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

9 Months Ended

Jul. 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 and Carmel Properties, which are included in continuing operations is as follows (amounts in thousands):

	Nine Months Ended July 31,						Three Months Ended July 31,
	2020			2019			2020		2019
Revenues	$	17		$	283		$	-	$	121
Property operating expense		(27	)		(165	)		-		(58	)
Depreciation and amortization		(9	)		(102	)		-		(34	)
Net Income (Loss)	$	(19	)	$	16		$	-	$	29

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,
	2020			2019			2020			2019
Numerator
Net income applicable to common stockholders – basic	$	2,047		$	3,983		$	342		$	1,531
Effect of dilutive securities:
Restricted stock awards		53			155			4			68
Net income applicable to common stockholders – diluted	$	2,100		$	4,138		$	346		$	1,599
Denominator
Denominator for basic EPS – weighted average common shares		9,144			8,812			9,145			8,813
Effect of dilutive securities:
Restricted stock awards		335			501			136			585
Denominator for diluted EPS – weighted average common equivalent shares		9,479			9,313			9,281			9,398
Numerator
Net income applicable to Class A common stockholders-basic	$	7,399		$	14,939		$	1,234		$	5,739
Effect of dilutive securities:
Restricted stock awards		(53	)		(155	)		(4	)		(68	)
Net income applicable to Class A common stockholders – diluted	$	7,346		$	14,784		$	1,230		$	5,671
Denominator
Denominator for basic EPS – weighted average Class A common shares		29,506			29,442			29,503			29,431
Effect of dilutive securities:
Restricted stock awards		104			195			37			244
Denominator for diluted EPS – weighted average Class A common equivalent shares		29,610			29,637			29,540			29,675

Major Customers by Reporting Segments

	Nine Months Ended July 31,						Three Months Ended July 31,
	2020			2019			2020			2019
Ridgeway Revenues		11.2	%		10.8	%		11.1	%		10.9	%
All Other Property Revenues		88.8	%		89.2	%		88.9	%		89.1	%
Consolidated Revenue		100.0	%		100.0	%		100.0	%		100.0	%

	July 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 and nine months ended July 31, 2020 or the year ended October 31, 2019.

	July 31, 2020			October 31, 2019
Ridgeway Percent Leased		98	%		97	%

Ridgeway Significant Tenants (Percentage of Base Rent Billed):

	Nine Months Ended July 31,						Three Months Ended July 31,
	2020			2019			2020			2019
The Stop & Shop Supermarket Company		21	%		21	%		25	%		21	%
Bed, Bath & Beyond		15	%		14	%		17	%		15	%
Marshall’s Inc.		12	%		10	%		17	%		11	%
All Other Tenants at Ridgeway (Note 2)		52	%		55	%		41	%		53	%
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, 2020						Three Months Ended July 31, 2020
	Ridgeway		All Other Operating Segments		Total Consolidated		Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	10,580	$	83,847	$	94,427	$	3,195	$	25,604	$	28,799
Property Operating Expenses	$	3,281	$	29,419	$	32,700	$	1,063	$	9,189	$	10,252
Interest Expense	$	1,256	$	8,867	$	10,123	$	415	$	3,060	$	3,475
Depreciation and Amortization	$	1,911	$	19,676	$	21,587	$	714	$	6,590	$	7,304
Net Income	$	4,132	$	18,552	$	22,684	$	1,003	$	4,920	$	5,923

Income Statements (In Thousands):	Nine Months Ended July 31, 2019						Three Months Ended July 31, 2019
	Ridgeway		All Other Operating Segments		Total Consolidated		Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	11,146	$	91,619	$	102,765	$	3,744	$	30,648	$	34,392
Property Operating Expenses	$	3,243	$	31,215	$	34,458	$	1,043	$	9,862	$	10,905
Interest Expense	$	1,278	$	9,329	$	10,607	$	424	$	3,073	$	3,497
Depreciation and Amortization	$	1,768	$	19,160	$	20,928	$	582	$	6,420	$	7,002
Net Income	$	4,857	$	26,548	$	31,405	$	1,695	$	9,732	$	11,427