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

6 Months Ended

Apr. 30, 2018

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

Marketable Securities

The unrealized gain at April 30, 2018 and October 31, 2017 is detailed below (in thousands):

	Fair Market Value		Cost Basis		Unrealized Gain/(Loss)		Gross Unrealized Gains		Gross Unrealized (Loss)
April 30, 2018
REIT Securities	$	5,020	$	4,998	$	22	$	22	$	-
October 31, 2017
REIT Securities	$	-	$	-	$	-	$	-	$	-

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

Disposal Groups, Including Discontinued Operations

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

	Six Months Ended April 30,					Three Months Ended April 30,
	2018		2017			2018		2017
Revenues	$	-	$	-		$	-	$	-
Property operating expense		-		(322	)		-		(65	)
Depreciation and amortization		-		-			-		-
Net Income	$	-	$	(322	)	$	-	$	(65	)

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,
	2018			2017			2018			2017
Numerator
Net income applicable to common stockholders – basic	$	2,987		$	5,565		$	1,975		$	4,876
Effect of dilutive securities:
Restricted stock awards		137			280			97			263
Net income applicable to common stockholders – diluted	$	3,124		$	5,845		$	2,072		$	5,139
Denominator
Denominator for basic EPS – weighted average common shares		8,558			8,382			8,559			8,383
Effect of dilutive securities:
Restricted stock awards		546			584			591			636
Denominator for diluted EPS – weighted average common equivalent shares		9,104			8,966			9,150			9,019
Numerator
Net income applicable to Class A common stockholders-basic	$	11,532		$	21,948		$	7,623		$	19,225
Effect of dilutive securities:
Restricted stock awards		(137	)		(280	)		(97	)		(263	)
Net income applicable to Class A common stockholders – diluted	$	11,395		$	21,668		$	7,526		$	18,962
Denominator
Denominator for basic EPS – weighted average Class A common shares		29,365			29,312			29,358			29,313
Effect of dilutive securities:
Restricted stock awards		147			161			173			194
Denominator for diluted EPS – weighted average Class A common equivalent shares		29,512			29,473			29,531			29,507

Major Customers by Reporting Segments

	Six Months Ended April 30,						Three Months Ended April 30,
	2018			2017			2018			2017
Ridgeway Revenues		9.7	%		11.9	%		9.1	%		11.8	%
All Other Property Revenues		90.3	%		88.1	%		90.9	%		88.2	%
Consolidated Revenue		100.0	%		100.0	%		100.0	%		100.0	%

	April 30, 2018			October 31, 2017
Ridgeway Assets		7.1	%		7.2	%
All Other Property Assets		92.9	%		92.8	%
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, 2018 or the year ended October 31, 2017.

	April 30, 2018			October 31, 2017
Ridgeway Percent Leased		96	%		96	%

Ridgeway Significant Tenants (Percentage of Base Rent Billed):

	Six Months Ended April 30,						Three Months Ended April 30,
	2018			2017			2018			2017
The Stop & Shop Supermarket Company		21	%		19	%		21	%		19	%
Bed, Bath & Beyond		14	%		14	%		14	%		14	%
Marshall's Inc.		10	%		11	%		11	%		11	%
All Other Tenants at Ridgeway (Note 2)		55	%		56	%		54	%		56	%
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, 2018						Three Months Ended April 30, 2018
	Ridgeway		All Other Operating Segments		Total Consolidated		Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	6,820	$	63,180	$	70,000	$	3,367	$	33,638	$	37,005
Operating Expenses	$	1,916	$	20,434	$	22,350	$	940	$	9,957	$	10,897
Interest Expense	$	1,011	$	5,728	$	6,739	$	434	$	2,882	$	3,316
Depreciation and Amortization	$	1,336	$	12,581	$	13,917	$	655	$	6,313	$	6,968
Income from Continuing Operations	$	2,557	$	20,544	$	23,101	$	1,338	$	12,684	$	14,022

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