Years Ended October 31,

2018

2017

2016

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

25,464

$

24,114

$

22,694

Residential

31,928

26,886

22,952

Total real estate rental revenue

57,392

51,000

45,646

Real estate operating expenses:

Commercial

11,861

11,791

10,661

Residential

13,022

14,442

11,136

Total real estate operating expenses

24,883

26,233

21,797

Net operating income:

Commercial

13,603

12,323

12,033

Residential

18,906

12,444

11,816

Total net operating income

$

32,509

$

24,767

$

23,849

Recurring capital improvements - residential

$

(738

)

$

(798

)

$

(898

)

Reconciliation to consolidated net income attributable to common equity:

Segment NOI

$

32,509

$

24,767

$

23,849

Gain on sale of property

—

15,395

314

Loan prepayment costs relating to property sale

—

(1,139

)

—

Deferred rents - straight lining

605

634

608

Lease termination fee

—

(620

)

—

Investment income

267

206

150

Unrealized gain on interest rate cap contract

72

—

General and administrative expenses

(2,305

)

(2,129

)

(2,034

)

Depreciation

(11,515

)

(10,669

)

(7,852

)

Financing costs

(18,667

)

(15,762

)

(11,936

)

Net income

966

10,683

3,099

Net (income) loss attributable to noncontrolling interests

517

2,433

(94

)

Net income attributable to common equity

$

1,483

$

13,116

$

3,005