(3) INVESTMENT PROPERTIES

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

	October 31,
	2018			2017
Land	$	231,660		$	218,501
Buildings and improvements		886,415			871,901
		1,118,075			1,090,402
Accumulated depreciation		(218,653	)		(195,020	)
	$	899,422		$	895,382

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 $550.9 million become due as follows (in millions): 2019 - $91.0; 2020 - $82.3; 2021 - $73.1; 2022 - $62.5; 2023 - $46.5; and thereafter – $195.5.

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, 2018.

Significant Investment Property Transactions

In October 2017, the Company purchased a promissory note secured by a mortgage on 470 Main Street in Ridgefield, CT (“470 Main”), which comprises part of the Yankee Ridge retail and office mixed-use property. The note was purchased from the existing lender. In January 2018, the Company completed foreclosure of the mortgage and became the owner of 470 Main. Total consideration paid for the note, including costs, totaled $3.1 million. 470 Main is a 24,200 square foot building with ground and first floor retail and second floor office space. The Company funded the note purchase with available cash.

In March 2018, the Company, through a wholly-owned subsidiary, purchased for $13.1 million a 27,000 square foot shopping center located in Yonkers, NY ("Tanglewood"). The Company funded the purchase with available cash, borrowings on its unsecured revolving credit facility and the issuance of $11.0 million in unsecured promissory notes to the seller (see note 4).

The Company accounted for the purchase of 470 Main, Tanglewood and a property acquired through a joint venture, which the Company consolidates (see note 5), as asset acquisitions and allocated the total consideration transferred for the acquisitions, including transaction costs, to the individual assets and liabilities acquired on a relative fair value basis.

The financial information set forth below summarizes the Company’s purchase price allocation for the properties acquired during the fiscal year ended October 31, 2018 (in thousands).

	470 Main		Tanglewood		New City
Assets:
Land	$	293	$	7,525	$	2,498
Building and improvements	$	2,786	$	5,920	$	632
In-place leases	$	68	$	147	$	38
Above market leases	$	25	$	81	$	-

Liabilities:
In-place leases	$	-	$	-	$	-
Below Market Leases	$	43	$	396	$	-

The value of above and below market leases are amortized as a reduction/increase to base rental revenue over the term of the respective leases. The value of in-place leases described above are amortized as an expense over the terms of the respective leases.

For the fiscal year ended October 31, 2018, 2017 and 2016, the net amortization of above-market and below-market leases was approximately $1,209,000, $223,000 and $157,000, respectively, which is included in base rents in the accompanying consolidated statements of income.

In Fiscal 2018, the Company incurred costs of approximately $8.2 million related to capital improvements and leasing costs to its properties.