Nine Months Ended

Three Months Ended

July 31,

2017

2016

2017

2016

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

17,764

$

16,952

$

5,694

$

5,534

Residential

19,627

16,875

6,745

5,780

Total real estate rental revenue

37,391

33,827

12,439

11,314

Real estate operating expenses:

Commercial

8,754

8,218

2,919

2,754

Residential

10,649

8,029

3,762

2,703

Total real estate operating expenses

19,403

16,247

6,681

5,457

Net operating income:

Commercial

9,010

8,734

2,775

2,780

Residential

8,978

8,846

2,983

3,077

Total net operating income

$

17,988

$

17,580

$

5,758

$

5,857

Recurring capital improvements - residential

$

(630

)

$

(659

)

$

(251

)

$

(170

)

Reconciliation to condensed consolidated net income attributable to common equity:

Segment NOI

$

17,988

$

17,580

$

5,758

$

5,857

Gain on sale of property

15,395

314

15,395

314

Loan prepayment costs relating to property sale

(1,139

)

—

(1,139

)

—

Lease termination fee

(620

)

—

Deferred rents - straight lining

552

251

241

276

Investment income

145

106

54

44

General and administrative expenses

(1,672

)

(1,401

)

(515

)

(506

)

Depreciation

(7,887

)

(5,263

)

(2,709

)

(1,791

)

Financing costs

(11,706

)

(8,153

)

(3,984

)

(2,737

)

Net income

11,056

3,434

13,101

1,457

Net (income) loss attributable to noncontrolling interests in subsidiaries

2,062

(377

)

653

(211

)

Net income attributable to common equity

$

13,118

$

3,057

$

13,754

$

1,246