COMBINED BALANCE SHEETS (USD $)	Apr. 30, 2012 Unaudited		Oct. 31, 2011 Audited
ASSETS
Land and land development costs	$ 20,604,702	[1]	$ 20,642,787	[2]
Land improvements, buildings and equipment, net	22,190,227		22,881,409
Land held for investment, principally unimproved	6,890,282	[3]	6,943,374	[4]
Long-lived assets held for sale	1,355,750		4,721,303
Net investment in direct financing leases	0		7,788,195
Cash and cash equivalents	261,231		377,158
Cash held in escrow	311,601		211,881
Prepaid expenses and other assets	232,143		1,379,312
Accounts receivable and mortgages receivable	494,034		160,290
Total Assets	52,339,970		65,105,709
LIABILITIES:
Debt	17,305,826		28,123,504
Accounts payable	141,439		437,783
Accrued liabilities	291,785		415,935
Deferred income	878,100		733,734
Amounts due to related parties	0		24,792
Accumulated deferred income taxes	1,785,708		2,303,708
Accrued pension expense	3,190,023		3,312,316
Total liabilities	23,592,881		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	12,455,611		13,462,459
Accumulated other comprehensive loss	(2,272,321)		(2,272,321)
Shareholders' equity before capital stock in treasury	30,832,496		31,839,344
Less cost of shares of capital stock in treasury	2,085,407		2,085,407
Total shareholders' equity	28,747,089		29,753,937
Total liabilities and shareholders' equity	$ 52,339,970		$ 65,105,709

[1] 3,392 acres per land ledger

[2] 3,394 acres per land ledger

[3] 10,406 acres per land ledger

[4] 10,719 acres per land ledger