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

3 Months Ended

Jan. 31, 2020

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

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

Property Held for Sale

The operating results of the Bernardsville Property and the Carmel Property which are included in continuing operations was as follows (amounts in thousands):

	Three Months Ended January 31,
	2020			2019
Revenues	$	21		$	76
Property operating expense		(26	)		(45	)
Depreciation and amortization		(9	)		(34	)
Net Income	$	(14	)	$	(3	)

Reconciliation between Basic and Diluted EPS

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

	Three Months Ended January 31,
	2020			2019
Numerator
Net income applicable to common stockholders – basic	$	1,082		$	1,233
Effect of dilutive securities:
Restricted stock awards		41			38
Net income applicable to common stockholders – diluted	$	1,123		$	1,271
Denominator
Denominator for basic EPS – weighted average common shares		8,968			8,810
Effect of dilutive securities:
Restricted stock awards		479			389
Denominator for diluted EPS – weighted average common equivalent shares		9,447			9,199
Numerator
Net income applicable to Class A common stockholders-basic	$	3,989		$	4,621
Effect of dilutive securities:
Restricted stock awards		(41	)		(38	)
Net income applicable to Class A common stockholders – diluted	$	3,948		$	4,583
Denominator
Denominator for basic EPS – weighted average Class A common shares		29,508			29,427
Effect of dilutive securities:
Restricted stock awards		140			120
Denominator for diluted EPS – weighted average Class A common equivalent shares		29,648			29,547

Major Customers by Reporting Segments

	Three Months Ended January 31,
	2020	2019
Ridgeway Revenues	11.1%	10.9%
All Other Property Revenues	88.9%	89.1%
Consolidated Revenue	100.0%	100.0%

	January 31, 2020	October 31, 2019
Ridgeway Assets	6.4%	6.0%
All Other Property Assets	93.6%	94.0%
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 months ended January 31, 2020 or the year ended October 31, 2019.

	January 31, 2020	October 31, 2019
Ridgeway Percent Leased	97%	97%

Ridgeway Significant Tenants by Annual Base Rents	Three Months Ended January 31,
	2020	2019
The Stop & Shop Supermarket Company	20%	20%
Bed, Bath & Beyond	14%	14%
Marshall’s Inc., a division of the TJX Companies	10%	10%
All Other Tenants at Ridgeway (Note 2)	56%	56%
Total	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 Statement (In Thousands):	Three Months Ended January 31, 2020
	Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	3,823	$	30,525	$	34,348
Operating Expenses and Property Taxes	$	1,130	$	10,609	$	11,739
Interest Expense	$	428	$	2,911	$	3,339
Depreciation and Amortization	$	587	$	6,548	$	7,135
Net Income	$	1,678	$	7,843	$	9,521

Income Statement (In Thousands):	Three Months Ended January 31, 2019
	Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	3,764	$	30,503	$	34,267
Operating Expenses and Property Taxes	$	1,075	$	10,768	$	11,843
Interest Expense	$	437	$	3,141	$	3,578
Depreciation and Amortization	$	601	$	6,339	$	6,940
Net Income	$	1,651	$	8,367	$	10,018