Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Apr. 30, 2013 | |
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 | ' | $43,763,605 |
Entity Common Stock, Shares Outstanding | 9,187,212 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Oct-13 | ' |
Class A Common Stock [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Public Float | ' | $512,163,901 |
Entity Common Stock, Shares Outstanding | 23,609,604 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real Estate Investments: | ' | ' |
Core properties - at cost | $731,564 | $659,780 |
Non-core properties - at cost | 595 | 595 |
Total investment property - at cost | 732,159 | 660,375 |
Less: Accumulated depreciation | -155,272 | -140,511 |
Investment property at cost - net | 576,887 | 519,864 |
Investments in and advances to unconsolidated joint ventures | 31,432 | 26,708 |
Mortgage note receivable | 0 | 898 |
Total real estate investments | 608,319 | 547,470 |
Cash and cash equivalents | 2,945 | 78,092 |
Restricted cash | 1,397 | 63,979 |
Marketable securities | 96 | 994 |
Tenant receivables | 21,077 | 21,549 |
Prepaid expenses and other assets | 10,802 | 6,958 |
Deferred charges, net of accumulated amortization | 5,390 | 5,201 |
Total Assets | 650,026 | 724,243 |
Liabilities: | ' | ' |
Revolving credit lines | 9,250 | 11,600 |
Mortgage notes payable and other loans | 166,246 | 143,236 |
Preferred stock called for redemption | 0 | 58,508 |
Accounts payable and accrued expenses | 1,450 | 1,632 |
Deferred compensation - officers | 176 | 194 |
Other liabilities | 15,147 | 13,134 |
Total Liabilities | 192,269 | 228,304 |
Redeemable Noncontrolling Interests | 11,843 | 11,421 |
Redeemable Preferred Stock | 0 | 21,510 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity: | ' | ' |
Excess Stock, par value $.01 per share; 10,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock | 90 | 89 |
Additional paid in capital | 367,070 | 362,777 |
Cumulative distributions in excess of net income | -112,168 | -90,701 |
Accumulated other comprehensive (loss) | 62 | -17 |
Total Stockholders' Equity | 445,914 | 463,008 |
Total Liabilities and Stockholders' Equity | 650,026 | 724,243 |
Series D Senior Cumulative Preferred Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock | 61,250 | 61,250 |
Total Stockholders' Equity | 61,250 | 61,250 |
Series F Cumulative Preferred Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock | 129,375 | 129,375 |
Total Stockholders' Equity | 129,375 | 129,375 |
Class A Common Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock | $235 | $235 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Redeemable Preferred Stock, par value (in dollars per share) | $0.01 | $0.01 |
Redeemable Preferred Stock, shares issued (in shares) | 0 | 224,027 |
Redeemable Preferred Stock, shares outstanding (in shares) | 0 | 224,027 |
Stockholders' Equity: | ' | ' |
Excess Stock, par value (in dollars per share) | $0.01 | $0.01 |
Excess Stock, shares authorized (in shares) | 20,000,000 | 10,000,000 |
Excess Stock, shares issued (in shares) | 0 | 0 |
Excess Stock, shares outstanding (in shares) | 0 | 0 |
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) | 9,035,212 | 8,854,465 |
Common Stock, shares outstanding (in shares) | 9,035,212 | 8,854,465 |
8.5% Series C Senior Cumulative Preferred Stock [Member] | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Redeemable Preferred Stock, shares issued (in shares) | 0 | 224,027 |
Redeemable Preferred Stock, shares outstanding (in shares) | 0 | 224,027 |
Stockholders' Equity: | ' | ' |
Preferred Stock, dividend rate (in hundredths) | 8.50% | 8.50% |
Preferred Stock, liquidation preference (in dollars per share) | $100 | $100 |
Preferred Stock, shares issued (in shares) | 0 | 224,027 |
Preferred Stock, shares outstanding (in shares) | 0 | 224,027 |
Series D Senior Cumulative Preferred Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred Stock, dividend rate (in hundredths) | 7.50% | 7.50% |
Preferred Stock, liquidation preference (in dollars per share) | $25 | $25 |
Preferred Stock, shares issued (in shares) | 2,450,000 | 2,450,000 |
Preferred Stock, shares outstanding (in shares) | 2,450,000 | 2,450,000 |
Series F Cumulative Preferred Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred Stock, dividend rate (in hundredths) | 7.13% | 7.13% |
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 |
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 | 40,000,000 |
Common Stock, shares issued (in shares) | 23,530,704 | 23,460,880 |
Common Stock, shares outstanding (in shares) | 23,530,704 | 23,460,880 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Revenues | ' | ' | ' |
Base rents | $69,094,000 | $66,878,000 | $62,703,000 |
Recoveries from tenants | 22,594,000 | 20,603,000 | 21,552,000 |
Lease termination income | 214,000 | 89,000 | 3,196,000 |
Other income | 2,343,000 | 2,160,000 | 2,008,000 |
Total Revenues | 94,245,000 | 89,730,000 | 89,459,000 |
Expenses | ' | ' | ' |
Property operating | 17,471,000 | 14,200,000 | 14,750,000 |
Property taxes | 15,524,000 | 15,114,000 | 14,522,000 |
Depreciation and amortization | 17,769,000 | 16,637,000 | 15,212,000 |
General and administrative | 8,211,000 | 7,545,000 | 7,521,000 |
Acquisition costs | 857,000 | 296,000 | 89,000 |
Directors' fees and expenses | 337,000 | 262,000 | 261,000 |
Total Operating Expenses | 60,169,000 | 54,054,000 | 52,355,000 |
Operating Income | 34,076,000 | 35,676,000 | 37,104,000 |
Non-Operating Income (Expense): | ' | ' | ' |
Interest expense | -9,094,000 | -9,148,000 | -7,865,000 |
Marketable Securities, Gain (Loss) | 1,460,000 | 0 | 0 |
Equity in net income from unconsolidated joint ventures | 1,318,000 | -138,000 | 393,000 |
Interest, dividends and other investment income | 1,345,000 | 892,000 | 851,000 |
Income From Continuing Operations Before Discontinued Operations | 29,105,000 | 27,282,000 | 30,483,000 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent [Abstract] | ' | ' | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,308,000 | 1,478,000 | 1,466,000 |
Net Income | 30,413,000 | 28,760,000 | 31,949,000 |
Noncontrolling interests: | ' | ' | ' |
Net income attributable to noncontrolling interests | -618,000 | -500,000 | -306,000 |
Net income attributable to Urstadt Biddle Properties Inc. | 29,795,000 | 28,260,000 | 31,643,000 |
Preferred stock dividends | -14,949,000 | -13,267,000 | -13,094,000 |
Redemption of preferred stock | -4,233,000 | -2,027,000 | 0 |
Net Income Applicable to Common and Class A Common Stockholders | 10,613,000 | 12,966,000 | 18,549,000 |
Income (loss) from Continuing Operations, Per Basic Share | $0.28 | $0.38 | $0.57 |
Income (loss) from Continuing Operations, Per Diluted Share | $0.27 | $0.36 | $0.55 |
Income from Discontinued Operations, Per Basic Share | $0.04 | $0.05 | $0.05 |
Income from Discontinued Operations, Per Diluted Share | $0.04 | $0.05 | $0.05 |
Basic Earnings Per Share | $0.32 | $0.43 | $0.62 |
Diluted Earnings Per Share | $0.31 | $0.41 | $0.60 |
Class A Common Stock [Member] | ' | ' | ' |
Noncontrolling interests: | ' | ' | ' |
Net Income Applicable to Common and Class A Common Stockholders | $8,204,000 | $9,800,000 | $14,013,000 |
Income (loss) from Continuing Operations, Per Basic Share | $0.31 | $0.42 | $0.63 |
Income (loss) from Continuing Operations, Per Diluted Share | $0.30 | $0.41 | $0.61 |
Income from Discontinued Operations, Per Basic Share | $0.04 | $0.05 | $0.05 |
Income from Discontinued Operations, Per Diluted Share | $0.04 | $0.05 | $0.05 |
Basic Earnings Per Share | $0.35 | $0.47 | $0.68 |
Diluted Earnings Per Share | $0.34 | $0.46 | $0.66 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ' | ' | ' |
Net Income | $30,413 | $28,760 | $31,949 |
Other comprehensive income: | ' | ' | ' |
Change in unrealized gain/(losses) in marketable equity securities | 1,403 | 64 | 0 |
Change in unrealized loss on interest rate swaps | 136 | 73 | 75 |
Unrealized (gains) in marketable securities reclassified into income | -1,460 | 0 | 0 |
Total comprehensive income | 30,492 | 28,897 | 32,024 |
Comprehensive income attributable to noncontrolling interests | -618 | -500 | -306 |
Total Comprehensive income attributable to Urstadt Biddle Properties Inc. | 29,874 | 28,397 | 31,718 |
Preferred stock dividends | -14,949 | -13,267 | -13,094 |
Redemption of Preferred Stock | -4,233 | -2,027 | 0 |
Total comprehensive income (loss) applicable to Common and Class A Common Stockholders | $10,692 | $13,103 | $18,624 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income | $30,413,000 | $28,760,000 | $31,949,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 17,816,000 | 16,721,000 | 15,292,000 |
Straight-line rent adjustment | -291,000 | -832,000 | -634,000 |
Provisions for tenant credit losses | 958,000 | 665,000 | 1,009,000 |
Loss on property held for sale | 4,069,000 | 3,812,000 | 3,881,000 |
Restricted stock compensation expense and other adjustments | -18,000 | 6,000 | -116,000 |
Marketable Securities, Gain (Loss) | -1,460,000 | 0 | 0 |
Equity in net loss/(income) of unconsolidated joint ventures | -1,318,000 | 138,000 | -393,000 |
Lease termination income | 0 | 0 | -2,988,000 |
Changes in operating assets and liabilities: | ' | ' | ' |
Tenant receivables | -193,000 | 1,335,000 | -2,588,000 |
Accounts payable and accrued expenses | -7,000 | 812,000 | -428,000 |
Other assets and other liabilities, net | 1,535,000 | 1,068,000 | 1,568,000 |
Restricted Cash | -552,000 | 19,000 | -4,000 |
Net Cash Flow Provided by Operating Activities | 50,952,000 | 52,504,000 | 46,548,000 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisitions of real estate investments | -40,381,000 | -5,432,000 | -23,329,000 |
Investments in and advances to unconsolidated joint venture | -18,003,000 | -1,044,000 | -1,598,000 |
Repayment of advance to unconsolidated joint venture | 13,170,000 | 0 | 0 |
Returns of deposits on real estate investments | 400,000 | 843,000 | 0 |
Acquisitions of noncontrolling interests | 0 | 0 | -8,787,000 |
Deposits on acquisition of real estate investments | -3,287,000 | -129,000 | -1,252,000 |
Return of deposits on acquisitions of real estate | 400,000 | 843,000 | 0 |
Improvements to properties and deferred charges | -9,494,000 | -6,523,000 | -8,134,000 |
Net proceeds from sale of properties | 4,475,000 | 533,000 | 0 |
Distributions to noncontrolling interests | -618,000 | -500,000 | -306,000 |
Distributions from unconsolidated joint ventures | 789,000 | 412,000 | 165,000 |
Payments received on mortgage notes and other receivables | 1,858,000 | 1,062,000 | 890,000 |
Proceeds on sale of securities available for sale | 30,782,000 | 0 | 0 |
Payments to Acquire Available-for-sale Securities, Equity | -29,322,000 | 0 | 0 |
Net Cash Flow (Used in) Investing Activities | -49,631,000 | -10,778,000 | -42,351,000 |
Cash Flows from Financing Activities: | ' | ' | ' |
Dividends paid - Common and Class A Common Stock | -31,655,000 | -29,331,000 | -28,173,000 |
Dividends paid - Preferred Stock | -14,949,000 | -13,267,000 | -13,094,000 |
Principal repayments on mortgage notes payable | -6,623,000 | -15,049,000 | -6,589,000 |
Returns of deposits on real estate investments | 400,000 | 843,000 | 0 |
Repayments on revolving credit line borrowings | -40,700,000 | -88,250,000 | 0 |
Proceeds from revolving credit line borrowings | 38,350,000 | 58,000,000 | 30,250,000 |
Proceeds from loan financing | 0 | 28,000,000 | 1,546,000 |
Sales of additional shares of Common and Class A Common Stock | 244,000 | 47,799,000 | 717,000 |
Repurchase of shares of Common Stock | -18,000 | 0 | 0 |
Return of escrow deposit | 1,286,000 | 0 | 0 |
Net proceeds from issuance of Series F Preferred Stock | 0 | 125,281,000 | 0 |
Redemption of Preferred Stock including restricted cash | -22,403,000 | -81,346,000 | 0 |
Net Cash Flow Provided by (Used in) Financing Activities | -76,468,000 | 31,837,000 | -15,343,000 |
Net Increase/(Decrease) In Cash and Cash Equivalents | -75,147,000 | 73,563,000 | -11,146,000 |
Cash and Cash Equivalents at Beginning of Year | 78,092,000 | 4,529,000 | 15,675,000 |
Cash and Cash Equivalents at End of Year | 2,945,000 | 78,092,000 | 4,529,000 |
Interest Paid | $8,500,000 | $8,600,000 | $7,600,000 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Additional Paid In Capital [Member] | Cumulative Distributions in Excess of Net Income [Member] | Cumulative Distributions in Excess of Net Income [Member] | Accumulated Other Comprehensive Income (loss) [Member] | Accumulated Other Comprehensive Income (loss) [Member] | Total | Class A Common Stock [Member] | 7.5% Series D Preferred Stock [Member] | 7.125% Series F Preferred Stock [Member] |
In Thousands, except Share data, unless otherwise specified | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | ||||||||
Balance at Oct. 31, 2010 | $84 | $208 | $310,695 | ' | ($64,557) | ' | ($229) | ' | $307,451 | ' | $61,250 | $0 |
Balance (in shares) at Oct. 31, 2010 | 8,461,440 | 20,819,698 | ' | ' | ' | ' | ' | ' | ' | ' | 2,450,000 | 0 |
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income applicable to Common and Class A common stockholders | 4,536 | ' | ' | ' | 18,549 | ' | 0 | ' | 18,549 | 14,013 | ' | ' |
Change in unrealized gains (losses) in marketable securities | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Change in unrealized (loss) on interest rate swap | ' | ' | 0 | ' | 0 | ' | 75 | ' | 75 | ' | 0 | 0 |
Total Comprehensive income attributable to Urstadt Biddle Properties Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 31,718 | ' | ' | ' |
Cash dividends paid: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 0 | 0 | 0 | ' | -7,705 | 0 | 0 | ' | -7,705 | ' | 0 | 0 |
Sale of Class A Common Shares | ' | ' | ' | ' | ' | -20,468 | 0 | ' | ' | -20,468 | ' | ' |
Issuance of shares under dividend reinvestment plan | 1 | ' | 715 | ' | 0 | ' | 0 | ' | 716 | ' | ' | ' |
Issuance of shares under dividend reinvestment plan (in shares) | 34,498 | ' | ' | ' | ' | ' | ' | ' | ' | 8,532 | ' | ' |
Shares issued under restricted stock plan | 2 | ' | -3 | ' | 0 | ' | 0 | ' | 0 | 1 | ' | ' |
Shares issued under restricted stock plan (in shares) | 175,950 | ' | ' | ' | ' | ' | ' | ' | ' | 63,100 | ' | ' |
Restricted stock compensation and other adjustment | ' | ' | 3,881 | ' | ' | ' | ' | ' | 3,881 | ' | ' | ' |
Adjustments to redeemable noncontrolling interests | 0 | 0 | 0 | ' | -281 | ' | 0 | ' | -281 | ' | ' | ' |
Balance at Oct. 31, 2011 | 87 | 209 | 315,288 | ' | -74,462 | ' | -154 | ' | 302,218 | ' | 61,250 | 0 |
Balance (in shares) at Oct. 31, 2011 | 8,671,888 | 20,891,330 | ' | ' | ' | ' | ' | ' | ' | ' | 2,450,000 | 0 |
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income applicable to Common and Class A common stockholders | 3,166 | 0 | 0 | ' | 12,966 | ' | 0 | ' | 12,966 | 9,800 | 0 | 0 |
Change in unrealized gains (losses) in marketable securities | 0 | 0 | 0 | ' | 0 | ' | 64 | ' | 64 | ' | 0 | 0 |
Change in unrealized (loss) on interest rate swap | 0 | 0 | 0 | ' | 0 | ' | 73 | ' | 73 | ' | 0 | 0 |
Total Comprehensive income attributable to Urstadt Biddle Properties Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 28,397 | ' | ' | ' |
Cash dividends paid: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | 0 | -7,966 | -21,365 | 0 | 0 | -7,966 | -21,365 | 0 | 0 |
Sale of Class A Common Shares | ' | 25 | 47,504 | ' | 0 | ' | 0 | ' | 47,529 | ' | ' | ' |
Sale of Class A Common Shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | 5,175,000 |
Issuance of shares under dividend reinvestment plan | 0 | ' | 270 | ' | 0 | ' | 0 | ' | 270 | ' | ' | ' |
Issuance of shares under dividend reinvestment plan (in shares) | 6,627 | ' | ' | ' | ' | ' | ' | ' | ' | 7,950 | ' | ' |
Issuance of Series F Preferred Stock | ' | ' | -4,094 | ' | 0 | ' | 0 | ' | 125,281 | ' | 0 | 129,375 |
Issuance of Series F Preferred Stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,175,000 |
Shares issued under restricted stock plan | 2 | ' | -3 | ' | 0 | ' | 0 | ' | 0 | 1 | ' | ' |
Shares issued under restricted stock plan (in shares) | 175,950 | ' | ' | ' | ' | ' | ' | ' | ' | 61,600 | ' | ' |
Restricted stock compensation and other adjustment | 0 | 0 | 3,812 | ' | 0 | ' | 0 | ' | 3,812 | ' | ' | ' |
Adjustments to redeemable noncontrolling interests | ' | 0 | ' | ' | 126 | ' | ' | ' | 126 | ' | ' | ' |
Balance at Oct. 31, 2012 | 89 | 235 | 362,777 | ' | -90,701 | ' | -17 | ' | 463,008 | ' | 61,250 | 129,375 |
Balance (in shares) at Oct. 31, 2012 | 8,854,465 | 23,460,880 | ' | ' | ' | ' | ' | ' | ' | ' | 2,450,000 | 5,175,000 |
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income applicable to Common and Class A common stockholders | 2,409 | 0 | 0 | ' | 10,613 | ' | 0 | ' | 10,613 | 8,204 | 0 | 0 |
Change in unrealized gains (losses) in marketable securities | 0 | 0 | 0 | ' | 0 | ' | -57 | ' | -57 | ' | 0 | 0 |
Change in unrealized (loss) on interest rate swap | 0 | 0 | 0 | ' | 0 | ' | 136 | ' | 136 | ' | 0 | 0 |
Total Comprehensive income attributable to Urstadt Biddle Properties Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 29,874 | ' | ' | ' |
Cash dividends paid: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | 0 | -8,128 | -23,527 | 0 | 0 | -8,128 | -23,527 | 0 | 0 |
Issuance of shares under dividend reinvestment plan | ' | ' | 244 | ' | 0 | ' | 0 | ' | 244 | ' | ' | ' |
Issuance of shares under dividend reinvestment plan (in shares) | 5,797 | ' | ' | ' | ' | ' | ' | ' | ' | 6,724 | ' | ' |
Shares issued under restricted stock plan | 1 | ' | -1 | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' |
Shares issued under restricted stock plan (in shares) | 175,950 | ' | ' | ' | ' | ' | ' | ' | ' | 64,100 | ' | ' |
Forfeiture of restricted stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,000 | ' | ' |
Restricted stock compensation and other adjustment | 0 | 0 | 4,068 | ' | 0 | ' | 0 | ' | 4,068 | ' | ' | ' |
Adjustments to redeemable noncontrolling interests | ' | 0 | ' | ' | ' | -425 | ' | ' | ' | -425 | ' | ' |
Repurchase of Common Stock | ' | ' | -18 | ' | 0 | ' | 0 | ' | -18 | ' | ' | ' |
Repurchase of Common Stock (in shares) | -1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Oct. 31, 2013 | $90 | $235 | $367,070 | ' | ($112,168) | ' | $62 | ' | $445,914 | ' | $61,250 | $129,375 |
Balance (in shares) at Oct. 31, 2013 | 9,035,212 | 23,530,704 | ' | ' | ' | ' | ' | ' | ' | ' | 2,450,000 | 5,175,000 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Class A Common Stock [Member] | ' | ' | ' |
Common stock, dividends per share declared (in dollars per share) | $1 | $0.99 | $0.98 |
7.5% Series D Preferred Stock [Member] | ' | ' | ' |
Preferred stock, dividend rate (in hundredths) | 7.50% | 7.50% | 7.50% |
7.125% Series F Preferred Stock [Member] | ' | ' | ' |
Preferred stock, dividend rate (in hundredths) | 7.13% | 7.13% | 7.13% |
Common Stock [Member] | ' | ' | ' |
Common stock, dividends per share declared (in dollars per share) | $0.90 | $0.90 | $0.89 |
ORGANIZATION_BASIS_OF_PRESENTA
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
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. The Company's major tenants include supermarket chains and other retailers who sell basic necessities. At October 31, 2013, the Company owned or had equity interests in 66 properties containing a total of 5.1 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 in, are accounted for under the equity method of accounting. See Note 10 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||||||||
The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP 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 measurements and the collectability of tenant and notes receivable and other assets. Actual results could differ from these estimates. | |||||||||||||||||||||
Federal Income Taxes | |||||||||||||||||||||
The Company has elected to be treated as a real estate investment trust 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 2013 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 October 31, 2013. As of October 31, 2013, the fiscal tax years 2010 through and including 2013 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. | |||||||||||||||||||||
Real Estate Investments | |||||||||||||||||||||
All costs related to the improvement or replacement of real estate properties is capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. | |||||||||||||||||||||
Upon the acquisition of real estate properties, 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 value 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. | |||||||||||||||||||||
Above and below-market leases acquired are recorded at their fair value. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company's evaluation of the specific characteristics of each tenant's lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The value of in-place leases are amortized over the remaining term of the respective leases. If a tenant vacates its space prior to its contractual expiration date, any unamortized balance of their related intangible asset is recorded in the consolidated statement of income. | |||||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||
The Company uses the straight-line method for depreciation and amortization. Core and non-core properties are depreciated over the estimated useful lives of the properties, which range from 30 to 40 years. Property improvements are depreciated over the estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over the estimated useful lives that range from 3 to 10 years. Tenant improvements are amortized over the shorter of the life of the related leases or their useful life. | |||||||||||||||||||||
Property Held for Sale and Discontinued Operations | |||||||||||||||||||||
The Company follows the provisions of ASC Topic 360, "Property, Plant, and Equipment," and ASC Topic 205, "Presentation of Financial Statements." ASC Topic 360 and ASC Topic 205 require, among other things, that the assets and liabilities and the results of operations of the Company's properties that have been sold or otherwise qualify as held for sale be classified as discontinued operations and presented separately in the Company's consolidated financial statements. If significant to financial statement presentation, the Company classifies properties as held for sale that are under contract for sale and are expected to be sold within the next 12 months. | |||||||||||||||||||||
Deferred Charges | |||||||||||||||||||||
Deferred charges consist principally of leasing commissions (which are amortized ratably over the life of the tenant leases) and financing fees (which are amortized over the terms of the respective agreements). Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of $3,043,000 and $3,015,000 as of October 31, 2013 and 2012, respectively. | |||||||||||||||||||||
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 October 31, 2013. | |||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
Revenues from operating leases include revenues from core properties and non-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 October 31, 2013 and 2012, approximately $13,719,000 and $13,507,000, respectively, has been recognized as straight-line rents receivable (representing the current net 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 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 October 31, 2013 and 2012, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $3,604,000 and $3,686,000, respectively. During the years ended October 31, 2013, 2012 and 2011, the Company provided $958,000, $665,000 and $1,009,000, respectively, for uncollectible amounts, which is recorded in the accompanying consolidated statement of income as a reduction of base rental revenue. | |||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||
Cash and cash equivalents consist of cash in banks and short-term investments with original maturities of less than three months. | |||||||||||||||||||||
Restricted Cash | |||||||||||||||||||||
Restricted cash consists of those tenant security deposits and replacement and other reserves required by agreement with certain of the Company's mortgage lenders for property level capital requirements that are required to be held in separate bank accounts. | |||||||||||||||||||||
Marketable Securities | |||||||||||||||||||||
Marketable securities consist of short-term investments and marketable equity securities. Short-term investments (consisting of investments with original maturities of greater than three months when purchased) and marketable equity securities are carried at fair value. The Company has classified marketable securities as available for sale. Unrealized gains and (losses) on available for sale securities are recorded as other comprehensive income (loss) in stockholders' equity. In November 2012, the Company purchased approximately $27 million of REIT and preferred security investment funds with a portion of the proceeds from its completed stock sales in October 2012. In May 2013, the Company sold a portion of the Company's marketable security investments. The shares sold represented the entire REIT and preferred security and investment funds and a portion of our REIT Preferred Stocks. In conjunction with this sale the Company realized a gain on sale of marketable securities of approximately $1.5 milion, which will be reclassified out of accumulated other comprehensive income and recorded in the consolidated statement of income for year ended October 31, 2013. There were no purchases or sales of marketable securities during the fiscal year ended October 31, 2012 and 2011. | |||||||||||||||||||||
The Company analyzes unrealized losses, if any, to determine if the unrealized losses are temporary. If and when the Company deems unrealized losses to be other than temporary, unrealized losses will be realized and reclassified into earnings. The net unrealized gain at October 31, 2013 and 2012 is detailed below (in thousands): | |||||||||||||||||||||
Description: | Fair Market Value | Cost | Net Unrealized Gain/(Loss) | Gross | Gross Unrealized (Loss) | ||||||||||||||||
Basis | Unrealized Gains | ||||||||||||||||||||
31-Oct-13 | |||||||||||||||||||||
REIT Common and Preferred Stocks | $ | 96 | $ | 115 | $ | -19 | $ | - | $ | -19 | |||||||||||
31-Oct-12 | |||||||||||||||||||||
REIT Common and Preferred Stocks | $ | 994 | $ | 956 | $ | 38 | $ | 38 | $ | - | |||||||||||
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 October 31, 2013, the Company believes it has no significant risk associated with non-performance of the financial institution that is the counterparty to its derivative contracts. At October 31, 2013, the Company had approximately $3.7 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 a fixed annual rate of 3.95 % per annum. As of October 31, 2013, the Company had a deferred asset of $81,000 (included in prepaid expenses and other assets 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 income as the swap is deemed effective and is classified as a cash flow hedge. There were no significant amounts recorded in the Company's financial statements for the above swaps in either fiscal 2012 or fiscal 2011. | |||||||||||||||||||||
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 (loss) 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 October 31, 2013, accumulated other comprehensive income (loss) consisted of net unrealized losses on marketable securities of approximately $19,000 and net unrealized gains on an interest rate swap agreement of approximately $81,000. At October 31, 2012, accumulated other comprehensive income (loss) consisted of net unrealized gains on marketable securities of approximately $38,000 and net unrealized losses on an interest rate swap agreement of approximately $55,000. Unrealized gains and losses included in other comprehensive income (loss) will be reclassified into earnings as gains and losses are realized. | |||||||||||||||||||||
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 in excess of insured amounts with high quality financial institutions. 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. There is no dependence upon any single tenant. | |||||||||||||||||||||
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): | |||||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Numerator | |||||||||||||||||||||
Net income applicable to common stockholders – basic | $ | 2,409 | $ | 3,166 | $ | 4,536 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock awards | 182 | 236 | 265 | ||||||||||||||||||
Net income applicable to common stockholders – diluted | $ | 2,591 | $ | 3,402 | $ | 4,801 | |||||||||||||||
Denominator | |||||||||||||||||||||
Denominator for basic EPS-weighted average common shares | 7,543 | 7,370 | 7,306 | ||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Restricted stock and other awards | 840 | 834 | 655 | ||||||||||||||||||
Denominator for diluted EPS – weighted average common equivalent shares | 8,383 | 8,204 | 7,961 | ||||||||||||||||||
Numerator | |||||||||||||||||||||
Net income applicable to Class A common stockholders – basic | $ | 8,204 | $ | 9,800 | $ | 14,013 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock awards | -182 | -236 | -265 | ||||||||||||||||||
Net income applicable to Class A common stockholders – diluted | $ | 8,022 | $ | 9,564 | $ | 13,748 | |||||||||||||||
Denominator | |||||||||||||||||||||
Denominator for basic EPS – weighted average Class A common shares | 23,122 | 20,740 | 20,496 | ||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Restricted stock and other awards | 235 | 224 | 208 | ||||||||||||||||||
Denominator for diluted EPS – weighted average Class A common | |||||||||||||||||||||
equivalent shares | 23,357 | 20,964 | 20,704 | ||||||||||||||||||
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. | |||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||
The Company operates in one industry segment, ownership of commercial real estate properties, which are located principally in the northeastern United States. The Company does not distinguish its property operations for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes. | |||||||||||||||||||||
Reclassification | |||||||||||||||||||||
Certain fiscal 2011 and 2012 amounts have been reclassified to conform to current period presentation. | |||||||||||||||||||||
New Accounting Standards | |||||||||||||||||||||
Adopted in fiscal 2013 | |||||||||||||||||||||
In June 2011, the FASB issued ASU 2011-05, "Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income." ASU 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of shareholders' equity and requires the presentation of components of net income and components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This pronouncement became effective for the Company in the first quarter of fiscal 2013 and as a result the Company has included a separate consolidated statement of comprehensive income immediately following the consolidated statement of income as required by the ASU. | |||||||||||||||||||||
In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (ASC Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income." ASU 2013-02 requires the reporting of reclassifications out of accumulated other comprehensive income. The amendments in ASU 2013-02 seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under US GAAP to be reclassified in its entirety to net income. The Company adopted this pronouncement in the second quarter of fiscal 2013. The effect of the adoption of this pronouncement did not have a significant impact on our consolidated financial statements. |
REAL_ESTATE_INVESTMENTS
REAL ESTATE INVESTMENTS | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Real Estate Investments: | ' | ||||||||||||||||||||
REAL ESTATE INVESTMENTS | ' | ||||||||||||||||||||
(2) REAL ESTATE INVESTMENTS | |||||||||||||||||||||
The Company's investments in real estate, net of depreciation, were composed of the following at October 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||
Core Properties | Non-Core Properties | Unconsolidated Joint Venture | 2013 | 2012 | |||||||||||||||||
Totals | Totals | ||||||||||||||||||||
Retail | $ | 562,835 | $ | - | $ | 31,432 | $ | 594,267 | $ | 539,268 | |||||||||||
Office | 13,521 | - | - | 13,521 | 7,649 | ||||||||||||||||
Industrial | - | 531 | - | 531 | 553 | ||||||||||||||||
$ | 576,356 | $ | 531 | $ | 31,432 | $ | 608,319 | $ | 547,470 | ||||||||||||
The Company's investments at October 31, 2013 consisted of equity interests in 66 properties, which are located in various regions throughout the United States. The Company's primary investment focus is neighborhood and community shopping centers located in the northeastern United States. These properties are considered core properties of the Company. The remaining properties are located outside of the northeastern United States and are considered non-core properties. Since a significant concentration of the Company's properties are in the northeast, market changes in this region could have an effect on the Company's leasing efforts and ultimately its overall results of operations. The following is a summary of the geographic locations of the Company's investments at October 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Northeast | $ | 607,788 | $ | 546,019 | |||||||||||||||||
Midwest | 288 | 303 | |||||||||||||||||||
Southwest | 243 | 1,148 | |||||||||||||||||||
$ | 608,319 | $ | 547,470 |
CORE_PROPERTIES
CORE PROPERTIES | 12 Months Ended | |||||
Oct. 31, 2013 | ||||||
CORE PROPERTIES [Abstract] | ' | |||||
CORE PROPERTIES | ' | |||||
(3) CORE PROPERTIES | ||||||
The components of the core properties consolidated in the financial statements are as follows (in thousands): | ||||||
2013 | 2012 | |||||
Land | $ | 134,466 | $ | 121,382 | ||
Buildings and improvements | 597,098 | 538,398 | ||||
731,564 | 659,780 | |||||
Accumulated depreciation | -155,208 | -140,469 | ||||
$ | 576,356 | $ | 519,311 | |||
Space at the Company's core properties is generally leased to various individual tenants under short and intermediate-term leases which are accounted for as operating leases. | ||||||
Minimum rental payments on non-cancelable operating leases in the consolidated core properties totaling $414,296,000 become due as follows: 2014 - $68,029,000; 2015 - $61,914,000; 2016 - $55,132,000; 2017 - $48,497,000; 2018 - $37,239,000 and thereafter – $143,485,000. | ||||||
Certain of the Company's leases provide for the payment of additional rent based on a percentage of the tenant's revenues. Such additional percentage rents are included in operating lease income and were less than 1% of consolidated revenues in each of the three years ended October 31, 2013. | ||||||
Owned Properties and Properties Under Contract to Purchase | ||||||
In October 2013, the Company entered into a contract to purchase, for $9 million, a retail property located in the Company's core marketplace. In conjunction with entering into the contract, the Company made a $450,000 deposit on the purchase that is included in prepaid expenses and other assets on the consolidated balance sheet at October 31, 2013. The Company will fund the remaining equity needed to complete the purchase of this property with available cash or borrowings under its unsecured revolving credit facility ("Facility") (See Note 7). The Company completed the purchase of this property in January 2014. | ||||||
In the fourth quarter of fiscal 2013, the Company entered into an agreement to purchase a 50% undivided interest in 2 retail properties located in the Company's core marketplace. In conjunction with entering into the contract, the Company made a $1.0 million deposit on the purchase that is included in prepaid expenses and other assets on the consolidated balance sheet at October 31, 2013. Subsequent to entering into the agreement, the Company and the prospective owner of the other 50% undivided interest in the property collectively entered into a commitment with a lender to place a first mortgage payable on the property in the amount of $14 million. The closing of the mortgage is expected to occur simultaneously with the closing of the property sometime in fiscal 2014. The mortgage will be for a term of 10 years and will require payments of principal and interest based on a fixed interest rate. In conjunction with entering into the mortgage commitment, the Company placed a deposit with the lender in the amount of $280,000 that is included in prepaid expenses and other assets on the consolidated balance sheet at October 31, 2013. The Company will fund the equity needed to complete the purchase with available cash or borrowings under its Facility. In addition, in September 2013, the Company made an unsecured loan to the other prospective owner in the amount of $1.2 million. The entire unsecured loan along with interest at LIBOR plus 2.00% is due in March 2014. | ||||||
In August 2013, the Company entered into a contract to purchase, for $18.4 million a retail shopping center in the Company's core marketplace. The acquisition requires the assumption of an existing mortgage in the amount of $7.8 million that requires payments of principal and interest at a fixed rate of 4.20% per annum. The mortgage matures in September 2022. In conjunction with entering into the contract, the Company placed a deposit of $917,500 with the seller that is included in prepaid expenses and other assets on the consolidated balance sheet at October 31, 2013. The Company will fund the equity needed to complete the purchase with borrowings under its Facility. The Company completed the purchase of this property in December 2013. | ||||||
In July 2013, the Company entered into a contract to purchase, for $11 million, a retail shopping center in the Company's core marketplace. The acquisition is subject to the assumption of an existing first mortgage loan in the amount of $7.7 million that requires payments of principal and interest at a fixed rate of 6.375% per annum. The mortgage matures in August 2016. In conjunction with entering into the contract, the Company placed a deposit of $400,000 with the seller. The Company will fund its equity to complete the purchase with borrowings under its Facility. The Company has incurred acquisition costs totaling $158,000, which have been expensed in the year ended October 31, 2013 consolidated statement of income. The Company completed the purchase of this property in December 2013. | ||||||
In May 2013, the Company, through a wholly owned subsidiary, purchased 2 retail properties located in Greenwich, CT, with a combined GLA totaling 24,000 square feet ("Greenwich Properties"), for $18 million. In conjunction with the purchase, the Company assumed an existing first mortgage loan encumbering the properties at its estimated fair value of $8.3 million. The assumption of the mortgage loan represents a non-cash financing activity and is therefore not included in the accompanying consolidated statement of cash flows for the year ended October 31, 2013. The mortgage loan requires monthly payments of principal and interest at a fixed rate of 4.00% per annum. The mortgage matures in August 2016. The Company funded its remaining equity needed to complete the purchase with proceeds from its Class A Common Stock and Series F Preferred Stock offerings completed in October 2012. In conjunction with the purchase, the Company incurred acquisition costs totaling $78,000, which have been expensed in the year ended October 31, 2013 consolidated statement of income. | ||||||
In May 2013, the Company, through a wholly owned subsidiary, purchased a 110,000 square foot retail shopping center located in New Providence, New Jersey ("New Providence") for $34.9 million. In connection with the purchase, the Company assumed a first mortgage loan encumbering the property at its estimated fair value of $21.3 million. The assumption of the mortgage loan represents a non-cash financing activity and is therefore not included in the accompanying consolidated statement of cash flows for the year ended October 31, 2013. The mortgage loan requires monthly payments of principal and interest at the fixed rate of 4.00% per annum. The mortgage matures in January 2022. The Company funded its remaining equity needed to complete the purchase with proceeds from its Class A Common Stock and Series F Preferred Stock offerings completed in October 2012. In conjunction with the purchase, the Company incurred acquisition costs totaling $227,000, which have been expensed in the year ended October 31, 2013 consolidated statement of income. | ||||||
In January and March 2013, the Company purchased 6 free standing net leased properties ("Net Leased Properties") located in the Company's core marketplace with a combined GLA of 20,200 square feet. The gross purchase price of the six properties was $7.8 million. The Company funded its equity with proceeds from its Class A Common Stock and Series F Preferred Stock offerings completed in October 2012. In conjunction with the purchase, the Company incurred acquisition costs totaling $73,000, which have been expensed in the year ended October 31, 2013 consolidated statement of income. | ||||||
In December 2012, subsidiaries of the Company purchased 2 suburban office buildings ("NJ Office Buildings") located in the Company's core marketplace with a combined GLA of 23,500 square feet. The gross purchase price of the two properties was $6.5 million. The Company funded its equity to complete the purchase with proceeds from its Class A Common Stock and Series F Preferred Stock offerings completed in October 2012. In conjunction with the purchase, the Company incurred acquisition costs totaling $103,000, which have been expensed in the year ended October 31, 2013 consolidated statement of income. | ||||||
On July 24, 2009 the state of Connecticut acquired certain areas of a property owned by two of the Company's wholly owned subsidiaries through a combination of condemnation and easement due to the re-construction of a bridge over the property and awarded the Company's subsidiaries a total of approximately $2.0 million. In December 2012, the Company received an additional $2.7 million award from the state of Connecticut for the condemnation and easement. Approximately $4.27 million of the total award represents amounts paid to the Company for easements provided to the state of Connecticut for certain areas of the property through the end of the construction period, loss of rental income and property restoration costs. The Company will continue to amortize the original $1.8 million easement and loss of rental income proceeds as an addition to income on a straight line basis evenly over the 10 year life of the easement and lost rent period and the newly awarded $2.46 million easement and loss of rental income over the remaining 6.75 year life of the easement and loss of rent income. | ||||||
The Company has accounted for the condemnation portion of the award in accordance with ASC Topic 605 – Revenue Recognition, Subtopic 40 – Gains and Losses which requires the Company to record a gain or loss on the excess or deficit of the proceeds received over the estimated net book value of the condemned non-monetary asset. As a result of the transaction the Company has recorded an additional gain on condemnation of approximately $213,000 which is recorded in other income on the consolidated statement of income for the fiscal year ended October 31, 2013. | ||||||
In December 2011, a subsidiary of the Company acquired the Eastchester Plaza Shopping Center ("Eastchester") in the Town of Eastchester, Westchester County, New York for a purchase price of $9 million. In connection with the purchase, the Company assumed a first mortgage encumbering the property at its estimated fair value of $3.6 million. The assumption of the mortgage loan represents a non-cash financing activity and is therefore not included in the accompanying consolidated statement of cash flows for the year ended October 31, 2012. The mortgage matured in April 2012 and was repaid. The remaining equity needed to complete the acquisition was funded with available cash and borrowings on the Company's unsecured revolving credit facility. In conjunction with the purchase, the Company incurred acquisition costs totaling $33,000, which have been expensed in the year ended October 31, 2012 consolidated statement of income. | ||||||
In October 2011, the Company, through a wholly owned subsidiary, completed the purchase of the 63,000 square foot Fairfield Centre Shopping Center, in Fairfield, Connecticut ("Fairfield Centre"), for a purchase price of $17.0 million. The Company financed its net investment in the property with available cash and a borrowing on its unsecured revolving credit facility. In conjunction with the purchase, the Company incurred acquisition costs totaling $19,000 which have been expensed in the year ended October 31, 2011 consolidated statement of income. | ||||||
In April 2011, the Company, through a wholly owned subsidiary, completed the purchase of the 72,000 square foot Fairfield Plaza Shopping Center, in New Milford, Connecticut ("Fairfield Plaza"), for a purchase price of $10.8 million, subject to an existing first mortgage secured by the property at its estimated fair value of approximately $5.0 million. The assumption of the mortgage loan represents a non-cash financing activity and is therefore not included in the accompanying consolidated statement of cash flows for the year ended October 31, 2011. The Company financed its net investment in the property with available cash and a borrowing on its unsecured revolving credit facility. In conjunction with the purchase, the Company incurred acquisition costs totaling $53,000 which have been expensed in the year ended October 31, 2011 consolidated statement of income. | ||||||
In fiscal 2013, the Company completed evaluating the fair value of the in-place leases for UB Orangeburg, LLC ("Orangeburg") (see note 9), acquired in fiscal 2012 and has concluded that no value needs to be assigned to those leases. In addition, the Company completed evaluating the fair value of the in-place leases for the properties it acquired in fiscal 2013 and as a result of its evaluation the Company has allocated $234,000 to an asset associated with the net fair value assigned to the acquired leases for the Greenwich Properties, a $291,000 asset associated with the net fair value assigned to the acquired leases for the NJ Office Buildings and a $402,000 liability associated with the net fair value assigned to the acquired leases for the Net Leased Properties. All of these amounts represent non-cash investing activities and are therefore not included in the accompanying consolidated statement of cash flows for the fiscal year ended October 31, 2013. | ||||||
During fiscal 2012, the Company completed its evaluation of the acquired leases for Eastchester Plaza, which was acquired at the beginning of fiscal 2012, and its Fairfield Centre Property and Fairfield Plaza properties, which were acquired in fiscal 2011. As a result of its evaluation, the Company has allocated $392,000 to a liability associated with the net fair value assigned to the acquired leases at Eastchester and $765,000 to a liability associated with the net fair value assigned to the acquired leases at Fairfield Centre. The Company determined that no purchase price adjustment was necessary in order to ascribe value to the in-place leases at Fairfield Plaza. These amounts represents a non-cash investing activity and are therefore not included in the accompanying consolidated statement of cash flows for the year ended October 31, 2012. | ||||||
During fiscal 2011, the Company completed its evaluation of the acquired leases for its New Milford Plaza Property and its Katonah Property, which properties were acquired in fiscal 2010. As a result of its evaluation, the Company has allocated $396,000 to a liability associated with the net fair value assigned to the acquired leases at the properties, which amounts represent a non-cash investing activity and are therefore not included in the accompanying consolidated statement of cash flows for the fiscal year ended October 31, 2011. | ||||||
For the years ended October 31, 2013, 2012 and 2011, the net amortization of above-market and below-market leases amounted to $419,000, $515,000 and $262,000, respectively, which amounts are included in base rents in the accompanying consolidated statements of income. | ||||||
In fiscal 2013, the Company incurred costs of approximately $9.5 million related to capital improvements to its properties and leasing costs. |
NONCORE_PROPERTIES
NON-CORE PROPERTIES | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
NON-CORE PROPERTIES [Abstract] | ' | ||||||||
NON-CORE PROPERTIES | ' | ||||||||
(4) NON-CORE PROPERTIES | |||||||||
At October 31, 2013, the non-core properties consist of 2 industrial properties ("the St. Louis" property and "the Dallas" property) located outside of the Northeast region of the United States. The Board of Directors has authorized management, subject to its approval of any contract for sale, to sell the non-core properties of the Company over a period of several years in furtherance of the Company's objectives to focus on northeast properties. | |||||||||
The components of non-core properties were as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Land | $ | 450 | $ | 450 | |||||
Buildings and improvements | 145 | 145 | |||||||
595 | 595 | ||||||||
Accumulated depreciation | (64 | ) | (42 | ) | |||||
$ | 531 | $ | 553 |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
DISCONTINUED OPERATIONS [Abstract] | ' | ||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||
(5) DISCONTINUED OPERATIONS | |||||||||||||
In December of 2013, the Company sold the St. Louis and Dallas properties. In accordance with ASC Topics 360 and 205 the operating results of the two properties will be shown as discontinued operations on the consolidated statement of income for the year ended October 31, 2013, 2012 and 2011. The net book value of the two properties is not significant and as such, will not be shown as assets held for sale on the October 31, 2013 and 2012 consolidated balance sheets. | |||||||||||||
The combined operating results for the St. Louis and Dallas properties have been reclassified as discontinued operations in the accompanying consolidated statements of income for all periods presented. The following table summarizes revenues and expenses for the Company's discontinued operations (amounts in thousands): | |||||||||||||
October 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 1,356 | $ | 1,565 | $ | 1,546 | |||||||
Property operating expense | - | (3 | ) | - | |||||||||
Depreciation and amortization | (48 | ) | (84 | ) | (80 | ) | |||||||
Income from discontinued operations | $ | 1,308 | $ | 1,478 | $ | 1,466 | |||||||
MORTGAGE_NOTE_RECEIVABLE
MORTGAGE NOTE RECEIVABLE | 12 Months Ended |
Oct. 31, 2013 | |
MORTGAGE NOTE RECEIVABLE [Abstract] | ' |
MORTGAGE NOTE RECEIVABLE | ' |
(6) MORTGAGE NOTE RECEIVABLE | |
In Fiscal 2013, the Company's mortgage note receivable, consisting of one fixed rate mortgage with a contractual interest rate of 9% was repaid by the borrower. |
MORTGAGE_NOTES_PAYABLE_BANK_LI
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS [Abstract] | ' | ||||||||||||
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS | ' | ||||||||||||
(7) MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS | |||||||||||||
At October 31, 2013, mortgage notes payable and other loans are due in installments over various periods to fiscal 2027 at effective rates of interest ranging from 2.8% to 11.3% and are collateralized by real estate investments having a net carrying value of approximately $260 million. | |||||||||||||
Combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands): | |||||||||||||
Principal | Scheduled | Total | |||||||||||
Repayments | Amortization | ||||||||||||
2014 | $ | - | $ | 3,815 | $ | 3,815 | |||||||
2015 | 4,480 | 3,989 | 8,469 | ||||||||||
2016 | 7,276 | 3,985 | 11,261 | ||||||||||
2017 | 49,524 | 3,802 | 53,326 | ||||||||||
2018 | - | 2,713 | 2,713 | ||||||||||
Thereafter | 64,375 | 22,287 | 86,662 | ||||||||||
$ | 125,655 | $ | 40,591 | $ | 166,246 | ||||||||
The Company has an $80 million Unsecured Revolving Credit Facility with a syndicate of 4 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. The maturity date of the Facility is September 21, 2016 with a 1-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 1.50% to 2.00% or The Bank of New York Mellon's prime lending rate plus 0.50% based on consolidated indebtedness, as defined. The Company will pay 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 and 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 October 31, 2013. | |||||||||||||
At October 31, 2013, the Company had borrowed a total of $9.25 million on its Facility to fund a portion of its equity for a property acquisitions and capital improvements to its properties. In a prior year, the Company had borrowed $11.6 million on its Facility to loan to one of its unconsolidated joint ventures. In fiscal 2013 the loan was repaid and the Company in-turn repaid the $11.6 million borrowed under the Facility. | |||||||||||||
During fiscal 2013, the Company, through a wholly-owned subsidiary, assumed an existing first mortgage loan encumbering the Greenwich Properties at its estimated fair value of $8.3 million. The mortgage loan requires monthly payments of principal and interest at a fixed rate of 4.0% per annum. The mortgage matures in August 2016. | |||||||||||||
During fiscal 2013, the Company, through a wholly-owned subsidiary, assumed a first mortgage loan encumbering the New Providence Property at its estimated fair value of $21.3 million. The mortgage loan requires monthly payments of principal and interest at the fixed rate of 4.0% per annum. The mortgage matures in January 2022. | |||||||||||||
In June of fiscal 2013, the Company repaid, at maturity, its first mortgage payable secured by its Veteran's Plaza property in the amount of $3.2 million. | |||||||||||||
During fiscal 2012, the Company borrowed a total of $8 million on its Facility to fund its equity for a property acquisition and to make an additional investment in one of its unconsolidated joint ventures; this amount was repaid in October 2012. | |||||||||||||
In December 2011 (fiscal 2012), the Company, through a wholly owned subsidiary, assumed a first mortgage payable secured by Eastchester Plaza with an estimated fair value of approximately of $3.6 million. The mortgage matured in April 2012 and was repaid. | |||||||||||||
In March 2012, the Company assumed a first mortgage payable in the amount of $7.4 million in conjunction with its investment in Orangeburg (see note 9 below). The loan requires payments of principal and interest at a fair market value interest rate of 2.04% (6.19% contractual rate). Subsequent to the assumption, Orangeburg extended the loan with the current lender for an additional 5 years, leaving all terms unchanged, except the interest rate that was adjusted to a fixed rate of 2.78%. The loan now matures in October 2017. The operating agreement for Orangeburg requires that the loan be refinanced and not repaid at maturity. | |||||||||||||
In February 2012, the Company borrowed $28.0 million by placing a non-recourse first mortgage on one of its unencumbered properties. The loan is for a term of ten years and will require payments of principal and interest based on a 30-year amortization schedule at the fixed interest rate of 4.85%. The proceeds of the loan were used to repay approximately $28.0 million in borrowing on the Company's revolving credit facility. | |||||||||||||
In October 2012, the Company repaid, at maturity, its first mortgage payable secured by its New Milford property in the amount of $8.3 million. | |||||||||||||
In August 2012, a wholly owned subsidiary of the Company completed the installation of a solar power system (the "Ferry System") at the Company's Ferry Plaza Shopping Center in Newark, New Jersey at a total cost of approximately $1.7 million. The subsidiary financed a portion of the project with a loan in the amount of $1.1 million from The Public Service Electric and Gas Company of New Jersey ("PSE&G"), through PSE&G's "Solar Loan Program II". The loan requires monthly payments of principal and interest at 11.30% per annum through its maturity date of August 31, 2027. The subsidiary has the option of repaying all or part of the PSE&G loan, including interest, with Solar Renewable Energy Credits ("SREC's") that are expected to be generated by the Ferry System. The remaining cost of the Ferry System was funded by a renewable energy grant from the federal government. | |||||||||||||
In fiscal 2011, the Company, through a wholly owned subsidiary, assumed a first mortgage payable with an estimated fair value of approximately $5.0 million in conjunction with its purchase of Fairfield Plaza. The mortgage requires payments of principal and interest at a fixed rate of interest of 5.00% with a maturity of August 2015. | |||||||||||||
In October 2011, the Company repaid, at maturity, its first mortgage payable secured by its Carmel property in the amount of $4.0 million. | |||||||||||||
In May 2011, a wholly owned subsidiary of the Company completed the installation of a solar power system (the "Emerson System") at the Company's Emerson Shopping Center in Emerson, New Jersey at a total cost of approximately $1.2 million. The subsidiary financed a portion of the project with a loan in the amount of $819,000 from PSE&G, through PSE&G's "Solar Loan Program II". The loan requires monthly payments of principal and interest at 11.30% per annum through its maturity date of May 31, 2026. The subsidiary has the option of repaying all or part of the PSE&G loan, including interest, with SREC's that are expected to be generated by the Emerson System. The remaining cost of the Emerson System was funded by a renewable energy grant from the federal government. | |||||||||||||
In January 2011, a wholly owned subsidiary of the Company completed the installation of a solar power system (the "Valley Ridge System") at the Company's Valley Ridge Shopping Center in Wayne, New Jersey at a total cost of approximately $1.1 million. In conjunction with the solar installation the subsidiary of the Company financed a portion of the project with a loan in the amount of $726,000 from the PSE&G, through PSE&G's "Solar Loan Program I". The loan requires monthly payments of principal and interest at 11.11% per annum through its maturity date of January 31, 2026. The subsidiary of the Company has the option of repaying all or part of the PSE&G loan, including interest, with SREC's that are expected to be generated by the Valley Ridge System. The remaining cost of the Valley Ridge System was funded by a renewable energy grant from the federal government. | |||||||||||||
Interest paid in the years ended October 31, 2013, 2012, and 2011 was approximately $8.5 million, $8.6 million and $7.6 million, respectively. |
REDEEMABLE_PREFERRED_STOCK
REDEEMABLE PREFERRED STOCK | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
REDEEMABLE PREFERRED STOCK [Abstract] | ' | ||||||||
REDEEMABLE PREFERRED STOCK | ' | ||||||||
(8) REDEEMABLE PREFERRED STOCK | |||||||||
On March 21, 2013, the stockholders of the Company approved an amendment to the Company's Charter increasing the number of authorized shares of preferred stock to 50,000,000 from 20,000,000. At October 31, 2013, the Company had issued and outstanding 2,450,000 shares of Series D Senior Cumulative Preferred Stock (Series D Preferred Stock) (see note 11), and 5,175,000 shares of Series F Cumulative Preferred Stock (see note 11). | |||||||||
The following table sets forth the details of the Company's redeemable preferred stock as of October 31, 2013 and 2012 (amounts in thousands, except share data): | |||||||||
October 31, | October 31, | ||||||||
2013 | 2012 | ||||||||
8.50% Series C Senior Cumulative Preferred Stock; liquidation preference of $100 per share; issued and outstanding - and 224,027 shares | $ | - | $ | 21,510 | |||||
On October 22, 2012, the Company repurchased 175,973 shares of its Series C Preferred Stock for $103.50 per share ($18.2 million). As a result of the repurchase, the $616,000 excess of the repurchase price of the preferred shares paid over the carrying amount of the shares is included as a reduction of income available to Common and Class A Common shareholders in the accompanying consolidated statement of income for the year ended October 31, 2012. On May 29, 2013, the Company redeemed the remaining 224,027 outstanding shares of its Series C Preferred Stock for $22,403,000 (liquidation preference) plus all accrued and unpaid dividends. The difference between the redemption amount and the net book value of the Series C Preferred Stock was accreted from the date the redemption became probable through the redemption date on May 29, 2013. As a result the Company included $892,000, and $701,000 as a reduction of income available to Common and Class A Common shareholders in the accompanying consolidated statement of income for the fiscal years ended October 31, 2013 and 2012, respectively. | |||||||||
On November 21, 2012, the Company redeemed all of the 2,400,000 shares of its Series E Senior Cumulative Preferred Stock at a make-whole price of $25.77 per share (liquidation value $25.00 per share). As a result, the Company has included the $1,848,000 difference between the make-whole price of $25.77 per share and the liquidation value of $25.00 per share as a reduction of income available to Common and Class A Common shareholders in the accompanying consolidated statement of income for the fiscal year ended October 31, 2013. The remaining difference between the liquidation value and the net book value of the Series E Preferred Stock in the amount of $1,492,000 is recorded as a reduction of income available to Common and Class A Common shareholders in the accompanying consolidated statement of income for the fiscal year ended October 31, 2013. |
CONSOLIDATED_JOINT_VENTURES_AN
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended | |||||
Oct. 31, 2013 | ||||||
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | ' | |||||
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS | ' | |||||
(9) CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS. | ||||||
The Company has an investment in two joint ventures, UB Ironbound, LP ("Ironbound") and Orangeburg, each of which owns a commercial retail real estate property. The Company has evaluated its investment in these two joint ventures and has concluded that both ventures are not Variable Interest Entities ("VIE or VIE's"), however both 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 either venture and that both joint ventures should be consolidated into the consolidated financial statements of the Company. The Company's investment in both 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. The limited partners in Ironbound currently have the right to require the Company to repurchase all or a portion of their remaining limited partner interests at prices as defined in the Ironbound partnership agreement. 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 2.00% percent of rental income collected, as defined. | ||||||
Orangeburg | ||||||
The Company, through a wholly-owned subsidiary, is the managing member and owns an approximate 10.9% interinterest in Orangeburg, which owns a grocery anchored shopping center in Orangeburg, NY. 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 for each unit of Orangeburg ownership. The annual cash distribution will be paid from available cash, as defined, of Orangeburg. If there is an available cash shortfall, the managing member must contribute or loan additional capital to fund the non-managing member's required cash distribution. 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. Since purchasing this property, the Company has made additional investments in the amount of $881,000 in Orangeburg and as a result as of October 31, 2013 its ownership percentage has increased to 10.9% from approximately 2.00% at inception. | ||||||
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 both Ironbound and Orangeburg 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 both 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 redemption is based solely on the price of the Company's Class A Common stock on the date of redemption. For the years ended October 31, 2013 and 2012, the Company adjusted the carrying value of the non-controlling interests by $422,000 and $(127,000), 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 October 31, 2013 and 2012 (amounts in thousands): | ||||||
October 31, | October 31, | |||||
2013 | 2012 | |||||
Beginning Balance | $ | 11,421 | $ | 2,824 | ||
Initial Orangeburg noncontrolling interest | - | 8,724 | ||||
Change in Redemption Value | 422 | -127 | ||||
Ending Balance | $ | 11,843 | $ | 11,421 |
INVESTMENTS_IN_AND_ADVANCES_TO
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract] | ' | ||||||||
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | ' | ||||||||
(10) INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | |||||||||
At October 31, 2013 and 2012, investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses) (amounts in thousands): | |||||||||
31-Oct-13 | 31-Oct-12 | ||||||||
Chestnut Ridge and Plaza 59 Shopping Centers (50.0% in 2013 and 0% in 2012) | $ | 18,277 | $ | - | |||||
Midway Shopping Center, L.P. (11.642%) | 5,668 | 19,165 | |||||||
Putnam Plaza Shopping Center (66.67%) | 6,764 | 6,820 | |||||||
81 Pondfield Road Company (20%) | 723 | 723 | |||||||
Total | $ | 31,432 | $ | 26,708 | |||||
Chestnut Ridge and Plaza 59 Shopping Centers | |||||||||
In December 2012, the Company, through two wholly owned subsidiaries, purchased a 50% undivided equity 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 million. The Company accounts for its investment in Chestnut and Plaza 59 under the equity method of accounting since it exercises significant influence, but does not control the ventures. The other venturer in both properties has substantial participation rights in the financial decisions and operation of each property, which preclude the Company from consolidating the investment. The Company has evaluated its investment in the two properties and has concluded that the ventures are not VIEs. 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 each venture is evaluated for impairment at each reporting period. | |||||||||
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. In addition, the Company loaned Midway, in the form of an unsecured note, approximately $13.2 million. The loan to Midway by the Company required monthly payments to the Company of interest only at 5.75% per annum. The loan matured on January 1, 2013 and was repaid. The Company has evaluated its investment in Midway and has concluded that the venture is not a VIE and should not be consolidated into the financial statements of the Company. 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. 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. | |||||||||
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 currently has a non-recourse first mortgage payable in the amount of $32 million. The loan requires payments of principal and interest at the rate of of 4.80% per annum and will mature in 2027. | |||||||||
Putnam Plaza Shopping Center | |||||||||
The Company, through a wholly owned subsidiary, owns a 66.67% undividundivided equity interest in the 189,000 square foot Putnam Plaza Shopping Center ("Putnam Plaza"). The Company accounts for its investment in the Putnam Plaza joint venture under the equity method of accounting since it exercises significant influence, but does not control the venture. The other venturer in Putnam Plaza has substantial participation rights in the financial decisions and operation of the property, which preclude the Company from consolidating the investment. The Company has evaluated its investment in Putnam Plaza and has concluded that the venture is not a VIE. 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. | |||||||||
Putnam Plaza has a first mortgage payable in the amount of $21 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. | |||||||||
(11) STOCKHOLDERS' EQUITY |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Oct. 31, 2013 | |
STOCKHOLDERS' EQUITY [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
On March 21, 2013, the stockholders of the Company approved an amendment to the Company's Charter increasing the number of authorized shares of stock from 100,000,000 to 200,000,000. As amended, 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. | |
The Series D Preferred Stock has no maturity and is not convertible into any other security of the Company. The Series D Preferred Stock is currently redeemable at the Company's option at a price of $25 per share plus accrued and unpaid dividends. Underwriting commissions and costs incurred in connection with the sale of the Series D Preferred Stock are reflected as a reduction of additional paid in capital. | |
During fiscal 2012, the Company completed the public offering of 5,175,000 Series F Cumulative Preferred Stock (the "Series F Preferred Stock") at a price of $25.00 per share for net proceeds of $125.3 million after underwriting discounts but before offering expenses. These shares are nonvoting, have no stated maturity and are redeemable for cash at $25.00 per share at the Company's option on or after October 24, 2017. Holders of these shares are entitled to cumulative dividends, payable quarterly in arrears. Dividends accrue from the date of issue at the annual rate of $1.78125 per share per annum. 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 holder 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 holder 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. | |
During fiscal 2012, the Company sold 2,500,000 shares of Class A Common Stock in an underwritten follow-on common stock offering for $19.16 per share and raised net proceeds of $47.5 million. The Company used the proceeds of the offering to repay an $8 million existing draw on its Facility and to repay an existing $8.3 million mortgage on one its properties when it matured. The balance of the proceeds was used for the Company's equity needed for property acquisitions in fiscal 2013. | |
The Class A Common Stock entitles the holder to 1/20 of one vote per share. The Common Stock entitles the holder to one vote per share. Each share of Common Stock and Class A Common Stock have identical rights with respect to dividends except that each share of Class A Common Stock will receive not less than 110% of the regular quarterly dividends paid on each share of Common Stock. | |
The Company has a Dividend Reinvestment and Share Purchase Plan, as amended (the "DRIP"), that permits stockholders to acquire additional shares of Common Stock and Class A Common Stock by automatically reinvesting dividends. During fiscal 2013, the Company issued 5,797 shares of Common Stock and 6,724 shares of Class A Common Stock (6,627 shares of Common Stock and 7,950 shares of Class A Common Stock in fiscal 2012) through the DRIP. As of October 31, 2013, there remained 364,300 shares of Common Stock and 423,084 shares of Class A Common Stock available for issuance under the DRIP. | |
The Company has a stockholder rights agreement that expires on November 11, 2018. The rights are not currently exercisable. When they are exercisable, the holder will be entitled to purchase from the Company one one-hundredth of a share of a newly-established Series A Participating Preferred Stock at a price of $65 per one one-hundredth of a preferred share, subject to certain adjustments. The distribution date for the rights will occur 10 days after a person or group either acquires or obtains the right to acquire 10% ("Acquiring Person") or more of the combined voting power of the Company's Common Shares, or announces an offer, the consummation of which would result in such person or group owning 30% or more of the then outstanding Common Shares. Thereafter, shareholders other than the Acquiring Person will be entitled to purchase original common shares of the Company having a value equal to 2 times the exercise price of the right. | |
If the Company is involved in a merger or other business combination at any time after the rights become exercisable, and the Company is not the surviving corporation or 50% or more of the Company assets are sold or transferred, the rights agreement provides that the holder other than the Acquiring Person will be entitled to purchase a number of shares of common stock of the acquiring company having a value equal to two times the exercise price of each right. | |
The Company's articles of incorporation provide that if any person acquires more than 7.5% of the aggregate value of all outstanding stock, except, among other reasons, as approved by the Board of Directors, such shares in excess of this limit automatically will be exchanged for an equal number of shares of Excess Stock. Excess Stock has limited rights, may not be voted and is not entitled to any dividends. | |
In a prior year, the Board of Directors of the Company approved a share repurchase program ("Program") for the repurchase of up to 1,500,000 shares of Common Stock and Class A Common Stock in the aggregate. In addition the Board of Directors amended the Program to allow the Company to repurchase shares of the Company's Series C and Series D Senior Cumulative Preferred Stock (Preferred Stock) in open market transactions. During the fiscal year ended October 31, 2013, the Company repurchased 1,000 shares of Common Stock under the plan. The Company did not purchase any shares under the plan in the fiscal year ended October 31, 2012. As of October 31, 2013, the Company had repurchased 4,600 shares of Common Stock and 724,578 shares of Class A Common Stock under the program. The Company had not yet repurchased any Preferred Stock under the Program. On December 12, 2013, the Board of Directors approved a new share repurchase program to repurchase up to 2,000,000 shares, in the aggregate, of the Company's Common Stock, Class A Common Stock, Series D Cumulative Preferred Stock and Series F Cumulative Preferred Stock. The new authorization supersedes and replaces the prior Program. | |
STOCK_COMPENSATION_AND_OTHER_B
STOCK COMPENSATION AND OTHER BENEFIT PLANS | 12 Months Ended | ||||||||||||||
Oct. 31, 2013 | |||||||||||||||
STOCK COMPENSATION AND OTHER BENEFIT PLANS [Abstract] | ' | ||||||||||||||
STOCK COMPENSATION AND OTHER BENEFIT PLANS | ' | ||||||||||||||
(12) STOCK COMPENSATION AND OTHER BENEFIT PLANS | |||||||||||||||
Restricted Stock Plan | |||||||||||||||
The Company accounts for its Restricted Stock Plan in accordance with ASC Topic 718, "Stock Compensation." On March 21, 2013, the stockholders of the Company approved an amendment to the Company's restricted stock plan (the "Plan") to provide for an additional 600,000 Common Shares or Class A Common shares to be available for issuance under the Plan. As amended, the Plan 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 Company's compensation committee, may be awarded in any combination of Class A Common shares or Common shares. | |||||||||||||||
In January 2013, the Company awarded 175,950 shares of Common Stock and 64,100 shares of Class A Common Stock to participants in the Plan. The grant date fair value of restricted stock grants awarded to participants in 2012 was approximately $4.5 million. As of October 31, 2012, there was $13.0 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 4.71 years. For the years ended October 31, 2013, 2012 and 2011, amounts charged to compensation expense totaled $4,073,000, $3,824,000 and $3,822,000, respectively. | |||||||||||||||
A summary of the status of the Company's non-vested restricted stock awards as of October 31, 2013, and changes during the year ended October 31, 2013 are presented below: | |||||||||||||||
Common Shares | Class A Common Shares | ||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | ||||||||||||
Non-vested at October 31, 2012 | 1,473,400 | $ | 15.33 | 399,900 | $ | 16.62 | |||||||||
Granted | 175,950 | $ | 18.3 | 64,100 | $ | 19.74 | |||||||||
Vested | -169,650 | $ | 14.87 | -58,850 | $ | 18.08 | |||||||||
Forfeited | - | $ | - | -1,000 | $ | 19.05 | |||||||||
Non-vested at October 31, 2013 | 1,479,700 | $ | 15.88 | 404,150 | $ | 17.39 | |||||||||
Profit Sharing and Savings Plan | |||||||||||||||
The Company has a profit sharing and savings plan (the "401K Plan"), which permits eligible employees to defer a portion of their compensation in accordance with the Internal Revenue Code. Under the 401K Plan, the Company made contributions on behalf of eligible employees. The Company made contributions to the 401K Plan of approximately $145,000 in each of the three years ended October 31, 2013, 2012 and 2011 The Company also has an Excess Benefit and Deferred Compensation Plan that allows eligible employees to defer benefits in excess of amounts provided under the Company's 401K Plan and a portion of the employee's current compensation. | |||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||
Oct. 31, 2013 | |||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||
(13) 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 | ||||||||||
Marketable debt and equity securities are valued based on quoted market prices on national exchanges. | |||||||||||
The Company calculates the fair value of the redeemable noncontrolling interests based on either quoted market prices on national exchanges 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 in which the investor owns the partnership units. | |||||||||||
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, 2013, 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, marketable equity and debt securities classified as available for sale securities and interest rate swap derivative at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs at October 31, 2013 and 2012 (amounts in thousands): | |||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||
Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Fiscal Year Ended October 31, 2013 | |||||||||||
Assets: | |||||||||||
Available for Sale Securities | $ | 96 | $ | 96 | $ | - | $ | - | |||
Interest Rate Swap Agreement | $ | 81 | $ | - | $ | 81 | $ | - | |||
Liabilities: | |||||||||||
Redeemable noncontrolling interests | $ | 11,843 | $ | 8,946 | $ | - | $ | 2,897 | |||
Fiscal Year Ended October 31, 2012 | |||||||||||
Assets: | |||||||||||
Available for Sale Securities | $ | 994 | $ | 994 | $ | - | $ | - | |||
Liabilities: | |||||||||||
Interest Rate Swap Agreement | $ | 55 | $ | - | $ | 55 | $ | - | |||
Redeemable noncontrolling interests | $ | 11,421 | $ | 8,584 | $ | - | $ | 2,837 | |||
Fair market value measurements based upon Level 3 inputs changed from $2,824 at November 1, 2011 to $2,837 at October 31, 2012 as a result of a $13 increase in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810. Fair market value measurements based upon Level 3 inputs changed from $2,837 at November 1, 2012 to $2,897 at October 31, 2013 as a result of a $60 increase in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810. (See note 9) | |||||||||||
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 revolving credit 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. Mortgage notes payable are estimated to have a fair value of approximately $155 million and $139 million at October 31, 2013 and October 31, 2012, 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 properties in-place leases (See Note 3). 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, 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. | |||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Oct. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
(14) 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 ultimately may 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 October 31, 2013, the Company had commitments of approximately $7.5 million for tenant-related obligations. |
PRO_FORMA_FINANCIAL_INFORMATIO
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) [Abstract] | ' | ||||||||
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) [Text Block] | ' | ||||||||
(15) PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | |||||||||
The unaudited pro forma financial information set forth below is based upon the Company's historical consolidated statements of income for the years ended October 31, 2013 and 2012 adjusted to give effect to the property acquisitions completed in fiscal 2013 and fiscal 2014 (see Note 3), the issuance of 2.5 million Class A Common shares in fiscal 2012 and the issuance of Series F Preferred Stock in fiscal 2012 as though these transactions were completed on November 1, 2011. In addition the pro forma information removes dividend income and gain on marketable securities in fiscal 2013, as these amounts would not have been earned by the Company had the properties described in note 3 been purchased as of November 1, 2011. | |||||||||
The pro forma financial information is presented for informational purposes only and may not be indicative of what the actual results of operations would have been had the transactions occurred as of the beginning of the year or does it purport to represent the results of future operations. (Amounts in thousands). | |||||||||
Years Ended October 31, | |||||||||
2013 | 2012 | ||||||||
Pro forma revenues | $ | 102,168 | $ | 100,791 | |||||
Pro forma income from continuing operations | $ | 28,942 | $ | 29,254 | |||||
Pro forma income from continuing operations applicable to Common and Class A Common stockholders: | $ | 9,142 | $ | 11,367 | |||||
The following table summarizes the revenues and income from continuing operations that is included in the Company's historical consolidated statement of income for the year ended October 31, 2013 for the properties acquired in fiscal 2013 as more fully described in note 3. (Amounts in thousands) | |||||||||
Revenues | $ | 2,708 | |||||||
Income from continuing operations | $ | 1,225 |
QUARTERLY_RESULTS_OF_OPERATION
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS [Abstract] | ' | ||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ' | ||||||||||||||||||||||||||||||||
(16) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | |||||||||||||||||||||||||||||||||
The unaudited quarterly results of operations for the years ended October 31, 2013 and 2012 are as follows (in thousands, except per share data): | |||||||||||||||||||||||||||||||||
Year Ended October 31, 2013 | Year Ended October 31, 2012 | ||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||||||||
31-Jan | 30-Apr | 31-Jul | 31-Oct | 31-Jan | 30-Apr | 31-Jul | 31-Oct | ||||||||||||||||||||||||||
Revenues | $ | 23,737 | $ | 22,834 | $ | 23,613 | $ | 24,061 | $ | 22,298 | $ | 22,100 | $ | 22,672 | $ | 22,660 | |||||||||||||||||
Income from continuing operations | $ | 6,814 | $ | 7,173 | $ | 7,840 | $ | 7,278 | $ | 6,752 | $ | 6,408 | $ | 7,287 | $ | 6,835 | |||||||||||||||||
Net Income Attributable to Urstadt Biddle Properties Inc. | $ | 7,014 | $ | 7,421 | $ | 7,915 | $ | 7,445 | $ | 7,037 | $ | 6,674 | $ | 7,495 | $ | 7,054 | |||||||||||||||||
Preferred Stock Dividends | (3,961 | ) | (3,929 | ) | (3,606 | ) | (3,453 | ) | (3,273 | ) | (3,274 | ) | (3,273 | ) | (3,447 | ) | |||||||||||||||||
Redemption of Preferred Stock | (3,759 | ) | (406 | ) | (68 | ) | - | - | - | - | (2,027 | ) | |||||||||||||||||||||
Net Income Applicable to Common and Class A Common Stockholders | $ | (706 | ) | $ | 3,086 | $ | 4,241 | $ | 3,992 | $ | 3,764 | $ | 3,400 | $ | 4,222 | $ | 1,580 | ||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||||||
Net income from continuing operations - Basic: | |||||||||||||||||||||||||||||||||
Class A Common Stock | $ | (0.04 | ) | $ | 0.09 | $ | 0.13 | $ | 0.12 | $ | 0.12 | $ | 0.11 | $ | 0.14 | $ | 0.04 | ||||||||||||||||
Common Stock | $ | (0.03 | ) | $ | 0.08 | $ | 0.12 | $ | 0.11 | $ | 0.11 | $ | 0.1 | $ | 0.13 | $ | 0.04 | ||||||||||||||||
Net income from continuing operations - Diluted: | |||||||||||||||||||||||||||||||||
Class A Common Stock | $ | (0.04 | ) | $ | 0.09 | $ | 0.13 | $ | 0.12 | $ | 0.12 | $ | 0.11 | $ | 0.14 | $ | 0.04 | ||||||||||||||||
Common Stock | $ | (0.03 | ) | $ | 0.08 | $ | 0.11 | $ | 0.11 | $ | 0.11 | $ | 0.1 | $ | 0.13 | $ | 0.04 | ||||||||||||||||
Amounts may not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. | |||||||||||||||||||||||||||||||||
Amounts may not equal full year results due to rounding. | |||||||||||||||||||||||||||||||||
(17) SUBSEQUENT EVENTS |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Oct. 31, 2013 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
On December 12, 2013, the Board of Directors of the Company declared cash dividends of $0.225 for each share of Common Stock and $0.2525 for each share of Class A Common Stock. The dividends are payable on January 17, 2014 to stockholders of record on January 3, 2014. The Board of Directors also ratified the actions of the Company's compensation committee authorizing awards of shares of The Board of Directors also ratified the actions of the Company's compensation committee authorizing awards of 152,000 share of Common Stock and 78,900 shares of Class A Common Stock to certain key officers and directors of the Company on January 2, 2014 pursuant to the Company's restricted stock plan. The fair value of the shares awarded totaling $3.8 million will be charged to expense over the respective vesting periods. | |
In November 2013, a wholly-owned subsidiary of the Company entered into contracts with an unaffiliated solar power development company to install 7 solar power systems on portions of the roofs of 5 shopping center properties that the Company owns in Connecticut. The total cost of the project will be approximately $2.5 million. These systems will produce a portion of the power used in the common areas of these shopping centers. In addition, the Company's wholly-owned subsidiary will receive cash payments for power produced by the systems under a program sponsored by the state of Connecticut. The installations will be funded with a combination of available cash, federal tax grants and vendor financing. |
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ' | ||||||||||||||||||||||||||||||||||||||||||||
URSTADT BIDDLE PROPERTIES INC. | |||||||||||||||||||||||||||||||||||||||||||||
31-Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
COL. A | COL. B | COL. C | COL. D | COL. E | COL. F | COL. G/H | COL. I | ||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized Subsequent | Amount at which Carried at Close of Period | Life on which | ||||||||||||||||||||||||||||||||||||||||||
to Acquisition | depreciation for | ||||||||||||||||||||||||||||||||||||||||||||
building and | |||||||||||||||||||||||||||||||||||||||||||||
improvements in latest | |||||||||||||||||||||||||||||||||||||||||||||
Description and | Encumbrances | Land | Building & | Land | Building & | Land | Building & | TOTAL (a) | Accumulated | Date | income statement is | ||||||||||||||||||||||||||||||||||
Location | Improvements | Improvements | Improvements | Depreciation | Constructed/ | computed (Note (c)) | |||||||||||||||||||||||||||||||||||||||
(Note (b)) | Acquired | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Subject to Operating Leases (Note (a)): | |||||||||||||||||||||||||||||||||||||||||||||
Office Buildings: | |||||||||||||||||||||||||||||||||||||||||||||
Greenwich, CT | $ | - | $ | 708 | $ | 1,641 | $ | - | $ | 164 | $ | 708 | $ | 1,805 | $ | 2,513 | $ | 551 | 2001 | 31.5 | |||||||||||||||||||||||||
Greenwich, CT | - | 488 | 1,139 | - | 318 | 488 | 1,457 | 1,945 | 440 | 2000 | 31.5 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | - | 570 | 2,359 | - | 789 | 570 | 3,148 | 3,718 | 1,223 | 1998 | 31.5 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | - | 199 | 795 | - | 660 | 199 | 1,455 | 1,654 | 451 | 1993 | 31.5 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | - | 111 | 444 | - | 5 | 111 | 449 | 560 | 302 | 1994 | 31.5 | ||||||||||||||||||||||||||||||||||
Bernardsville, NJ | - | 720 | 2,880 | -24 | -46 | 696 | 2,834 | 3,530 | 63 | 2012 | 39 | ||||||||||||||||||||||||||||||||||
Chester, NJ | - | 570 | 2,280 | -34 | -137 | 536 | 2,143 | 2,679 | 49 | 2012 | 39 | ||||||||||||||||||||||||||||||||||
- | 3,366 | 11,538 | -58 | 1,753 | 3,308 | 13,291 | 16,599 | 3,079 | |||||||||||||||||||||||||||||||||||||
Retail Properties: | |||||||||||||||||||||||||||||||||||||||||||||
Bronxville, NY | - | 60 | 239 | 95 | 776 | 155 | 1,015 | 1,170 | 98 | 2009 | 39 | ||||||||||||||||||||||||||||||||||
Yonkers, NY | - | 30 | 121 | 183 | 734 | 213 | 855 | 1,068 | 88 | 2009 | 39 | ||||||||||||||||||||||||||||||||||
Yonkers, NY | - | 30 | 121 | 85 | 341 | 115 | 462 | 577 | 48 | 2009 | 39 | ||||||||||||||||||||||||||||||||||
New Milford, CT | - | 2,114 | 8,456 | 71 | 319 | 2,185 | 8,775 | 10,960 | 1,156 | 2008 | 39 | ||||||||||||||||||||||||||||||||||
New Milford, CT | - | 4,492 | 17,967 | 166 | 738 | 4,658 | 18,705 | 23,363 | 1,664 | 2010 | 39 | ||||||||||||||||||||||||||||||||||
Newark, NJ | 11,758 | 5,252 | 21,023 | - | 1,426 | 5,252 | 22,449 | 27,701 | 3,083 | 2008 | 39 | ||||||||||||||||||||||||||||||||||
Briarcliff, NY | - | 279 | 1,117 | - | - | 279 | 1,117 | 1,396 | 162 | 2008 | 39 | ||||||||||||||||||||||||||||||||||
Waldwick, NJ | - | 1,266 | 5,064 | - | -1 | 1,266 | 5,063 | 6,329 | 768 | 2007 | 39 | ||||||||||||||||||||||||||||||||||
Emerson NJ | 690 | 3,633 | 14,531 | - | 1,419 | 3,633 | 15,950 | 19,583 | 2,659 | 2007 | 39 | ||||||||||||||||||||||||||||||||||
Monroe, CT | - | 765 | 3,060 | - | 135 | 765 | 3,195 | 3,960 | 549 | 2007 | 39 | ||||||||||||||||||||||||||||||||||
Queens, NY | - | 826 | 3,304 | -34 | -138 | 792 | 3,166 | 3,958 | 564 | 2006 | 39 | ||||||||||||||||||||||||||||||||||
Pelham, NY | - | 1,694 | 6,843 | - | -48 | 1,694 | 6,795 | 8,489 | 1,312 | 2006 | 39 | ||||||||||||||||||||||||||||||||||
Stratford, CT | 27,281 | 10,173 | 40,794 | -94 | 8,393 | 10,079 | 49,187 | 59,266 | 11,563 | 2005 | 39 | ||||||||||||||||||||||||||||||||||
Yorktown Heights, NY | - | 5,786 | 23,221 | - | 1,502 | 5,786 | 24,723 | 30,509 | 5,072 | 2005 | 39 | ||||||||||||||||||||||||||||||||||
Rye, NY | - | 909 | 3,637 | - | 363 | 909 | 4,000 | 4,909 | 942 | 2004 | 39 | ||||||||||||||||||||||||||||||||||
Rye, NY | 1,493 | 483 | 1,930 | - | 7 | 483 | 1,937 | 2,420 | 472 | 2004 | 39 | ||||||||||||||||||||||||||||||||||
Rye, NY | 673 | 239 | 958 | - | 87 | 239 | 1,045 | 1,284 | 274 | 2004 | 39 | ||||||||||||||||||||||||||||||||||
Rye, NY | 1,534 | 695 | 2,782 | - | -1 | 695 | 2,781 | 3,476 | 676 | 2004 | 39 | ||||||||||||||||||||||||||||||||||
Somers, NY | - | 4,318 | 17,268 | - | 569 | 4,318 | 17,837 | 22,155 | 5,034 | 2003 | 39 | ||||||||||||||||||||||||||||||||||
Westport, CT | - | 2,076 | 8,305 | - | 207 | 2,076 | 8,512 | 10,588 | 2,387 | 2003 | 39 | ||||||||||||||||||||||||||||||||||
White Plains, NY | - | 8,065 | 32,258 | - | 7,245 | 8,065 | 39,503 | 47,568 | 11,562 | 2003 | 39 | ||||||||||||||||||||||||||||||||||
Orange, CT | - | 2,320 | 10,564 | - | 1,280 | 2,320 | 11,844 | 14,164 | 3,509 | 2003 | 39 | ||||||||||||||||||||||||||||||||||
Stamford, CT | 47,571 | 17,965 | 71,859 | - | 6,134 | 17,965 | 77,993 | 95,958 | 23,718 | 2002 | 39 | ||||||||||||||||||||||||||||||||||
Danbury, CT | - | 2,459 | 4,566 | - | 696 | 2,459 | 5,262 | 7,721 | 1,598 | 2002 | 39 | ||||||||||||||||||||||||||||||||||
Briarcliff, NY | - | 2,222 | 5,185 | - | 1,890 | 2,222 | 7,075 | 9,297 | 1,645 | 2001 | 40 | ||||||||||||||||||||||||||||||||||
Somers, NY | - | 1,833 | 7,383 | - | 743 | 1,833 | 8,126 | 9,959 | 3,474 | 1999 | 31.5 | ||||||||||||||||||||||||||||||||||
Briarcliff, NY | - | 380 | 1,531 | - | 335 | 380 | 1,866 | 2,246 | 730 | 1999 | 40 | ||||||||||||||||||||||||||||||||||
Briarcliff, NY | 16,457 | 2,300 | 9,708 | 2 | 3,798 | 2,302 | 13,506 | 15,808 | 5,203 | 1998 | 40 | ||||||||||||||||||||||||||||||||||
Ridgefield, CT | - | 900 | 3,793 | - | 1,592 | 900 | 5,385 | 6,285 | 1,738 | 1998 | 40 | ||||||||||||||||||||||||||||||||||
Darien, CT | 17,391 | 4,260 | 17,192 | - | 835 | 4,260 | 18,027 | 22,287 | 6,897 | 1998 | 40 | ||||||||||||||||||||||||||||||||||
Eastchester, NY | - | 1,500 | 6,128 | - | 2,439 | 1,500 | 8,567 | 10,067 | 2,957 | 1997 | 31 | ||||||||||||||||||||||||||||||||||
Danbury, CT | - | 3,850 | 15,811 | - | 4,030 | 3,850 | 19,841 | 23,691 | 9,682 | 1995 | 31.5 | ||||||||||||||||||||||||||||||||||
Carmel, NY | - | 1,488 | 5,973 | - | 1,743 | 1,488 | 7,716 | 9,204 | 3,905 | 1995 | 31.5 | ||||||||||||||||||||||||||||||||||
Meriden, CT | - | 5,000 | 20,309 | - | 7,026 | 5,000 | 27,335 | 32,335 | 14,021 | 1993 | 31.5 | ||||||||||||||||||||||||||||||||||
Somers, NY | - | 821 | 2,600 | - | 549 | 821 | 3,149 | 3,970 | 1,400 | 1992 | 31.5 | ||||||||||||||||||||||||||||||||||
Wayne, NJ | 488 | 2,492 | 9,966 | - | 1,367 | 2,492 | 11,333 | 13,825 | 5,594 | 1992 | 31 | ||||||||||||||||||||||||||||||||||
Newington, NH | - | 728 | 1,997 | - | 1,605 | 728 | 3,602 | 4,330 | 2,434 | 1979 | 40 | ||||||||||||||||||||||||||||||||||
Springfield, MA | - | 1,372 | 3,656 | 337 | 10,158 | 1,709 | 13,814 | 15,523 | 10,017 | 1970 | 40 | ||||||||||||||||||||||||||||||||||
Katonah, NY | - | 1,704 | 6,816 | - | 39 | 1,704 | 6,855 | 8,559 | 630 | 2010 | 39 | ||||||||||||||||||||||||||||||||||
Fairfield, CT | - | 3,393 | 13,574 | 153 | 612 | 3,546 | 14,186 | 17,732 | 716 | 2011 | 39 | ||||||||||||||||||||||||||||||||||
New Milford, CT | 4,694 | 2,168 | 8,672 | - | 27 | 2,168 | 8,699 | 10,867 | 575 | 2011 | 39 | ||||||||||||||||||||||||||||||||||
Eastchester, NY | - | 1,800 | 7,200 | 78 | 463 | 1,878 | 7,663 | 9,541 | 366 | 2012 | 39 | ||||||||||||||||||||||||||||||||||
Orangetown, NY | 6,977 | 3,200 | 12,800 | 30 | 903 | 3,230 | 13,703 | 16,933 | 537 | 2012 | 39 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | 3,648 | 1,600 | 6,401 | 27 | 115 | 1,627 | 6,516 | 8,143 | 70 | 2013 | 39 | ||||||||||||||||||||||||||||||||||
Various | - | 1,555 | 1,122 | 80 | 5,414 | 1,635 | 6,536 | 8,171 | 115 | 2013 | 39 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | 4,550 | 1,998 | 7,994 | 53 | 212 | 2,051 | 8,206 | 10,257 | 88 | 2013 | 39 | ||||||||||||||||||||||||||||||||||
New Providence, NJ | 21,041 | 6,970 | 27,880 | 463 | 2,051 | 7,433 | 29,931 | 37,364 | 376 | 2013 | 39 | ||||||||||||||||||||||||||||||||||
166,246 | 129,463 | 503,679 | 1,695 | 80,129 | 131,158 | 583,808 | 714,966 | 152,128 | |||||||||||||||||||||||||||||||||||||
Industrial Distribution Centers: | |||||||||||||||||||||||||||||||||||||||||||||
Dallas, TX | - | 217 | - | - | 46 | 217 | 46 | 263 | 21 | 1970 | 40 | ||||||||||||||||||||||||||||||||||
St. Louis, MO | - | 233 | 934 | - | -836 | 233 | 98 | 331 | 44 | 1970 | 40 | ||||||||||||||||||||||||||||||||||
- | 450 | 934 | - | -790 | 450 | 144 | 594 | 65 | |||||||||||||||||||||||||||||||||||||
Total | $ | 166,246 | $ | 133,279 | $ | 516,151 | $ | 1,637 | $ | 81,092 | $ | 134,916 | $ | 597,243 | $ | 732,159 | $ | 155,272 | |||||||||||||||||||||||||||
URSTADT BIDDLE PROPERTIES INC. | |||||||||||||||||||||||||||||||||||||||||||||
31-Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
NOTES: | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
(a) RECONCILIATION OF REAL ESTATE - | |||||||||||||||||||||||||||||||||||||||||||||
OWNED SUBJECT TO OPERATING LEASES | |||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 660,375 | $ | 631,167 | $ | 601,222 | |||||||||||||||||||||||||||||||||||||||
Property improvements during the year | 11,263 | 5,782 | 7,452 | ||||||||||||||||||||||||||||||||||||||||||
Properties acquired during the year | 67,062 | 26,306 | 28,702 | ||||||||||||||||||||||||||||||||||||||||||
Properties sold during the year | -4,475 | -533 | - | ||||||||||||||||||||||||||||||||||||||||||
Property assets fully depreciated and written off | -2,066 | -2,347 | -6,209 | ||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 732,159 | $ | 660,375 | $ | 631,167 | |||||||||||||||||||||||||||||||||||||||
(b) RECONCILIATION OF ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 140,511 | $ | 126,693 | $ | 118,193 | |||||||||||||||||||||||||||||||||||||||
Provision during the year charged to income | 17,126 | 16,183 | 14,709 | ||||||||||||||||||||||||||||||||||||||||||
Property sold during the year | -299 | -18 | - | ||||||||||||||||||||||||||||||||||||||||||
Property assets fully depreciated and written off | -2,066 | -2,347 | -6,209 | ||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 155,272 | $ | 140,511 | $ | 126,693 | |||||||||||||||||||||||||||||||||||||||
(c) Tenant improvement costs are depreciated over the life of the related leases, which range from 5 to 20 years. | |||||||||||||||||||||||||||||||||||||||||||||
(d) The depreciation provision represents the expense calculated on real property only. | |||||||||||||||||||||||||||||||||||||||||||||
(e) The aggregate cost for Federal Income Tax purposes for real estate subject to operating leases was approximately $606 million at October 31, 2013. |
SCHEDULE_IV_MORTGAGE_LOANS_ON_
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended | ||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE [Abstract] | ' | ||||||||||||||||||
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | ' | ||||||||||||||||||
URSTADT BIDDLE PROPERTIES INC. | |||||||||||||||||||
31-Oct-13 | |||||||||||||||||||
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
COL. A | COL. B | COL. C | COL. D | COL. E | COL. F | ||||||||||||||
Remaining Face | |||||||||||||||||||
Amount of | Carrying Amount | ||||||||||||||||||
Interest Rate | Final Maturity | Mortgages (Note (b)) | of Mortgage (Note (a)) | ||||||||||||||||
Description | Coupon | Effective | Date | Periodic Payment Terms | (In Thousands) | (In Thousands) | |||||||||||||
FIRST MORTGAGE | |||||||||||||||||||
LOANS ON BUSINESS PROPERTIES | |||||||||||||||||||
(Notes (c) and (d)): | |||||||||||||||||||
Retail Store: | |||||||||||||||||||
Riverside, CA | 9 | % | 12 | % | 15-Jan-13 | Payable in quarterly installments of Principal and Interest of $54 | $ | - | $ | - | |||||||||
TOTAL MORTGAGE LOANS ON REAL ESTATE | $ | - | $ | - | |||||||||||||||
URSTADT BIDDLE PROPERTIES INC. | |||||||||||||||||||
31-Oct-13 | |||||||||||||||||||
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Continued) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
NOTES TO SCHEDULE IV | Year Ended October 31 | ||||||||||||||||||
(a) Reconciliation of Mortgage Loans on Real Estate | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Balance at beginning of period: | $ | 898 | $ | $999 | $ | 1,090 | |||||||||||||
Deductions during the current period: | |||||||||||||||||||
Collections of principal and amortization of discounts | (898 | ) | (101 | ) | (91 | ) | |||||||||||||
Balance at end of period: | $ | - | $ | 898 | $ | 999 | |||||||||||||
(b) The aggregate cost basis for Federal income tax purposes is equal to the face amount of the mortgages | |||||||||||||||||||
(c) At October 31, 2013 no mortgage loans were delinquent in payment of currently due principal or interest. | |||||||||||||||||||
(d) There are no prior liens for any of the Mortgage Loans on Real Estate. |
ORGANIZATION_BASIS_OF_PRESENTA1
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
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 in, are accounted for under the equity method of accounting. See Note 10 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation. | |
The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP 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 measurements and the collectability of tenant and notes receivable and other assets. Actual results could differ from these estimates. | |
Federal Income Taxes | |
Federal Income Taxes | ' |
The Company has elected to be treated as a real estate investment trust 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 2013 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 October 31, 2013. As of October 31, 2013, the fiscal tax years 2010 through and including 2013 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. | |
Real Estate Investments | |
Real Estate Investments | ' |
All costs related to the improvement or replacement of real estate properties is capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. | |
Upon the acquisition of real estate properties, 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 value 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. | |
Above and below-market leases acquired are recorded at their fair value. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company's evaluation of the specific characteristics of each tenant's lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The value of in-place leases are amortized over the remaining term of the respective leases. If a tenant vacates its space prior to its contractual expiration date, any unamortized balance of their related intangible asset is recorded in the consolidated statement of income. | |
Depreciation and Amortization | |
Depreciation and Amortization | ' |
The Company uses the straight-line method for depreciation and amortization. Core and non-core properties are depreciated over the estimated useful lives of the properties, which range from 30 to 40 years. Property improvements are depreciated over the estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over the estimated useful lives that range from 3 to 10 years. Tenant improvements are amortized over the shorter of the life of the related leases or their useful life. | |
Property Held for Sale and Discontinued Operations | ' |
Property Held for Sale and Discontinued Operations | |
The Company follows the provisions of ASC Topic 360, "Property, Plant, and Equipment," and ASC Topic 205, "Presentation of Financial Statements." ASC Topic 360 and ASC Topic 205 require, among other things, that the assets and liabilities and the results of operations of the Company's properties that have been sold or otherwise qualify as held for sale be classified as discontinued operations and presented separately in the Company's consolidated financial statements. If significant to financial statement presentation, the Company classifies properties as held for sale that are under contract for sale and are expected to be sold within the next 12 months. | |
Deferred Charges | ' |
Deferred Charges | |
Deferred charges consist principally of leasing commissions (which are amortized ratably over the life of the tenant leases) and financing fees (which are amortized over the terms of the respective agreements). Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of $3,043,000 and $3,015,000 as of October 31, 2013 and 2012, respectively. | |
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 October 31, 2013. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenues from operating leases include revenues from core properties and non-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 October 31, 2013 and 2012, approximately $13,719,000 and $13,507,000, respectively, has been recognized as straight-line rents receivable (representing the current net 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 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 October 31, 2013 and 2012, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $3,604,000 and $3,686,000, respectively. During the years ended October 31, 2013, 2012 and 2011, the Company provided $958,000, $665,000 and $1,009,000, respectively, for uncollectible amounts, which is recorded in the accompanying consolidated statement of income as a reduction of base rental revenue. | |
Cash Equivalents | |
Cash Equivalents | ' |
Cash and cash equivalents consist of cash in banks and short-term investments with original maturities of less than three months. | |
Restricted Cash | ' |
Restricted Cash | |
Restricted cash consists of those tenant security deposits and replacement and other reserves required by agreement with certain of the Company's mortgage lenders for property level capital requirements that are required to be held in separate bank accounts. | |
Marketable Securities | |
Marketable Securities | ' |
Marketable securities consist of short-term investments and marketable equity securities. Short-term investments (consisting of investments with original maturities of greater than three months when purchased) and marketable equity securities are carried at fair value. The Company has classified marketable securities as available for sale. Unrealized gains and (losses) on available for sale securities are recorded as other comprehensive income (loss) in stockholders' equity. In November 2012, the Company purchased approximately $27 million of REIT and preferred security investment funds with a portion of the proceeds from its completed stock sales in October 2012. In May 2013, the Company sold a portion of the Company's marketable security investments. The shares sold represented the entire REIT and preferred security and investment funds and a portion of our REIT Preferred Stocks. In conjunction with this sale the Company realized a gain on sale of marketable securities of approximately $1.5 milion, which will be reclassified out of accumulated other comprehensive income and recorded in the consolidated statement of income for year ended October 31, 2013. There were no purchases or sales of marketable securities during the fiscal year ended October 31, 2012 and 2011. | |
The Company analyzes unrealized losses, if any, to determine if the unrealized losses are temporary. If and when the Company deems unrealized losses to be other than temporary, unrealized losses will be realized and reclassified into earnings. The net unrealized gain at October 31, 2013 and 2012 is detailed below (in thousands): | |
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 October 31, 2013, the Company believes it has no significant risk associated with non-performance of the financial institution that is the counterparty to its derivative contracts. At October 31, 2013, the Company had approximately $3.7 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 a fixed annual rate of 3.95 % per annum. As of October 31, 2013, the Company had a deferred asset of $81,000 (included in prepaid expenses and other assets 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 income as the swap is deemed effective and is classified as a cash flow hedge. There were no significant amounts recorded in the Company's financial statements for the above swaps in either fiscal 2012 or fiscal 2011. | |
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 (loss) 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 October 31, 2013, accumulated other comprehensive income (loss) consisted of net unrealized losses on marketable securities of approximately $19,000 and net unrealized gains on an interest rate swap agreement of approximately $81,000. At October 31, 2012, accumulated other comprehensive income (loss) consisted of net unrealized gains on marketable securities of approximately $38,000 and net unrealized losses on an interest rate swap agreement of approximately $55,000. Unrealized gains and losses included in other comprehensive income (loss) will be reclassified into earnings as gains and losses are realized. | |
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 in excess of insured amounts with high quality financial institutions. 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. There is no dependence upon any single tenant. | |
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): | |
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. | |
Segment Reporting | |
Segment Reporting | ' |
The Company operates in one industry segment, ownership of commercial real estate properties, which are located principally in the northeastern United States. The Company does not distinguish its property operations for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes. | |
Reclassifications | ' |
Reclassification | |
Certain fiscal 2011 and 2012 amounts have been reclassified to conform to current period presentation. | |
New Accounting Standards | ' |
New Accounting Standards | |
Adopted in fiscal 2013 | |
In June 2011, the FASB issued ASU 2011-05, "Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income." ASU 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of shareholders' equity and requires the presentation of components of net income and components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This pronouncement became effective for the Company in the first quarter of fiscal 2013 and as a result the Company has included a separate consolidated statement of comprehensive income immediately following the consolidated statement of income as required by the ASU. | |
In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (ASC Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income." ASU 2013-02 requires the reporting of reclassifications out of accumulated other comprehensive income. The amendments in ASU 2013-02 seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under US GAAP to be reclassified in its entirety to net income. The Company adopted this pronouncement in the second quarter of fiscal 2013. The effect of the adoption of this pronouncement did not have a significant impact on our consolidated financial statements. |
CONSOLIDATED_JOINT_VENTURES_AN1
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | ' |
Non-controlling Interests | ' |
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 both Ironbound and Orangeburg 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 both 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 redemption is based solely on the price of the Company's Class A Common stock on the date of redemption. For the years ended October 31, 2013 and 2012, the Company adjusted the carrying value of the non-controlling interests by $422,000 and $(127,000), 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 October 31, 2013 and 2012 (amounts in thousands): |
ORGANIZATION_BASIS_OF_PRESENTA2
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||||||||||
Net unrealized gain on available for sale securities | ' | ||||||||||||||||||||
Description: | Fair Market Value | Cost | Net Unrealized Gain/(Loss) | Gross | Gross Unrealized (Loss) | ||||||||||||||||
Basis | Unrealized Gains | ||||||||||||||||||||
31-Oct-13 | |||||||||||||||||||||
REIT Common and Preferred Stocks | $ | 96 | $ | 115 | $ | -19 | $ | - | $ | -19 | |||||||||||
31-Oct-12 | |||||||||||||||||||||
REIT Common and Preferred Stocks | $ | 994 | $ | 956 | $ | 38 | $ | 38 | $ | - | |||||||||||
Reconciliation between basic and diluted EPS | ' | ||||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Numerator | |||||||||||||||||||||
Net income applicable to common stockholders – basic | $ | 2,409 | $ | 3,166 | $ | 4,536 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock awards | 182 | 236 | 265 | ||||||||||||||||||
Net income applicable to common stockholders – diluted | $ | 2,591 | $ | 3,402 | $ | 4,801 | |||||||||||||||
Denominator | |||||||||||||||||||||
Denominator for basic EPS-weighted average common shares | 7,543 | 7,370 | 7,306 | ||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Restricted stock and other awards | 840 | 834 | 655 | ||||||||||||||||||
Denominator for diluted EPS – weighted average common equivalent shares | 8,383 | 8,204 | 7,961 | ||||||||||||||||||
Numerator | |||||||||||||||||||||
Net income applicable to Class A common stockholders – basic | $ | 8,204 | $ | 9,800 | $ | 14,013 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock awards | -182 | -236 | -265 | ||||||||||||||||||
Net income applicable to Class A common stockholders – diluted | $ | 8,022 | $ | 9,564 | $ | 13,748 | |||||||||||||||
Denominator | |||||||||||||||||||||
Denominator for basic EPS – weighted average Class A common shares | 23,122 | 20,740 | 20,496 | ||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Restricted stock and other awards | 235 | 224 | 208 | ||||||||||||||||||
Denominator for diluted EPS – weighted average Class A common | |||||||||||||||||||||
equivalent shares | 23,357 | 20,964 | 20,704 |
REAL_ESTATE_INVESTMENTS_Tables
REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Real Estate Investments: | ' | ||||||||||||||||||||
Investments in real estate, net of depreciation | ' | ||||||||||||||||||||
The Company's investments in real estate, net of depreciation, were composed of the following at October 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||
Core Properties | Non-Core Properties | Unconsolidated Joint Venture | 2013 | 2012 | |||||||||||||||||
Totals | Totals | ||||||||||||||||||||
Retail | $ | 562,835 | $ | - | $ | 31,432 | $ | 594,267 | $ | 539,268 | |||||||||||
Office | 13,521 | - | - | 13,521 | 7,649 | ||||||||||||||||
Industrial | - | 531 | - | 531 | 553 | ||||||||||||||||
$ | 576,356 | $ | 531 | $ | 31,432 | $ | 608,319 | $ | 547,470 | ||||||||||||
Real estate investment by geographical area | ' | ||||||||||||||||||||
The Company's investments at October 31, 2013 consisted of equity interests in 66 properties, which are located in various regions throughout the United States. The Company's primary investment focus is neighborhood and community shopping centers located in the northeastern United States. These properties are considered core properties of the Company. The remaining properties are located outside of the northeastern United States and are considered non-core properties. Since a significant concentration of the Company's properties are in the northeast, market changes in this region could have an effect on the Company's leasing efforts and ultimately its overall results of operations. The following is a summary of the geographic locations of the Company's investments at October 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Northeast | $ | 607,788 | $ | 546,019 | |||||||||||||||||
Midwest | 288 | 303 | |||||||||||||||||||
Southwest | 243 | 1,148 | |||||||||||||||||||
$ | 608,319 | $ | 547,470 |
CORE_PROPERTIES_Tables
CORE PROPERTIES (Tables) | 12 Months Ended | |||||
Oct. 31, 2013 | ||||||
CORE PROPERTIES [Abstract] | ' | |||||
Components of core properties | ' | |||||
The components of the core properties consolidated in the financial statements are as follows (in thousands): | ||||||
2013 | 2012 | |||||
Land | $ | 134,466 | $ | 121,382 | ||
Buildings and improvements | 597,098 | 538,398 | ||||
731,564 | 659,780 | |||||
Accumulated depreciation | -155,208 | -140,469 | ||||
$ | 576,356 | $ | 519,311 |
NONCORE_PROPERTIES_Tables
NON-CORE PROPERTIES (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
NON-CORE PROPERTIES [Abstract] | ' | ||||||||
Components of non-core properties | ' | ||||||||
The components of non-core properties were as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Land | $ | 450 | $ | 450 | |||||
Buildings and improvements | 145 | 145 | |||||||
595 | 595 | ||||||||
Accumulated depreciation | (64 | ) | (42 | ) | |||||
$ | 531 | $ | 553 |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
DISCONTINUED OPERATIONS [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
The combined operating results for the St. Louis and Dallas properties have been reclassified as discontinued operations in the accompanying consolidated statements of income for all periods presented. The following table summarizes revenues and expenses for the Company's discontinued operations (amounts in thousands): | |||||||||||||
October 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 1,356 | $ | 1,565 | $ | 1,546 | |||||||
Property operating expense | - | (3 | ) | - | |||||||||
Depreciation and amortization | (48 | ) | (84 | ) | (80 | ) | |||||||
Income from discontinued operations | $ | 1,308 | $ | 1,478 | $ | 1,466 | |||||||
MORTGAGE_NOTES_PAYABLE_BANK_LI1
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS (Tables) | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS [Abstract] | ' | ||||||||||||
Combined aggregate principal maturities of mortgage notes payable | ' | ||||||||||||
Principal | Scheduled | Total | |||||||||||
Repayments | Amortization | ||||||||||||
2014 | $ | - | $ | 3,815 | $ | 3,815 | |||||||
2015 | 4,480 | 3,989 | 8,469 | ||||||||||
2016 | 7,276 | 3,985 | 11,261 | ||||||||||
2017 | 49,524 | 3,802 | 53,326 | ||||||||||
2018 | - | 2,713 | 2,713 | ||||||||||
Thereafter | 64,375 | 22,287 | 86,662 | ||||||||||
$ | 125,655 | $ | 40,591 | $ | 166,246 |
REDEEMABLE_PREFERRED_STOCK_Tab
REDEEMABLE PREFERRED STOCK (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
REDEEMABLE PREFERRED STOCK [Abstract] | ' | ||||||||
Redeemable preferred stock | ' | ||||||||
October 31, | October 31, | ||||||||
2013 | 2012 | ||||||||
8.50% Series C Senior Cumulative Preferred Stock; liquidation preference of $100 per share; issued and outstanding - and 224,027 shares | $ | - | $ | 21,510 |
CONSOLIDATED_JOINT_VENTURES_AN2
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 12 Months Ended | |||||
Oct. 31, 2013 | ||||||
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | ' | |||||
Redeemable non-controlling interests | ' | |||||
October 31, | October 31, | |||||
2013 | 2012 | |||||
Beginning Balance | $ | 11,421 | $ | 2,824 | ||
Initial Orangeburg noncontrolling interest | - | 8,724 | ||||
Change in Redemption Value | 422 | -127 | ||||
Ending Balance | $ | 11,843 | $ | 11,421 |
INVESTMENTS_IN_AND_ADVANCES_TO1
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract] | ' | ||||||||
Investments in and advances to unconsolidated joint ventures | ' | ||||||||
At October 31, 2013 and 2012, investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses) (amounts in thousands): | |||||||||
31-Oct-13 | 31-Oct-12 | ||||||||
Chestnut Ridge and Plaza 59 Shopping Centers (50.0% in 2013 and 0% in 2012) | $ | 18,277 | $ | - | |||||
Midway Shopping Center, L.P. (11.642%) | 5,668 | 19,165 | |||||||
Putnam Plaza Shopping Center (66.67%) | 6,764 | 6,820 | |||||||
81 Pondfield Road Company (20%) | 723 | 723 | |||||||
Total | $ | 31,432 | $ | 26,708 | |||||
Chestnut Ridge and Plaza 59 Shopping Centers |
STOCK_COMPENSATION_AND_OTHER_B1
STOCK COMPENSATION AND OTHER BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||
Oct. 31, 2013 | |||||||||||||||
STOCK COMPENSATION AND OTHER BENEFIT PLANS [Abstract] | ' | ||||||||||||||
Non-vested Common and Class A Common shares | ' | ||||||||||||||
Common Shares | Class A Common Shares | ||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | ||||||||||||
Non-vested at October 31, 2012 | 1,473,400 | $ | 15.33 | 399,900 | $ | 16.62 | |||||||||
Granted | 175,950 | $ | 18.3 | 64,100 | $ | 19.74 | |||||||||
Vested | -169,650 | $ | 14.87 | -58,850 | $ | 18.08 | |||||||||
Forfeited | - | $ | - | -1,000 | $ | 19.05 | |||||||||
Non-vested at October 31, 2013 | 1,479,700 | $ | 15.88 | 404,150 | $ | 17.39 | |||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||
Oct. 31, 2013 | |||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||
Fair value of financial assets and liabilities | ' | ||||||||||
The Company measures its redeemable noncontrolling interests, marketable equity and debt securities classified as available for sale securities and interest rate swap derivative at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs at October 31, 2013 and 2012 (amounts in thousands): | |||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||
Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Fiscal Year Ended October 31, 2013 | |||||||||||
Assets: | |||||||||||
Available for Sale Securities | $ | 96 | $ | 96 | $ | - | $ | - | |||
Interest Rate Swap Agreement | $ | 81 | $ | - | $ | 81 | $ | - | |||
Liabilities: | |||||||||||
Redeemable noncontrolling interests | $ | 11,843 | $ | 8,946 | $ | - | $ | 2,897 | |||
Fiscal Year Ended October 31, 2012 | |||||||||||
Assets: | |||||||||||
Available for Sale Securities | $ | 994 | $ | 994 | $ | - | $ | - | |||
Liabilities: | |||||||||||
Interest Rate Swap Agreement | $ | 55 | $ | - | $ | 55 | $ | - | |||
Redeemable noncontrolling interests | $ | 11,421 | $ | 8,584 | $ | - | $ | 2,837 |
PRO_FORMA_FINANCIAL_INFORMATIO1
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) [Abstract] | ' | ||||||||
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) [Text Block] | ' | ||||||||
(15) PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | |||||||||
The unaudited pro forma financial information set forth below is based upon the Company's historical consolidated statements of income for the years ended October 31, 2013 and 2012 adjusted to give effect to the property acquisitions completed in fiscal 2013 and fiscal 2014 (see Note 3), the issuance of 2.5 million Class A Common shares in fiscal 2012 and the issuance of Series F Preferred Stock in fiscal 2012 as though these transactions were completed on November 1, 2011. In addition the pro forma information removes dividend income and gain on marketable securities in fiscal 2013, as these amounts would not have been earned by the Company had the properties described in note 3 been purchased as of November 1, 2011. | |||||||||
The pro forma financial information is presented for informational purposes only and may not be indicative of what the actual results of operations would have been had the transactions occurred as of the beginning of the year or does it purport to represent the results of future operations. (Amounts in thousands). | |||||||||
Years Ended October 31, | |||||||||
2013 | 2012 | ||||||||
Pro forma revenues | $ | 102,168 | $ | 100,791 | |||||
Pro forma income from continuing operations | $ | 28,942 | $ | 29,254 | |||||
Pro forma income from continuing operations applicable to Common and Class A Common stockholders: | $ | 9,142 | $ | 11,367 | |||||
The following table summarizes the revenues and income from continuing operations that is included in the Company's historical consolidated statement of income for the year ended October 31, 2013 for the properties acquired in fiscal 2013 as more fully described in note 3. (Amounts in thousands) | |||||||||
Revenues | $ | 2,708 | |||||||
Income from continuing operations | $ | 1,225 | |||||||
Revenue and earnings of acquiree included in consolidated income [Table Text Block] | ' | ||||||||
The following table summarizes the revenues and income from continuing operations that is included in the Company's historical consolidated statement of income for the year ended October 31, 2013 for the properties acquired in fiscal 2013 as more fully described in note 3. (Amounts in thousands) | |||||||||
Revenues | $ | 2,708 | |||||||
Income from continuing operations | $ | 1,225 |
QUARTERLY_RESULTS_OF_OPERATION1
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||
The unaudited quarterly results of operations for the years ended October 31, 2013 and 2012 are as follows (in thousands, except per share data): | |||||||||||||||||||||||||||||||||
Year Ended October 31, 2013 | Year Ended October 31, 2012 | ||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||||||||
31-Jan | 30-Apr | 31-Jul | 31-Oct | 31-Jan | 30-Apr | 31-Jul | 31-Oct | ||||||||||||||||||||||||||
Revenues | $ | 23,737 | $ | 22,834 | $ | 23,613 | $ | 24,061 | $ | 22,298 | $ | 22,100 | $ | 22,672 | $ | 22,660 | |||||||||||||||||
Income from continuing operations | $ | 6,814 | $ | 7,173 | $ | 7,840 | $ | 7,278 | $ | 6,752 | $ | 6,408 | $ | 7,287 | $ | 6,835 | |||||||||||||||||
Net Income Attributable to Urstadt Biddle Properties Inc. | $ | 7,014 | $ | 7,421 | $ | 7,915 | $ | 7,445 | $ | 7,037 | $ | 6,674 | $ | 7,495 | $ | 7,054 | |||||||||||||||||
Preferred Stock Dividends | (3,961 | ) | (3,929 | ) | (3,606 | ) | (3,453 | ) | (3,273 | ) | (3,274 | ) | (3,273 | ) | (3,447 | ) | |||||||||||||||||
Redemption of Preferred Stock | (3,759 | ) | (406 | ) | (68 | ) | - | - | - | - | (2,027 | ) | |||||||||||||||||||||
Net Income Applicable to Common and Class A Common Stockholders | $ | (706 | ) | $ | 3,086 | $ | 4,241 | $ | 3,992 | $ | 3,764 | $ | 3,400 | $ | 4,222 | $ | 1,580 | ||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||||||
Net income from continuing operations - Basic: | |||||||||||||||||||||||||||||||||
Class A Common Stock | $ | (0.04 | ) | $ | 0.09 | $ | 0.13 | $ | 0.12 | $ | 0.12 | $ | 0.11 | $ | 0.14 | $ | 0.04 | ||||||||||||||||
Common Stock | $ | (0.03 | ) | $ | 0.08 | $ | 0.12 | $ | 0.11 | $ | 0.11 | $ | 0.1 | $ | 0.13 | $ | 0.04 | ||||||||||||||||
Net income from continuing operations - Diluted: | |||||||||||||||||||||||||||||||||
Class A Common Stock | $ | (0.04 | ) | $ | 0.09 | $ | 0.13 | $ | 0.12 | $ | 0.12 | $ | 0.11 | $ | 0.14 | $ | 0.04 | ||||||||||||||||
Common Stock | $ | (0.03 | ) | $ | 0.08 | $ | 0.11 | $ | 0.11 | $ | 0.11 | $ | 0.1 | $ | 0.13 | $ | 0.04 | ||||||||||||||||
Amounts may not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. | |||||||||||||||||||||||||||||||||
Amounts may not equal full year results due to rounding. | |||||||||||||||||||||||||||||||||
(17) SUBSEQUENT EVENTS |
ORGANIZATION_BASIS_OF_PRESENTA3
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Share data in Thousands, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Property | Segment | ||||||||||
sqft | Property | ||||||||||
sqft | |||||||||||
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties the Company owned or had equity interest in | 66 | ' | ' | ' | ' | ' | ' | ' | 66 | ' | ' |
Gross Leasable Area of properties the Company owned or had equity interest in (in square feet) | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | ' |
Minimum real estate trust taxable income required to be distributed for REIT to be nontaxable (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' |
Tax years remaining open to examination by Internal Revenue Service | ' | ' | ' | ' | ' | ' | ' | ' | '2010 through and including 2013 | ' | ' |
Deferred Charges [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization of deferred charges | $3,043,000 | ' | ' | ' | $3,015,000 | ' | ' | ' | $3,043,000 | $3,015,000 | ' |
Revenue Recognition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rents receivable | 13,719,000 | ' | ' | ' | 13,507,000 | ' | ' | ' | 13,719,000 | 13,507,000 | ' |
Allowance of doubtful accounts against tenants receivables, percentage of deferred straight-line rents receivable (in hundredths) | 10.00% | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Tenants receivable, allowance for doubtful accounts | 3,604,000 | ' | ' | ' | 3,686,000 | ' | ' | ' | 3,604,000 | 3,686,000 | ' |
Provision for uncollectible tenants receivable | ' | ' | ' | ' | ' | ' | ' | ' | 958,000 | 665,000 | 1,009,000 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire REIT Preferred Fixed Income Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,000,000 | ' |
Gain on sale of investment securities | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 0 | 0 |
Purchase cost of shares sold | ' | ' | ' | ' | 378,000 | ' | ' | ' | ' | 378,000 | ' |
Derivative Financial Instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans subject to interst rate swap | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fixed interest rate (in hundredths) | 3.95% | ' | ' | ' | ' | ' | ' | ' | 3.95% | ' | ' |
Accrued liabilities relating to fair value of Company's interest rate swap | 81,000 | ' | ' | ' | 0 | ' | ' | ' | 81,000 | 0 | 0 |
Comprehensive income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized losses on marketable securities included in accumulated other comprehensive income | 19,000 | ' | ' | ' | 38,000 | ' | ' | ' | 19,000 | 38,000 | ' |
Net unrealized losses on an interest rate swap agreement included in accumulated other comprehensive income | 81,000 | ' | ' | ' | 55,000 | ' | ' | ' | 81,000 | 55,000 | ' |
Earnings Per Share, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income applicable to common stockholders - basic | 3,992,000 | 4,241,000 | 3,086,000 | -706,000 | 1,580,000 | 4,222,000 | 3,400,000 | 3,764,000 | 10,613,000 | 12,966,000 | 18,549,000 |
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating industry segments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income applicable to common stockholders - basic | ' | ' | ' | ' | ' | ' | ' | ' | 8,204,000 | 9,800,000 | 14,013,000 |
Stock awards | ' | ' | ' | ' | ' | ' | ' | ' | -182,000 | -236,000 | -265,000 |
Net income applicable to common stockholders - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 8,022,000 | 9,564,000 | 13,748,000 |
Denominator for basic EPS - weighted average common shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 23,122 | 20,740 | 20,496 |
Restricted stock awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 235 | 224 | 208 |
Denominator for diluted EPS - weighted average common equivalent shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 23,357 | 20,964 | 20,704 |
Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income applicable to common stockholders - basic | ' | ' | ' | ' | ' | ' | ' | ' | 2,409,000 | 3,166,000 | 4,536,000 |
Stock awards | ' | ' | ' | ' | ' | ' | ' | ' | 182,000 | 236,000 | 265,000 |
Net income applicable to common stockholders - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 2,591,000 | 3,402,000 | 4,801,000 |
Denominator for basic EPS - weighted average common shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 7,543 | 7,370 | 7,306 |
Restricted stock awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 840 | 834 | 655 |
Denominator for diluted EPS - weighted average common equivalent shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 8,383 | 8,204 | 7,961 |
Common Stock [Member] | Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income applicable to common stockholders - basic | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
REIT Common and Preferred Stocks [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Market Value | 96,000 | ' | ' | ' | 994,000 | ' | ' | ' | 96,000 | 994,000 | ' |
Cost Basis | 115,000 | ' | ' | ' | 956,000 | ' | ' | ' | 115,000 | 956,000 | ' |
Net Unrealized Gain/(Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -19,000 | 38,000 | ' |
Gross Unrealized Gains | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 38,000 | ' |
Gross Unrealized (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($19,000) | $0 | ' |
Core and Non-core Properties [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' |
Core and Non-core Properties [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 and Fixtures [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Furniture and 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 the life of the related leases or their useful life | ' | ' |
Tenant Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Tenant Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' |
REAL_ESTATE_INVESTMENTS_Detail
REAL ESTATE INVESTMENTS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Note | ||
Property | ||
Schedule of Investments [Line Items] | ' | ' |
Properties owned or have equity interests | 66 | ' |
Number of mortgage notes receivable | 0 | ' |
Real estate investments | $608,319 | $547,470 |
Northeast [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 607,788 | 546,019 |
Midwest [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 288 | 303 |
Southwest [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 243 | 1,148 |
Retail [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | ' | 539,268 |
Office [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | ' | 7,649 |
Industrial [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | ' | 553 |
Core Properties [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 576,356 | ' |
Core Properties [Member] | Retail [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 562,835 | ' |
Core Properties [Member] | Office [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 13,521 | ' |
Core Properties [Member] | Industrial [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 0 | ' |
Non-Core Properties [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 531 | ' |
Non-Core Properties [Member] | Retail [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 0 | ' |
Non-Core Properties [Member] | Office [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 0 | ' |
Non-Core Properties [Member] | Industrial [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Properties owned or have equity interests | 2 | ' |
Real estate investments | 531 | ' |
Unconsolidated Joint Venture [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 31,432 | ' |
Unconsolidated Joint Venture [Member] | Retail [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 31,432 | ' |
Unconsolidated Joint Venture [Member] | Office [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 0 | ' |
Unconsolidated Joint Venture [Member] | Industrial [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 0 | ' |
Mortgage Notes Receivable [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 608,319 | ' |
Mortgage Notes Receivable [Member] | Retail [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 594,267 | ' |
Mortgage Notes Receivable [Member] | Office [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | 13,521 | ' |
Mortgage Notes Receivable [Member] | Industrial [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Real estate investments | $531 | ' |
CORE_PROPERTIES_Details
CORE PROPERTIES (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Building | |||
Business Acquisition [Line Items] | ' | ' | ' |
Interest percentage in property acquired (in hundredths) | 100.00% | ' | ' |
Acquisition related costs | $857,000 | $296,000 | $89,000 |
Number of buildings acquired | 2 | ' | ' |
First mortgage secured by property | ' | 5,000,000 | ' |
Interest rate on mortgage secured by property (in hundredths) | 9.00% | ' | ' |
Debt Instrument, Maturity Date | 1-Jan-13 | ' | ' |
Condemnation and easement award | 2,700,000 | ' | 2,000,000 |
Award attributable to parent company | 4,270,000 | ' | ' |
Remaining balance of original condemnation easement payment | 1,800,000 | ' | ' |
Amortization period, gain | '6 years 9 months | ' | '10 years |
Remaining balance of additional condemnation easement payment | 2.46 | ' | ' |
Gain on easement condemnation | 213,000 | ' | ' |
Amortization of above-market and below-market leases | 419,000 | 515,000 | 262,000 |
Capital improvements to properties and leasing costs | 9,500,000 | ' | ' |
Acquisition 1 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price or contract price | 9,000,000 | ' | ' |
Deposit on acquisition of real estate property | 450,000 | ' | ' |
Interest percentage in property acquired (in hundredths) | 100.00% | ' | ' |
Acquisition 2 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Deposit on acquisition of real estate property | 1,000,000 | ' | ' |
Interest percentage in property acquired (in hundredths) | 50.00% | ' | ' |
First mortgage secured by property | 14,000,000 | ' | ' |
Interest rate on mortgage secured by property (in hundredths) | 4.18% | ' | ' |
Debt Instrument, Maturity Date | 31-Mar-14 | ' | ' |
Term of first mortgage | '10 years | ' | ' |
Deposit placed with lender | 280,000 | ' | ' |
Receivable from venture partner | 1,200,000 | ' | ' |
Variable interest rate description | 'LIBOR plus 2.00% | ' | ' |
Basis spread on variable rate (in hundredths) | 2.00% | ' | ' |
Acquisition 4 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price or contract price | 18,400,000 | ' | ' |
Deposit on acquisition of real estate property | 917,500 | ' | ' |
Interest percentage in property acquired (in hundredths) | 100.00% | ' | ' |
First mortgage secured by property | 7,800,000 | ' | ' |
Interest rate on mortgage secured by property (in hundredths) | 4.20% | ' | ' |
Debt Instrument, Maturity Date | 30-Sep-22 | ' | ' |
Acquisition 5 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price or contract price | 11,000,000 | ' | ' |
Deposit on acquisition of real estate property | 400,000 | ' | ' |
Acquisition related costs | 158,000 | ' | ' |
Existing mortgage on property acquired | 7,700,000 | ' | ' |
Interest rate on mortgage secured by property (in hundredths) | 6.38% | ' | ' |
Debt Instrument, Maturity Date | 31-Aug-16 | ' | ' |
Acquisition 6 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price or contract price | 18,000,000 | ' | ' |
Interest percentage in property acquired (in hundredths) | 100.00% | ' | ' |
Acquisition related costs | 78,000 | ' | ' |
Area of real estate property acquired | 24,000 | ' | ' |
First mortgage secured by property | 8,300,000 | ' | ' |
Interest rate on mortgage secured by property (in hundredths) | 4.00% | ' | ' |
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option | 234,000 | ' | ' |
Debt Instrument, Maturity Date | 31-Aug-16 | ' | ' |
Number of properties acquired | 2 | ' | ' |
Acquisition 7 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price or contract price | 34,900,000 | ' | ' |
Interest percentage in property acquired (in hundredths) | 100.00% | ' | ' |
Acquisition related costs | 227,000 | ' | ' |
Area of real estate property acquired | 110,000 | ' | ' |
First mortgage secured by property | 21,300,000 | ' | ' |
Interest rate on mortgage secured by property (in hundredths) | 4.00% | ' | ' |
Debt Instrument, Maturity Date | 31-Jan-22 | ' | ' |
Acquisition 8 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price or contract price | 7,800,000 | ' | ' |
Interest percentage in property acquired (in hundredths) | 100.00% | ' | ' |
Acquisition related costs | 73,000 | ' | ' |
Area of real estate property acquired | 20,200 | ' | ' |
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option | 402,000 | ' | ' |
Number of properties acquired | 6 | ' | ' |
Acquisition 9 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price or contract price | 6,500,000 | ' | ' |
Interest percentage in property acquired (in hundredths) | 100.00% | ' | ' |
Acquisition related costs | 103,000 | ' | ' |
Number of buildings acquired | 2 | ' | ' |
Area of real estate property acquired | 23,500 | ' | ' |
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option | 291,000 | ' | ' |
Acquisition 10 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price or contract price | 9,000,000 | ' | ' |
Acquisition related costs | 33,000 | ' | ' |
First mortgage secured by property | 3,600,000 | ' | ' |
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option | 392,000 | ' | ' |
Debt Instrument, Maturity Date | 30-Apr-12 | ' | ' |
Acquisition 11 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price or contract price | 17,000,000 | ' | ' |
Acquisition related costs | 19,000 | ' | ' |
Area of real estate property acquired | 63,000 | ' | ' |
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option | 765,000 | ' | ' |
Acquisition 12 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price or contract price | 10,800,000 | ' | ' |
Acquisition related costs | 53,000 | ' | ' |
Area of real estate property acquired | 72,000 | ' | ' |
First mortgage secured by property | 5,000,000 | ' | ' |
Acquisition 14 [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option | 396,000 | ' | ' |
Core Properties [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gross properties | 731,564,000 | 659,780,000 | ' |
Accumulated depreciation | -155,208,000 | -140,469,000 | ' |
Properties, net | 576,356,000 | 519,311,000 | ' |
Rental payments on non-cancelable operating leases [Abstract] | ' | ' | ' |
Minimum rental payments on non-cancelable operating leases in the consolidated core properties | 414,296,000 | ' | ' |
2014 | 68,029,000 | ' | ' |
2015 | 61,914,000 | ' | ' |
2016 | 55,132,000 | ' | ' |
2017 | 48,497,000 | ' | ' |
2018 | 37,239,000 | ' | ' |
Thereafter | 143,485,000 | ' | ' |
Maximum additional rent as a percentage of consolidated revenues (in hundredths) | 1.00% | 1.00% | 1.00% |
Land [Member] | Core Properties [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gross properties | 134,466,000 | 121,382,000 | ' |
Buildings and Improvements [Member] | Core Properties [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gross properties | $597,098,000 | $538,398,000 | ' |
NONCORE_PROPERTIES_Details
NON-CORE PROPERTIES (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | Property | |
Property, Plant and Equipment [Line Items] | ' | ' |
Number of real estate properties | 66 | ' |
Non-Core Properties [Member] | Industrial Property [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Number of real estate properties | 2 | ' |
Gross properties | $595 | $595 |
Accumulated depreciation | -64 | -42 |
Properties, net | 531 | 553 |
Land [Member] | Non-Core Properties [Member] | Industrial Property [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross properties | 450 | 450 |
Building Improvements [Member] | Non-Core Properties [Member] | Industrial Property [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross properties | $145 | $145 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Property | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of real estate properties | 66 | ' | ' |
Properties [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of real estate properties | 2 | ' | ' |
Revenues | $1,356 | $1,565 | $1,546 |
Property operating expense | 0 | -3 | 0 |
Depreciation and amortization | -48 | -84 | -80 |
Income from discontinued operations | $1,308 | $1,478 | $1,466 |
MORTGAGE_NOTE_RECEIVABLE_Detai
MORTGAGE NOTE RECEIVABLE (Details) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2013 | |
Note | Mortgage | |
MORTGAGE NOTE RECEIVABLE [Abstract] | ' | ' |
Number of fixed rate mortgages receivable | 0 | 1 |
Interest rate on mortgage receivable (in hundredths) | 9.00% | 9.00% |
MORTGAGE_NOTES_PAYABLE_BANK_LI2
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' |
Minimum effective interest rate (in hundredths) | 2.80% | ' | ' |
Maximum effective interest rate (in hundredths) | 11.30% | ' | ' |
Real estate investments held as collateral | $260,000,000 | ' | ' |
Principal Repayments [Abstract] | ' | ' | ' |
2014 | 0 | ' | ' |
2015 | 4,480,000 | ' | ' |
2016 | 7,276,000 | ' | ' |
2017 | 49,524,000 | ' | ' |
2018 | 0 | ' | ' |
Thereafter | 64,375,000 | ' | ' |
Total principal repayments | 125,655,000 | ' | ' |
Scheduled Amortization [Abstract] | ' | ' | ' |
2014 | 3,815,000 | ' | ' |
2015 | 3,989,000 | ' | ' |
2016 | 3,985,000 | ' | ' |
2017 | 3,802,000 | ' | ' |
2018 | 2,713,000 | ' | ' |
Thereafter | 22,287,000 | ' | ' |
Total scheduled amortization | 40,591,000 | ' | ' |
Total [Abstract] | ' | ' | ' |
2014 | 3,815,000 | ' | ' |
2015 | 8,469,000 | ' | ' |
2016 | 11,261,000 | ' | ' |
2017 | 53,326,000 | ' | ' |
2018 | 2,713,000 | ' | ' |
Thereafter | 86,662,000 | ' | ' |
Total principal and scheduled amortization of debt | 166,246,000 | 143,236,000 | ' |
Maturity date | 1-Jan-13 | ' | ' |
First mortgage secured by property | ' | 5,000,000 | ' |
Interest paid | 8,500,000 | 8,600,000 | 7,600,000 |
Real estate pledged as collateral at fair value | 260,000,000 | ' | ' |
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Unsecured Revolving Credit Agreement [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Maximum borrowing capacity | 80,000,000 | ' | ' |
Option, maximum borrowing capacity | 125,000,000 | ' | ' |
Maturity date | 21-Sep-16 | ' | ' |
Number of syndicated banks | 4 | ' | ' |
Optional extension period of credit facility | '1 year | ' | ' |
Minimum commitment fee (in hundredths) | 0.25% | ' | ' |
Maximum commitment fee (in hundredths) | 0.35% | ' | ' |
Extension period | '1 | ' | ' |
Borrowing on unsecured revolving credit facility used to finance investment | 9,250,000 | ' | ' |
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar Rate Basis [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Minimum basis spread on variable interest rate (in hundredths) | 1.50% | ' | ' |
Maximum basis spread on variable interest rate (in hundredths) | 2.00% | ' | ' |
BNY, Wells Fargo, Bank of Montreal and Regions Bank [Member] | Unsecured Revolving Credit Agreement [Member] | Prime Rate Basis [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 | 10,000,000 | ' | ' |
BNY and Wells Fargo Member [Member] | Unsecured Revolving Credit Agreement [Member] | Loan to Unconsolidated Joint Ventures [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Borrowing on unsecured revolving credit facility used to finance investment | ' | 11,600,000 | ' |
Repayments of borrowings on facility | ' | 11,600,000 | ' |
BNY and Wells Fargo Member [Member] | Unsecured Revolving Credit Agreement [Member] | Equity for Property Acquisition and Investment in Unconsolidated Joint Ventures [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Borrowing on unsecured revolving credit facility used to finance investment | ' | 8,000,000 | ' |
Repayments of borrowings on facility | ' | 8,000,000 | ' |
Emerson Shopping Center [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Cost of installation of solar power system | 1,200,000 | ' | ' |
Valley Ridge Shopping Center [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Cost of installation of solar power system | 1,100,000 | ' | ' |
New Milford [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Maturity date | ' | 31-Oct-12 | ' |
Ferry Plaza Shopping Center [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Cost of installation of solar power system | 1,700,000 | ' | ' |
Loans Payable [Member] | Greenwich Properties [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Maturity date | 31-Aug-16 | ' | ' |
Loans Payable [Member] | New Providence Property [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Maturity date | 31-Jan-22 | ' | ' |
Loans Payable [Member] | Emerson Shopping Center [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Maturity date | 31-May-26 | ' | ' |
Proceeds from related party debt | 819,000 | ' | ' |
Stated interest rate (in hundredths) | 11.30% | ' | ' |
Loans Payable [Member] | Valley Ridge Shopping Center [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Maturity date | 31-Jan-26 | ' | ' |
Proceeds from related party debt | 726,000 | ' | ' |
Stated interest rate (in hundredths) | 11.11% | ' | ' |
Loans Payable [Member] | Ferry Plaza Shopping Center [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Maturity date | 31-Aug-27 | ' | ' |
Proceeds from related party debt | 1,100,000 | ' | ' |
Stated interest rate (in hundredths) | 11.30% | ' | ' |
First Mortgage [Member] | Greenwich Properties [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Stated interest rate (in hundredths) | 4.00% | ' | ' |
First mortgage secured by property | 8,300,000 | ' | ' |
First Mortgage [Member] | New Providence Property [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Stated interest rate (in hundredths) | 4.00% | ' | ' |
First mortgage secured by property | 21,300,000 | ' | ' |
First Mortgage [Member] | Veteran's Plaza Property [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Debt repaid at maturitiy | 3,200,000 | ' | ' |
First Mortgage [Member] | New Milford [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Debt repaid at maturitiy | ' | 8,300,000 | ' |
First Mortgage [Member] | Fairfield Plaza Shopping Center [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Maturity date | ' | 31-Aug-15 | ' |
Stated interest rate (in hundredths) | ' | 5.00% | ' |
First Mortgage [Member] | Carmel Property [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Maturity date | ' | 31-Oct-11 | ' |
Debt repaid at maturitiy | ' | 4,000,000 | ' |
First Mortgage [Member] | Eastchester, NY 2 [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Maturity date | ' | 30-Apr-12 | ' |
First mortgage secured by property | ' | 3,600,000 | ' |
First Mortgage [Member] | Orangeburg NY [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Effective interest rate (in hundredths) | ' | 2.04% | ' |
Total [Abstract] | ' | ' | ' |
Maturity date | ' | 31-Oct-17 | ' |
Stated interest rate (in hundredths) | ' | 6.19% | ' |
Period of extended loan | ' | '5 years | ' |
Adjusted fixed rate (in hundredths) | ' | 2.78% | ' |
First mortgage secured by property | ' | 7,400,000 | ' |
Dock Mortgage [Member] | ' | ' | ' |
Total [Abstract] | ' | ' | ' |
Adjusted fixed rate (in hundredths) | ' | 4.85% | ' |
First mortgage secured by property | ' | 28,000,000 | ' |
Amount from mortgage proceeds used to repay loan | ' | $28,000,000 | ' |
Loan Term | ' | '10 years | ' |
Mortgage Amortization Period (in years) | ' | '30 | ' |
REDEEMABLE_PREFERRED_STOCK_Det
REDEEMABLE PREFERRED STOCK (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, shares authorized (in shares) | 50,000,000 | ' | ' | ' | 20,000,000 | ' | ' | ' | 50,000,000 | 20,000,000 | ' |
Temporary Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable Preferred Stock | $0 | ' | ' | ' | $21,510,000 | ' | ' | ' | $0 | $21,510,000 | ' |
Redemption of Redeemable Preferred Stock | 0 | 68,000 | 406,000 | 3,759,000 | 2,027,000 | 0 | 0 | 0 | ' | ' | ' |
Income statement effect of redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 4,233,000 | 2,027,000 | 0 |
Redeemable Preferred Stock, shares issued (in shares) | 0 | ' | ' | ' | 224,027 | ' | ' | ' | 0 | 224,027 | ' |
Redeemable Preferred Stock, shares outstanding (in shares) | 0 | ' | ' | ' | 224,027 | ' | ' | ' | 0 | 224,027 | ' |
Series C Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, shares issued (in shares) | 0 | ' | ' | ' | 224,027 | ' | ' | ' | 0 | 224,027 | ' |
Preferred Stock, shares outstanding (in shares) | 0 | ' | ' | ' | 224,027 | ' | ' | ' | 0 | 224,027 | ' |
Temporary Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Temporary Equity, Dividend Rate, Percentage | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | 8.50% | ' |
Redeemable Preferred Stock, liquidation preference (in dollars per share) | $100 | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' |
Redeemable Preferred Stock | 0 | ' | ' | ' | 21,510,000 | ' | ' | ' | 0 | 21,510,000 | ' |
Redemption of Redeemable Preferred Stock (in shares) | 224,027 | ' | ' | ' | 175,973 | ' | ' | ' | ' | ' | ' |
Redemption of Redeemable Preferred Stock | ' | ' | ' | ' | 18,200,000 | ' | ' | ' | ' | ' | ' |
Liquidation preference value | 22,403,000 | ' | ' | ' | ' | ' | ' | ' | 22,403,000 | ' | ' |
Income statement effect of redemption of preferred stock | 892,000 | ' | ' | ' | 616,000 | ' | ' | ' | ' | 701,000 | ' |
Redemption price (in dollars per share) | $0 | ' | ' | ' | $103.50 | ' | ' | ' | $0 | $103.50 | ' |
Redeemable Preferred Stock, shares issued (in shares) | 0 | ' | ' | ' | 224,027 | ' | ' | ' | 0 | 224,027 | ' |
Redeemable Preferred Stock, shares outstanding (in shares) | 0 | ' | ' | ' | 224,027 | ' | ' | ' | 0 | 224,027 | ' |
Series D Senior Cumulative Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, shares issued (in shares) | 2,450,000 | ' | ' | ' | 2,450,000 | ' | ' | ' | 2,450,000 | 2,450,000 | ' |
Preferred Stock, shares outstanding (in shares) | 2,450,000 | ' | ' | ' | 2,450,000 | ' | ' | ' | 2,450,000 | 2,450,000 | ' |
Temporary Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price (in dollars per share) | $25 | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' |
Series E Senior Cumulative Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Temporary Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable Preferred Stock, liquidation preference (in dollars per share) | $25 | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' |
Redemption of Redeemable Preferred Stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' |
Redemption of Redeemable Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | 58,500,000 | ' | ' |
Income statement effect of redemption of preferred stock | $1,492,000 | ' | ' | ' | ' | ' | ' | ' | $1,848,000 | ' | ' |
Redemption price (in dollars per share) | $25.77 | ' | ' | ' | ' | ' | ' | ' | $25.77 | ' | ' |
Redeemable Preferred Stock, shares issued (in shares) | 0 | ' | ' | ' | 2,400,000 | ' | ' | ' | 0 | 2,400,000 | ' |
Redeemable Preferred Stock, shares outstanding (in shares) | 0 | ' | ' | ' | 2,400,000 | ' | ' | ' | 0 | 2,400,000 | ' |
Series F Cumulative Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, shares issued (in shares) | 5,175,000 | ' | ' | ' | 5,175,000 | ' | ' | ' | 5,175,000 | 5,175,000 | ' |
Preferred Stock, shares outstanding (in shares) | 5,175,000 | ' | ' | ' | 5,175,000 | ' | ' | ' | 5,175,000 | 5,175,000 | ' |
Temporary Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price (in dollars per share) | $25 | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' |
CONSOLIDATED_JOINT_VENTURES_AN3
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Redeemable non-controlling interests [Abstract] | ' | ' |
Increase (decrease) in carrying value of noncontrolling interest | $422,000 | ($127,000) |
Beginning Balance | 11,421,000 | 2,824,000 |
Purchase of Noncontrolling Interests | 422,000 | -127,000 |
Initial Orangeburg noncontrolling interest | 0 | 8,724,000 |
Ending Balance | 11,843,000 | 11,421,000 |
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) | 10.90% | 2.00% |
Additional investment in consolidated joint venture | $881,000,000 | ' |
INVESTMENTS_IN_AND_ADVANCES_TO2
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
sqft | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated joint ventures | $31,432,000 | $26,708,000 |
Area of property (in square feet) | 189,000 | ' |
Non-recourse first mortgage payable | 166,246,000 | 143,236,000 |
Maturity date of debt | 1-Jan-13 | ' |
Chestnut Ridge and Plaza 59 Shopping Centers [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated joint ventures | 18,277,000 | 0 |
Ownership interest (in hundredths) | 50.00% | 0.00% |
Midway Shopping Center, L.P. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated joint ventures | 5,668,000 | 19,165,000 |
Ownership interest (in hundredths) | 11.64% | ' |
Area of property (in square feet) | 247,000 | ' |
Percentage of voting interests acquired (in hundredths) | 25.00% | ' |
Excess of carrying amount over underlying equity allocated to real property | 7,400,000 | ' |
Estimated useful life | '39 years | ' |
Midway Shopping Center, L.P. [Member] | Unsecured Note [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Stated interest rate (in hundredths) | 5.75% | ' |
Unsecured loan due from related party | 13,200,000 | ' |
Midway Shopping Center, L.P. [Member] | Non-recourse First Mortgage Payable [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Stated interest rate (in hundredths) | 4.80% | ' |
Non-recourse first mortgage payable | 32,000,000 | ' |
Maturity date of debt | 31-Dec-27 | ' |
Putnam Plaza Shopping Center [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated joint ventures | 6,764,000 | 6,820,000 |
Ownership interest (in hundredths) | 66.67% | ' |
Putnam Plaza Shopping Center [Member] | Non-recourse First Mortgage Payable [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Stated interest rate (in hundredths) | 4.17% | ' |
First mortgage secured by property, estimated fair value | 21,000,000 | ' |
Maturity date of debt | 31-Dec-19 | ' |
81 Pondfield Road Company [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated joint ventures | $723,000 | $723,000 |
Ownership interest (in hundredths) | 20.00% | ' |
Chestnut Ridge [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Area of property (in square feet) | 76,000 | ' |
Plaza 59 Shopping Centers [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Area of property (in square feet) | 24,000 | ' |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Class of Stock [Line Items] | ' | ' | ' |
Total shares authorized (in shares) | 200,000,000 | 100,000,000 | ' |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 | ' |
Preferred stock, shares authorized (in shares) | 50,000,000 | 20,000,000 | ' |
Excess stock, shares authorized (in shares) | 20,000,000 | 10,000,000 | ' |
Repayments of Lines of Credit | $40,700,000 | $88,250,000 | $0 |
Proceeds from issuance of common stock | 244,000 | 47,799,000 | 717,000 |
Common stock to Class A common stock dividend rate (in hundredths) | 110.00% | ' | ' |
Minimum percentage of assets sold or transferred to trigger stock purchase rights | 50.00% | ' | ' |
Excess stock issuance threshold ownership percentage (in hundredths) | 7.50% | ' | ' |
Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, shares authorized (in shares) | 30,000,000 | ' | ' |
Voting rights per share (in hundredths) | 100.00% | ' | ' |
Shares issued under the dividend reinvestment plan (in shares) | 5,797 | 6,627 | ' |
Common Stock available for issuance (in shares) | 364,300 | ' | ' |
Class A Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock, shares authorized (in shares) | 100,000,000 | 40,000,000 | ' |
Shares issued (in shares) | ' | 2,500,000 | ' |
Price per share of stock (in dollars per share) | ' | $19.16 | ' |
Repayments of Lines of Credit | ' | 8,000,000 | ' |
Extinguishment of Debt, Amount | ' | 8,300,000 | ' |
Proceeds from issuance of common stock | ' | 47,500,000 | ' |
Voting rights per share (in hundredths) | 5.00% | ' | ' |
Shares issued under the dividend reinvestment plan (in shares) | 6,724 | 7,950 | 8,532 |
Common Stock available for issuance (in shares) | 423,084 | ' | ' |
Preferred Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock, shares authorized (in shares) | 50,000,000 | ' | ' |
Series D Senior Cumulative Preferred Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Redemption price (in dollars per share) | $25 | ' | ' |
Series F Cumulative Preferred Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Redemption price (in dollars per share) | $25 | ' | ' |
Shares issued (in shares) | ' | 5,175,000 | ' |
Price per share of stock (in dollars per share) | $25 | ' | ' |
Proceeds from issuance of common stock | ' | $125,300,000 | ' |
Dividend rate (in dollars per share) | ' | $1.78 | ' |
Series A Participating Preferred Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Exercise price per right (in dollars per right) | $65 | ' | ' |
Distribution holding period | '10 days | ' | ' |
Minimum percentage of combined voting power of Common Shares to trigger rights distribution (in hundredths) | 10.00% | ' | ' |
Minimum percentage of ownership offer to trigger rights distribution | 30.00% | ' | ' |
STOCKHOLDERS_EQUITY_Share_Repu
STOCKHOLDERS' EQUITY, Share Repurchase Program (Details) | Oct. 31, 2013 |
Common Stock [Member] | ' |
Equity, Class of Treasury Stock [Line Items] | ' |
Number of shares repurchased (in shares) | 1,000 |
Common Stock [Member] | Share Repurchase Program [Member] | ' |
Equity, Class of Treasury Stock [Line Items] | ' |
Number of shares repurchased (in shares) | 4,600 |
Class A Common Stock [Member] | Share Repurchase Program [Member] | ' |
Equity, Class of Treasury Stock [Line Items] | ' |
Number of shares repurchased (in shares) | 724,578 |
Series D Senior Cumulative Preferred Stock [Member] | Share Repurchase Program [Member] | ' |
Equity, Class of Treasury Stock [Line Items] | ' |
Amended number of shares authorized for repurchase | 2,000,000 |
Class A Common shares or Common shares [Member] | Share Repurchase Program [Member] | ' |
Equity, Class of Treasury Stock [Line Items] | ' |
Number of shares authorized for repurchase (in shares) | 1,500,000 |
STOCK_COMPENSATION_AND_OTHER_B2
STOCK COMPENSATION AND OTHER BENEFIT PLANS (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Savings Plan [Abstract] | ' | ' | ' |
Company contributions to 401K Plan | $145,000 | $145,000 | $145,000 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant date fair value of restricted stock grants awarded to participants | 4,500,000 | ' | ' |
Unamortized restricted stock compensation | 13,000,000 | ' | ' |
Weighted average period for recognizing unamortized expense | '4 years 8 months 16 days | ' | ' |
Compensation expense | $4,073,000 | $3,824,000 | $3,822,000 |
Restricted Stock [Member] | Common Shares [Member] | ' | ' | ' |
Non-vested shares, number of shares [Roll forward] | ' | ' | ' |
Non-vested, beginning of period (in shares) | 1,473,400 | ' | ' |
Granted (in shares) | 175,950 | ' | ' |
Vested (in shares) | -169,650 | ' | ' |
Forfeited (in shares) | 0 | ' | ' |
Non-vested, end of period (in shares) | 1,479,700 | ' | ' |
Non-vested shares, weighted-average grant-date fair value [Roll forward] | ' | ' | ' |
Non-vested, beginning of period (in dollars per share) | $15.33 | ' | ' |
Granted (in dollars per share) | $18.30 | ' | ' |
Vested (in dollars per share) | $14.87 | ' | ' |
Forfeited (in dollars per share) | $0 | ' | ' |
Non-vested, end of period (in dollars per share) | $15.88 | ' | ' |
Restricted Stock [Member] | Class A Common Shares [Member] | ' | ' | ' |
Non-vested shares, number of shares [Roll forward] | ' | ' | ' |
Non-vested, beginning of period (in shares) | 399,900 | ' | ' |
Granted (in shares) | 64,100 | ' | ' |
Vested (in shares) | -58,850 | ' | ' |
Forfeited (in shares) | -1,000 | ' | ' |
Non-vested, end of period (in shares) | 404,150 | ' | ' |
Non-vested shares, weighted-average grant-date fair value [Roll forward] | ' | ' | ' |
Non-vested, beginning of period (in dollars per share) | $16.62 | ' | ' |
Granted (in dollars per share) | $19.74 | ' | ' |
Vested (in dollars per share) | $18.08 | ' | ' |
Forfeited (in dollars per share) | $19.05 | ' | ' |
Non-vested, end of period (in dollars per share) | $17.39 | ' | ' |
Restricted Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized (in shares) | 3,750,000 | ' | ' |
Restricted Stock Plan [Member] | Common Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized (in shares) | 350,000 | ' | ' |
Restricted Stock Plan [Member] | Class A Common Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized (in shares) | 350,000 | ' | ' |
Restricted Stock Plan [Member] | Class A Common shares or Common shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of additional shares authorized (in shares) | 600,000 | ' | ' |
Number of shares authorized (in shares) | 3,050,000 | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
UB Ironbound, LP ("Ironbound") [Member] | UB Ironbound, LP ("Ironbound") [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available for Sale Securities | ' | ' | ' | ' | $96,000 | $994,000 | $96,000 | $994,000 | $0 | $0 | $0 | $0 | ' |
Interest Rate Swap Agreement | ' | ' | ' | ' | 81,000 | ' | 0 | ' | 81,000 | ' | 0 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Swap Agreement | ' | ' | ' | ' | ' | 55,000 | ' | 0 | ' | 55,000 | ' | 0 | ' |
Redeemable noncontrolling interests | ' | ' | ' | ' | 11,843,000 | 11,421,000 | 8,946,000 | 8,584,000 | 0 | 0 | 2,897,000 | 2,837,000 | 2,824 |
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in redemption value of noncontrolling interest | ' | ' | 60 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes payable | $155,000,000 | $139,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2013 |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
Commitments for tenant related obligations | $7.50 |
PRO_FORMA_FINANCIAL_INFORMATIO2
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) [Abstract] | ' | ' |
Business Acquisition, Pro Forma Revenue | $2,708 | ' |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations | 1,225 | ' |
Pro Forma Revenues | 102,168 | 100,791 |
Pro forma income from continuing operations | 28,942 | 29,254 |
Pro forma earnings applicable to Common and Class A Common stockholders | $9,142 | $11,367 |
QUARTERLY_RESULTS_OF_OPERATION2
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $24,061 | $23,613 | $22,834 | $23,737 | $22,660 | $22,672 | $22,100 | $22,298 | $94,245 | $89,730 | $89,459 |
Income from Continuing Operations | 7,278 | 7,840 | 7,173 | 6,814 | 6,835 | 7,287 | 6,408 | 6,752 | 29,105 | 27,282 | 30,483 |
Net income attributable to Urstadt Biddle Properties Inc. | 7,445 | 7,915 | 7,421 | 7,014 | 7,054 | 7,495 | 6,674 | 7,037 | 29,795 | 28,260 | 31,643 |
Preferred Stock Dividends | -3,453 | -3,606 | -3,929 | -3,961 | -3,447 | -3,273 | -3,274 | -3,273 | 14,949 | 13,267 | 13,094 |
Redemption of preferred stock | 0 | -68 | -406 | -3,759 | -2,027 | 0 | 0 | 0 | ' | ' | ' |
Net Income Applicable to Common and Class A Common Stockholders | 3,992 | 4,241 | 3,086 | -706 | 1,580 | 4,222 | 3,400 | 3,764 | 10,613 | 12,966 | 18,549 |
Per Share Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common (in dollars per share) | $0.11 | $0.12 | $0.08 | ($0.03) | $0.04 | $0.13 | $0.10 | $0.11 | $0.32 | $0.43 | $0.62 |
Diluted Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common (in dollars per share) | $0.11 | $0.11 | $0.08 | ($0.03) | $0.04 | $0.13 | $0.10 | $0.11 | $0.31 | $0.41 | $0.60 |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Applicable to Common and Class A Common Stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $8,204 | $9,800 | $14,013 |
Per Share Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common (in dollars per share) | $0.12 | $0.13 | $0.09 | ($0.04) | $0.04 | $0.14 | $0.11 | $0.12 | $0.35 | $0.47 | $0.68 |
Diluted Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common (in dollars per share) | $0.12 | $0.13 | $0.09 | ($0.04) | $0.04 | $0.14 | $0.11 | $0.12 | $0.34 | $0.46 | $0.66 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 12, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 12, 2013 | Dec. 12, 2013 |
Class A Common Shares [Member] | Class A Common Shares [Member] | Class A Common Shares [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Common Stock [Member] | Class A Common Shares [Member] | Acquisition 1 [Member] | Dividend Declared [Member] | Dividend Declared [Member] | |||||
Shoppingcenter | Common Stock [Member] | Class A Common Shares [Member] | |||||||
Solarpowersystem | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared (in dollars per share) | $1 | $0.99 | $0.98 | ' | ' | ' | ' | $0.23 | $0.25 |
Dividend payable, date to be paid | ' | ' | ' | 17-Jan-14 | ' | ' | ' | ' | ' |
Dividends payable, record date | ' | ' | ' | 3-Jan-14 | ' | ' | ' | ' | ' |
Number of shares awarded (in shares) | ' | ' | ' | ' | 152,000 | 78,900 | ' | ' | ' |
Fair value of the shares awarded | ' | ' | ' | $3.80 | ' | ' | ' | ' | ' |
Number of solar power systems | ' | ' | ' | ' | ' | ' | 7 | ' | ' |
Number of shopping centers | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Cost of project | ' | ' | ' | ' | ' | ' | $2.50 | ' | ' |
SCHEDULE_III_REAL_ESTATE_AND_A1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) | 12 Months Ended | |||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | $166,246,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 133,279,000 | ' | ' | |
Building & Improvements | 516,151,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 1,637,000 | ' | ' | |
Building & Improvements | 81,092,000 | ' | ' | |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 134,916,000 | ' | ' | |
Building & Improvements | 597,243,000 | ' | ' | |
TOTAL | 732,159,000 | 660,375,000 | 631,167,000 | |
Accumulated Depreciation | 155,272,000 | 140,511,000 | 126,693,000 | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at beginning of the year | 660,375,000 | 631,167,000 | 601,222,000 | |
Property improvements during the year | 11,263,000 | 5,782,000 | 7,452,000 | |
Properties acquired during the year | 67,062,000 | 26,306,000 | 28,702,000 | |
Properties sold during the year | -4,475,000 | -533,000 | 0 | |
Property assets fully depreciated and written off | -2,066,000 | -2,347,000 | -6,209,000 | |
Balance at end of year | 732,159,000 | 660,375,000 | 631,167,000 | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at beginning of year | 140,511,000 | 126,693,000 | 118,193,000 | |
Provision during the year charged to income | 17,126,000 | 16,183,000 | 14,709,000 | |
Property sold during the year | -299,000 | -18,000 | 0 | |
Property assets fully depreciated and written off | -2,066,000 | -2,347,000 | -6,209,000 | |
Balance at end of year | 155,272,000 | 140,511,000 | 126,693,000 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | |
Aggregate cost for federal income tax purposes for real estate subject to operating leases | 551,000,000 | ' | ' | |
Tenant Improvement Costs [Member] | Minimum [Member] | ' | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | |
Useful life | '5 years | ' | ' | |
Tenant Improvement Costs [Member] | Maximum [Member] | ' | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | |
Useful life | '20 years | ' | ' | |
Retail Properties [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 166,246,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 129,463,000 | ' | ' | |
Building & Improvements | 503,679,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 1,695,000 | ' | ' | |
Building & Improvements | 80,129,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 131,158,000 | ' | ' | |
Building & Improvements | 583,808,000 | ' | ' | |
TOTAL | 714,966,000 | ' | ' | |
Accumulated Depreciation | 152,128,000 | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 714,966,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 152,128,000 | ' | ' | |
Retail Properties [Member] | Greenwich, CT 1 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 3,648,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 1,600,000 | ' | ' | |
Building & Improvements | 6,401,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 27,000 | ' | ' | |
Building & Improvements | 115,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 1,627,000 | ' | ' | |
Building & Improvements | 6,516,000 | [2] | ' | ' |
TOTAL | 8,143,000 | ' | ' | |
Accumulated Depreciation | 70,000 | ' | ' | |
Date Constructed/Acquired | '2013 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 8,143,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 70,000 | ' | ' | |
Retail Properties [Member] | Greenwich, CT 2 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 4,550,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 1,998,000 | ' | ' | |
Building & Improvements | 7,994,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 53,000 | ' | ' | |
Building & Improvements | 212,000 | ' | ' | |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 2,051,000 | ' | ' | |
Building & Improvements | 8,206,000 | ' | ' | |
TOTAL | 10,257,000 | ' | ' | |
Accumulated Depreciation | 88,000 | ' | ' | |
Date Constructed/Acquired | '2013 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 10,257,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 88,000 | ' | ' | |
Retail Properties [Member] | Bronxville, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 60,000 | ' | ' | |
Building & Improvements | 239,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 95,000 | ' | ' | |
Building & Improvements | 776,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 155,000 | ' | ' | |
Building & Improvements | 1,015,000 | [2] | ' | ' |
TOTAL | 1,170,000 | ' | ' | |
Accumulated Depreciation | 98,000 | ' | ' | |
Date Constructed/Acquired | '2009 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,170,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 98,000 | ' | ' | |
Retail Properties [Member] | Yonkers, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 30,000 | ' | ' | |
Building & Improvements | 121,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 183,000 | ' | ' | |
Building & Improvements | 734,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 213,000 | ' | ' | |
Building & Improvements | 855,000 | [2] | ' | ' |
TOTAL | 1,068,000 | ' | ' | |
Accumulated Depreciation | 88,000 | ' | ' | |
Date Constructed/Acquired | '2009 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,068,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 88,000 | ' | ' | |
Retail Properties [Member] | Yonkers, NY 2 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 30,000 | ' | ' | |
Building & Improvements | 121,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 85,000 | ' | ' | |
Building & Improvements | 341,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 115,000 | ' | ' | |
Building & Improvements | 462,000 | [2] | ' | ' |
TOTAL | 577,000 | ' | ' | |
Accumulated Depreciation | 48,000 | ' | ' | |
Date Constructed/Acquired | '2009 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 577,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 48,000 | ' | ' | |
Retail Properties [Member] | New Milford, CT [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 2,114,000 | ' | ' | |
Building & Improvements | 8,456,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 71,000 | ' | ' | |
Building & Improvements | 319,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 2,185,000 | ' | ' | |
Building & Improvements | 8,775,000 | [2] | ' | ' |
TOTAL | 10,960,000 | ' | ' | |
Accumulated Depreciation | 1,156,000 | ' | ' | |
Date Constructed/Acquired | '2008 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 10,960,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,156,000 | ' | ' | |
Retail Properties [Member] | New Milford, CT 2 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 4,492,000 | ' | ' | |
Building & Improvements | 17,967,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 166,000 | ' | ' | |
Building & Improvements | 738,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 4,658,000 | ' | ' | |
Building & Improvements | 18,705,000 | [2] | ' | ' |
TOTAL | 23,363,000 | ' | ' | |
Accumulated Depreciation | 1,664,000 | ' | ' | |
Date Constructed/Acquired | '2010 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 23,363,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,664,000 | ' | ' | |
Retail Properties [Member] | New Milford, CT 3 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 4,694,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 2,168,000 | ' | ' | |
Building & Improvements | 8,672,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 27,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 2,168,000 | ' | ' | |
Building & Improvements | 8,699,000 | [2] | ' | ' |
TOTAL | 10,867,000 | ' | ' | |
Accumulated Depreciation | 575,000 | ' | ' | |
Date Constructed/Acquired | '2011 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 10,867,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 575,000 | ' | ' | |
Retail Properties [Member] | Newark, NJ [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 11,758,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 5,252,000 | ' | ' | |
Building & Improvements | 21,023,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 1,426,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 5,252,000 | ' | ' | |
Building & Improvements | 22,449,000 | [2] | ' | ' |
TOTAL | 27,701,000 | ' | ' | |
Accumulated Depreciation | 3,083,000 | ' | ' | |
Date Constructed/Acquired | '2008 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 27,701,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 3,083,000 | ' | ' | |
Retail Properties [Member] | Briarcliff, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 279,000 | ' | ' | |
Building & Improvements | 1,117,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 0 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 279,000 | ' | ' | |
Building & Improvements | 1,117,000 | [2] | ' | ' |
TOTAL | 1,396,000 | ' | ' | |
Accumulated Depreciation | 162,000 | ' | ' | |
Date Constructed/Acquired | '2008 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,396,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 162,000 | ' | ' | |
Retail Properties [Member] | Waldwick, NJ [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 1,266,000 | ' | ' | |
Building & Improvements | 5,064,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | -1,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 1,266,000 | ' | ' | |
Building & Improvements | 5,063,000 | [2] | ' | ' |
TOTAL | 6,329,000 | ' | ' | |
Accumulated Depreciation | 768,000 | ' | ' | |
Date Constructed/Acquired | '2007 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 6,329,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 768,000 | ' | ' | |
Retail Properties [Member] | Emerson, NJ [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 690,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 3,633,000 | ' | ' | |
Building & Improvements | 14,531,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 1,419,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 3,633,000 | ' | ' | |
Building & Improvements | 15,950,000 | [2] | ' | ' |
TOTAL | 19,583,000 | ' | ' | |
Accumulated Depreciation | 2,659,000 | ' | ' | |
Date Constructed/Acquired | '2007 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 19,583,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 2,659,000 | ' | ' | |
Retail Properties [Member] | Monroe, CT [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 765,000 | ' | ' | |
Building & Improvements | 3,060,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 135,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 765,000 | ' | ' | |
Building & Improvements | 3,195,000 | [2] | ' | ' |
TOTAL | 3,960,000 | ' | ' | |
Accumulated Depreciation | 549,000 | ' | ' | |
Date Constructed/Acquired | '2007 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 3,960,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 549,000 | ' | ' | |
Retail Properties [Member] | Queens, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 826,000 | ' | ' | |
Building & Improvements | 3,304,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | -34,000 | ' | ' | |
Building & Improvements | -138,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 792,000 | ' | ' | |
Building & Improvements | 3,166,000 | [2] | ' | ' |
TOTAL | 3,958,000 | ' | ' | |
Accumulated Depreciation | 564,000 | ' | ' | |
Date Constructed/Acquired | '2006 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 3,958,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 564,000 | ' | ' | |
Retail Properties [Member] | Pelham, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 1,694,000 | ' | ' | |
Building & Improvements | 6,843,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | -48,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 1,694,000 | ' | ' | |
Building & Improvements | 6,795,000 | [2] | ' | ' |
TOTAL | 8,489,000 | ' | ' | |
Accumulated Depreciation | 1,312,000 | ' | ' | |
Date Constructed/Acquired | '2006 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 8,489,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,312,000 | ' | ' | |
Retail Properties [Member] | Stratford,CT [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 27,281,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 10,173,000 | ' | ' | |
Building & Improvements | 40,794,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | -94,000 | ' | ' | |
Building & Improvements | 8,393,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 10,079,000 | ' | ' | |
Building & Improvements | 49,187,000 | [2] | ' | ' |
TOTAL | 59,266,000 | ' | ' | |
Accumulated Depreciation | 11,563,000 | ' | ' | |
Date Constructed/Acquired | '2005 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 59,266,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 11,563,000 | ' | ' | |
Retail Properties [Member] | Yorktown Heights, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 5,786,000 | ' | ' | |
Building & Improvements | 23,221,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 1,502,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 5,786,000 | ' | ' | |
Building & Improvements | 24,723,000 | [2] | ' | ' |
TOTAL | 30,509,000 | ' | ' | |
Accumulated Depreciation | 5,072,000 | ' | ' | |
Date Constructed/Acquired | '2005 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 30,509,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 5,072,000 | ' | ' | |
Retail Properties [Member] | Rye, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 909,000 | ' | ' | |
Building & Improvements | 3,637,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 363,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 909,000 | ' | ' | |
Building & Improvements | 4,000,000 | [2] | ' | ' |
TOTAL | 4,909,000 | ' | ' | |
Accumulated Depreciation | 942,000 | ' | ' | |
Date Constructed/Acquired | '2004 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 4,909,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 942,000 | ' | ' | |
Retail Properties [Member] | Rye, NY 2 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 1,493,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 483,000 | ' | ' | |
Building & Improvements | 1,930,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 7,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 483,000 | ' | ' | |
Building & Improvements | 1,937,000 | [2] | ' | ' |
TOTAL | 2,420,000 | ' | ' | |
Accumulated Depreciation | 472,000 | ' | ' | |
Date Constructed/Acquired | '2004 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 2,420,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 472,000 | ' | ' | |
Retail Properties [Member] | Rye, NY 3 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 673,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 239,000 | ' | ' | |
Building & Improvements | 958,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 87,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 239,000 | ' | ' | |
Building & Improvements | 1,045,000 | [2] | ' | ' |
TOTAL | 1,284,000 | ' | ' | |
Accumulated Depreciation | 274,000 | ' | ' | |
Date Constructed/Acquired | '2004 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,284,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 274,000 | ' | ' | |
Retail Properties [Member] | Rye, NY 4 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 1,534,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 695,000 | ' | ' | |
Building & Improvements | 2,782,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | -1,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 695,000 | ' | ' | |
Building & Improvements | 2,781,000 | [2] | ' | ' |
TOTAL | 3,476,000 | ' | ' | |
Accumulated Depreciation | 676,000 | ' | ' | |
Date Constructed/Acquired | '2004 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 3,476,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 676,000 | ' | ' | |
Retail Properties [Member] | Somers, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 4,318,000 | ' | ' | |
Building & Improvements | 17,268,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 569,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 4,318,000 | ' | ' | |
Building & Improvements | 17,837,000 | [2] | ' | ' |
TOTAL | 22,155,000 | ' | ' | |
Accumulated Depreciation | 5,034,000 | ' | ' | |
Date Constructed/Acquired | '2003 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 22,155,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 5,034,000 | ' | ' | |
Retail Properties [Member] | Westport, CT [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 2,076,000 | ' | ' | |
Building & Improvements | 8,305,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 207,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 2,076,000 | ' | ' | |
Building & Improvements | 8,512,000 | [2] | ' | ' |
TOTAL | 10,588,000 | ' | ' | |
Accumulated Depreciation | 2,387,000 | ' | ' | |
Date Constructed/Acquired | '2003 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 10,588,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 2,387,000 | ' | ' | |
Retail Properties [Member] | White Plains, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 8,065,000 | ' | ' | |
Building & Improvements | 32,258,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 7,245,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 8,065,000 | ' | ' | |
Building & Improvements | 39,503,000 | [2] | ' | ' |
TOTAL | 47,568,000 | ' | ' | |
Accumulated Depreciation | 11,562,000 | ' | ' | |
Date Constructed/Acquired | '2003 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 47,568,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 11,562,000 | ' | ' | |
Retail Properties [Member] | Orange, CT [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 2,320,000 | ' | ' | |
Building & Improvements | 10,564,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 1,280,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 2,320,000 | ' | ' | |
Building & Improvements | 11,844,000 | [2] | ' | ' |
TOTAL | 14,164,000 | ' | ' | |
Accumulated Depreciation | 3,509,000 | ' | ' | |
Date Constructed/Acquired | '2003 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 14,164,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 3,509,000 | ' | ' | |
Retail Properties [Member] | Stamford, CT [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 47,571,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 17,965,000 | ' | ' | |
Building & Improvements | 71,859,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 6,134,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 17,965,000 | ' | ' | |
Building & Improvements | 77,993,000 | [2] | ' | ' |
TOTAL | 95,958,000 | ' | ' | |
Accumulated Depreciation | 23,718,000 | ' | ' | |
Date Constructed/Acquired | '2002 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 95,958,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 23,718,000 | ' | ' | |
Retail Properties [Member] | Danbury, CT [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 2,459,000 | ' | ' | |
Building & Improvements | 4,566,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 696,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 2,459,000 | ' | ' | |
Building & Improvements | 5,262,000 | [2] | ' | ' |
TOTAL | 7,721,000 | ' | ' | |
Accumulated Depreciation | 1,598,000 | ' | ' | |
Date Constructed/Acquired | '2002 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 7,721,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,598,000 | ' | ' | |
Retail Properties [Member] | Briarcliff, NY 2 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 2,222,000 | ' | ' | |
Building & Improvements | 5,185,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 1,890,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 2,222,000 | ' | ' | |
Building & Improvements | 7,075,000 | [2] | ' | ' |
TOTAL | 9,297,000 | ' | ' | |
Accumulated Depreciation | 1,645,000 | ' | ' | |
Date Constructed/Acquired | '2001 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '40 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 9,297,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,645,000 | ' | ' | |
Retail Properties [Member] | Somers, NY 2 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 1,833,000 | ' | ' | |
Building & Improvements | 7,383,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 743,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 1,833,000 | ' | ' | |
Building & Improvements | 8,126,000 | [2] | ' | ' |
TOTAL | 9,959,000 | ' | ' | |
Accumulated Depreciation | 3,474,000 | ' | ' | |
Date Constructed/Acquired | '1999 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years 6 months | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 9,959,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 3,474,000 | ' | ' | |
Retail Properties [Member] | Briarcliff, NY 3 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 380,000 | ' | ' | |
Building & Improvements | 1,531,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 335,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 380,000 | ' | ' | |
Building & Improvements | 1,866,000 | [2] | ' | ' |
TOTAL | 2,246,000 | ' | ' | |
Accumulated Depreciation | 730,000 | ' | ' | |
Date Constructed/Acquired | '1999 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '40 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 2,246,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 730,000 | ' | ' | |
Retail Properties [Member] | Briarcliff, NY 4 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 16,457,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 2,300,000 | ' | ' | |
Building & Improvements | 9,708,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 2,000 | ' | ' | |
Building & Improvements | 3,798,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 2,302,000 | ' | ' | |
Building & Improvements | 13,506,000 | [2] | ' | ' |
TOTAL | 15,808,000 | ' | ' | |
Accumulated Depreciation | 5,203,000 | ' | ' | |
Date Constructed/Acquired | '1998 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '40 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 15,808,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 5,203,000 | ' | ' | |
Retail Properties [Member] | Ridgefield, CT [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 900,000 | ' | ' | |
Building & Improvements | 3,793,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 1,592,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 900,000 | ' | ' | |
Building & Improvements | 5,385,000 | [2] | ' | ' |
TOTAL | 6,285,000 | ' | ' | |
Accumulated Depreciation | 1,738,000 | ' | ' | |
Date Constructed/Acquired | '1998 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '40 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 6,285,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,738,000 | ' | ' | |
Retail Properties [Member] | Darien, CT [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 17,391,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 4,260,000 | ' | ' | |
Building & Improvements | 17,192,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 835,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 4,260,000 | ' | ' | |
Building & Improvements | 18,027,000 | [2] | ' | ' |
TOTAL | 22,287,000 | ' | ' | |
Accumulated Depreciation | 6,897,000 | ' | ' | |
Date Constructed/Acquired | '1998 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '40 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 22,287,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 6,897,000 | ' | ' | |
Retail Properties [Member] | Eastchester, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 1,500,000 | ' | ' | |
Building & Improvements | 6,128,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 2,439,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 1,500,000 | ' | ' | |
Building & Improvements | 8,567,000 | [2] | ' | ' |
TOTAL | 10,067,000 | ' | ' | |
Accumulated Depreciation | 2,957,000 | ' | ' | |
Date Constructed/Acquired | '1997 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 10,067,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 2,957,000 | ' | ' | |
Retail Properties [Member] | Danbury, CT 2 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 3,850,000 | ' | ' | |
Building & Improvements | 15,811,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 4,030,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 3,850,000 | ' | ' | |
Building & Improvements | 19,841,000 | [2] | ' | ' |
TOTAL | 23,691,000 | ' | ' | |
Accumulated Depreciation | 9,682,000 | ' | ' | |
Date Constructed/Acquired | '1995 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years 6 months | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 23,691,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 9,682,000 | ' | ' | |
Retail Properties [Member] | Carmel, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 1,488,000 | ' | ' | |
Building & Improvements | 5,973,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 1,743,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 1,488,000 | ' | ' | |
Building & Improvements | 7,716,000 | [2] | ' | ' |
TOTAL | 9,204,000 | ' | ' | |
Accumulated Depreciation | 3,905,000 | ' | ' | |
Date Constructed/Acquired | '1995 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years 6 months | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 9,204,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 3,905,000 | ' | ' | |
Retail Properties [Member] | Meriden, CT [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 5,000,000 | ' | ' | |
Building & Improvements | 20,309,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 7,026,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 5,000,000 | ' | ' | |
Building & Improvements | 27,335,000 | [2] | ' | ' |
TOTAL | 32,335,000 | ' | ' | |
Accumulated Depreciation | 14,021,000 | ' | ' | |
Date Constructed/Acquired | '1993 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years 6 months | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 32,335,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 14,021,000 | ' | ' | |
Retail Properties [Member] | Somers, NY 3 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 821,000 | ' | ' | |
Building & Improvements | 2,600,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 549,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 821,000 | ' | ' | |
Building & Improvements | 3,149,000 | [2] | ' | ' |
TOTAL | 3,970,000 | ' | ' | |
Accumulated Depreciation | 1,400,000 | ' | ' | |
Date Constructed/Acquired | '1992 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years 6 months | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 3,970,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,400,000 | ' | ' | |
Retail Properties [Member] | Wayne, NJ [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 488,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 2,492,000 | ' | ' | |
Building & Improvements | 9,966,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 1,367,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 2,492,000 | ' | ' | |
Building & Improvements | 11,333,000 | [2] | ' | ' |
TOTAL | 13,825,000 | ' | ' | |
Accumulated Depreciation | 5,594,000 | ' | ' | |
Date Constructed/Acquired | '1992 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 13,825,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 5,594,000 | ' | ' | |
Retail Properties [Member] | Newington, NH [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 728,000 | ' | ' | |
Building & Improvements | 1,997,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 1,605,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 728,000 | ' | ' | |
Building & Improvements | 3,602,000 | [2] | ' | ' |
TOTAL | 4,330,000 | ' | ' | |
Accumulated Depreciation | 2,434,000 | ' | ' | |
Date Constructed/Acquired | '1979 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '40 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 4,330,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 2,434,000 | ' | ' | |
Retail Properties [Member] | Springfield, MA [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 1,372,000 | ' | ' | |
Building & Improvements | 3,656,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 337,000 | ' | ' | |
Building & Improvements | 10,158,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 1,709,000 | ' | ' | |
Building & Improvements | 13,814,000 | [2] | ' | ' |
TOTAL | 15,523,000 | ' | ' | |
Accumulated Depreciation | 10,017,000 | ' | ' | |
Date Constructed/Acquired | '1970 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '40 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 15,523,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 10,017,000 | ' | ' | |
Retail Properties [Member] | Katonah, NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 1,704,000 | ' | ' | |
Building & Improvements | 6,816,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 39,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 1,704,000 | ' | ' | |
Building & Improvements | 6,855,000 | [2] | ' | ' |
TOTAL | 8,559,000 | ' | ' | |
Accumulated Depreciation | 630,000 | ' | ' | |
Date Constructed/Acquired | '2010 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 8,559,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 630,000 | ' | ' | |
Retail Properties [Member] | Eastchester, NY 2 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 1,800,000 | ' | ' | |
Building & Improvements | 7,200,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 78,000 | ' | ' | |
Building & Improvements | 463,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 1,878,000 | ' | ' | |
Building & Improvements | 7,663,000 | [2] | ' | ' |
TOTAL | 9,541,000 | ' | ' | |
Accumulated Depreciation | 366,000 | ' | ' | |
Date Constructed/Acquired | '2012 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 9,541,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 366,000 | ' | ' | |
Retail Properties [Member] | Fairfield Centre, CT [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 3,393,000 | ' | ' | |
Building & Improvements | 13,574,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 153,000 | ' | ' | |
Building & Improvements | 612,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 3,546,000 | ' | ' | |
Building & Improvements | 14,186,000 | [2] | ' | ' |
TOTAL | 17,732,000 | ' | ' | |
Accumulated Depreciation | 716,000 | ' | ' | |
Date Constructed/Acquired | '2011 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 17,732,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 716,000 | ' | ' | |
Retail Properties [Member] | Orangeburg NY [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 6,977,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 3,200,000 | ' | ' | |
Building & Improvements | 12,800,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 30,000 | ' | ' | |
Building & Improvements | 903,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 3,230,000 | ' | ' | |
Building & Improvements | 13,703,000 | [2] | ' | ' |
TOTAL | 16,933,000 | ' | ' | |
Accumulated Depreciation | 537,000 | ' | ' | |
Date Constructed/Acquired | '2012 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 16,933,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 537,000 | ' | ' | |
Retail Properties [Member] | New Providence Property [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 21,041,000 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 6,970,000 | ' | ' | |
Building & Improvements | 27,880,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 463,000 | ' | ' | |
Building & Improvements | 2,051,000 | ' | ' | |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 7,433,000 | ' | ' | |
Building & Improvements | 29,931,000 | ' | ' | |
TOTAL | 37,364,000 | ' | ' | |
Accumulated Depreciation | 376,000 | ' | ' | |
Date Constructed/Acquired | '2013 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 37,364,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 376,000 | ' | ' | |
Retail Properties [Member] | Various [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 1,555,000 | ' | ' | |
Building & Improvements | 1,122,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 80,000 | ' | ' | |
Building & Improvements | 5,414,000 | ' | ' | |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 1,635,000 | ' | ' | |
Building & Improvements | 6,536,000 | ' | ' | |
TOTAL | 8,171,000 | ' | ' | |
Accumulated Depreciation | 115,000 | ' | ' | |
Date Constructed/Acquired | '2013 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 8,171,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 115,000 | ' | ' | |
Office Buildings [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 3,366,000 | ' | ' | |
Building & Improvements | 11,538,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | -58,000 | ' | ' | |
Building & Improvements | 1,753,000 | ' | ' | |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 3,308,000 | ' | ' | |
Building & Improvements | 13,291,000 | ' | ' | |
TOTAL | 16,599,000 | ' | ' | |
Accumulated Depreciation | 3,079,000 | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 16,599,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 3,079,000 | ' | ' | |
Office Buildings [Member] | Greenwich, CT 1 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 708,000 | ' | ' | |
Building & Improvements | 1,641,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 164,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 708,000 | ' | ' | |
Building & Improvements | 1,805,000 | [2] | ' | ' |
TOTAL | 2,513,000 | ' | ' | |
Accumulated Depreciation | 551,000 | ' | ' | |
Date Constructed/Acquired | '2001 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years 6 months | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 2,513,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 551,000 | ' | ' | |
Office Buildings [Member] | Greenwich, CT 2 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 488,000 | ' | ' | |
Building & Improvements | 1,139,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 318,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 488,000 | ' | ' | |
Building & Improvements | 1,457,000 | [2] | ' | ' |
TOTAL | 1,945,000 | ' | ' | |
Accumulated Depreciation | 440,000 | ' | ' | |
Date Constructed/Acquired | '2000 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years 6 months | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,945,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 440,000 | ' | ' | |
Office Buildings [Member] | Greenwich, CT 3 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 570,000 | ' | ' | |
Building & Improvements | 2,359,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 789,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 570,000 | ' | ' | |
Building & Improvements | 3,148,000 | [2] | ' | ' |
TOTAL | 3,718,000 | ' | ' | |
Accumulated Depreciation | 1,223,000 | ' | ' | |
Date Constructed/Acquired | '1998 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years 6 months | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 3,718,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,223,000 | ' | ' | |
Office Buildings [Member] | Greenwich, CT 4 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 199,000 | ' | ' | |
Building & Improvements | 795,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 660,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 199,000 | ' | ' | |
Building & Improvements | 1,455,000 | [2] | ' | ' |
TOTAL | 1,654,000 | ' | ' | |
Accumulated Depreciation | 451,000 | ' | ' | |
Date Constructed/Acquired | '1993 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years 6 months | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 1,654,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 451,000 | ' | ' | |
Office Buildings [Member] | Greenwich, CT 5 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 111,000 | ' | ' | |
Building & Improvements | 444,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 5,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 111,000 | ' | ' | |
Building & Improvements | 449,000 | [2] | ' | ' |
TOTAL | 560,000 | ' | ' | |
Accumulated Depreciation | 302,000 | ' | ' | |
Date Constructed/Acquired | '1994 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '31 years 6 months | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 560,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 302,000 | ' | ' | |
Office Buildings [Member] | Chester, NJ [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 570,000 | ' | ' | |
Building & Improvements | 2,280,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | -34,000 | ' | ' | |
Building & Improvements | -137,000 | ' | ' | |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 536,000 | ' | ' | |
Building & Improvements | 2,143,000 | ' | ' | |
TOTAL | 2,679,000 | ' | ' | |
Accumulated Depreciation | 49,000 | ' | ' | |
Date Constructed/Acquired | '2012 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 2,679,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 49,000 | ' | ' | |
Office Buildings [Member] | Bernardsville, NJ [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 720,000 | ' | ' | |
Building & Improvements | 2,880,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | -24,000 | ' | ' | |
Building & Improvements | -46,000 | ' | ' | |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 696,000 | ' | ' | |
TOTAL | 3,530,000 | ' | ' | |
Accumulated Depreciation | 63,000 | ' | ' | |
Date Constructed/Acquired | '2012 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '39 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 3,530,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 63,000 | ' | ' | |
Industrial Distribution Centers [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 450,000 | ' | ' | |
Building & Improvements | 934,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | -790,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 450,000 | ' | ' | |
Building & Improvements | 144,000 | ' | ' | |
TOTAL | 594,000 | ' | ' | |
Accumulated Depreciation | 65,000 | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 594,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 65,000 | ' | ' | |
Industrial Distribution Centers [Member] | Dallas, TX [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 217,000 | ' | ' | |
Building & Improvements | 0 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | 46,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 217,000 | ' | ' | |
Building & Improvements | 46,000 | [2] | ' | ' |
TOTAL | 263,000 | ' | ' | |
Accumulated Depreciation | 21,000 | ' | ' | |
Date Constructed/Acquired | '1970 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '40 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 263,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | 21,000 | ' | ' | |
Industrial Distribution Centers [Member] | St. Louis, MO [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost to Company [Abstract] | ' | ' | ' | |
Land | 233,000 | ' | ' | |
Building & Improvements | 934,000 | ' | ' | |
Cost Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Land | 0 | ' | ' | |
Building & Improvements | -836,000 | [1] | ' | ' |
Amount at which Carried at Close of Period [Abstract] | ' | ' | ' | |
Land | 233,000 | ' | ' | |
Building & Improvements | 98,000 | [2] | ' | ' |
TOTAL | 331,000 | ' | ' | |
Accumulated Depreciation | 44,000 | ' | ' | |
Date Constructed/Acquired | '1970 | ' | ' | |
Life on which depreciation for building and improvements in latest income statement is computed | '40 years | ' | ' | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ' | ' | ' | |
Balance at end of year | 331,000 | ' | ' | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ' | ' | ' | |
Balance at end of year | $44,000 | ' | ' | |
[1] | RECONCILIATION OF REAL ESTATE - OWNED SUBJECT TO OPERATING LEASES Balance at beginning of year $ 631,167 $ 601,222 $ 565,672 Property improvements during the year 5,782 7,452 3,517 Properties acquired during the year 26,306 28,702 33,243 Properties sold during the year (533) --- --- Property assets fully depreciated and written off (2,347) (6,209) (1,210) Balance at end of year $ 660,375 $ 631,167 $ 601,222 | |||
[2] | Tenant improvement costs are depreciated over the life of the related leases, which range from 5 to 20 years. |
SCHEDULE_IV_MORTGAGE_LOANS_ON_1
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | |
Description | 'Riverside, CA | ' | ' | |
Coupon interest rate (in hundredths) | 9.00% | ' | ' | |
Effective interest rate (in hundredths) | 12.00% | ' | ' | |
Final Maturity Date | 15-Jan-13 | ' | ' | |
Periodic Payment Terms | 'Payable in quarterly installments of Principal and Interest of $54 | ' | ' | |
Remaining Face Amount of Mortgages | $0 | [1] | ' | ' |
Carrying Amount of Mortgage | 0 | [2] | ' | ' |
Installment payment | 54 | ' | ' | |
Reconciliation of Mortgage Loans on Real Estate [Roll Forward] | ' | ' | ' | |
Balance at beginning of period | 898 | 999 | 1,090 | |
Deductions during the current period [Abstract] | ' | ' | ' | |
Collections of principal and amortization of discounts | -898 | -101 | -91 | |
Balance at end of period | $0 | $898 | $999 | |
[1] | The aggregate cost basis for Federal income tax purposes is equal to the face amount of the mortgages. | |||
[2] | NOTES TO SCHEDULE IV Year Ended October 31 Reconciliation of Mortgage Loans on Real Estate 2012 2011 2010 Balance at beginning of period: $ 999 $ 1,090 $ 1,170 Deductions during the current period: Collections of principal and amortization of discounts (101) (91) (80) Balance at end of period: $ 898 $ 999 $ 1,090 |