Nine Months Ended

Three Months Ended

July 31,

2018

2017

2018

2017

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

18,990

$

17,764

$

6,424

$

5,694

Residential

23,805

19,627

8,025

6,745

Total real estate rental revenue

42,795

37,391

14,449

12,439

Real estate operating expenses:

Commercial

8,857

8,754

2,888

2,919

Residential

9,487

10,649

3,620

3,762

Total real estate operating expenses

18,344

19,403

6,508

6,681

Net operating income:

Commercial

10,133

9,010

3,536

2,775

Residential

14,318

8,978

4,405

2,983

Total net operating income

$

24,451

$

17,988

$

7,941

$

5,758

Recurring capital improvements - residential

$

(575

)

$

(630

)

$

(337

)

$

(251

)

Reconciliation to condensed consolidated net income attributable to common equity:

Segment NOI

$

24,451

$

17,988

$

7,941

$

5,758

Gain on sale of property

—

15,395

—

15,395

Loan prepayment costs relating to property sale

—

(1,139

)

—

(1,139

)

Deferred rents - straight lining

355

552

182

241

Lease termination fee

—

(620

)

—

Investment income

201

145

89

54

Unrealized gain on interest rate cap contract

40

—

21

—

General and administrative expenses

(1,748

)

(1,672

)

(556

)

(515

)

Depreciation

(8,573

)

(7,887

)

(3,029

)

(2,709

)

Financing costs

(14,108

)

(11,706

)

(4,537

)

(3,984

)

Net income

618

11,056

111

13,101

Net loss attributable to noncontrolling interests in subsidiaries

432

2,062

181

653

Net income attributable to common equity

$

1,050

$

13,118

$

292

$

13,754