COMBINED BALANCE SHEETS (USD $)	Oct. 31, 2011		Oct. 31, 2010
ASSETS
Land and land development costs	$ 20,642,787	[1]	$ 21,410,737	[2]
Land improvements, buildings and equipment, net	22,881,409		25,401,708
Land held for investment, principally unimproved	6,943,374	[3]	8,523,723	[4]
Long-lived assets held for sale	4,721,303		3,943,479
Net investment in direct financing leases	7,788,195		8,298,793
Cash and cash equivalents	377,158		389,962
Cash held in escrow	211,881		605,159
Prepaid expenses and other assets	1,379,312		1,273,842
Accounts receivable and mortgages receivable	160,290		409,987
Total assets	65,105,709		70,257,390
LIABILITIES:
Debt	28,123,504		28,947,454
Accounts payable	437,783		646,961
Accrued liabilities	415,935		385,606
Deferred income	733,734		794,244
Amounts due to related parties	24,792		7,292
Accumulated deferred income taxes	2,303,708		3,964,378
Unfunded pension liability	3,312,316		2,713,872
Total liabilities	35,351,772		37,459,807
COMBINED SHAREHOLDERS' EQUITY:
Capital stock	819,731		819,731
Capital in excess of stated value	19,829,475		19,829,475
Earnings retained in the business	13,462,459		15,937,224
Accumulated other comprehensive loss	(2,272,321)		(1,703,440)
Shareholders' equity before capital stock in treasury	31,839,344		34,882,990
Less cost of 282,018 combined shares of capital stock in treasury	2,085,407		2,085,407
Total shareholders' equity	29,753,937		32,797,583
Total liabilities and shareholders' equity	$ 65,105,709		$ 70,257,390

[1] 3,394 acres per land ledger at October 31, 2011

[2] 3,433 acres per land ledger at October 31, 2010

[3] 10,719 acres per land ledger at October 31, 2011

[4] 10,723 acres per land ledger at October 31, 2010