SUBSEQUENT EVENTS

12 Months Ended

Oct. 31, 2018

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

(12) SUBSEQUENT EVENTS

In December 2018, the Company purchased the Lakeview Plaza Shopping Center ("Lakeview") for $12.0 million.  Lakeview is a 177,000 square foot grocery-anchored Shopping Center located in Putnam County, NY. In addition, the Company anticipates having to invest up to $8.0 million for capital improvements and for re-tenanting at the property.  The Company funded the purchase with available cash and borrowings on our Facility.  The Company intends to fund the additional investment of up to $8.0 million with a combination of available cash, borrowings on our Facility and by potentially placing a mortgage on the property.

On December 12, 2018, the Board of Directors of the Company declared cash dividends of $0.245 for each share of Common Stock and $0.275 for each share of Class A Common Stock.  The dividends are payable on January 18, 2019 to stockholders of record on January 4, 2019. The Board of Directors also ratified the actions of the Company’s compensation committee authorizing awards of 137,200 shares of Common Stock and 111,450 shares of Class A Common Stock to certain officers, directors and employees of the Company effective January 2, 2019, pursuant to the Company’s restricted stock plan.  The fair value of the shares awarded totaling $4.2 million will be charged to expense over the requisite service periods (see note 1).