LEASES

12 Months Ended

Oct. 31, 2022

(7) 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.

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 years ended October 31, 2022, 2021 and 2020, under ASC Topic 842, "Leases," as either fixed or variable lease income based on the criteria specified in ASC Topic 842 (in thousands):

	October 31,
	2022			2021			2020

Operating lease income:
Fixed lease income (Base Rent)	$	102,587		$	98,918		$	98,678
Variable lease income (Recoverable Costs)		34,067			35,090			28,889
Other lease related income, net:
Above/below market rent amortization		972			570			706
Uncollectable amounts in lease income		(13	)		(1,529	)		(3,916	)
ASC Topic 842 cash basis lease income reversal		47			(2,685	)		(3,416	)

Total lease income	$	137,660		$	130,364		$	120,941

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
2023 (a)	$	95,060
2024		85,624
2025		73,713
2026		64,768
2027		56,057
Thereafter		229,029
Total	$	604,251

(a) The amounts above are based on existing leases in place at October 31, 2022.