Rental Income

9 Months Ended

Jul. 31, 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 July 31, 2020, is as follows:

Year Ending October 31,	Amount
2020*	$	19,443
2021		18,137
2022		14,993
2023		12,384
2024		10,179
Thereafter		34,883
Total	$	110,019
*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 nine and three-month periods ended July 31, 2020 and 2019 were not material.

Residential tenants:

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