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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Oct. 31, 2022
Oct. 31, 2021
Oct. 31, 2020
Operating activities:      
Net income $ 69,244 $ 1,047 $ 17,320
Adjustments to reconcile net income to net cash provided by operating activities:      
Net gain on sale of Maryland properties (68,771)
Depreciation 3,995 9,300 10,341
Tenant improvement write-off due to COVID-19 7,277
Amortization 1,104 1,653 1,819
Stock based compensation expense 1,192 42 46
Director fees, consultant fee and related interest paid in stock units 120 446 534
Gain on deconsolidation of subsidiary (27,680)
Loss on investment in tenancy-in-common 228 295 202
Deferred rents - straight line rent (18) 230 397
Deferred real estate tax appeal fees 35
Bad debt expense 361 361 619
Changes in operating assets and liabilities:      
Tenants' security accounts (754) (75) (285)
Accounts receivable, prepaid expenses and other assets 2,571 (363) (1,527)
Accounts receivable, prepaid expenses and other assets director compensation payable (1,159) (7) (5,452)
Deferred revenue (786) 100 (300)
Due to affiliate - accrued interest (47) (808) 216
Deferred interest on mortgages (2) 360
Net cash provided by operating activities 7,315 12,219 3,887
Investing activities:      
Proceeds from sale of Maryland properties, net 245,763
Proceeds from payment of secured loans receivable inclusive of accrued interest 5,316
Capital improvements - existing properties (1,570) (1,936) (2,048)
Deferred leasing costs (173) (279) (250)
Distribution from investment in tenancy-in-common 357 423 455
Deconsolidation of subsidiary cash and cash equivalents (1,383)
Net cash provided by (used in) investing activities 249,693 (1,792) (3,226)
Financing activities:      
Repayment of mortgages (194,559) (5,962) (22,910)
Proceeds from mortgage loan refinancings 32,500 25,000
Proceeds from exercise of stock options 2,028
Deferred financing costs (691) (699) (482)
Due to affiliate - loan proceeds 300
Due to affiliate - loan repayment (3,505) (1,861)
Dividends paid (53,535) (1,027) (1,357)
Distributions to noncontrolling interests in subsidiaries (20,091) (1,350) (3,883)
Net cash used in financing activities (237,553) (10,899) (3,632)
Net increase (decrease) in cash, cash equivalents and restricted cash 19,455 (472) (2,971)
Cash, cash equivalents and restricted cash, beginning of year 39,045 39,517 42,488
Cash, cash equivalents and restricted cash, end of year 58,500 39,045 39,517
Supplemental disclosure of cash flow data:      
Interest paid 7,134 10,965 12,365
Supplemental schedule of non cash activities:      
Commercial tenant security deposits applied to accounts receivable 10 387
Investing activities:      
Accrued capital expenditures, construction costs and pre-development costs 33 125 179
Financing activities:      
Retirement of treasury stock   2,791  
Dividends declared but not paid 10,573 686  
Dividends paid in share units 1,741 42  
Vested share units issued to consultant and retired director   72 1,467
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)
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:      
Cash and cash equivalents 49,578 35,891 36,860
Tenants' security accounts 1,038 1,340 1,408
Funds held in post-closing escrow 6,251
Mortgage escrows (included in prepaid expenses and other assets) 1,633 1,814 1,249
Total cash, cash equivalents and restricted cash $ 58,500 $ 39,045 $ 39,517