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

9 Months Ended

Jul. 31, 2018

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

Marketable Securities

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

	Fair Market Value		Cost Basis		Unrealized Gain/(Loss)		Gross Unrealized Gains		Gross Unrealized (Loss)
July 31, 2018
REIT Securities	$	5,775	$	4,998	$	777	$	777	$	-
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 and Fairfield properties, which are included in continuing operations were as follows (amounts in thousands):

	Nine Months Ended July 31,					Three Months Ended July 31,
	2018		2017			2018		2017
Revenues	$	-	$	2,240		$	-	$	2,203
Property operating expense		-		(330	)		-		(1	)
Depreciation and amortization		-		(90	)		-		(87	)
Net Income	$	-	$	1,820		$	-	$	2,115

Reconciliation between Basic and Diluted EPS

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

	Nine Months Ended July 31,						Three Months Ended July 31,
	2018			2017			2018			2017
Numerator
Net income applicable to common stockholders – basic	$	4,136		$	6,792		$	1,148		$	1,226
Effect of dilutive securities:
Restricted stock awards		202			359			63			71
Net income applicable to common stockholders – diluted	$	4,338		$	7,151		$	1,211		$	1,297
Denominator
Denominator for basic EPS – weighted average common shares		8,558			8,383			8,560			8,384
Effect of dilutive securities:
Restricted stock awards		589			615			673			677
Denominator for diluted EPS – weighted average common equivalent shares		9,147			8,998			9,233			9,061
Numerator
Net income applicable to Class A common stockholders-basic	$	15,962		$	26,782		$	4,431		$	4,835
Effect of dilutive securities:
Restricted stock awards		(202	)		(359	)		(63	)		(71	)
Net income applicable to Class A common stockholders – diluted	$	15,760		$	26,423		$	4,368		$	4,764
Denominator
Denominator for basic EPS – weighted average Class A common shares		29,363			29,313			29,358			29,313
Effect of dilutive securities:
Restricted stock awards		175			172			232			196
Denominator for diluted EPS – weighted average Class A common equivalent shares		29,538			29,485			29,590			29,509

Major Customers by Reporting Segments

	Nine Months Ended July 31,						Three Months Ended July 31,
	2018			2017			2018			2017
Ridgeway Revenues		10.0	%		11.5	%		10.5	%		10.8	%
All Other Property Revenues		90.0	%		88.5	%		89.5	%		89.2	%
Consolidated Revenue		100.0	%		100.0	%		100.0	%		100.0	%

	July 31, 2018			October 31, 2017
Ridgeway Assets		7.2	%		7.2	%
All Other Property Assets		92.8	%		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 nine months ended July 31, 2018 or the year ended October 31, 2017.

	July 31, 2018			October 31, 2017
Ridgeway Percent Leased		96	%		96	%

Ridgeway Significant Tenants (Percentage of Base Rent Billed):

	Nine Months Ended July 31,						Three Months Ended July 31,
	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	%		10	%		11	%
All Other Tenants at Ridgeway (Note 2)		55	%		56	%		55	%		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):	Nine Months Ended July 31, 2018						Three Months Ended July 31, 2018
	Ridgeway		All Other Operating Segments		Total Consolidated		Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	10,254	$	92,555	$	102,809	$	3,434	$	29,375	$	32,809
Operating Expenses	$	2,894	$	29,560	$	32,454	$	978	$	9,126	$	10,104
Interest Expense	$	1,439	$	8,739	$	10,178	$	428	$	3,011	$	3,439
Depreciation and Amortization	$	1,986	$	19,301	$	21,287	$	650	$	6,720	$	7,370
Income from Continuing Operations	$	3,935	$	28,946	$	32,881	$	1,378	$	8,402	$	9,780

Income Statements (In Thousands):	Nine Months Ended July 31, 2017						Three Months Ended July 31, 2017
	Ridgeway		All Other Operating Segments		Total Consolidated		Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	10,460	$	80,371	$	90,831	$	3,457	$	28,417	$	31,874
Operating Expenses	$	2,959	$	26,152	$	29,111	$	869	$	8,011	$	8,880
Interest Expense	$	1,726	$	8,074	$	9,800	$	506	$	2,778	$	3,284
Depreciation and Amortization	$	2,381	$	17,061	$	19,442	$	636	$	6,042	$	6,678
Income from Continuing Operations	$	3,394	$	23,570	$	26,964	$	1,446	$	9,855	$	11,301