CORE PROPERTIES	3 Months Ended
Jan. 31, 2014
CORE PROPERTIES [Abstract]
CORE PROPERTIES	(2) CORE PROPERTIES In December 2013, the Company, through a wholly-owned subsidiary, purchased for $18.4 million a 63,000 square foot retail shopping center located in Boonton, NJ (the "Boonton Property"). The acquisition required the assumption of an existing mortgage in the amount of $7.8 million. The assumption of the mortgage loan represents a non-cash financing activity and is therefore not included in the accompanying consolidated statement of cash flows for the three months ended January 31, 2014. The mortgage loan requires monthly payments of principal and interest at a fixed rate of 4.2% per annum. The mortgage matures in September 2022. The Company funded the equity needed to complete the purchase with borrowings under its Unsecured Revolving Credit Facility (the "Facility") (See Note 3). In December 2013, the Company, through a wholly-owned subsidiary, purchased for $11.0 million a 56,000 square foot retail shopping center located in Bloomfield, NJ (the "Bloomfield Property"). The acquisition required the assumption of an existing mortgage in the amount of $7.7 million. The assumption of the mortgage loan represents a non-cash financing activity and is therefore not included in the accompanying consolidated statement of cash flows for the three months ended January 31, 2014. The mortgage loan requires monthly payments of principal and interest at a fixed rate of 5.50% per annum. The mortgage matures in August 2016. The Company funded the equity needed to complete the purchase with borrowings under its Facility. In January 2014, the Company, through a wholly-owned subsidiary, purchased for $9.0 million a 31,000 square foot retail shopping center located in Bethel, CT (the "Bethel Property"). The Company funded the equity needed to complete the purchase with proceeds from the sale of its two non-core properties in December 2013. In the fourth quarter of fiscal 2013, the Company entered into an agreement to purchase a 50% undivided interest in two retail properties located in Riverhead, NY totaling 197,000 square feet (the "Riverhead Properties"). Upon entering into the contract, the Company made a $1,000,000 deposit on the purchase that is included in prepaid expenses and other assets on the consolidated balance sheet at January 31, 2014. Subsequent to entering into the agreement, the Company and the prospective owner of the other 50% undivided interest in the property collectively entered into a commitment with a lender to place a first mortgage payable on the property in the amount of $14 million. The mortgage is for a term of 10 years and will require payments of principal and interest based on a fixed interest rate of 4.23%. Upon entering into the mortgage commitment, the Company placed a deposit with the lender in the amount of $280,000 that is included in prepaid expenses and other assets on the consolidated balance sheet at January 31, 2014. In addition, in September 2013, the Company made an unsecured loan to the other prospective owner in the amount of $1.2 million which is included in prepaid expenses and other assets on the consolidated balance sheet at January 31, 2014. The entire unsecured loan along with interest at LIBOR plus 2.00% was re-paid to the Company in February 2014. The Company completed the purchase of these two properties in February 2014 and funded its $6.3 million equity needed to complete the purchase with borrowings under its Facility and a portion of the proceeds from the recently completed sale of its two non-core properties. (See Notes 1 and 3). Upon the acquisition of real property, the fair value of the real estate purchased is allocated to the acquired tangible assets (consisting of land, buildings and building improvements), and identified intangible assets and liabilities (consisting of above-market and below-market leases and in-place leases), in accordance with ASC Topic 805, "Business Combinations". The Company utilizes methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property "as-if-vacant". The fair value reflects the depreciated replacement cost of the asset. In allocating purchase price to identified intangible assets and liabilities of an acquired property, the values of above-market and below-market leases are estimated based on the differences between (i) contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants and (ii) the estimated cost of acquiring such leases giving effect to the Company's history of providing tenant improvements and paying leasing commissions, offset by a vacancy period during which such space would be leased. The aggregate value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property "as-if-vacant," determined as set forth above. The Company is currently in the process of evaluating the fair value of the in-place leases for the Boonton Property, the Bloomfield Property and the Bethel Property. Consequently, no value has yet been assigned to those leases for these properties and the purchase price allocation is preliminary and may be subject to change. For the three month periods ended January 31, 2014 and 2013, the net amortization of above-market and below-market leases was approximately $115,000 and $129,000, respectively, which amounts are included in base rents in the accompanying consolidated statements of income.

(2) CORE PROPERTIES

In December 2013, the Company, through a wholly-owned subsidiary, purchased for $18.4 million a 63,000 square foot retail shopping center located in Boonton, NJ (the "Boonton Property"). The acquisition required the assumption of an existing mortgage in the amount of $7.8 million. The assumption of the mortgage loan represents a non-cash financing activity and is therefore not included in the accompanying consolidated statement of cash flows for the three months ended January 31, 2014. The mortgage loan requires monthly payments of principal and interest at a fixed rate of 4.2% per annum. The mortgage matures in September 2022. The Company funded the equity needed to complete the purchase with borrowings under its Unsecured Revolving Credit Facility (the "Facility") (See Note 3).

In December 2013, the Company, through a wholly-owned subsidiary, purchased for $11.0 million a 56,000 square foot retail shopping center located in Bloomfield, NJ (the "Bloomfield Property"). The acquisition required the assumption of an existing mortgage in the amount of $7.7 million. The assumption of the mortgage loan represents a non-cash financing activity and is therefore not included in the accompanying consolidated statement of cash flows for the three months ended January 31, 2014. The mortgage loan requires monthly payments of principal and interest at a fixed rate of 5.50% per annum. The mortgage matures in August 2016. The Company funded the equity needed to complete the purchase with borrowings under its Facility.

In January 2014, the Company, through a wholly-owned subsidiary, purchased for $9.0 million a 31,000 square foot retail shopping center located in Bethel, CT (the "Bethel Property"). The Company funded the equity needed to complete the purchase with proceeds from the sale of its two non-core properties in December 2013.

In the fourth quarter of fiscal 2013, the Company entered into an agreement to purchase a 50% undivided interest in two retail properties located in Riverhead, NY totaling 197,000 square feet (the "Riverhead Properties"). Upon entering into the contract, the Company made a $1,000,000 deposit on the purchase that is included in prepaid expenses and other assets on the consolidated balance sheet at January 31, 2014. Subsequent to entering into the agreement, the Company and the prospective owner of the other 50% undivided interest in the property collectively entered into a commitment with a lender to place a first mortgage payable on the property in the amount of $14 million. The mortgage is for a term of 10 years and will require payments of principal and interest based on a fixed interest rate of 4.23%. Upon entering into the mortgage commitment, the Company placed a deposit with the lender in the amount of $280,000 that is included in prepaid expenses and other assets on the consolidated balance sheet at January 31, 2014. In addition, in September 2013, the Company made an unsecured loan to the other prospective owner in the amount of $1.2 million which is included in prepaid expenses and other assets on the consolidated balance sheet at January 31, 2014. The entire unsecured loan along with interest at LIBOR plus 2.00% was re-paid to the Company in February 2014. The Company completed the purchase of these two properties in February 2014 and funded its $6.3 million equity needed to complete the purchase with borrowings under its Facility and a portion of the proceeds from the recently completed sale of its two non-core properties. (See Notes 1 and 3).

Upon the acquisition of real property, the fair value of the real estate purchased is allocated to the acquired tangible assets (consisting of land, buildings and building improvements), and identified intangible assets and liabilities (consisting of above-market and below-market leases and in-place leases), in accordance with ASC Topic 805, "Business Combinations". The Company utilizes methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property "as-if-vacant". The fair value reflects the depreciated replacement cost of the asset. In allocating purchase price to identified intangible assets and liabilities of an acquired property, the values of above-market and below-market leases are estimated based on the differences between (i) contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants and (ii) the estimated cost of acquiring such leases giving effect to the Company's history of providing tenant improvements and paying leasing commissions, offset by a vacancy period during which such space would be leased. The aggregate value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property "as-if-vacant," determined as set forth above.

The Company is currently in the process of evaluating the fair value of the in-place leases for the Boonton Property, the Bloomfield Property and the Bethel Property. Consequently, no value has yet been assigned to those leases for these properties and the purchase price allocation is preliminary and may be subject to change.

For the three month periods ended January 31, 2014 and 2013, the net amortization of above-market and below-market leases was approximately $115,000 and $129,000, respectively, which amounts are included in base rents in the accompanying consolidated statements of income.