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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Oct. 31, 2022
Operating activities:      
Net income (loss) $ 16,933 $ (575) $ 69,244
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Net loss (gain) on sale of Maryland properties 356 1,003 (68,771)
Depreciation 2,981 2,944 3,995
Amortization 647 612 1,104
Stock based compensation expense 1 11 1,192
Directors fees and related interest paid in stock units 26 120
Stock awards granted to directors 141 140
Loss on investment in tenancy-in-common 170 271 228
Deferred rents - straight line rent 118 100 (18)
Deferred real estate tax appeal fees 35
Bad debt expense 116 16 361
Accreted interest on investment in U.S. Treasury securities (801) (353)
Changes in operating assets and liabilities:      
Tenants' security accounts (57) (23) (754)
Accounts receivable, prepaid expenses and other assets (48) 152 2,571
Accounts payable, accrued expenses and deferred director compensation payable (448) (1,954) (1,159)
Deferred revenue 54 311 (786)
Due to affiliate - accrued interest (47)
Net cash provided by operating activities 20,163 2,681 7,315
Investing activities:      
(Cash outlays) proceeds from sale of Maryland properties, net (356) (1,003) 245,763
Purchase of U.S. Treasury securities (45,663) (38,444)
Proceeds from maturities of U.S. Treasury securities 40,786 15,204
Proceeds from payment of secured loans receivable inclusive of accrued interest 5,316
Capital improvements - existing properties (1,242) (1,290) (1,570)
Deferred leasing costs (89) (170) (173)
Distribution from investment in tenancy-in-common 455 390 357
Net cash (used in) provided by investing activities (6,109) (25,313) 249,693
Financing activities:      
Repayment of mortgages (9,308) (26,538) (194,559)
Proceeds from mortgage loan refinancings 25,500 32,500
Proceeds from exercise of stock options 38 1,263 2,028
Deferred financing costs (206) (481) (691)
Due to affiliate - loan proceeds 300
Due to affiliate - loan repayment (3,505)
Dividends paid (1,491) (13,721) (53,535)
Distributions to noncontrolling interests in subsidiaries (2,220) (3,535) (20,091)
Net cash used in financing activities (13,187) (17,512) (237,553)
Net increase (decrease) in cash, cash equivalents and restricted cash 867 (40,144) 19,455
Cash, cash equivalents and restricted cash, beginning of year 18,356 58,500 39,045
Cash, cash equivalents and restricted cash, end of year 19,223 18,356 58,500
Supplemental disclosure of cash flow data:      
Interest paid 6,783 7,182 7,134
Investing activities:      
Accrued capital expenditures, construction costs and pre-development costs 237 210 33
Financing activities:      
Dividends declared but not paid 5,224 372 10,573
Dividends paid in share units 1,741
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:      
Cash and cash equivalents 14,914 13,217 49,578
Tenants' security accounts 913 962 1,038
Funds held in post-closing escrow 883 6,251
Mortgage escrows (included in prepaid expenses and other assets) 3,396 3,294 1,633
Total cash, cash equivalents and restricted cash $ 19,223 $ 18,356 $ 58,500