internal controls and procedures to ensure all transactions are accounted for properly , all relevant disclosures and filings are timely made in accordance with all rules and regulations , and any potential fraud or embezzlement is thwarted or detected ; changes in federal or state tax rules or regulations that could have adverse tax consequences ; declines in the market value of our investment securities ; and our ability to qualify as a reit for federal income tax purposes . 28 you should not place undue reliance on these forward-looking statements , as events described or implied in such statements may not occur . we undertake no obligation to update or revise any forward-looking statements as a result of new information , future events or otherwise . the following discussion should be read in conjunction with the financial statements and notes thereto included elsewhere herein . overview the company is a reit . the company seeks to invest in well-located , modern industrial buildings , leased primarily to investment-grade tenants on long-term net leases . at september 30 , 2013 , the company held investments in seventy-six properties totaling approximately 9,586,000 square feet , consisting of seventy-five industrial properties and one shopping center . total net real estate investments were $ 536,799,412 at september 30 , 2013. these properties are located in twenty-six states : alabama , arizona , colorado , connecticut , florida , georgia , illinois , iowa , kansas , maryland , michigan , minnesota , mississippi , missouri , nebraska , new jersey , new york , north carolina , ohio , oklahoma , pennsylvania , south carolina , tennessee , texas , virginia , and wisconsin . all of these properties are wholly owned , with the exception of an industrial property in new jersey , in which the company owns a 51 % controlling equity interest , and the shopping center in new jersey , in which the company holds a two-thirds controlling equity interest . the company 's weighted-average lease expiration was 6.1 and 5.3 years as of september 30 , 2013 and 2012 , respectively and its average rent per occupied square foot as of september 30 , 2013 and 2012 was $ 5.53 and $ 5.62 , respectively . at september 30 , 2013 and 2012 , the company 's occupancy was 96.0 % and 95.2 % , respectively . during fiscal 2013 , the company acquired five industrial properties totaling approximately 1,050,000 square feet for approximately $ 63,750,000. the company has a concentration of properties leased to fedex corporation ( fdx ) . as of september 30 , 2013 , the company had approximately 9,586,000 square feet of property , of which approximately 4,213,000 square feet , or approximately 44 % , consisting of forty separate stand-alone leases , was leased to fdx and its subsidiaries , ( 10 % to fdx and 34 % to fdx subsidiaries ) . these properties are located in eighteen different states . the percentage of rental and reimbursement revenue from fdx was 53 % for the year ended september 30 , 2013 , consisting of 12 % leased to fdx and 41 % leased to fdx subsidiaries . the company 's revenue primarily consists of rental and reimbursement revenue from the ownership of industrial rental property . rental and reimbursement revenue increased $ 4,238,155 , or 8 % , for the year ended september 30 , 2013 as compared to the year ended september 30 , 2012. total expenses ( excluding other income and expense ) increased $ 1,298,516 , or 5 % , for the year ended september 30 , 2013 as compared to the year ended september 30 , 2012. the increases were due mainly to the revenue and expenses relating to the property acquisitions made during fiscal 2013. net operating income from property operations ( noi ) is defined as recurring rental and reimbursement revenue , less real estate taxes and operating expenses , such as insurance , utilities and repairs and maintenance . noi increased $ 3,841,572 or 9 % for the fiscal year ended september 30 , 2013 as compared to the fiscal year ended september 30 , 2012 and increased $ 3,030,919 or 8 % for the fiscal year ended september 30 , 2012 as compared to the fiscal year ended september 30 , 2011. the increase from fiscal year 2012 to 2013 was due to the additional income related to five industrial properties purchased during fiscal 2013 and the increase from fiscal year 2011 to 2012 was due to the additional income related to seven industrial properties purchased during fiscal 2012 . 29 the company 's noi for the fiscal years ended september 30 , 2013 , 2012 and 2011 are calculated as follows : replace_table_token_14_th during the first quarter of fiscal 2014 , the company purchased five industrial properties totaling approximately 1,122,000 square feet for approximately $ 73,861,000. the properties are located in kansas , kentucky , oklahoma , pennsylvania and texas , bringing the total number of states in which our properties are located to twenty-seven and bringing our total leasable square feet to approximately 10,709,000. in addition to the five industrial properties purchased during the first quarter of fiscal 2014 , the company has entered into agreements to purchase three new build-to-suit , industrial buildings that are currently being developed in illinois , indiana , and texas totaling approximately 690,000 square feet . story_separator_special_tag the company has renewed 10 of the 11 leases which were scheduled to expire in fiscal 2013. we have incurred or expect to incur tenant improvement costs of approximately $ 1,224,000 and leasing costs of approximately $ 541,000 in connection with these 10 lease renewals . the table below summarizes the lease term of the 10 leases which were renewed and includes both the tenant improvement costs and the leasing costs which are presented on a per square foot ( psf ) basis averaged over the renewal term . replace_table_token_16_th ( 1 ) amount calculated based on the total cost divided by the square feet , divided by the renewal term . of the total 896,813 square feet of gross leasable area originally set to expire during fiscal 2013 , 837,388 square feet or 93 % has been renewed . the lease renewals have been renewed for a weighted average term of 4.7 years and at an average lease rate of $ 4.71 per square foot as compared to $ 4.84 per square foot formerly , representing a weighted average reduction in the lease rate of 2.69 % . 34 the one remaining lease located in white bear lake , mn leased to fedex express through november 30 , 2012 , representing 59,425 square feet or 7 % of the expiring space , did not renew and is currently vacant . the company 's overall occupancy as of september 30 , 2013 is 96.0 % . approximately 5 % of our gross leasable area , consisting of 6 leases totaling 437,727 square feet was originally set to expire during fiscal 2014. the company has renewed 3 of the 6 leases which were scheduled to expire in fiscal 2014. we have incurred or expect to incur tenant improvement costs of approximately $ 275,000 and leasing costs of approximately $ 136,000 in connection with these 3 lease renewals . the table summarizes the lease terms of the 3 leases which were renewed and includes both the tenant improvement costs and the leasing costs which are presented on a per square foot basis averaged over the renewal term . replace_table_token_17_th ( 1 ) amount calculated based on the total cost divided by the square feet , divided by the renewal term . of the total 437,727 square feet of gross leasable area originally set to expire during fiscal 2014 , 194,327 square feet or 44 % has been renewed . the lease renewals have been renewed for a weighted average term of 5.7 years and at an average lease rate of $ 5.80 per square foot as compared to $ 6.41 per square foot formerly , representing a weighted average reduction in the lease rate of 9.5 % . of the remaining three leases set to expire in fiscal 2014 , the company has been informed that one lease for 59,400 square feet or 14 % of the space coming up for renewal in fiscal 2014 will not be renewed . the company owns this property , which is located in carlstadt , nj and is leased to macy 's through march 31 , 2014 , through a 51 % controlling equity interest . we continue to be in discussions with our tenants regarding the remaining two leases located in richland , ms and fayetteville , nc representing 184,000 square feet or 42 % of the space scheduled for renewal in fiscal 2014. acquisitions and expansions during fiscal 2013 on november 9 , 2012 , the company purchased a 172,005 square foot industrial building located in livonia ( detroit ) , mi . the building is 100 % net leased to fedex ground package system , inc. through march 31 , 2022. the purchase price was $ 14,350,000. the company obtained a self-amortizing mortgage of $ 9,500,000 at a fixed interest rate of 4.45 % for 14 years and paid the remaining amount with cash on hand . this mortgage matures on december 1 , 2026. annual rental revenue over the remaining term of the lease is approximately $ 1,191,000. in connection with the acquisition , the company completed its evaluation of the acquired lease . as a result of its evaluation , the company has allocated $ 650,000 to an intangible asset associated with the net fair value assigned to the acquired lease at the property . the david cronheim mortgage corporation , an affiliated company of one of the company 's directors , received $ 95,000 in mortgage brokerage commissions in connection with obtaining financing for this acquisition . on december 20 , 2012 , the company purchased a newly constructed 615,305 square foot industrial building located in olive branch , ms which is in the memphis , tn msa . the building is 100 % net leased to milwaukee electric tool corporation through april 30 , 2023. the initial purchase price was $ 28,000,000. the company obtained a self-amortizing mortgage of $ 17,500,000 at a fixed interest rate of 3.76 % for 10 years and paid 35 the remaining amount with a draw on its unsecured line of credit . this mortgage matures on january 1 , 2023. during the three months ended march 31 , 2013 , the local municipality reimbursed the company $ 631,184 for costs related to a road that was built in conjunction with the construction of the building , resulting in the purchase price being adjusted to $ 27,368,816. per the terms of the mortgage agreement , 62.5 % of any purchase price reduction was required to be used to pay down the mortgage balance . therefore , $ 394,490 of the reimbursement was applied as a reduction to the mortgage balance and the mortgage agreement was amended to reflect this reduction in principal . in addition , in accordance with the purchase and lease agreements , the reduction in purchase price resulted in the annual rental revenue over the remaining term of the lease to be adjusted from approximately $ 1,965,000 to $ 1,926,000.

liquidity and capital resources the company operates as a real estate investment trust deriving its income primarily from real estate rental operations . the company 's shareholders ' equity increased from $ 315,687,139 as of september 30 , 2012 to $ 335,914,971 as of september 30 , 2013 , principally due to the issuance of 3,243,351 shares of common stock in the amount of $ 31,119,351 through the drip , net income attributable to common shareholders of $ 12,788,214 and the conversion of $ 3,500,000 of debentures that were converted to 382,091 shares of common stock . the increases were partially offset by payments of cash distributions paid to common shareholders of $ 25,415,875. see further discussion below . the company 's ability to generate cash adequate to meet its needs is dependent primarily on income from its real estate investments and its securities portfolio , the sale of real estate investments and securities , refinancing of mortgage debt , leveraging of real estate investments , availability of bank borrowings , proceeds from the drip , proceeds from public offerings and private placements , and access to the capital markets . purchases of new properties , payments of expenses related to real estate operations , capital improvement programs , debt service , general and administrative expenses , and distribution requirements place demands on the company 's liquidity . the company intends to operate its properties from the cash flows generated by the properties . however , the company 's expenses are affected by various factors , including inflation . increases in operating expenses raise the breakeven point for a property and , to the extent that they can not be passed on through higher rent and reimbursements , reduce the amount of available cash flow which can adversely affect the market value of the property . historically , industrial space demand has been very closely correlated to gross domestic product ( gdp ) growth . despite three years of unprecedented monetary stimulus , gdp growth has remained muted . however , national occupancy rates for the industrial property type have been steadily increasing .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the company operates as a real estate investment trust deriving its income primarily from real estate rental operations . the company 's shareholders ' equity increased from $ 315,687,139 as of september 30 , 2012 to $ 335,914,971 as of september 30 , 2013 , principally due to the issuance of 3,243,351 shares of common stock in the amount of $ 31,119,351 through the drip , net income attributable to common shareholders of $ 12,788,214 and the conversion of $ 3,500,000 of debentures that were converted to 382,091 shares of common stock . the increases were partially offset by payments of cash distributions paid to common shareholders of $ 25,415,875. see further discussion below . the company 's ability to generate cash adequate to meet its needs is dependent primarily on income from its real estate investments and its securities portfolio , the sale of real estate investments and securities , refinancing of mortgage debt , leveraging of real estate investments , availability of bank borrowings , proceeds from the drip , proceeds from public offerings and private placements , and access to the capital markets . purchases of new properties , payments of expenses related to real estate operations , capital improvement programs , debt service , general and administrative expenses , and distribution requirements place demands on the company 's liquidity . the company intends to operate its properties from the cash flows generated by the properties . however , the company 's expenses are affected by various factors , including inflation . increases in operating expenses raise the breakeven point for a property and , to the extent that they can not be passed on through higher rent and reimbursements , reduce the amount of available cash flow which can adversely affect the market value of the property . historically , industrial space demand has been very closely correlated to gross domestic product ( gdp ) growth . despite three years of unprecedented monetary stimulus , gdp growth has remained muted . however , national occupancy rates for the industrial property type have been steadily increasing .
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 Suspicious Activity Report : internal controls and procedures to ensure all transactions are accounted for properly , all relevant disclosures and filings are timely made in accordance with all rules and regulations , and any potential fraud or embezzlement is thwarted or detected ; changes in federal or state tax rules or regulations that could have adverse tax consequences ; declines in the market value of our investment securities ; and our ability to qualify as a reit for federal income tax purposes . 28 you should not place undue reliance on these forward-looking statements , as events described or implied in such statements may not occur . we undertake no obligation to update or revise any forward-looking statements as a result of new information , future events or otherwise . the following discussion should be read in conjunction with the financial statements and notes thereto included elsewhere herein . overview the company is a reit . the company seeks to invest in well-located , modern industrial buildings , leased primarily to investment-grade tenants on long-term net leases . at september 30 , 2013 , the company held investments in seventy-six properties totaling approximately 9,586,000 square feet , consisting of seventy-five industrial properties and one shopping center . total net real estate investments were $ 536,799,412 at september 30 , 2013. these properties are located in twenty-six states : alabama , arizona , colorado , connecticut , florida , georgia , illinois , iowa , kansas , maryland , michigan , minnesota , mississippi , missouri , nebraska , new jersey , new york , north carolina , ohio , oklahoma , pennsylvania , south carolina , tennessee , texas , virginia , and wisconsin . all of these properties are wholly owned , with the exception of an industrial property in new jersey , in which the company owns a 51 % controlling equity interest , and the shopping center in new jersey , in which the company holds a two-thirds controlling equity interest . the company 's weighted-average lease expiration was 6.1 and 5.3 years as of september 30 , 2013 and 2012 , respectively and its average rent per occupied square foot as of september 30 , 2013 and 2012 was $ 5.53 and $ 5.62 , respectively . at september 30 , 2013 and 2012 , the company 's occupancy was 96.0 % and 95.2 % , respectively . during fiscal 2013 , the company acquired five industrial properties totaling approximately 1,050,000 square feet for approximately $ 63,750,000. the company has a concentration of properties leased to fedex corporation ( fdx ) . as of september 30 , 2013 , the company had approximately 9,586,000 square feet of property , of which approximately 4,213,000 square feet , or approximately 44 % , consisting of forty separate stand-alone leases , was leased to fdx and its subsidiaries , ( 10 % to fdx and 34 % to fdx subsidiaries ) . these properties are located in eighteen different states . the percentage of rental and reimbursement revenue from fdx was 53 % for the year ended september 30 , 2013 , consisting of 12 % leased to fdx and 41 % leased to fdx subsidiaries . the company 's revenue primarily consists of rental and reimbursement revenue from the ownership of industrial rental property . rental and reimbursement revenue increased $ 4,238,155 , or 8 % , for the year ended september 30 , 2013 as compared to the year ended september 30 , 2012. total expenses ( excluding other income and expense ) increased $ 1,298,516 , or 5 % , for the year ended september 30 , 2013 as compared to the year ended september 30 , 2012. the increases were due mainly to the revenue and expenses relating to the property acquisitions made during fiscal 2013. net operating income from property operations ( noi ) is defined as recurring rental and reimbursement revenue , less real estate taxes and operating expenses , such as insurance , utilities and repairs and maintenance . noi increased $ 3,841,572 or 9 % for the fiscal year ended september 30 , 2013 as compared to the fiscal year ended september 30 , 2012 and increased $ 3,030,919 or 8 % for the fiscal year ended september 30 , 2012 as compared to the fiscal year ended september 30 , 2011. the increase from fiscal year 2012 to 2013 was due to the additional income related to five industrial properties purchased during fiscal 2013 and the increase from fiscal year 2011 to 2012 was due to the additional income related to seven industrial properties purchased during fiscal 2012 . 29 the company 's noi for the fiscal years ended september 30 , 2013 , 2012 and 2011 are calculated as follows : replace_table_token_14_th during the first quarter of fiscal 2014 , the company purchased five industrial properties totaling approximately 1,122,000 square feet for approximately $ 73,861,000. the properties are located in kansas , kentucky , oklahoma , pennsylvania and texas , bringing the total number of states in which our properties are located to twenty-seven and bringing our total leasable square feet to approximately 10,709,000. in addition to the five industrial properties purchased during the first quarter of fiscal 2014 , the company has entered into agreements to purchase three new build-to-suit , industrial buildings that are currently being developed in illinois , indiana , and texas totaling approximately 690,000 square feet . story_separator_special_tag the company has renewed 10 of the 11 leases which were scheduled to expire in fiscal 2013. we have incurred or expect to incur tenant improvement costs of approximately $ 1,224,000 and leasing costs of approximately $ 541,000 in connection with these 10 lease renewals . the table below summarizes the lease term of the 10 leases which were renewed and includes both the tenant improvement costs and the leasing costs which are presented on a per square foot ( psf ) basis averaged over the renewal term . replace_table_token_16_th ( 1 ) amount calculated based on the total cost divided by the square feet , divided by the renewal term . of the total 896,813 square feet of gross leasable area originally set to expire during fiscal 2013 , 837,388 square feet or 93 % has been renewed . the lease renewals have been renewed for a weighted average term of 4.7 years and at an average lease rate of $ 4.71 per square foot as compared to $ 4.84 per square foot formerly , representing a weighted average reduction in the lease rate of 2.69 % . 34 the one remaining lease located in white bear lake , mn leased to fedex express through november 30 , 2012 , representing 59,425 square feet or 7 % of the expiring space , did not renew and is currently vacant . the company 's overall occupancy as of september 30 , 2013 is 96.0 % . approximately 5 % of our gross leasable area , consisting of 6 leases totaling 437,727 square feet was originally set to expire during fiscal 2014. the company has renewed 3 of the 6 leases which were scheduled to expire in fiscal 2014. we have incurred or expect to incur tenant improvement costs of approximately $ 275,000 and leasing costs of approximately $ 136,000 in connection with these 3 lease renewals . the table summarizes the lease terms of the 3 leases which were renewed and includes both the tenant improvement costs and the leasing costs which are presented on a per square foot basis averaged over the renewal term . replace_table_token_17_th ( 1 ) amount calculated based on the total cost divided by the square feet , divided by the renewal term . of the total 437,727 square feet of gross leasable area originally set to expire during fiscal 2014 , 194,327 square feet or 44 % has been renewed . the lease renewals have been renewed for a weighted average term of 5.7 years and at an average lease rate of $ 5.80 per square foot as compared to $ 6.41 per square foot formerly , representing a weighted average reduction in the lease rate of 9.5 % . of the remaining three leases set to expire in fiscal 2014 , the company has been informed that one lease for 59,400 square feet or 14 % of the space coming up for renewal in fiscal 2014 will not be renewed . the company owns this property , which is located in carlstadt , nj and is leased to macy 's through march 31 , 2014 , through a 51 % controlling equity interest . we continue to be in discussions with our tenants regarding the remaining two leases located in richland , ms and fayetteville , nc representing 184,000 square feet or 42 % of the space scheduled for renewal in fiscal 2014. acquisitions and expansions during fiscal 2013 on november 9 , 2012 , the company purchased a 172,005 square foot industrial building located in livonia ( detroit ) , mi . the building is 100 % net leased to fedex ground package system , inc. through march 31 , 2022. the purchase price was $ 14,350,000. the company obtained a self-amortizing mortgage of $ 9,500,000 at a fixed interest rate of 4.45 % for 14 years and paid the remaining amount with cash on hand . this mortgage matures on december 1 , 2026. annual rental revenue over the remaining term of the lease is approximately $ 1,191,000. in connection with the acquisition , the company completed its evaluation of the acquired lease . as a result of its evaluation , the company has allocated $ 650,000 to an intangible asset associated with the net fair value assigned to the acquired lease at the property . the david cronheim mortgage corporation , an affiliated company of one of the company 's directors , received $ 95,000 in mortgage brokerage commissions in connection with obtaining financing for this acquisition . on december 20 , 2012 , the company purchased a newly constructed 615,305 square foot industrial building located in olive branch , ms which is in the memphis , tn msa . the building is 100 % net leased to milwaukee electric tool corporation through april 30 , 2023. the initial purchase price was $ 28,000,000. the company obtained a self-amortizing mortgage of $ 17,500,000 at a fixed interest rate of 3.76 % for 10 years and paid 35 the remaining amount with a draw on its unsecured line of credit . this mortgage matures on january 1 , 2023. during the three months ended march 31 , 2013 , the local municipality reimbursed the company $ 631,184 for costs related to a road that was built in conjunction with the construction of the building , resulting in the purchase price being adjusted to $ 27,368,816. per the terms of the mortgage agreement , 62.5 % of any purchase price reduction was required to be used to pay down the mortgage balance . therefore , $ 394,490 of the reimbursement was applied as a reduction to the mortgage balance and the mortgage agreement was amended to reflect this reduction in principal . in addition , in accordance with the purchase and lease agreements , the reduction in purchase price resulted in the annual rental revenue over the remaining term of the lease to be adjusted from approximately $ 1,965,000 to $ 1,926,000.

