Rental Income

6 Months Ended

Apr. 30, 2020

Operating Leases, Future Minimum Payments Receivable [Abstract]

Rental Income

Note 15 – Rental Income:

Commercial tenants:

As discussed in Note 2, fixed lease income under our operating leases generally includes fixed minimum lease consideration and fixed CAM reimbursements which are accrued on a straight-line basis over the terms of the leases. Variable lease income includes consideration based on sales, as well as reimbursements for real estate taxes, maintenance, insurance and certain other operating expenses of the properties.

Minimum fixed lease consideration (in thousands of dollars) under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, for the years ending October 31, as of April 30, 2020, is as follows:

Year Ending October 31,	Amount
2020*	$	19,936
2021		18,984
2022		15,727
2023		13,099
2024		10,948
Thereafter		46,774
Total	$	125,468
*Amount represents full fiscal year

The above amounts assume that all leases which expire are not renewed and, accordingly, neither minimal rentals nor rentals from replacement tenants are included.

Minimum future rentals do not include contingent rentals, which may be received under certain leases on the basis of percentage of reported tenants' sales volume. Rental income that is contingent on future events is not included in income until the contingency is resolved. Contingent rentals included in income for the six and three-month periods ended April 30, 2020 and 2019 were not material.

Residential tenants:

Lease terms for residential tenants are usually one to two years.