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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Oct. 31, 2021
Oct. 31, 2020
Oct. 31, 2019
Operating activities:      
Net income $ 1,047 $ 17,320 $ 1,793
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 9,300 10,341 11,339
Tenant improvement write-off due to COVID-19 7,277
Amortization 1,653 1,819 1,750
Unrealized loss on interest rate cap contract 160
Stock based compensation expense 42 46 124
Director fees, consultant fee and related interest paid in stock units 446 534 940
Gain on sale of property (836)
Gain on deconsolidation of subsidiary (27,680)
Loss on investment in tenancy-in-common 295 202
Deferred rents - straight line rent 230 397 (410)
Bad debt expense 361 619 263
Changes in operating assets and liabilities:      
Tenants' security accounts (75) (285) 149
Accounts receivable, prepaid expenses and other assets (363) (1,527) (968)
Accounts payable, accrued expenses and deferred director compensation payable (7) (5,452) 64
Deferred revenue 100 (300) 21
Due to affiliate - accrued interest (808) 216 288
Deferred interest on mortgages (2) 360
Net cash provided by operating activities 12,219 3,887 14,677
Investing activities:      
Proceeds from sale of commercial property, net 7,060
Capital improvements - existing properties (1,936) (2,048) (3,087)
Deferred leasing costs (279) (250) (569)
Distribution from investment in tenancy-in-common 423 455
Deconsolidation of subsidiary cash and cash equivalents (1,383)
Net cash (used in) provided by investing activities (1,792) (3,226) 3,404
Financing activities:      
Repayment of mortgages (5,962) (22,910) (26,529)
Proceeds from mortgage loan refinancings 25,000 28,815
Deferred financing costs (699) (482) (539)
Due to affiliate - loan repayment (1,861)
Dividends paid (1,027) (1,357) (3,048)
Distributions to noncontrolling interests in subsidiaries (1,350) (3,883) (686)
Net cash used in financing activities (10,899) (3,632) (1,987)
Net (decrease) increase in cash, cash equivalents and restricted cash (472) (2,971) 16,094
Cash, cash equivalents and restricted cash, beginning of year 39,517 42,488 26,394
Cash, cash equivalents and restricted cash, end of year 39,045 39,517 42,488
Supplemental disclosure of cash flow data:      
Interest paid 10,965 12,365 16,337
Operating activities:      
Commercial tenant security deposits applied to accounts receivable 10 387
Investing activities:      
Accrued capital expenditures, construction costs and pre-development costs 125 179 157
Financing activities:      
Retirement of treasury stock 2,791
Dividends declared but not paid 686 1,357
Dividends paid in share units 42 106
Vested share units issued to consultant and retired director 72 1,467 611
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)