Nine Months Ended

Three Months Ended

July 31,

2019

2018

2019

2018

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

19,865

$

18,990

$

6,786

$

6,424

Residential

24,791

23,805

8,343

8,025

Total real estate rental revenue

44,656

42,795

15,129

14,449

Real estate operating expenses:

Commercial

8,664

8,857

3,013

2,888

Residential

10,512

9,487

3,616

3,620

Total real estate operating expenses

19,176

18,344

6,629

6,508

Net operating income:

Commercial

11,201

10,133

3,773

3,536

Residential

14,279

14,318

4,727

4,405

Total net operating income

$

25,480

$

24,451

$

8,500

$

7,941

Recurring capital improvements - residential

$

(489

)

$

(575

)

$

(204

)

$

(337

)

Reconciliation to condensed consolidated net income attributable to common equity:

Segment NOI

$

25,480

$

24,451

$

8,500

$

7,941

Gain on sale of property

836

—

Deferred rents - straight lining

313

355

126

182

Investment income

276

201

92

89

Unrealized (loss) gain on interest rate cap contract

(160

)

40

(1

)

21

General and administrative expenses

(3,127

)

(1,748

)

(1,150

)

(556

)

Depreciation

(8,413

)

(8,573

)

(2,806

)

(3,029

)

Financing costs

(13,675

)

(14,108

)

(4,496

)

(4,537

)

Net income

1,530

618

265

111

Net (income) loss attributable to noncontrolling interests in subsidiaries

(86

)

432

(66

)

181

Net income attributable to common equity

$

1,444

$

1,050

$

199

$

292