ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Apr. 30, 2015

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Operating results for properties held for sale in continuing operations [Text Block]

The combined operating results of the Springfield property and the Meriden Property which are included in the continuing operations were as follows (amounts in thousands):

	Six Months Ended						Three Months Ended
	April 30,						April 30,
	2015			2014			2015			2014
Revenues	$	3,034		$	4,036		$	1,789		$	2,139
Property operating expense		(1,220	)		(2,082	)		(731	)		(1,233	)
Depreciation and amortization		(625	)		(895	)		(251	)		(477	)
Net Income	$	1,189		$	1,059		$	807		$	429

Operating results for discontinued operations

The combined operating results for the distribution service facilities have been reclassified as discontinued operations in the accompanying consolidated statements of income.  The following table summarizes revenues and expenses for the Company's discontinued operations (amounts in thousands):

	Six Months Ended				Three Months Ended
	April 30,				April 30,
	2015		2014		2015		2014
Revenues	$	-	$	141	$	-	$	-
Property operating expense		-		-		-		-
Depreciation and amortization		-		-		-		-
Income from discontinued operations	$	-	$	141	$	-	$	-

Cash flows from discontinued operations for the six and three month periods ended April 30, 2015 and 2014 are combined with the cash flows from operations within each of the three categories presented.  Cash flows from discontinued operations are as follows (amounts in thousands):

	Six Months Ended					Three Months Ended
	April 30,					April 30,
	2015		2014			2015		2014
Cash flows from operating activities	$	-	$	(12,471	)	$	-	$	-
Cash flows from investing activities	$	-	$	17,401		$	-	$	-
Cash flows from financing activities	$	-	$	-		$	-	$	-

Property, plant and equipment, estimated useful lives

Properties are depreciated using the straight-line method over the estimated useful lives of the assets.  The estimated useful lives are as follows:

Buildings	30-40 years
Property Improvements	10-20 years
Furniture/Fixtures	3-10 years
Tenant Improvements	Shorter of lease term or their useful life

Reconciliation between basic and diluted EPS

The following table sets forth the reconciliation between basic and diluted EPS (in thousands):

	Six Months Ended						Three Months Ended
	April 30,						April 30,
	2015			2014			2015			2014
Numerator
Net income applicable to common stockholders – basic	$	1,238		$	4,297		$	785		$	664
Effect of dilutive securities:
Restricted stock awards		67			241			47			43
Net income applicable to common stockholders – diluted	$	1,305		$	4,538		$	832		$	707
Denominator
Denominator for basic EPS – weighted average common shares		8,057			7,799			8,059			7,800
Effect of dilutive securities:
Restricted stock awards		620			644			692			742
Denominator for diluted EPS – weighted average common equivalent shares		8,677			8,443			8,751			8,542
Numerator
Net income applicable to Class A common stockholders-basic	$	4,556		$	14,349		$	2,892		$	2,217
Effect of dilutive securities:
Restricted stock awards		(67	)		(241	)		(47	)		(43	)
Net income applicable to Class A common stockholders – diluted	$	4,489		$	14,108		$	2,845		$	2,174
Denominator
Denominator for basic EPS – weighted average Class A common shares		26,151			23,208			26,188			23,206
Effect of dilutive securities:
Restricted stock awards		173			184			208			221
Denominator for diluted EPS – weighted average Class A common equivalent shares		26,324			23,392			26,396			23,427