(3) PROPERTIES

The components of the properties consolidated in the financial statements are as follows (in thousands):

	October 31,
	2016			2015
Land	$	187,676		$	175,952
Buildings and improvements		829,162			765,738
		1,016,838			941,690
Accumulated depreciation		(186,098	)		(165,660	)
	$	830,740		$	776,030

Space at the Company's properties is generally leased to various individual tenants under short and intermediate-term leases which are accounted for as operating leases.

Minimum rental payments on non-cancelable operating leases for the Company's consolidated properties totaling $491.5 become due as follows (in millions): 2017- $82.1; 2018- $71.6; 2019- $63.0; 2020- $53.8; 2021- $44.5; and thereafter – $176.5.

Certain of the Company's leases provide for the payment of additional rent based on a percentage of the tenant's revenues. Such additional percentage rents are included in operating lease income and were less than 1.00% of consolidated revenues in each of the three years ended October 31, 2016.

Significant Investment Property Transactions

The Company is currently under contract to purchase three grocery or pharmacy anchored shopping centers located in its primary marketplace. The Company's equity needed to close the transactions will amount to approximately $17.1 million, which it plans on funding with available cash, borrowings on its Unsecured Revolving Credit Facility (the "Facility") or proceeds from the sale of its White Plains shopping center.

In October 2016, the Company purchased, for $13.3 million, the 27,000 square foot 970 High Ridge Road shopping center located in Stamford, CT ("High Ridge Road Property"). The Company funded the purchase with available cash. In conjunction with the purchase, the Company incurred acquisition costs totaling $61,000, which have been expensed in the year ended October 31, 2016 consolidated statement of income.

In July 2016, the Company purchased, for $45.3 million, the 72,000 square foot Newfield Green shopping center located in Stamford, CT ("Newfield Property"). The Company funded the purchase with a combination of available cash, borrowings on its Facility and proceeds generated by placing a non-recourse first mortgage on the property in the approximate amount of $22.7 million (see note 5). In conjunction with the purchase, the Company incurred acquisition costs totaling $185,000, which have been expensed in the year ended October 31, 2016 consolidated statement of income.

The Company is currently in contract to sell its White Plains property to an unrelated entity. The sale was originally scheduled to close in fiscal 2016 but the purchaser requested, and the Company granted, several extensions in fiscal 2016 that postponed the closing to later in fiscal 2017. In consideration for granting the extensions, the Company received $4.8 million to compensate the Company for carrying the property vacant. The Company has recorded the $4.8 million as base rental income in the accompanying consolidated statement of income for the year ended October 31, 2016. In addition, in further consideration for the Company granting the extension to the purchaser the Company required that the purchaser deposit $11.9 million of the purchased price with the Company. The Company has recorded the $11.9 million deposit in other liabilities on the consolidated balance sheet at October 31, 2016.

In December 2014 (fiscal 2015), the Company, through four wholly-owned subsidiaries, purchased, for $124.6 million, four retail properties totaling 375,000 square feet located in Northern New Jersey ("NJ Retail Properties"). The Company funded the acquisition with a combination of available cash remaining from the sale of Class A Common Stock and the sale of its Series G Preferred Stock (see Note 8), borrowings under its Facility and a non-recourse mortgage secured by the properties (see Note 5). In conjunction with the purchase, the Company incurred acquisition costs totaling $1,867,000, which have been expensed in the year ended October 31, 2015 consolidated statement of income.

In June 2015, the Company, through a wholly-owned subsidiary, purchased, for $4.0 million, a 7,000 square foot retail property located in Fort Lee (Bergen County), New Jersey (the "Fort Lee Property"). The Company funded the acquisition with a combination of available cash and borrowings under its Facility. In conjunction with the purchase, the Company incurred acquisition costs totaling $24,000, which have been expensed in the year ended October 31, 2015 consolidated statement of income.

In July 2015, the Company, through a wholly-owned subsidiary purchased, for $10.0 million, a 26,000 square foot grocery anchored shopping center located in Harrison (Westchester County), New York (the "Harrison Property"). The acquisition was funded with a borrowing on the Company's Facility. In conjunction with the purchase, the Company incurred acquisition costs totaling $68,000, which have been expensed in the year ended October 31, 2015 consolidated statement of income.

The Company is in the process of evaluating the purchase price allocation of its High Ridge Road and Newfield Green Properties acquired in fiscal 2016 in accordance with ASC Topic 805; consequently the purchase price allocation is preliminary and may be subject to change.

In fiscal 2015, the Company completed evaluating the fair value of the in-place leases for its NJ Retail Properties, its Harrison property and its Fort Lee property, all acquired in fiscal 2015. In addition, the Company completed its evaluation of the Greenwich properties and its McLean Plaza property (see note 6), all acquired in fiscal 2014. As a result of its evaluation, the Company has allocated $964,000 to a liability associated with the fair value assigned to the acquired leases at the McLean Plaza Property, a $166,000 liability associated with the fair value assigned to the acquired leases at the Greenwich Properties, a $113,000 asset associated with the fair value assigned to the acquired leases at the NJ Retail Properties, a $69,000 asset associated with the leases at its Fort Lee Property and a $48,000 asset associated with the fair value assigned to the acquired leases at its Harrison Property, all of which amounts represent a non-cash investing activity and are therefore not included in the accompanying consolidated statement of cash flows for the fiscal year ended October 31, 2015.

For the years ended October 31, 2016, 2015 and 2014, the net amortization of above-market and below-market leases amounted to $157,000, $415,000 and $410,000, respectively, which amounts are included in base rents in the accompanying consolidated statements of income.

In fiscal 2016, the Company incurred costs of approximately $21.5 million related to capital improvements, tenants improvements and leasing costs to its properties.