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MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS
3 Months Ended
Jan. 31, 2014
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS [Abstract]  
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS
(3)  MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS

The Company has an $80 million unsecured revolving credit facility with a syndicate of four banks led by The Bank of New York Mellon, as administrative agent.  The syndicate includes Wells Fargo Bank N.A. (syndication agent), Bank of Montreal and Regions Bank (co-documentation agents).  The Facility gives the Company the option, under certain conditions, to increase the Facility's borrowing capacity up to $125 million.  The maturity date of the Facility is September 21, 2016 with a one-year extension at the Company's option.  Borrowings under the Facility can be used for, among other things, acquisitions, working capital, capital expenditures, and repayment of other indebtedness and the issuance of letters of credit (up to $10 million).  Borrowings will bear interest at the Company's option of Eurodollar rate plus 1.5% to 2.0% or The Bank of New York Mellon's prime lending rate plus 0.50% based on consolidated indebtedness, as defined.  The Company pays an annual fee on the unused commitment amount of 0.25% to 0.35% based on outstanding borrowings during the year.  The Facility contains certain representations, financial and other covenants typical for this type of facility.  The Company's ability to borrow under the Facility is subject to its compliance with the covenants and other restrictions on an ongoing basis. The principal financial covenants limit the Company's level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios.  The Company was in compliance with such covenants at January 31, 2014.

During the first quarter of fiscal 2014, the Company borrowed $20.35 million on the Facility to fund property acquisitions and capital improvements.  During the first quarter of fiscal 2014, the Company repaid $4 million on the Facility after the sale of its remaining Queens, NY property.