LEASES

9 Months Ended

Jul. 31, 2020

(5) LEASES

Lessor Accounting

The Company's Lease income is comprised of both fixed and variable income, as follows:

Fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent. Income for these amounts is recognized on a straight line basis for all leases for which collectability is considered probable at the commencement date of the lease. For operating leases in which collectability of the lease income is not considered probable, lease income is recognized on a cash basis and all previously recognized uncollectible lease income, including straight-line lease income is reversed in the period in which the lease income is determined not to be probable of collection.

Variable lease income includes recoveries from tenants, which represents amounts that tenants are contractually obligated to reimburse the Company for the tenants’ portion of Recoverable Costs. Generally the Company’s leases provide for the tenants to reimburse the Company for Recoverable Costs based on the tenants’ share of the actual costs incurred in proportion to the tenants’ share of leased space in the property.

The following table provides a disaggregation of lease income recognized during the nine and three months ended July 31, 2020 and 2019, under ASC Topic 842, Leases, as either fixed or variable lease income based on the criteria specified in ASC Topic 842 (In thousands):

	Nine Months Ended July 31,						Three Months Ended July 31,
	2020			2019			2020			2019
Operating lease income:
Fixed lease income (Base Rent)	$	74,490		$	74,674		$	23,957		$	24,684
Variable lease income (Recoverable Costs)		21,166			24,664			7,056			7,839
Other lease related income, net:
Above/below market rent amortization		523			448			173			157
Uncollectible amounts in lease income		(3,490	)		(719	)		(1,645	)		(223	)
ASC Topic 842 cash basis lease income reversal		(2,686	)		-			(2,686	)		-

Total lease income	$	90,003		$	99,067		$	26,855		$	32,457

Future minimum rents under non-cancelable operating leases for the next five years and thereafter, excluding variable lease payments, are as follows (In thousands):

Fiscal Year Ending
2020 ^(a)	$	24,253
2021		94,534
2022		81,384
2023		54,679
2024		43,358
Thereafter		192,037
Total	$	490,245

(a) The future minimum rental income for fiscal 2020 includes amounts due between August 1, 2020 through October 31, 2020.