Six Months Ended

Three Months Ended

April 30,

2016

2015

2016

2015

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

11,418

$

11,688

$

5,493

$

5,944

Residential

11,095

10,993

5,573

5,381

Total real estate revenue

22,513

22,681

11,066

11,325

Real estate operating expenses:

Commercial

5,464

5,415

2,665

2,983

Residential

5,326

5,427

2,625

2,773

Total real estate operating expenses

10,790

10,842

5,290

5,756

Net operating income:

Commercial

5,954

6,273

2,828

2,961

Residential

5,769

5,566

2,948

2,608

Total net operating income

$

11,723

$

11,839

$

5,776

$

5,569

Recurring capital improvements-

residential

$

(489

)

$

(254

)

$

(175

)

$

(168

)

Reconciliation to consolidated net income attributable to common equity:

Segment NOI

$

11,723

$

11,839

$

5,776

$

5,569

Deferred rents - straight lining

(25

)

(148

)

(2

)

(73

)

Amortization of acquired leases

—

(1

)

—

Investment income

62

76

23

36

General and administrative expenses

(895

)

(1,144

)

(424

)

(652

)

Depreciation

(3,472

)

(3,295

)

(1,752

)

(1,648

)

Financing costs

(5,416

)

(5,553

)

(2,687

)

(2,771

)

Net income

1,977

1,774

934

461

Net (income) loss attributable to noncontrolling interests

(166

)

(194

)

(125

)

71

Net income attributable to common equity

$

1,811

$

1,580

$

809

$

532