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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Oct. 31, 2023
USD ($)
Oct. 31, 2022
USD ($)
Oct. 31, 2021
USD ($)
Operating activities:      
Net (loss) income $ (575) $ 69,244 $ 1,047
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Net loss (gain) on sale of Maryland properties 1,003 (68,771)
Depreciation 2,944 3,995 9,300
Amortization 612 1,104 1,653
Stock based compensation expense 11 1,192 42
Directors fees and related interest paid in stock units 26 120 446
Stock awards granted to directors 140
Loss on investment in tenancy-in-common 271 228 295
Deferred rents - straight line rent 100 (18) 230
Deferred real estate tax appeal fees 35
Bad debt expense 16 361 361
Accreted interest on investment in U.S. Treasury securities (353)
Changes in operating assets and liabilities:      
Tenants' security accounts (23) (754) (75)
Accounts receivable, prepaid expenses and other assets 152 2,571 (363)
Accounts payable, accrued expenses and deferred director compensation payable (1,954) (1,159) (7)
Deferred revenue 311 (786) 100
Due to affiliate - accrued interest (47) (808)
Deferred interest on mortgages (2)
Net cash provided by operating activities 2,681 7,315 12,219
Investing activities:      
(Cash outlays) proceeds from sale of Maryland properties, net (1,003) 245,763
Purchase of U.S. Treasury securities (38,444)
Proceeds from maturities of U.S. Treasury securities 15,204
Proceeds from payment of secured loans receivable inclusive of accrued interest 5,316
Capital improvements - existing properties (1,290) (1,570) (1,936)
Deferred leasing costs (170) (173) (279)
Distribution from investment in tenancy-in-common 390 357 423
Net cash (used in) provided by investing activities (25,313) 249,693 (1,792)
Financing activities:      
Repayment of mortgages (26,538) (194,559) (5,962)
Proceeds from mortgage loan refinancings 25,500 32,500
Proceeds from exercise of stock options 1,263 2,028
Deferred financing costs (481) (691) (699)
Due to affiliate - loan proceeds 300
Due to affiliate - loan repayment (3,505) (1,861)
Dividends paid (13,721) (53,535) (1,027)
Distributions to noncontrolling interests in subsidiaries (3,535) (20,091) (1,350)
Net cash used in financing activities (17,512) (237,553) (10,899)
Net (decrease) increase in cash, cash equivalents and restricted cash (40,144) 19,455 (472)
Cash, cash equivalents and restricted cash, beginning of year 58,500 39,045 39,517
Cash, cash equivalents and restricted cash, end of year 18,356 58,500 39,045
Supplemental disclosure of cash flow data:      
Interest paid 7,182 7,134 10,965
Operating activities:      
Commercial tenant security deposits applied to accounts receivable 10
Investing activities:      
Accrued capital expenditures, construction costs and pre-development costs 210 33 125
Financing activities:      
Retirement of treasury stock 2,791
Dividends declared but not paid 372 10,573 686
Dividends paid in share units 1,741 42
Vested share units issued to retired director 72
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:      
Cash and cash equivalents 13,217 49,578 35,891
Tenants' security accounts 962 1,038 1,340
Funds held in post-closing escrow 883 6,251
Mortgage escrows (included in prepaid expenses and other assets) 3,294 1,633 1,814
Total cash, cash equivalents and restricted cash $ 18,356 $ 58,500 $ 39,045