0001029800-16-000063.txt : 20160310 0001029800-16-000063.hdr.sgml : 20160310 20160310160933 ACCESSION NUMBER: 0001029800-16-000063 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20160131 FILED AS OF DATE: 20160310 DATE AS OF CHANGE: 20160310 FILER: COMPANY DATA: COMPANY CONFORMED NAME: URSTADT BIDDLE PROPERTIES INC CENTRAL INDEX KEY: 0001029800 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 042458042 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12803 FILM NUMBER: 161497882 BUSINESS ADDRESS: STREET 1: C/O URSTADT BIDDLE PROPERTIES INC. STREET 2: 321 RAILROAD AVENUE CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2038638200 MAIL ADDRESS: STREET 1: 321 RAILROAD AVENUE CITY: GREENWICH STATE: CT ZIP: 06830 FORMER COMPANY: FORMER CONFORMED NAME: HRE PROPERTIES INC DATE OF NAME CHANGE: 19961230 10-Q 1 form10q1q2016.htm FORM 10Q 1Q2016  
United States
Securities And Exchange Commission
Washington, DC 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2016

OR

□ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from _____to_____

Commission File Number 1-12803


Urstadt Biddle Properties Inc.
(Exact Name of Registrant in its Charter)

Maryland
04-2458042
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
   
321 Railroad Avenue, Greenwich, CT
06830
(Address of principal executive offices)
(Zip Code)

Registrant's telephone number, including area code:  (203) 863-8200

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒     No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  ☒      No  ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer ☐
Accelerated filer ☒
Non-accelerated filer ☐
Smaller reporting company  ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐     No  ☒

As of March 4, 2016 (latest date practicable), the number of shares of the Registrant's classes of Common Stock and Class A Common Stock outstanding was: 9,504,378 Common Shares, par value $.01 per share, and 26,465,544 Class A Common Shares, par value $.01 per share.
1

Index
  
   
   
Urstadt Biddle Properties Inc.
  
   
   
   
Part I. Financial Information
  
   
Item 1.
Financial Statements (Unaudited)
  
     
   
     
   
     
   
     
   
     
   
     
   
     
Item 2.
  
     
Item 3.
  
     
Item 4.
  
     
     
Part II. Other Information
  
     
Item 1.
  
     
Item 2.
  
     
Item 6.
  
     
Signatures
  

 
2
 
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)

ASSETS
  
January 31, 2016
    
October 31, 2015
  
   
(Unaudited)
      
Real Estate Investments:
        
Real Estate– at cost
  
$
945,665
    
$
941,690
  
Less: Accumulated depreciation
    
(170,583
)
    
(165,660
)
     
775,082
      
776,030
  
Investments in and advances to unconsolidated joint ventures
    
38,974
      
39,305
  
     
814,056
      
815,335
  
                 
Cash and cash equivalents
    
3,173
      
6,623
  
Restricted cash
    
2,322
      
2,191
  
Tenant receivables
    
22,838
      
22,353
  
Prepaid expenses and other assets
    
13,984
      
9,334
  
Deferred charges, net of accumulated amortization
    
6,410
      
5,239
  
Total Assets
  
$
862,783
    
$
861,075
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
Liabilities:
                
Revolving credit line
  
$
29,750
    
$
22,750
  
Mortgage notes payable and other loans
    
259,000
      
260,457
  
Accounts payable and accrued expenses
    
6,672
      
3,438
  
Deferred compensation – officers
    
110
      
155
  
Other liabilities
    
15,991
      
17,542
  
Total Liabilities
    
311,523
      
304,342
  
                 
Redeemable Noncontrolling Interests
    
16,881
      
15,955
  
                 
Commitments and Contingencies
                
                 
Stockholders' Equity:
                
7.125% Series F Cumulative Preferred Stock (liquidation preference of $25 per share); 5,175,000 shares issued and outstanding
    
129,375
      
129,375
  
6.75% Series G Cumulative Preferred Stock (liquidation preference of $25 per share); 3,000,000 shares issued and outstanding
    
75,000
      
75,000
  
Excess Stock, par value $0.01 per share; 20,000,000 shares authorized; none issued and outstanding
    
-
      
-
  
Common Stock, par value $0.01 per share; 30,000,000 shares authorized; 9,504,378 and 9,350,885 shares issued and outstanding
    
96
      
94
  
Class A Common Stock, par value $0.01 per share; 100,000,000 shares authorized; 26,465,544 and 26,370,216 shares issued and outstanding
    
265
      
264
  
Additional paid in capital
    
432,583
      
431,411
  
Cumulative distributions in excess of net income
    
(101,251
)
    
(94,136
)
Accumulated other comprehensive (loss)
    
(1,689
)
    
(1,230
)
Total Stockholders' Equity
    
534,379
      
540,778
  
Total Liabilities and Stockholders' Equity
  
$
862,783
    
$
861,075
  

The accompanying notes to consolidated financial statements are an integral part of these statements.

 
3
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data)

   
Three Months Ended
  
   
January 31,
  
   
2016
    
2015
  
         
Revenues
        
Base rents
  
$
20,072
    
$
21,011
  
Recoveries from tenants
    
6,372
      
7,146
  
Lease termination income
    
42
      
44
  
Other income
    
965
      
305
  
Total Revenues
    
27,451
      
28,506
  
                 
Expenses
                
Property operating
    
4,767
      
5,086
  
Property taxes
    
4,623
      
4,462
  
Depreciation and amortization
    
5,688
      
5,526
  
General and administrative
    
2,462
      
2,268
  
Provision for tenant credit losses
    
239
      
343
  
Acquisition costs
    
80
      
1,768
  
Directors' fees and expenses
    
83
      
114
  
Total Operating Expenses
    
17,942
      
19,567
  
                 
Operating Income
    
9,509
      
8,939
  
                 
Non-Operating Income (Expense):
                
Interest expense
    
(3,271
)
    
(3,264
)
Equity in net income from unconsolidated joint ventures
    
383
      
474
  
Interest, dividends and other investment income
    
51
      
15
  
Net Income
    
6,672
      
6,164
  
                 
Noncontrolling interests:
                
Net income attributable to noncontrolling interests
    
(225
)
    
(153
)
Net income attributable to Urstadt Biddle Properties Inc.
    
6,447
      
6,011
  
Preferred stock dividends
    
(3,570
)
    
(3,894
)
                 
Net Income Applicable to Common and Class A Common Stockholders
  
$
2,877
    
$
2,117
  
                 
Basic Earnings Per Share:
                
  Per Common Share:
  
$
0.08
    
$
0.06
  
  Per Class A Common Share:
  
$
0.09
    
$
0.06
  
                 
Diluted Earnings Per Share:
                
  Per Common Share:
  
$
0.08
    
$
0.06
  
  Per Class A Common Share:
  
$
0.08
    
$
0.06
  
                 
Dividends Per Share:
                
Common
  
$
0.2300
    
$
0.2250
  
Class A Common
  
$
0.2600
    
$
0.2550
  

The accompanying notes to consolidated financial statements are an integral part of these statements.

4
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)

   
Three Months Ended
  
   
January 31,
  
   
2016
    
2015
  
         
Net Income
  
$
6,672
    
$
6,164
  
                 
Other comprehensive (loss):
                
Change in unrealized loss on interest rate swaps
    
(459
)
    
(1,714
)
                 
Total comprehensive income
    
6,213
      
4,450
  
Comprehensive income attributable to noncontrolling interests
    
(225
)
    
(153
)
                 
Total Comprehensive income attributable to Urstadt Biddle Properties Inc.
    
5,988
      
4,297
  
Preferred stock dividends
    
(3,570
)
    
(3,894
)
                 
Total comprehensive income applicable to Common and Class A Common Stockholders
  
$
2,418
    
$
403
  

The accompanying notes to consolidated financial statements are an integral part of these statements.

5
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)

   
Three Months Ended
  
   
January 31,
  
   
2016
    
2015
  
Cash Flows from Operating Activities:
        
Net income
  
$
6,672
    
$
6,164
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
    
5,688
      
5,526
  
Straight-line rent adjustment
    
(211
)
    
359
  
Provision for tenant credit losses
    
239
      
343
  
Restricted stock compensation expense and other adjustments
    
1,117
      
1,074
  
Deferred compensation arrangement
    
(45
)
    
(17
)
Equity in net (income) of unconsolidated joint ventures
    
(383
)
    
(474
)
Changes in operating assets and liabilities:
                
Tenant receivables
    
(514
)
    
(3,799
)
Accounts payable and accrued expenses
    
2,776
      
2,910
  
Other assets and other liabilities, net
    
(6,312
)
    
(4,554
)
Restricted Cash
    
(131
)
    
(91
)
Net Cash Flow Provided by Operating Activities
    
8,896
      
7,441
  
                 
Cash Flows from Investing Activities:
                
Acquisitions of real estate investments
    
-
      
(122,441
)
Investments in and advances to unconsolidated joint ventures
    
-
      
(17
)
Deposits on acquisition of real estate investment
    
(479
)
    
-
  
Return of deposits on acquisition of real estate investments
    
640
      
627
  
Improvements to properties and deferred charges
    
(5,927
)
    
(4,062
)
Distributions to noncontrolling interests
    
(225
)
    
(1,195
)
Distributions from unconsolidated joint ventures
    
681
      
397
  
Net Cash Flow (Used in) Investing Activities
    
(5,310
)
    
(126,691
)
                 
Cash Flows from Financing Activities:
                
Dividends paid -- Common and Class A Common Stock
    
(9,066
)
    
(8,881
)
Dividends paid -- Preferred Stock
    
(3,570
)
    
(3,894
)
Principal repayments on mortgage notes payable
    
(1,457
)
    
(3,986
)
Proceeds from mortgage financings
    
-
      
67,680
  
Redemption of preferred stock
    
-
      
(61,250
)
Repayment of revolving credit line borrowings
    
(3,000
)
    
(77,550
)
Proceeds from revolving credit line borrowings
    
10,000
      
74,500
  
Net proceeds from the issuance of preferred stock
    
-
      
4,650
  
Sales of additional shares of Common and Class A Common Stock
    
57
      
59,846
  
Net Cash Flow Provided by (Used In) Financing Activities
    
(7,036
)
    
51,115
  
                 
Net (Decrease) In Cash and Cash Equivalents
    
(3,450
)
    
(68,135
)
Cash and Cash Equivalents at Beginning of Period
    
6,623
      
73,029
  
                 
Cash and Cash Equivalents at End of Period
  
$
3,173
    
$
4,894
  
                 
Supplemental Cash Flow Disclosures:
                
Interest Paid
  
$
3,253
    
$
3,221
  

The accompanying notes to consolidated financial statements are an integral part of these statements.

6
 
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED)
(In thousands, except shares and per share data)

   
7.125% Series F Preferred Stock Issued
    
7.125% Series F Preferred Stock A mount
    
6.75% Series G Preferred Stock Issued
    
6.75% Series G Preferred Stock Amount
    
Common Stock Issued
    
Common Stock Amount
    
Class A Common Stock Issued
    
Class A Common Stock Amount
    
Additional Paid In Capital
    
Cumulative
Distributions In
Excess of Net
Income
    
Accumulated
Other Comprehensive Income (loss)
    
Total Stockholders' Equity
  
                                                 
Balances - October 31,  2015
    
5,175,000
    
$
129,375
      
3,000,000
    
$
75,000
      
9,350,885
    
$
94
      
26,370,216
    
$
264
    
$
431,411
    
$
(94,136
)
  
$
(1,230
)
  
$
540,778
  
Net income applicable to Common and Class A common stockholders
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
2,877
      
-
      
2,877
  
Change in unrealized losses on interest rate swap
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
(459
)
    
(459
)
Cash dividends paid :
                                                                                                
Common stock ($0.230 per share)
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
(2,185
)
    
-
      
(2,185
)
Class A common stock ($.260 per share)
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
(6,881
)
    
-
      
(6,881
)
Issuance of shares under dividend reinvestment plan
    
-
      
-
      
-
      
-
      
1,393
      
-
      
1,728
      
-
      
57
      
-
      
-
      
57
  
Shares issued under restricted stock plan
    
-
      
-
      
-
      
-
      
152,100
      
2
      
93,600
      
1
      
(3
)
    
-
      
-
      
-
  
Restricted stock compensation and other adjustments
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
1,118
      
-
      
-
      
1,118
  
Adjustments to redeemable noncontrolling interests
            
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
(926
)
    
-
      
(926
)
Balances - January 31,  2016
    
5,175,000
    
$
129,375
      
3,000,000
    
$
75,000
      
9,504,378
    
$
96
      
26,465,544
    
$
265
    
$
432,583
    
$
(101,251
)
  
$
(1,689
)
  
$
534,379
  

The accompanying notes to consolidated financial statements are an integral part of these statements
7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(1) ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business
Urstadt Biddle Properties Inc. ("Company"), a real estate investment trust (REIT), is engaged in the acquisition, ownership and management of commercial real estate, primarily neighborhood and community shopping centers in the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York.  The Company's major tenants include supermarket chains and other retailers who sell basic necessities.  At January 31, 2016, the Company owned or had equity interests in 73 properties containing a total of 4.9 million square feet of Gross Leasable Area ("GLA").

Principles of Consolidation and Use of Estimates
The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures in which the Company meets certain criteria of a sole general partner in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, "Consolidation" and ASC Topic 970-810 "Real Estate-General-Consolidation". The Company has determined that such joint ventures should be consolidated into the consolidated financial statements of the Company. In accordance with ASC Topic 970-323 "Real Estate-General-Equity Method and Joint Ventures", joint ventures that the Company does not control but otherwise exercises significant influence over, are accounted for under the equity method of accounting. See Note 5 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation.

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Results of operations for the three month period ended January 31, 2016 are not necessarily indicative of the results that may be expected for the year ending October 31, 2016. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the fiscal year ended October 31, 2015.

The preparation of financial statements requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition, fair value estimates, and the collectability of tenant receivables and other assets and liabilities.  Actual results could differ from these estimates.  The balance sheet at October 31, 2015 has been derived from audited financial statements at that date.

Federal Income Taxes
The Company has elected to be treated as a REIT under Sections 856-860 of the Internal Revenue Code (Code). Under those sections, a REIT that, among other things, distributes at least 90% of real estate trust taxable income and meets certain other qualifications prescribed by the Code will not be taxed on that portion of its taxable income that is distributed.  The Company believes it qualifies as a REIT and intends to distribute all of its taxable income for fiscal 2016 in accordance with the provisions of the Code. Accordingly, no provision has been made for Federal income taxes in the accompanying consolidated financial statements.

The Company follows the provisions of ASC Topic 740, "Income Taxes" that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.  Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of January 31, 2016. As of January 31, 2016, the fiscal tax years 2012 through and including 2015 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress.

Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and tenant receivables. The Company places its cash and cash equivalents with high quality financial institutions and the balances at times could exceed federally insured limits. The Company performs ongoing credit evaluations of its tenants and may require certain tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the terminal value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. The Company has no dependency upon any single tenant.
 
 
8
 
Derivative Financial Instruments
The Company occasionally utilizes derivative financial instruments, such as interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company's interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. Additionally, the Company has a policy of entering into derivative contracts only with major financial institutions.

As of January 31, 2016, the Company believes it has no significant risk associated with non-performance of the financial institutions that are the counterparties to its derivative contracts.  At January 31, 2016, the Company had approximately $24.2 million in secured mortgage financings subject to interest rate swaps. Such interest rate swaps converted the LIBOR-based variable rates on the mortgage financings to an average fixed annual rate of 3.93% per annum. As of January 31, 2016, the Company had a deferred liability of $1.7 million (included in accounts payable and accrued expenses on the consolidated balance sheets) relating to the fair value of the Company's interest rate swaps applicable to secured mortgages. Charges and/or credits relating to the changes in fair values of such interest rate swaps are made to other comprehensive (loss) as the swap is deemed effective and is classified as a cash flow hedge.

Comprehensive Income
Comprehensive income is comprised of net income applicable to Common and Class A Common stockholders and other comprehensive income (loss). Other comprehensive income includes items that are otherwise recorded directly in stockholders' equity, such as unrealized gains or losses on marketable securities and unrealized gains and losses on interest rate swaps designated as cash flow hedges. At January 31, 2016, accumulated other comprehensive loss consisted of net unrealized losses on interest rate swap agreements of $1.7 million.  At October 31, 2015, accumulated other comprehensive (loss) consisted of net unrealized losses on interest rate swap agreements of approximately $1.2 million. Unrealized gains and losses included in other comprehensive income will be reclassified into earnings as gains and losses are realized.

Asset Impairment
On a periodic basis, management assesses whether there are any indicators that the value of its real estate investments may be impaired. A property value is considered impaired when management's estimate of current and projected operating cash flows (undiscounted and without interest) of the property over its remaining useful life is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the loss is measured as the excess of the net carrying amount of the property over the fair value of the asset. Changes in estimated future cash flows due to changes in the Company's plans or market and economic conditions could result in recognition of impairment losses which could be substantial.  Management does not believe that the value of any of its real estate investments is impaired at January 31, 2016.
 
9

Property Held for Sale
The Company reports properties that are either disposed of or are classified as held for sale in continuing operations in the consolidated statement of income if the removal, or anticipated removal, of the asset(s) from the reporting entity does not represent a strategic shift that has or will have a major effect on an entity's operations and financial results when disposed of.

In August 2015, the Company sold its property located in Meriden, CT for $44.5 million as that property no longer met the Company's investment objectives.

The operating results of the Meriden Property which are included in the continuing operations were as follows (amounts in thousands):

   
Three Months Ended
  
   
January 31,
  
   
2016
    
2015
  
Revenues
  
$
118
    
$
1,245
  
Property operating expense
    
(2
)
    
(486
)
Depreciation and amortization
    
-
      
(375
)
Net Income
  
$
116
    
$
384
  
 
 
10
 
Revenue Recognition
Revenues from operating leases include revenues from core properties. Rental income is generally recognized based on the terms of leases entered into with tenants. In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. Minimum rental income from leases with scheduled rent increases is recognized on a straight-line basis over the lease term.  At January 31, 2016 and October 31, 2015, $15,761,000 and $15,570,000, respectively, has been recognized as straight-line rents receivable (representing the current cumulative rents recognized prior to when billed and collectible as provided by the terms of the leases), all of which is included in tenant receivables in the accompanying consolidated financial statements. Percentage rent is recognized when a specific tenant's sales breakpoint is achieved. Property operating expense recoveries from tenants of common area maintenance, real estate taxes and other recoverable costs are recognized in the period the related expenses are incurred. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. Lease termination amounts are recognized in operating revenues when there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and the termination consideration is probable of collection. Lease termination amounts are paid by tenants who want to terminate their lease obligations before the end of the contractual term of the lease by agreement with the Company. There is no way of predicting or forecasting the timing or amounts of future lease termination fees. Interest income is recognized as it is earned. Gains or losses on disposition of properties are recorded when the criteria for recognizing such gains or losses under U.S. GAAP have been met.

The Company provides an allowance for doubtful accounts against the portion of tenant receivables (including an allowance for future tenant credit losses of approximately 10% of the deferred straight-line rents receivable) which is estimated to be uncollectible.  Such allowances are reviewed periodically.  At January 31, 2016 and October 31, 2015, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $3,884,000 and $3,668,000, respectively.

Real Estate
Land, buildings, property improvements, furniture/fixtures and tenant improvements are recorded at cost. Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and/or replacements, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.

The amounts to be capitalized as a result of an acquisition and the periods over which the assets are depreciated or amortized are determined based on estimates as to fair value and the allocation of various costs to the individual assets. The Company allocates the cost of an acquisition based upon the estimated fair value of the net assets acquired. The Company also estimates the fair value of intangibles related to its acquisitions. The valuation of the fair value of intangibles involves estimates related to market conditions, probability of lease renewals and the current market value of in-place leases. This market value is determined by considering factors such as the tenant's industry, location within the property and competition in the specific region in which the property operates. Differences in the amount attributed to the intangible assets can be significant based upon the assumptions made in calculating these estimates.

The Company is required to make subjective assessments as to the useful life of its properties for purposes of determining the amount of depreciation. These assessments have a direct impact on the Company's net income.

Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:

Buildings
30-40 years
Property Improvements
10-20 years
Furniture/Fixtures
3-10 years
Tenant Improvements
Shorter of lease term or their useful life
 
 
11
 
Earnings Per Share
The Company calculates basic and diluted earnings per share in accordance with the provisions of ASC Topic 260, "Earnings Per Share." Basic earnings per share ("EPS") excludes the impact of dilutive shares and is computed by dividing net income applicable to Common and Class A Common stockholders by the weighted average number of Common shares and Class A Common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue Common shares or Class A Common shares were exercised or converted into Common shares or Class A Common shares and then shared in the earnings of the Company. Since the cash dividends declared on the Company's Class A Common stock are higher than the dividends declared on the Common Stock, basic and diluted EPS have been calculated using the "two-class" method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to the weighted average of the dividends declared, outstanding shares per class and participation rights in undistributed earnings.

The following table sets forth the reconciliation between basic and diluted EPS (in thousands):

   
Three Months Ended
  
   
January 31,
  
   
2016
    
2015
  
Numerator
        
Net income applicable to common stockholders – basic
  
$
628
    
$
453
  
Effect of dilutive securities:
                
Restricted stock awards
    
28
      
22
  
Net income applicable to common stockholders – diluted
  
$
656
    
$
475
  
                 
Denominator
                
Denominator for basic EPS – weighted average common shares
    
8,240
      
8,057
  
Effect of dilutive securities:
                
Restricted stock awards
    
496
      
547
  
Denominator for diluted EPS – weighted average common equivalent shares
    
8,736
      
8,604
  
                 
Numerator
                
Net income applicable to Class A common stockholders-basic
  
$
2,249
    
$
1,664
  
Effect of dilutive securities:
                
Restricted stock awards
    
(28
)
    
(22
)
Net income applicable to Class A common stockholders – diluted
  
$
2,221
    
$
1,642
  
                 
Denominator
                
Denominator for basic EPS – weighted average Class A common shares
    
26,080
      
26,094
  
Effect of dilutive securities:
                
Restricted stock awards
    
94
      
138
  
Denominator for diluted EPS – weighted average Class A common equivalent shares
    
26,174
      
26,232
  

Segment Reporting
The Company's primary business is the ownership, management, and redevelopment of retail properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of base rental income and tenant reimbursement income, less rental expenses and real estate taxes. Only one of the Company's properties, located in Stamford, CT ("Ridgeway"), is considered significant as its revenue is in excess of 10% of the Company's consolidated total revenues and accordingly is a reportable segment. The Company has aggregated the remainder of its properties as they share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in the same major metropolitan area, and have similar tenant mixes.

Ridgeway is located in Stamford, Connecticut and was developed in the 1950's and redeveloped in the mid 1990's. The property contains approximately 374,000 square feet of GLA.  It is the dominant grocery-anchored center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut.

Segment information about Ridgeway as required by ASC Topic 280 is included below:

   
For the three month period ended
January 31,
   
2016
  
2015
Ridgeway Revenues
  
11.5%
    
11.7%
All Other Property Revenues
  
88.5%
    
88.3%
Consolidated Revenue
  
100.0%
    
100.0%

   
January 31,
2016
  
October 31,
2015
Ridgeway Assets
  
8.4%
    
8.4%
All Other Property Assets
  
91.6%
    
91.6%
Consolidated Assets (Note 1)
  
100.0%
    
100.0%

Note 1 - Ridgeway did not have any significant expenditures for additions to long lived assets in the three months ended January 31, 2016 or the year ended October 31, 2015.

   
January 31,
2016
  
October 31,
2015
Ridgeway Percent Leased
  
97%
    
97%

   
For the three month period ended
January 31,
   
2016
  
2015
The Stop & Shop Supermarket Company
  
20%
    
19%
Bed, Bath & Beyond
  
14%
    
14%
Marshall's Inc., a division of the TJX Companies
  
11%
    
10%
All Other Tenants at Ridgeway (Note 2)
  
55%
    
57%
Total
  
100%
    
100%

Note 2 - No other tenant accounts for more than 10% of Ridgeway's annual base rents in any of the periods presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway.

Income Statement (In Thousands):
  
For the three month period ended
January 31, 2016
  
   
Ridgeway
    
All Other Operating Segments
    
Total Consolidated
  
Revenues
  
$
3,154
    
$
24,297
    
$
27,451
  
Operating Expenses
  
$
891
    
$
8,499
    
$
9,390
  
Interest Expense
  
$
627
    
$
2,644
    
$
3,271
  
Depreciation and Amortization
  
$
588
    
$
5,100
    
$
5,688
  
Income from Continuing Operations
  
$
1,048
    
$
5,399
    
$
6,447
  

Income Statement (In Thousands):
  
For the three month period ended
January 31, 2015
  
   
Ridgeway
    
All Other Operating Segments
    
Total Consolidated
  
Revenues
  
$
3,326
    
$
25,180
    
$
28,506
  
Operating Expenses
  
$
853
    
$
8,695
    
$
9,548
  
Interest Expense
  
$
642
    
$
2,622
    
$
3,264
  
Depreciation and Amortization
  
$
586
    
$
4,940
    
$
5,526
  
Income from Continuing Operations
  
$
1,245
    
$
4,766
    
$
6,011
  

Stock-Based Compensation
The Company accounts for its stock-based compensation plans under the provisions of ASC Topic 718, "Stock Compensation", which requires that compensation expense be recognized, based on the fair value of the stock awards less estimated forfeitures. The fair value of stock awards is equal to the fair value of the Company's stock on the grant date.

Reclassifications
Certain prior period amounts have been reclassified to conform to the current period's presentation.
 
12

New Accounting Standards
In May 2014, the FASB issued Accounting Standards Update ("ASU") ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's ASC. ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. In August 2015, FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the reporting period.  The Company is currently assessing the potential impact that the adoption of ASU 2014-09 will have on its consolidated financial statements.

During April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. ASU 2015-03 is not expected to have a material impact on the Company's consolidated financial statements.

The Company has evaluated all other new ASU's issued by FASB and has concluded that these updates do not have a material effect on the Company's consolidated financial statements as of January 31, 2016.

(2) REAL ESTATE INVESTMENTS

Upon the acquisition of real property, the fair value of the real estate purchased is allocated to the acquired tangible assets (consisting of land, buildings and building improvements), and identified intangible assets and liabilities (consisting of above-market and below-market leases and in-place leases), in accordance with ASC Topic 805, "Business Combinations". The Company utilizes methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property "as-if-vacant". The fair value reflects the depreciated replacement cost of the asset. In allocating purchase price to identified intangible assets and liabilities of an acquired property, the values of above-market and below-market leases are estimated based on the differences between (i) contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants and (ii) the estimated cost of acquiring such leases giving effect to the Company's history of providing tenant improvements and paying leasing commissions, offset by a vacancy period during which such space would be leased. The aggregate value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property "as-if-vacant," determined as set forth above.

For the three month periods ended January 31, 2016 and 2015, the net amortization of above-market and below-market leases was approximately $89,000 and $447,000, respectively.  All amounts are included in base rents in the accompanying consolidated statements of income.
 
 
13
 
(3) MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS

The Company has an $80 million unsecured revolving credit facility with a syndicate of four banks led by The Bank of New York Mellon, as administrative agent. The syndicate includes Wells Fargo Bank N.A. (syndication agent), Bank of Montreal and Regions Bank (co-documentation agents). The Facility gives the Company the option, under certain conditions, to increase the Facility's borrowing capacity up to $125 million (subject to lender approval).  The maturity date of the Facility is September 21, 2016 with a one-year extension at the Company's option. Borrowings under the Facility can be used for, among other things, acquisitions, working capital, capital expenditures, and repayment of other indebtedness and the issuance of letters of credit (up to $10 million).  Borrowings will bear interest at the Company's option of Eurodollar rate plus 1.5% to 2.0% or The Bank of New York Mellon's prime lending rate plus 0.50% based on consolidated indebtedness, as defined.  The Company pays an annual fee on the unused commitment amount of 0.25% to 0.35% based on outstanding borrowings during the year.  The Facility contains certain representations, financial and other covenants typical for this type of facility.  The Company's ability to borrow under the Facility is subject to its compliance with the covenants and other restrictions on an ongoing basis. The principal financial covenants limit the Company's level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios.  The Company was in compliance with such covenants at January 31, 2016.

During the three months ended January 31, 2016, the Company borrowed $10.0 million on the Facility to fund capital improvements.  During the three months ended January 31, 2016, the Company repaid $3.0 million on the Facility with available cash.

(4) CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS.

The Company has an investment in three joint ventures, UB Ironbound, LP ("Ironbound"), UB Orangeburg, LLC ("Orangeburg") and McLean Plaza Associates, LLC ("McLean"), each of which owns a commercial retail property.  The Company has evaluated its investment in these three joint ventures and has concluded that the ventures are not VIEs; however, these joint venture investments meet certain criteria of a sole general partner (or limited liability member) in accordance with ASC Topic 970-810 "Real Estate-Consolidation". The Company has determined that such joint ventures are fully controlled by the Company and that the presumption of control is not offset by any rights of any of the limited partners or non-controlling members in these ventures and that the joint ventures should be consolidated into the consolidated financial statements of the Company. The Company's investment in these consolidated joint ventures is more fully described below:

Ironbound (Ferry Plaza)

The Company, through a wholly-owned subsidiary, is the general partner and owns 84% of one consolidated limited partnership, Ironbound, which owns a grocery anchored shopping center.

The Ironbound limited partnership has a defined termination date of December 31, 2097. The partners in Ironbound are entitled to receive an annual cash preference payable from available cash of the partnership. Any unpaid preferences accumulate and are paid from future cash, if any. The balance of available cash, if any, is distributed in accordance with the respective partner's interests. Upon liquidation of Ironbound, proceeds from the sale of partnership assets are to be distributed in accordance with the respective partnership interests. The limited partners are not obligated to make any additional capital contributions to the partnership. The Company retains an affiliate of one of the limited partners in Ironbound to provide management and leasing services to the property at an annual fee equal to 2% percent of rental income collected, as defined.

Orangeburg

The Company, through a wholly-owned subsidiary, is the managing member and owns a 33.3% interest in Orangeburg, which owns a drug store anchored shopping center. The other member (non-managing) of Orangeburg is the prior owner of the contributed property who, in exchange for contributing the net assets of the property, received units of Orangeburg equal to the value of the contributed property less the value of the assigned first mortgage payable. The Orangeburg operating agreement provides for the non-managing member to receive an annual cash distribution equal to the regular quarterly cash distribution declared by the Company for one share of the Company's Class A Common stock, which amount is attributable to each unit of Orangeburg ownership. The annual cash distribution is paid from available cash, as defined, of Orangeburg. The balance of available cash, if any, is fully distributable to the Company. Upon liquidation, proceeds from the sale of Orangeburg assets are to be distributed in accordance with the operating agreement. The non-managing member is not obligated to make any additional capital contributions to the partnership. Orangeburg has a defined termination date of December 31, 2097.

McLean Plaza

The Company, through a wholly-owned subsidiary, is the managing member and owns a 53% interest in McLean, which owns a grocery anchored shopping center. The McLean operating agreement provides for the non-managing members to receive a fixed annual cash distribution equal to 5.05% of their invested capital.  The annual cash distribution is paid from available cash, as defined, of McLean. The balance of available cash, if any, is fully distributable to the Company. Upon liquidation, proceeds from the sale of McLean assets are to be distributed in accordance with the operating agreement. The non-managing members are not obligated to make any additional capital contributions to the entity.

Noncontrolling Interests

The Company accounts for non-controlling interests in accordance with ASC Topic 810, "Consolidation". Because the limited partners or non-controlling members in Ironbound, Orangeburg and McLean have the right to require the Company to redeem all or a part of their limited partnership or limited liability company units at prices as defined in the governing agreements, the Company reports the noncontrolling interests in the consolidated joint ventures in the mezzanine section, outside of permanent equity, of the consolidated balance sheets at redemption value which approximates fair value. The value of the Orangeburg and McLean redemptions are based solely on the price of the Company's Class A Common stock on the date of redemption.   For the three months ended January 31, 2016 and 2015, the Company increased/(decreased) the carrying value of the non-controlling interests by $926,000 and $853,000, respectively, with the corresponding adjustment recorded in stockholders' equity.
 


The following table sets forth the details of the Company's redeemable non-controlling interests at January 31, 2016 and October 31, 2015: (amounts in thousands)

   
January 31, 2016
    
October 31, 2015
  
Beginning Balance
  
$
15,955
    
$
18,864
  
McLean Plaza Noncontrolling Interest-Net
    
-
      
(615
)
Change in Redemption Value
    
926
      
(2,294
)
Ending Balance
  
$
16,881
    
$
15,955
  
 
 
14
(5) INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES

At January 31, 2016 and October 31, 2015 investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses): (amounts in thousands)

   
January 31, 2016
    
October 31, 2015
  
Chestnut Ridge and Plaza 59 Shopping Centers (50%)
  
$
18,229
    
$
18,248
  
Gateway Plaza (50%)
    
7,224
      
7,186
  
Putnam Plaza Shopping Center (66.67%)
    
6,525
      
6,686
  
Midway Shopping Center, L.P. (11.642%)
    
4,958
      
5,144
  
Applebee's at Riverhead (50%)
    
1,315
      
1,318
  
81 Pondfield Road Company (20%)
    
723
      
723
  
Total
  
$
38,974
    
$
39,305
  

Gateway Plaza and Applebee's at Riverhead

The Company, through two wholly owned subsidiaries, owns a 50% undivided tenancy-in-common interest in the Gateway Plaza Shopping Center ("Gateway") and Applebee's at Riverhead ("Applebee's").  Both properties are located in Riverhead, New York. Gateway, a 194,000 square foot shopping center, is anchored by a 168,000 square foot newly constructed Walmart.  The property also has 27,000 square feet of newly constructed in-line space, of which 24,000 is leased.  The remaining vacancies are in the process of being leased.  Applebee's has a 5,400 square foot free standing Applebee's restaurant with additional development rights of 7,200 square feet.

Gateway is subject to a $14.0 million non-recourse first mortgage payable.  The mortgage matures on March 31, 2024 and requires payments of principal and interest at a fixed rate of interest of 4.2% per annum.

Midway Shopping Center, L.P.

The Company, through a wholly owned subsidiary, owns an 11.642% equity interest in Midway Shopping Center L.P. ("Midway"), which owns a 247,000 square foot shopping center in Westchester County, New York. Although the Company only has an approximate 12% equity interest in Midway, it controls 25% of the voting power of Midway and as such has determined that it exercises significant influence over the financial and operating decisions of Midway and accounts for its investment in Midway under the equity method of accounting.

The Company has allocated the $7.4 million excess of the carrying amount of its investment in and advances to Midway over the Company's share of Midway's net book value to real property and is amortizing the difference over the property's estimated useful life of 39 years.

Midway is subject to a non-recourse first mortgage payable in the amount of $30 million.  The loan requires payments of principal and interest at the rate of 4.80% per annum and will mature in 2027.

Chestnut Ridge and Plaza 59 Shopping Centers

The Company, through two wholly owned subsidiaries, owns a 50% undivided tenancy-in-common interest in the 76,000 square foot Chestnut Ridge Shopping Center located in Montvale, New Jersey ("Chestnut") and the 24,000 square foot Plaza 59 Shopping Center located in Spring Valley, New York ("Plaza 59") for a combined investment of approximately $18.0 million.
 
 
15

Putnam Plaza Shopping Center

The Company, through a wholly owned subsidiary, owns a 66.67% (noncontrolling) undivided tenancy-in-common interest in the 189,000 square foot Putnam Plaza Shopping Center ("Putnam Plaza") located in Carmel, New York.

Putnam Plaza is subject to a first mortgage payable in the amount of $20.0 million.  The mortgage requires monthly payments of principal and interest at a fixed rate of 4.17% and will mature in 2019.

81 Pondfield Road Company

The Company's other investment in an unconsolidated joint venture is a 20% economic interest in a partnership which owns a retail and office building in Westchester County, New York.

The Company accounts for the above investments under the equity method of accounting since it exercises significant influence, but does not control the joint ventures.  The other venturers in the joint ventures have substantial participation rights in the financial decisions and operation of the ventures or properties, which preclude the Company from consolidating the investments. The Company has evaluated its investment in the joint ventures and has concluded that the joint ventures are not VIE's. Under the equity method of accounting the initial investment is recorded at cost as an investment in unconsolidated joint venture, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions from the venture. Any difference between the carrying amount of the investment on the Company's balance sheet and the underlying equity in net assets of the venture is evaluated for impairment at each reporting period.

(6)  STOCKHOLDERS' EQUITY

Authorized Stock
The Company's Charter authorizes 200,000,000 shares of stock.  The total number of shares of authorized stock consists of 100,000,000 shares of Class A Common Stock, 30,000,000 shares of Common Stock, 50,000,000 shares of Preferred Stock, and 20,000,000 shares of Excess Stock.

Restricted Stock Plan
The Company has a Restricted Stock Plan that provides a form of equity compensation for employees of the Company. The Plan, which is administered by the Company's compensation committee, authorizes grants of up to an aggregate of 3,750,000 shares of the Company's common equity consisting of 350,000 Common shares, 350,000 Class A Common shares and 3,050,000 shares, which at the discretion of the compensation committee, may be awarded in any combination of Class A Common shares or Common shares.

In accordance with ASC Topic 718, the Company recognizes compensation expense for restricted stock awards upon the earlier of the explicit vesting period or the date a participant first becomes eligible for retirement unless a waiver is received by an employee over the retirement age, waving his right to continued vesting after retirement. For non-vested restricted stock awards granted prior to the adoption of ASC Topic 718 in 2005, the Company continues to recognize compensation expense over the explicit vesting periods and accelerates any remaining unrecognized compensation cost when a participant actually retires.

During the three months ended January 31, 2016, the Company awarded 152,100 shares of Common Stock and 93,600 shares of Class A Common Stock to participants in the Plan.  The grant date fair value of restricted stock grants awarded to participants in 2016 was approximately $4.5 million.

A summary of the status of the Company's non-vested Common and Class A Common shares as of January 31, 2016, and changes during the three months ended January 31, 2016 is presented below:

   
Common Shares
    
Class A Common Shares
  
Non-vested Shares
  
Shares
    
Weighted-
Average
Grant-Date
Fair Value
    
Shares
    
Weighted-
Average
Grant-Date
Fair Value
  
Non-vested at October 31,  2015
    
1,281,850
    
$
16.58
      
373,850
    
$
19.37
  
Granted
    
152,100
    
$
17.95
      
93,600
    
$
18.80
  
Vested
    
(175,950
)
  
$
16.35
      
(84,200
)
  
$
18.64
  
Forfeited
    
-
    
$
-
      
-
    
$
-
  
Non-vested at January 31,  2016
    
1,258,000
    
$
16.77
      
383,250
    
$
19.39
  

 
16
 
As of January 31, 2016, there was $16.0 million of unamortized restricted stock compensation related to non-vested restricted stock grants awarded under the Plan.  The remaining unamortized expense is expected to be recognized over a weighted average period of 5.1 years.  For the three months ended January 31, 2016 and 2015 amounts charged to compensation expense totaled $1,092,000 and $1,038,000, respectively.

Share Repurchase Program
The Board of Directors of the Company has approved a share repurchase program ("Program") for the repurchase of up to 2,000,000 shares, in the aggregate, of Common stock, Class A Common stock and Series F Cumulative Preferred stock in open market transactions.

The Company has repurchased 4,600 shares of Common Stock and 913,331 shares of Class A Common Stock under the Program.  For the three months ended January 31, 2016, the Company did not repurchase any shares of stock under the Program.

Preferred Stock
The 7.125% Series F Senior Cumulative Preferred Stock ("Series F Preferred Stock") is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option on or after October 24, 2017. The holders of our Series F Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions, holders of the Series F Preferred Stock will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of Series F Preferred Stock, together with all of the Company's other series of preferred stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured.  Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Series F Preferred Stock will have the right to convert all or part of the shares of Series F Preferred Stock held by such holders on the applicable conversion date into a number of the Company's shares of Class A Common Stock. Underwriting commissions and costs incurred in connection with the sale of the Series F Preferred Stock are reflected as a reduction of additional paid in capital.

The 6.75% Series G Senior Cumulative Preferred Stock ("Series G Preferred Stock") is nonvoting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option on or after October 28, 2019. The holders of our Series G Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions holders of the Series G Preferred Stock will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of Series G Preferred Stock, together with all of the Company's other Series of preferred stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Series G Preferred Stock will have the right to convert all or part of the shares of Series G Preferred Stock held by such holders on the applicable conversion date into a number of the Company's shares of Class A common stock. Underwriting commissions and costs incurred in connection with the sale of the Series G Preferred Stock are reflected as a reduction of additional paid in capital.

(7) FAIR VALUE MEASUREMENTS

ASC Topic 820, "Fair Value Measurements and Disclosures" defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants.

ASC Topic 820's valuation techniques are based on observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs have created the following fair value hierarchy:

Level 1- Quoted prices for identical instruments in active markets
 
Level 2- Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant value drivers are observable
 
Level 3- Valuations derived from valuation techniques in which significant value drivers are unobservable

 
17
 
The Company calculates the fair value of the redeemable noncontrolling interests based on either quoted market prices on national exchanges for those interests based on the Company's Class A Common stock or unobservable inputs considering the assumptions that market participants would make in pricing the obligations. The inputs used include an estimate of the fair value of the cash flow generated by the limited partnership or limited liability company in which the investor owns the joint venture units capitalized at prevailing market rates for properties with similar characteristics  or located in similar areas.

The fair values of interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves ("significant other observable inputs.") The fair value calculation also includes an amount for risk of non-performance using "significant unobservable inputs" such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of October 31, 2015 and January 31, 2016, that the fair value associated with the "significant unobservable inputs" relating to the Company's risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon "significant other observable inputs".

The Company measures its redeemable noncontrolling interests and interest rate swap derivatives at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs (amount in thousands):

       
Fair Value Measurements at Reporting Date Using
  
   
Total
    
Quoted Prices in Active Markets for Identical Assets
(Level 1)
    
Significant Other Observable Inputs
(Level 2)
    
Significant Unobservable Inputs
(Level 3)
  
January 31, 2016
                
                 
Liabilities:
                
                 
Interest Rate Swap Agreement
  
$
1,689
    
$
-
    
$
1,689
    
$
-
  
                                 
Redeemable noncontrolling interests
  
$
16,881
    
$
13,304
    
$
-
    
$
3,577
  
                                 
October 31, 2015
                                
                                 
Liabilities:
                                
                                 
Interest Rate Swap Agreement
  
$
1,230
    
$
-
    
$
1,230
    
$
-
  
                                 
Redeemable noncontrolling interests
  
$
15,955
    
$
13,104
    
$
-
    
$
2,851
  

Fair market value measurements based upon Level 3 inputs changed from $9,062 at October 31, 2014 to $2,851 at October 31, 2015 as a result of a $77 decrease in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810 and the transfer in the amount of $6,134 of the noncontrolling interest in McLean to Level 1. During the quarter ended January 31, 2015, Mclean was converted to a limited liability company from a general partnership. One of the results of this conversion is that the noncontrolling equity interests in McLean can only be redeemed for shares of the Company's Class A Common stock or for cash based on the value of the Company's Class A Common stock.  In accordance with ASC 810, the noncontrolling interest will now be valued as a Level 1 measurement.  Fair market value measurements based upon Level 3 inputs changed from $2,851 at October 31, 2015 to $3,577 at January 31, 2016 as a result of a $726 increase in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810.

Fair Value of Financial Instruments
The carrying values of cash and cash equivalents, restricted cash, tenant receivables, prepaid expenses, other assets, accounts payable and accrued expenses are reasonable estimates of their fair values because of the short-term nature of these instruments. The carrying value of the Facility is deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. Mortgage notes payable that were assumed in property acquisitions were recorded at their fair value at the time they were assumed.

The estimated fair value of mortgage notes payable and other loans was approximately $267 million at January 31, 2016 and $266 million at October 31, 2015, respectively. The estimated fair value of mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rate currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within Level 2 of the fair value hierarchy. When the Company acquires a property it is required to fair value all of the assets and liabilities, including intangible assets and liabilities, relating to the property's in-place leases (See Note 2).  Those fair value measurements fall within Level 3 of the fair value hierarchy.

Although management is not aware of any factors that would significantly affect the estimated fair value amounts from October 31, 2015, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.
 
 
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(8) COMMITMENTS AND CONTINGENCIES

In the normal course of business, from time to time, the Company is involved in legal actions relating to the ownership and operations of its properties.  In management's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company.  At January 31, 2016, the Company had commitments of approximately $7.7 million for capital improvements to its properties and tenant-related obligations.

(9) SUBSEQUENT EVENTS

In March 2016, the Company entered into a contract to purchase, for $45.3 million, a 72,000 square foot grocery anchored shopping center in its primary marketplace.  In conjunction with entering into the contract, the Company deposited $2.0 million with the seller.  The Company plans on funding the purchase with a combination of available cash, borrowings on its Facility and with proceeds generated by placing a non-recourse first mortgage on the property in the approximate amount of  $22.7 million.   The Company has placed a $226,625 deposit with the lender.
 
 
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Item 2.                          Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements of the Company and the notes thereto included elsewhere in this report.

Forward-Looking Statements
This Item 2 includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements, other than statements of historical facts, included in this Item 2 that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), business strategies, expansion and growth of the Company's operations and other such matters, are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate. Such statements are subject to a number of assumptions, risks and uncertainties including, among other things, general economic and business conditions, the business opportunities that may be presented to and pursued by the Company, changes in laws or regulations and other factors, many of which are beyond the control of the Company. For a more detailed discussion of some of these factors, see the risk factors set forth in "Item 1A Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2015.  Any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those anticipated in the forward-looking statements.

Executive Summary and Overview
The Company, a REIT, is a fully integrated, self-administered real estate company, engaged in the acquisition, ownership and management of commercial real estate, primarily neighborhood and community shopping centers in the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York. Other real estate assets include office properties. The Company's major tenants include supermarket chains and other retailers who sell basic necessities. At January 31, 2016, the Company owned or had equity interests in 73 properties containing a total of 4.9 million square feet of GLA of which approximately 93.4% was leased (96.2% at October 31, 2015).  The drop in the Company's leased rate in the first quarter when compared with the leased rate at October 31, 2015 is predominantly related to the Great Atlantic and Pacific Tea Company, Inc. ("A&P") bankruptcy.  During the first quarter of fiscal 2016, three of the nine spaces that A&P occupied became vacant.  Those spaces totaled 130,000 square feet or about 3.3% of the Company's consolidated property square footage.  For more information about the impact of the A&P bankruptcy on the Company please see the "Liquidity and Capital Resource" below in this Item 2.

The above percentages exclude the Company's White Plains property.  In November 2014, a zoning change was obtained from the City of White Plains that will allow this property to be converted to a higher and better use.  On this basis, the Company is maintaining vacancies to make potential redevelopment possible.   In February 2015, two more leases at the property totaling 90,000 square feet expired, for which the average base rent per square foot was approximately $24.69 per annum. Currently, the 189,000 square foot property has only 15,600 square feet leased and occupied at an average base rent per square foot of $27.50.  In April 2015, the Company entered into a contract to sell this property.  The contract contains certain contingencies that need to be satisfied in order for the transaction to close, and there is the possibility it may not close. If all contingencies are satisfied, the Company expects the transaction to close sometime in fiscal 2016.

Included in the Company's 73 properties are equity interests in seven unconsolidated joint ventures at January 31, 2016.  These joint ventures were approximately 98.3% leased (98.1% at October 31, 2015). 

The Company has paid quarterly dividends to its shareholders continuously since its founding in 1969 and has increased the level of dividend payments to its shareholders for 22 consecutive years.

The Company derives substantially all of its revenues from rents and operating expense reimbursements received pursuant to long-term leases and focuses its investment activities on community and neighborhood shopping centers, anchored principally by regional supermarket chains.  The Company believes, because of the need of consumers to purchase food and other staple goods and services generally available at supermarket-anchored shopping centers, that the nature of its investments provide for relatively stable revenue flows even during difficult economic times.

The Company has a strong capital structure and does not have any secured debt maturing until August 2016.  The total amount of secured debt maturing in August is $15.0 million, $7.5 million of which we plan on refinancing with the existing lender.  We plan on repaying the remaining $7.5 million balance at maturity in August.  Consistent with its business strategy, the Company expects to continue to explore acquisition opportunities that may arise.

The Company focuses on increasing cash flow, and consequently the value of its properties, and seeks continued growth through strategic re-leasing, renovations and expansion of its existing properties and selective acquisition of income-producing properties, primarily neighborhood and community shopping centers in the northeastern part of the United States.

Key elements of the Company's growth strategies and operating policies are to:

●
Acquire neighborhood and community shopping centers in the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York.
●
Hold properties for long-term investment and enhance their value through regular maintenance, periodic renovation and capital improvement
●
Selectively dispose of underperforming properties or properties not located in the Company's desired primary geographic location and re-deploy the proceeds into properties located in the  metropolitan New York tri-state area outside of the City of New York
●
Increase property values by aggressively marketing available GLA and renewing existing leases
●
Renovate, reconfigure or expand existing properties to meet the needs of existing or new tenants
●
Negotiate and sign leases which provide for regular or fixed contractual increases to minimum rents
●
Control property operating and administrative costs

 
20
 
Critical Accounting Policies
Critical accounting policies are those that are both important to the presentation of the Company's financial condition and results of operations and require management's most difficult, complex or subjective judgments.  Please see Note 1 located in Item 1 in this report for a further discussion about the Company's critical accounting policies.  In addition, this summary should be read in conjunction with the more complete discussion of the Company's accounting policies included in Note 1 to the consolidated financial statements of the Company for the year ended October 31, 2015 included in the Company's Annual Report on Form 10-K for that year.

Liquidity and Capital Resources
At January 31, 2016, the Company had unrestricted cash and cash equivalents of $3.2 million compared to $6.6 million at October 31, 2015.  The Company's sources of liquidity and capital resources include its cash and cash equivalents, proceeds from bank borrowings and long-term mortgage debt, capital financings and sales of real estate investments. Payments of expenses related to real estate operations, debt service, management and professional fees, and dividend requirements place demands on the Company's short-term liquidity. 

The Company maintains a conservative capital structure with low leverage levels by commercial real estate standards.  The Company currently maintains a ratio of total debt to total assets below 34% and a very strong fixed charge coverage ratio of over 2.68 to 1, which we believe will allow the Company to obtain additional secured mortgage loans or other types of borrowings, if necessary.  As discussed above, the Company does not have any fixed rate debt coming due until August 2016.  The total amount of secured debt maturing in August 2016 is $15.0 million, $7.4 million of which we plan on refinancing with the existing lender; we plan on repaying the remaining $7.5 million balance at maturity in August. The Company has 44 properties in its consolidated portfolio that are not encumbered by secured mortgage debt. At January 31, 2016, the Company had loan availability of $49.0 million on its unsecured revolving line of credit.

In July 2015, one of the Company's largest tenants, A&P, filed a voluntary petition under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code").  Subsequently, A&P determined that it would be liquidating the company.  As of October 31, 2015, A&P leased and occupied nine spaces totaling 365,000 square feet in the Company's portfolio.  The total base rent per annum for these nine spaces totaled $5,540,000 at October 31, 2015.  The bankruptcy process relating to our nine spaces is nearly complete.  As of January 31, 2016, six of the nine A&P leases in our portfolio were purchased from A&P by new supermarket operators (See notes 1 and 2 below), and two of the leases were purchased by the Company and terminated.  The Company believed that the leases it terminated were below market and could be released to new operators, and the re-leasing of those spaces would generate substantial additional cash flow for the Company.  The Company was successful in re-leasing these spaces in February and March 2016 at base rents in excess of the terminated A&P leases.  The remaining lease was rejected by A&P in bankruptcy (see note 4 below), and the Company is in the process of re-leasing that space.  The table below details information about the nine former A&P leases in our portfolio prior to the transactions described above:

Property
Location
  
Square Feet
    
Base Rent Per Annum
    
Base Rent Per Square Foot
  
Lease Expiration
  
Note
  
 
 
                  
Pompton Lakes Town Square
Pompton Lakes, NJ
    
63,000
    
$
1,244,000
    
$
19.80
  
Rejected by A&P
    
4
  
Ferry Plaza Shopping Center
Newark, NJ
    
63,000
      
1,215,000
    
$
19.15
  
Nov 2020*
    
1
  
Village Shopping Center
New Providence, NJ
    
46,000
      
990,000
    
$
21.75
  
Feb 2029*
    
1
  
Boonton Shopping Center
Boonton, NJ
    
49,000
      
950,000
    
$
19.21
  
Oct 2024*
    
1
  
Valley Ridge Shopping Center
Wayne, NJ
    
36,000
      
540,000
    
$
15.00
  
Terminated
    
3
  
Harrison Shopping Center
Harrison, NY
    
12,000
      
264,000
    
$
22.00
  
Sept 2024*
    
2
  
Bloomfield Shopping Center
Bloomfield, NJ
    
31,000
      
154,000
    
$
5.00
  
Terminated
    
3
  
Shoppes at Eastchester
Eastchester, NY
    
30,000
      
110,000
    
$
3.71
  
Oct 2019
  
1 and 5
  
McLean Plaza Shopping Center
Yonkers, NY
    
35,000
      
73,000
    
$
2.09
  
Oct 2034*
    
1
  
 
 
    
365,000
    
$
5,540,000
                    
 
 
                                  
* Subject to further tenant renewal options
 
                                  
                                     
Note 1 – Lease purchased by Acme, a division of Albertson's.
  
Note 2 – Lease purchased by Key Food.
  
Note 3 – Lease purchased by Urstadt Biddle Properties Inc. and subsequently terminated; and re-leased to new supermarket operators at increased base rent per square foot.
  
Note 4 – Rejected by A&P in the bankruptcy process; in process of re-leasing.
  
Note 5 – Company has amended the lease to increase the base rent per square foot from $3.71 to $10.00 per square foot through 10/31/19 and to provide tenant with an option to extend the lease term through 10/31/24 at a base rent of $25.00 per square foot .
  

In the quarter ended January 31, 2016, the Company lost approximately $255,000 in base rent and approximately $142,000 in additional rent relating to the tenant's share of common area maintenance and real estate taxes for the three vacated A&P spaces.  As discussed above, this loss of rent and additional rent on the three A&P leases was the main reason net operating income was reduced in the first quarter of fiscal 2016 as compared with the net operating income level of the Company over the last several quarters.  After January 31, 2016, the Company completed the re-leasing of both the Bloomfield and Wayne A&P spaces to new regional supermarket operators.  The new leases will generate annual base rent of $1.07 million as compared with $694,000 that A&P was paying on those two spaces previously, which is an aggregate increase of $372,000 per annum.  The Bloomfield A&P lease had twenty years of remaining term (including tenant options) with no base rental rate increases.   Both new leases provide for the tenant to pay its proportionate share of common area maintenance and real estate taxes as additional rent.  The Bloomfield space was delivered to the tenant in early February 2016 and the Wayne space was delivered to the tenant at the beginning of March 2016.  The Company is still marketing the Pompton Lakes location.

Cash Flows

The Company expects to meet its short-term liquidity requirements primarily by generating net cash from the operations of its properties.  The Company believes that its net cash provided by operations will be sufficient to fund its short-term liquidity requirements for the balance of fiscal 2016 and to meet its dividend requirements necessary to maintain its REIT status.

The Company expects to continue paying regular dividends to its stockholders.  These dividends will be paid from operating cash flows which are expected to increase over time due to property acquisitions and growth in operating income in the existing portfolio and from other sources. The Company derives substantially all of its revenues from rents under existing leases at its properties. The Company's operating cash flow therefore depends on the rents charged to its tenants and the ability of its tenants to make rental payments. The Company believes that the nature of the properties in which it typically invests ― primarily grocery-anchored neighborhood and community shopping centers ― provides a more stable revenue flow in uncertain economic times, in that consumers still need to purchase basic staples and convenience items. However, even in the geographic areas in which the Company owns properties, general economic downturns may adversely impact the ability of the Company's tenants to make lease payments and the Company's ability to re-lease space as leases expire. In either of these cases, the Company's cash flow could be adversely affected.
 
 
21
 
Net Cash Flows from:

Operating Activities

Net cash flows provided by operating activities amounted to $8.9 million for the three months ended January 31, 2016 compared to $7.4 million in the comparable period of fiscal 2015. The increase in operating cash flows when compared with the corresponding prior period was due primarily to the Company collecting a higher amount of tenants accounts receivable in the three months ended January 31, 2016 when compared with collections in the corresponding prior period.

Investing Activities

Net cash flows used in investing activities amounted to $5.3 million for the three months ended January 31, 2016 compared to $126.7 million in the comparable period of fiscal 2015. The reduction in net cash flows used in investing activities in fiscal 2016 when compared to the corresponding prior period was the result of the Company purchasing four properties with a total equity investment totaling $122.4 million in the first three months of fiscal 2015 versus making no acquisitions thus far in fiscal 2016.

The Company invests in its properties and regularly pays for capital expenditures for property improvements, tenant costs and leasing commissions.

Financing Activities

Net cash flows used in financing activities amounted to $7.0 million in the first three months of fiscal 2016 compared to net cash provided by financing activities of $51.1 million in the comparable period of fiscal 2015. The net decrease in cash provided by financing activities to net cash used in financing was attributable predominantly to the Company placing a secured mortgage in the amount of $62.7 million on its four properties purchased in the first quarter of fiscal 2015 and the proceeds from additional sales of preferred and Class A Common stock aggregating $59.8 million in the first three months of fiscal 2015.  This increase was partially offset by the Company repaying a series of preferred stock in the amount of $61.25 million in the first quarter of fiscal 2015 and the Company increasing the annualized dividend rate on the Company's outstanding Common and Class A Common stock by $0.02 per share in December 2015 and by the Company repaying its Series D preferred stock in fiscal 2015.

Capital Resources

The Company expects to fund its long-term liquidity requirements such as property acquisitions, repayment of indebtedness and capital expenditures through other long-term indebtedness (including indebtedness assumed in acquisitions), borrowings on its Facility, proceeds from sales of properties and/or the issuance of equity securities. The Company believes that these sources of capital will continue to be available to it in the future to fund its long-term capital needs; however, there are certain factors that may have a material adverse effect on its access to capital sources. The Company's ability to incur additional debt is dependent upon its existing leverage, the value of its unencumbered assets and borrowing limitations imposed by existing lenders. The Company's ability to raise funds through sales of equity securities is dependent on, among other things, general market conditions for REITs, market perceptions about the Company and its stock price in the market. The Company's ability to sell properties in the future to raise cash will be dependent upon market conditions at the time of sale.

Financings and Debt

The Company is exposed to interest rate risk primarily through its borrowing activities. There is inherent rollover risk for borrowings as they mature and are renewed at current market rates. The extent of this risk is not quantifiable or predictable because of the variability of future interest rates and the Company's future financing requirements.  Mortgage notes payable and other loans of $259.0 million consist entirely of fixed rate mortgage loan indebtedness with a weighted average interest rate of 4.6% at January 31, 2016. The mortgage loans with fixed interest rates are secured by 22 properties with a net book value of $452.5 million and have fixed rates of interest ranging from 2.78% to 6.6%.  The Company made principal payments of $1.5 million in the three months ended January 31, 2016 compared to $4.0 million in the comparable period in fiscal 2015 which included the $2.8 million repayment of a secured mortgage.  The Company may refinance its mortgage loans, at or prior to scheduled maturity, through replacement mortgage loans.  The ability to do so, however, is dependent upon various factors, including the income level of the properties, interest rates and credit conditions within the commercial real estate market. Accordingly, there can be no assurance that such re-financings can be achieved.

The Company has an $80 million Unsecured Revolving Credit Facility with a syndicate of four banks led by The Bank of New York Mellon, as administrative agent.  The syndicate also includes Wells Fargo Bank N.A. (syndication agent), Bank of Montreal and Regions Bank (co-documentation agents).  The Facility gives the Company the option, under certain conditions, to increase the Facility's borrowing capacity up to $125 million (subject to lender approval).  The maturity date of the Facility is September 21, 2016 with a one-year extension at the Company's option.  Borrowings under the Facility can be used for, among other things, acquisitions, working capital, capital expenditures, repayment of other indebtedness, and the issuance of letters of credit (up to $10 million).  Borrowings will bear interest at the Company's option of Eurodollar rate plus 1.5% to 2.0% or The Bank of New York Mellon's prime lending rate plus 0.50% based on consolidated indebtedness, as defined.  The Company pays an annual fee on the unused commitment amount of up to 0.25% to 0.35% based on outstanding borrowings during the year.  The Facility contains certain representations, financial and other covenants typical for this type of facility.  The Company's ability to borrow under the Facility is subject to compliance with the covenants and other restrictions on an ongoing basis.  The principal financial covenants limit the Company's level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios.  The Company was in compliance with such covenants at January 31, 2016.

As of January 31, 2016, $49.0 million is available to be drawn on the Facility.
 
22

Off-Balance Sheet Arrangements

The Company has seven off-balance sheet investments in real property including a 66.67% equity interest in the Putnam Plaza Shopping Center, an 11.642% equity interest in the Midway Shopping Center, a 50% equity interest in the Chestnut Ridge and Plaza 59 Shopping Centers, a 20% economic interest in a partnership that owns a retail real estate investment and a 50% equity interest in the Gateway Plaza Shopping Center and Applebee's at Riverhead.  These unconsolidated joint ventures are accounted for under the equity method of accounting as we have the ability to exercise significant influence over, but not control, the operating and financial decisions of these investments.  Our off-balance sheet arrangements are more fully discussed in Note 5, "Investments in and Advances to Unconsolidated Joint Ventures" in the accompanying financial statements.

Capital Expenditures

The Company invests in its existing properties and regularly makes capital expenditures in the ordinary course of business to maintain its properties. The Company believes that such expenditures enhance the competitiveness of its properties. In the three months ended January 31, 2016, the Company paid approximately $5.9 million for property improvements, tenant improvements and leasing commission costs (approximately $3.2 million representing recurring property improvements and approximately $2.7 million related to new tenant space improvements, leasing costs and capital improvements as a result of new tenant spaces).  The amount of these expenditures can vary significantly depending on tenant negotiations, market conditions and rental rates.  The Company expects to incur approximately $7.7 million predominantly for anticipated capital improvements and leasing costs related to new tenant leases during the balance of fiscal 2016.  These expenditures are expected to be funded from operating cash flows, bank borrowings or other financing sources.

Acquisitions/Sales and Significant Property Transactions

The Company seeks to acquire properties which are primarily shopping centers, located in the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York.  The Company did not acquire nor did it sell any commercial properties in the first three months of fiscal 2016.
 
23

Lease Rollovers
For the first three months of fiscal 2016, we signed leases for a total of 90,000 square feet of retail space in our consolidated portfolio.  New leases for vacant spaces were signed for 42,000 square feet at an average rental decrease of 5.76% on a cash basis.  Renewals for 48,000 square feet of space previously occupied were signed at an average rental increase of 5.56% on a cash basis.

Tenant improvements averaged $28.00 per square foot for new leases.  There were no significant tenant improvements provided to any of the renewal leases in the first three months of fiscal 2016.  The average term for new leases was 6.1 years and the average term for renewal leases was 4 years.

The rental increases/decreases associated with new and renewal leases generally include all leases signed in arms-length transactions reflecting market leverage between landlords and tenants during the period. The comparison between average rent for expiring leases and new leases is determined by including minimum rent paid on the expiring lease and minimum rent to be paid on the new lease in the first year. In some instances, management exercises judgment as to how to most effectively reflect the comparability of spaces reported in this calculation. The change in rental income on comparable space leases is impacted by numerous factors including current market rates, location, individual tenant creditworthiness, use of space, market conditions when the expiring lease was signed, the age of the expiring lease, capital investment made in the space and the specific lease structure. Tenant improvements include the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease but may also include base building costs (i.e. expansion, escalators or new entrances) which are required to make the space leasable. Incentives (if applicable) include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements.

The leases signed in 2016 generally become effective over the following one to two years. Further, there is risk that some new tenants will not ultimately take possession of their space and that tenants for both new and renewal leases may not pay all of their contractual rent due to operating, financing or other matters. However, the rental increases/decreases do provide information about the tenant/landlord relationship and the potential increase we may achieve in rental income over time.

In 2016, we believe our leasing volume will be in-line with our historical averages with overall positive increases in rental income for new and renewal leases. However, changes in rental income associated with individual signed leases on comparable spaces may be positive or negative, and we can provide no assurance that the rents on new leases will continue to increase at the above described levels, if at all.

Funds from Operations
The Company considers Funds from Operations ("FFO") to be an additional measure of an equity REIT's operating performance.  The Company reports FFO in addition to its net income applicable to common stockholders and net cash provided by operating activities.  Management has adopted the definition suggested by The National Association of Real Estate Investment Trusts ("NAREIT") and defines FFO to mean net income (computed in accordance with GAAP) excluding gains or losses from sales of property, plus real estate-related depreciation and amortization and after adjustments for unconsolidated joint ventures.

Management considers FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of its real estate assets diminishes predictably over time and industry analysts have accepted it as a performance measure.  FFO is presented to assist investors in analyzing the performance of the Company.  It is helpful as it excludes various items included in net income that are not indicative of the Company's operating performance, such as gains (or losses) from sales of property and depreciation and amortization.  However, FFO:

●
does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); and

●
should not be considered an alternative to net income as an indication of the Company's performance.

FFO as defined by us may not be comparable to similarly titled items reported by other real estate investment trusts due to possible differences in the application of the NAREIT definition used by such REITs.  The table below provides a reconciliation of net income applicable to Common and Class A Common Stockholders in accordance with GAAP to FFO for the three month period ended January 31, 2016 and 2015 (amounts in thousands):

   
Three Months Ended
January 31,  
  
         
   
2016
    
2015
  
Net Income Applicable to Common and Class A Common Stockholders
  
$
2,877
    
$
2,117
  
                 
Real property depreciation
    
4,769
      
4,559
  
Amortization of tenant improvements and allowances
    
777
      
848
  
Amortization of deferred leasing costs
    
120
      
102
  
Depreciation and amortization on unconsolidated joint ventures
    
473
      
348
  
(Gain)/Loss on sale of asset
    
(340
)
    
106
  
Funds from Operations Applicable to Common and Class A Common Stockholders
  
$
8,676
    
$
8,080
  
                 
Net Cash Provided by (Used in):
                
Operating Activities
  
$
8,896
    
$
7,441
  
Investing Activities
  
$
(5,310
)
  
$
(126,691
)
Financing Activities
  
$
(7,036
)
  
$
51,115
  
                 
FFO amounted to $8.7 million in the first three months of fiscal 2016 compared to $8.1 million in the comparable period of fiscal 2015.  The net increase in FFO is attributable, among other things, to: a) the additional net income generated from properties acquired in fiscal 2015, b) a decrease in acquisition costs of $1.7 million in the first three months of fiscal 2016 when compared to the corresponding three month period; offset by c) a decrease in rental income relating to tenant vacancies at several properties, most notably three spaces formerly occupied by A&P (see Liquidity and Capital Resources section above in this Item 2).

Results of Operations

The following information summarizes the Company's results of operations for three month period ended January 31, 2016 and 2015 (amounts in thousands): 
 
24

   
Three Months Ended
          
   
January 31,
        
Change Attributable to:
  
Revenues
  
2016
    
2015
    
Increase (decrease)
    
% Change
    
Property Acquisitions/Sales
    
Properties Held
In Both Periods (Note 1)
  
Base rents
  
$
20,072
    
$
21,011
    
$ 
(939
)
    
-4.5
%
  
$
209
    
$
(1,148
)
Recoveries from tenants
    
6,372
      
7,146
      
(774
)
    
-10.8
%
    
107
      
(881
)
Other income
    
965
      
305
      
660
      
216.4
%
    
26
      
634
  
                                                 
Operating Expenses
                                                
Property operating expenses
    
4,767
      
5,086
      
(319
)
    
-6.3
%
    
(36
)
    
(283
)
Property taxes
    
4,623
      
4,462
      
161
      
3.6
%
    
74
      
87
  
Depreciation and amortization
    
5,688
      
5,526
      
162
      
2.9
%
    
(101
)
    
263
  
General and administrative expenses
    
2,462
      
2,268
      
194
      
8.6
%
    
n/
a
    
n/
a
                                                 
Other Income/Expenses
                                                
Interest expense
    
3,271
      
3,264
      
7
      
0.2
%
    
282
      
(275
)
Interest, dividends and other investment income
    
51
      
15
      
36
      
240.0
%
    
n/
a
    
n/
a

Note 1 – Properties held in both periods include only properties owned for the three month periods of 2016 and 2015.  All other properties are included in the property acquisition/sales column.  There are no properties excluded from the analysis.

Revenues:
Base rents decreased by 4.5% to $20.1 million for the three month period ended January 31, 2016 as compared with $21.0 million in the comparable period of 2015. The change in base rentals and the changes in other income statement line items were attributable to:

Property Acquisitions/Sales:

In fiscal 2015, the Company purchased equity interests in six properties totaling approximately 409,000 square feet of GLA and sold two properties totaling approximately 298,000 square feet.  These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales in the three month period ended January 31, 2016 when compared with the three month period ended January 31, 2015.

Properties Held in Both Periods:

Revenues
Base rents decreased during the three month period ended January 31, 2016 by $1.1 million when compared with the corresponding prior period primarily as a result of a reduction of income related to the amortization of above/below market rents in the amount of $372,000.  A $555,000 reduction in base rent billed at the Company's White Plains Property, which had two large tenants vacate at the end of the first quarter of 2015 when their leases expired, also contributed to the decrease.  The White Plains property currently is being re-developed and is under contract to be sold.  The Company is maintaining vacancies at this property to facilitate the sale.  In addition, base rents decreased as a result of the vacancy of two A&P supermarkets (see Liquidity and Capital Resource section in this Item 2) which reduced base rental income by $151,000.  In the first three months of fiscal 2016, the Company leased or renewed 90,000 square feet (or approximately 2.29% of total consolidated property leasable area).  At January 31, 2016, the Company's consolidated properties were approximately 92.45% leased, an decrease of 3.34% from the end of fiscal 2015. Overall property occupancy decreased to 92.09% at January 31, 2016, from 94.97% at the end of fiscal 2015.

In the three month period ended January 31, 2016, recoveries from tenants (which represent reimbursements from tenants for operating expenses and property taxes) for properties owned in both periods decreased by $881,000. This decrease was a result of a decrease in the percentage of the portfolio that is leased, which causes the Company to bill and collect a lower percentage of operating costs from its tenants.  This net decrease was accentuated by lower operating costs at these properties which reduces the amount of revenue billed to tenants for operating costs.  This operating expense decrease was predominantly the result of a decrease in snow removal costs.

Expenses
Property operating expenses for properties owned in both periods decreased by $283,000 in the three month period ended January 31, 2016 when compared with the corresponding prior period as a result of a decrease in expenses relating to snow removal.

Real estate taxes for properties owned in the three month period ended January 31, 2016 were relatively unchanged when compared with the corresponding prior period.

Interest expense for properties owned in both periods decreased by $275,000 in the three month period ended January 31, 2016 when compared with the corresponding prior period as a result of the Company repaying a mortgage on the Company's Veteran's Plaza property after the first quarter of last year.

Depreciation and amortization expense from properties held in the three months ended January 31, 2016, when compared to the corresponding prior period, increased by $263,000 as a result of increased depreciation related to an increase in capital improvements and tenant related build-out costs at some of the Company's properties.

General and administrative expense increased in the three months ended January 31, 2016 when compared to the corresponding prior period predominantly as a result of increased compensation expense for increased staffing at the Company over the last three quarters of fiscal 2015 and the first quarter of fiscal 2016 and increased bonus for the Company's employees in fiscal 2016 when compared with fiscal 2015.

Inflation
The Company's long-term leases contain provisions to mitigate the adverse impact of inflation on its operating results. Such provisions include clauses entitling the Company to receive (a) scheduled base rent increases and (b) percentage rents based upon tenants' gross sales, which generally increase as prices rise. In addition, many of the Company's non-anchor leases are for terms of less than ten years, which permits the Company to seek increases in rents upon renewal at then current market rates if rents provided in the expiring leases are below then existing market rates. Most of the Company's leases require tenants to pay a share of operating expenses, including common area maintenance, real estate taxes, insurance and utilities, thereby reducing the Company's exposure to increases in costs and operating expenses resulting from inflation.

Environmental Matters
Based upon management's ongoing review of its properties, management is not aware of any environmental condition with respect to any of the Company's properties that would be reasonably likely to have a material adverse effect on the Company. There can be no assurance, however, that (a) the discovery of environmental conditions that were previously unknown, (b) changes in law, (c) the conduct of tenants or (d) activities relating to properties in the vicinity of the Company's properties, will not expose the Company to material liability in the future. Changes in laws increasing the potential liability for environmental conditions existing on properties or increasing the restrictions on discharges or other conditions may result in significant unanticipated expenditures or may otherwise adversely affect the operations of the Company's tenants, which could adversely affect the Company's financial condition and results of operations.
 
 
25
 
Item 3.                          Quantitative and Qualitative Disclosures about Market Risk

Market risk is the exposure to loss resulting from changes in interest rates, foreign currency exchange rates, commodity prices and equity prices.  The primary market risk to which we are exposed is interest rate risk, which is sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors that are beyond the Company's control.

Interest Rate Risk

The Company is exposed to interest rate risk primarily through its borrowing activities.  There is inherent rollover risk for borrowings as they mature and are renewed at current market rates.  The extent of this risk is not quantifiable or predictable because of the variability of future interest rates and the Company's future financing requirements.

As of January 31, 2016, the Company had $29.75 million outstanding under its unsecured revolving credit facility with interest rates based on LIBOR which is a variable rate measure.  If LIBOR were to increase by 1% per annum, the company's interest expense would increase by approximately $297,500 per annum.

The Company may seek variable-rate financing if and when pricing and other commercial and financial terms warrant. As such, the Company would consider hedging against the interest rate risk related to such additional variable-rate debt through interest rate swaps and protection agreements, or other means.

The Company does not enter into any derivative financial instrument transactions for speculative or trading purposes.  The Company believes that its weighted average interest rate of 4.6% on its fixed rate debt is not materially different from current fair market interest rates for debt instruments with similar risks and maturities.

Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures
The Company's Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report.  Based on such evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company's disclosure controls and procedures are effective.

Changes in Internal Controls
During the quarter ended January 31, 2016, there were no significant changes in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
 

26

PART II – OTHER INFORMATION

Item 1.  Legal Proceedings

The Company is not involved in any litigation that in management's opinion would result in a material adverse effect on the Company's ownership, management or operation of its properties.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

The Board of Directors of the Company has approved a share repurchase program ("Program") for the repurchase of up to 2,000,000 shares, in the aggregate, of Common stock, Class A Common stock and Series F Cumulative Preferred stock in open market transactions.  For the three month period ended January 31, 2016, the Company did not repurchase any shares of stock under the Program.

There is no assurance that the Company will repurchase the full amount of shares authorized.
 
27

Item 6.  Exhibits

   
31.1
Certification of the Chief Executive Officer of Urstadt Biddle Properties Inc. pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
   
31.2
Certification of the Chief Financial Officer of Urstadt Biddle Properties Inc. pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
   
32
Certification of the Chief Executive Officer and Chief Financial Officer of Urstadt Biddle Properties Inc. pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
   
101
The following materials from Urstadt Biddle Properties Inc.'s Quarterly Report on Form 10-Q for the quarter ended January 31, 2016, formatted in XBRL (Extensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Income, (3) the Consolidated Statements of Comprehensive Income (4) the Consolidated Statements of Cash Flows, (5) the Consolidated Statement of Stockholders' Equity, and (6) Notes to Consolidated Financial Statements that have been detail tagged.
   
 

 
28

S I G N A T U R E S



Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
URSTADT BIDDLE PROPERTIES INC.
 
 (Registrant)
   
 
By: /s/ Willing L. Biddle
 
Willing L. Biddle
 
Chief Executive Officer
 
(Principal Executive Officer)
   
 
By : /s/ John T. Hayes
 
John T. Hayes
 
Senior Vice President &
 
Chief Financial Officer
 
(Principal Financial Officer
Dated: March 10, 2016
and Principal Accounting Officer
 

 
29
EXHIBIT INDEX

Exhibit No.

   
31.1
Certification of the Chief Executive Officer of Urstadt Biddle Properties Inc. pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
   
31.2
Certification of the Chief Financial Officer of Urstadt Biddle Properties Inc. pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
   
32
Certification of the Chief Executive Officer and Chief Financial Officer of Urstadt Biddle Properties Inc. pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
   
101
The following materials from Urstadt Biddle Properties Inc.'s Quarterly Report on Form 10-Q for the quarter ended January 31, 2016, formatted in XBRL (Extensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Income, (3) the Consolidated Statements of Comprehensive Income (4) the Consolidated Statements of Cash Flows, (5) the Consolidated Statement of Stockholders' Equity, and (6) Notes to Consolidated Financial Statements that have been detail tagged.



30
 EX-31.1 2 ex31_1.htm EXHIBIT 31.1 WLB CERTIFICATION
EXHIBIT 31.1
Certification

I, Willing L. Biddle, certify that:

1.
I have reviewed this quarterly report on Form 10-Q for the quarter ended January 31, 2016 of Urstadt Biddle Properties Inc;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on our evaluation; and
d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: March 10, 2016
  /s/ Willing L. Biddle
 
Willing L. Biddle
 
President and
 
Chief Executive Officer
EX-31.2 3 ex31_2.htm EXHIBIT 31.2 JTH CERTIFICATION
EXHIBIT 31.2
Certification

I, John T. Hayes, certify that:

1.
I have reviewed this quarterly report on Form 10-Q for the quarter ended January 31, 2016 of Urstadt Biddle Properties Inc;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on our evaluation; and
d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: March 10, 2016
  /s/ John T. Hayes
 
John T. Hayes
 
Senior Vice President and
 
Chief Financial Officer
EX-32 4 ex32.htm EXHIBIT 32 WLB/JTH CERTIFICATION
EXHIBIT 32


Certification
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
with Respect to the Quarterly Report on Form 10-Q
for the Quarter Ended January 31, 2016
of Urstadt Biddle Properties Inc.

 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, chapter 63 of title 18, United  States Code), each of the undersigned officers of Urstadt Biddle Properties Inc., a Maryland corporation (the "Company"), does  hereby certify, to the best of such officer's knowledge, that:

1.
The Company's Quarterly Report on Form 10-Q for the quarter ended January 31, 2016 (the "Form 10-Q") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and

2.
Information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 
Dated:
  
March 10, 2016
  /s/ Willing L. Biddle
 
 
Willing L. Biddle
   
President and
   
Chief Executive Officer
     
     
     
 
Dated:
  
March 10, 2016
  /s/ John T. Hayes
 
 
John T. Hayes
   
Senior Vice President and
   
Chief Financial Officer


The certification set forth above is being furnished as an Exhibit solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002  and is not being filed as part of the Form 10-Q or as a separate disclosure document of the Company or the certifying officers.
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Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. 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The inputs used include an estimate of the fair value of the cash flow generated by the limited partnership or limited liability company in which the investor owns the joint venture units capitalized at prevailing market rates for properties with similar characteristics&#160; or located in similar areas.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; line-height: 11.4pt;">The fair values of interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves ("significant other observable inputs.") 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The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's ASC. ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December&#160;15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. In August 2015, FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the reporting period.&#160; The Company is currently assessing the potential impact that the adoption of ASU 2014-09 will have on its consolidated financial statements.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; line-height: 11.4pt;">During April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. ASU 2015-03 is not expected to have a material impact on the Company's consolidated financial statements.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; line-height: 11.4pt;">The Company has evaluated all other new ASU's issued by FASB and has concluded that these updates do not have a material effect on the Company's consolidated financial statements as of January 31, 2016.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div></div> 114000 83000 1 926000 853000 2012 2015 19567000 17942000 20072000 21011000 9509000 8939000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; line-height: 11.4pt;">(1) ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify; line-height: 11.4pt;">Business</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; line-height: 11.4pt;">Urstadt Biddle Properties Inc. ("Company"), a real estate investment trust (REIT), is engaged in the acquisition, ownership and management of commercial real estate, primarily neighborhood and community shopping centers in the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York.&#160; The Company's major tenants include supermarket chains and other retailers who sell basic necessities.&#160; At January 31, 2016, the Company owned or had equity interests in 73 properties containing a total of 4.9 million square feet of Gross Leasable Area ("GLA").</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify; line-height: 11.4pt;">Principles of Consolidation and Use of Estimates</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; line-height: 11.4pt;">The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures in which the Company meets certain criteria of a sole general partner in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, "Consolidation" and ASC Topic 970-810 "Real Estate-General-Consolidation". The Company has determined that such joint ventures should be consolidated into the consolidated financial statements of the Company. In accordance with ASC Topic 970-323 "Real Estate-General-Equity Method and Joint Ventures", joint ventures that the Company does not control but otherwise exercises significant influence over, are accounted for under the equity method of accounting. See Note 5 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; line-height: 11.4pt;">The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.&#160; Results of operations for the three month period ended January 31, 2016 are not necessarily indicative of the results that may be expected for the year ending October 31, 2016. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the fiscal year ended October 31, 2015.</div><div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;" /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; line-height: 11.4pt;">The preparation of financial statements requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. 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The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's ASC. 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Activities Net income applicable to common stockholders - diluted Net Income (Loss) Available to Common Stockholders, Diluted Net income attributable to Urstadt Biddle Properties Inc. Net Income (Loss) Attributable to Parent Cash Flows from Investing Activities: Cash Flows from Operating Activities: Numerator [Abstract] Net income attributable to noncontrolling interests Net Income (Loss) Attributable to Noncontrolling Interest New Accounting Standards Directors' fees and expenses Non-Operating Income (Expense): Number of reportable segments CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract] Increased/(decreased) in carrying value of non-controlling interests Noncontrolling Interest, Increase from Business Combination Tax years remaining open to examination by Internal Revenue Service Expenses Total Operating Expenses Operating Expenses Base rents Operating Leases, Income Statement, Lease Revenue Operating Income Operating Income (Loss) ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unrealized (gains) in marketable securities reclassified into income Other Comprehensive Income (Loss), Reclassification 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Outstanding Preferred Stock [Member] Prepaid expenses and other assets Reclassifications Payments received on other receivables Proceeds from Collection of Other Receivables Borrowing under revolving credit facility Proceeds from issuance of preferred stock Net proceeds from the issuance of preferred stock Proceeds from mortgage notes payable and other loans Proceeds from revolving credit line borrowings Sales of additional shares of Common and Class A Common Stock Proceeds received from sale of Class A Common Stock Proceeds from Sale of Property Held-for-sale Net proceeds from sale of property Net income Net Income Net Income Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Property, Plant and Equipment, Type [Axis] Property management and leasing services fees (in hundredths) Property Management Fee, Percent Fee Estimated useful life Estimated useful life of property Property, Plant and Equipment, Type [Domain] Estimated useful life Property, Plant and Equipment, Estimated Useful Lives Property, Plant and Equipment [Line Items] CORE PROPERTIES Provision for tenant credit losses Range [Domain] Range [Axis] Real Estate Investments: Name of Property [Domain] CORE PROPERTIES [Abstract] Investment property, net Real Estate Investment Property, Net Real Estate Investment Property, Net Property Held for Sale and Discontinued Operations Real Estate Held for Development and Sale, Policy [Policy Text Block] Name of Property [Axis] Investments in and advances to unconsolidated joint ventures Total real estate investments Real Estate Investments, Net Core properties - at cost Less: Accumulated depreciation Real Estate Investment Property, Accumulated Depreciation Property taxes Real Estate Held-for-sale Real Estate Real Estate, Policy [Policy Text Block] Redeemable non-controlling interests [Abstract] Redeemable Noncontrolling Interest, by Legal Entity [Table] Redeemable noncontrolling interests Redeemable Noncontrolling Interest, Equity, Fair 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Business Acquisitions, by Acquisition [Table] Schedule of Revenue by Major Customers, by Reporting Segments [Table] Operating results for discontinued operations Disposal Groups, Including Discontinued Operations [Table Text Block] Equity Method Investee, Name [Axis] Schedule of Equity Method Investments [Table] Schedule of Equity Method Investments [Line Items] Schedule of Property, Plant and Equipment [Table] Schedule of Segment Reporting Information, by Segment [Table] Schedule of Segment Reporting Information by Segment Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Mortgage notes payable and other loans Non-recourse First Mortgage Loan [Member] Secured Debt [Member] Segment Reporting [Abstract] Segments [Domain] Segment Reporting Information [Line Items] Segment Reporting 7.5% Series D Preferred Stock [Member] Series D Senior Cumulative Preferred Stock [Member] 6.75% Series G Preferred Stock [Member] 6.75% Series G Cumulative Preferred Stock [Member] Series G Senior Redeemable Preferred Stock [Member] 7.125% Series F Cumulative Preferred Stock [Member] Series F Senior Redeemable Preferred Stock [Member] 7.125% Series F Preferred Stock [Member] Number of shares awarded (in shares) Granted (in shares) Granted (in dollars per share) Non-vested, end of period (in shares) Non-vested, beginning of period (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Non-vested, end of period (in dollars per share) Non-vested, beginning of period (in dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Non-vest shares, number of shares [Roll forward] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Non-vested shares, weighted-average grant-date fair value [Roll forward] Share Repurchase Program [Axis] Share Repurchase Program [Axis] Share Repurchase Program [Domain] Share Repurchase Program [Domain] Forfeiture of restricted stock (in dollars per share) Forfeiture of restricted stock (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Price of Class A commons stock issued (in dollars per share) Vested (in dollars per share) Vested (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Number of shares authorized (in shares) Stock-Based Compensation Award Type [Domain] Balance (in shares) Balance (in shares) Shares, Outstanding Statement [Line Items] CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) [Abstract] CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) [Abstract] CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] Statement Equity Components [Axis] Statement [Table] Segments [Axis] CONSOLIDATED BALANCE SHEETS (UNAUDITED) [Abstract] Class of Stock [Axis] Class of Stock [Axis] Issuance of shares under dividend reinvestment plan Issuance of shares under dividend reinvestment plan (in shares) Forfeiture of restricted stock (in shares) Stock Issued During Period, Shares, Restricted Stock Award, Forfeited Shares issued under restricted stock plan (in shares) Issuance of common stock Fair value of the shares awarded Issuance of common stock (in shares) Class A common stock issued (in shares) Number of shares authorized to be repurchased (in shares) Shares issued under restricted stock plan STOCKHOLDERS' EQUITY Stockholders' Equity Note Disclosure [Text Block] Stockholders' Equity: STOCKHOLDERS' EQUITY [Abstract] Total Stockholders' Equity Balance Balance Subsequent Event Type [Axis] Subsequent Event [Line Items] Subsequent Event [Member] SUBSEQUENT EVENTS Subsequent Events [Text Block] SUBSEQUENT EVENTS [Abstract] Subsequent Event Type [Domain] Subsequent Event [Table] Supplemental Cash Flow Disclosures: Recoveries from tenants Number of shares repurchased (in shares) Unsecured term loan Unsecured Debt Unsecured Debt [Member] Variable Rate [Axis] Variable Rate [Domain] Denominator [Abstract] Denominator for basic EPS - weighted average common shares (in shares) Effect of dilutive securities [Abstract] Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] Denominator for diluted EPS - weighted average common equivalent shares (in shares) Weighted Average Number of Shares Outstanding, Diluted Represents the cash outflow of distributions of net operating income to noncontrolling interests as required by joint venture agreements. Distributions To Noncontrolling Interests Distributions to noncontrolling interests Cash inflow associated with the amount received from and entity that is related to it, but not strictly controlled during the period (for example, an unconsolidated subsidiary, affiliate, joint venture or equity method investment). Distributions From Joint Venture Partners Distributions from unconsolidated joint ventures Return of deposits on the acquisition of real estate investments Return of deposits on acquisitions of real estate Returns of deposits on real estate investments Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements, (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting, and the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Principles of Consolidation and Use of Estimates [Policy Text Block] Principles of Consolidation and Use of Estimates Tabular disclosure of the useful life of long lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Estimated useful lives [Table Text Block] Property, plant and equipment, estimated useful lives Allowance of doubtful accounts against tenants receivables provided as a percentage of deferred straight-line rents receivable, which is estimated to be uncollectible. Allowance of doubtful accounts against tenants receivables, percentage of deferred straight-line rents receivable Minimum percentage of real estate trust taxable income required to be distributed for REIT to be nontaxable. Minimum real estate trust taxable income required to be distributed for REIT to be nontaxable Minimum real estate trust taxable income required to be distributed for REIT to be nontaxable (in hundredths) Number of properties the Company owned or had equity interest in. Number of properties the Company owned or had equity interest in The Gross Leasable Area of the properties the Company owned or had equity interest in. Gross Leasable Area of properties the Company owned or had equity interest in (in square feet) Gross leasable area of properties the Company owned or had equity interest in (in square feet) The number of non-core properties sold by the company during the reporting period. Number of non-core real estate properties sold This item represents the approximate gain on sale of properties classified as available for sale that were sold during the year. Gain on sale of properties Number of core properties held for sale during the reporting period. Number of core properties held for sale Addition, improvement, or renovation to a property held for productive use including, but not limited to, office, production, storage and distribution facilities. Property Improvements [Member] The table contains disclosure pertaining to an entity's basic and diluted earnings per share. Schedule of Earnings Per Share, by Common Class, Including Two Class Method [Table] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Earnings Per Share, by Common Class, Including Two Class Method [Line Items] Revenues from properties held for sale that are included in continuing operations Revenues from continued operations held for sale Revenues The number of equity securities which are sold during the reporting period that are categorized neither as held-to-maturity nor trading securities. Available For Sale Securities, Equity Securities, Shares Sold Available for sale securities sold (in shares) Depreciation for properties held for sale but that are still included in continuing operations. Depreciation and amortization from properties held for sale included in continuing operations Depreciation and amortization The sales price of assets which are available for sale as part of the disposal group, as of the disclosure date. Sales price of properties held for sale Sales price of properties held for sale The aggregate number of assets that are to be sold as part of the disposal group. Disposal Group Number Of Assets Held For Disposal Number of properties held for sale Operating expenses for properties held for sale included in continuing operations Operating expenses of properties held for sale included in continuing operations Property operating expense The net income of a property classified as held for sale included in net income. Net income of held for sale property included in continuing operations Net Income Classification of common stock representing ownership interest in a corporation. Common Stock Excluding Class A Common Stock [Member] Common Stock [Member] Dollar value of non-voting Common or Class A Common stock issued in conjunction with a shareholder owning more than 7.5% of the value of all outstanding stock. Excess stock is not entitled to dividends. Excess Stock Excess Stock, par value $0.01 per share; 20,000,000 shares authorized; none issued and outstanding Face amount or stated value of excess stock; generally not indicative of the fair market value per share. Excess Stock Par Value Excess Stock, par value (in dollars per share) The initial value of the minority entities equity for a consolidated investment by the parent. Initial Value of non-controlling interest for new investment Initial McLean Plaza noncontrolling Interests Change in stockholders equity (retained earnings or additional paid in capital) relating to the increase/decrease in fair market value of the value of the net equity in a noncontrolling entity consolidated by the parent. Adjustments to redeemable noncontrolling interests Adjustments to redeemable noncontrolling interests Information about UB Orangeburg, LLC ("Orangeburg"), a newly formed limited liability company. Ub Orangeburg Llc [Member] Information about UB Ironbound, LP ("Ironbound"), a consolidated limited partnership. UB Ironbound, LP ("Ironbound") [Member] The Company's ownership interest as of the balance sheet date. Ownership interest Ownership interest (in hundredths) Percentage of invested capital non-managing members receive in a fixed annual cash distribution. Fixed annual distribution Fixed annual distribution (in hundredths) A consolidated joint venture and real estate property owned. McLean Plaza Associates [Member] Number of shares of new Series G preferred stock issued during the period. Stock Issued During Period, Shares, New Issues, Series G Preferred Stock Issuance of Series G preferred stock (in shares) Preferred stock issued (in shares) Equity impact of the value of new Series G preferred stock issued during the period. Stock Issued During Period, Value, New Issues, Series G Preferred Stock Issuance of Series G preferred stock Amount of paid and unpaid Class A common stock dividends declared with the form of settlement in cash. Dividends, Class A Common Stock, Cash Class A common stock The number of directors the redeemable preferred stockholders are entitled to elect under certain circumstances. Number of directors redeemable preferred stockholders are entitled to elect The total maximum number of shares permitted to be issued by an entity's charter and bylaws. Shares Authorized, Total Shares authorized (in shares) Information on share based compensation by class of stock. Share Based Compensation - Class of Stock [Axis] Class of Stock [Axis] Information on share based compensation by class of stock Share Based Compensation Class of Stock [Domain] Class of Stock [Domain] The total grant date fair value of equity-based awards during the reporting period. Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Awarded in Period, Grant Date Fair Value Grant date fair value The Company's original share repurchase program ("Original Program") for the repurchase of up to 1,500,000 shares of Common Stock and Class A Common Stock and the Company's Series C and Series D Senior Cumulative Preferred Stock in open-market transactions. Original Share Repurchase Program [Member] Original Program [Member] The Company's restricted stock plan, which authorizes grants of up to an aggregate of 3,150,000 shares of the Company's common equity consisting of 350,000 Common shares, 350,000 Class A Common shares and 2,450,000 shares, which at the discretion of the Company's compensation committee, may be awarded in any combination of Class A Common shares or Common shares. Class A Common shares or Common shares [Member] The Company's current share repurchase program ("Current Program") for the repurchase of up to 2,000,000 shares of Common Stock and Class A Common Stock and the Company's Series D Senior Cumulative Preferred Stock and Series F Cumulative Preferred Stock in open-market transactions. Current Share Repurchase Program [Member] Current Program [Member] The Company's restricted stock plan, which authorizes grants of up to an aggregate of 3,150,000 shares of the Company's common equity consisting of 350,000 Common shares, 350,000 Class A Common shares and 2,450,000 shares, which at the discretion of the Company's compensation committee, may be awarded in any combination of Class A Common shares or Common shares. Restricted Stock Plan [Member] Shares issued as part of an underwriter's over-allotment option. Over-allotment stock Issued During Period Shares New Issues Overallotment option shares issued (in shares) Proceeds from issuance of preferred stock as a result of underwriter's exercise of over-allotment option. Proceeds From Issuance Of Preferred Stock And Preference Stock-Over-allotment option Proceeds from issuance of stock via exercise of overallotment option An unconsolidated joint venture, which owns a retail and office building in Westchester County, New York. 81 Pondfield Road Company [Member] Equity interest in the Chestnut Ridge and Plaza 59 shopping centers. Chestnut Ridge and Plaza 59 Shopping Centers [Member] An unconsolidated joint ventures, which owns a 247,000 square foot shopping center in Westchester County, New York ("Midway"). Midway Shopping Center, L.P. [Member] Equity interest in the Putnam Plaza Shopping Center. Putnam Plaza Shopping Center [Member] The area size in square feet of a shopping center tenant Area size in square feet of major tenant Square footage of anchor tenant Amount of additional development square feet allowed in the property Additional Development Rights Additional buildable square feet Proceeds paid to seller of property at closing for a mortgage placed on the property at closing. Mortgage proceeds paid to seller at acquisition Mortgage proceeds paid to seller at closing Amount of new mortgage proceeds retained by lender until leasing on new development property is complete Mortgage proceeds retained by lender Equity interest in Gateway Plaza Gateway Plaza [Member] Equity interest in Applebee's at Riverhead Applebee's at Riverhead [Member] Equity interest in the Chestnut Ridge. Chestnut Ridge [Member] Amount of additional development space that is leased. Amount of in-line space leased in square feet In-line space leased Equity interest in the Plaza 59 shopping centers. Plaza 59 Shopping Centers [Member] The amount of acquisition cost of a business combination allocated to liabilities assumed. Estimated fair value of first mortgage secured by property First mortgage secured by property, estimated fair value Represents the reporting of amounts of an acquisition of a real estate property or other business acquisition that was completed during the period. Acquisition 1 [Member] NJ Retail Properties [Member] Represents the reporting of amounts of an acquisition of a real estate property or other business acquisition that was completed during the period. Acquisition 2 [Member] Subsequent Event Acquisition [Member] Fort Lee [Member] The number of buildings or properties acquired in the acquisition transaction. Number of properties acquired Refers to the number of wholly-owned subsidiaries, through which the Company acquired properties during the period. Number of wholly-owned subsidiaries involved in acquisition of properties Represents the reporting of amounts of an acquisition of a real estate property or other business acquisition that was completed during the period. Acquisition 3 [Member] Harrison [Member] Represents the reporting of amounts of an acquisition of a real estate property or other business acquisition that was completed during the period. Acquisition 6 [Member] Greenwich Properties [Member] Represents the reporting of amounts of an acquisition of a real estate property or other business acquisition that was completed during the period. Acquisition 5 [Member] McLean Avenue [Member] The net value of above market leases acquired in an acquisition Value of Above Market Leases Acquired in Real Estate Acquisition The net value of below market leases acquired in an acquisition Value Of Below Market Leases Acquired In Real Estate Acquisitio The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity's class A and common stockholders. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Comprehensive Income (Loss), Net of Tax, Attributable to Common and Class A Stockholders Total comprehensive income (loss) applicable to Common and Class A Common Stockholders This element represents a cash settlement with former tenants for the termination of a long term lease. Lease Termination Income Lease termination income The lender of the line of credit facility. BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] The period of extension allowed at the Company's option under the terms of the Facility. Line of Credit Facility, Extension Period Extension period Maximum borrowing capacity with the option to increase the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Line of Credit Facility, Option, Maximum Borrowing Capacity Option, maximum borrowing capacity The Bank of New York Mellon. The Bank of New York Mellon [Member] Number of one year extensions allowed at the Company's option under the terms of the Facility. Line of Credit Facility, Number of Extensions Number of extensions Life Company Life Company [Member] Unsecured loan from entity. Unsecured Term Loan [Member] REMIC Mortgage Member REMIC Mortgage Member [Member] The real estate, retail properties. Meriden, CT [Member] Represents the reporting of amounts of an acquisition of a real estate property or other business acquisition that was completed during the period. Acquisition 4 [Member] Acquisition 4 [Member] Purchase or contract price on investment property to be acquired Purchase Price or Contract Price Amount of new mortgage loan. New mortgage financing Document and Entity Information [Abstract] Base rent during the period, when it serves as a benchmark in a concentration of risk calculation. Base Rent [Member] One of the major external customers. Bed, Bath and Beyond [Member] Bed, Bath & Beyond [Member] One of the major external customers. Stop and Shop Supermarket Company [Member] The Stop & Shop Supermarket Company [Member] One of the major external customers. Marshall's Inc., a division of the TJX Companies [Member] One of the major external customers. All Other Tenants at Ridgeway [Member] All other properties of the Company. All Other Property [Member] One of the Company's properties, located in Stamford, CT and was developed in the 1950's and redeveloped in the mid 1990's. Ridgeway [Member] Represents the percentage of the rental property leased. Percent Leased Percent leased The total amount of other operating cost and expense items including property taxes that are associated with the entity's normal revenue producing operation. 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Document and Entity Information - USD ($)
 3 Months Ended
Jan. 31, 2016
Jan. 05, 2016
Apr. 30, 2015
Entity Information [Line Items]      
Entity Registrant Name URSTADT BIDDLE PROPERTIES INC    
Entity Central Index Key 0001029800    
Current Fiscal Year End Date --10-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Accelerated Filer    
Entity Public Float     $ 38,993,661
Entity Common Stock, Shares Outstanding   9,504,378  
Document Fiscal Year Focus 2016    
Document Fiscal Period Focus Q1    
Document Type 10-Q    
Amendment Flag false    
Document Period End Date Jan. 31, 2016    
Class A Common Stock [Member]      
Entity Information [Line Items]      
Entity Public Float     $ 537,248,936
Entity Common Stock, Shares Outstanding   26,465,544  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jan. 31, 2016
Oct. 31, 2015
Real Estate Investments:    
Core properties - at cost $ 945,665 $ 941,690
Less: Accumulated depreciation (170,583) (165,660)
Investment property, net 775,082 776,030
Investments in and advances to unconsolidated joint ventures 38,974 39,305
Total real estate investments 814,056 815,335
Cash and cash equivalents 3,173 6,623
Restricted cash 2,322 2,191
Tenant receivables 22,838 22,353
Prepaid expenses and other assets 13,984 9,334
Deferred charges, net of accumulated amortization 6,410 5,239
Total Assets 862,783 861,075
Liabilities:    
Revolving credit lines 29,750 22,750
Mortgage notes payable and other loans 259,000 260,457
Accounts payable and accrued expenses 6,672 3,438
Deferred compensation - officers 110 155
Other liabilities 15,991 17,542
Total Liabilities 311,523 304,342
Redeemable Noncontrolling Interests $ 16,881 $ 15,955
Commitments and Contingencies
Stockholders' Equity:    
Additional paid in capital $ 432,583 $ 431,411
Cumulative distributions in excess of net income (101,251) (94,136)
Accumulated other comprehensive (loss) (1,689) (1,230)
Total Stockholders' Equity 534,379 540,778
Total Liabilities and Stockholders' Equity 862,783 861,075
7.125% Series F Cumulative Preferred Stock [Member]    
Stockholders' Equity:    
Preferred Stock (liquidation preference $25 per share) 129,375 129,375
6.75% Series G Cumulative Preferred Stock [Member]    
Stockholders' Equity:    
Preferred Stock (liquidation preference $25 per share) 75,000 75,000
Common Stock [Member]    
Stockholders' Equity:    
Excess Stock, par value $0.01 per share; 20,000,000 shares authorized; none issued and outstanding 0 0
Common Stock, par value $0.01 per share 96 94
Class A Common Stock [Member]    
Stockholders' Equity:    
Common Stock, par value $0.01 per share $ 265 $ 264
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
 3 Months Ended
Jan. 31, 2016
Oct. 31, 2015
Stockholders' Equity:    
Excess Stock, par value (in dollars per share) $ 0.01 $ 0.01
Excess Stock, shares authorized (in shares) 20,000,000 20,000,000
Excess Stock, shares issued (in shares) 0 0
Excess Stock, shares outstanding (in shares) 0 0
Common Stock, shares authorized (in shares) 30,000,000  
7.125% Series F Cumulative Preferred Stock [Member]    
Stockholders' Equity:    
Preferred stock, dividend rate (in hundredths) 7.125%  
Preferred Stock, liquidation preference (in dollars per share) $ 25 $ 25
Preferred Stock, shares issued (in shares) 5,175,000 5,175,000
Preferred Stock, shares outstanding (in shares) 5,175,000 5,175,000
6.75% Series G Cumulative Preferred Stock [Member]    
Stockholders' Equity:    
Preferred stock, dividend rate (in hundredths) 6.75%  
Preferred Stock, liquidation preference (in dollars per share) $ 25 $ 25
Preferred Stock, shares issued (in shares) 3,000,000 3,000,000
Preferred Stock, shares outstanding (in shares) 3,000,000 3,000,000
Common Stock [Member]    
Stockholders' Equity:    
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01
Common Stock, shares authorized (in shares) 30,000,000 30,000,000
Common Stock, shares issued (in shares) 9,504,378 9,350,885
Common Stock, shares outstanding (in shares) 9,504,378 9,350,885
Class A Common Stock [Member]    
Stockholders' Equity:    
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01
Common Stock, shares authorized (in shares) 100,000,000 100,000,000
Common Stock, shares issued (in shares) 26,465,544 26,370,216
Common Stock, shares outstanding (in shares) 26,465,544 26,370,216
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2016
Jan. 31, 2015
Revenues    
Base rents $ 20,072 $ 21,011
Recoveries from tenants 6,372 7,146
Lease termination income 42 44
Other income 965 305
Total Revenues 27,451 28,506
Expenses    
Property operating 4,767 5,086
Property taxes 4,623 4,462
Depreciation and amortization 5,688 5,526
General and administrative 2,462 2,268
Provision for tenant credit losses 239 343
Acquisition costs 80 1,768
Directors' fees and expenses 83 114
Total Operating Expenses 17,942 19,567
Operating Income 9,509 8,939
Non-Operating Income (Expense):    
Interest expense (3,271) (3,264)
Equity in net income (loss) from unconsolidated joint ventures 383 474
Interest, dividends and other investment income 51 15
Discontinued operations:    
Net Income 6,672 6,164
Noncontrolling interests:    
Net income attributable to noncontrolling interests (225) (153)
Net income attributable to Urstadt Biddle Properties Inc. 6,447 6,011
Preferred stock dividends (3,570) (3,894)
Net Income Applicable to Common and Class A Common Stockholders $ 2,877 $ 2,117
Basic Earnings Per Share:    
Net Income Applicable to Common and Class A Common Stockholders (in dollars per share) $ 0.08 $ 0.06
Diluted Earnings Per Share:    
Net Income Applicable to Common and Class A Common Stockholders (in dollars per share) $ 0.08 $ 0.06
Common Stock [Member]    
Noncontrolling interests:    
Net Income Applicable to Common and Class A Common Stockholders $ 628 $ 453
Dividends Per Share:    
Common (in dollars per share) $ 0.2300 $ 0.2250
Class A Common Stock [Member]    
Noncontrolling interests:    
Net Income Applicable to Common and Class A Common Stockholders $ 2,249 $ 1,664
Basic Earnings Per Share:    
Net Income Applicable to Common and Class A Common Stockholders (in dollars per share) $ 0.09 $ 0.06
Diluted Earnings Per Share:    
Net Income Applicable to Common and Class A Common Stockholders (in dollars per share) 0.08 0.06
Dividends Per Share:    
Common (in dollars per share) $ 0.2600 $ 0.2550
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2016
Jan. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract]    
Net Income $ 6,672 $ 6,164
Other comprehensive income (loss):    
Change in unrealized loss on interest rate swaps (459) (1,714)
Total comprehensive income 6,213 4,450
Comprehensive income attributable to noncontrolling interests (225) (153)
Total Comprehensive income attributable to Urstadt Biddle Properties Inc. 5,988 4,297
Preferred stock dividends (3,570) (3,894)
Total comprehensive income (loss) applicable to Common and Class A Common Stockholders $ 2,418 $ 403
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2016
Jan. 31, 2015
Cash Flows from Operating Activities:    
Net income $ 6,672 $ 6,164
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,688 5,526
Straight-line rent adjustment (211) 359
Provision for tenant credit losses 239 343
Restricted stock compensation expense and other adjustments 1,117 1,074
Deferred compensation arrangement (45) (17)
Equity in net (income)/loss of unconsolidated joint ventures (383) (474)
Changes in operating assets and liabilities:    
Tenant receivables (514) (3,799)
Accounts payable and accrued expenses 2,776 2,910
Other assets and other liabilities, net (6,312) (4,554)
Restricted Cash (131) (91)
Net Cash Flow Provided by Operating Activities 8,896 7,441
Cash Flows from Investing Activities:    
Acquisitions of real estate investments 0 (122,441)
Investments in and advances to unconsolidated joint venture 0 (17)
Returns of deposits on real estate investments 640 627
Deposits on acquisition of real estate investments (479) 0
Improvements to properties and deferred charges (5,927) (4,062)
Distributions to noncontrolling interests (225) (1,195)
Distributions from unconsolidated joint ventures 681 397
Net Cash Flow (Used in) Investing Activities (5,310) (126,691)
Cash Flows from Financing Activities:    
Dividends paid - Common and Class A Common Stock (9,066) (8,881)
Dividends paid - Preferred Stock (3,570) (3,894)
Principal repayments on mortgage notes payable (1,457) (3,986)
Proceeds from mortgage notes payable and other loans 0 67,680
Redemption of redeemable preferred stock 0 (61,250)
Repayments on revolving credit line borrowings (3,000) (77,550)
Proceeds from revolving credit line borrowings 10,000 74,500
Net proceeds from the issuance of preferred stock 0 4,650
Sales of additional shares of Common and Class A Common Stock 57 59,846
Net Cash Flow Provided by (Used In) Financing Activities (7,036) 51,115
Net Increase/(Decrease) In Cash and Cash Equivalents (3,450) (68,135)
Cash and Cash Equivalents at Beginning of Period 6,623 73,029
Cash and Cash Equivalents at End of Period 3,173 4,894
Supplemental Cash Flow Disclosures:    
Interest Paid $ 3,253 $ 3,221
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 3 months ended Jan. 31, 2016 - USD ($)
$ in Thousands
Preferred Stock [Member]
7.125% Series F Preferred Stock [Member]
Preferred Stock [Member]
6.75% Series G Preferred Stock [Member]
Common Stock [Member]
Common Stock [Member]
Common Stock [Member]
Class A Common Stock [Member]
Additional Paid In Capital [Member]
Cumulative Distributions in Excess of Net Income [Member]
Accumulated Other Comprehensive Income [Member]
Total
Common Stock [Member]
Class A Common Stock [Member]
Balance at Oct. 31, 2015 $ 129,375 $ 75,000 $ 94 $ 264 $ 431,411 $ (94,136) $ (1,230) $ 540,778    
Balance (in shares) at Oct. 31, 2015 5,175,000 3,000,000 9,350,885 26,370,216            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income applicable to Common and Class A common stockholders $ 0 $ 0 $ 0 $ 0 0 2,877 0 2,877 $ 628 $ 2,249
Change in unrealized losses on interest rate swap 0 0 0 0 0 0 (459) (459)    
Cash dividends paid :                    
Common stock 0 0 0 0 0 (2,185) 0 (2,185)    
Class A common stock 0 0 0 0 0 (6,881) 0 (6,881)    
Issuance of shares under dividend reinvestment plan 0 0 $ 0 $ 0 57 0 0 57    
Issuance of shares under dividend reinvestment plan (in shares)     1,393 1,728            
Shares issued under restricted stock plan 0 0 $ 2 $ 1 (3) 0 0 0    
Shares issued under restricted stock plan (in shares)     152,100 93,600            
Restricted stock compensation and other adjustments 0 0 $ 0 $ 0 1,118 0 0 1,118    
Adjustments to redeemable noncontrolling interests 0 0 0 0 0 (926) 0 (926)    
Balance at Jan. 31, 2016 $ 129,375 $ 75,000 $ 96 $ 265 $ 432,583 $ (101,251) $ (1,689) $ 534,379    
Balance (in shares) at Jan. 31, 2016 5,175,000 3,000,000 9,504,378 26,465,544            
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical)
 3 Months Ended
Jan. 31, 2016
$ / shares
Common Stock [Member]  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Common stock, dividends per share declared (in dollars per share) $ 0.2300
Class A Common Stock [Member]  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Common stock, dividends per share declared (in dollars per share) $ 0.2600
7.125% Series F Cumulative Preferred Stock [Member]  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Preferred stock, dividend rate (in hundredths) 7.125%
6.75% Series G Cumulative Preferred Stock [Member]  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Preferred stock, dividend rate (in hundredths) 6.75%
Common Stock [Member] | Common Stock [Member]  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Common stock, dividends per share declared (in dollars per share) $ 0.23
Common Stock [Member] | Class A Common Stock [Member]  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Common stock, dividends per share declared (in dollars per share) $ 0.26
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.3.1.900
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Jan. 31, 2016
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business
Urstadt Biddle Properties Inc. ("Company"), a real estate investment trust (REIT), is engaged in the acquisition, ownership and management of commercial real estate, primarily neighborhood and community shopping centers in the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York.  The Company's major tenants include supermarket chains and other retailers who sell basic necessities.  At January 31, 2016, the Company owned or had equity interests in 73 properties containing a total of 4.9 million square feet of Gross Leasable Area ("GLA").

Principles of Consolidation and Use of Estimates
The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures in which the Company meets certain criteria of a sole general partner in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, "Consolidation" and ASC Topic 970-810 "Real Estate-General-Consolidation". The Company has determined that such joint ventures should be consolidated into the consolidated financial statements of the Company. In accordance with ASC Topic 970-323 "Real Estate-General-Equity Method and Joint Ventures", joint ventures that the Company does not control but otherwise exercises significant influence over, are accounted for under the equity method of accounting. See Note 5 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation.

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Results of operations for the three month period ended January 31, 2016 are not necessarily indicative of the results that may be expected for the year ending October 31, 2016. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the fiscal year ended October 31, 2015.

The preparation of financial statements requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition, fair value estimates, and the collectability of tenant receivables and other assets and liabilities.  Actual results could differ from these estimates.  The balance sheet at October 31, 2015 has been derived from audited financial statements at that date.

Federal Income Taxes
The Company has elected to be treated as a REIT under Sections 856-860 of the Internal Revenue Code (Code). Under those sections, a REIT that, among other things, distributes at least 90% of real estate trust taxable income and meets certain other qualifications prescribed by the Code will not be taxed on that portion of its taxable income that is distributed.  The Company believes it qualifies as a REIT and intends to distribute all of its taxable income for fiscal 2016 in accordance with the provisions of the Code. Accordingly, no provision has been made for Federal income taxes in the accompanying consolidated financial statements.

The Company follows the provisions of ASC Topic 740, "Income Taxes" that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.  Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of January 31, 2016. As of January 31, 2016, the fiscal tax years 2012 through and including 2015 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress.

Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and tenant receivables. The Company places its cash and cash equivalents with high quality financial institutions and the balances at times could exceed federally insured limits. The Company performs ongoing credit evaluations of its tenants and may require certain tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the terminal value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. The Company has no dependency upon any single tenant.
 
 
 
Derivative Financial Instruments
The Company occasionally utilizes derivative financial instruments, such as interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company's interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. Additionally, the Company has a policy of entering into derivative contracts only with major financial institutions.

As of January 31, 2016, the Company believes it has no significant risk associated with non-performance of the financial institutions that are the counterparties to its derivative contracts.  At January 31, 2016, the Company had approximately $24.2 million in secured mortgage financings subject to interest rate swaps. Such interest rate swaps converted the LIBOR-based variable rates on the mortgage financings to an average fixed annual rate of 3.93% per annum. As of January 31, 2016, the Company had a deferred liability of $1.7 million (included in accounts payable and accrued expenses on the consolidated balance sheets) relating to the fair value of the Company's interest rate swaps applicable to secured mortgages. Charges and/or credits relating to the changes in fair values of such interest rate swaps are made to other comprehensive (loss) as the swap is deemed effective and is classified as a cash flow hedge.

Comprehensive Income
Comprehensive income is comprised of net income applicable to Common and Class A Common stockholders and other comprehensive income (loss). Other comprehensive income includes items that are otherwise recorded directly in stockholders' equity, such as unrealized gains or losses on marketable securities and unrealized gains and losses on interest rate swaps designated as cash flow hedges. At January 31, 2016, accumulated other comprehensive loss consisted of net unrealized losses on interest rate swap agreements of $1.7 million.  At October 31, 2015, accumulated other comprehensive (loss) consisted of net unrealized losses on interest rate swap agreements of approximately $1.2 million. Unrealized gains and losses included in other comprehensive income will be reclassified into earnings as gains and losses are realized.

Asset Impairment
On a periodic basis, management assesses whether there are any indicators that the value of its real estate investments may be impaired. A property value is considered impaired when management's estimate of current and projected operating cash flows (undiscounted and without interest) of the property over its remaining useful life is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the loss is measured as the excess of the net carrying amount of the property over the fair value of the asset. Changes in estimated future cash flows due to changes in the Company's plans or market and economic conditions could result in recognition of impairment losses which could be substantial.  Management does not believe that the value of any of its real estate investments is impaired at January 31, 2016.
 

Property Held for Sale
The Company reports properties that are either disposed of or are classified as held for sale in continuing operations in the consolidated statement of income if the removal, or anticipated removal, of the asset(s) from the reporting entity does not represent a strategic shift that has or will have a major effect on an entity's operations and financial results when disposed of.

In August 2015, the Company sold its property located in Meriden, CT for $44.5 million as that property no longer met the Company's investment objectives.

The operating results of the Meriden Property which are included in the continuing operations were as follows (amounts in thousands):

  
Three Months Ended
 
  
January 31,
 
  
2016
  
2015
 
Revenues
 
$
118
  
$
1,245
 
Property operating expense
  
(2
)
  
(486
)
Depreciation and amortization
  
-
   
(375
)
Net Income
 
$
116
  
$
384
 
 
 
 
Revenue Recognition
Revenues from operating leases include revenues from core properties. Rental income is generally recognized based on the terms of leases entered into with tenants. In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. Minimum rental income from leases with scheduled rent increases is recognized on a straight-line basis over the lease term.  At January 31, 2016 and October 31, 2015, $15,761,000 and $15,570,000, respectively, has been recognized as straight-line rents receivable (representing the current cumulative rents recognized prior to when billed and collectible as provided by the terms of the leases), all of which is included in tenant receivables in the accompanying consolidated financial statements. Percentage rent is recognized when a specific tenant's sales breakpoint is achieved. Property operating expense recoveries from tenants of common area maintenance, real estate taxes and other recoverable costs are recognized in the period the related expenses are incurred. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. Lease termination amounts are recognized in operating revenues when there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and the termination consideration is probable of collection. Lease termination amounts are paid by tenants who want to terminate their lease obligations before the end of the contractual term of the lease by agreement with the Company. There is no way of predicting or forecasting the timing or amounts of future lease termination fees. Interest income is recognized as it is earned. Gains or losses on disposition of properties are recorded when the criteria for recognizing such gains or losses under U.S. GAAP have been met.

The Company provides an allowance for doubtful accounts against the portion of tenant receivables (including an allowance for future tenant credit losses of approximately 10% of the deferred straight-line rents receivable) which is estimated to be uncollectible.  Such allowances are reviewed periodically.  At January 31, 2016 and October 31, 2015, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $3,884,000 and $3,668,000, respectively.

Real Estate
Land, buildings, property improvements, furniture/fixtures and tenant improvements are recorded at cost. Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and/or replacements, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.

The amounts to be capitalized as a result of an acquisition and the periods over which the assets are depreciated or amortized are determined based on estimates as to fair value and the allocation of various costs to the individual assets. The Company allocates the cost of an acquisition based upon the estimated fair value of the net assets acquired. The Company also estimates the fair value of intangibles related to its acquisitions. The valuation of the fair value of intangibles involves estimates related to market conditions, probability of lease renewals and the current market value of in-place leases. This market value is determined by considering factors such as the tenant's industry, location within the property and competition in the specific region in which the property operates. Differences in the amount attributed to the intangible assets can be significant based upon the assumptions made in calculating these estimates.

The Company is required to make subjective assessments as to the useful life of its properties for purposes of determining the amount of depreciation. These assessments have a direct impact on the Company's net income.

Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:

Buildings
30-40 years
Property Improvements
10-20 years
Furniture/Fixtures
3-10 years
Tenant Improvements
Shorter of lease term or their useful life
 
 
 
Earnings Per Share
The Company calculates basic and diluted earnings per share in accordance with the provisions of ASC Topic 260, "Earnings Per Share." Basic earnings per share ("EPS") excludes the impact of dilutive shares and is computed by dividing net income applicable to Common and Class A Common stockholders by the weighted average number of Common shares and Class A Common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue Common shares or Class A Common shares were exercised or converted into Common shares or Class A Common shares and then shared in the earnings of the Company. Since the cash dividends declared on the Company's Class A Common stock are higher than the dividends declared on the Common Stock, basic and diluted EPS have been calculated using the "two-class" method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to the weighted average of the dividends declared, outstanding shares per class and participation rights in undistributed earnings.

The following table sets forth the reconciliation between basic and diluted EPS (in thousands):

  
Three Months Ended
 
  
January 31,
 
  
2016
  
2015
 
Numerator
    
Net income applicable to common stockholders – basic
 
$
628
  
$
453
 
Effect of dilutive securities:
        
Restricted stock awards
  
28
   
22
 
Net income applicable to common stockholders – diluted
 
$
656
  
$
475
 
         
Denominator
        
Denominator for basic EPS – weighted average common shares
  
8,240
   
8,057
 
Effect of dilutive securities:
        
Restricted stock awards
  
496
   
547
 
Denominator for diluted EPS – weighted average common equivalent shares
  
8,736
   
8,604
 
         
Numerator
        
Net income applicable to Class A common stockholders-basic
 
$
2,249
  
$
1,664
 
Effect of dilutive securities:
        
Restricted stock awards
  
(28
)
  
(22
)
Net income applicable to Class A common stockholders – diluted
 
$
2,221
  
$
1,642
 
         
Denominator
        
Denominator for basic EPS – weighted average Class A common shares
  
26,080
   
26,094
 
Effect of dilutive securities:
        
Restricted stock awards
  
94
   
138
 
Denominator for diluted EPS – weighted average Class A common equivalent shares
  
26,174
   
26,232
 

Segment Reporting
The Company's primary business is the ownership, management, and redevelopment of retail properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of base rental income and tenant reimbursement income, less rental expenses and real estate taxes. Only one of the Company's properties, located in Stamford, CT ("Ridgeway"), is considered significant as its revenue is in excess of 10% of the Company's consolidated total revenues and accordingly is a reportable segment. The Company has aggregated the remainder of its properties as they share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in the same major metropolitan area, and have similar tenant mixes.

Ridgeway is located in Stamford, Connecticut and was developed in the 1950's and redeveloped in the mid 1990's. The property contains approximately 374,000 square feet of GLA.  It is the dominant grocery-anchored center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut.

Segment information about Ridgeway as required by ASC Topic 280 is included below:

  
For the three month period ended
January 31,
  
2016
 
2015
Ridgeway Revenues
 
11.5%
  
11.7%
All Other Property Revenues
 
88.5%
  
88.3%
Consolidated Revenue
 
100.0%
  
100.0%

  
January 31,
2016
 
October 31,
2015
Ridgeway Assets
 
8.4%
  
8.4%
All Other Property Assets
 
91.6%
  
91.6%
Consolidated Assets (Note 1)
 
100.0%
  
100.0%

Note 1 - Ridgeway did not have any significant expenditures for additions to long lived assets in the three months ended January 31, 2016 or the year ended October 31, 2015.

  
January 31,
2016
 
October 31,
2015
Ridgeway Percent Leased
 
97%
  
97%

  
For the three month period ended
January 31,
  
2016
 
2015
The Stop & Shop Supermarket Company
 
20%
  
19%
Bed, Bath & Beyond
 
14%
  
14%
Marshall's Inc., a division of the TJX Companies
 
11%
  
10%
All Other Tenants at Ridgeway (Note 2)
 
55%
  
57%
Total
 
100%
  
100%

Note 2 - No other tenant accounts for more than 10% of Ridgeway's annual base rents in any of the periods presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway.

Income Statement (In Thousands):
 
For the three month period ended
January 31, 2016
 
  
Ridgeway
  
All Other Operating Segments
  
Total Consolidated
 
Revenues
 
$
3,154
  
$
24,297
  
$
27,451
 
Operating Expenses
 
$
891
  
$
8,499
  
$
9,390
 
Interest Expense
 
$
627
  
$
2,644
  
$
3,271
 
Depreciation and Amortization
 
$
588
  
$
5,100
  
$
5,688
 
Income from Continuing Operations
 
$
1,048
  
$
5,399
  
$
6,447
 

Income Statement (In Thousands):
 
For the three month period ended
January 31, 2015
 
  
Ridgeway
  
All Other Operating Segments
  
Total Consolidated
 
Revenues
 
$
3,326
  
$
25,180
  
$
28,506
 
Operating Expenses
 
$
853
  
$
8,695
  
$
9,548
 
Interest Expense
 
$
642
  
$
2,622
  
$
3,264
 
Depreciation and Amortization
 
$
586
  
$
4,940
  
$
5,526
 
Income from Continuing Operations
 
$
1,245
  
$
4,766
  
$
6,011
 

Stock-Based Compensation
The Company accounts for its stock-based compensation plans under the provisions of ASC Topic 718, "Stock Compensation", which requires that compensation expense be recognized, based on the fair value of the stock awards less estimated forfeitures. The fair value of stock awards is equal to the fair value of the Company's stock on the grant date.

Reclassifications
Certain prior period amounts have been reclassified to conform to the current period's presentation.
 

New Accounting Standards
In May 2014, the FASB issued Accounting Standards Update ("ASU") ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's ASC. ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. In August 2015, FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the reporting period.  The Company is currently assessing the potential impact that the adoption of ASU 2014-09 will have on its consolidated financial statements.

During April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. ASU 2015-03 is not expected to have a material impact on the Company's consolidated financial statements.

The Company has evaluated all other new ASU's issued by FASB and has concluded that these updates do not have a material effect on the Company's consolidated financial statements as of January 31, 2016.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.3.1.900
CORE PROPERTIES
 3 Months Ended
Jan. 31, 2016
CORE PROPERTIES [Abstract]  
CORE PROPERTIES
(2) REAL ESTATE INVESTMENTS

Upon the acquisition of real property, the fair value of the real estate purchased is allocated to the acquired tangible assets (consisting of land, buildings and building improvements), and identified intangible assets and liabilities (consisting of above-market and below-market leases and in-place leases), in accordance with ASC Topic 805, "Business Combinations". The Company utilizes methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property "as-if-vacant". The fair value reflects the depreciated replacement cost of the asset. In allocating purchase price to identified intangible assets and liabilities of an acquired property, the values of above-market and below-market leases are estimated based on the differences between (i) contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants and (ii) the estimated cost of acquiring such leases giving effect to the Company's history of providing tenant improvements and paying leasing commissions, offset by a vacancy period during which such space would be leased. The aggregate value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property "as-if-vacant," determined as set forth above.

For the three month periods ended January 31, 2016 and 2015, the net amortization of above-market and below-market leases was approximately $89,000 and $447,000, respectively.  All amounts are included in base rents in the accompanying consolidated statements of income.
 
 
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.3.1.900
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS
 3 Months Ended
Jan. 31, 2016
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS [Abstract]  
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS
 
(3) MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS

The Company has an $80 million unsecured revolving credit facility with a syndicate of four banks led by The Bank of New York Mellon, as administrative agent. The syndicate includes Wells Fargo Bank N.A. (syndication agent), Bank of Montreal and Regions Bank (co-documentation agents). The Facility gives the Company the option, under certain conditions, to increase the Facility's borrowing capacity up to $125 million (subject to lender approval).  The maturity date of the Facility is September 21, 2016 with a one-year extension at the Company's option. Borrowings under the Facility can be used for, among other things, acquisitions, working capital, capital expenditures, and repayment of other indebtedness and the issuance of letters of credit (up to $10 million).  Borrowings will bear interest at the Company's option of Eurodollar rate plus 1.5% to 2.0% or The Bank of New York Mellon's prime lending rate plus 0.50% based on consolidated indebtedness, as defined.  The Company pays an annual fee on the unused commitment amount of 0.25% to 0.35% based on outstanding borrowings during the year.  The Facility contains certain representations, financial and other covenants typical for this type of facility.  The Company's ability to borrow under the Facility is subject to its compliance with the covenants and other restrictions on an ongoing basis. The principal financial covenants limit the Company's level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios.  The Company was in compliance with such covenants at January 31, 2016.

During the three months ended January 31, 2016, the Company borrowed $10.0 million on the Facility to fund capital improvements.  During the three months ended January 31, 2016, the Company repaid $3.0 million on the Facility with available cash.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS
 3 Months Ended
Jan. 31, 2016
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract]  
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS
(4) CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS.

The Company has an investment in three joint ventures, UB Ironbound, LP ("Ironbound"), UB Orangeburg, LLC ("Orangeburg") and McLean Plaza Associates, LLC ("McLean"), each of which owns a commercial retail property.  The Company has evaluated its investment in these three joint ventures and has concluded that the ventures are not VIEs; however, these joint venture investments meet certain criteria of a sole general partner (or limited liability member) in accordance with ASC Topic 970-810 "Real Estate-Consolidation". The Company has determined that such joint ventures are fully controlled by the Company and that the presumption of control is not offset by any rights of any of the limited partners or non-controlling members in these ventures and that the joint ventures should be consolidated into the consolidated financial statements of the Company. The Company's investment in these consolidated joint ventures is more fully described below:

Ironbound (Ferry Plaza)

The Company, through a wholly-owned subsidiary, is the general partner and owns 84% of one consolidated limited partnership, Ironbound, which owns a grocery anchored shopping center.

The Ironbound limited partnership has a defined termination date of December 31, 2097. The partners in Ironbound are entitled to receive an annual cash preference payable from available cash of the partnership. Any unpaid preferences accumulate and are paid from future cash, if any. The balance of available cash, if any, is distributed in accordance with the respective partner's interests. Upon liquidation of Ironbound, proceeds from the sale of partnership assets are to be distributed in accordance with the respective partnership interests. The limited partners are not obligated to make any additional capital contributions to the partnership. The Company retains an affiliate of one of the limited partners in Ironbound to provide management and leasing services to the property at an annual fee equal to 2% percent of rental income collected, as defined.

Orangeburg

The Company, through a wholly-owned subsidiary, is the managing member and owns a 33.3% interest in Orangeburg, which owns a drug store anchored shopping center. The other member (non-managing) of Orangeburg is the prior owner of the contributed property who, in exchange for contributing the net assets of the property, received units of Orangeburg equal to the value of the contributed property less the value of the assigned first mortgage payable. The Orangeburg operating agreement provides for the non-managing member to receive an annual cash distribution equal to the regular quarterly cash distribution declared by the Company for one share of the Company's Class A Common stock, which amount is attributable to each unit of Orangeburg ownership. The annual cash distribution is paid from available cash, as defined, of Orangeburg. The balance of available cash, if any, is fully distributable to the Company. Upon liquidation, proceeds from the sale of Orangeburg assets are to be distributed in accordance with the operating agreement. The non-managing member is not obligated to make any additional capital contributions to the partnership. Orangeburg has a defined termination date of December 31, 2097.

McLean Plaza

The Company, through a wholly-owned subsidiary, is the managing member and owns a 53% interest in McLean, which owns a grocery anchored shopping center. The McLean operating agreement provides for the non-managing members to receive a fixed annual cash distribution equal to 5.05% of their invested capital.  The annual cash distribution is paid from available cash, as defined, of McLean. The balance of available cash, if any, is fully distributable to the Company. Upon liquidation, proceeds from the sale of McLean assets are to be distributed in accordance with the operating agreement. The non-managing members are not obligated to make any additional capital contributions to the entity.

Noncontrolling Interests

The Company accounts for non-controlling interests in accordance with ASC Topic 810, "Consolidation". Because the limited partners or non-controlling members in Ironbound, Orangeburg and McLean have the right to require the Company to redeem all or a part of their limited partnership or limited liability company units at prices as defined in the governing agreements, the Company reports the noncontrolling interests in the consolidated joint ventures in the mezzanine section, outside of permanent equity, of the consolidated balance sheets at redemption value which approximates fair value. The value of the Orangeburg and McLean redemptions are based solely on the price of the Company's Class A Common stock on the date of redemption.   For the three months ended January 31, 2016 and 2015, the Company increased/(decreased) the carrying value of the non-controlling interests by $926,000 and $853,000, respectively, with the corresponding adjustment recorded in stockholders' equity.
 


The following table sets forth the details of the Company's redeemable non-controlling interests at January 31, 2016 and October 31, 2015: (amounts in thousands)

  
January 31, 2016
  
October 31, 2015
 
Beginning Balance
 
$
15,955
  
$
18,864
 
McLean Plaza Noncontrolling Interest-Net
  
-
   
(615
)
Change in Redemption Value
  
926
   
(2,294
)
Ending Balance
 
$
16,881
  
$
15,955
 
 
 
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.3.1.900
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES
 3 Months Ended
Jan. 31, 2016
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract]  
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES
(5) INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES

At January 31, 2016 and October 31, 2015 investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses): (amounts in thousands)

  
January 31, 2016
  
October 31, 2015
 
Chestnut Ridge and Plaza 59 Shopping Centers (50%)
 
$
18,229
  
$
18,248
 
Gateway Plaza (50%)
  
7,224
   
7,186
 
Putnam Plaza Shopping Center (66.67%)
  
6,525
   
6,686
 
Midway Shopping Center, L.P. (11.642%)
  
4,958
   
5,144
 
Applebee's at Riverhead (50%)
  
1,315
   
1,318
 
81 Pondfield Road Company (20%)
  
723
   
723
 
Total
 
$
38,974
  
$
39,305
 

Gateway Plaza and Applebee's at Riverhead

The Company, through two wholly owned subsidiaries, owns a 50% undivided tenancy-in-common interest in the Gateway Plaza Shopping Center ("Gateway") and Applebee's at Riverhead ("Applebee's").  Both properties are located in Riverhead, New York. Gateway, a 194,000 square foot shopping center, is anchored by a 168,000 square foot newly constructed Walmart.  The property also has 27,000 square feet of newly constructed in-line space, of which 24,000 is leased.  The remaining vacancies are in the process of being leased.  Applebee's has a 5,400 square foot free standing Applebee's restaurant with additional development rights of 7,200 square feet.

Gateway is subject to a $14.0 million non-recourse first mortgage payable.  The mortgage matures on March 31, 2024 and requires payments of principal and interest at a fixed rate of interest of 4.2% per annum.

Midway Shopping Center, L.P.

The Company, through a wholly owned subsidiary, owns an 11.642% equity interest in Midway Shopping Center L.P. ("Midway"), which owns a 247,000 square foot shopping center in Westchester County, New York. Although the Company only has an approximate 12% equity interest in Midway, it controls 25% of the voting power of Midway and as such has determined that it exercises significant influence over the financial and operating decisions of Midway and accounts for its investment in Midway under the equity method of accounting.

The Company has allocated the $7.4 million excess of the carrying amount of its investment in and advances to Midway over the Company's share of Midway's net book value to real property and is amortizing the difference over the property's estimated useful life of 39 years.

Midway is subject to a non-recourse first mortgage payable in the amount of $30 million.  The loan requires payments of principal and interest at the rate of 4.80% per annum and will mature in 2027.

Chestnut Ridge and Plaza 59 Shopping Centers

The Company, through two wholly owned subsidiaries, owns a 50% undivided tenancy-in-common interest in the 76,000 square foot Chestnut Ridge Shopping Center located in Montvale, New Jersey ("Chestnut") and the 24,000 square foot Plaza 59 Shopping Center located in Spring Valley, New York ("Plaza 59") for a combined investment of approximately $18.0 million.
 
 

Putnam Plaza Shopping Center

The Company, through a wholly owned subsidiary, owns a 66.67% (noncontrolling) undivided tenancy-in-common interest in the 189,000 square foot Putnam Plaza Shopping Center ("Putnam Plaza") located in Carmel, New York.

Putnam Plaza is subject to a first mortgage payable in the amount of $20.0 million.  The mortgage requires monthly payments of principal and interest at a fixed rate of 4.17% and will mature in 2019.

81 Pondfield Road Company

The Company's other investment in an unconsolidated joint venture is a 20% economic interest in a partnership which owns a retail and office building in Westchester County, New York.

The Company accounts for the above investments under the equity method of accounting since it exercises significant influence, but does not control the joint ventures.  The other venturers in the joint ventures have substantial participation rights in the financial decisions and operation of the ventures or properties, which preclude the Company from consolidating the investments. The Company has evaluated its investment in the joint ventures and has concluded that the joint ventures are not VIE's. Under the equity method of accounting the initial investment is recorded at cost as an investment in unconsolidated joint venture, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions from the venture. Any difference between the carrying amount of the investment on the Company's balance sheet and the underlying equity in net assets of the venture is evaluated for impairment at each reporting period.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.3.1.900
STOCKHOLDERS' EQUITY
 3 Months Ended
Jan. 31, 2016
STOCKHOLDERS' EQUITY [Abstract]  
STOCKHOLDERS' EQUITY
(6)  STOCKHOLDERS' EQUITY

Authorized Stock
The Company's Charter authorizes 200,000,000 shares of stock.  The total number of shares of authorized stock consists of 100,000,000 shares of Class A Common Stock, 30,000,000 shares of Common Stock, 50,000,000 shares of Preferred Stock, and 20,000,000 shares of Excess Stock.

Restricted Stock Plan
The Company has a Restricted Stock Plan that provides a form of equity compensation for employees of the Company. The Plan, which is administered by the Company's compensation committee, authorizes grants of up to an aggregate of 3,750,000 shares of the Company's common equity consisting of 350,000 Common shares, 350,000 Class A Common shares and 3,050,000 shares, which at the discretion of the compensation committee, may be awarded in any combination of Class A Common shares or Common shares.

In accordance with ASC Topic 718, the Company recognizes compensation expense for restricted stock awards upon the earlier of the explicit vesting period or the date a participant first becomes eligible for retirement unless a waiver is received by an employee over the retirement age, waving his right to continued vesting after retirement. For non-vested restricted stock awards granted prior to the adoption of ASC Topic 718 in 2005, the Company continues to recognize compensation expense over the explicit vesting periods and accelerates any remaining unrecognized compensation cost when a participant actually retires.

During the three months ended January 31, 2016, the Company awarded 152,100 shares of Common Stock and 93,600 shares of Class A Common Stock to participants in the Plan.  The grant date fair value of restricted stock grants awarded to participants in 2016 was approximately $4.5 million.

A summary of the status of the Company's non-vested Common and Class A Common shares as of January 31, 2016, and changes during the three months ended January 31, 2016 is presented below:

  
Common Shares
  
Class A Common Shares
 
Non-vested Shares
 
Shares
  
Weighted-
Average
Grant-Date
Fair Value
  
Shares
  
Weighted-
Average
Grant-Date
Fair Value
 
Non-vested at October 31,  2015
  
1,281,850
  
$
16.58
   
373,850
  
$
19.37
 
Granted
  
152,100
  
$
17.95
   
93,600
  
$
18.80
 
Vested
  
(175,950
)
 
$
16.35
   
(84,200
)
 
$
18.64
 
Forfeited
  
-
  
$
-
   
-
  
$
-
 
Non-vested at January 31,  2016
  
1,258,000
  
$
16.77
   
383,250
  
$
19.39
 

 
 
As of January 31, 2016, there was $16.0 million of unamortized restricted stock compensation related to non-vested restricted stock grants awarded under the Plan.  The remaining unamortized expense is expected to be recognized over a weighted average period of 5.1 years.  For the three months ended January 31, 2016 and 2015 amounts charged to compensation expense totaled $1,092,000 and $1,038,000, respectively.

Share Repurchase Program
The Board of Directors of the Company has approved a share repurchase program ("Program") for the repurchase of up to 2,000,000 shares, in the aggregate, of Common stock, Class A Common stock and Series F Cumulative Preferred stock in open market transactions.

The Company has repurchased 4,600 shares of Common Stock and 913,331 shares of Class A Common Stock under the Program.  For the three months ended January 31, 2016, the Company did not repurchase any shares of stock under the Program.

Preferred Stock
The 7.125% Series F Senior Cumulative Preferred Stock ("Series F Preferred Stock") is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option on or after October 24, 2017. The holders of our Series F Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions, holders of the Series F Preferred Stock will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of Series F Preferred Stock, together with all of the Company's other series of preferred stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured.  Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Series F Preferred Stock will have the right to convert all or part of the shares of Series F Preferred Stock held by such holders on the applicable conversion date into a number of the Company's shares of Class A Common Stock. Underwriting commissions and costs incurred in connection with the sale of the Series F Preferred Stock are reflected as a reduction of additional paid in capital.

The 6.75% Series G Senior Cumulative Preferred Stock ("Series G Preferred Stock") is nonvoting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option on or after October 28, 2019. The holders of our Series G Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions holders of the Series G Preferred Stock will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of Series G Preferred Stock, together with all of the Company's other Series of preferred stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Series G Preferred Stock will have the right to convert all or part of the shares of Series G Preferred Stock held by such holders on the applicable conversion date into a number of the Company's shares of Class A common stock. Underwriting commissions and costs incurred in connection with the sale of the Series G Preferred Stock are reflected as a reduction of additional paid in capital.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.3.1.900
FAIR VALUE MEASUREMENTS
 3 Months Ended
Jan. 31, 2016
FAIR VALUE MEASUREMENTS [Abstract]  
FAIR VALUE MEASUREMENTS
(7) FAIR VALUE MEASUREMENTS

ASC Topic 820, "Fair Value Measurements and Disclosures" defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants.

ASC Topic 820's valuation techniques are based on observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs have created the following fair value hierarchy:

Level 1- Quoted prices for identical instruments in active markets
 
Level 2- Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant value drivers are observable
 
Level 3- Valuations derived from valuation techniques in which significant value drivers are unobservable

 
 
The Company calculates the fair value of the redeemable noncontrolling interests based on either quoted market prices on national exchanges for those interests based on the Company's Class A Common stock or unobservable inputs considering the assumptions that market participants would make in pricing the obligations. The inputs used include an estimate of the fair value of the cash flow generated by the limited partnership or limited liability company in which the investor owns the joint venture units capitalized at prevailing market rates for properties with similar characteristics  or located in similar areas.

The fair values of interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves ("significant other observable inputs.") The fair value calculation also includes an amount for risk of non-performance using "significant unobservable inputs" such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of October 31, 2015 and January 31, 2016, that the fair value associated with the "significant unobservable inputs" relating to the Company's risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon "significant other observable inputs".

The Company measures its redeemable noncontrolling interests and interest rate swap derivatives at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs (amount in thousands):

    
Fair Value Measurements at Reporting Date Using
 
  
Total
  
Quoted Prices in Active Markets for Identical Assets
(Level 1)
  
Significant Other Observable Inputs
(Level 2)
  
Significant Unobservable Inputs
(Level 3)
 
January 31, 2016
        
         
Liabilities:
        
         
Interest Rate Swap Agreement
 
$
1,689
  
$
-
  
$
1,689
  
$
-
 
                 
Redeemable noncontrolling interests
 
$
16,881
  
$
13,304
  
$
-
  
$
3,577
 
                 
October 31, 2015
                
                 
Liabilities:
                
                 
Interest Rate Swap Agreement
 
$
1,230
  
$
-
  
$
1,230
  
$
-
 
                 
Redeemable noncontrolling interests
 
$
15,955
  
$
13,104
  
$
-
  
$
2,851
 

Fair market value measurements based upon Level 3 inputs changed from $9,062 at October 31, 2014 to $2,851 at October 31, 2015 as a result of a $77 decrease in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810 and the transfer in the amount of $6,134 of the noncontrolling interest in McLean to Level 1. During the quarter ended January 31, 2015, Mclean was converted to a limited liability company from a general partnership. One of the results of this conversion is that the noncontrolling equity interests in McLean can only be redeemed for shares of the Company's Class A Common stock or for cash based on the value of the Company's Class A Common stock.  In accordance with ASC 810, the noncontrolling interest will now be valued as a Level 1 measurement.  Fair market value measurements based upon Level 3 inputs changed from $2,851 at October 31, 2015 to $3,577 at January 31, 2016 as a result of a $726 increase in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810.

Fair Value of Financial Instruments
The carrying values of cash and cash equivalents, restricted cash, tenant receivables, prepaid expenses, other assets, accounts payable and accrued expenses are reasonable estimates of their fair values because of the short-term nature of these instruments. The carrying value of the Facility is deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. Mortgage notes payable that were assumed in property acquisitions were recorded at their fair value at the time they were assumed.

The estimated fair value of mortgage notes payable and other loans was approximately $267 million at January 31, 2016 and $266 million at October 31, 2015, respectively. The estimated fair value of mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rate currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within Level 2 of the fair value hierarchy. When the Company acquires a property it is required to fair value all of the assets and liabilities, including intangible assets and liabilities, relating to the property's in-place leases (See Note 2).  Those fair value measurements fall within Level 3 of the fair value hierarchy.

Although management is not aware of any factors that would significantly affect the estimated fair value amounts from October 31, 2015, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.
 
 
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.3.1.900
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Jan. 31, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES
(8) COMMITMENTS AND CONTINGENCIES

In the normal course of business, from time to time, the Company is involved in legal actions relating to the ownership and operations of its properties.  In management's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company.  At January 31, 2016, the Company had commitments of approximately $7.7 million for capital improvements to its properties and tenant-related obligations.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUBSEQUENT EVENTS
 3 Months Ended
Jan. 31, 2016
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS
(9) SUBSEQUENT EVENTS

In March 2016, the Company entered into a contract to purchase, for $45.3 million, a 72,000 square foot grocery anchored shopping center in its primary marketplace.  In conjunction with entering into the contract, the Company deposited $2.0 million with the seller.  The Company plans on funding the purchase with a combination of available cash, borrowings on its Facility and with proceeds generated by placing a non-recourse first mortgage on the property in the approximate amount of  $22.7 million.   The Company has placed a $226,625 deposit with the lender.
 
 
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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Jan. 31, 2016
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Principles of Consolidation and Use of Estimates
Principles of Consolidation and Use of Estimates
The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures in which the Company meets certain criteria of a sole general partner in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, "Consolidation" and ASC Topic 970-810 "Real Estate-General-Consolidation". The Company has determined that such joint ventures should be consolidated into the consolidated financial statements of the Company. In accordance with ASC Topic 970-323 "Real Estate-General-Equity Method and Joint Ventures", joint ventures that the Company does not control but otherwise exercises significant influence over, are accounted for under the equity method of accounting. See Note 5 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation.

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Results of operations for the three month period ended January 31, 2016 are not necessarily indicative of the results that may be expected for the year ending October 31, 2016. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-K for the fiscal year ended October 31, 2015.

The preparation of financial statements requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition, fair value estimates, and the collectability of tenant receivables and other assets and liabilities.  Actual results could differ from these estimates.  The balance sheet at October 31, 2015 has been derived from audited financial statements at that date.
Federal Income Taxes
Federal Income Taxes
The Company has elected to be treated as a REIT under Sections 856-860 of the Internal Revenue Code (Code). Under those sections, a REIT that, among other things, distributes at least 90% of real estate trust taxable income and meets certain other qualifications prescribed by the Code will not be taxed on that portion of its taxable income that is distributed.  The Company believes it qualifies as a REIT and intends to distribute all of its taxable income for fiscal 2016 in accordance with the provisions of the Code. Accordingly, no provision has been made for Federal income taxes in the accompanying consolidated financial statements.

The Company follows the provisions of ASC Topic 740, "Income Taxes" that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.  Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of January 31, 2016. As of January 31, 2016, the fiscal tax years 2012 through and including 2015 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress.
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and tenant receivables. The Company places its cash and cash equivalents with high quality financial institutions and the balances at times could exceed federally insured limits. The Company performs ongoing credit evaluations of its tenants and may require certain tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the terminal value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. The Company has no dependency upon any single tenant.
 
 
Derivative Financial Instruments
 
Derivative Financial Instruments
The Company occasionally utilizes derivative financial instruments, such as interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company's interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. Additionally, the Company has a policy of entering into derivative contracts only with major financial institutions.

As of January 31, 2016, the Company believes it has no significant risk associated with non-performance of the financial institutions that are the counterparties to its derivative contracts.  At January 31, 2016, the Company had approximately $24.2 million in secured mortgage financings subject to interest rate swaps. Such interest rate swaps converted the LIBOR-based variable rates on the mortgage financings to an average fixed annual rate of 3.93% per annum. As of January 31, 2016, the Company had a deferred liability of $1.7 million (included in accounts payable and accrued expenses on the consolidated balance sheets) relating to the fair value of the Company's interest rate swaps applicable to secured mortgages. Charges and/or credits relating to the changes in fair values of such interest rate swaps are made to other comprehensive (loss) as the swap is deemed effective and is classified as a cash flow hedge.
Comprehensive Income
Comprehensive Income
Comprehensive income is comprised of net income applicable to Common and Class A Common stockholders and other comprehensive income (loss). Other comprehensive income includes items that are otherwise recorded directly in stockholders' equity, such as unrealized gains or losses on marketable securities and unrealized gains and losses on interest rate swaps designated as cash flow hedges. At January 31, 2016, accumulated other comprehensive loss consisted of net unrealized losses on interest rate swap agreements of $1.7 million.  At October 31, 2015, accumulated other comprehensive (loss) consisted of net unrealized losses on interest rate swap agreements of approximately $1.2 million. Unrealized gains and losses included in other comprehensive income will be reclassified into earnings as gains and losses are realized.
Asset Impairment
Asset Impairment
On a periodic basis, management assesses whether there are any indicators that the value of its real estate investments may be impaired. A property value is considered impaired when management's estimate of current and projected operating cash flows (undiscounted and without interest) of the property over its remaining useful life is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the loss is measured as the excess of the net carrying amount of the property over the fair value of the asset. Changes in estimated future cash flows due to changes in the Company's plans or market and economic conditions could result in recognition of impairment losses which could be substantial.  Management does not believe that the value of any of its real estate investments is impaired at January 31, 2016.
 
Property Held for Sale and Discontinued Operations
Property Held for Sale
The Company reports properties that are either disposed of or are classified as held for sale in continuing operations in the consolidated statement of income if the removal, or anticipated removal, of the asset(s) from the reporting entity does not represent a strategic shift that has or will have a major effect on an entity's operations and financial results when disposed of.

In August 2015, the Company sold its property located in Meriden, CT for $44.5 million as that property no longer met the Company's investment objectives.

The operating results of the Meriden Property which are included in the continuing operations were as follows (amounts in thousands):

  
Three Months Ended
 
  
January 31,
 
  
2016
  
2015
 
Revenues
 
$
118
  
$
1,245
 
Property operating expense
  
(2
)
  
(486
)
Depreciation and amortization
  
-
   
(375
)
Net Income
 
$
116
  
$
384
 
 
Revenue Recognition
 
 
Revenue Recognition
Revenues from operating leases include revenues from core properties. Rental income is generally recognized based on the terms of leases entered into with tenants. In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. Minimum rental income from leases with scheduled rent increases is recognized on a straight-line basis over the lease term.  At January 31, 2016 and October 31, 2015, $15,761,000 and $15,570,000, respectively, has been recognized as straight-line rents receivable (representing the current cumulative rents recognized prior to when billed and collectible as provided by the terms of the leases), all of which is included in tenant receivables in the accompanying consolidated financial statements. Percentage rent is recognized when a specific tenant's sales breakpoint is achieved. Property operating expense recoveries from tenants of common area maintenance, real estate taxes and other recoverable costs are recognized in the period the related expenses are incurred. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. Lease termination amounts are recognized in operating revenues when there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and the termination consideration is probable of collection. Lease termination amounts are paid by tenants who want to terminate their lease obligations before the end of the contractual term of the lease by agreement with the Company. There is no way of predicting or forecasting the timing or amounts of future lease termination fees. Interest income is recognized as it is earned. Gains or losses on disposition of properties are recorded when the criteria for recognizing such gains or losses under U.S. GAAP have been met.

The Company provides an allowance for doubtful accounts against the portion of tenant receivables (including an allowance for future tenant credit losses of approximately 10% of the deferred straight-line rents receivable) which is estimated to be uncollectible.  Such allowances are reviewed periodically.  At January 31, 2016 and October 31, 2015, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $3,884,000 and $3,668,000, respectively.
Real Estate
Real Estate
Land, buildings, property improvements, furniture/fixtures and tenant improvements are recorded at cost. Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and/or replacements, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.

The amounts to be capitalized as a result of an acquisition and the periods over which the assets are depreciated or amortized are determined based on estimates as to fair value and the allocation of various costs to the individual assets. The Company allocates the cost of an acquisition based upon the estimated fair value of the net assets acquired. The Company also estimates the fair value of intangibles related to its acquisitions. The valuation of the fair value of intangibles involves estimates related to market conditions, probability of lease renewals and the current market value of in-place leases. This market value is determined by considering factors such as the tenant's industry, location within the property and competition in the specific region in which the property operates. Differences in the amount attributed to the intangible assets can be significant based upon the assumptions made in calculating these estimates.

The Company is required to make subjective assessments as to the useful life of its properties for purposes of determining the amount of depreciation. These assessments have a direct impact on the Company's net income.

Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:

Buildings
30-40 years
Property Improvements
10-20 years
Furniture/Fixtures
3-10 years
Tenant Improvements
Shorter of lease term or their useful life
 
 
Earnings Per Share
 
Earnings Per Share
The Company calculates basic and diluted earnings per share in accordance with the provisions of ASC Topic 260, "Earnings Per Share." Basic earnings per share ("EPS") excludes the impact of dilutive shares and is computed by dividing net income applicable to Common and Class A Common stockholders by the weighted average number of Common shares and Class A Common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue Common shares or Class A Common shares were exercised or converted into Common shares or Class A Common shares and then shared in the earnings of the Company. Since the cash dividends declared on the Company's Class A Common stock are higher than the dividends declared on the Common Stock, basic and diluted EPS have been calculated using the "two-class" method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to the weighted average of the dividends declared, outstanding shares per class and participation rights in undistributed earnings.

The following table sets forth the reconciliation between basic and diluted EPS (in thousands):

  
Three Months Ended
 
  
January 31,
 
  
2016
  
2015
 
Numerator
    
Net income applicable to common stockholders – basic
 
$
628
  
$
453
 
Effect of dilutive securities:
        
Restricted stock awards
  
28
   
22
 
Net income applicable to common stockholders – diluted
 
$
656
  
$
475
 
         
Denominator
        
Denominator for basic EPS – weighted average common shares
  
8,240
   
8,057
 
Effect of dilutive securities:
        
Restricted stock awards
  
496
   
547
 
Denominator for diluted EPS – weighted average common equivalent shares
  
8,736
   
8,604
 
         
Numerator
        
Net income applicable to Class A common stockholders-basic
 
$
2,249
  
$
1,664
 
Effect of dilutive securities:
        
Restricted stock awards
  
(28
)
  
(22
)
Net income applicable to Class A common stockholders – diluted
 
$
2,221
  
$
1,642
 
         
Denominator
        
Denominator for basic EPS – weighted average Class A common shares
  
26,080
   
26,094
 
Effect of dilutive securities:
        
Restricted stock awards
  
94
   
138
 
Denominator for diluted EPS – weighted average Class A common equivalent shares
  
26,174
   
26,232
 
Segment Reporting
Segment Reporting
The Company's primary business is the ownership, management, and redevelopment of retail properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of base rental income and tenant reimbursement income, less rental expenses and real estate taxes. Only one of the Company's properties, located in Stamford, CT ("Ridgeway"), is considered significant as its revenue is in excess of 10% of the Company's consolidated total revenues and accordingly is a reportable segment. The Company has aggregated the remainder of its properties as they share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in the same major metropolitan area, and have similar tenant mixes.

Ridgeway is located in Stamford, Connecticut and was developed in the 1950's and redeveloped in the mid 1990's. The property contains approximately 374,000 square feet of GLA.  It is the dominant grocery-anchored center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut.

Segment information about Ridgeway as required by ASC Topic 280 is included below:

  
For the three month period ended
January 31,
  
2016
 
2015
Ridgeway Revenues
 
11.5%
  
11.7%
All Other Property Revenues
 
88.5%
  
88.3%
Consolidated Revenue
 
100.0%
  
100.0%

  
January 31,
2016
 
October 31,
2015
Ridgeway Assets
 
8.4%
  
8.4%
All Other Property Assets
 
91.6%
  
91.6%
Consolidated Assets (Note 1)
 
100.0%
  
100.0%

Note 1 - Ridgeway did not have any significant expenditures for additions to long lived assets in the three months ended January 31, 2016 or the year ended October 31, 2015.

  
January 31,
2016
 
October 31,
2015
Ridgeway Percent Leased
 
97%
  
97%

  
For the three month period ended
January 31,
  
2016
 
2015
The Stop & Shop Supermarket Company
 
20%
  
19%
Bed, Bath & Beyond
 
14%
  
14%
Marshall's Inc., a division of the TJX Companies
 
11%
  
10%
All Other Tenants at Ridgeway (Note 2)
 
55%
  
57%
Total
 
100%
  
100%

Note 2 - No other tenant accounts for more than 10% of Ridgeway's annual base rents in any of the periods presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway.

Income Statement (In Thousands):
 
For the three month period ended
January 31, 2016
 
  
Ridgeway
  
All Other Operating Segments
  
Total Consolidated
 
Revenues
 
$
3,154
  
$
24,297
  
$
27,451
 
Operating Expenses
 
$
891
  
$
8,499
  
$
9,390
 
Interest Expense
 
$
627
  
$
2,644
  
$
3,271
 
Depreciation and Amortization
 
$
588
  
$
5,100
  
$
5,688
 
Income from Continuing Operations
 
$
1,048
  
$
5,399
  
$
6,447
 

Income Statement (In Thousands):
 
For the three month period ended
January 31, 2015
 
  
Ridgeway
  
All Other Operating Segments
  
Total Consolidated
 
Revenues
 
$
3,326
  
$
25,180
  
$
28,506
 
Operating Expenses
 
$
853
  
$
8,695
  
$
9,548
 
Interest Expense
 
$
642
  
$
2,622
  
$
3,264
 
Depreciation and Amortization
 
$
586
  
$
4,940
  
$
5,526
 
Income from Continuing Operations
 
$
1,245
  
$
4,766
  
$
6,011
 
Stock-Based Compensation
Stock-Based Compensation
The Company accounts for its stock-based compensation plans under the provisions of ASC Topic 718, "Stock Compensation", which requires that compensation expense be recognized, based on the fair value of the stock awards less estimated forfeitures. The fair value of stock awards is equal to the fair value of the Company's stock on the grant date.
Reclassifications
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period's presentation.
 
New Accounting Standards
New Accounting Standards
In May 2014, the FASB issued Accounting Standards Update ("ASU") ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's ASC. ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. In August 2015, FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the reporting period.  The Company is currently assessing the potential impact that the adoption of ASU 2014-09 will have on its consolidated financial statements.

During April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. ASU 2015-03 is not expected to have a material impact on the Company's consolidated financial statements.

The Company has evaluated all other new ASU's issued by FASB and has concluded that these updates do not have a material effect on the Company's consolidated financial statements as of January 31, 2016.
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CORE PROPERTIES (Policies)
 3 Months Ended
Jan. 31, 2016
CORE PROPERTIES [Abstract]  
Business Combinations
Upon the acquisition of real property, the fair value of the real estate purchased is allocated to the acquired tangible assets (consisting of land, buildings and building improvements), and identified intangible assets and liabilities (consisting of above-market and below-market leases and in-place leases), in accordance with ASC Topic 805, "Business Combinations". The Company utilizes methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property "as-if-vacant". The fair value reflects the depreciated replacement cost of the asset. In allocating purchase price to identified intangible assets and liabilities of an acquired property, the values of above-market and below-market leases are estimated based on the differences between (i) contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants and (ii) the estimated cost of acquiring such leases giving effect to the Company's history of providing tenant improvements and paying leasing commissions, offset by a vacancy period during which such space would be leased. The aggregate value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property "as-if-vacant," determined as set forth above.
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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Jan. 31, 2016
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Operating results for discontinued operations
The operating results of the Meriden Property which are included in the continuing operations were as follows (amounts in thousands):

  
Three Months Ended
 
  
January 31,
 
  
2016
  
2015
 
Revenues
 
$
118
  
$
1,245
 
Property operating expense
  
(2
)
  
(486
)
Depreciation and amortization
  
-
   
(375
)
Net Income
 
$
116
  
$
384
 
 
Property, plant and equipment, estimated useful lives
Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:

Buildings
30-40 years
Property Improvements
10-20 years
Furniture/Fixtures
3-10 years
Tenant Improvements
Shorter of lease term or their useful life
 
 
Reconciliation between basic and diluted EPS
The following table sets forth the reconciliation between basic and diluted EPS (in thousands):

  
Three Months Ended
 
  
January 31,
 
  
2016
  
2015
 
Numerator
    
Net income applicable to common stockholders – basic
 
$
628
  
$
453
 
Effect of dilutive securities:
        
Restricted stock awards
  
28
   
22
 
Net income applicable to common stockholders – diluted
 
$
656
  
$
475
 
         
Denominator
        
Denominator for basic EPS – weighted average common shares
  
8,240
   
8,057
 
Effect of dilutive securities:
        
Restricted stock awards
  
496
   
547
 
Denominator for diluted EPS – weighted average common equivalent shares
  
8,736
   
8,604
 
         
Numerator
        
Net income applicable to Class A common stockholders-basic
 
$
2,249
  
$
1,664
 
Effect of dilutive securities:
        
Restricted stock awards
  
(28
)
  
(22
)
Net income applicable to Class A common stockholders – diluted
 
$
2,221
  
$
1,642
 
         
Denominator
        
Denominator for basic EPS – weighted average Class A common shares
  
26,080
   
26,094
 
Effect of dilutive securities:
        
Restricted stock awards
  
94
   
138
 
Denominator for diluted EPS – weighted average Class A common equivalent shares
  
26,174
   
26,232
 
Major Customers by Reporting Segments
  
For the three month period ended
January 31,
  
2016
 
2015
Ridgeway Revenues
 
11.5%
  
11.7%
All Other Property Revenues
 
88.5%
  
88.3%
Consolidated Revenue
 
100.0%
  
100.0%

  
January 31,
2016
 
October 31,
2015
Ridgeway Assets
 
8.4%
  
8.4%
All Other Property Assets
 
91.6%
  
91.6%
Consolidated Assets (Note 1)
 
100.0%
  
100.0%

Note 1 - Ridgeway did not have any significant expenditures for additions to long lived assets in the three months ended January 31, 2016 or the year ended October 31, 2015.

  
January 31,
2016
 
October 31,
2015
Ridgeway Percent Leased
 
97%
  
97%

  
For the three month period ended
January 31,
  
2016
 
2015
The Stop & Shop Supermarket Company
 
20%
  
19%
Bed, Bath & Beyond
 
14%
  
14%
Marshall's Inc., a division of the TJX Companies
 
11%
  
10%
All Other Tenants at Ridgeway (Note 2)
 
55%
  
57%
Total
 
100%
  
100%

Note 2 - No other tenant accounts for more than 10% of Ridgeway's annual base rents in any of the periods presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway.
Schedule of Segment Reporting Information by Segment
Income Statement (In Thousands):
 
For the three month period ended
January 31, 2016
 
  
Ridgeway
  
All Other Operating Segments
  
Total Consolidated
 
Revenues
 
$
3,154
  
$
24,297
  
$
27,451
 
Operating Expenses
 
$
891
  
$
8,499
  
$
9,390
 
Interest Expense
 
$
627
  
$
2,644
  
$
3,271
 
Depreciation and Amortization
 
$
588
  
$
5,100
  
$
5,688
 
Income from Continuing Operations
 
$
1,048
  
$
5,399
  
$
6,447
 

Income Statement (In Thousands):
 
For the three month period ended
January 31, 2015
 
  
Ridgeway
  
All Other Operating Segments
  
Total Consolidated
 
Revenues
 
$
3,326
  
$
25,180
  
$
28,506
 
Operating Expenses
 
$
853
  
$
8,695
  
$
9,548
 
Interest Expense
 
$
642
  
$
2,622
  
$
3,264
 
Depreciation and Amortization
 
$
586
  
$
4,940
  
$
5,526
 
Income from Continuing Operations
 
$
1,245
  
$
4,766
  
$
6,011
 
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CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Tables)
 3 Months Ended
Jan. 31, 2016
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract]  
Redeemable non-controlling interests

The following table sets forth the details of the Company's redeemable non-controlling interests at January 31, 2016 and October 31, 2015: (amounts in thousands)

  
January 31, 2016
  
October 31, 2015
 
Beginning Balance
 
$
15,955
  
$
18,864
 
McLean Plaza Noncontrolling Interest-Net
  
-
   
(615
)
Change in Redemption Value
  
926
   
(2,294
)
Ending Balance
 
$
16,881
  
$
15,955
 
 
 
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.3.1.900
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Tables)
 3 Months Ended
Jan. 31, 2016
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract]  
Investments in and advances to unconsolidated joint ventures
At January 31, 2016 and October 31, 2015 investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses): (amounts in thousands)

  
January 31, 2016
  
October 31, 2015
 
Chestnut Ridge and Plaza 59 Shopping Centers (50%)
 
$
18,229
  
$
18,248
 
Gateway Plaza (50%)
  
7,224
   
7,186
 
Putnam Plaza Shopping Center (66.67%)
  
6,525
   
6,686
 
Midway Shopping Center, L.P. (11.642%)
  
4,958
   
5,144
 
Applebee's at Riverhead (50%)
  
1,315
   
1,318
 
81 Pondfield Road Company (20%)
  
723
   
723
 
Total
 
$
38,974
  
$
39,305
 
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.3.1.900
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Jan. 31, 2016
STOCKHOLDERS' EQUITY [Abstract]  
Non-vested Common and Class A Common shares
A summary of the status of the Company's non-vested Common and Class A Common shares as of January 31, 2016, and changes during the three months ended January 31, 2016 is presented below:

  
Common Shares
  
Class A Common Shares
 
Non-vested Shares
 
Shares
  
Weighted-
Average
Grant-Date
Fair Value
  
Shares
  
Weighted-
Average
Grant-Date
Fair Value
 
Non-vested at October 31,  2015
  
1,281,850
  
$
16.58
   
373,850
  
$
19.37
 
Granted
  
152,100
  
$
17.95
   
93,600
  
$
18.80
 
Vested
  
(175,950
)
 
$
16.35
   
(84,200
)
 
$
18.64
 
Forfeited
  
-
  
$
-
   
-
  
$
-
 
Non-vested at January 31,  2016
  
1,258,000
  
$
16.77
   
383,250
  
$
19.39
 
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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Jan. 31, 2016
FAIR VALUE MEASUREMENTS [Abstract]  
Fair value of financial assets and liabilities
The Company measures its redeemable noncontrolling interests and interest rate swap derivatives at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs (amount in thousands):

    
Fair Value Measurements at Reporting Date Using
 
  
Total
  
Quoted Prices in Active Markets for Identical Assets
(Level 1)
  
Significant Other Observable Inputs
(Level 2)
  
Significant Unobservable Inputs
(Level 3)
 
January 31, 2016
        
         
Liabilities:
        
         
Interest Rate Swap Agreement
 
$
1,689
  
$
-
  
$
1,689
  
$
-
 
                 
Redeemable noncontrolling interests
 
$
16,881
  
$
13,304
  
$
-
  
$
3,577
 
                 
October 31, 2015
                
                 
Liabilities:
                
                 
Interest Rate Swap Agreement
 
$
1,230
  
$
-
  
$
1,230
  
$
-
 
                 
Redeemable noncontrolling interests
 
$
15,955
  
$
13,104
  
$
-
  
$
2,851
 
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.3.1.900
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
ft² in Millions
 3 Months Ended
Jan. 31, 2016
USD ($)
ft²
Property
shares
Jan. 31, 2015
USD ($)
shares
Oct. 31, 2015
USD ($)
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]      
Number of properties the Company owned or had equity interest in | Property 73    
Gross Leasable Area of properties the Company owned or had equity interest in (in square feet) | ft² 4.9    
Minimum real estate trust taxable income required to be distributed for REIT to be nontaxable (in hundredths) 90.00%    
Income Tax Contingency [Line Items]      
Mortgage loans subject to interest rate swap $ 24,200,000    
Fixed annual rate of interest rate swap (in hundredths) 3.93%    
Accrued liabilities relating to fair value of Company's interest rate swap $ 1,700,000    
Comprehensive income [Abstract]      
Net unrealized gains/losses on an interest rate swap agreement included in accumulated other comprehensive income 1,700,000   $ 1,200,000
Revenues 118,000 $ 1,245,000  
Property operating expense (2,000) (486,000)  
Depreciation and amortization 0 (375,000)  
Net Income 116,000 384,000  
Revenues 0 0  
Property operating expense 0 0  
Depreciation and amortization 0 0  
Income from discontinued operations 0 0  
Cash flows from operating activities 0 0  
Cash flows from investing activities 0 0  
Cash flows from financing activities 0 0  
Straight-line rents receivable $ 15,761,000   15,570,000
Allowance of doubtful accounts against tenants receivables, percentage of deferred straight-line rents receivable 10.00%    
Tenants receivable, allowance for doubtful accounts $ 3,884,000   $ 3,668,000
Numerator [Abstract]      
Net income applicable to common and Class A common stockholders - basic 2,877,000 2,117,000  
Effect of dilutive securities [Abstract]      
Proceeds from Sale of Property Held-for-sale $ 44,500,000    
Minimum [Member]      
Income Tax Contingency [Line Items]      
Tax years remaining open to examination by Internal Revenue Service 2012    
Maximum [Member]      
Income Tax Contingency [Line Items]      
Tax years remaining open to examination by Internal Revenue Service 2015    
Buildings [Member] | Minimum [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful life 30 years    
Buildings [Member] | Maximum [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful life 40 years    
Property Improvements [Member] | Minimum [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful life 10 years    
Property Improvements [Member] | Maximum [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful life 20 years    
Furniture/Fixtures [Member] | Minimum [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful life 3 years    
Furniture/Fixtures [Member] | Maximum [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful life 10 years    
Tenant Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful life Shorter of lease term or their useful life    
Common Stock [Member]      
Numerator [Abstract]      
Net income applicable to common and Class A common stockholders - basic $ 628,000 453,000  
Effect of dilutive securities [Abstract]      
Restricted Stock awards 28,000 22,000  
Net income applicable to common stockholders - diluted $ 656,000 $ 475,000  
Denominator [Abstract]      
Denominator for basic EPS - weighted average common shares (in shares) | shares 8,240 8,057  
Effect of dilutive securities [Abstract]      
Restricted stock awards (in shares) | shares 496 547  
Denominator for diluted EPS - weighted average common equivalent shares (in shares) | shares 8,736 8,604  
Class A Common Stock [Member]      
Numerator [Abstract]      
Net income applicable to common and Class A common stockholders - basic $ 2,249,000 $ 1,664,000  
Effect of dilutive securities [Abstract]      
Restricted Stock awards (28,000) (22,000)  
Net income applicable to common stockholders - diluted $ 2,221,000 $ 1,642,000  
Denominator [Abstract]      
Denominator for basic EPS - weighted average common shares (in shares) | shares 26,080 26,094  
Effect of dilutive securities [Abstract]      
Restricted stock awards (in shares) | shares 94 138  
Denominator for diluted EPS - weighted average common equivalent shares (in shares) | shares 26,174 26,232  
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.3.1.900
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segment Reporting (Details)
$ in Thousands
 3 Months Ended
Jan. 31, 2016
USD ($)
ft²
Segment
Jan. 31, 2015
USD ($)
Segment Reporting [Abstract]    
Number of reportable segments | Segment 1  
Revenue, Major Customer [Line Items]    
Gross leasable area of properties the Company owned or had equity interest in (in square feet) | ft² 4,900,000  
Segment Reporting Information [Line Items]    
Revenues $ 27,451 $ 28,506
Operating expenses 9,390 9,548
Interest expense 3,271 3,264
Depreciation and amortization 5,688 5,526
Income from continuing operations $ 6,447 $ 6,011
Ridgeway [Member]    
Revenue, Major Customer [Line Items]    
Gross leasable area of properties the Company owned or had equity interest in (in square feet) | ft² 374,000  
Percent leased 97.00% 97.00%
Segment Reporting Information [Line Items]    
Revenues $ 3,154 $ 3,326
Operating expenses 891 853
Interest expense 627 642
Depreciation and amortization 588 586
Income from continuing operations 1,048 1,245
All Other Property [Member]    
Segment Reporting Information [Line Items]    
Revenues 24,297 25,180
Operating expenses 8,499 8,695
Interest expense 2,644 2,622
Depreciation and amortization 5,100 4,940
Income from continuing operations $ 5,399 $ 4,766
Sales Revenue, Services, Net [Member]    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 100.00% 100.00%
Sales Revenue, Services, Net [Member] | Ridgeway [Member]    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 11.50% 11.70%
Sales Revenue, Services, Net [Member] | All Other Property [Member]    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 88.50% 88.30%
Assets, Total [Member]    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 100.00% 100.00%
Assets, Total [Member] | Ridgeway [Member]    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 8.40% 8.40%
Assets, Total [Member] | All Other Property [Member]    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 91.60% 91.60%
Base Rent [Member] | Customer Concentration Risk [Member] | Ridgeway [Member]    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 100.00% 100.00%
Base Rent [Member] | Customer Concentration Risk [Member] | The Stop & Shop Supermarket Company [Member] | Ridgeway [Member]    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 20.00% 19.00%
Base Rent [Member] | Customer Concentration Risk [Member] | Bed, Bath & Beyond [Member] | Ridgeway [Member]    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 14.00% 14.00%
Base Rent [Member] | Customer Concentration Risk [Member] | Marshall's Inc., a division of the TJX Companies [Member] | Ridgeway [Member]    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 11.00% 10.00%
Base Rent [Member] | Customer Concentration Risk [Member] | All Other Tenants at Ridgeway [Member] | Ridgeway [Member]    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 55.00% 57.00%
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.3.1.900
CORE PROPERTIES (Details) - USD ($)
 3 Months Ended
Jan. 31, 2016
Jan. 31, 2015
Business Acquisition [Line Items]    
Deposit made related to property acquired $ 479,000 $ 0
Amortization of above-market and below-market leases $ 89,000 $ 447,000
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.3.1.900
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS (Details)
$ in Thousands
 3 Months Ended
Jan. 31, 2016
USD ($)
Extension
Jan. 31, 2015
USD ($)
Line of Credit Facility [Line Items]    
Repayments of borrowings on facility $ 3,000 $ 77,550
Debt instrument, face amount 24,200  
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member]    
Line of Credit Facility [Line Items]    
Borrowing under revolving credit facility 10,000  
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Unsecured Revolving Credit Agreement [Member]    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 80,000  
Option, maximum borrowing capacity $ 125,000  
Number of extensions | Extension 1  
Extension period 1 year  
Maturity date Sep. 21, 2016  
Covenant terms The Company's ability to borrow under the Facility is subject to its compliance with the covenants and other restrictions on an ongoing basis. The principal financial covenants limit the Company's level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios.  
Covenant compliance The Company was in compliance with such covenants at January 31, 2016  
Repayments of borrowings on facility $ 3,000  
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Unsecured Revolving Credit Agreement [Member] | Minimum [Member]    
Line of Credit Facility [Line Items]    
Commitment fee (in hundredths) 0.25%  
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Unsecured Revolving Credit Agreement [Member] | Maximum [Member]    
Line of Credit Facility [Line Items]    
Commitment fee (in hundredths) 0.35%  
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar [Member]    
Line of Credit Facility [Line Items]    
Description of variable rate basis Eurodollar rate  
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar [Member] | Minimum [Member]    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (in hundredths) 1.50%  
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar [Member] | Maximum [Member]    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (in hundredths) 2.00%  
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Unsecured Revolving Credit Agreement [Member] | The Bank of New York Mellon's Prime Rate [Member]    
Line of Credit Facility [Line Items]    
Description of variable rate basis The Bank of New York Mellon's prime lending rate  
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Unsecured Revolving Credit Agreement [Member] | The Bank of New York Mellon's Prime Rate [Member] | Minimum [Member]    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (in hundredths) 0.50%  
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Letter of Credit [Member]    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 10,000  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jan. 31, 2016
Jan. 31, 2015
Oct. 31, 2015
Business Acquisition [Line Items]      
Real Estate Investment Property, Net $ 775,082,000   $ 776,030,000
Increased/(decreased) in carrying value of non-controlling interests 926,000 $ 853,000  
Redeemable non-controlling interests [Abstract]      
Beginning Balance 15,955,000 $ 18,864,000 18,864,000
Initial McLean Plaza noncontrolling Interests 0   (615,000)
Adjustments to redeemable noncontrolling interests 926,000   (2,294,000)
Ending Balance $ 16,881,000   $ 15,955,000
UB Ironbound, LP ("Ironbound") [Member]      
Business Acquisition [Line Items]      
Ownership interest (in hundredths) 84.00%    
Property management and leasing services fees (in hundredths) 2.00%    
Ub Orangeburg Llc [Member]      
Business Acquisition [Line Items]      
Ownership interest (in hundredths) 33.30%    
McLean Plaza Associates [Member]      
Business Acquisition [Line Items]      
Ownership interest (in hundredths) 53.00%    
Fixed annual distribution (in hundredths) 5.05%    
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.3.1.900
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Details)
$ in Thousands
 3 Months Ended
Jan. 31, 2016
USD ($)
ft²
Oct. 31, 2015
USD ($)
Schedule of Equity Method Investments [Line Items]    
Investments in and advances to unconsolidated joint ventures $ 38,974 $ 39,305
Debt instrument, face amount 24,200  
Midway Shopping Center, L.P. [Member]    
Schedule of Equity Method Investments [Line Items]    
Investments in and advances to unconsolidated joint ventures $ 4,958 $ 5,144
Ownership interest 11.642% 11.642%
Area of property | ft² 247,000  
Percentage of voting interests acquired 25.00%  
Excess of carrying amount over underlying equity allocated to real property $ 7,400  
Estimated useful life of property 39 years  
Midway Shopping Center, L.P. [Member] | Non-recourse First Mortgage Payable [Member]    
Schedule of Equity Method Investments [Line Items]    
Fixed interest rate 4.80%  
Maturity date Jan. 01, 2027  
Debt instrument, face amount $ 30,000  
Putnam Plaza Shopping Center [Member]    
Schedule of Equity Method Investments [Line Items]    
Investments in and advances to unconsolidated joint ventures $ 6,525 $ 6,686
Ownership interest 66.67% 66.67%
Area of property | ft² 189,000  
Putnam Plaza Shopping Center [Member] | Non-recourse First Mortgage Payable [Member]    
Schedule of Equity Method Investments [Line Items]    
Fixed interest rate 4.17%  
Maturity date Dec. 31, 2019  
Debt instrument, face amount $ 20,000  
81 Pondfield Road Company [Member]    
Schedule of Equity Method Investments [Line Items]    
Investments in and advances to unconsolidated joint ventures $ 723 $ 723
Ownership interest 20.00% 20.00%
Chestnut Ridge and Plaza 59 Shopping Centers [Member]    
Schedule of Equity Method Investments [Line Items]    
Investments in and advances to unconsolidated joint ventures $ 18,229 $ 18,248
Ownership interest 50.00% 50.00%
Purchase price of property acquired $ 18,000  
Chestnut Ridge [Member]    
Schedule of Equity Method Investments [Line Items]    
Area of property | ft² 76,000  
Plaza 59 Shopping Centers [Member]    
Schedule of Equity Method Investments [Line Items]    
Area of property | ft² 24,000  
Gateway Plaza [Member]    
Schedule of Equity Method Investments [Line Items]    
Investments in and advances to unconsolidated joint ventures $ 7,224 $ 7,186
Ownership interest 50.00% 50.00%
Area of property | ft² 194,000  
Square footage of anchor tenant | ft² 168,000  
Additional buildable square feet | ft² 27,000  
In-line space leased | ft² 24,000  
Gateway Plaza [Member] | Non-recourse First Mortgage Payable [Member]    
Schedule of Equity Method Investments [Line Items]    
Fixed interest rate 4.20%  
Maturity date Mar. 31, 2024  
Debt instrument, face amount $ 14,000  
Applebee's at Riverhead [Member]    
Schedule of Equity Method Investments [Line Items]    
Investments in and advances to unconsolidated joint ventures $ 1,315 $ 1,318
Ownership interest 50.00% 50.00%
Area of property | ft² 5,400  
Additional buildable square feet | ft² 7,200  
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.3.1.900
STOCKHOLDERS' EQUITY (Details)
 3 Months Ended 12 Months Ended
Jan. 31, 2016
USD ($)
Director
$ / shares
shares
Jan. 31, 2015
USD ($)
Oct. 31, 2014
Oct. 31, 2015
shares
Equity, Class of Treasury Stock [Line Items]        
Shares authorized (in shares) 200,000,000      
Common stock, shares authorized (in shares) 30,000,000      
Excess Stock, shares authorized (in shares) 20,000,000     20,000,000
Preferred Stock, shares authorized (in shares) 50,000,000      
Proceeds from issuance of preferred stock | $ $ 0 $ 4,650,000    
Proceeds received from sale of Class A Common Stock | $ $ 57,000 59,846,000    
Current Program [Member]        
Equity, Class of Treasury Stock [Line Items]        
Number of shares authorized to be repurchased (in shares) 2,000,000      
Restricted Stock [Member]        
Non-vested shares, weighted-average grant-date fair value [Roll forward]        
Unamortized restricted stock compensation | $ $ 16,000,000      
Weighted average period for recognizing unamortized expense 5 years 1 month 6 days      
Total amounts charged to compensation expense | $ $ 1,092,000 $ 1,038,000    
Restricted Stock [Member] | Common Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares) 350,000      
Number of shares awarded (in shares) 152,100      
Non-vest shares, number of shares [Roll forward]        
Non-vested, beginning of period (in shares) 1,281,850      
Granted (in shares) 152,100      
Vested (in shares) (175,950)      
Forfeiture of restricted stock (in shares) 0      
Non-vested, end of period (in shares) 1,258,000      
Non-vested shares, weighted-average grant-date fair value [Roll forward]        
Non-vested, beginning of period (in dollars per share) | $ / shares $ 16.58      
Granted (in dollars per share) | $ / shares 17.95      
Vested (in dollars per share) | $ / shares 16.35      
Forfeiture of restricted stock (in dollars per share) | $ / shares 0      
Non-vested, end of period (in dollars per share) | $ / shares $ 16.77      
Restricted Stock [Member] | Class A Common Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares) 350,000      
Number of shares awarded (in shares) 93,600      
Non-vest shares, number of shares [Roll forward]        
Non-vested, beginning of period (in shares) 373,850      
Granted (in shares) 93,600      
Vested (in shares) (84,200)      
Forfeiture of restricted stock (in shares) 0      
Non-vested, end of period (in shares) 383,250      
Non-vested shares, weighted-average grant-date fair value [Roll forward]        
Non-vested, beginning of period (in dollars per share) | $ / shares $ 19.37      
Granted (in dollars per share) | $ / shares 18.80      
Vested (in dollars per share) | $ / shares 18.64      
Forfeiture of restricted stock (in dollars per share) | $ / shares 0      
Non-vested, end of period (in dollars per share) | $ / shares $ 19.39      
Restricted Stock [Member] | Class A Common shares or Common shares [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares) 3,050,000      
Restricted Stock Plan [Member] | Restricted Stock [Member] | Class A Common shares or Common shares [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares) 3,750,000      
Grant date fair value | $ $ 4,500,000      
Common Stock [Member]        
Equity, Class of Treasury Stock [Line Items]        
Common stock, shares authorized (in shares) 30,000,000     30,000,000
Common Stock [Member] | Original Program [Member]        
Equity, Class of Treasury Stock [Line Items]        
Number of shares repurchased (in shares) 4,600      
Class A Common Stock [Member]        
Equity, Class of Treasury Stock [Line Items]        
Common stock, shares authorized (in shares) 100,000,000     100,000,000
Class A Common Stock [Member] | Original Program [Member]        
Equity, Class of Treasury Stock [Line Items]        
Number of shares repurchased (in shares) 913,331      
Series F Senior Redeemable Preferred Stock [Member]        
Equity, Class of Treasury Stock [Line Items]        
Preferred stock, redemption price per share (in dollars per share) | $ / shares $ 25.00      
Number of directors redeemable preferred stockholders are entitled to elect | Director 2      
Preferred stock, dividend rate (in hundredths) 7.125%   7.125%  
Preferred stock, redemption date Oct. 24, 2017      
Series G Senior Redeemable Preferred Stock [Member]        
Equity, Class of Treasury Stock [Line Items]        
Preferred stock, redemption price per share (in dollars per share) | $ / shares $ 25.00      
Number of directors redeemable preferred stockholders are entitled to elect | Director 2      
Preferred stock, dividend rate (in hundredths) 6.75%   6.75%  
Preferred stock, redemption date Oct. 28, 2019      
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.3.1.900
FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jan. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Redeemable Noncontrolling Interest [Line Items]      
Increase in redemption value of noncontrolling interest $ (926)    
Initial McLean Plaza noncontrolling Interests 0 $ (615)  
Estimated fair value of mortgage notes payable and other loans 267,000 266,000  
Fair Value, Inputs, Level 1 [Member]      
Assets [Abstract]      
Interest Rate Swap Agreement   0  
Liabilities [Abstract]      
Redeemable noncontrolling interests   13,104  
Fair Value, Inputs, Level 2 [Member]      
Assets [Abstract]      
Interest Rate Swap Agreement   1,230  
Liabilities [Abstract]      
Redeemable noncontrolling interests   0  
Fair Value, Inputs, Level 3 [Member]      
Assets [Abstract]      
Interest Rate Swap Agreement   0  
Liabilities [Abstract]      
Redeemable noncontrolling interests   2,851  
Fair Value, Measurements, Recurring [Member]      
Assets [Abstract]      
Interest Rate Swap Agreement   1,230  
Liabilities [Abstract]      
Interest Rate Swap Agreement 1,689    
Redeemable noncontrolling interests 16,881 15,955  
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]      
Liabilities [Abstract]      
Interest Rate Swap Agreement 0    
Redeemable noncontrolling interests 13,304    
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]      
Liabilities [Abstract]      
Interest Rate Swap Agreement 1,689    
Redeemable noncontrolling interests 0    
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]      
Liabilities [Abstract]      
Interest Rate Swap Agreement 0    
Redeemable noncontrolling interests 3,577   $ 9,062
UB Ironbound, LP ("Ironbound") [Member]      
Redeemable Noncontrolling Interest [Line Items]      
Increase in redemption value of noncontrolling interest $ 726 77  
Initial McLean Plaza noncontrolling Interests   $ 6,134  
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.3.1.900
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 3 Months Ended
Jan. 31, 2016
USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]  
Commitments for capital improvements to properties and tenant related obligations $ 7.7
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUBSEQUENT EVENTS (Details)
 1 Months Ended 3 Months Ended
Mar. 09, 2016
USD ($)
ft²
Jan. 31, 2016
USD ($)
$ / shares
Jan. 31, 2015
USD ($)
$ / shares
Subsequent Event [Line Items]      
Repayments of Lines of Credit   $ 3,000,000 $ 77,550,000
Payments for (Proceeds from) Deposits on Real Estate Acquisitions   $ 479,000 $ 0
Common Stock [Member]      
Subsequent Event [Line Items]      
Cash dividends declared (in dollars per share) | $ / shares   $ 0.2300 $ 0.2250
Class A Common Shares [Member]      
Subsequent Event [Line Items]      
Cash dividends declared (in dollars per share) | $ / shares   $ 0.2600 $ 0.2550
Subsequent Event [Member] | Subsequent Event Acquisition [Member]      
Subsequent Event [Line Items]      
Payments for (Proceeds from) Deposits on Real Estate Acquisitions $ 2,000,000    
Area of Real Estate Property | ft² 72,000    
Purchase Price or Contract Price $ 45,300,000    
New mortgage financing 22,700,000    
Payments for Mortgage Deposits $ 226,625    
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