UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended September 30, ~~2016~~2018

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 0-7865

SECURITY LAND AND DEVELOPMENT CORPORATION

(A GEORGIA CORPORATION)

INTERNAL REVENUE SERVICE

EMPLOYER IDENTIFICATION NUMBER 58-1088232

2816 WASHINGTON ROAD, #103, AUGUSTA, GA 30909

TELEPHONE NUMBER 706-736-6334

Securities registered pursuant to Section 12(b) of the Act:

None

Securities registered pursuant to section 12(g) of the Act:

Common Stock

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

YES [ ] NO [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

YES [ ] NO [X]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [X] NO [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES [X] NO [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’'s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “"large accelerated filer,~~” “~~" "accelerated filer”" and “"smaller reporting company”" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [ ] ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller Reporting Company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES [ ] NO [X]

The registrant’'s total revenues for the fiscal year ended September 30, ~~2016~~2018 were $1,~~659~~758,~~592~~920.

As of the close of the period covered by this report, registrant had outstanding 5 3,~~243~~766,~~107~~ 290 shares of common stock. There is no established market for the common stock of the registrant. Therefore, the aggregate market value of the voting stock held by non-affiliates of the registrant is not known.

DOCUMENTS INCORPORATED BY REFERENCE

NONE

Cautionary Note Regarding Forward-Looking Statements:

The Company may, from time to time, make written or oral forward-looking statements, including statements contained in the Company’'s filings with the Securities and Exchange Commission (the “"Commission”") and its reports to stockholders. Such forward-looking statements are made based on management’'s belief as well as assumptions made by, and information currently available to, management pursuant to “"safe harbor”" provisions of the Private Securities Litigation Reform Act of 1995. The Company’'s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, but not limited to, competition from other real estate companies, the ability of the Company to obtain financing for projects, and the continuing operations of tenants.

PART I

Item 1. Business.

Security Land and Development Corporation (the “"Company”") was organized and incorporated in Georgia in 1970. The Company, including its wholly owned subsidiaries, the Royal Palms Motel, Inc., SLDC, LLC, SLDC2, LLC and SLDC III, LLC, has developed two (2) primary business activities, these activities being (1) the acquisition of undeveloped land for investment purposes and sale at a future date or development of the land and sale after developed and, (2) the acquisition or development of income producing properties for investment purposes and income from leasing activities. The Company’'s principal office is in Augusta, Georgia and principal activities are in Augusta, Georgia, Evans, Georgia, and North Augusta, South Carolina.

The Company’'s primary development and income producing activities are:

1. Retail strip center on 14.24 acres on Washington Road in Augusta, Georgia (the “ "National Plaza”"). Approximately 56,000 square feet is leased to Publix Supermarkets, Inc. (“"Publix”") who operates a retail food supermarket. The remaining approximately 13,000 square feet of rental space is available for lease to additional tenants. At September 30, ~~2016~~2018, approximately 109,~~400~~ 100 square feet of this remaining space was leased. 2. An outparcel of National Plaza that is 0.89 acres and is leased commercially under a 20-year ground-lease to an auto-repair service operation. 3. Long-term ground lease ("Evans Ground Lease") on approximately 17 acres in Evans, Georgia at the intersection of Washington Road and Industrial Park Drive to Lowe's, a national home improvement retailer. 4. Commercial building on Wrightsboro Road in Augusta, Georgia. Approximately 25,000 square feet is currently leased to a retailer. The building includes an additional 27,000 square feet of warehouse space that is for lease as of September 30, 2018.

An outparcel of National Plaza that is 0.89 acres and is leased commercially under a 20-year ground-lease to an auto-repair service operation.

Long-term ground lease ("Evans Ground Lease") on approximately 17 acres in Evans, Georgia at the intersection of Washington Road and Industrial Park Drive to Lowe's, a national home improvement retailer.

Commercial building on Wrightsboro Road in Augusta, Georgia. Approximately 25,000 square feet is currently leased to a retailer. The building includes an additional 27,000 square feet of warehouse space that is for lease as of September 30, 2016.

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The Company owns certain other properties that are more fully described in Item 2, “ "Properties.”"

In January of 2007 construction of the Evans Ground Lease was completed and the Company began collecting full monthly rent. The Evans Ground Lease represents approximately 3536% of the Company’'s net leased assets at September 30, ~~2016~~2018. Rent revenue, including monthly rent, recognition of previously deferred revenue and property taxes from the Evans Ground Lease represented 4038% and 4539% of the Company’'s total gross rent revenue for the years ended September 30, ~~2016~~2018 and ~~2015~~2017, respectively. The Company also expects the long-term ground lease in Evans, Georgia to provide a substantial portion of the Company’'s revenue from leasing in future years.

Construction of the National Plaza was completed in May 1995 and the lease with Publix became effective May 15, 1995. National Plaza represents approximately 3836% of the Company’'s net leased assets at September 30, ~~2016~~2018. Rent revenue, including monthly rent, recognition of previously deferred revenue, property taxes and common area maintenance from the lease with Publix Supermarkets, Inc. represented 35% and 4032% of the Company’'s total gross rent revenue for the years ended September 30, ~~2016~~2018 and ~~2015~~2017, respectively. ~~Management~~On ofJune 27, 2018, the Company ~~expects~~entered into an agreement with ~~this~~WSQ, ~~lease~~LLC, toa ~~continue~~Georgia Limited Liability Company, for the sale of National Plaza along with two adjoining outparcels, located on Washington Road in Augusta, Georgia. The closing of the sale is estimated to ~~provide~~occur aon ~~substantial~~or ~~portion~~around December 15, 2018, or such earlier date as may be agreed upon by the parties. See also Note 1- Subsequent events. The National Plaza currently represents approximately 53% of the Company’'s ~~revenue~~ ~~from leasing~~revenues. See Item 2, “"Properties”" for additional ~~information~~ information related to these properties and the lease agreements.

In September of 2015 the Company purchased a Commercial building on 3.5 acres of land located on Wrightsboro Road in Augusta, Georgia. The building is currently partially leased to a local retailer. The Wrightsboro Road property represents approximately 2728% of the Company’'s net leased assets at September 30, ~~2016~~2018. Rent revenue, including monthly rent, recognition of previously deferred revenue, property taxes and common area maintenance from this lease represented 9% of the Company’'s total gross rent revenue for the ~~year~~years ended September 30, ~~2016.~~ No2018 ~~rents~~and ~~related to this lease were due or collected for the year ended September 30, 2015 as the tenant’s rent commenced on October 1, 2015~~2017.

The Company owns additional undeveloped land parcels in and around the Augusta, Georgia and North Augusta, South Carolina area that are being held for investment purposes. Management of the Company believes that the market value of the property owned is greater than its carrying value. The Company presently has ~~four~~five employees, ~~all~~four of whom are officers and/or ~~stockholders~~ stockholders of the Company.

Item 1A. Risk Factors.

The Company, as a smaller reporting company, is not required to provide the information required by this item.

Item 1B. Unresolved Staff Comments.

None.

Item 2. Properties.

The Company owns developed and undeveloped real estate in several locations in the State of Georgia and one undeveloped parcel in ~~North~~the ~~Augusta,~~State of South Carolina. There are no limitations on the percentage of assets which may be invested in any one property or type of property. The Company acquires various properties for investment purposes and for leasing activities.

The Company currently owns the following properties in fee simple interest:

1. Retail strip center on approximately 14.24 acres on Washington Road in Augusta, Georgia (the “"National Plaza”"). See also Note 1- Subsequent events. 2. An outparcel of the National Plaza of 0.89 acres that is frontage property to Washington Road in Augusta, Georgia. See also Note 1- Subsequent events. 3. Approximately 17 acres of developed land in Evans, Georgia at the intersection of Washington Road and Industrial Park Drive.

An outparcel of the National Plaza of 0.89 acres that is frontage property to Washington Road in Augusta, Georgia.

Approximately 17 acres of developed land in Evans, Georgia at the intersection of Washington Road and Industrial Park Drive.

84.4 undeveloped acres in south Richmond County, Georgia.

A 0.85 acre lot on Lumpkin Road in Augusta, Georgia.

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4. 84.4 undeveloped acres in south Richmond County, Georgia. 5. A 0.85 acre lot on Lumpkin Road in Augusta, Georgia. 6. Approximately 1.1 acres of undeveloped land held for investment purposes on Washington Road in Augusta, Georgia. See also Note 1- Subsequent events. 7. Approximately 19.38 acres of undeveloped land held for future development on Edgefield Road near I-20 in North Augusta, South Carolina. 8. Commercial Building on approximately 3.5 acres on Wrightsboro Road in Augusta, Georgia.

7. Approximately 19.38 acres of undeveloped land held for future development on Edgefield Road near I-20 in North Augusta, South Carolina.

8. Commercial Building on approximately 3.5 acres on Wrightsboro Road in Augusta, Georgia.

Description of real estate and operating data:

The Company holds approximately 12.54 acres of land in Evans, Georgia on Belair Road and North Belair Road Extension, at Washington Road. The land was purchased in five transactions. Initially, the Company acquired a two-thirds interest in 7.09 acres of land, with the remaining one-third interest held by two individuals, one of which is a principal stockholder and member of the Board of Directors. In 2000, the remaining one-third interest in the 7.09 acres of land was acquired from two individuals that each owned a one-sixth interest. One of the individuals that owned a one-sixth interest in the property is a principal stockholder and member of the Board of Directors of the Company. The aggregate purchase price of the land was $522,846. A third transaction, in 2000, was a purchase of approximately 3.86 acres in Evans, Georgia adjacent to the purchased property previously described. The land was jointly owned by principal stockholders and members of the Board of Directors of the Company and their families, and was acquired by the Company from these individuals. The purchase price of the land was $371,970. In a fourth transaction, the Company purchased an additional 1.03 acres for $342,122 on Old Evans Road in Evans, Georgia that adjoins the above-described properties. And in the fifth and final transaction in 2004, the Company acquired a corner parcel of 0.79 acres adjoining the previously described three parcels from a member of the Board of Directors. The cost of the parcel acquired in 2004, was $467,874. The Company's net book value of the investment properties acquired in these five transactions of $1,679,612, including the cost of improvements thereon, is approximately 1415% of the Company’'s total assets at September 30, ~~2016~~2018. The Company has a Federal tax basis in the investment property of $1,044,109. The Company signed a long-term ground lease for the development of a Lowe’'s home improvement store on this property as well as the 4.61 acres, discussed below, during 2006. The Company began earning revenue related to the long-term ground lease on the approximately 18 acres in Columbia County, Georgia during the 3rd Quarter of 2006. The Company received $20,833 in monthly rent until the January 2007 expiration of the development period. Following the expiration of the development period, the lease requires annual rental payments of $500,000 for the first 5 years then increasing 5% in years 6, 11, and 16. The lease has an option to renew at year 21 and another option every 5 years thereafter for a possible total lease term of 50 years. The lease provides for the tenant to pay for insurance and property taxes. A note payable to an insurance company is collateralized with the property and an assignment of the long-term ground lease. The note is payable in monthly installments of $17,896 including interest, through May 1, 2027, and bears interest of a fixed rate of 5.85%. The balance of the loan was $1,~~701~~457,~~024~~207 at September 30, ~~2016~~2018. Property taxes paid on this property and the 4.61 acres described above in ~~2016~~2018 totaled $~~122~~132,~~446~~358.

In 2001, the Company purchased an office building with land totaling approximately 4.61 acres located on Old Evans Road in Evans, Georgia. The property was purchased with replacement property funds held by a third party from a tax-deferred like-kind exchange transaction during 2000 of $511,726 and with approximately $250,000 of proceeds from a note payable. The office building was demolished during 2006. The Company's net book value in this property is $703,061 at September 30, ~~2016~~2018. For tax purposes, the Company recognized a loss of $236,859 on the demolition of the building in 2006. The Company's Federal tax basis in the property is approximately $173,198 at September 30, ~~2016~~2018. There is no outstanding debt on this property at September 30, ~~2016~~2018. Prior to the demolition, the property, excluding land cost, was being depreciated for financial reporting purposes using the straight-line method over 39 years. The property adjoins the 12.77 acres of land in Evans, Georgia. In July 2009, the Company sold an easement consisting of approximately .52 acres of the total Evans Ground Lease tract for $300,000. The Company recognized a gain of approximately $195,000. The proceeds were used by the Company to pay down debt related to an outstanding note payable collateralized by the Evans Ground Lease and related land and to compensate the Evans Ground Lease tenant per the related lease agreement. The Company’'s management does not feel that the easement sale had any adverse impact on the existing lease or the Company’'s ability to lease the land going forward. In July 2013, the Company sold approximately .24 acres of the total Evans Ground Lease tract for $156,000. The Company recognized a gain of approximately $108,000. The proceeds were used by the Company to pay down debt related to an outstanding note payable collateralized by the Evans Ground Lease and related land and to compensate the Evans Ground Lease tenant per the related lease agreement.

The Company's net book value of National Plaza, $2,645,448 at September 30, 2016, amounts to approximately 23% of the Company’s total assets at September 30, 2016.

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~~Construction of National~~ ~~Plaza was completed in May 1995. National Plaza has 69,000 square feet of~~The ~~available~~Company's ~~lease~~net ~~space. National~~book ~~Plaza~~value ~~was constructed with the intention~~ of ~~being~~ ~~operated as a retail strip center and is considered suitable and adequate for such purpose. The Company has leased 56,000 square feet to Publix, which, as~~ National Plaza~~’s anchor tenant~~, ~~operates a retail food supermarket. The Company, as lessor, has a twenty-year lease agreement with Publix. The lease became effective May 15, 1995. The lease provides for annual rentals of~~ $~~463~~2,~~200~~328,469 ~~and~~at ~~for the Company to receive 1.25% of this Publix store’s annual gross sales in excess of approximately $37 million. For the Company’s years ended~~ September 30, ~~2016 and 2015~~2018, ~~the supermarket had not achieved this sales~~ ~~level. The~~amounts ~~lease also provides for Publix~~ to ~~reimburse~~approximately ~~the~~21% ~~Company for property taxes paid on the facility on a pro rata basis~~ of the ~~space occupied by Publix. For 2016, the amount billed was $57,307. The original lease term expired in June of 2015 and the tenant exercised an option for an additional 5 years. At the lessee’~~Company's ~~option~~total ~~the~~assets ~~lease~~at ~~may~~September ~~be extended in five-year increments for an additional 15 years on substantially the same lease terms. As part of the lease agreement~~30, ~~Publix contributed approximately $493,000 to the construction of National Plaza~~2018. ~~The Company capitalized this contribution and recognized the related revenue over the original twenty-year life of the lease.~~

~~The~~Construction ~~Company~~of ~~financed~~National Plaza was completed in May 1995. National Plaza ~~with~~has ~~a $4~~69,~~300,~~000 ~~loan,~~square ~~with~~feet ~~interest~~of available ~~that~~lease ~~was~~space. National ~~fixed~~Plaza atwas ~~7.875%. Annual~~constructed ~~principal~~with ~~and~~the ~~interest~~intention ~~payments~~of being ~~totaled~~operated ~~$427,596. This~~as ~~note~~a ~~was~~retail ~~paid~~strip ~~in full~~center inand ~~March~~is ~~2015. As~~considered ofsuitable ~~September~~and ~~30,~~adequate for ~~2016,~~such ~~the~~purpose. The Company has noleased ~~outstanding debt~~56,000 onsquare ~~this~~feet ~~property~~to Publix, ~~however~~which, as itNational isPlaza's ~~being~~anchor ~~used~~tenant, asoperates ~~collateral~~a ~~for~~retail ~~other~~food supermarket. The Company, ~~financing~~ as ~~described~~lessor, inhas ~~the~~a ~~Notes~~twenty-year tolease ~~Consolidated~~agreement ~~Financial Statements,~~with ~~Note 3- Notes Payable~~Publix. The ~~property~~lease became iseffective ~~located~~May ~~on Washington Road in Augusta~~15, ~~Georgia~~1995. ~~Washington~~The ~~Road~~lease inprovides ~~Augusta~~for isannual ~~the~~rentals ~~location~~ of ~~numerous~~ ~~business establishments~~$463, ~~including competing retail strip centers~~200, and isfor ~~a corridor~~the ~~for~~Company ato ~~high~~receive ~~volume~~1.25% of ~~traffic,~~this ~~providing~~Publix ~~potential~~store's ~~customers for the~~annual ~~Company’s~~gross ~~tenants. The~~sales ~~Company’s~~in ~~operation~~excess of ~~National~~approximately ~~Plaza~~$37 ismillion. For ~~dependent~~the ~~upon management’~~Company's ~~ability~~years ended toSeptember ~~maintain~~30, an2018 ~~anchor tenant~~ and to2017, ~~maintain~~the asupermarket ~~high occupancy~~had ofnot ~~the~~achieved ~~13,000~~this ~~square~~sales level. The ~~feet~~lease ~~available~~also provides for ~~lease~~Publix to ~~other~~reimburse ~~tenants. The~~ the Company ~~competes~~for property ~~with~~taxes ~~other~~paid ~~retail~~on ~~strip~~the ~~centers~~facility inon ~~the~~a ~~area~~pro torata ~~maintain~~basis ~~stable~~of the space occupied ~~occupancy~~by Publix. ~~Management~~For of2018, the ~~Company~~amount ~~believes~~billed ~~that~~was ~~the~~$57,748. ~~location~~The ~~and~~original ~~visibility~~lease term expired in June of ~~National~~2015 ~~Plaza~~and ~~provides~~the ~~for~~tenant ~~favorable~~exercised ~~conditions~~an option for ~~maintaining~~an ~~occupancy.~~ additional 5 years. At ~~September~~the ~~30,~~lessee's ~~2016,~~option the ~~Company~~lease ~~had~~may ~~leased~~be ~~80%~~extended ofin ~~the~~five-year increments ~~13,000~~for ~~square~~an ~~feet~~additional ~~not leased~~15 toyears ~~Publix. These~~on ~~individual~~substantially ~~leases~~the ~~have~~same lease terms. As ~~averaging~~part ~~five~~of ~~years, with~~the ~~monthly~~ lease ~~payments~~agreement, ~~including~~Publix ~~contributions~~contributed ~~for~~approximately ~~common~~$493,000 ~~area maintenance~~to ~~(“CAM”),~~the ~~real~~construction ~~estate~~of ~~taxes~~National ~~and~~Plaza. The ~~insurance~~Company ~~ranging~~capitalized ~~from~~this ~~$1,517 to $6,761.~~ contribution ~~Following~~and isrecognized ~~selected~~the ~~statistical~~related ~~information~~revenue ~~regarding~~over ~~National~~the ~~Plaza~~original ~~at September~~twenty-year ~~30,~~life ~~2016:~~of the lease.

Occupancy rate – 96%	(Publix is the only tenant to occupy 10% or more of the
	leasable square feet.)
Effective rental rates –

The Company financed National Plaza with a $4,300,000 loan, with interest that was fixed at 7.875%. Annual principal and interest payments totaled $427,596. This note was paid in full in March 2015. As of September 30, 2018, the Company has no outstanding debt on this property, however, it is being used as collateral for other Company financing as described in the Notes to Consolidated Financial Statements, Note 3 - Notes Payable. The property is located on Washington Road in Augusta, Georgia. Washington Road in Augusta is the location of numerous business establishments, including competing retail strip centers, and is a corridor for a high volume of traffic, providing potential customers for the Company's tenants. The Company's operation of National Plaza is dependent upon management's ability to maintain an anchor tenant and to maintain a high occupancy of the 13,000 square feet available for lease to other tenants. The Company competes with other retail strip centers in the area to maintain stable occupancy. Management of the Company believes that the location and visibility of National Plaza provides for favorable conditions for maintaining occupancy. At September 30, 2018, the Company had leased 70% of the 13,000 square feet not leased to Publix. These individual leases have terms averaging five years, with monthly lease payments including contributions for common area maintenance ("CAM"), real estate taxes and insurance ranging from $1,517 to $6,761. Following is selected statistical information regarding National Plaza at September 30, 2018:

	Square Feet	Rental Per
	Leased	Square Foot
Publix Supermarkets, Inc.	56,000	$	8.25
Other tenants	10,400		16.61

Occupancy rate - 94%	(Publix is the only tenant to occupy 10% or more of the leasable square feet.)

Effective rental rates -

The principal business of the other tenants occupying space as of September 30, 2016 includes a restaurant, a stock brokerage office, a nail salon, a ticket broker, a hearing-aid retailer, a short-term lender and the county tag office.

	Square Feet	Rental Per
	Leased	Square Foot

Publix Supermarkets, Inc.	56,000	$ 8.25
Other tenants	9,100	17.40

A ~~schedule~~The principal business of ~~lease~~the ~~expirations~~other attenants ~~National~~occupying ~~Plaza~~space ~~for~~as ~~each~~ of ~~the~~September ~~next~~30, ~~five~~2018 ~~years~~includes a restaurant, ~~beginning~~a ~~with~~stock ~~the~~brokerage ~~Company’s~~office, ~~year-end~~a ~~September~~nail 30salon, ~~2016~~a isticket ~~presented~~broker, ~~below~~a ~~(does~~hearing-aid ~~not~~retailer ~~include~~and ~~potential~~a ~~extensions,~~county ortag ~~ground leases on outparcels)~~office.

		Total area in			Percentage of
	Number of	square feet	Annual rental		gross annual
Year ending	tenants whose	covered by	represented by		rents represented
September 30,	leases will expire	expiring leases	expiring leases		by expiring leases
2017	-	-		-	-
2018	1	1,300	$	16,800	1%
2019	3	5,200	$	106,919	6%
2020	3	58,800	$	494,405	30%
2021	1	1,300	$	17,640	1%

A schedule of lease expirations at National Plaza, beginning with the Company's year-end September 30, 2019 is presented below (does not include potential extensions, or ground leases on outparcels).

The percentage of gross annual rents represented by expiring leases as presented above was calculated as if each lease was in effect for the full twelve-month fiscal period.

		Total area in		Percentage of
	Number of	square feet	Annual rental	gross annual
Year ending	tenants whose	covered by	represented by	rents represented
September 30,	leases will expire	expiring leases	expiring leases	by expiring leases

2019	2	3,900	$ 99,856	6%
2020	3	58,800	$ 624,962	36%
2021	-	-	$ -	-
2022	-	-	$ -	-
2023	1	1,300	$ 21,320	1%
Thereafter	1	1,300	$ 18,200	1%

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The ~~Company's~~percentage ~~Federal~~of ~~tax~~gross ~~basis~~annual inrents ~~National~~represented ~~Plaza~~by atexpiring ~~September~~leases ~~30,~~as ~~2016, excluding~~presented ~~land~~above ~~and~~was ~~before~~calculated ~~accumulated~~as ~~depreciation~~if iseach ~~$4,528,574~~lease was in effect for the full twelve-month fiscal period. ~~Federal~~On ~~tax~~June ~~basis~~27, 2018, ~~accumulated~~the ~~depreciation~~Company isentered $2into an agreement with WSQ,~~719~~ LLC,~~784. Property~~ ~~taxes~~a onGeorgia Limited Liability Company, for the sale of National Plaza ~~totaled~~ ~~$88~~along with two adjoining outparcels,~~464~~ located on Washington Road in ~~2016~~Augusta, Georgia. In ~~June~~The closing of ~~2015~~ the sale ~~Company~~is ~~sold~~estimated ~~approximately~~to 1occur ~~acre of~~on ~~vacant~~or ~~land~~around ~~previously~~December ~~included~~15, as2018, ~~part~~or ofsuch ~~National~~earlier ~~Plaza~~date as ~~adjoining~~may ~~Stanley Drive.~~be ~~The~~agreed ~~proceeds~~upon ~~were~~by ~~utilized~~the asparties. ~~part~~See ofNote a1 ~~like~~-~~kind-exchange~~ toSubsequent ~~purchase~~events ~~the commercial~~and ~~building~~Note on2 - ~~Wrightsboro~~Investment ~~Road described below~~Properties.

The Company's Federal tax basis in National Plaza at September 30, 2018, excluding land and before accumulated depreciation is $4,547,915. Federal tax basis accumulated depreciation is $2,909,477. Property taxes on National Plaza totaled $89,339 in 2018. In June of 2015, the Company sold approximately 1 acre of vacant land previously included as part of National Plaza adjoining Stanley Drive. The proceeds were utilized as part of a like-kind-exchange to purchase the commercial building on Wrightsboro Road described below.

During 2002, the Company purchased a house on Stanley Drive in Augusta, Georgia. The property was purchased for $145,847. The property was sold in June of 2015 and the proceeds were utilized as part of a like-kind-exchange to purchase the commercial building on Wrightsboro Road described below.

During 2007, the Company purchased approximately 14.57 acres of undeveloped land for $2,339,678 held for future development on Edgefield Road near I-20 in North Augusta, South Carolina. At September 30, ~~2016~~2018, there is no outstanding debt on the property. During 2008, the Company purchased an additional 1 acre of undeveloped land for $160,000 for future development adjoining the 14.57 acres. At September 30, ~~2016~~2018, there is no outstanding debt on this additional 1 acre. During 2008, the Company purchased an additional 1 acre of undeveloped land for $350,000 held for future development adjoining the 14.57 acres. During 2008, the Company purchased an additional 2.81 acres of undeveloped land for $421,500 held for future development adjoining the 14.57 acres. In total, the undeveloped land held for future development on Edgefield Road near I-20 in North Augusta, South Carolina is 19.38 acres. As of September 30, ~~2016~~2018, the Company has no outstanding debt on this property.

In September of 2015, the Company purchased a commercial building consisting of approximately 25,000 square feet of retail space and 27,000 square feet of warehouse space on approximately 3.5 acres of land located on Wrightsboro road. The retail space is currently leased to a local retailer and rent commenced on October 1, 2015. The warehouse space was available for lease as of September 30, ~~2016~~2018. The property was purchased using proceeds from a like-kind exchange from sales in June of 2015 of approximately 1 acre of undeveloped land previously included as part of National Plaza adjoining Stanley Drive and a residential house located on Stanley Drive.

No other property owned by the Company at September 30, ~~2016~~2018, had a book value ~~amounting~~ amounting to 10% or more of the total assets of the Company.

All ~~of the~~ properties owned by the Company are owned in fee simple interest.

In the opinion of management of the Company, all ~~of the~~ properties owned by the ~~Company~~ Company are adequately covered by insurance.

Item 3. Legal Proceedings.

The Company is not a party to any matters of litigation.

Item 4. Removed and Reserved.

PART II

There is no public trading market for the Company’'s securities. The approximate number of holders of the Company’'s common stock is ~~595~~348.

No dividends have been declared or paid during the two years ended September 30, ~~2016~~2018 and ~~2015~~2017. The Company has no restrictions that currently, or that may reasonably be expected to, ~~limit~~ materially limit the amount of dividends paid.

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Item 6. Selected Financial Data.

Not required.

~~-6-~~Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

~~Item~~ The Company's 7.primary ~~Management’s~~business ~~Discussion~~activities ~~and~~are ~~Analysis~~the ofacquisition, ~~Financial~~development ~~Condition~~and leasing of developed and ~~Results~~undeveloped real estate. The objectives of ~~Operations~~the Company are capital appreciation from real estate investments and income from leasing.

The Company’s ~~primary~~believes ~~business~~that ~~activities~~the ~~are~~market value of much of the ~~acquisition,~~real ~~development~~estate ~~and~~owned by the ~~leasing~~Company ofis ~~developed~~greater ~~and~~than ~~undeveloped~~its ~~real~~original ~~estate~~cost. The ~~objectives~~Company believes that the continued development and decreasing supply of vacant land in the Augusta, ~~Company~~Georgia ~~are~~area ~~capital~~has resulted in substantial appreciation ~~from~~in ~~real~~value ~~estate~~in ~~investments~~many ~~and~~of ~~income~~the Company's ~~from~~investment properties. These appreciated investment properties are ~~leasing~~available as a source of capital to the Company.

The CompanyCritical believesAccounting that the market value of much of the real estate owned by the Company is greater than its original cost. The Company believes that the continued development and decreasing supply of vacant land in the Augusta, Georgia area has resulted in substantial appreciation in value in many of the Company’s investment properties. These appreciated investment properties are available as a source of capital to the Company.Policies:

~~Critical~~ Estimates of ~~Accounting~~Useful ~~Policies:~~Lives of Investment Properties for Purposes of Depreciation

~~Estimates~~Company ofmanagement ~~Useful~~has ~~Lives~~estimated the useful lives of ~~Investment~~investment ~~Properties~~properties, except for land, ~~Purposes~~that are leased, and Company management utilizes the straight-line method to compute depreciation over the estimated useful lives of ~~Depreciation~~the investment properties. Actual depreciation of investment properties will vary from management's estimates, and the value of investment properties is more directly impacted by market conditions and the physical condition of the investment properties.

~~Company~~ ~~management~~Evaluation ~~has estimated the useful lives~~ of ~~investment~~Long-Lived ~~properties,~~Assets ~~except~~ for ~~land,~~ that are leased, and Company management utilizes the straight-line method to compute depreciation over the estimated useful lives of the investment properties. Actual depreciation of investment properties will vary from management’s estimates, and the value of investment properties is more directly impacted by market conditions and the physical condition of the investment properties. Impairment

~~Evaluation~~Company ofmanagement ~~Long~~evaluates long-~~Lived~~lived assets ~~Assets~~ for ~~Impairment~~impairment whenever events or changes in circumstances indicate that the carrying amount of investment properties may not be recoverable. In evaluating recoverability, Company management generally estimates future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when the expected future cash flows of the asset are less than the carrying amount.

~~Company management evaluates long-lived~~ ~~assets for impairment whenever events or changes in circumstances indicate that~~Estimates ~~the carrying amount~~ of ~~investment~~Income ~~properties~~Tax ~~may~~Rates ~~not~~Applicable ~~be recoverable. In evaluating recoverability, Company management generally estimates future cash flows expected~~ to ~~result~~Deferred ~~from the use of the asset and its eventual disposition. An impairment loss is recognized when the expected future cash flows of the asset are less than the carrying amount.~~Taxes

~~Estimates~~Company management has deferred income taxes through a series of ~~Income~~tax-deferred ~~Tax~~like-kind ~~Rates~~exchange ~~Applicable~~transactions on certain investment properties and through accelerated depreciation elections on certain other assets. Company management has estimated deferred income tax liabilities of $1,006,252 at September 30, 2018. Actual income taxes that may become due when taxable gains are realized on the sale of assets may differ from management's estimates due to ~~Deferred~~changes ~~Taxes~~in tax laws, the tax status of the Company, or the actual taxable earnings of the Company in the periods the deferred income taxes become due.

~~Company management has deferred income~~ ~~taxes~~Results ~~through a series~~ of tax-deferred like-kind exchange transactions on certain investment properties and through accelerated depreciation elections on certain other assets. Company management has estimated deferred income tax liabilities of $1,406,668 at September 30, 2016. Actual income taxes that may become due when taxable gains are realized on the sale of assets may differ from management’s estimates as a result of changes in tax laws, the tax status of the Company, or the actual taxable earnings of the Company in the periods the deferred income taxes become due.Operations:

Results of Operations:

			Increase (Decrease)
			2018 compared to 2017
	2018	2017	Amount	Percent

Rent revenues	$ 1,758,920	$ 1,721,499	$ 37,421	2%
Operating expenses	830,473	978,138	(147,665)	(15%)
Interest expense	222,504	200,671	21,833	11%
Other income	-	5,924	(5,924)	(100%)
Net income	821,412	331,817	489,595	148%

					Increase (Decrease)
					2016 compared to
					2015
	2016		2015		Amount		Percent
Rent revenues	$	1,659,592	$	1,491,102	$	168,490	11%
Operating expenses		986,829		933,057		53,772	6%
Interest expense		156,349		170,716		(14,367)	(8%)
Gain on sale of land		-		1,862,235		(1,862,235)	(100%)
Other income		7,616		162,009		(154,393)	(95%)
Net income		300,251		1,492,139		(1,191,888)	(80%)

-7-

Rent revenues from leasing activities is provided by the following properties:

	2016			2015		2014
	2018		2017		2016
National Plaza	$ 847,908	~~780,202~~	$ 837,276	$	~~761~~$ 780,~~245~~202	$	~~742,211~~
Outparcel at National Plaza	90,444	~~67,500~~	67,112		6267,~~400~~500		~~62,400~~
Evans Ground Lease	669,710	~~661,212~~	665,939		~~663~~661,~~957~~212		~~671,037~~
Wrightsboro Road		148,470			-		-
Wrightsboro Road Other	147,680 3,178		147,680 3,492		148,470 2,208
Other		2,208			3,500		6,000
	$ 1,758,920		$ 1,721,499		$ 1,659,592
	$	1,659,592		$	1,491,102	$	1,481,648

~~-7-~~Years Ended September 30, 2018 and 2017

~~Years~~ National Plaza ~~Ended~~consists of approximately 69,000 square feet. Approximately 56,000 square feet is leased to Publix as the investment property's anchor tenant. See Item 2, "Properties" for additional information regarding the lease agreement with Publix. The remaining 13,000 square feet is available for lease to additional tenants. This additional space was approximately 70% and 80% leased as of September 30, ~~2016~~2018 and ~~2015~~2017, respectively. Attempts are being made to lease vacant space. Also see Item 2, "Properties" for effective rental rates and lease expirations related to this property. Rent revenue increased slightly as compared with the prior years due to rent increases on the out parcel at National Plaza. In May 2006, the Company entered into a long-term ground lease with Lowes, a national home improvement retailer, with a portion of total monthly rent due during the construction period, which was completed in January 2007. See Item 2, "Properties" for additional information regarding the Evans Ground Lease. Management expects the Evans Ground Lease to continue to provide a substantial portion of the Company's revenues. See also Note 1 - Subsequent events.

~~National~~ ~~Plaza~~Operating expenses ~~consists~~decreased ofby ~~approximately 69~~$147,~~000~~665, ~~square~~(15%) ~~feet~~from 2017. ~~Approximately~~Operating ~~56,000 square~~costs ~~feet~~of ~~is leased to Publix as~~ the ~~investment property’s anchor tenant.~~ ~~See~~Company ~~Item~~consists 2,mainly ~~“Properties”~~of ~~for additional information regarding~~ the ~~lease agreement~~costs ~~with~~of ~~Publix. The~~managing ~~remaining~~National ~~13,000~~Plaza ~~square~~and ~~feet~~property taxes isrelated ~~available~~to ~~for~~the ~~lease to~~Company's ~~additional~~land ~~tenants~~holding portfolio. This ~~additional~~decrease ~~space~~ was ~~approximately 80% and 70%~~due ~~leased~~primarily ~~as of September 30, 2016 and 2015, respectively. Attempts are being made~~ to ~~lease~~decreased ~~vacant~~professional ~~space. Also~~fees ~~see Item 2, “Properties” for effective rental rates and lease expirations~~ related to ~~this~~the ~~property. Rent~~company's ~~revenue~~tender ~~from Publix~~offer and ~~National~~non-recurring ~~Plaza~~parking ~~increased~~lot ~~slightly~~repairs ~~as compared with the prior years due to leasing an available 1,300 square foot to One Main Financial~~ and ~~temporary~~painting ~~rental of~~at ~~the vacant lots within~~ National Plaza. ~~In May 2006, the Company entered into a long-term ground lease with Lowes, a national home improvement retailer, with a portion of total monthly rent due during the construction period, which was~~ completed in ~~January 2007~~2017. Company ~~See~~management ~~Item~~expects 2,operating ~~“Properties”~~expenses for ~~additional~~2019 ~~information regarding the Evans Ground Lease. Management expects both of the above two lease arrangements~~ to ~~continue~~be ~~to provide a substantial portion of the~~less ~~Company’s~~than ~~revenues~~2018 expenses. In ~~addition,~~See ~~rental~~also ~~revenues~~Note ~~increased~~1 in- ~~2016~~Subsequent ~~due to the addition of the retail lease related to the Wrightsboro Road property purchased in September 2015~~events.

~~Operating~~ ~~expenses~~Interest expense increased by $5321,~~772~~833, (611%) from ~~2015~~2017. ~~Operating~~The ~~costs~~Company's ofinterest ~~the Company~~costs ~~consists~~relate ~~mainly~~to ofoutstanding ~~the~~debt ~~costs~~on ofthe ~~managing~~Company's ~~National~~land ~~Plaza~~holdings ~~and~~as ~~property~~discussed ~~taxes~~above in ~~related~~Item to2, ~~the~~"Properties", ~~Company’s~~as ~~land~~well ~~holding~~as ~~portfolio. This~~interest ~~increase~~related ~~was~~to ~~due primarily~~deferred tofinancing ~~repairs~~costs that tohave ~~the~~been ~~roof~~reclassified atfrom ~~National~~amortization ~~Plaza~~expense. Company management ~~expects~~ ~~operating~~expects ~~expenses~~interest expense for ~~2017~~2019 to ~~decrease~~decline ~~relative~~from tointerest ~~2016~~expense asfor the ~~Company~~ ~~anticipates~~current ~~repairs~~fiscal inyear ~~2017~~as ~~will~~the beoutstanding ~~less~~debt ~~significant~~continues ~~than~~to ~~those incurred in 2016~~amortize.

~~Interest~~ ~~expense decreased by $14,367 (8%) from 2015. The Company’s interest costs~~Liquidity ~~relate~~and toSources ~~outstanding debt on the Company’s land holdings as discussed above in Item 2, “Properties”. Continued amortization~~ of outstanding debt balances resulted in decreased interest expense in 2016. Company management expects interest expense for 2017 to decline from interest expense for the current fiscal year as the outstanding debt continues to amortize.Capital:

In ~~June~~The percentage of ~~2015~~current assets to current liabilities was 130% at September 30, 2018, ~~the~~and ~~Company~~was ~~sold~~103% ~~approximately~~at 1September 30, ~~acre~~2017. Management of ~~undeveloped~~the ~~land~~Company ~~previously~~expects ~~included~~future asliquidity ~~part~~needs of ~~National~~the ~~Plaza~~Company ~~adjoining~~to ~~Stanley~~be ~~Drive~~funded ~~and~~from ~~a residential~~rent ~~house~~revenues, ~~located~~sale of onproperties, ~~Stanley~~refinancing ~~Drive~~and ~~resulting~~the appreciation in ainvestment ~~gain~~properties on(which can ~~sale~~be ofsold $1or mortgaged,~~862,235~~ if necessary). See Note 1 - Subsequent events.

~~Other~~ ~~income~~Current maturities ~~for~~of ~~2015~~notes ~~consisted~~payable ~~primarily~~will ofrequire the ~~reversal~~Company ~~of an accrual related~~ to ~~a tenant’s~~make ~~claim~~payments ~~brought about~~ in ~~2011~~fiscal year ~~for~~2018 ~~reimbursement~~totaling ~~of certain expenses charged~~$407,554. The Company ~~accrued~~projects ~~$150,000~~that ~~related~~it towill ~~this~~be ~~claim~~able ~~and~~to fund the ~~tenant’s related~~payment ~~unsettled~~of ~~balance. The~~its ~~claim~~current ~~was~~maturities ~~resolved~~of innotes ~~2015~~payable ~~and~~through ~~the~~cash ~~related~~flows ~~tenant~~generated ~~paid~~from ~~the~~its ~~disputed~~operations ~~balance~~and incash ~~full~~on ~~and~~hand, but there iscan be no ~~further liability~~assurance ~~anticipated.~~that ~~The~~this ~~income~~will ~~was recognized as other income~~occur.

~~Liquidity~~ As of September 30, 2018, the Company's cash flow from operations is approximately $686,512 while current maturities of debt are approximately $407,554. If the Company experiences cash flow shortages and ~~Sources~~is unable to generate adequate cash flows from operations to fund current debt maturities and other obligations, the Company's management intends to seek additional financing from other sources but there can be no assurance that this will occur. In the past, the Company has been successful in seeking additional financing. These sources of ~~Capital:~~capital include selling certain of its fully owned and un-collateralized assets or borrowing money from certain stockholders.

~~The~~ ~~percentage~~In November 2016, the Company obtained a $3,000,000 line of ~~current~~credit ~~assets~~from toa ~~current~~regional financial ~~liabilities~~institution ~~was~~to ~~202%~~finance atequity ~~September~~transactions. During 302017, the Company ~~2016~~borrowed $2,500,000 ~~and~~against ~~was~~this ~~160%~~line atof ~~September 30~~credit to finance a stock purchase of 1,445,970 ~~2015~~shares. ~~Management~~The ofline ~~the~~accrued ~~Company expects~~interest ~~future~~at ~~liquidity~~3.5%. In ~~needs~~August of2017, the company ~~Company~~secured toa benote ~~funded~~payable for $3,209,423 with a 10 year term that accrues interest at an annual rate of 4.3%. The proceeds from ~~rent~~this ~~revenues,~~note ~~refinancing~~were used to ~~and~~pay off the ~~appreciation~~above innoted ~~investment~~line ~~properties~~of ~~(which~~credit ~~can~~balance beand ~~sold~~other oroutstanding ~~mortgaged,~~debt. At ifSeptember ~~necessary)~~30, 2018 the outstanding balance of this note was $2,925,424.

~~Current~~ maturities of notes payable will require the Company to make payments in fiscal year 2017 totaling $250,418. The Company projects that it will be able to fund the payment of its current maturities of notes payable through cash flows generated from its operations and cash on hand, but there can be no assurance that this will occur.-8-

As ofCapital ~~September 30, 2016, the Company’s cash flow from operations is approximately~~Expenditure $395,062 while current maturities of debt are approximately $250,418. If the Company experiences cash flow shortages and is unable to generate adequate cash flows from operations to fund current debt maturities and other obligations, the Company’s management intends to seek additional financing from other sources but there can be no assurance that this will occur. In the past, the Company has been successful in seeking additional financing. These sources of capital include selling certain of its fully owned and un-collateralized assets or borrowing money from certain stockholders.Commitments:

In ~~November~~The ~~of 2016, the~~ Company ~~obtained~~currently ahas ~~$3,000,000~~no significant ~~line~~commitments offor ~~credit~~capital ~~from~~expenditures ~~a regional~~for ~~financial~~the ~~institution~~next totwelve ~~finance probable equity transactions~~months.

Capital Expenditure Commitments:

-8-

The Company currently has no significant commitments for capital expenditures for the next twelve months.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Market risk is the risk of loss from adverse changes in market prices and rates. Our market risk arises principally from the risk inherent in the credit quality of our tenants. Company management regularly evaluates the individual tenants considering their financial condition, credit history and current economic conditions.

Item 8. Financial Statements

The following consolidated financial statements of Security Land & Development Corporation are included herein:

Report of Independent Registered Public Accounting Firm (audit of financial statements as of and for the years ended September 30, ~~2016~~2018 and ~~2015~~2017) Consolidated Balance Sheets as of September 30, ~~2016~~2018 and ~~2015~~2017 Consolidated Statements of Income ~~and Retained Earnings~~ for the years ended September 30, ~~2016~~2018 and ~~2015~~2017 Consolidated Statements of Changes in Stockholders' Equity as of September 30, 2018 and 2017 Consolidated Statements of Cash Flows for the years ended September 30, ~~2016~~2018 and ~~2015~~2017 Notes to Consolidated Financial Statements

-9-

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Stockholders of Security Land and Development Corporation

Augusta, Georgia

We have audited the accompanying consolidated balance sheets of Security Land and Development Corporation (“"the Company”") as of September 30, ~~2016~~2018 and ~~2015~~2017, and the related consolidated statements of income, ~~and~~comprehensive ~~retained~~income, ~~earnings~~stockholders' equity, and cash flows for each of the years in ~~then~~the two-year period ended September 30, 2018 and 2017, and the related notes and schedules (collectively referred to as the financial statements). ~~These~~In our ~~consolidated~~opinion, the financial statements ~~are~~present fairly, in all material respects, the financial ~~responsibility~~position of the Company’s as of September 30, 2018 and 2017, and the ~~management.~~results ~~Our~~of ~~responsibility~~its isoperations toand ~~express~~cash anflows ~~opinion~~for oneach ~~these~~of ~~consolidated~~the years in the two-year ~~financial~~period ~~statements~~ended ~~based~~September on30, ~~our~~2018 ~~audits~~and 2017, in conformity with accounting principles generally accepted in the United States of America.

~~We conducted our audits in accordance with the~~ ~~standards of the Public Company Accounting Oversight Board (United States).~~Basis Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audits include consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. Opinion

In These ~~our opinion, the~~ consolidated financial statements are the ~~referred~~responsibility toof ~~above,~~the ~~present~~Company's ~~fairly,~~management. inOur ~~all~~responsibility ~~material~~is ~~respects,~~to ~~the~~express ~~financial~~an ~~position~~opinion ofon ~~Security~~the ~~Land~~Company's ~~and~~consolidated ~~Development~~financial ~~Corporation~~statements asbased ofon ~~September~~our ~~30, 2016~~audits. ~~and~~We ~~2015,~~are ~~and~~a public accounting firm registered with the ~~results~~Public ofCompany ~~its~~Accounting Oversight ~~operations~~Board (United States) (PCAOB) and ~~its~~are ~~cash~~required ~~flows~~to ~~for~~be ~~the~~independent ~~years~~with ~~then~~respect ~~ended,~~to the Company in ~~conformity~~accordance with U.S. ~~generally~~federal ~~accepted~~securities ~~accounting~~laws ~~principles~~and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

~~/s/~~ We ~~Elliott~~conducted ~~Davis~~our ~~Decosimo~~audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. ~~LLC~~The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Elliott Davis, LLC

We have served as the Company's auditor since 2003.

Augusta, Georgia

~~December~~ 16December 17, ~~2016~~2018

-10-

SECURITY LAND AND DEVELOPMENT CORPORATION
CONSOLIDATED BALANCE SHEETS
	For the Years
	Ended September 30,
	2016				2015
	2018		2017
ASSETS
CURRENT ASSETS
Cash	$ 493,446	~~500,660~~	$ 254,522	$	~~412,847~~
Receivables from tenants, net of an allowance of $53,809 and $52,255
Receivables from tenants, net of allowance of $73,927
at September 30, 2016 and 2015, respectively		413,848			386,469
and $71,967 at September 30, 2018 and 2017, respectively	412,008		365,589
Prepaid property taxes	27,555	~~26,466~~	29,768		~~23,251~~
Income taxes receivable		22,441			14,263
Total current assets	933,009		649,879
Total current assets		963,415			836,830
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES
Investment properties for lease, net of accumulated depreciation	6,554,718		6,742,993
Investment properties for lease, net of accumulated depreciation		6,905,492			7,075,175
Land and improvements held for investment or development	3,804,728		3,804,728
Land and improvements held for investment or development		3,804,728			3,752,863
	10,359,446		10,547,721
		10,710,220			10,828,038
OTHER ASSETS	12,716		17,774
OTHER ASSETS, NET		69,627			79,353
	$ 11,305,171		$ 11,215,374
	$	11,743,262		$	11,744,221
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued expenses	$ 234,381		$ 223,482
Accounts payable and accrued expenses	$	226,620		$	282,769
Income taxes payable	75,630		19,917
Current maturities of notes payable	407,554	~~250,418~~	388,322		~~239,168~~
Total current liabilities	717,565	~~477,038~~	631,721		~~521,937~~
LONG-TERM LIABILITIES
Notes payable, less current portion		2,775,666			3,025,458
Notes payable, less current portion and deferred financing costs	3,928,690		4,330,863
Deferred income taxes	1,006,252	~~1,406,668~~	1,367,556		~~1,413,187~~
Total long-term liabilities	4,934,942	~~4,182,334~~	5,698,419		~~4,438,645~~
Total liabilities	5,652,507	~~4,659,372~~	6,330,140		~~4,960,582~~
STOCKHOLDERS' EQUITY
Common stock, par value $.10 per share; 30,000,000 shares authorized;
5,243,107 shares issued and outstanding		524,311			524,311
3,766,290 shares issued and outstanding at September 30, 2018
Additional paid-in capital		333,216			333,216
and 3,797,137 shares issued and outstanding at September 30, 2017	376,629		379,719
Retained earnings	5,276,035	~~6,226,363~~	4,505,515		~~5,926,112~~
Total Stockholders' Equity	5,652,664	~~7,083,890~~	4,885,234		~~6,783,639~~
Liabilities and Stockholders' Equity	$ 11,305,171	~~11,743,262~~	$ 11,215,374	$	~~11,744,221~~

The accompanying notes are an integral part of these consolidated financial statements.

- 11 -

SECURITY LAND AND DEVELOPMENT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
CONSOLIDATED STATEMENTS OF INCOME
	~~For the Years~~	For the Years
	~~Ended September 30,~~	Ended September 30,
	2016			2015
		2018		2017
OPERATING REVENUES
Rent revenues	$	$ 1,~~659~~758,~~592~~920		$ 1,721,499	~~1,491,102~~
OPERATING EXPENSES
Depreciation and amortization		~~196~~198,~~251~~665		191,371	~~168,179~~
Property taxes		~~266~~282,~~513~~651		277,664	~~243,665~~
Payroll and related costs		~~164~~141,~~424~~455		108,434	~~84,128~~
Insurance and utilities		7767,~~561~~776		69,141	~~51,999~~
Repairs and maintenance		~~197~~51,~~321~~579		122,202	~~259,257~~
Professional services		6880,~~628~~073		191,566	~~93,207~~
Bad debt		1,~~553~~960		1,419	~~8,677~~
Penalties		-			11,551
Other		6,314		16,341
Other		14,578			12,394
		830,473		978,138
		986,829			933,057
Operating income		928,447		743,361
Operating income		672,763			558,045
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE)
Interest expense		(222,504)		(200,671)
Gain on sale of land		-			1,862,235
Other income		-		5,924
Interest expense		(156,349	)		(170,716	)
		(222,504)		(194,747)
Other income		7,616			162,009
Income before income taxes		705,943		548,614
		(148,733	)		1,853,528
INCOME TAXES PROVISION (BENEFIT)
Income before income taxes		524,030			2,411,573
Income tax expense		241,522		255,909
INCOME TAXES PROVISION (BENEFIT)
Income tax deferred benefit		(356,991)		(39,112)
Income tax expense		230,298			243,477
		(115,469)		216,797
Income tax deferred (benefit) expense		(6,519	)		675,957
Net income		$ 821,412		$ 331,817
		223,779			919,434
PER SHARE DATA
Net income		300,251			1,492,139
Net income per common share		$ 0.22		$ 0.09
RETAINED EARNINGS, BEGINNING OF YEAR		5,926,112			4,433,973
RETAINED EARNINGS, END OF YEAR	$	6,226,363		$	5,926,112
PER SHARE DATA
Net income per common share	$	0.06		$	0.28

The accompanying notes are an integral part of these consolidated financial statements.

- 12 -

SECURITY LAND AND DEVELOPMENT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
	For the Years
				Additional			Total
	Ended September 30,
		Common		Paid-in		Retained	Stockholders'
	2016				2015
		Stock		Capital		Earnings	Equity
OPERATING ACTIVITIES
Balance, September 30, 2016		$ 524,311		$ 333,216		$ 6,226,363	$ 7,083,890
Net income	$	~~300,251~~-		$-	~~1,492,139~~	331,817	331,817
Adjustments to reconcile net income to net cash provided
Purchase and retirement of common stock		(144,592)		(333,216)		(2,052,665)	(2,530,473)
by operating activities:
Balance, September 30, 2017		379,719		-		4,505,515	4,885,234
Gain on sale of land		-			(1,862,235	)
Net income		-		-		821,412	821,412
Bad debts		1,553			8,677
Purchase and retirement of common stock		(3,090)		-		(50,892)	(53,982)
Depreciation and amortization		196,251			168,179
Balance, September 30, 2018		$ 376,629		$ -		$ 5,276,035	$ 5,652,664
Changes in deferred and accrued amounts:
Receivables from tenants		(28,932	)		132,433
Prepaid property taxes		(3,215	)		(23,251	)
Income taxes receivable		(8,178	)		(14,263	)
Accounts payable and accrued expenses		(56,149	)		(169,900	)
Income taxes payable		-			(229,031	)
Deferred income taxes		(6,519	)		675,957
Deferred revenue		-			(18,489	)
Net cash provided by operating activities		395,062			160,216
INVESTING ACTIVITIES
Sale of investment properties and other assets for
improvements to property held for lease		-			1,993,150
Additions to investment properties and improvements
to properties held for development		-			(113,265	)
Additions to investment properties and other assets for
improvements to property held for lease		(68,707	)		(1,917,823	)
Net cash used in investing activities		(68,707	)		(37,938	)
FINANCING ACTIVITIES
Repayments to stockholder		-			(50,433	)
Proceeds from notes payable		-			1,500,000
Principal payments on notes payable		(238,542	)		(1,224,980	)
Net cash (used in) provided by financing activities		(238,542	)		224,587
Net increase in cash		87,813			346,865
CASH, BEGINNING OF YEAR		412,847			65,982
CASH, END OF YEAR	$	500,660		$	412,847
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	158,847		$	170,606
Cash paid for income taxes	$	238,476		$	486,771

The accompanying notes are an integral part of these consolidated financial statements.

- 13 -

*SECURITY LAND AND DEVELOPMENT CORPORATION*
*CONSOLIDATED STATEMENTS OF CASH FLOWS*


	For the Years
	Ended September 30,
	2018		2017


OPERATING ACTIVITIES
Net income	$	821,412	$	331,817
Adjustments to reconcile net income to net cash provided by
operating activities:
Bad debts		1,960		1,419
Depreciation and amortization		198,665		191,371
Interest on deferred financing costs		5,332		4,723
Write off deferred financing costs		-		24,178
Changes in deferred and accrued amounts
Receivables from tenants		(48,379)		30,101
Prepaid property taxes		2,213		(3,302)
Income taxes receivable		-		22,441
Accounts payable and accrued expenses		10,899		(3,138)
Income taxes payable		55,714		19,917
Deferred income taxes		(361,304)		(39,112)

Net cash provided by operating activities		686,512		580,415

INVESTING ACTIVITIES
Additions to investment properties and other assets for
improvements to properties held for lease		-		(7,207)

Net cash used in investing activities		-		(7,207)

FINANCING ACTIVITIES
Purchase and retirement of common stock		(53,982)		(2,530,473)
Proceeds from line of credit		-		2,500,000
Payments on line of credit		-		(2,500,000)
Proceeds from notes payable		-		3,209,423
Principal payments on notes payable		(393,606)		(1,464,333)
Payments for deferred financing costs		-		(33,963)

Net cash used in financing activities		(447,588)		(819,346)

Net increase (decrease) in cash		238,924		(246,138)

CASH, BEGINNING OF YEAR		254,522		500,660

CASH, END OF YEAR	$	493,446	$	254,522

SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid for interest	$	223,074	$	173,912

Cash paid for income taxes	$	155,280	$	212,862

The accompanying notes are an integral part of these consolidated financial statements.

-14-

SECURITY LAND AND DEVELOPMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, ~~2016~~2018

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES

Business activities

Security Land and Development Corporation (“"the Company”") is engaged in the acquisition of developed and undeveloped real estate to be held for investment purposes or to be developed and leased as income producing property. Substantially all investment properties held and leased by the Company are located within the State of Georgia, in Richmond and Columbia counties and in North Augusta, South Carolina.

Royal Palms Motel, Inc., a wholly owned subsidiary of Security Land and Development Corporation, is a holding company for a parcel of land in Richmond County, Georgia. During 2004, the Company organized, as its sole member, SLDC, LLC, a Georgia limited liability company. During 2007, the Company organized, as its sole member, SLDC2, LLC, a Georgia limited liability company. During 2008, the Company organized, as its sole member, SLDC III, LLC, a South Carolina limited liability company. SLDC, LLC, SLDC2, LLC, and SLDC III, LLC were organized by the Company to hold title to certain real estate that the Company plans to develop.

During ~~2016~~2018 and ~~2015~~2017, substantially all operating revenues and operating expenses were related to real estate leasing. A substantial portion of rent revenues were earned from two investment properties, a commercial retail center, consisting of approximately 69,000 square feet on Washington Road in Augusta, Georgia (“"National Plaza”") and the Evans Ground Lease on Washington Road in Evans, Georgia (“"Evans Ground Lease”"). National Plaza provided approximately 5153% of gross rent revenue in ~~2016~~2018 and ~~55% in 2015~~2017. Approximately 81% of National Plaza was leased to a regional food supermarket, with annual rents from the ~~lease~~ lease totaling $463,200. National Plaza comprises approximately 3836% of the ~~asset~~ asset Investment Properties for Lease, net of Accumulated Depreciation. The ~~Evans~~ Evans Ground Lease provided approximately 4038% and 4539% of gross rental ~~revenue~~ revenues in ~~2016~~ 2018 and ~~2015~~2017, respectively. This property, leased to a national home ~~improvement~~ improvement retailer, earned rents totaling approximately $~~539~~542,000 in both ~~2016~~ 2018 and ~~2015, respectively~~2017. The Evans Ground Lease comprises approximately 3536% of investment properties held for lease, net, by the Company at September 30, ~~2016~~2018.

In ~~June~~September of 2015, the Company ~~sold~~ ~~approximately~~purchased 1a ~~acre~~commercial ofbuilding ~~undeveloped~~on ~~land~~3.5 ~~previously~~acres ~~included~~of asland ~~part~~located ofon Wrightsboro ~~National~~Road ~~Plaza~~in ~~adjoining~~Augusta, ~~Stanley~~Georgia. The ~~Drive~~building ~~and~~is apartially ~~residential~~leased ~~house~~to ~~located~~a onlocal retailer ~~Stanley~~with ~~Drive~~a ~~resulting~~rental inperiod abeginning ~~gain~~October on1, ~~sale~~2015. The Wrightsboro Road property represents approximately 28% of $1the Company's net leased assets at September 30,~~862,235~~ 2018. The Wrightsboro Road lease provided approximately 9% of gross rental revenue in 2018 and 2017.

In September of 2015 the Company purchased a commercial building on 3.5 acres of land located on Wrightsboro Road in Augusta, Georgia. The building is partially leased to a local retailer with a rental period beginning October 1, 2015. The Wrightsboro Road property represents approximately 27% of the Company’s net leased assets at September 30, 2016. The Wrightsboro Road lease provided approximately 9% of gross rental revenue in 2016.

Basis of presentation

The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the accounts of Security Land and Development Corporation and its wholly owned subsidiaries, Royal Palms Motel, Inc., SLDC, LLC, SLDC2, LLC, and SLDC III, LLC (described on a consolidated basis as the “"Company”"). All intercompany transactions and accounts are eliminated in consolidation.

Use of estimates

The consolidated financial statements include estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Revenue recognition

Rent revenue is recognized on a straight-line basis over the term of the related lease agreements. The Company is reimbursed by tenants for property taxes and other maintenance fees. These reimbursements billed totaled $~~269~~314,~~373~~338 and $~~264~~300,~~156~~113, which is included in rent ~~revenue~~revenues, for the years ended September 30, ~~2016~~2018 and ~~2015~~2017, respectively.

(Continued)

-1415-

NOTE 1 –- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES, Continued

Revenue recognition, continued

Gains, or losses, realized from sales of real estate are recognized substantially when title to the property has passed and the risks and benefits of ownership have been transferred to the buyer.

Investment properties

Investment properties are stated at cost. Depreciation of the investment properties is computed principally using the straight-line method over the following estimated useful lives:

Buildings for lease		30 - 40 years
Land improvements on property for lease		15 years
Fixtures and furnishings		5 - 7 years

Major renewals or improvements on investment properties are capitalized, while maintenance and repairs that do not improve or extend the useful lives of the assets are charged to expense when incurred. Upon retirement, sale or other disposition of investment properties, the cost and accumulated depreciation are eliminated from the accounts and the gain or loss is included in income in the period of disposition.

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating recoverability, the Company generally estimates future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when the expected future cash flows of the asset is less than the carrying amount. The Company measures the impairment loss as the amount by which the asset's carrying amount exceeds the fair value of the asset. At September 30, ~~2016~~2018 and ~~2015~~2017, the Company believes that none of its long-lived assets are impaired.

Receivables from tenants

Receivables from tenants consist of rents, property taxes and other maintenance fees payable under the terms of lease agreements. Receivables are carried at original invoice amount. Management estimates an allowance for doubtful accounts by regularly evaluating individual tenant receivables and considering the collectability of balances due based on each tenant’'s financial condition, credit history, and current economic conditions. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recognized in income when received. The Company has an allowance for uncollectible accounts of $5373,~~809~~927 and $5271,~~255~~967 at September 30, ~~2016~~2018 and ~~2015~~2017, respectively.

Lease commissions

Lease commissions are capitalized and amortized over the term of the related leases, using the straight-line method. Lease commissions, net of accumulated amortization, of $2212,~~343~~716 and $2717,~~401~~774 at September 30, ~~2016~~2018 and ~~2015~~2017, respectively, are included in Other Assets in the accompanying consolidated balance sheets.

~~Loan~~ Deferred ~~Fees~~financing costs

~~Loan~~ ~~fees~~In April ~~are~~2015, ~~capitalized~~the ~~and~~Financial ~~amortized~~Accounting ~~over~~Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03, Simplifying the ~~term~~Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs be presented as a direct deduction from the ~~loan~~carrying ~~using~~amount of the ~~straight-line~~ ~~method. Loan~~related ~~fees~~debt liability, consistent ~~net~~with the presentation of ~~accumulated~~debt ~~amortization~~discounts. Prior to the issuance of ASU 2015-03, debt issuance costs were ~~$47~~required to be presented as deferred charge assets,~~284~~ separate from the related debt liability. ASU 2015-03 does not change the recognition and measurement requirements for debt issuance costs. The Company adopted ASU 2015-03 as of the year ended September 30, 2017, and applied its provisions retrospectively. The adoption of ASU 2015-03 resulted in the reclassification of $51,~~952~~719 atof net unamortized debt issuance costs related to the Company's long-term debt (see Note 3) from other assets to long-term debt within its consolidated balance sheet of September 30, ~~2016~~2017. ~~and~~Other ~~2015~~than the reclassification, ~~respectively~~the adoption of ASU 2015-03 did not have an impact on the Company's consolidated financial statements. ~~Loan~~ ~~fees~~Deferred financing cost are ~~included~~amortized inover ~~Other~~the ~~Assets~~term inof the ~~accompanying~~respective ~~consolidated~~loan ~~balance~~on ~~sheets~~a straight line basis.

(Continued)

-16-

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES, Continued

Income taxes

The Company files a consolidated income tax return. Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between the financial reporting basis and income tax basis of assets and liabilities. Deferred tax assets and liabilities represent future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are adjusted for changes in tax laws and tax rates when those changes are enacted.

The Company has adopted the provisions under ASC Topic 740, "Income Taxes" (~~Continued~~"ASC 740") which requires that a position taken or expected to be taken in a tax return be recognized in the financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon settlement. The Company recognizes accrued interest and penalties related to uncertain tax positions as a component of income tax expense in its financial statements. Management is not aware of any uncertain tax positions as of September 30, 2018.

~~-15-~~ At September 30, 2017, the Company had income taxes payable of $19,917 related to the fiscal year 2017. As of September 30, 2018, all income taxes payable related to the fiscal year 2017 had been paid, and $75,630 of income tax payable has been accrued for the fiscal year 2018.

~~NOTE~~ The 1Tax –Cuts and ~~SUMMARY~~Jobs OFAct ~~SIGNIFICANT~~(TCJA) ~~ACCOUNTING~~was ~~POLICIES~~signed ~~AND~~into ~~ACTIVITIES~~law by the President on Friday December 22, ~~Continued~~2017. The TCJA includes the reduction in the corporate tax rate from a top rate of 35% to a flat rate of 21%, changes in business deductions, and many international provisions. The drop in the corporate rate is effective for tax years beginning after December 31, 2017. Internal Revenue Code (IRC) Section 15 indicates that "if any rate of tax imposed.changes, and if the taxable year includes the effective date of the change., then tentative taxes shall be computed by applying the rate for the period before the effective date of the change, and the rate for the period on and after such date, to the taxable income for the entire taxable year, and the tax for such taxable year shall be the sum of that proportion of each tentative tax which the number of days in each period bears to the number of days in the entire taxable year." (§15(a)). As the Company is a fiscal year taxpayer, they will receive a partial benefit for the drop in the federal corporate tax rate for their fiscal year ended September 30, 2018. The weighted average federal tax rate computed in accordance with IRC Section 15 is 24.25% for the current fiscal year.

~~Income~~ ~~taxes~~Based on the drop in the corporate tax rate to a flat 21%, ~~continued~~the Company revalued each of their deferred tax assets and liabilities in the quarter ended December 31, 2017 using the new corporate tax rate. The net impact from this revaluing resulted in a tax benefit of $463,167 recognized as of December 31, 2017.

~~The~~ ~~Company~~Income taxes ~~has~~have ~~adopted~~been ~~the~~provided ~~provisions~~using ~~under~~the ~~ASC~~asset ~~Topic~~and ~~740,~~liability ~~“Income~~method. ~~Taxes”~~Deferred ~~(“ASC~~tax ~~740”)~~assets ~~which~~and ~~requires~~liabilities ~~that~~are arecognized ~~position~~for ~~taken~~the orfuture ~~expected to be taken in a~~ tax consequences ~~return~~attributable beto ~~recognized~~differences inbetween the financial ~~statements~~statement ~~when~~carrying itamounts ~~is more likely than~~of ~~not~~existing ~~(i.e.,~~assets aand ~~likelihood~~liabilities ofand ~~more~~their ~~than~~respective ~~fifty~~tax ~~percent)~~bases. ~~that~~Deferred ~~the~~tax assets ~~position~~and ~~would~~liabilities ~~be sustained~~are ~~upon~~measured ~~examination~~using byenacted tax ~~authorities. A~~laws ~~recognized~~and ~~tax~~rates ~~position is~~expected ~~then~~to ~~measured~~apply atto ~~the~~taxable ~~largest~~income ~~amount~~in ofthe ~~benefit~~years ~~that~~in iswhich ~~greater~~those ~~than~~temporary ~~fifty~~differences ~~percent~~are ~~likely~~expected ofto ~~being~~be ~~realized~~recovered ~~upon~~or ~~settlement~~settled. The ~~Company~~effect ~~recognizes accrued~~of ~~interest~~a ~~and~~change ~~penalties~~in ~~related to uncertain~~ tax ~~positions~~rates ~~as a~~on ~~component~~deferred ~~of income~~ tax ~~expense~~assets inand ~~its~~liabilities ~~financial statements. Management~~ is ~~not aware~~recognized ofin ~~any~~income ~~uncertain~~in ~~tax~~the ~~positions~~period asthat includes ofthe ~~September~~enactment ~~30, 2016 and 2015~~date.

During the twelve-month period ended September 30, 2018, the Company recorded $115,469 in income tax benefits at an effective rate of approximately -49%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The individually largest factor contributing to the difference between the federal statutory rate of 24.25% and the Company's effective tax rate for the twelve-month period ended September 30, 2018 was the benefit relating to the revaluing of the deferred tax asset and liability balances to the new federal statutory rate.

Statements of equity

~~There~~ ~~were~~On February no7, ~~changes~~2017, inSecurity ~~equity~~Land ~~other~~and ~~than~~Development ~~net~~Corporation ~~income~~offered to purchase up to 2,526,247 shares (approximately 48.2% of the Company's outstanding shares) of its common stock from its stockholders through a tender offer ("the Offer") at a price of $1.25 per share. The Offer is part of a plan intended to enhance stockholder value and provide liquidity for the ~~years~~stockholders. ~~ended~~The ~~September~~Offer expired on March 15, 2017, was extended by the Company, and on April 19, 2017 Security Land and Development Corporation amended the above offer to increase the offer price to $1.60 per share. The amended Offer expired on May 5, 2017. On May 5, 2017, Security Land and Development Corporation amended the April 19, 2017 Offer to increase the offer price to $1.75 per share. Within the offer period, 192,860 shares were sold by members of the Board of Directors who are not part of the Flanagin family. As of September 30, ~~2016~~2018, the percentage of common stock owned by the Flanagin Family was approximately 58%. The Company purchased and ~~2015~~retired a total of 1,476,817 shares of its stock for $2,584,455. Included within these shares purchased by the Company were 160,500 shares sold by members of the Flanagin family. The Company utilized funds procured from a line of credit as noted above in Note 3 - Notes Payable and Line of Credit.

(Continued)

-17-

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES, Continued

Net income per common share

Net income per common share is calculated on the basis of the weighted average number of shares outstanding. The Company has no stock option plans, or other ~~instruments~~ instruments resulting in earnings per share dilution. For ~~2016~~2018 and ~~2015~~2017, the ~~weighted~~ weighted average number of shares outstanding was 53,~~243~~766,~~107. Therefore,~~290 ~~only~~and 3,797,137. Only basic net income per common share is presented.

Recently issued accounting standards

In May 2014, the FASB issued guidance to change the recognition of revenue from contracts with customers ~~in future periods~~. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. ~~The~~This guidance ~~will~~also beincludes ~~effective~~expanded ~~for the~~disclosure ~~Company~~requirements ~~for~~that ~~reporting~~result ~~periods~~in ~~beginning~~an ~~after~~entity ~~December~~providing ~~15,~~users ~~2017.~~of ~~The~~financial statements with comprehensive ~~new~~information ~~standard~~about ~~will~~the ~~supersede~~nature, ~~existing~~amount, ~~revenue~~timing, ~~recognition guidance~~ and uncertainty ~~require~~of revenue toand becash ~~recognized~~flows ~~when~~arising ~~promised~~from ~~goods~~the orentity's ~~services~~contracts ~~are~~with ~~transferred to~~ customers. inThe ~~amounts~~guidance ~~that~~was ~~reflect~~effective ~~the~~for ~~consideration to which~~ the Company ~~expects to be entitled in exchange~~ for ~~those~~reporting ~~goods or services.~~ periods ~~Adoption~~beginning ofafter ~~the~~December ~~new~~31, ~~rules could affect the timing of revenue recognition for certain transactions~~2017. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. The Company is currently evaluating the impact of adoption and the implementation approach to be used.

In August ~~2014~~2015, the FASB ~~issued~~deferred ~~guidance~~the ~~that~~effective isdate ~~intended~~of toASU ~~define~~2014-09, ~~management’s responsibility~~Revenue ~~to evaluate whether there is substantial doubt about an~~from ~~organization’s~~Contracts ~~ability~~with toCustomers. ~~continue~~As as a ~~going~~result ~~concern~~of ~~and~~the ~~to provide related footnote disclosures. In connection with preparing financial statements~~deferral, ~~management~~ ~~will~~the ~~need~~guidance toin ~~evaluate whether there are conditions or events,~~ASU ~~considered~~2014-09 inwas ~~the~~effective ~~aggregate,~~for ~~that raise substantial doubt about~~ the ~~organization’s~~ ~~ability~~Company tofor ~~continue~~reporting asperiods abeginning ~~going concern within one year~~ after ~~the~~ ~~date~~December ~~that~~15, ~~the financial statements are issued~~2017. The ~~guidance~~Company will beapply ~~effective for~~ the ~~Company~~guidance ~~for~~using ~~the~~a ~~annual period ending September 30, 2017, and for annual~~modified ~~periods~~retrospective ~~and interim periods thereafter~~approach. The Company does not expect ~~this guidance~~these amendments to have a material effect on its financial statements.

In ~~January~~March ~~2015~~2016, the FASB ~~issued~~amended ~~guidance~~the toRevenue ~~eliminate~~ from ~~U.S.~~Contracts ~~GAAP~~with ~~the~~Customers ~~concept of~~topic ~~an extraordinary item, which is an event or transaction that is both (1)~~of ~~unusual~~the inAccounting ~~nature~~Standards ~~and~~Codification ~~(2)~~to ~~infrequently~~clarify ~~occurring. Under~~ the ~~new~~implementation guidance, anon ~~entity~~principal ~~will~~versus noagent ~~longer~~considerations ~~(1)~~and ~~segregate~~address how an ~~extraordinary~~entity ~~item~~should ~~from the results of~~assess ~~ordinary~~whether ~~operations;~~it ~~(2)~~is ~~separately~~the ~~present~~principal anor ~~extraordinary~~the ~~item~~agent onin ~~its~~contracts ~~income statement,~~that ~~net~~include ofthree ~~tax, after income from continuing operations;~~ or ~~(3) disclose~~ ~~income~~more ~~taxes and earnings-per-share data applicable to an extraordinary item~~parties. The ~~guidance~~amendments ~~will~~were be effective for ~~fiscal~~the ~~years,~~Company ~~and~~for ~~interim~~ reporting periods ~~within those fiscal years,~~ beginning after December 15, ~~2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption~~2017. The Company does not expect ~~this~~these amendments ~~guidance~~ to have a material effect on its financial statements.

In April 2016, the FASB amended the Revenue from Contracts with Customers topic of the Accounting Standards Codification to clarify guidance related to collectability, noncash consideration, presentation of sales tax, and transition. The amendments were effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect these amendments to have a material effect on its financial statements.

In May 2016, the FASB amended the Revenue from Contracts with Customers topic of the Accounting Standards Codification to clarify guidance related to collectability, noncash consideration, presentation of sales tax, and transition. The amendments were effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect these amendments to have a material effect on its financial statements.

In December 2016, the FASB issued technical corrections and improvements to the Revenue from Contracts with Customers Topic. These corrections make a limited number of revisions to several pieces of the revenue recognition standard issued in 2014. The effective date and transition requirements for the technical corrections were effective for the Company for reporting periods beginning after December 15, 2017. The Company will apply the guidance using a modified retrospective approach. The Company does not expect these amendments to have a material effect on its financial statements.

In February 2016, the FASB amended the Leases topic of the Accounting Standards Codification to require all leases with lease terms over 12 months to be capitalized as a right-of-use asset and lease liability on the balance sheet at the date of lease commencement. Leases will be classified as either finance leases or operating leases. This distinction will be relevant for the pattern of expense recognition in the income statement. The amendments will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows.

In August 2016, the FASB amended the Statement of Cash Flows topic of the Accounting Standards Codification to clarify how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments will be effective for the Company for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years. The Company does not expect these amendments to have a material effect on its financial statements.

(Continued)

-1618-

NOTE 1 –- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES, Continued

Recently issued accounting standards, continued

In ~~February~~November, ~~2015~~2016, the FASB ~~issued~~amended ~~guidance which amends~~ the ~~consolidation requirements~~Statement ~~and~~of ~~significantly~~Cash ~~changes~~Flows ~~the~~topic ~~consolidation~~of ~~analysis required~~the ~~under~~Accounting ~~U.S.~~Standards ~~GAAP.~~Codification ~~Although~~to ~~the~~clarify ~~amendments~~how ~~are~~restricted ~~expected~~cash tois ~~result in the~~presented ~~deconsolidation~~and ofclassified ~~many~~in ~~entities,~~ the ~~Company~~statement ~~will~~of ~~need~~cash ~~to reevaluate all its previous consolidation conclusions~~flows. The amendments ~~will~~were be effective for ~~fiscal years,~~the ~~and~~Company ~~interim~~for ~~periods within those~~ fiscal years, beginning after December 15, ~~2015,~~2017 ~~with early adoption permitted (~~including ~~during an~~ interim ~~period), provided~~periods ~~that~~within ~~the~~those ~~guidance~~fiscal isyears. ~~applied~~Early ~~as of the beginning of the annual period containing the~~ adoption ~~date~~is permitted. The Company does not expect these amendments to have a material effect on its financial statements.

In ~~June~~October ~~2015~~2016, the FASB ~~issued~~amended ~~amendments to clarify~~ the ~~Accounting~~Income ~~Standards Codification~~Taxes ~~(ASC),~~topic ~~correct unintended application~~ of ~~guidance,~~the ~~and make minor~~Accounting ~~improvements~~Standards toCodification ~~the ASC that are not expected~~ to ~~have~~modify athe ~~significant effect on current~~ accounting ~~practice~~for orintra-entity ~~create~~transfers aof assets ~~significant~~other ~~administrative~~than ~~cost to most entities~~inventory. The amendments were effective ~~upon~~for ~~issuance~~the ~~(June~~Company ~~12, 2015)~~ for ~~amendments~~fiscal ~~that~~years dobeginning ~~not~~after ~~have~~December ~~transition~~15, ~~guidance. Amendments that are subject to transition guidance will be effective for fiscal years~~2017, ~~and~~including interim periods within those fiscal years~~, beginning after December 15, 2015~~. Early adoption is ~~permitted,~~ ~~including adoption in an interim period~~permitted. The Company does not ~~expect~~ expect these amendments to have a material effect on its financial statements.

In ~~August~~January ~~2015~~2017, the FASB issued ~~amendments~~guidance to clarify the ~~Interest~~definitions ~~topic~~ of a business with the ~~Accounting~~objective of adding guidance to assist entities with evaluating ~~Standards~~whether ~~Codification~~transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendment to ~~clarify~~the Business Combinations Topic is intended to address concerns that the ~~SEC~~existing ~~staff’s~~definition ~~position~~of ona ~~presenting~~business ~~and~~has ~~measuring~~been ~~debt~~applied ~~issuance~~too ~~costs~~broadly ~~incurred~~and has resulted in ~~connection~~many ~~with~~transactions ~~line-of-credit~~being recorded ~~arrangements.~~as business acquisitions that in substance are more akin to asset acquisitions. The ~~amendments~~guidance ~~were~~was effective ~~upon~~for ~~issuance~~the Company for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements.

In ~~August~~January ~~2015~~2017, the FASB ~~deferred~~updated the ~~effective~~Accounting ~~date~~Changes ofand ~~ASU~~Error ~~2014-09,~~Corrections ~~Revenue from~~and ~~Contracts~~the ~~with~~Investments-Equity ~~Customers.~~Method Asand aJoint ~~result~~Ventures Topics of the ~~deferral,~~Accounting Standards Codification. The ASU incorporates into the Accounting Standards Codification recent SEC guidance inabout ~~ASU 2014-09~~disclosing, ~~will~~under beSEC ~~effective~~SAB Topic ~~for~~11.M, the ~~Company~~effect ~~for~~on ~~reporting~~financial ~~periods~~statements ~~beginning~~of ~~after December~~adopting 15the revenue, ~~2017.~~leases, and credit losses standards. The ASU was effective upon issuance. The Company ~~will~~is ~~apply~~currently evaluating the ~~guidance~~impact ~~using~~on aadditional ~~modified~~disclosure ~~retrospective~~requirements ~~approach.~~as ~~The~~each ~~Company~~of the standards is adopted, however it does not expect these amendments to have a material effect on its financial ~~statements.~~position, results of operations or cash flows.

In ~~August~~January ~~2015~~2017, the FASB ~~issued~~amended ~~amendments~~the toGoodwill ~~the~~and ~~Interest~~Other ~~topic~~Topic of the Accounting Standards Codification to ~~clarify~~simplify the ~~SEC~~accounting ~~staff’s~~for ~~position~~goodwill onimpairment ~~presenting~~for public business entities and ~~measuring~~ ~~debt~~other ~~issuance~~entities ~~costs~~that ~~incurred~~have goodwill reported in their ~~connection~~financial ~~with~~statements ~~line-~~and have not elected the private company alternative for the subsequent measurement of~~-credit~~ goodwill. The amendment removes Step 2 of the ~~arrangements~~goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The ~~amendments~~effective ~~were~~date and transition requirements for the technical corrections will be effective ~~upon~~for ~~issuance~~the Company for reporting periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect these amendments to have a material effect on its financial statements.

In ~~November~~February ~~2015~~2017, the FASB amended the Other Income ~~Taxes~~Topic ~~topic~~ of the Accounting Standards Codification to ~~simplify~~clarify the ~~presentation~~scope of ~~deferred~~the ~~income~~guidance ~~taxes~~on bynonfinancial ~~requiring~~asset ~~that~~de-recognition ~~deferred~~as ~~tax~~well ~~liabilities~~as ~~and~~the ~~assets~~accounting befor ~~classified~~partial assales ~~noncurrent~~of innonfinancial ~~a classified statement of financial position~~assets. The amendments ~~will~~conform bethe de-recognition guidance on ~~effective~~nonfinancial ~~for~~assets ~~financial~~with ~~statements~~the ~~issued~~model for ~~annual~~transactions ~~periods~~in ~~beginning~~the ~~after~~new revenue ~~December~~standard. ~~15,~~The ~~2016,~~amendments ~~and~~were ~~interim~~effective ~~periods~~for ~~within~~the ~~those~~Company ~~annual~~for ~~periods. The~~reporting ~~Company~~periods ~~will~~beginning ~~apply~~after ~~the~~December ~~guidance~~15, ~~prospectively~~2017. The Company does not expect these amendments to have a material effect on its financial statements.

In ~~February~~September ~~2016~~2017, the FASB ~~amended~~updated the Revenue from Contracts with Customers and the Leases ~~topic~~Topics of the Accounting Standards Codification. toThe ~~revise~~amendments incorporate ~~certain~~into ~~aspects~~the ofAccounting ~~recognition,~~Standards ~~measurement,~~Codification recent SEC guidance ~~presentation,~~about ~~and~~certain ~~disclosure~~public ofbusiness ~~leasing~~entities ~~transactions.~~(PBEs) ~~The~~electing ~~amendments~~to ~~will~~use bethe non-PBE effective ~~for~~dates ~~fiscal~~solely ~~years~~to ~~beginning~~adopt ~~after~~the ~~December~~FASB's ~~15,~~new ~~2018,~~standards ~~including~~on ~~interim~~revenue and leases. ~~periods~~The ~~within~~amendments ~~those~~were ~~fiscal~~effective ~~years~~upon issuance. The Company is currently ~~evaluating~~in the ~~effect~~process ~~that implementation~~ of evaluating the ~~new~~impact ~~standard~~of ~~will~~adoption ~~have~~of onthis ~~its~~guidance, ~~financial~~however it does ~~position,~~not ~~results~~expect ofthese ~~operations,~~amendments ~~and~~to ~~cash~~have ~~flows~~a material effect on its financial statements.

In ~~March~~November ~~2016~~2017, the FASB ~~amended~~updated the Income Statement and Revenue from Contracts with Customers ~~topic~~Topic of the Accounting Standards Codification. toThe ~~clarify the implementation guidance on~~amendments ~~principal~~incorporate ~~versus~~into ~~agent~~the ~~considerations~~Accounting ~~and~~Standards ~~address~~Codification ~~how~~recent anSEC ~~entity should assess~~guidance ~~whether~~related itto isrevenue ~~the principal or the agent in contracts that include three or more parties~~recognition. The amendments ~~will~~were be effective ~~for~~upon ~~the~~issuance. The Company ~~for~~is ~~reporting periods~~currently ~~beginning~~evaluating ~~after~~the ~~December~~impact ~~15,~~on ~~2017.~~revenue ~~The~~recognition, ~~Company~~however it does not expect these amendments to have a material effect on its financial statements.

(Continued)

-1719-

NOTE 1 –- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES, Continued

In
MarchRecently 2016, the FASB issued guidance to simplify several aspects of the
accounting for share-based payment award transactions including the income tax
consequencesstandards, the classification of awards as either equity or liabilities, and
the classification on the statement of cash flows. Additionally, the guidance
simplifies two areas specific to entities other than public business entities
allowing them apply a practical expedient to estimate the expected term for all
awards with performance or service conditions that have certain characteristics
and also allowing them to make a one-time election to switch from measuring all
liability-classified awards at fair value to measuring them at intrinsic value.
The amendments will be effective for the Company for annual periods beginning
after December 15, 2016 and interim periods within those annual periods-public
business entities. The Company does not expect these amendments to have a
material effect on its financial statements.  continued

In ~~April~~March ~~2016~~2018, the FASB ~~amended~~updated the ~~Revenue~~Income ~~from~~Taxes ~~Contracts~~Topic ~~with~~of ~~Customers~~the ~~topic~~Accounting ofStandards Codification. The amendments incorporate into the Accounting Standards Codification torecent ~~clarify~~SEC guidance related to ~~identifying~~ ~~performance~~the ~~obligations~~income ~~and~~tax accounting implications ~~for~~of ~~licenses~~the ofTax ~~intellectual property~~Cuts and Jobs Act. The amendments ~~will~~were be effective ~~for the Company for reporting~~upon ~~periods beginning after December 15, 2017~~issuance. The Company ~~does~~has ~~not~~disclosed ~~expect~~the ~~these amendments~~impact towithin ~~have~~Note a1 ~~material~~to ~~effect~~the ~~on its~~ financial statements.

In ~~May~~July ~~2016~~2018, the FASB amended the ~~Revenue~~Leases ~~from~~Topic ~~Contracts with Customers topic~~ of the Accounting Standards Codification to ~~clarify~~make ~~guidance~~narrow ~~related~~amendments to ~~collectability,~~ ~~noncash~~clarify ~~consideration,~~how ~~presentation~~to apply certain aspects of ~~sales~~the ~~tax,~~new ~~and transition~~leases standard. The amendments will be effective for the Company for reporting periods beginning ~~after~~ December 15, ~~2017~~2018. The Company does not expect ~~these~~ these amendments to have a material effect on its financial statements.

In ~~August~~July ~~2016~~2018, the FASB amended the ~~Statement~~Leases ofTopic ~~Cash Flows topic~~ of the Accounting Standards Codification to ~~clarify~~give ~~how~~entities ~~certain~~another ~~cash~~option ~~receipts~~for ~~and~~transition ~~cash payments are presented~~ and ~~classified~~to inprovide lessors ~~the~~with ~~statement~~a ofpractical ~~cash flows~~expedient. The amendments will be effective for the Company for ~~fiscal~~reporting ~~years~~periods beginning after December 15, ~~2017 including interim periods within those fiscal years~~2018. The ~~Company~~ Company does not expect these amendments to have a material effect on its ~~financial~~ financial statements.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’'s financial position, results of operations or cash flows.

Concentrations

Substantially all of the Company’'s assets consist of real estate located in Richmond and Columbia Counties in the State of Georgia, and in North Augusta, South Carolina. InApproximately ~~2016~~100% and ~~2015, approximately~~ 99% ~~and 42%, respectively,~~ of the Company’'s revenues were rental related revenue, ~~and~~in ~~approximately~~2018 0% and ~~53%~~2017, ~~respectively,~~ ~~of the Company’s revenues were related to the sale of investment property~~respectively. In ~~2016~~both 2018 and ~~2015~~2017, approximately 5153% ~~and 55%, respectively,~~ of the Company’'s rental revenues were earned from National Plaza. Approximately 81% of National Plaza is leased to one tenant, a regional food supermarket. Approximately 4038% and 4539% of the Company’'s rental revenues in ~~2016~~2018 and ~~2015~~2017, respectively, were earned from the Evans Ground Lease, which is 100% leased to a major national home improvement retailer.

The majority of the Company’'s receivables from tenants at September 30, ~~2016~~2018 and ~~2015~~2017 were receivable from two tenants, the regional food supermarket that leases property at National Plaza, and the major national home improvement retailer under the Evans Ground Lease.

The Company places its cash with high quality financial institutions. At times the Company’'s cash balances may be in excess of Federal Deposit Insurance Corporation limits.

Subsequent events

Subsequent events are events or transactions that occur after the balance sheet date but before the financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Unrecognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date.

Management has reviewed events occurring through the date the financial statements were issued and no subsequent events, other than noted below, occurred that require accrual or disclosure.

The Company intends to use a portion of the proceeds from the National Plaza sale for a like-kind-exchange to purchase a property located in Augusta, Georgia. The identified property would be a long-term ground lease with an established national retailer that is currently occupying the premise. The expected purchase price of this property per the sales contract is $15,000,000 and the annual revenue from this long-term ground lease would be approximately $810,000, with approximately nine and half years remaining on the initial lease term. This lease does have sixteen five year extension options, with the first five year extension beginning in 2028 at a 10% escalation in the annual rent amount. If additional extension periods are exercised, rent amounts will increase every other extension period beginning in year 2033 at a rate of 5%.

(Continued)

-1820-

NOTE 1 –- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTIVITIES, Continued

Subsequent events,
 continued

~~Management~~ ~~has~~In ~~reviewed~~addition ~~events~~to ~~occurring~~using ~~through~~the proceeds of the ~~date~~National Plaza sale being used for the ~~financial~~purchase ~~statements~~of ~~were~~the aforementioned property, ~~issued~~ the ~~and~~Board noof ~~other~~the ~~subsequent~~Directors ~~events~~of ~~occurred~~the ~~that~~Company ~~require~~also ~~accrual~~plans orto evaluate the possibility ~~disclosure~~of paying dividends at a yet to be determined amount from a portion of the proceeds from the sale of National Plaza. The Company is also paying bonuses of approximately 3.75% of the gross sales price. At the closing of National Plaza, the Company also paid off the note payable with a regional financial institution for a loan that is currently collateralized by the National Plaza center.

In November of 2016, the Company obtained a $3,000,000 line of credit from a regional financial institution to finance probable equity transactions.

NOTE 2 - INVESTMENT PROPERTIES

Investment properties leased or held for lease

Investment properties leased or held for lease to others under operating leases consist of the following at September 30:

	2016		2015
	2018		2017
National Plaza building, land and improvements	$ 5,322,260	~~5,322,260~~	$ 5,322,260	~~5,305,419~~
Evans Ground Lease, land and improvements	2,382,673	~~2,382,673~~	2,382,673	~~2,382,673~~
Wrightsboro Road Building land and improvements	1,929,690	~~1,905,875~~	1,929,690	~~1,905,875~~
Commercial land and improvements	3,804,728	~~3,804,728~~	3,804,728	~~3,752,863~~
		13,415,536		13,346,830
	13,439,351		13,439,351
Less accumulated depreciation	(3,079,905)	~~(2,705,316)~~	(2,891,630)	~~(2,518,792)~~
Investment properties for lease, net of depreciation	$ 10,359,446	~~10,710,220~~	$ 10,547,721	~~10,828,038~~

Depreciation expense totaled $~~186~~188,~~526~~275 and $~~159~~186,~~345~~314 in ~~2016~~2018 and ~~2015~~2017, respectively.

Approximately 81% of National Plaza is leased to a regional food supermarket. The lease requires minimum annual rental payments of $463,200. The original term expired in 2015 and the tenant exercised a 5 year option. This lease is renewable for a total of an additional 15 years at substantially similar lease terms. The lease provides for the supermarket to pay for interior maintenance and utilities and property taxes on a proportional basis.

The lease agreement also provides for the Company to receive each year 1.25% of the individual supermarket’'s gross sales in excess of approximately $37 million. For ~~2016~~2018 and ~~2015~~2017, the supermarket did not achieve this gross sales level.

In construction of National Plaza, the supermarket contributed approximately $493,000 to the cost of the construction. The Company recorded the $493,000 as deferred revenue and recognized $24,652 as revenue annually using the straight-line method over the original twenty-year life of the lease with the supermarket.

In 2003, the Company entered into a 20-year ground lease arrangement on an outparcel of National Plaza. The ground lease provides for minimum rent of $45,000 annually, for the first 10 years of the lease. The minimum rent increases by approximately 10% after year 10 and then again after year 15 of the ground lease. Other lease agreements at National Plaza range in terms from one to five years.

The Company entered into a long-term ground lease with a major national home improvement retailer tenant and its developer in May 2006 on the approximately 18 acres of land in Columbia County, Georgia. The agreement required monthly rental payments of $20,833 during the development period, which was completed in January of 2007. Following the expiration of the development period, the lease requires annual rental payments of $500,000 for the first 5 years then increasing 5% in years 6, 11, and 16. The lease has an option to renew at year 21 and another option every 5 years thereafter for a possible total lease term of 50 years. The lease provides for the tenant to pay for insurance and property taxes.

(Continued)

-1921-

NOTE 2 - INVESTMENT PROPERTIES , ~~Continued~~ continued

Investment properties leased or held for lease, continued

In June of 2015, the Company sold approximately 1 acre of undeveloped land previously included as part of National Plaza adjoining Stanley Drive and a ~~residential~~ residential house located on Stanley Drive resulting in a gain on sale of approximately $1,~~862~~860,~~235~~000. In September of 2015, the Company purchased a commercial building consisting of approximately 25,000 square feet of retail space and 27,000 square feet of warehouse space on approximately 3.5 acres of land located on Wrightsboro road. The retail space is currently leased to a local retailer and rent commenced on October 1, 2015. The related lease term is 10 years with annual rental payments of $142,000, increasing to $153,000 at year 6. The warehouse space was available for lease as of September 30, ~~2016~~2018.

Future minimum rents receivable under the operating lease agreements are as follows for the years ending September 30:

2017	$	1,373,143
2019	$ 1,337,749
2018		1,375,730
2020	1,113,205
2019		1,324,224
2021	794,420
2020		1,095,485
2022	815,786
2021		773,760
2023	812,406
Thereafter	2,203,029	~~3,754,218~~
	$	9,696,560
	$ 7,076,595

On June 27, 2018, the Company entered into an agreement with WSQ, LLC, a Georgia Limited Liability Company, for the sale of National Plaza along with two adjoining outparcels, located on Washington Road in Augusta, Georgia. The closing of the sale occurred on December 13, 2018. After this sale, future minimum rents receivable under the existing operating lease agreements not associated with National Plaza (excluding pending purchase of property discussed in Note 1- Subsequent events are as follows for the years ending September 30:

2019	$ 693,250
2020	693,250
2021	704,610
2022	725,282
2023	732,173
Thereafter	2,187,862
	$ 5,736,427

Land and improvements held for investment or development

The Company also holds for investment or future development approximately 19.38 acres of undeveloped commercial land in North Augusta, South Carolina, purchased in several parcels during 2007 and 2008. The Company also owns approximately 85 acres of land in south Richmond County and a 1.1 acre parcel along Washington Road in Augusta, Georgia, that adjoins the Company’'s National Plaza investment property. See also Note 1 - Subsequent events. The aggregate cost of these investment properties held for investment or development was $3,804,728 ~~and $3,752,863~~ at both September 30, ~~2016~~2018 and ~~2015, respectively~~2017.

~~NOTE 3 – NOTES PAYABLE~~ -22-

NOTE 3 - NOTES PAYABLE

Notes payable consisted of the following at September 30:

	2016			2015
	2018		2017
A note payable to a regional financial institution, secured with a mortgage interest in National Plaza and an assignment of rents. The note is payable in monthly installments of $15,220, including principal and interest, through April 2025, and bears interest at a fixed rate of 4%. The proceeds were used to pay the Company’s outstanding income tax liability, four notes payable collateralized by the Company’s land held for lease and investment portfolio and one uncollateralized note payable to a shareholder. The proceeds were also used to fund renovations at National Plaza.	$	1,325,060		$	1,451,936
A note payable to a regional financial institution, secured with a mortgage interest in National Plaza and an assignment of rents. The note is payable in monthly installments of $33,050, through August 2027, and accrues interest at an annual fixed rate of 4.3%. The proceeds from this note were used to pay down a line of credit and a note payable collateralized by National Plaza.	$ 2,925,424		$ 3,188,257
A note payable to an insurance company collateralized with approximately 18 acres of land in Columbia County, Georgia, and an assignment of the long-term ground lease. The note is payable in monthly installments of $17,896, including principal and interest, through May 1, 2027, and bears interest at a fixed rate of 5.85%.	1,457,207	~~1,701,024~~	1,582,647		~~1,812,690~~
		3,026,084			3,264,626
	4,382,631		4,770,904
Less current maturities		(250,418)			(239,168)
Less deferred financing costs	(46,387)		(51,719)
	$	2,775,666		$	3,025,458
Less current maturities of notes payable	(407,554)		(388,322)
	$ 3,928,690		$ 4,330,863

~~(Continued)~~ Aggregate maturities of notes payable are as follows at September 30, 2018:

-20-


2019	$ 407,554
2020	427,449
2021	448,973
2022	471,277
2023	494,714
Thereafter	2,132,664

	$ 4,382,631

~~NOTE~~ All interest 3incurred –for ~~NOTES PAYABLE,~~2018 ~~Continued~~and 2017 was expensed by the Company.

~~Aggregate~~ ~~maturities of notes payable are as follows at September 30, 2016:~~ -23-

2017	$	250,418
2018		262,912
2019		276,052
2020		289,873
2021		304,412
Thereafter		1,642,417
	$	3,026,084

NOTE 4 - INCOME TAXES

All interest incurred for 2016 and 2015 was expensed by the Company.

NOTE 4 – INCOME TAXES

Deferred income taxes are the result of qualified tax-free exchanges of property transacted in previous years and reporting depreciation differently for income tax purposes. The tax effects of temporary differences that give rise to the deferred tax liability are as follows as of September 30:

	2016			2015
	2018		2017
Deferred income tax liabilities:
Basis in Investment Properties	$ 1,006,252	~~1,406,668~~	$ 1,367,556	$	~~1,413,187~~

Taxable gains deferred by the Company in prior years and in the current year through qualified tax-free like-kind exchanges totaled approximately $2,835,235. These deferred gains for tax reporting comprise a substantial portion of the Company's deferred income tax liabilities as of September 30, ~~2016~~2018 and ~~2015~~2017, net of the effects of depreciation.

The (benefit) provision for income taxes is as follows:

			For the years ended	~~For the years ended~~
			September 30,	~~September 30,~~
		2016					2015
	2018					2017
Current expense	$	$241,522	~~230,298~~			$	$255,909	~~243,477~~
Deferred (benefit) expense			(6,519		)			675,957
Deferred benefit		(356,991		)			(39,112	)
	$	$(115,469	~~223,779~~	)		$	$216,797	~~919,434~~

The provision for income taxes for the years ended September 30, ~~2016~~2018 and ~~2015~~2017 differs from the amount obtained by applying the U.S. federal and state income tax rate to pretax income due to the following:

			2016		2015
		2018		2017
Net income before tax	$	$705,943	~~524,030~~		$	$548,614	~~2,411,573~~
Expected federal tax expense at 34%			178,170				819,935
Expected federal tax expense at 24.25% and 34%		171,006				186,529
State tax expense, net of federal benefit		47,965	~~27,499~~			21,725	~~95,498~~
Other			18,110				4,001
Federal (benefit) expense of tax rate change		(330,104	)			-
Tax expense		$	223,779			$	919,434
Other (benefit) expense		(4,336	)			8,543
Tax (benefit) expense	$	(115,469	)		$	216,797

~~The~~ ~~Company~~See also ~~had~~Note no1 ~~outstanding~~- ~~income~~Subsequent ~~tax payable at September 30, 2016 or 2015~~events.

NOTE 5 -~~21-~~ RELATED PARTY TRANSACTIONS

~~NOTE~~ The Company 5purchases –insurance ~~RELATED~~from ~~PARTY~~an ~~TRANSACTIONS~~insurance company of which a former member of the Company's Board of Directors is President Emeritus. The former board member sold his shares and resigned from the Board of Directors during the year ended September 30, 2017. The Company believes that the insurance prices obtained from such company were not in excess of prices that would have been paid had the Company obtained this insurance from other sources.

~~The~~ ~~Company~~During the ~~purchases~~years ~~insurance~~ended ~~from~~September an30, ~~insurance~~2018 ~~company~~and of2017, ~~which~~the aCompany ~~member~~paid of$6,000 ~~the~~and $8,200, ~~Company’s~~respectively, ~~Board~~to ofthe ~~Directors~~son isof the President ~~Emeritus~~for accounting services. The Company~~’s Board of~~ ~~Directors~~ believes ~~that~~ the ~~insurance~~amount ~~prices~~paid ~~obtained~~is ~~from such company were~~ not in excess of prices that would have been paid had the Company obtained ~~this insurance~~these services from other sources.

During ~~the~~December ~~fiscal year 2016~~2017, the ~~Company~~Board ~~paid~~of ~~$6,300~~Directors voted to pay a ~~stockholder~~bonus ~~who~~of is$10,000 ~~also~~each ~~the~~to ~~son~~four ofFlanagin ~~the~~family ~~President for accounting services~~members. ~~The~~ ~~Company~~All ~~believes~~of the ~~amount paid~~members isare ~~not~~employees inof ~~excess~~the ofCompany and ~~prices~~three ~~that~~of ~~would~~the ~~have~~employees ~~been~~are ~~paid~~members ~~had~~of the ~~Company obtained~~Board ~~these~~of ~~services from other sources~~Directors.

~~The~~ ~~Company~~See ~~hired~~also anNote ~~attorney~~1 ~~who~~- isSubsequent ~~a member of the Company’s Board of Directors~~events. This attorney was hired to represent the Company in defending a claim brought by a tenant in relation to disputed lease related charges. This issue was resolved in 2015. Total fees paid to the attorney during the year ended September 30, 2015 were $8,807. In addition, in 2015, this same attorney was paid an additional $25,000 related to other Company matters not associated with litigation. No fees were paid to the attorney during 2016.

In November of 2015 the board of directors resolved to pay a $60,000 bonus to the President and CEO in relation to negotiating the sale of the approximately 1 acre of vacant land previously included as part of National Plaza, the residential house for lease located on Stanley drive and the purchase of the commercial building on Wrightsboro Road.-24-

The bonus was expensed in the quarter ended December 31, 2015. The company paid the bonus in January 2016.

In the first quarter of fiscal year 2015, the Company borrowed $15,000 from a member of the Company’s board of Directors to meet short term cash flow needs. This amount was paid in full in December 2014.

In the second quarter of fiscal year 2014, the Company borrowed $50,000 from a stockholder, who is also a member of the Flanagin family, to meet short term cash flow needs. Interest on this balance accrued at 5% and the outstanding principal and interest was paid in full in March of 2015.

-22-

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None

Item 9A. Controls and Procedures.

Disclosure Controls and Procedures

Our disclosure controls and procedures are our controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934, as amended, is processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Disclosure controls and procedures include without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, with the participation of our Chief Executive Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in 17 C.F.R. Sections 240.13a-15d--15(e)) as of September 30, ~~2016~~2018, and based on such evaluation, our Chief Executive Officer concluded that such controls and procedures were ineffective as of September 30, ~~2016~~2018 as explained by the material weakness described in internal control over financial reporting.

There were no significant changes in our internal controls over financial reporting that occurred during the fiscal year ended September 30, ~~2016~~2018 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Internal Controls over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in the Exchange Act Rules 13a-15(f). A system of internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

The Company’'s management has evaluated the effectiveness of its internal control over financial reporting as of September 30, ~~2016~~2018. Based on on this evaluation, the Company’'s management has evaluated and concluded that ~~the~~ the Company’'s internal control over financial reporting was ineffective as of September 30, ~~2016~~2018 as explained by the material weakness described in internal control over financial reporting:

Due to its relatively small size and the nature of its operations, having only two key employees, whom are also married to each other, actively involved in management and financial reporting of the Company there is a lack of necessary segregation of duties and accounting personnel with the requisite knowledge of accounting principles generally accepted in the United States of America (“"GAAP”") and the financial reporting requirements of the Securities and Exchange Commission ("SEC"). There are insufficient ~~written~~ written policies and procedures to insure the correct application of accounting ~~and~~ and financial reporting with respect to the current requirements of GAAP and ~~SEC~~ SEC disclosure requirements.

Notwithstanding the existence of this material weakness in our internal control over financial reporting, our management believes that the consolidated financial statements included in its reports fairly present in all material respects the Company’'s financial condition, results of operations and cash flows for the periods presented.

The Company will continue its assessment on an ongoing basis and when it becomes practicable, will make efforts to add personnel and resources to address the material weakness. There has been no change in its internal control over financial reporting that occurred during the Company’'s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’'s internal control over financial reporting.

This annual report does not include an attestation report of the Company’'s independent registered public accounting firm regarding internal control over financial reporting. The Company’'s independent registered public accounting firm was not required nor engaged to issue an attestation on its internal controls over financial reporting pursuant to temporary rules of the Securities and Exchange Commission.

Item 9B. Other Information.

None

-2325-

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The following table sets forth certain information for the current directors and executive officers of the Company. There are no arrangements or understandings between any officers and any other persons pursuant to the election of the officers.

NAME, AGE AND
NAME, AGE AND POSITION	LAST FIVE YEARS BUSINESS EXPERIENCE
POSITION	LAST FIVE YEARS BUSINESS EXPERIENCE
W. Stewart Flanagin, Jr. 70 - Chairman of Board of Directors since 1983; Member of Board since 1983; brother of President.	Pharmacist, former owner of Hill Drug Company and past manager of Revco Drug Store, Inc.
W. Stewart Flanagin, Jr.	Pharmacist, former owner of Hill Drug Company
T. Greenlee Flanagin 69 - President and CEO since 1983; member of Board since 1983; brother of Chairman of Board.	Real estate
68-Chairman of Board of Directors since 1983;	and past manager of Revco Drug Store, Inc.
John C. Bell, Jr. 70- Vice President; Member of Board since 1983.	Attorney at Law
Member of Board since 1983; brother of President.
Robert M. Flanagin 61 - Member of Board since 1987. brother of President and Chairman.	Real estate agent
T. Greenlee Flanagin	Real estate
67 - President and CEO since 1983; member of
Board since 1983; brother of Chairman of Board.
M. David Alalof	President Emeritus of A.C.H.S. Insurance, an insurance company;
74 - member of Board since 1977.	Past Chairman of the State Personnel Board of Georgia
John C. Bell, Jr.	Attorney at Law
68– Vice President; Member of Board since 1983.
Gregory B. Scurlock	Former Vice President, First Bank of Georgia, Augusta, GA
67 – Secretary/Treasurer; member of Board since	Former Senior Vice President, Wachovia Bank, Augusta, GA
1983.
Robert M. Flanagin	Real estate agent
59 - Member of Board since 1987.
brother of President and Chairman.

Section 16(a) of the Securities Exchange Act of 1934, as amended, and regulations of the SEC thereunder require the Company’'s executive officers and directors and persons who own more than 10% of the Company’'s ~~Common~~ Common Stock, as well as certain affiliates of such persons, to file initial ~~reports~~ reports of ownership and reports of changes in ownership with the SEC. ~~Executive~~ Executive officers, directors and persons owning more than 10% of the Company’'s ~~Common~~ Common Stock are required by SEC regulation to furnish the Company with copies of all Section 16(a) forms they file. Based solely on its review of the copies of of such forms received by it and written representations that no other reports were required for those persons, the Company believes that during the fiscal year ended September 30, ~~2016~~2018 the Company’'s executive officers, directors and owners of more than 10% of its Common Stock complied with all filing requirements.

~~Gregory~~ B. Scurlock and M. David Alalof serve on the Company’s audit committee, both also serve on the Board of Directors and are experienced in financial matters. The audit committee members are independent of management of the Company.-26-

-24-

Item 11. Executive Compensation.

The table below shows the compensation (including bonuses) of the Chief Executive Officer for the three most recent fiscal years.

NAME	COMPENSATION	DATE
T. Greenlee Flanagin	$ 56,669	September 30, 2018
T. Greenlee Flanagin	$ 45,789	September 30, 2017
T. Greenlee Flanagin	$108,016	September 30, 2016
T. Greenlee Flanagin	$ 13,705	September 30, 2015
T. Greenlee Flanagin	$ 10,800	September 30, 2014

No ~~bonuses~~A bonus ~~were~~of ~~awarded~~$10,000 was paid during ~~fiscal~~the year ~~2015. In~~ended ~~November~~September ~~2015~~30, ~~the Board~~2018. This ~~resolved~~amount tois ~~pay~~included in the ~~President~~compensation ~~and~~total ~~CEO~~listed aabove ~~bonus~~for ~~of $60,000~~2018.

There were no annuity, pension or retirement benefits paid during the fiscal year ended September 30, ~~2016~~2018 and none are proposed to be paid to any officer or director of Security Land and Development Corporation for the year-end September 30, ~~2016~~2018. ~~Included~~The ~~within the~~ President’'s salary isincludes amounts topaid ~~pay health~~for health insurance premiums for himself and his wife.

The Company does not have a stock option plan and no stock or options were awarded to executives as compensation in the past 3 years.

Each Director of the Company receives compensation of $100 per Director’'s meeting for services performed as a Director.

~~The~~ ~~audit committee members both receive compensation of $250 per month.~~ -27-

~~-25-~~Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Principal Shareholders:

The following table sets forth certain information regarding the beneficial ownership of the common stock as of September 30, ~~2016~~2018 by each person who is known to the Board of Directors of the Company to own beneficially five percent (5%) or more of the outstanding common stock.

	NUMBER OF SHARES OF
NAME OF BENEFICIAL OWNER		NUMBER OF SHARES OF COMMON STOCK BENEFICIALLY OWNED	PERCENT OF CLASS
NAME OF	COMMON STOCK	PERCENT OF
T. Greenlee Flanagin (1)		543,743	14
BENEFICIAL OWNER	BENEFICIALLY OWNED	CLASS
Robert Flanagin (1)		442,647	12
T. Greenlee Flanagin (1)	250,784	4.8
W. Stewart Flanagin, Jr. (1)		417,114	11
Robert Flanagin (1)	523,147	10.0
Ann Flanagin Smith (1)		411,604	11
W. Stewart Flanagin, Jr. (1)	497,114	9.5
John C. Bell, Jr.		286,065	8
Ann Flanagin Smith (1)	411,604	7.9
(1) Combined with the following, these individuals form the "Flanagin Family Group":
John C. Bell, Jr.	372,565	7.1
Harriette Flanagin		368,687	10
T. Greenlee Flanagin, Jr. (1)	292,959	5.6
R. Clayton Flanagin (1)	292,959	5.6
(1) Combined with the following, these individuals form the “Flanagin Family Group”:
Harriette Flanagin	75,728	1.4

~~The~~ The Flanagin Family Group owns 2,~~344~~183,~~295~~795 common shares, which is approximately ~~44.7~~58% of the Company's 53,~~243~~766,~~107~~ 290 shares of common stock outstanding.

Security Ownership of Management:

The following table sets forth certain information with respect to the beneficial ownership of the common stock, as of September 30, ~~2016~~2018, by Directors and executive officers:

NAME OF BENEFICIAL OWNER	~~ADDRESS~~	~~COMMON STOCK BENEFICIALLY OWNED~~ADDRESS	~~PERCENT OF CLASS~~	COMMON STOCK BENEFICIALLY OWNED	PERCENT OF CLASS
W. Stewart Flanagin, Jr.	~~1117 Glenn Avenue~~	~~497~~1117 Glenn Avenue Augusta,~~114~~ GA 30904	~~9.5~~	417,114	11
	Augusta, GA 30904
T. Greenlee Flanagin		3326 Wheeler Road Augusta, GA 30909		543,743	14
T. Greenlee Flanagin	3326 Wheeler Road	250,784	4.8
John C. Bell, Jr.		P.O. Box 1547 Augusta, GA 30903		286,065	8
	Augusta, GA 30909
Robert M. Flanagin		2002 Wrightsboro Road Augusta, GA 30904		442,647	12
M. David Alalof	P.O. Box 15637	106,360	2.0
All Directors and officers as a group consisting of four individuals.				1,689,569	45
	Augusta, GA 30909
John C. Bell, Jr.	P.O. Box 1547	372,565	7.1
	Augusta, GA 30903
Gregory B. Scurlock	1203 Reid Road	500	0.1
	Augusta, GA 30909
Robert M. Flanagin	2002 Wrightsboro Road	523,147	10.0
	Augusta, GA 30904
All Directors and officers as a group consisting of six individuals		1,750,470	33.39

~~-26-~~ The Flanagin Family Group and all Directors and Officers as a group beneficially own 2,469,860 common shares which is approximately 66% of the Company's 3,766,290 shares of common stock outstanding.

~~The Flanagin Family Group and all Directors and~~ ~~Officers as a group beneficially own 2,823,720 common shares which is approximately 53.9% of the Company's 5,243,107 shares of common stock outstanding.~~-28-

The Company purchased insurance from an insurance company of which a ~~member~~former member of the Board of Directors is President Emeritus and CEO. The Board of ~~Directors~~ Directors believes that the insurance prices were not in excess of prices that would have been paid had the Company obtained this insurance from other sources.

~~The~~ ~~Company~~During the ~~hired~~year, ~~an attorney who is a member of~~ the Company’s ~~Board~~paid of$6,000 ~~Directors~~ to ~~represent~~ the ~~Company~~son inof ~~defending~~the aPresident ~~claim~~for ~~brought by a tenant in relation~~accounting toservices. The ~~some~~Company ~~disputed~~believes ~~lease~~the ~~related~~amount ~~charges. Total fees~~ paid ~~during~~is ~~2015~~not ~~were $8,807. In addition~~ in ~~2015~~excess ~~this~~of ~~same~~prices ~~attorney~~that would ~~was~~have been paid anhad ~~additional~~the ~~$25,000 related to other~~ Company ~~matters~~obtained ~~not~~these ~~associated~~services ~~with~~from ~~litigation~~other sources.

In the first quarter of fiscal year 2015, the Company borrowed and repaid $15,000 from a member of the Company’s board of Directors to meet short term cash flow needs. This amount was paid in full in December 2014.

During the year, the Company paid $6,300 to a stockholder who is also the son of the President for accounting services. The Company believes the amount paid is not in excess of prices that would have been paid had the Company obtained these services from other sources.

Item 14. Principal Accounting Fees and Services.

The accounting fees billed to the Company by Elliott Davis ~~Decosimo~~, LLC related to the Company’'s fiscal years ~~ended~~ ended September 30, ~~2016~~2018 and ~~2015~~2017 for: (i) services rendered for the audit of ~~our~~ our annual financial statements and the review of our quarterly financial statements; (ii) services by our auditor that are reasonably related to the performance of the audit or review of our financial statements and that are not reported as Audit Fees; (iii) services rendered in connection with tax compliance, tax advice and tax planning; and (iv) all other fees for services rendered.

		2016	2015
		2018	2017
(i)	Audit Fees	$5358,~~750~~100	$5358,~~750~~100
(ii)	Audit Related Fees	-	-
(iii)	Tax Fees	$5,~~500~~800	$5,~~500~~800
(iv)	All Other Fees	-	-

-2729-

PART IV

Item 15. Exhibits, Financial Statement Schedules.
a) Exhibits required by Item 601 of Regulation S-B.
	EXHIBIT
	NUMBER	DESCRIPTION
	3	Articles of Incorporation
	11	Computation of Earnings Per Share
	21	Subsidiaries of the Registrant
	31.1	Certification of Chief Executive Officer
	32.1	Section 906 Certification of T. Greenlee Flanagin
	101	The following financial information from Security Land and Development Corporation’s Annual Report on Form 10-K for the year ended September 30,
		2016 formatted in Extensible Business Reporting Language (XBRL): (i) the
		Consolidated Balance Sheets, (ii) the Consolidated Statements of Income and
		Retained Earnings, (iii) The Consolidated Statements of Cash Flows and (iv)
		Notes to Consolidated Financial Statements.

Item 15. Exhibits, Financial Statement Schedules.

~~SIGNATURES~~ a) Exhibits required by Item 601 of Regulation S-B.

[See General Instruction D]

EXHIBIT NUMBER	DESCRIPTION

11	Computation of Earnings Per Share

21	Subsidiaries of the Registrant

31.1	Certification of Chief Executive Officer

32.1	Section 906 Certification of T. Greenlee Flanagin

101	The following financial information from Security Land and Development Corporation's Annual Report on Form 10-K for the year ended September 30, 2016 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income and Retained Earnings, (iii) The Consolidated Statements of Cash Flows and (iv) Notes to Consolidated Financial Statements.

~~Pursuant~~SIGNATURES ~~to the requirements~~ ~~of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.~~

~~SECURITY~~[See ~~LAND~~General &Instruction ~~DEVELOPMENT~~D] ~~CORPORATION~~

Pursuant to the requirements of Section 13 or 15(~~Registrant~~d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

/s/ T. Greenlee Flanagin December 16, 2016

SECURITY LAND & DEVELOPMENT CORPORATION
(Registrant)

/s/ T. Greenlee Flanagin	December 17, 2018
T. GREENLEE FLANAGIN	(Date)
President
Chief Executive Officer and Chief
Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ W. Stewart Flanagin, Jr.	December 17, 2018
W. STEWART FLANAGIN, JR.	(Date)
Chairman of Board



/s/ Robert M. Flanagin	December 17, 2018
ROBERT M. FLANAGIN	(Date)
Director and Secretary

~~T. GREENLEE FLANAGIN~~ ~~(Date)~~-30-

~~President~~Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act

~~Chief Executive Officer and~~ ~~Chief~~None.

~~Financial Officer~~ -31-

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ W. Stewart Flanagin, Jr. December 16, 2016

W. STEWART FLANAGIN, JR. (Date)

Chairman of Board

/s/ M. David Alalof December 16, 2016

M. DAVID ALALOF (Date)

Director

/s/ Gregory B. Scurlock December 16, 2016

GREGORY B. SCURLOCK (Date)

Director and Secretary-Treasurer

-28-

Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act

None.

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