEMBER
30, 2020
(in
thousands)
|
Column A
|
|
Column F
|
|
|
Column G
|
|
|
Column H
|
|
|
Column I
|
|
|
|
|
Accumulated
|
|
|
Date of
|
|
|
Date
|
|
|
Depreciable
|
|
|
Description
|
|
Depreciation
|
|
|
Construction
|
|
|
Acquired
|
|
|
Life
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Buildings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monaca (Pittsburgh), PA
|
|
$
|
3,481
|
|
|
|
1977
|
|
|
|
1977
|
|
|
|
(3
|
)
|
|
Ridgeland (Jackson), MS
|
|
|
1,465
|
|
|
|
1988
|
|
|
|
1993
|
|
|
|
(3
|
)
|
|
Urbandale (Des Moines), IA
|
|
|
1,377
|
|
|
|
1985
|
|
|
|
1994
|
|
|
|
(3
|
)
|
|
Richland (Jackson), MS
|
|
|
1,129
|
|
|
|
1986
|
|
|
|
1994
|
|
|
|
(3
|
)
|
|
O’Fallon (St. Louis), MO
|
|
|
2,614
|
|
|
|
1989
|
|
|
|
1994
|
|
|
|
(3
|
)
|
|
Fayetteville, NC
|
|
|
3,397
|
|
|
|
1996
|
|
|
|
1997
|
|
|
|
(3
|
)
|
|
Schaumburg (Chicago), IL
|
|
|
2,534
|
|
|
|
1997
|
|
|
|
1997
|
|
|
|
(3
|
)
|
|
Burr Ridge (Chicago), IL
|
|
|
822
|
|
|
|
1997
|
|
|
|
1997
|
|
|
|
(3
|
)
|
|
Romulus (Detroit), MI
|
|
|
2,329
|
|
|
|
1998
|
|
|
|
1998
|
|
|
|
(3
|
)
|
|
Liberty (Kansas City), MO
|
|
|
3,904
|
|
|
|
1997
|
|
|
|
1998
|
|
|
|
(3
|
)
|
|
Omaha, NE
|
|
|
2,609
|
|
|
|
1999
|
|
|
|
1999
|
|
|
|
(3
|
)
|
|
Charlottesville, VA
|
|
|
1,801
|
|
|
|
1998
|
|
|
|
1999
|
|
|
|
(3
|
)
|
|
Jacksonville, FL (FDX)
|
|
|
2,979
|
|
|
|
1998
|
|
|
|
1999
|
|
|
|
(3
|
)
|
|
West Chester Twp. (Cincinnati), OH
|
|
|
2,663
|
|
|
|
1999
|
|
|
|
2000
|
|
|
|
(3
|
)
|
|
Mechanicsville (Richmond), VA
|
|
|
3,375
|
|
|
|
2000
|
|
|
|
2001
|
|
|
|
(3
|
)
|
|
St. Joseph, MO
|
|
|
6,158
|
|
|
|
2000
|
|
|
|
2001
|
|
|
|
(3
|
)
|
|
Newington (Hartford), CT
|
|
|
1,553
|
|
|
|
2001
|
|
|
|
2001
|
|
|
|
(3
|
)
|
|
Cudahy (Milwaukee), WI
|
|
|
3,812
|
|
|
|
2001
|
|
|
|
2001
|
|
|
|
(3
|
)
|
|
Beltsville (Washington, DC), MD
|
|
|
4,748
|
|
|
|
2000
|
|
|
|
2001
|
|
|
|
(3
|
)
|
|
Carlstadt (New York, NY), NJ
|
|
|
1,229
|
|
|
|
1977
|
|
|
|
2001
|
|
|
|
(3
|
)
|
|
Granite City (St. Louis, MO), IL
|
|
|
5,895
|
|
|
|
2001
|
|
|
|
2001
|
|
|
|
(3
|
)
|
|
Winston-Salem, NC
|
|
|
3,057
|
|
|
|
2001
|
|
|
|
2002
|
|
|
|
(3
|
)
|
|
Elgin (Chicago), IL
|
|
|
2,791
|
|
|
|
2002
|
|
|
|
2002
|
|
|
|
(3
|
)
|
|
Cheektowaga (Buffalo), NY
|
|
|
2,170
|
|
|
|
2000
|
|
|
|
2002
|
|
|
|
(3
|
)
|
|
Tolleson (Phoenix), AZ
|
|
|
7,167
|
|
|
|
2002
|
|
|
|
2003
|
|
|
|
(3
|
)
|
|
Edwardsville (Kansas City), KS (Carlisle Tire)
|
|
|
2,847
|
|
|
|
2002
|
|
|
|
2003
|
|
|
|
(3
|
)
|
|
Wheeling (Chicago), IL
|
|
|
5,210
|
|
|
|
2003
|
|
|
|
2003
|
|
|
|
(3
|
)
|
|
Richmond, VA
|
|
|
1,794
|
|
|
|
2004
|
|
|
|
2004
|
|
|
|
(3
|
)
|
|
Tampa, FL (FDX Ground)
|
|
|
5,680
|
|
|
|
2004
|
|
|
|
2004
|
|
|
|
(3
|
)
|
|
Montgomery (Chicago), IL
|
|
|
3,245
|
|
|
|
2004
|
|
|
|
2004
|
|
|
|
(3
|
)
|
|
Denver, CO
|
|
|
1,973
|
|
|
|
2005
|
|
|
|
2005
|
|
|
|
(3
|
)
|
|
Hanahan (Charleston), SC (SAIC)
|
|
|
5,256
|
|
|
|
2002
|
|
|
|
2005
|
|
|
|
(3
|
)
|
|
Hanahan (Charleston), SC (Amazon)
|
|
|
2,513
|
|
|
|
2005
|
|
|
|
2005
|
|
|
|
(3
|
)
|
|
Augusta, GA (FDX Ground)
|
|
|
1,756
|
|
|
|
2005
|
|
|
|
2005
|
|
|
|
(3
|
)
|
|
Tampa, FL (Tampa Bay Grand Prix)
|
|
|
1,347
|
|
|
|
1989
|
|
|
|
2005
|
|
|
|
(3
|
)
|
|
Huntsville, AL
|
|
|
1,562
|
|
|
|
2005
|
|
|
|
2005
|
|
|
|
(3
|
)
|
|
Augusta, GA (FDX)
|
|
|
558
|
|
|
|
1993
|
|
|
|
2006
|
|
|
|
(3
|
)
|
|
Lakeland, FL
|
|
|
676
|
|
|
|
1993
|
|
|
|
2006
|
|
|
|
(3
|
)
|
|
El Paso, TX
|
|
|
2,512
|
|
|
|
2005
|
|
|
|
2006
|
|
|
|
(3
|
)
|
|
Richfield (Cleveland), OH
|
|
|
3,800
|
|
|
|
2006
|
|
|
|
2006
|
|
|
|
(3
|
)
|
|
Tampa, FL (FDX)
|
|
|
1,824
|
|
|
|
2006
|
|
|
|
2006
|
|
|
|
(3
|
)
|
|
Griffin (Atlanta), GA
|
|
|
5,338
|
|
|
|
2006
|
|
|
|
2006
|
|
|
|
(3
|
)
|
|
Roanoke, VA (CHEP USA)
|
|
|
2,092
|
|
|
|
1996
|
|
|
|
2007
|
|
|
|
(3
|
)
|
|
Orion, MI
|
|
|
5,430
|
|
|
|
2007
|
|
|
|
2007
|
|
|
|
(3
|
)
|
|
Chattanooga, TN
|
|
|
1,678
|
|
|
|
2002
|
|
|
|
2007
|
|
|
|
(3
|
)
|
|
Bedford Heights (Cleveland), OH
|
|
|
2,310
|
|
|
|
1998
|
|
|
|
2007
|
|
|
|
(3
|
)
|
|
Punta Gorda, FL
|
|
|
1,286
|
|
|
|
2007
|
|
|
|
2007
|
|
|
|
(3
|
)
|
|
Cocoa, FL
|
|
|
3,403
|
|
|
|
2006
|
|
|
|
2008
|
|
|
|
(3
|
)
|
|
Orlando, FL
|
|
|
2,212
|
|
|
|
1997
|
|
|
|
2008
|
|
|
|
(3
|
)
|
|
Topeka, KS
|
|
|
1,085
|
|
|
|
2006
|
|
|
|
2009
|
|
|
|
(3
|
)
|
|
Memphis, TN
|
|
|
3,787
|
|
|
|
1994
|
|
|
|
2010
|
|
|
|
(3
|
)
|
|
Houston, TX
|
|
|
1,825
|
|
|
|
2005
|
|
|
|
2010
|
|
|
|
(3
|
)
|
|
Carrollton (Dallas), TX
|
|
|
4,442
|
|
|
|
2009
|
|
|
|
2010
|
|
|
|
(3
|
)
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION
SCHEDULE
III
REAL
ESTATE AND ACCUMULATED DEPRECIATION
SEPTEMBER
30, 2020
(in
thousands)
|
Column A
|
|
Column F
|
|
|
Column G
|
|
|
Column H
|
|
|
Column I
|
|
|
|
|
Accumulated
|
|
|
Date of
|
|
|
Date
|
|
|
Depreciable
|
|
|
Description
|
|
Depreciation
|
|
|
Construction
|
|
|
Acquired
|
|
|
Life
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ft. Mill (Charlotte, NC), SC
|
|
$
|
3,434
|
|
|
|
2009
|
|
|
|
2010
|
|
|
|
(3
|
)
|
|
Lebanon (Nashville), TN
|
|
|
2,766
|
|
|
|
1993
|
|
|
|
2011
|
|
|
|
(3
|
)
|
|
Rockford, IL (Sherwin-Williams Co.)
|
|
|
1,091
|
|
|
|
1998-2008
|
|
|
|
2011
|
|
|
|
(3
|
)
|
|
Edinburg, TX
|
|
|
2,040
|
|
|
|
2011
|
|
|
|
2011
|
|
|
|
(3
|
)
|
|
Streetsboro (Cleveland), OH
|
|
|
3,888
|
|
|
|
2012
|
|
|
|
2012
|
|
|
|
(3
|
)
|
|
Corpus Christi, TX
|
|
|
1,049
|
|
|
|
2012
|
|
|
|
2012
|
|
|
|
(3
|
)
|
|
Halfmoon (Albany), NY
|
|
|
945
|
|
|
|
2012
|
|
|
|
2012
|
|
|
|
(3
|
)
|
|
Lebanon (Cincinnati), OH
|
|
|
933
|
|
|
|
2012
|
|
|
|
2012
|
|
|
|
(3
|
)
|
|
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.)
|
|
|
2,909
|
|
|
|
2012
|
|
|
|
2012
|
|
|
|
(3
|
)
|
|
Oklahoma City, OK (FDX Ground)
|
|
|
2,185
|
|
|
|
2012
|
|
|
|
2012
|
|
|
|
(3
|
)
|
|
Waco, TX
|
|
|
2,075
|
|
|
|
2012
|
|
|
|
2012
|
|
|
|
(3
|
)
|
|
Livonia (Detroit), MI
|
|
|
2,767
|
|
|
|
1999
|
|
|
|
2013
|
|
|
|
(3
|
)
|
|
Olive Branch (Memphis, TN), MS (Milwaukee Tool)
|
|
|
5,813
|
|
|
|
2013
|
|
|
|
2013
|
|
|
|
(3
|
)
|
|
Roanoke, VA (FDX Ground)
|
|
|
1,582
|
|
|
|
2013
|
|
|
|
2013
|
|
|
|
(3
|
)
|
|
Green Bay, WI
|
|
|
1,072
|
|
|
|
2013
|
|
|
|
2013
|
|
|
|
(3
|
)
|
|
Stewartville (Rochester), MN
|
|
|
777
|
|
|
|
2013
|
|
|
|
2013
|
|
|
|
(3
|
)
|
|
Tulsa, OK
|
|
|
553
|
|
|
|
2009
|
|
|
|
2014
|
|
|
|
(3
|
)
|
|
Buckner (Louisville), KY
|
|
|
4,397
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
(3
|
)
|
|
Edwardsville (Kansas City), KS (International Paper)
|
|
|
2,831
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
(3
|
)
|
|
Altoona, PA
|
|
|
1,392
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
(3
|
)
|
|
Spring (Houston), TX
|
|
|
2,979
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
(3
|
)
|
|
Indianapolis, IN
|
|
|
3,420
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
(3
|
)
|
|
Sauget (St. Louis, MO), IL
|
|
|
2,050
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
(3
|
)
|
|
Lindale (Tyler), TX
|
|
|
1,456
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
(3
|
)
|
|
Kansas City, MO
|
|
|
1,408
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
(3
|
)
|
|
Frankfort (Lexington), KY
|
|
|
3,911
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
(3
|
)
|
|
Jacksonville, FL (FDX Ground)
|
|
|
3,633
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
(3
|
)
|
|
Monroe (Cincinnati), OH
|
|
|
1,945
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
(3
|
)
|
|
Greenwood (Indianapolis), IN (Ulta)
|
|
|
4,906
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
(3
|
)
|
|
Ft. Worth (Dallas), TX
|
|
|
3,627
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
(3
|
)
|
|
Cincinnati, OH
|
|
|
776
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
(3
|
)
|
|
Rockford, IL (Collins Aerospace Systems)
|
|
|
711
|
|
|
|
2012
|
|
|
|
2015
|
|
|
|
(3
|
)
|
|
Concord (Charlotte), NC
|
|
|
4,002
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
(3
|
)
|
|
Covington (New Orleans), LA
|
|
|
1,947
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
(3
|
)
|
|
Imperial (Pittsburgh), PA
|
|
|
1,912
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
(3
|
)
|
|
Burlington (Seattle/Everett), WA
|
|
|
2,572
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
(3
|
)
|
|
Colorado Springs, CO
|
|
|
3,027
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
(3
|
)
|
|
Louisville, KY
|
|
|
1,079
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
(3
|
)
|
|
Davenport (Orlando), FL
|
|
|
3,286
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
(3
|
)
|
|
Olathe (Kansas City), KS
|
|
|
3,140
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
(3
|
)
|
|
Hamburg (Buffalo), NY
|
|
|
3,436
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
(3
|
)
|
|
Ft. Myers, FL
|
|
|
1,821
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
(3
|
)
|
|
Walker (Grand Rapids), MI
|
|
|
2,479
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
(3
|
)
|
|
Mesquite (Dallas), TX
|
|
|
3,636
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
(3
|
)
|
|
Aiken (Augusta, GA), SC
|
|
|
1,639
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
(3
|
)
|
|
Homestead (Miami), FL
|
|
|
2,795
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
(3
|
)
|
|
Oklahoma City, OK (Bunzl)
|
|
|
657
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
(3
|
)
|
|
Concord (Charlotte), NC
|
|
|
2,902
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
(3
|
)
|
|
Kenton, OH
|
|
|
1,449
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
(3
|
)
|
|
Stow, OH
|
|
|
1,346
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
(3
|
)
|
|
Charleston, SC (FDX)
|
|
|
1,265
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
(3
|
)
|
|
Oklahoma City, OK (Amazon)
|
|
|
2,052
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
(3
|
)
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION
SCHEDULE
III
REAL
ESTATE AND ACCUMULATED DEPRECIATION
SEPTEMBER
30, 2020
(in
thousands)
|
Column A
|
|
Column F
|
|
|
Column G
|
|
|
Column H
|
|
|
Column I
|
|
|
|
|
Accumulated
|
|
|
Date of
|
|
|
Date
|
|
|
Depreciable
|
|
|
Description
|
|
Depreciation
|
|
|
Construction
|
|
|
Acquired
|
|
|
Life
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savannah, GA (Shaw)
|
|
$
|
3,530
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
(3
|
)
|
|
Daytona Beach, FL
|
|
|
1,730
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
(3
|
)
|
|
Mobile, AL
|
|
|
1,763
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
(3
|
)
|
|
Charleston, SC (FDX Ground)
|
|
|
2,193
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
(3
|
)
|
|
Braselton (Atlanta), GA
|
|
|
2,471
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
(3
|
)
|
|
Trenton, NJ
|
|
|
3,880
|
|
|
|
2019
|
|
|
|
2019
|
|
|
|
(3
|
)
|
|
Savannah, GA (FDX Ground)
|
|
|
1,133
|
|
|
|
2019
|
|
|
|
2019
|
|
|
|
(3
|
)
|
|
Lafayette, IN
|
|
|
667
|
|
|
|
2019
|
|
|
|
2019
|
|
|
|
(3
|
)
|
|
Greenwood (Indianapolis), IN (Amazon)
|
|
|
1,911
|
|
|
|
2020
|
|
|
|
2020
|
|
|
|
(3
|
)
|
|
Lancaster (Columbus), OH
|
|
|
213
|
|
|
|
2020
|
|
|
|
2020
|
|
|
|
(3
|
)
|
|
Whitsett (Greensboro), NC
|
|
|
376
|
|
|
|
2020
|
|
|
|
2020
|
|
|
|
(3
|
)
|
|
Ogden (Salt Lake City), UT
|
|
|
97
|
|
|
|
2020
|
|
|
|
2020
|
|
|
|
(3
|
)
|
|
Oklahoma City, OK (Amazon II)
|
|
|
14
|
|
|
|
2020
|
|
|
|
2020
|
|
|
|
(3
|
)
|
|
Shopping Center
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Somerset, NJ
|
|
|
1,779
|
|
|
|
1970
|
|
|
|
1970
|
|
|
|
(3
|
)
|
|
Vacant Land
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shelby County, TN
|
|
|
0
|
|
|
|
N/A
|
|
|
|
2007
|
|
|
|
N/A
|
|
|
|
|
$
|
296,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Depreciation
is computed based upon the following estimated lives:
|
|
|
|
Building:
31.5 to 39 years; Building Improvements: 3 to 39 years; Tenant Improvements: Lease Term
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION
SCHEDULE
III
REAL
ESTATE AND ACCUMULATED DEPRECIATION
SEPTEMBER
30, 2020
(in
thousands)
(1) Reconciliation
REAL
ESTATE INVESTMENTS
SCHEDULE OF REAL ESTATE INVESTMENT
|
|
|
9/30/2020
|
|
|
9/30/2019
|
|
|
9/30/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance-Beginning of Year
|
|
$
|
1,866,518
|
|
|
$
|
1,719,578
|
|
|
$
|
1,431,916
|
|
|
Additions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
|
|
|
171,262
|
|
|
|
136,598
|
|
|
|
277,253
|
|
|
Improvements
|
|
|
6,084
|
|
|
|
10,342
|
|
|
|
10,409
|
|
|
Total Additions
|
|
|
177,346
|
|
|
|
146,940
|
|
|
|
287,662
|
|
|
Deletions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Total Deletions
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance-End of Year
|
|
$
|
2,043,864
|
|
|
$
|
1,866,518
|
|
|
$
|
1,719,578
|
|
ACCUMULATED
DEPRECIATION
SCHEDULE OF ACCUMULATED DEPRECIATION
|
|
|
9/30/2020
|
|
|
9/30/2019
|
|
|
9/30/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance-Beginning of Year
|
|
$
|
249,584
|
|
|
$
|
207,065
|
|
|
$
|
171,086
|
|
|
Depreciation
|
|
|
46,436
|
|
|
|
42,519
|
|
|
|
36,018
|
|
|
Sales
|
|
|
0
|
|
|
|
0
|
|
|
|
(39
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance-End of Year
|
|
$
|
296,020
|
|
|
$
|
249,584
|
|
|
$
|
207,065
|
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES
NOTES
TO SCHEDULE III
SEPTEMBER
30, 2020
(in
thousands)
(1) Reconciliation
RECONCILIATION OF REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
Balance – Beginning of Year
|
|
$
|
1,866,518
|
|
|
$
|
1,719,578
|
|
|
$
|
1,431,916
|
|
|
Additions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monaca (Pittsburgh), PA
|
|
$
|
42
|
|
|
$
|
0
|
|
|
$
|
25
|
|
|
Ridgeland (Jackson), MS
|
|
|
425
|
|
|
|
426
|
|
|
|
27
|
|
|
Urbandale (Des Moines), IA
|
|
|
0
|
|
|
|
20
|
|
|
|
267
|
|
|
Richland (Jackson), MS
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
O’Fallon (St. Louis), MO
|
|
|
0
|
|
|
|
4
|
|
|
|
0
|
|
|
Fayetteville, NC
|
|
|
0
|
|
|
|
4
|
|
|
|
0
|
|
|
Schaumburg (Chicago), IL
|
|
|
269
|
|
|
|
0
|
|
|
|
0
|
|
|
Burr Ridge (Chicago), IL
|
|
|
0
|
|
|
|
14
|
|
|
|
0
|
|
|
Romulus (Detroit), MI
|
|
|
0
|
|
|
|
217
|
|
|
|
65
|
|
|
Liberty (Kansas City), MO
|
|
|
262
|
|
|
|
137
|
|
|
|
0
|
|
|
Omaha, NE
|
|
|
0
|
|
|
|
19
|
|
|
|
0
|
|
|
Charlottesville, VA
|
|
|
0
|
|
|
|
6
|
|
|
|
99
|
|
|
Jacksonville, FL (FDX)
|
|
|
0
|
|
|
|
187
|
|
|
|
67
|
|
|
West Chester Twp. (Cincinnati), OH
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Mechanicsville (Richmond), VA
|
|
|
21
|
|
|
|
14
|
|
|
|
7
|
|
|
St. Joseph, MO
|
|
|
10
|
|
|
|
25
|
|
|
|
74
|
|
|
Newington (Hartford), CT
|
|
|
13
|
|
|
|
0
|
|
|
|
0
|
|
|
Cudahy (Milwaukee), WI
|
|
|
0
|
|
|
|
41
|
|
|
|
384
|
|
|
Beltsville (Washington, DC), MD
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Carlstadt (New York, NY), NJ
|
|
|
0
|
|
|
|
354
|
|
|
|
39
|
|
|
Granite City (St. Louis, MO), IL
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Winston-Salem, NC
|
|
|
17
|
|
|
|
0
|
|
|
|
8
|
|
|
Elgin (Chicago), IL
|
|
|
204
|
|
|
|
0
|
|
|
|
0
|
|
|
Cheektowaga (Buffalo), NY
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Tolleson (Phoenix), AZ
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Edwardsville (Kansas City), KS (Carlisle Tire)
|
|
|
50
|
|
|
|
0
|
|
|
|
0
|
|
|
Wheeling (Chicago), IL
|
|
|
0
|
|
|
|
10
|
|
|
|
445
|
|
|
Richmond, VA
|
|
|
184
|
|
|
|
138
|
|
|
|
0
|
|
|
Tampa, FL (FDX Ground)
|
|
|
44
|
|
|
|
0
|
|
|
|
5
|
|
|
Montgomery (Chicago), IL
|
|
|
0
|
|
|
|
0
|
|
|
|
5
|
|
|
Denver, CO
|
|
|
10
|
|
|
|
10
|
|
|
|
0
|
|
|
Hanahan (Charleston), SC (SAIC)
|
|
|
447
|
|
|
|
606
|
|
|
|
36
|
|
|
Hanahan (Charleston), SC (Amazon)
|
|
|
1,613
|
|
|
|
75
|
|
|
|
0
|
|
|
Augusta, GA (FDX Ground)
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Tampa, FL (Tampa Bay Grand Prix)
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Huntsville, AL
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Augusta, GA (FDX)
|
|
|
0
|
|
|
|
6
|
|
|
|
0
|
|
|
Lakeland, FL
|
|
|
0
|
|
|
|
0
|
|
|
|
61
|
|
|
El Paso, TX
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Richfield (Cleveland), OH
|
|
|
0
|
|
|
|
0
|
|
|
|
12
|
|
|
Tampa, FL (FDX)
|
|
|
36
|
|
|
|
8
|
|
|
|
237
|
|
|
Griffin (Atlanta), GA
|
|
|
7
|
|
|
|
142
|
|
|
|
65
|
|
|
Roanoke, VA (CHEP USA)
|
|
|
0
|
|
|
|
0
|
|
|
|
58
|
|
|
Orion, MI
|
|
|
51
|
|
|
|
0
|
|
|
|
4
|
|
|
Chattanooga, TN
|
|
|
20
|
|
|
|
210
|
|
|
|
122
|
|
|
Bedford Heights (Cleveland), OH
|
|
|
6
|
|
|
|
378
|
|
|
|
0
|
|
|
Punta Gorda, FL
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Cocoa, FL
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Orlando, FL
|
|
|
36
|
|
|
|
0
|
|
|
|
220
|
|
|
Topeka, KS
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Memphis, TN
|
|
|
(21
|
)
|
|
|
1,499
|
|
|
|
(7
|
)
|
|
Houston, TX
|
|
|
28
|
|
|
|
0
|
|
|
|
15
|
|
|
Carrollton (Dallas), TX
|
|
|
548
|
|
|
|
128
|
|
|
|
0
|
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES
NOTES
TO SCHEDULE III, (CONT’D)
SEPTEMBER
30, 2020
(in
thousands)
(1) Reconciliation (cont’d)
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ft. Mill (Charlotte, NC), SC
|
|
$
|
0
|
|
|
$
|
(10
|
)
|
|
$
|
1,661
|
|
|
Lebanon (Nashville), TN
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Rockford, IL (Sherwin-Williams Co.)
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Edinburg, TX
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Streetsboro (Cleveland), OH
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Corpus Christi, TX
|
|
|
0
|
|
|
|
0
|
|
|
|
36
|
|
|
Halfmoon (Albany), NY
|
|
|
202
|
|
|
|
0
|
|
|
|
0
|
|
|
Lebanon (Cincinnati), OH
|
|
|
102
|
|
|
|
0
|
|
|
|
0
|
|
|
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals)
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Oklahoma City, OK (FDX Ground)
|
|
|
19
|
|
|
|
21
|
|
|
|
0
|
|
|
Waco, TX
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Livonia (Detroit), MI
|
|
|
0
|
|
|
|
118
|
|
|
|
0
|
|
|
Olive Branch (Memphis, TN), MS (Milwaukee Tool)
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Roanoke, VA (FDX Ground)
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Green Bay, WI
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Stewartville (Rochester), MN
|
|
|
0
|
|
|
|
4
|
|
|
|
0
|
|
|
Tulsa, OK
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Buckner (Louisville), KY
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Edwardsville (Kansas City), KS (International Paper)
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Altoona, PA
|
|
|
(4
|
)
|
|
|
4
|
|
|
|
14
|
|
|
Spring (Houston), TX
|
|
|
12
|
|
|
|
22
|
|
|
|
11
|
|
|
Indianapolis, IN
|
|
|
0
|
|
|
|
0
|
|
|
|
498
|
|
|
Sauget (St. Louis, MO), IL
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Lindale (Tyler), TX
|
|
|
0
|
|
|
|
0
|
|
|
|
29
|
|
|
Kansas City, MO
|
|
|
0
|
|
|
|
23
|
|
|
|
329
|
|
|
Frankfort (Lexington), KY
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Jacksonville, FL (FDX Ground)
|
|
|
99
|
|
|
|
91
|
|
|
|
4
|
|
|
Monroe (Cincinnati), OH
|
|
|
0
|
|
|
|
4,052
|
|
|
|
4,588
|
|
|
Greenwood (Indianapolis), IN (Ulta)
|
|
|
253
|
|
|
|
0
|
|
|
|
0
|
|
|
Ft. Worth (Dallas), TX
|
|
|
287
|
|
|
|
32
|
|
|
|
0
|
|
|
Cincinnati, OH
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Rockford, IL (Collins Aerospace Systems)
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Concord (Charlotte), NC
|
|
|
9
|
|
|
|
0
|
|
|
|
0
|
|
|
Covington (New Orleans), LA
|
|
|
0
|
|
|
|
16
|
|
|
|
0
|
|
|
Imperial (Pittsburgh), PA
|
|
|
0
|
|
|
|
14
|
|
|
|
0
|
|
|
Burlington (Seattle/Everett), WA
|
|
|
49
|
|
|
|
92
|
|
|
|
0
|
|
|
Colorado Springs, CO
|
|
|
0
|
|
|
|
0
|
|
|
|
820
|
|
|
Louisville, KY
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Davenport (Orlando), FL
|
|
|
304
|
|
|
|
0
|
|
|
|
0
|
|
|
Olathe (Kansas City), KS
|
|
|
89
|
|
|
|
0
|
|
|
|
0
|
|
|
Hamburg (Buffalo), NY
|
|
|
38
|
|
|
|
244
|
|
|
|
0
|
|
|
Ft. Myers, FL
|
|
|
21
|
|
|
|
0
|
|
|
|
41
|
|
|
Walker (Grand Rapids), MI
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Mesquite (Dallas), TX
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Aiken (Augusta, GA), SC
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Homestead (Miami), FL
|
|
|
0
|
|
|
|
38
|
|
|
|
0
|
|
|
Oklahoma City, OK (Bunzl)
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Concord (Charlotte), NC
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Kenton, OH
|
|
|
0
|
|
|
|
849
|
|
|
|
0
|
|
|
Stow, OH
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Charleston, SC (FDX)
|
|
|
0
|
|
|
|
0
|
|
|
|
21,519
|
|
|
Oklahoma City, OK (Amazon)
|
|
|
0
|
|
|
|
0
|
|
|
|
29,879
|
|
MONMOUTH
REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES
NOTES
TO SCHEDULE III, (CONT’D)
SEPTEMBER
30, 2020
(in
thousands)
(1) Reconciliation (cont’d)
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savannah, GA (Shaw)
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
56,026
|
|
|
Daytona Beach, FL
|
|
|
272
|
|
|
|
35
|
|
|
|
29,973
|
|
|
Mobile, AL
|
|
|
0
|
|
|
|
0
|
|
|
|
33,052
|
|
|
Charleston, SC (FDX Ground)
|
|
|
0
|
|
|
|
0
|
|
|
|
46,576
|
|
|
Braselton (Atlanta), GA
|
|
|
0
|
|
|
|
0
|
|
|
|
60,227
|
|
|
Trenton, NJ
|
|
|
0
|
|
|
|
83,988
|
|
|
|
0
|
|
|
Savannah, GA (FDX Ground)
|
|
|
0
|
|
|
|
27,532
|
|
|
|
0
|
|
|
Lafayette, IN
|
|
|
0
|
|
|
|
25,079
|
|
|
|
0
|
|
|
Greenwood (Indianapolis), IN (Amazon)
|
|
|
79,364
|
|
|
|
0
|
|
|
|
0
|
|
|
Lancaster (Columbus), OH
|
|
|
17,558
|
|
|
|
0
|
|
|
|
0
|
|
|
Whitsett (Greensboro), NC
|
|
|
46,711
|
|
|
|
0
|
|
|
|
0
|
|
|
Ogden (Salt Lake City), UT
|
|
|
12,667
|
|
|
|
0
|
|
|
|
0
|
|
|
Oklahoma City, OK (Amazon II)
|
|
|
14,963
|
|
|
|
0
|
|
|
|
0
|
|
|
Shopping Center
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Somerset, NJ
|
|
|
9
|
|
|
|
18
|
|
|
|
39
|
|
|
Total Additions
|
|
$
|
177,346
|
|
|
$
|
146,940
|
|
|
$
|
287,662
|
|
|
Total Disposals
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
Balance – End of Year
|
|
$
|
2,043,864
|
|
|
$
|
1,866,518
|
|
|
$
|
1,719,578
|
|