COMBINED BALANCE SHEETS (USD $)	Jan. 31, 2012 Unaudited		Oct. 31, 2011 Audited
ASSETS
Land and land development costs	$ 20,648,201	[1]	$ 20,642,787	[1]
Land improvements, buildings and equipment, net	22,530,633		22,881,409
Land held for investment principally unimproved	6,905,668	[2]	6,943,374	[3]
Long-lived assets held for sale	2,157,513		4,721,303
Net investment in direct financing leases	0		7,788,195
Cash and cash equivalents	360,075		377,158
Cash held in escrow	362,592		211,881
Prepaid expenses and other assets	267,177		1,379,312
Accounts receivable and mortgages receivable	417,573		160,290
Total Assets	53,649,432		65,105,709
LIABILITIES:
Debt	18,001,691		28,123,504
Accounts payable	138,996		437,783
Accrued liabilities	267,666		415,935
Deferred income	723,679		733,734
Amounts due to related parties	0		24,792
Accumulated deferred income taxes	2,043,708		2,303,708
Accrued pension expense	3,223,184		3,312,316
Total liabilities	24,398,924		35,351,772
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	12,959,030		13,462,459
Accumulated other comprehensive loss	(2,272,321)		(2,272,321)
Shareholders' equity before capital stock in treasury	31,335,915		31,839,344
Less cost of 282,018 shares of capital stock in treasury	2,085,407		2,085,407
Total shareholders' equity	29,250,508		29,753,937
Total liabilities and shareholders' equity	$ 53,649,432		$ 65,105,709

[1] 3,394 acres per land ledger

[2] 10,407 acres per land ledger

[3] 10,719 acres per land ledger