COMBINED BALANCE SHEETS (07/31/11 UNAUDITED) (USD $)	Jul. 31, 2011		Oct. 31, 2010
ASSETS
Land and land development costs	$ 20,909,207	[1]	$ 21,410,737	[2]
Land improvements, buildings and equipment, net	24,666,756		25,401,708
Land held for investment principally unimproved	8,523,723	[3]	8,523,723	[3]
Long-lived assets held for sale	3,289,638		3,943,479
Net investment in direct financing leases	8,292,344		8,298,793
Cash and cash equivalents	333,725		389,962
Cash held in escrow	298,132		605,159
Prepaid expenses and other assets	1,019,834		1,273,842
Accounts receivable and mortgages receivable	2,171,359		409,987
Total Assets	69,504,718		70,257,390
LIABILITIES:
Debt	30,622,243		28,947,454
Accounts payable	215,925		646,961
Accrued liabilities	367,959		385,606
Deferred income	921,881		794,244
Amounts due to related parties	20,416		7,292
Accumulated deferred income taxes	3,281,378		3,964,378
Accrued pension expense	2,604,022		2,713,872
Total liabilities	38,033,824		37,459,807
SHAREHOLDERS' EQUITY:
Capital stock	819,731	[4]	819,731	[4]
Capital in excess of stated value	19,829,475		19,829,475
Earnings retained in the business	14,610,535		15,937,224
Accumulated other comprehensive loss	(1,703,440)		(1,703,440)
Shareholders' equity before capital stock in treasury	33,556,301		34,882,990
Less cost of shares of capital stock in treasury	2,085,407	[5]	2,085,407	[5]
Total shareholders' equity	31,470,894		32,797,583
Total liabilities and shareholders' equity	$ 69,504,718		$ 70,257,390

[1] 3,394 acres per land ledger

[2] 3,433 acres per, land ledger

[3] 10,723 acres per land ledger

[4] Capital stock, without par value, stated value $0.30 per combined share, Blue Ridge and Big Boulder each authorized 3,000,000 shares, each issued 2,732,442

[5] 282,018 shares