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

6 Months Ended

Apr. 30, 2017

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

Property Held for Sale

The combined operating results of the White Plains property, which is included in continuing operations was as follows (amounts in thousands):

	Six Months Ended April 30,						Three Months Ended April 30,
	2017			2016			2017			2016
Revenues	$	-		$	1,457		$	-		$	1,362
Property operating expense		(322	)		(691	)		(65	)		(362	)
Depreciation and amortization		-			(567	)		-			(281	)
Net Income	$	(322	)	$	199		$	(65	)	$	719

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 April 30,						Three Months Ended April 30,
	2017			2016			2017			2016
Numerator
Net income applicable to common stockholders – basic	$	5,565		$	1,670		$	4,876		$	1,042
Effect of dilutive securities:
Restricted stock awards		280			83			263			58
Net income applicable to common stockholders – diluted	$	5,845		$	1,753		$	5,139		$	1,100
Denominator
Denominator for basic EPS – weighted average common shares		8,382			8,240			8,383			8,241
Effect of dilutive securities:
Restricted stock awards		584			581			636			665
Denominator for diluted EPS – weighted average common equivalent shares		8,966			8,821			9,019			8,906
Numerator
Net income applicable to Class A common stockholders-basic	$	21,948		$	5,976		$	19,225		$	3,727
Effect of dilutive securities:
Restricted stock awards		(280	)		(83	)		(263	)		(58	)
Net income applicable to Class A common stockholders – diluted	$	21,668		$	5,893		$	18,962		$	3,669
Denominator
Denominator for basic EPS – weighted average Class A common shares		29,312			26,081			29,313			26,081
Effect of dilutive securities:
Restricted stock awards		161			143			194			193
Denominator for diluted EPS – weighted average Class A common equivalent shares		29,473			26,224			29,507			26,274

Major Customers by Reporting Segments

	Six Months Ended April 30,						Three Months Ended April 30,
	2017			2016			2017			2016
Ridgeway Revenues		11.9	%		11.6	%		11.8	%		11.7	%
All Other Property Revenues		88.1	%		88.4	%		88.2	%		88.3	%
Consolidated Revenue		100.0	%		100.0	%		100.0	%		100.0	%

	April 30, 2017			October 31, 2016
Ridgeway Assets		7.2	%		7.6	%
All Other Property Assets		92.8	%		92.4	%
Consolidated Assets (Note 1)		100.0	%		100.0	%

Note 1 - Ridgeway did not have any significant expenditures for additions to long lived assets in the three and six months ended April 30, 2017 or the year ended October 31, 2016.

	April 30, 2017			October 31, 2016
Ridgeway Percent Leased		96	%		98	%

Ridgeway Significant Tenants (Percentage of Base Rent Billed):

	Six Months Ended April 30,						Three Months Ended April 30,
	2017			2016			2017			2016
The Stop & Shop Supermarket Company		19	%		20	%		19	%		20	%
Bed, Bath & Beyond		14	%		14	%		14	%		14	%
Marshall's Inc.		11	%		11	%		11	%		11	%
All Other Tenants at Ridgeway (Note 2)		56	%		55	%		56	%		55	%
Total		100	%		100	%		100	%		100	%

Note 2 - No other tenant accounts for more than 10% of Ridgeway's annual base rents in any of the periods presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway.

Segment Reporting Information by Segment

Income Statements (In Thousands):	Six Months Ended April 30, 2017						Three Months Ended April 30, 2017
	Ridgeway		All Other Operating Segments		Total Consolidated		Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	7,003	$	51,956	$	58,959	$	3,537	$	26,455	$	29,992
Operating Expenses	$	2,090	$	18,141	$	20,231	$	1,005	$	9,230	$	10,235
Interest Expense	$	1,220	$	5,296	$	6,516	$	608	$	2,651	$	3,259
Depreciation and Amortization	$	1,745	$	11,019	$	12,764	$	634	$	5,549	$	6,183
Income from Continuing Operations	$	1,948	$	13,715	$	15,663	$	1,291	$	7,168	$	8,459

Income Statements (In Thousands):	Six Months Ended April 30, 2016						Three Months Ended April 30, 2016
	Ridgeway		All Other Operating Segments		Total Consolidated		Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	6,551	$	50,066	$	56,617	$	3,397	$	25,769	$	29,166
Operating Expenses	$	1,916	$	16,972	$	18,888	$	1,025	$	8,473	$	9,498
Interest Expense	$	1,251	$	5,269	$	6,520	$	624	$	2,625	$	3,249
Depreciation and Amortization	$	1,176	$	10,171	$	11,347	$	588	$	5,071	$	5,659
Income from Continuing Operations	$	2,208	$	13,020	$	15,228	$	1,160	$	7,396	$	8,556