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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Operating activities:    
Net income (loss) $ 16,068,000 $ (1,086,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net loss on sale of Maryland properties 171,000 1,003,000
Depreciation 2,249,000 2,198,000
Amortization 492,000 437,000
Stock based compensation expense 1,000 11,000
Director fees and related interest paid in stock units 26,000
Stock awards granted to directors 141,000 140,000
Loss on investment in tenancy-in-common 143,000 231,000
Deferred rents - straight line rent 88,000 91,000
Bad debt expense 116,000 26,000
Accreted interest on investment in U.S. Treasury securities (595,000) (154,000)
Changes in operating assets and liabilities:    
Tenants' security accounts (40,000) (33,000)
Accounts receivable, prepaid expenses and other assets (191,000) 397,000
Accounts payable, accrued expenses and deferred director compensation payable 1,318,000 (1,694,000)
Deferred revenue 21,000 285,000
Net cash provided by operating activities 19,982,000 1,878,000
Investing activities:    
Cash outlays from sale of Maryland properties, net (171,000) (844,000)
Purchase of U.S. Treasury securities (26,759,000) (31,752,000)
Proceeds from maturities of U.S. Treasury securities 34,002,000 11,380,000
Capital improvements - existing properties (697,000) (1,154,000)
Deferred leasing costs (88,000) (140,000)
Due from Pierre TIC for reimbursement of costs (166,000)
Distribution from investment in tenancy-in-common 455,000 390,000
Net cash provided by (used in) investing activities 6,576,000 (22,120,000)
Financing activities:    
Repayment of mortgages (8,819,000) (1,124,000)
Proceeds from exercise of stock options 1,263,000
Deferred financing costs (207,000) (604,000)
Dividends paid (1,117,000) (11,486,000)
Distributions to noncontrolling interests in subsidiaries (1,020,000) (3,295,000)
Net cash used in financing activities (11,163,000) (15,246,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 15,395,000 (35,488,000)
Cash, cash equivalents and restricted cash, beginning of period 18,356,000 58,500,000
Cash, cash equivalents and restricted cash, end of period 33,751,000 23,012,000
Supplemental disclosure of cash flow data:    
Interest paid 5,061,000 5,461,000
Investing activities:    
Accrued transactional costs for sale of the Maryland properties 159,000
Accrued capital expenditures, construction costs and pre-development costs 107,000 38,000
Financing activities:    
Dividends declared but not paid 373,000 2,235,000
Cash and cash equivalents 29,429,000 17,757,000
Tenants' security accounts 921,000 978,000
Funds held in post-closing escrow 189,000 883,000
Mortgage escrows (included in prepaid expenses and other assets) 3,212,000 3,394,000
Total cash, cash equivalents and restricted cash $ 33,751,000 $ 23,012,000