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

6 Months Ended

Apr. 30, 2020

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Marketable Securities

The Company owned the following marketable equity securities as of April 30, 2020.  The unrealized gain on the Company's marketable equity securities at April 30, 2020 is detailed below (in thousands):

	Fair Market Value			Cost Basis			Unrealized Gain/(Loss)			Gross Unrealized Gains			Gross Unrealized (Loss)
April 30, 2020
REIT Securities		$	7,092		$	6,983		$	109		$	109		$	-

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

Property Held for Sale

The operating results of the Bernardsville and Carmel Properties, which are included in continuing operations is as follows (amounts in thousands):

	Six Months Ended April 30,						Three Months Ended April 30,
	2020			2019			2020			2019
Revenues	$	16		$	162		$	-		$	87
Property operating expense		(27	)		(108	)		(4	)		(62	)
Depreciation and amortization		(9	)		(68	)		-			(34	)
Net Income	$	(20	)	$	(14	)	$	(4	)	$	(9	)

Reconciliation between Basic and Diluted EPS

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

	Six Months Ended April 30,						Three Months Ended April 30,
	2020			2019			2020			2019
Numerator
Net income applicable to common stockholders – basic	$	1,705		$	2,453		$	607		$	1,221
Effect of dilutive securities:
Restricted stock awards		51			88			13			49
Net income applicable to common stockholders – diluted	$	1,756		$	2,541		$	620		$	1,270
Denominator
Denominator for basic EPS – weighted average common shares		9,143			8,810			9,144			8,811
Effect of dilutive securities:
Restricted stock awards		391			461			303			531
Denominator for diluted EPS – weighted average common equivalent shares		9,534			9,271			9,447			9,342
Numerator
Net income applicable to Class A common stockholders-basic	$	6,165		$	9,198		$	2,192		$	4,577
Effect of dilutive securities:
Restricted stock awards		(51	)		(88	)		(13	)		(49	)
Net income applicable to Class A common stockholders – diluted	$	6,114		$	9,110		$	2,179		$	4,528
Denominator
Denominator for basic EPS – weighted average Class A common shares		29,508			29,432			29,500			29,424
Effect of dilutive securities:
Restricted stock awards		135			172			131			225
Denominator for diluted EPS – weighted average Class A common equivalent shares		29,643			29,604			29,631			29,649

Major Customers by Reporting Segments

	Six Months Ended April 30,						Three Months Ended April 30,
	2020			2019			2020			2019
Ridgeway Revenues		11.3	%		10.8	%		11.4	%		10.7	%
All Other Property Revenues		88.7	%		89.2	%		88.6	%		89.3	%
Consolidated Revenue		100.0	%		100.0	%		100.0	%		100.0	%

	April 30, 2020			October 31, 2019
Ridgeway Assets		6.4	%		6.0	%
All Other Property Assets		93.6	%		94.0	%
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 and six months ended April 30, 2020 or the year ended October 31, 2019.

	April 30, 2020			October 31, 2019
Ridgeway Percent Leased		98	%		97	%

Ridgeway Significant Tenants (Percentage of Base Rent Billed):

	Six Months Ended April 30,						Three Months Ended April 30,
	2020			2019			2020			2019
The Stop & Shop Supermarket Company		20	%		20	%		19	%		20	%
Bed, Bath & Beyond		14	%		14	%		14	%		14	%
Marshall’s Inc.		10	%		10	%		10	%		10	%
All Other Tenants at Ridgeway (Note 2)		56	%		56	%		57	%		56	%
Total		100	%		100	%		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.

Segment Reporting Information by Segment

Income Statements (In Thousands):	Six Months Ended April 30, 2020						Three Months Ended April 30, 2020
	Ridgeway		All Other Operating Segments		Total Consolidated		Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	7,385	$	58,243	$	65,628	$	3,562	$	27,718	$	31,280
Property Operating Expenses	$	2,218	$	20,230	$	22,448	$	1,088	$	9,621	$	10,709
Interest Expense	$	841	$	5,807	$	6,648	$	413	$	2,896	$	3,309
Depreciation and Amortization	$	1,197	$	13,086	$	14,283	$	610	$	6,538	$	7,148
Net Income	$	3,129	$	13,632	$	16,761	$	1,451	$	5,789	$	7,240

Income Statements (In Thousands):	Six Months Ended April 30, 2019						Three Months Ended April 30, 2019
	Ridgeway		All Other Operating Segments		Total Consolidated		Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	7,402	$	60,970	$	68,372	$	3,638	$	30,467	$	34,105
Property Operating Expenses	$	2,200	$	21,353	$	23,553	$	1,125	$	10,585	$	11,710
Interest Expense	$	854	$	6,256	$	7,110	$	417	$	3,115	$	3,532
Depreciation and Amortization	$	1,186	$	12,739	$	13,925	$	585	$	6,400	$	6,985
Net Income	$	3,162	$	16,816	$	19,978	$	1,511	$	8,449	$	9,960