Six Months Ended

Three Months Ended

April 30,

2018

2017

2018

2017

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

12,566

$

12,070

$

6,263

$

5,996

Residential

15,780

12,882

7,987

6,495

Total real estate rental revenue

28,346

24,952

14,250

12,491

Real estate operating expenses:

Commercial

6,001

5,835

2,964

2,950

Residential

5,867

6,887

2,151

3,703

Total real estate operating expenses

11,868

12,722

5,115

6,653

Net operating income:

Commercial

6,565

6,235

3,299

3,046

Residential

9,913

5,995

5,836

2,792

Total net operating income

$

16,478

$

12,230

$

9,135

$

5,838

Recurring capital improvements - residential

$

(238

)

$

(379

)

$

(127

)

$

(179

)

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

Segment NOI

$

16,478

$

12,230

$

9,135

$

5,838

Deferred rents - straight lining

173

311

75

173

Lease termination fee

—

(620

)

—

(620

)

Investment income

112

91

57

45

Unrealized gain on interest rate cap contract

19

—

19

—

General and administrative expenses

(1,192

)

(1,157

)

(639

)

(633

)

Depreciation

(5,512

)

(5,178

)

(2,801

)

(2,648

)

Financing costs

(9,571

)

(7,722

)

(4,419

)

(3,856

)

Net income (loss)

507

(2,045

)

1,427

(1,701

)

Net (income) loss attributable to noncontrolling interests in subsidiaries

251

1,409

(312

)

1,002

Net income (loss) attributable to common equity

$

758

$

(636

)

$

1,115

$

(699

)