13. Operating Leases

12 Months Ended

Oct. 31, 2011

Notes

13. Operating Leases:

13.  OPERATING LEASES:

   The Companies lease land, land improvements and investment properties each of which are accounted for as operating leases. Rents are reported as income over the terms of the leases as they are earned.  Our shopping center is leased to various tenants for renewable terms averaging 2.38 years with options for renewal.  Information concerning rental properties and minimum future rentals under current leases as of October 31, 2011 is as follows:

		Properties Subject to Lease
		Cost	Accumulated Depreciation
Investment properties leased to others		$23,271,567	$6,160,089
Land and land improvements		17,064,102	5,312,854
Minimum future rentals:
Fiscal years ending October 31:	2012	$1,612,805
	2013	1,440,866
	2014	1,322,342
	2015	1,285,704
	2016	1,281,437
	Thereafter	20,495,517
		$27,438,671

   Minimum future rentals subsequent to 2016 include $1,179,500 under a land lease expiring in 2072; $3,078,669 under a net lease for a store expiring in 2024; $6,957,500 and $7,735,000 under net leases for two stores expiring in December 2035 and August 2036. There were no contingent rentals included in income for Fiscal 2011, 2010 and 2009.  The above information includes rental escalations recognized using straight-line basis.