Six Months Ended

Three Months Ended

April 30,

2017

2016

2017

2016

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

12,070

$

11,418

$

5,996

$

5,493

Residential

12,882

11,095

6,495

5,573

Total real estate rental revenue

24,952

22,513

12,491

11,066

Real estate operating expenses:

Commercial

5,835

5,464

2,950

2,665

Residential

6,887

5,326

3,703

2,625

Total real estate operating expenses

12,722

10,790

6,653

5,290

Net operating income:

Commercial

6,235

5,954

3,046

2,828

Residential

5,995

5,769

2,792

2,948

Total net operating income

$

12,230

$

11,723

$

5,838

$

5,776

Recurring capital improvements - residential

$

(379

)

$

(489

)

$

(179

)

$

(175

)

Reconciliation to condensed consolidated net income (loss) attributable to common equity:

Segment NOI

$

12,230

$

11,723

$

5,838

$

5,776

Lease termination fee

(620

)

—

(620

)

—

Deferred rents - straight lining

311

(25

)

173

(2

)

Investment income

91

62

45

23

General and administrative expenses

(1,157

)

(895

)

(633

)

(424

)

Depreciation

(5,178

)

(3,472

)

(2,648

)

(1,752

)

Financing costs

(7,722

)

(5,416

)

(3,856

)

(2,687

)

Net income (loss)

(2,045

)

1,977

(1,701

)

934

Net (income) loss attributable to noncontrolling interests in subsidiaries

1,409

(166

)

1,002

(125

)

Net income (loss) attributable to common equity

$

(636

)

$

1,811

$

(699

)

$

809