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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Oct. 31, 2018
Operating activities:      
Net income $ 17,320 $ 1,793 $ 966
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 10,341 11,339 11,515
Tenant improvement write-off due to COVID-19 7,277
Amortization 1,819 1,750 1,789
Unrealized loss (gain) on interest rate cap contract 160 (72)
Stock based compensation expense 46 124 130
Trustee fees, consultant fee and related interest paid in stock units 534 940 818
Gain on sale of property (836)
Gain on deconsolidation of subsidiary (27,680)
Loss on investment in tenancy-in-common 202
Deferred rents - straight line rent 397 (410) (605)
Bad debt expense 619 263 198
Changes in operating assets and liabilities:      
Tenants' security accounts (285) 149 272
Accounts receivable, prepaid expenses and other assets (1,777) (1,537) (371)
Accounts payable, accrued expenses and deferred trustee compensation payable (5,452) 64 (1,808)
Deferred revenue (300) 21 93
Due to affiliate - accrued interest 216 288 245
Deferred interest on mortgages 360
Net cash provided by operating activities 3,637 14,108 13,170
Investing activities:      
Proceeds from sale of commercial property, net 7,060
Capital improvements - existing properties (2,048) (3,087) (5,335)
Acquisition of Station Place (19,550)
Distribution from investment in tenancy-in-common 455
Deconsolidation of subsidiary cash and cash equivalents (1,383)
Proceeds from payment of secured loans receivable inclusive of accrued interest 1,870
Net cash (used in) provided by investing activities (2,976) 3,973 (23,015)
Financing activities:      
Repayment of mortgages and construction loan (22,910) (26,529) (148,680)
Repayment of credit line (3,121)
Proceeds from mortgage loan refinancings 25,000 28,815 166,520
Proceeds from acquisition mortgage loan 12,350
Deferred financing costs (482) (539) (2,685)
Interest rate cap contract cost (88)
Dividends paid (1,357) (3,048) (676)
Distributions to noncontrolling interests in subsidiaries (3,883) (686) (8,259)
Net cash (used in) provided by financing activities (3,632) (1,987) 15,361
Net (decrease) increase in cash, cash equivalents and restricted cash (2,971) 16,094 5,516
Cash, cash equivalents and restricted cash, beginning of year 42,488 26,394 20,878
Cash, cash equivalents and restricted cash, end of year 39,517 42,488 26,394
Supplemental disclosure of cash flow data:      
Interest paid, net of amounts capitalized 12,365 16,337 17,040
Operating activities:      
Commercial tenant security deposits applied to accounts receivable 387
Investing activities:      
Accrued capital expenditures, construction costs, pre-development costs and interest 179 157 82
Financing activities:      
Dividends declared but not paid 1,357 338
Dividends paid in share units 106 21
Vested share units issued to consultant and retired trustee [1] 1,467 611 332
Deconsolidation of subsidiary:      
Real estate, at cost, net of accumulated depreciation (36,225)
Accounts receivable, net of allowance for doubtful accounts (55)
Prepaid expenses and other assets (315)
Mortgage payable 48,000
Unamortized debt issuance costs (489)
Accounts payable and accrued expenses 353
Tenants' security deposits 585
Deferred revenue 47
Deconsolidation of subsidiary cash and cash equivalents (1,383)
Net carrying value of assets and liabilities deconsolidated 10,518
Recognition of retained investment in tenancy-in-common at fair value 20,758
Derecognition of noncontrolling interest in subsidiary $ (3,596)
[1] Represents the issuance of treasury shares to consultant and retired Trustee(s) for share units earned.