Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Oct. 31, 2014 | Jan. 13, 2015 | Apr. 30, 2014 | |
Entity Information [Line Items] | |||
Entity Registrant Name | URSTADT BIDDLE PROPERTIES INC | ||
Entity Central Index Key | 1029800 | ||
Current Fiscal Year End Date | -21 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $39,371,003 | ||
Entity Common Stock, Shares Outstanding | 9,345,559 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Oct-14 | ||
Class A Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Public Float | $470,703,727 | ||
Entity Common Stock, Shares Outstanding | 26,579,465 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Investments: | ||
Core properties - at cost | $830,304 | $731,564 |
Non-core properties - at cost | 0 | 595 |
Total investment property - at cost | 830,304 | 732,159 |
Less: Accumulated depreciation | -161,187 | -155,272 |
Investment property at cost - net | 669,117 | 576,887 |
Investments in and advances to unconsolidated joint ventures | 39,213 | 31,432 |
Total real estate investments | 708,330 | 608,319 |
Cash and cash equivalents | 73,029 | 2,945 |
Restricted cash | 2,123 | 1,397 |
Tenant receivables | 20,361 | 21,077 |
Prepaid expenses and other assets | 9,749 | 10,898 |
Deferred charges, net of accumulated amortization | 5,413 | 5,390 |
Total Assets | 819,005 | 650,026 |
Liabilities: | ||
Revolving credit lines | 15,550 | 9,250 |
Unsecured term loan | 25,000 | 0 |
Mortgage notes payable and other loans | 205,147 | 166,246 |
Preferred stock called for redemption | 61,250 | 0 |
Accounts payable and accrued expenses | 1,622 | 1,450 |
Deferred compensation - officers | 187 | 176 |
Other liabilities | 16,342 | 15,147 |
Total Liabilities | 325,098 | 192,269 |
Redeemable Noncontrolling Interests | 18,864 | 11,843 |
Stockholders' Equity: | ||
Excess Stock, par value $.01 per share; 10,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock | 92 | 90 |
Additional paid in capital | 370,979 | 367,070 |
Cumulative distributions in excess of net income | -95,702 | -112,168 |
Accumulated other comprehensive (loss) | 63 | 62 |
Total Stockholders' Equity | 475,043 | 445,914 |
Total Liabilities and Stockholders' Equity | 819,005 | 650,026 |
Series D Senior Cumulative Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock | 0 | 61,250 |
Total Stockholders' Equity | 0 | 61,250 |
Series F Cumulative Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock | 129,375 | 129,375 |
Total Stockholders' Equity | 129,375 | 129,375 |
Series G Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock | 70,000 | 0 |
Total Stockholders' Equity | 70,000 | |
Class A Common Stock [Member] | ||
Stockholders' Equity: | ||
Common stock | 236 | 235 |
Total Stockholders' Equity | $236 | $235 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Oct. 31, 2014 | Oct. 31, 2013 |
Stockholders' Equity: | ||
Excess Stock, par value (in dollars per share) | $0.01 | $0.01 |
Excess Stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Excess Stock, shares issued (in shares) | 0 | 0 |
Excess Stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, 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) | 9,193,559 | 9,035,212 |
Common Stock, shares outstanding (in shares) | 9,193,559 | 9,035,212 |
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) | 0 | 2,450,000 |
Preferred Stock, shares outstanding (in shares) | 0 | 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 | 100,000,000 |
Common Stock, shares issued (in shares) | 23,611,715 | 23,530,704 |
Common Stock, shares outstanding (in shares) | 23,611,715 | 23,530,704 |
Series G Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred Stock, dividend rate (in hundredths) | 6.75% | 6.75% |
Preferred Stock, liquidation preference (in dollars per share) | $25 | $25 |
Preferred Stock, shares issued (in shares) | 2,800,000 | 2,800,000 |
Preferred Stock, shares outstanding (in shares) | 2,800,000 | 2,800,000 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
Revenues | |||
Base rents | $75,099,000 | $70,052,000 | $67,543,000 |
Recoveries from tenants | 24,947,000 | 22,594,000 | 20,603,000 |
Lease termination income | 183,000 | 214,000 | 89,000 |
Other income | 2,099,000 | 2,343,000 | 2,160,000 |
Total Revenues | 102,328,000 | 95,203,000 | 90,395,000 |
Expenses | |||
Property operating | 18,926,000 | 17,471,000 | 14,200,000 |
Property taxes | 16,997,000 | 15,524,000 | 15,114,000 |
Depreciation and amortization | 19,249,000 | 17,769,000 | 16,637,000 |
General and administrative | 8,016,000 | 8,211,000 | 7,545,000 |
Provisions for tenant credit losses | 917,000 | 958,000 | 665,000 |
Acquisition costs | 666,000 | 857,000 | 296,000 |
Directors' fees and expenses | 314,000 | 337,000 | 262,000 |
Total Operating Expenses | 65,085,000 | 61,127,000 | 54,719,000 |
Operating Income | 37,243,000 | 34,076,000 | 35,676,000 |
Non-Operating Income (Expense): | |||
Interest expense | -10,235,000 | -9,094,000 | -9,148,000 |
Gain on sale of marketable securities | 0 | 1,460,000 | 0 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 24,345,000 | 0 | 0 |
Equity in net loss/(income) of unconsolidated joint ventures | 1,604,000 | 1,318,000 | -138,000 |
Interest, dividends and other investment income | 134,000 | 1,345,000 | 892,000 |
Income From Continuing Operations Before Discontinued Operations | 53,091,000 | 29,105,000 | 27,282,000 |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 141,000 | 1,308,000 | 1,478,000 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 12,526,000 | 0 | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 12,667,000 | 1,308,000 | 1,478,000 |
Net Income | 65,758,000 | 30,413,000 | 28,760,000 |
Noncontrolling interests: | |||
Net income attributable to noncontrolling interests | -607,000 | -618,000 | -500,000 |
Net income attributable to Urstadt Biddle Properties Inc. | 65,151,000 | 29,795,000 | 28,260,000 |
Preferred stock dividends | -13,812,000 | -14,949,000 | -13,267,000 |
Redemption of preferred stock | -1,870,000 | -4,233,000 | -2,027,000 |
Net Income Applicable to Common and Class A Common Stockholders | 49,469,000 | 10,613,000 | 12,966,000 |
Income (loss) from Continuing Operations, Per Basic Share | $1.09 | $0.28 | $0.38 |
Income (loss) from Continuing Operations, Per Diluted Share | $1.06 | $0.27 | $0.36 |
Income from Discontinued Operations, Per Basic Share | $0.37 | $0.04 | $0.05 |
Income from Discontinued Operations, Per Diluted Share | $0.36 | $0.04 | $0.05 |
Earnings Per Share, Basic | $1.46 | $0.32 | $0.43 |
Diluted Earnings Per Share | $1.42 | $0.31 | $0.41 |
Class A Common Stock [Member] | |||
Noncontrolling interests: | |||
Net Income Applicable to Common and Class A Common Stockholders | $38,068,000 | $8,204,000 | $9,800,000 |
Income (loss) from Continuing Operations, Per Basic Share | $1.22 | $0.31 | $0.42 |
Income (loss) from Continuing Operations, Per Diluted Share | $1.19 | $0.30 | $0.41 |
Income from Discontinued Operations, Per Basic Share | $0.42 | $0.04 | $0.05 |
Income from Discontinued Operations, Per Diluted Share | $0.40 | $0.04 | $0.05 |
Earnings Per Share, Basic | $1.64 | $0.35 | $0.47 |
Diluted Earnings Per Share | $1.59 | $0.34 | $0.46 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 |
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | |||
Net Income | $65,758 | $30,413 | $28,760 |
Other comprehensive income: | |||
Change in unrealized gain/(losses) in marketable equity securities | 29 | 1,403 | 64 |
Change in unrealized loss on interest rate swaps | -18 | 136 | 73 |
Unrealized (gains) in marketable securities reclassified into income | -10 | -1,460 | 0 |
Total comprehensive income | 65,759 | 30,492 | 28,897 |
Comprehensive income attributable to noncontrolling interests | -607 | -618 | -500 |
Total Comprehensive income attributable to Urstadt Biddle Properties Inc. | 65,152 | 29,874 | 28,397 |
Preferred stock dividends | -13,812 | -14,949 | -13,267 |
Redemption of Preferred Stock | -1,870 | -4,233 | -2,027 |
Total comprehensive income (loss) applicable to Common and Class A Common Stockholders | $49,470 | $10,692 | $13,103 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
Cash Flows from Operating Activities: | |||
Net Income | $65,758,000 | $30,413,000 | $28,760,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 19,249,000 | 17,816,000 | 16,721,000 |
Straight-line rent adjustment | 516,000 | -291,000 | -832,000 |
Provisions for tenant credit losses | 917,000 | 958,000 | 665,000 |
Restricted stock compensation expense and other adjustments | 4,097,000 | 4,069,000 | 3,812,000 |
Deferred compensation arrangement | 11,000 | -18,000 | 6,000 |
Marketable Securities, Gain (Loss) | 0 | -1,460,000 | 0 |
Gain Loss On Disposal Group Continuing And Discontinued Operations Net Of Related Impairment Charges | -36,872,000 | 0 | 0 |
Equity in net loss/(income) of unconsolidated joint ventures | -1,604,000 | -1,318,000 | 138,000 |
Changes in operating assets and liabilities: | |||
Tenant receivables | -1,443,000 | -193,000 | 1,335,000 |
Accounts payable and accrued expenses | 154,000 | -7,000 | 812,000 |
Other assets and other liabilities, net | 881,000 | 1,535,000 | 1,068,000 |
Restricted Cash | -749,000 | -552,000 | 19,000 |
Net Cash Flow Provided by Operating Activities | 50,915,000 | 50,952,000 | 52,504,000 |
Cash Flows from Investing Activities: | |||
Acquisitions of real estate investments | -74,805,000 | -40,381,000 | -5,432,000 |
Investments in and advances to unconsolidated joint venture | -6,902,000 | -18,003,000 | -1,044,000 |
Repayment of advance to unconsolidated joint venture | 0 | 13,170,000 | 0 |
Deposits on acquisition of real estate investments | -3,157,000 | -3,287,000 | -129,000 |
Return of deposits on acquisitions of real estate | 0 | 400,000 | 843,000 |
Improvements to properties and deferred charges | -19,303,000 | -9,494,000 | -6,523,000 |
Net proceeds from sale of properties | 47,609,000 | 4,475,000 | 533,000 |
Distributions to noncontrolling interests | -607,000 | -618,000 | -500,000 |
Distributions from unconsolidated joint ventures | 1,901,000 | 789,000 | 412,000 |
Payments received on mortgage notes and other receivables | 640,000 | 1,858,000 | 1,062,000 |
Proceeds on sale of securities available for sale | 0 | 30,782,000 | 0 |
Payments to Acquire Available-for-sale Securities, Equity | 0 | -29,322,000 | 0 |
Net Cash Flow (Used in) Investing Activities | -54,624,000 | -49,631,000 | -10,778,000 |
Cash Flows from Financing Activities: | |||
Dividends paid - Common and Class A Common Stock | -32,116,000 | -31,655,000 | -29,331,000 |
Dividends paid - Preferred Stock | -13,812,000 | -14,949,000 | -13,267,000 |
Principal repayments on mortgage notes payable | -20,297,000 | -6,623,000 | -15,049,000 |
Repayments on revolving credit line borrowings | -58,750,000 | -40,700,000 | -88,250,000 |
Proceeds from revolving credit line borrowings | 65,050,000 | 38,350,000 | 58,000,000 |
Proceeds from Issuance of Unsecured Debt | 25,000,000 | 0 | 0 |
Proceeds from loan financing | 40,675,000 | 0 | 28,000,000 |
Sales of additional shares of Common and Class A Common Stock | 248,000 | 244,000 | 47,799,000 |
Repurchase of shares of Common Stock | 0 | -18,000 | 0 |
Return of escrow deposit | 0 | 1,286,000 | 0 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 67,795,000 | 0 | 125,281,000 |
Redemption of Preferred Stock including restricted cash | 0 | -22,403,000 | -81,346,000 |
Net Cash Flow Provided by (Used in) Financing Activities | 73,793,000 | -76,468,000 | 31,837,000 |
Net Increase/(Decrease) In Cash and Cash Equivalents | 70,084,000 | -75,147,000 | 73,563,000 |
Cash and Cash Equivalents at Beginning of Year | 2,945,000 | 78,092,000 | 4,529,000 |
Cash and Cash Equivalents at End of Year | 73,029,000 | 2,945,000 | 78,092,000 |
Interest Paid | $10,300,000 | $8,500,000 | $8,600,000 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Common Stock [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] | Total | Class A Common Stock [Member] | 6.75% Series G Preferred Stock | 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] | |||||||||
Balance at Oct. 31, 2011 | $87 | $209 | $315,288 | ($74,462) | ($154) | $302,218 | $0 | $61,250 | $0 | ||
Balance (in shares) at Oct. 31, 2011 | 8,671,888 | 20,891,330 | 0 | 2,450,000 | 0 | ||||||
Comprehensive Income: | |||||||||||
Net income applicable to Common and Class A common stockholders | 3,166 | 12,966 | 0 | 12,966 | 9,800 | ||||||
Change in unrealized gains (losses) in marketable securities | 64 | 64 | |||||||||
Change in unrealized (loss) on interest rate swap | 73 | 73 | |||||||||
Total Comprehensive income attributable to Urstadt Biddle Properties Inc. | 28,397 | ||||||||||
Cash dividends paid: | |||||||||||
Common stock | -7,966 | -21,365 | -7,966 | -21,365 | |||||||
Sale of Class A Common Shares | 47,504 | 0 | 0 | 47,529 | 25 | ||||||
Sale of Class A Common Shares (in shares) | 0 | 2,500,000 | 5,175,000 | ||||||||
Issuance of shares under dividend reinvestment plan | 0 | 0 | 270 | 270 | |||||||
Issuance of shares under dividend reinvestment plan (in shares) | 6,627 | 7,950 | |||||||||
Issuance of Series F Preferred Stock | 0 | -4,094 | 0 | 125,281 | 0 | 129,375 | |||||
Issuance of Series F Preferred Stock (in shares) | 0 | 0 | 0 | 5,175,000 | |||||||
Shares issued under restricted stock plan | 2 | 1 | -3 | 0 | |||||||
Shares issued under restricted stock plan (in shares) | 175,950 | 61,600 | |||||||||
Restricted stock compensation and other adjustment | 3,812 | 3,812 | |||||||||
Adjustments to redeemable noncontrolling interests | 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 | 10,613 | 10,613 | 8,204 | |||||||
Change in unrealized gains (losses) in marketable securities | -57 | -57 | |||||||||
Change in unrealized (loss) on interest rate swap | 136 | 136 | |||||||||
Total Comprehensive income attributable to Urstadt Biddle Properties Inc. | 29,874 | ||||||||||
Cash dividends paid: | |||||||||||
Common stock | -8,128 | -23,527 | -8,128 | -23,527 | |||||||
Issuance of shares under dividend reinvestment plan | 244 | 244 | |||||||||
Issuance of shares under dividend reinvestment plan (in shares) | 5,797 | 6,724 | |||||||||
Stock Repurchased During Period, Value | -18 | -18 | |||||||||
Stock Repurchased During Period, Shares | 1,000 | ||||||||||
Shares issued under restricted stock plan | 1 | 0 | -1 | 0 | |||||||
Shares issued under restricted stock plan (in shares) | 175,950 | 64,100 | |||||||||
Forfeiture of restricted stock | 0 | ||||||||||
Forfeiture of restricted stock (in shares) | -1,000 | ||||||||||
Restricted stock compensation and other adjustment | 4,068 | 4,068 | |||||||||
Adjustments to redeemable noncontrolling interests | -425 | -425 | |||||||||
Repurchase of Common Stock | -18 | -18 | |||||||||
Repurchase of Common Stock (in shares) | -1,000 | ||||||||||
Balance at Oct. 31, 2013 | 90 | 367,070 | -112,168 | 62 | 445,914 | 235 | 61,250 | 129,375 | |||
Balance (in shares) at Oct. 31, 2013 | 9,035,212 | 23,530,704 | 2,450,000 | 5,175,000 | |||||||
Comprehensive Income: | |||||||||||
Net income applicable to Common and Class A common stockholders | 11,401 | 49,469 | 49,469 | 38,068 | |||||||
Change in unrealized gains (losses) in marketable securities | 19 | 19 | |||||||||
Change in unrealized (loss) on interest rate swap | -18 | -18 | |||||||||
Total Comprehensive income attributable to Urstadt Biddle Properties Inc. | 65,152 | ||||||||||
Cash dividends paid: | |||||||||||
Common stock | -8,271 | -23,845 | -8,271 | -23,845 | |||||||
Sale of Class A Common Shares (in shares) | 2,800,000 | ||||||||||
Issuance of shares under dividend reinvestment plan | 248 | 248 | |||||||||
Issuance of shares under dividend reinvestment plan (in shares) | 6,347 | 6,811 | |||||||||
Stock Issued During Period Shares New Issues Series G Preferred Stock | -2,304 | 67,696 | 70,000 | ||||||||
Stock Issued During Period Value New Issues Series G Preferred Stock (in shares) | 2,800,000 | ||||||||||
Stock Repurchased During Period, Value | 1,870 | -59,380 | -61,250 | ||||||||
Stock Repurchased During Period, Shares | -2,450,000 | ||||||||||
Shares issued under restricted stock plan | -3 | 2 | 1 | ||||||||
Shares issued under restricted stock plan (in shares) | 152,000 | 80,500 | |||||||||
Forfeiture of restricted stock (in shares) | -6,300 | ||||||||||
Restricted stock compensation and other adjustment | 4,098 | 4,098 | |||||||||
Adjustments to redeemable noncontrolling interests | -887 | -887 | |||||||||
Repurchase of Common Stock | 1,870 | -59,380 | -61,250 | ||||||||
Repurchase of Common Stock (in shares) | 2,450,000 | ||||||||||
Balance at Oct. 31, 2014 | $92 | $370,979 | ($95,702) | $63 | $475,043 | $236 | $70,000 | $0 | $129,375 | ||
Balance (in shares) at Oct. 31, 2014 | 9,193,559 | 23,611,715 | 2,800,000 | 0 | 5,175,000 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
Class A Common Stock [Member] | |||
Common stock, dividends per share declared (in dollars per share) | $1.01 | $1 | $0.99 |
7.5% Series D Preferred Stock [Member] | |||
Preferred stock, dividend rate (in hundredths) | 7.50% | 7.50% | 7.50% |
Series G Preferred Stock [Member] | |||
Preferred stock, dividend rate (in hundredths) | 6.75% | ||
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 | $0.90 |
ORGANIZATION_BASIS_OF_PRESENTA
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Oct. 31, 2014 | |||||||||||||
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||||||||||||
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (1) ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Business | |||||||||||||
Urstadt Biddle Properties Inc. ("Company"), a real estate investment trust (REIT), is engaged in the acquisition, ownership and management of commercial real estate, primarily neighborhood and community shopping centers in the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York. The Company's major tenants include supermarket chains and other retailers who sell basic necessities. At October 31, 2014, the Company owned or had equity interests in 70 properties containing a total of 4.8 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 6 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 receivables 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 2014 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, 2014. As of October 31, 2014, the fiscal tax years 2011 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. Real estate investment 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 has early adopted FASB Accounting Standards Update No. 2014-08 "Presentation of Financial Statements (ASC Topic 205) and Property, Plant, and Equipment (ASC Topic 360)" (together, "ASU 2014-08"), which change the requirements for reporting discontinued operations in accordance with ASC Topic 205-20. As a result of this update, beginning in April 2014, the Company no longer classifies individual properties that have been sold or are classified as held for sale as discontinued operations in the consolidated statement of income if the removal, or anticipated removal, of the asset(s) from the reporting entity does not represent a strategic shift that has or will have a major effect on an entity's operations and financial results when disposed of. ASU 2014-08 requires previously reported assets that qualified for discontinued operations reporting to continue to be reported in that manner. | |||||||||||||
In April 2014, the Company reached a decision to actively market for sale one of its properties located in Springfield, MA as that property no longer met the Company's investment objectives. The property was sold in September 2014 for $31 million and the Company realized a gain on sale of property of $24.3 million. In accordance with ASU 2014-08, the revenue, expenses and gain on sale of the property are not included in discontinued operations. The net book value of the Springfield asset at October 31, 2013 was insignificant to the financial statement presentation and as a result the Company did not include the asset as held for sale in accordance with ASC 360-10-45. | |||||||||||||
The operating results of the Springfield property which are included in the continuing operations were as follows (amounts in thousands): | |||||||||||||
For Year Ended | |||||||||||||
October 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 3,805 | $ | 4,239 | $ | 4,185 | |||||||
Property operating expense | (1,780 | ) | (1,764 | ) | (1,524 | ) | |||||||
Depreciation and amortization | (341 | ) | (653 | ) | (645 | ) | |||||||
Net Income | $ | 1,684 | $ | 1,822 | $ | 2,016 | |||||||
In December 2013, prior to the adoption of ASU 2014-08, the Company sold its two distribution service facilities in its non-core portfolio and one core property for $18.1 million, resulting in a gain on sale of properties of $12.5 million. In accordance with ASC 360 and 205 the operating results of the distribution service facilities are shown as discontinued operations on the consolidated statements of income for fiscal years ended October 31, 2014, 2013 and 2012. The operating results of the other property were insignificant to financial statement presentation and are not shown as discontinued operations. The net book value of the two distribution service facilities and the one core property at October 31, 2013 are insignificant to the financial statement presentation and as a result the Company will not include the assets as held for sale in accordance with ASC 360-10-45. | |||||||||||||
The combined operating results for the distribution service facilities have been reclassified as discontinued operations in the accompanying consolidated statements of income. The following table summarizes revenues and expenses for the Company's discontinued operations (amounts in thousands): | |||||||||||||
For The Year Ended | |||||||||||||
October 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 141 | $ | 1,356 | $ | 1,565 | |||||||
Property operating expense | - | - | (3 | ) | |||||||||
Depreciation and amortization | - | (48 | ) | (84 | ) | ||||||||
Income from discontinued operations | $ | 141 | $ | 1,308 | $ | 1,478 | |||||||
Cash flows from discontinued operations for the fiscal years ended October 31, 2014, 2013 and 2012 are combined with the cash flows from operations within each of the three categories presented. Cash flows from discontinued operations are as follows (amounts in thousands): | |||||||||||||
For The Year Ended | |||||||||||||
October 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash flows from operating activities | $Â | (13,131 | ) | $ | 1,356 | $ | 1,562 | ||||||
Cash flows from investing activities | $ | 14,314 | $ | - | $ | - | |||||||
Cash flows from financing activities | $ | - | $ | - | $ | - | |||||||
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 $2,703,000 and $3,043,000 as of October 31, 2014 and 2013, 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, 2014. | |||||||||||||
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, 2014 and 2013, approximately $13,368,000 and $13,719,000, 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, 2014 and 2013, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $3,106,000 and $3,604,000, respectively. | |||||||||||||
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. | |||||||||||||
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, 2014, the Company believes it has no significant risk associated with non-performance of the financial institutions that are the counterparty to its derivative contracts. At October 31, 2014, the Company had approximately $19.7 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 3.99% per annum. As of October 31, 2014, the Company had a deferred asset of $63,000 (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 2014 or fiscal 2013. | |||||||||||||
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, 2014, accumulated other comprehensive income (loss) consisted of net unrealized gains on interest rate swap agreements of approximately $63,000. 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. 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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator | |||||||||||||
Net income applicable to common stockholders – basic | $ | 11,401 | $ | 2,409 | $ | 3,166 | |||||||
Effect of dilutive securities: | |||||||||||||
Stock awards | 723 | 182 | 236 | ||||||||||
Net income applicable to common stockholders – diluted | $ | 12,124 | $ | 2,591 | $ | 3,402 | |||||||
Denominator | |||||||||||||
Denominator for basic EPS-weighted average common shares | 7,801 | 7,543 | 7,370 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock and other awards | 735 | 840 | 834 | ||||||||||
Denominator for diluted EPS – weighted average common equivalent shares | 8,536 | 8,383 | 8,204 | ||||||||||
Numerator | |||||||||||||
Net income applicable to Class A common stockholders – basic | $ | 38,068 | $ | 8,204 | $ | 9,800 | |||||||
Effect of dilutive securities: | |||||||||||||
Stock awards | -723 | -182 | -236 | ||||||||||
Net income applicable to Class A common stockholders – diluted | $ | 37,345 | $ | 8,022 | $ | 9,564 | |||||||
Denominator | |||||||||||||
Denominator for basic EPS – weighted average Class A common shares | 23,208 | 23,122 | 20,740 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock and other awards | 219 | 235 | 224 | ||||||||||
Denominator for diluted EPS – weighted average Class A common | |||||||||||||
equivalent shares | 23,427 | 23,357 | 20,964 | ||||||||||
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 2012 and 2013 amounts have been reclassified to conform to current period presentation. | |||||||||||||
New Accounting Standards | |||||||||||||
In April 2014, FASB issued ASU 2014-08 which changes the requirements for reporting discontinued operations in ASC Subtopic 205-20. This pronouncement has been early adopted by the Company in the second quarter of fiscal 2014 and as a result the Company has not included a property that sold in the fourth quarter of fiscal 2014 as discontinued operations. | |||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's ASC. ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. The Company is currently assessing the potential impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. | |||||||||||||
The Company has evaluated all other new Accounting Standards Updates issued by FASB and has concluded that these updates do not have a material effect on the Company's consolidated financial statements as of October 31, 2014. |
REAL_ESTATE_INVESTMENTS
REAL ESTATE INVESTMENTS | 12 Months Ended | ||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||
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, 2014 and 2013 (in thousands): | |||||||||||||||||
Core Properties | Unconsolidated Joint Venture | 2014 | 2013 | ||||||||||||||
Totals | Totals | ||||||||||||||||
Retail | $ | 655,848 | $ | 39,213 | $ | 695,061 | $ | 594,267 | |||||||||
Office | 13,269 | - | 13,269 | 13,521 | |||||||||||||
Industrial | - | - | - | 531 | |||||||||||||
$ | 669,117 | $ | 39,213 | $ | 708,330 | $ | 608,319 | ||||||||||
The Company's investments at October 31, 2014 consisted of equity interests in 70 properties, which are located in various regions throughout the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York. The Company's primary investment focus is neighborhood and community shopping centers located in the region just described. These properties are considered core properties of the Company. The Company sold its two distribution service facilities in fiscal 2014 which were 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, 2014 and 2013 (in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Northeast | $ | 708,330 | $ | 607,788 | |||||||||||||
Midwest | - | 288 | |||||||||||||||
Southwest | - | 243 | |||||||||||||||
$ | 708,330 | $ | 608,319 |
CORE_PROPERTIES
CORE PROPERTIES | 12 Months Ended | |||||
Oct. 31, 2014 | ||||||
CORE PROPERTIES [Abstract] | ||||||
CORE PROPERTIES | (3) CORE PROPERTIES | |||||
The components of the core properties consolidated in the financial statements are as follows (in thousands): | ||||||
2014 | 2013 | |||||
Land | $ | 153,346 | $ | 134,466 | ||
Buildings and improvements | 676,958 | 597,098 | ||||
830,304 | 731,564 | |||||
Accumulated depreciation | -161,187 | -155,208 | ||||
$ | 669,117 | $ | 576,356 | |||
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 $436,961 become due as follows (in thousands): 2015 - $71,102; 2016 - $64,496; 2017 - $57,764; 2018 - $46,636; 2019 - $39,362 and thereafter – $157,601. | ||||||
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 1.00% of consolidated revenues in each of the three years ended October 31, 2014. | ||||||
Owned Properties and Properties Under Contract to Purchase | ||||||
In September 2014, the Company entered into a contract to purchase, for $124.6 million, four retail properties totaling approximately 375,000 square feet located in the Company's target market of the metropolitan New York tri-state area outside of the City of New York ("Retail Properties"). Pursuant to the contract, the Company placed a deposit of $2.5 million with the seller which is included in prepaid expenses and other assets on the consolidated balance sheet at October 31, 2014. The Company completed the purchase in December 2014 and funded the acquisition with a combination of available cash remaining from the sale of Class A Common Stock and the sale of its Series G Preferred Stock (see Notes 7 & 13), borrowings under its Unsecured Revolving Credit Facility (the "Facility") and a non-recourse mortgage secured by the subject property (see Note 4). | ||||||
In August 2014, the Company, through a wholly-owned subsidiary, purchased for $47.4 million, two retail properties totaling 88,000 square feet located in Greenwich, CT (the "Greenwich Properties"). The Company funded the acquisition with a combination of available cash, borrowings under its Facility, other unsecured borrowings and a non-recourse mortgage secured by the subject property (see Note 4). In conjunction with the purchase, the Company incurred acquisition costs totaling $127,000, which have been expensed in the year ended October 31, 2014 consolidated statement of income. | ||||||
In January 2014, the Company, through a wholly-owned subsidiary, purchased for $9 million a 31,000 square foot retail shopping center located in Bethel, CT (the "Bethel Property"). The Company funded the equity needed to complete the purchase with proceeds from the sale of its two non-core properties in December 2013. In conjunction with the purchase, the Company incurred acquisition costs totaling $88,000, which have been expensed in the year ended October 31, 2014 consolidated statement of income. | ||||||
In December 2013, the Company, through a wholly-owned subsidiary, purchased for $18.4 million a 63,000 square foot retail shopping center located in Boonton, NJ (the "Boonton Property"). The acquisition required the assumption of an existing mortgage in the amount of $7.8 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 fiscal year ended October 31, 2014.  The mortgage loan requires monthly payments of principal and interest at a fixed rate of 4.20% per annum. The mortgage matures in September 2022. The Company funded the equity needed to complete the purchase with borrowings under its Facility. In conjunction with the purchase, the Company incurred acquisition costs totaling $225,000, which have been expensed in the year ended October 31, 2014 consolidated statement of income. | ||||||
In December 2013, the Company, through a wholly-owned subsidiary, purchased for $11 million a 56,000 square foot retail shopping center located in Bloomfield, NJ (the "Bloomfield Property"). The acquisition required the assumption of an existing mortgage in the amount of $7.7 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 fiscal year ended October 31, 2014.  The mortgage loan requires monthly payments of principal and interest at a fixed rate of 5.5% per annum. The mortgage matures in August 2016. The Company funded the equity needed to complete the purchase with borrowings under its Facility. In conjunction with the purchase, the Company incurred acquisition costs totaling $123,000, which have been expensed in the year ended October 31, 2014 consolidated statement of income. | ||||||
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 ("Post Road 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 the 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 107,000 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 $4.3 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 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 fiscal 2014, the Company completed evaluating the fair value of the in-place leases for its Boonton Property, Bethel Property and Bloomfield Property, all of which were acquired in fiscal 2014. As a result of its evaluation, the Company has allocated $901,000 to a liability associated with the net fair value assigned to the acquired leases at the Bloomfield Property, a $71,000 liability associated with the net fair value assigned to the acquired leases at the Boonton Property, and a $92,000 asset associated with the net fair value assigned to the acquired leases at the Bethel Property, all of which amounts represent a non-cash investing activity and are therefore not included in the accompanying consolidated statement of cash flows for fiscal year ended October 31, 2014. The Company is in the process of evaluating the fair value of the in-place leases for its Greenwich Properties acquired in fiscal 2014; consequently no value has yet been assigned to the leases for these properties and the purchase price allocation is preliminary and may be subject to change. | ||||||
In fiscal 2013, the Company completed evaluating the fair value of the in-place leases for UB Orangeburg, LLC ("Orangeburg"), acquired in fiscal 2012 and New Providence, acquired in fiscal 2013 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 Post Road 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. These amounts represent 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. | ||||||
For the years ended October 31, 2014, 2013 and 2012, the net amortization of above-market and below-market leases amounted to $410,000, $419,000 and $515,000, respectively, which amounts are included in base rents in the accompanying consolidated statements of income. | ||||||
In fiscal 2014, the Company incurred costs of approximately $19.3 million related to capital improvements to its properties and leasing costs. |
MORTGAGE_NOTES_PAYABLE_BANK_LI
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS [Abstract] | |||||||||
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS | (4) MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS | ||||||||
At October 31, 2014, mortgage notes payable and other loans are due in installments over various periods to fiscal 2024, the loans bear interest at rates ranging from 2.8% to 11.3% and are collateralized by real estate investments having a net carrying value of approximately $333 million. | |||||||||
Combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands): | |||||||||
Principal | Scheduled | ||||||||
Repayments | Amortization | Total | |||||||
2015 | $ | 7,253 | $ | 4,591 | $ | 11,844 | |||
2016 | 14,684 | 4,597 | 19,281 | ||||||
2017 | 49,524 | 4,253 | 53,777 | ||||||
2018 | - | 3,178 | 3,178 | ||||||
2019 | 26,879 | 2,840 | 29,719 | ||||||
Thereafter | 78,565 | 8,783 | 87,348 | ||||||
$ | 176,905 | $ | 28,242 | $ | 205,147 | ||||
In August 2014, the Company borrowed $25.0 million under a newly executed Unsecured Term Loan (the "Term Loan') with The Bank of New York Mellon as the lender. The Term Loan has a term of six months with a Company option for a six month extension. The Term Loan will bear interest at Eurodollar rate plus 1.4% to 1.9% based on consolidated indebtedness. The Term Loan has the same financial covenants as the Facility. The Company used the borrowings to fund a portion of the purchase price of the Greenwich Properties. | |||||||||
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, 2014. | |||||||||
During the fiscal years ended October 31, 2014 and 2013, respectively, the Company borrowed $65.1 million and $38.4 million on its Facility to fund a portion of the equity for property acquisitions and capital improvements to its properties. During the fiscal years ended October 31, 2014 and 2013, respectively, the company re-paid $58.8 million and $40.7 million on its Facility with proceeds from a combination of non-recourse mortgage financings, Class A Common stock and preferred stock offerings and available cash. | |||||||||
In November 2014, the Company entered into a commitment with a lender to place a $62.7 million non-recourse first mortgage loan that will encumber the Retail Properties that the Company purchased in December 2014. The mortgage loan requires monthly payments of principal and interest in the amount of $294,000 at a fixed interest rate of 3.85% per annum. The mortgage matures in January 2027. Proceeds from the mortgage were used to repay the Facility. The Company closed the mortgage financing in December of 2014. In conjunction with the commitment, the Company deposited $628,000 with the lender, which is included in prepaid expenses and other assets at October 31, 2014. | |||||||||
During fiscal 2014, the Company, through a wholly-owned subsidiary, assumed an existing non-recourse first mortgage loan encumbering the Boonton Property at its estimated fair value of $7.8 million. The mortgage loan requires monthly payments of principal and interest at a fixed rate of 4.2% per annum. The mortgage matures in September 2022. | |||||||||
During fiscal 2014, the Company, through a wholly-owned subsidiary, assumed an existing non-recourse first mortgage loan encumbering the Bloomfield Property at its estimated fair value of $7.7 million. The mortgage loan requires monthly payments of principal and interest at a fixed rate of 5.5% per annum. The mortgage matures in August 2016. | |||||||||
During fiscal 2014, the Company, through a wholly-owned subsidiary, assumed an existing non-recourse first mortgage loan encumbering the McLean Plaza Property at its estimated fair value of $2.8 million. The mortgage matured in December 2014 and was refinanced with a new lender. The new $5 million mortgage matures in November 2024 and requires monthly payments of interest only at a fixed rate of interest of 3.7% per annum. | |||||||||
During fiscal 2014, the Company, through a wholly-owned subsidiary placed a non-recourse first mortgage loan encumbering the Greenwich Properties in the amount of $24.5 million. The mortgage loan requires monthly payments of principal and interest at a fixed rate of 4.07% per annum. The mortgage matures in November 2024. Proceeds from the mortgage were used to repay the Facility. | |||||||||
During fiscal 2014, the Company refinanced a non-recourse mortgage loan encumbering one of its retail properties in the amount of $16.2 million. The mortgage loan requires monthly payments of principal and interest at a fixed rate of 3.995% per annum. The mortgage matures in August 2024. | |||||||||
During fiscal 2013, the Company, through a wholly-owned subsidiary, assumed an existing first mortgage loan encumbering the Post Road 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, through a wholly owned subsidiary, assumed a first mortgage payable secured by its Eastchester Plaza property with an estimated fair value of approximately of $3.6 million. The mortgage matured in April 2012 and was repaid. | |||||||||
During fiscal 2012, the Company assumed a first mortgage payable in the amount of $7.4 million in conjunction with its investment in Orangeburg (see note 5 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 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%. | |||||||||
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. | |||||||||
Interest paid in the years ended October 31, 2014, 2013, and 2012 was approximately $10.3 million, $8.5 million and $8.6 million, respectively. |
CONSOLIDATED_JOINT_VENTURES_AN
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | |||||||||
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS | (5) CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS | ||||||||
The Company has an investment in three joint ventures, UB Ironbound, LP ("Ironbound"), Orangeburg and McLean Plaza each of which owns a commercial retail real estate property. The Company has evaluated its investment in these three joint ventures and has concluded that the ventures are not Variable Interest Entities ("VIE or VIE's"), however the 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 the ventures and that the joint ventures should be consolidated into the consolidated financial statements of the Company. The Company's investments in the consolidated joint ventures are 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 21.7% interest in Orangeburg, which owns a CVS Pharmacy 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. Upon liquidation, proceeds from the sale of Orangeburg assets are to be distributed in accordance with the operating agreement. Orangeburg has a defined termination date of December 31, 2097. Since purchasing this property, the Company has made additional investments in the amount of $1.7 million in Orangeburg and as a result as of October 31, 2014 its ownership percentage has increased to 21.7% from approximately 2.00% at inception. | |||||||||
McLean Plaza | |||||||||
In October 2014, the Company, through a wholly-owned subsidiary, acquired a 51% interest in McLean Plaza Associates for a net investment of $6.2 million. McLean Plaza's sole asset is a grocery anchored shopping center located in Yonkers, NY. Distributions of available cash flow are made in accordance with the joint venture owners, ownership percentage. McLean Plaza is encumbered by a first mortgage payable in the amount of $2.8 million. | |||||||||
Noncontrolling interests: | |||||||||
The Company accounts for non-controlling interests in accordance with ASC Topic 810, "Consolidation". Because the limited partners or non-controlling members in Ironbound, Orangeburg and McLean Plaza have the right to require the Company to redeem all or a part of their limited partnership or limited liability company units at prices as defined in the governing agreements, the Company reports the noncontrolling interests in the consolidated joint ventures in the mezzanine section, outside of permanent equity, of the consolidated balance sheets at redemption value which approximates fair value. The value of the Orangeburg 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, 2014 and 2013, the Company adjusted the carrying value of the non-controlling interests by $887,000 and $422,000, 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, 2014 and 2013: (amounts in thousands) | |||||||||
October 31, | October 31, | ||||||||
2014 | 2013 | ||||||||
Beginning Balance | $ | 11,843 | $ | 11,421 | |||||
Initial McLean Plaza Noncontrolling Interest | 6,134 | - | |||||||
Change in Redemption Value | 887 | 422 | |||||||
Ending Balance | $ | 18,864 | $ | 11,843 |
INVESTMENTS_IN_AND_ADVANCES_TO
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract] | |||||||||
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | (6) INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | ||||||||
At October 31, 2014 and 2013, 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-14 | 31-Oct-13 | ||||||||
Chestnut Ridge and Plaza 59 Shopping Centers (50.0%) | $ | 18,380 | $ | 18,277 | |||||
Gateway Plaza (50% in 2014 and 0% in 2013) | 7,069 | - | |||||||
Midway Shopping Center, L.P. (11.642%) | 5,322 | 5,668 | |||||||
Putnam Plaza Shopping Center (66.67%) | 6,525 | 6,764 | |||||||
Applebee's at Riverhead (50% in 2014 and 0% in 2013) | 1,194 | - | |||||||
81 Pondfield Road Company (20%) | 723 | 723 | |||||||
Total | $ | 39,213 | $ | 31,432 | |||||
Gateway Plaza and Applebee's at Riverhead | |||||||||
In February 2014, the Company, through two wholly owned subsidiaries, purchased a 50% undivided equity interest in the Gateway Plaza Shopping Center ("Gateway") for $6.1 million and Applebee's at Riverhead ("Applebee's") for $1.1 million. Both investments were inclusive of the Company assuming its 50% interest in the mortgages encumbering both properties. Both properties are located in Riverhead, New York (together the "Riverhead Properties"). Gateway, a 194,000 square foot shopping center anchored by a 168,000 square foot newly constructed Walmart which also has 27,000 square feet of newly constructed in-line space that is partially leased. Applebee's has a 5,400 square foot free standing Applebee's restaurant with additional development rights for 7,200 square feet. The Company accounts for its investment in the Riverhead Properties 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 the properties, which preclude the Company from consolidating the investments. The Company has evaluated its investment in the two properties and has concluded that the ventures are not VIE's. Under the equity method of accounting the initial investment is recorded at cost as an investment in unconsolidated joint venture, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions from the venture. Any difference between the carrying amount of the investment on the Company's balance sheet and the underlying equity in net assets of the venture is evaluated for impairment at each reporting period. | |||||||||
Simultaneously with the acquisition of Gateway, a $14 million non-recourse first mortgage payable was placed on the property with $12.0 million of the proceeds distributed to the seller. The remaining $2 million of the principal is held in escrow by the lender until certain conditions are met regarding the leasing of the 27,000 square foot building. The new mortgage has a term of ten years and requires payments of principal and interest at a fixed rate of interest of 4.2% per annum. | |||||||||
Chestnut Ridge and Plaza 59 Shopping Centers | |||||||||
The Company, through two wholly owned subsidiaries, owns 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 but does not control the venture 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 4.80% per annum and will mature in 2027. | |||||||||
Putnam Plaza Shopping Center | |||||||||
The Company, through a wholly owned subsidiary, owns a 66.67% undivided 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. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Oct. 31, 2014 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | (7) STOCKHOLDERS' EQUITY |
Authorized Stock | |
The Company's Charter authorizes up 200,000,000 shares of various classes of stock. The total number of shares of authorized stock consists of 100,000,000 shares of Class A Common Stock, 30,000,000 shares of Common Stock, 50,000,000 shares of Preferred Stock, and 20,000,000 shares of Excess Stock. | |
Preferred Stock | |
On October 22, 2014, we issued notice of our intent to redeem all of the outstanding shares of our 7.5% Series D Senior Cumulative Preferred Stock with a liquidation preference $25 per share. As a result, as of October 31, 2014 the outstanding Series D preferred stock has been reclassified out of stockholder's equity and is reflected as a liability at redemption value and we recognized a loss of $1.87 million on our consolidated statement of income for the fiscal year ended October 31, 2014, which represents the difference between redemption value and carrying value net of original deferred issuance costs. We completed this redemption on November 20, 2014. | |
The Series F Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $25 per share at the Company's option on or after October 24, 2017. The holders of our Series F Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions, holders of the Series F Preferred Stock will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of Series F Preferred Stock, together with all of the Company's other series of preferred stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Series F Preferred Stock will have the right to convert all or part of the shares of Series F Preferred Stock held by such holders on the applicable conversion date into a number of the Company's shares of Class A Common Stock. Underwriting commissions and costs incurred in connection with the sale of the Series F Preferred Stock are reflected as a reduction of additional paid in capital. | |
During fiscal 2014, the Company completed the public offering of 2,800,000 shares of 6.75% Series G Senior Cumulative Preferred Stock (the "Series G Preferred Stock") at a price of $25 per share for net proceeds of $67.8 million after underwriting discounts but before offering expenses. These shares are nonvoting, have no stated maturity and are redeemable for cash at $25 per share at the Company's option on or after October 28, 2019. 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 $1.6875 per share per annum. The holders of our Series G Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions holders of the Series G Preferred Stock will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of Series G Preferred Stock, together with all of the Company's other Series of preferred stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holder of the Series G Preferred Stock will have the right to convert all or part of the shares of Series G Preferred Stock held by such 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 G Preferred Stock are reflected as a reduction of additional paid in capital. In November 2014, the underwriter notified the Company that it was exercising its over-allotment option and that it would purchase an additional 200,000 shares of Series G preferred stock at $25 per share. As a result, in November 2014, the Company received an additional $4.8 million in net proceeds. | |
In fiscal 2012, the Company repurchased its remaining Series C Senior Cumulative Preferred Stock outstanding and as a result included the $892,000 and $1.3 million excess of the repurchase price of the preferred shares paid over the carrying amount of the shares as a reduction of income available to Common and Class A Common shareholders in the accompanying consolidated statement of income for the years ended October 31, 2013 and 2012, respectively. | |
On November 21, 2012, the Company redeemed all of its outstanding Series E Senior Cumulative Preferred Stock. As a result, the Company included the $3.3 million excess of the repurchase price of the preferred shares paid over the carrying amount of the Series E preferred stock 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. | |
Common Stock | |
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 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 2014, the Company issued 6,347 shares of Common Stock and 6,811 shares of Class A Common Stock (5,797 shares of Common Stock and 6,724 shares of Class A Common Stock in fiscal 2013) through the DRIP. As of October 31, 2014, there remained 357,953 shares of Common Stock and 416,273 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. | |
Stock Repurchase | |
Previously, the Board of Directors of the Company approved a share repurchase program ("Original Program") for the repurchase of up to 1,500,000 shares of Common Stock, Class A Common Stock and the Company's Series C and Series D Senior Cumulative Preferred Stock in open-market transactions. Recognizing that the Company issued a new Series F Preferred Stock in October 2012 and that the remaining outstanding shares of the Series C Cumulative Preferred Stock were redeemed in May 2013, the Board of Directors terminated the Original Program in December 2013 and at the same time approved a new share repurchase program (the "Current Program") for the repurchase of up to 2,000,000 shares of Common stock and Class A Common stock and Series D Senior Cumulative Preferred stock and Series F Cumulative Preferred stock in open market transactions. Prior to terminating the Original Program, the Company had repurchased 4,600 shares of Common Stock and 724,578 shares of Class A Common Stock under the Original Program. | |
(8) STOCK COMPENSATION AND OTHER BENEFIT PLANS |
STOCK_COMPENSATION_AND_OTHER_B
STOCK COMPENSATION AND OTHER BENEFIT PLANS | 12 Months Ended | ||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||
STOCK COMPENSATION AND OTHER BENEFIT PLANS [Abstract] | |||||||||||||||||
STOCK COMPENSATION AND OTHER BENEFIT PLANS | Restricted Stock Plan | ||||||||||||||||
The Company has a Restricted Stock Plan that provides a form of equity compensation for employees of the Company. The Plan, which is administered by the Company's compensation committee, authorizes grants of up to an aggregate of 3,750,000 shares of the Company's common equity consisting of 350,000 Common shares, 350,000 Class A Common shares and 3,050,000 shares, which at the discretion of the compensation committee, may be awarded in any combination of Class A Common shares or Common shares. | |||||||||||||||||
In accordance with ASC Topic 718, the Company recognizes compensation expense for restricted stock awards upon the earlier of the explicit vesting period or the date a participant first becomes eligible for retirement unless a waiver was received by an employee over the retirement age, waving his right to continued vesting after retirement. For non-vested restricted stock awards granted prior to the adoption of ASC Topic 718 in 2005, the Company continues to recognize compensation expense over the explicit vesting periods and accelerates any remaining unrecognized compensation cost when a participant actually retires. | |||||||||||||||||
In fiscal 2014, the Company awarded 152,000 shares of Common Stock and 80,500 shares of Class A Common Stock to participants in the Plan. The grant date fair value of restricted stock grants awarded to participants in 2014 was approximately $3.8 million. As of October 31, 2014, there was $12.6 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 4.64 years. For the years ended October 31, 2014, 2013 and 2012, amounts charged to compensation expense totaled $4,088,000, $4,073,000 and $3,824,000, respectively. | |||||||||||||||||
A summary of the status of the Company's non-vested restricted stock awards as of October 31, 2014, and changes during the year ended October 31, 2014 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, 2013 | 1,479,700 | $ | 15.88 | 404,150 | $ | 17.39 | |||||||||||
Granted | 152,000 | $ | 15.6 | 80,500 | $ | 18.32 | |||||||||||
Vested | (250,900 | ) | $ | 13.88 | (78,400 | ) | $ | 15.18 | |||||||||
Forfeited | - | $ | - | (6,300 | ) | $ | 18.48 | ||||||||||
Non-vested at October 31, 2014 | 1,380,800 | $ | 16.21 | 399,950 | $ | 18.01 | |||||||||||
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 $150,000 in each of the three years ended October 31, 2014, 2013 and 2012. 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. | |||||||||||||||||
(9) FAIR VALUE MEASUREMENTS |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | |||||||||||||||||
FAIR VALUE MEASUREMENTS | ASC Topic 820, "Fair Value Measurements and Disclosures," defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. | ||||||||||||||||
ASC Topic 820's valuation techniques are based on observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs have created the following fair value hierarchy: | |||||||||||||||||
· | Level 1- Quoted prices for identical instruments in active markets | ||||||||||||||||
· | Level 2- Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant value drivers are observable | ||||||||||||||||
· | Level 3- Valuations derived from valuation techniques in which significant value drivers are unobservable | ||||||||||||||||
The Company calculates the fair value of the redeemable noncontrolling interests based on either quoted market prices on national exchanges 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, 2014 and 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 and interest rate swap derivatives at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs at October 31, 2014 and 2013 (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, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Interest Rate Swap Agreement | $ | 63 | $ | - | $ | 63 | $ | - | |||||||||
Liabilities: | |||||||||||||||||
Redeemable noncontrolling interests | $ | 18,864 | $ | 9,802 | $ | - | $ | 9,062 | |||||||||
Fiscal Year Ended October 31, 2013 | |||||||||||||||||
Assets: | |||||||||||||||||
Interest Rate Swap Agreement | $ | 81 | $ | - | $ | 81 | $ | - | |||||||||
Liabilities: | |||||||||||||||||
Redeemable noncontrolling interests | $ | 11,843 | $ | 8,946 | $ | - | $ | 2,897 | |||||||||
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. Fair market value measurements based upon Level 3 inputs changed from $2,897 at November 1, 2013 to $9,062 at October 31, 2014 as a result of a $31 increase in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810 and an increase in the amount of $6,134 representing the non-controlling interest in the Company's McLean Plaza investment (See note 5). | |||||||||||||||||
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 and the unsecured term loan are 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 and other loans are estimated to have a fair value of approximately $206 million and $155 million at October 31, 2014 and October 31, 2013, respectively. The estimated fair value of mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rate currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. When the Company acquires a property it is required to fair value all of the assets and liabilities, including intangible assets and liabilities, relating to the property's in-place leases (See Note 1). Those fair value measurements fall within level 3 of the fair value hierarchy. | |||||||||||||||||
Although management is not aware of any factors that would significantly affect the estimated fair value amounts from October 31, 2013, 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, 2014 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (10) 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, 2014, the Company had commitments of approximately $3.9 million for tenant-related obligations. |
PRO_FORMA_FINANCIAL_INFORMATIO
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) [Abstract] | |||||||||
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) [Text Block] | (11)Â 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, 2014 and 2013 adjusted to give effect to the property acquisitions completed in fiscal 2013, fiscal 2014 and acquisitions completed from November 1, 2014 to the date of this report (see Note 3) as though these transactions were completed on November 1, 2012. | |||||||||
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 that year nor does it purport to represent the results of future operations (amounts in thousands). | |||||||||
Year Ended October 31, | |||||||||
2014 | 2013 | ||||||||
Pro forma revenues | $ | 117,136 | $ | 116,494 | |||||
Pro forma income from continuing operations | $ | 56,972 | $ | 34,971 | |||||
Pro forma income from continuing operations applicable to Common and Class A Common stockholders: | $ | 40,446 | $ | 14,934 | |||||
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, 2014 for the properties acquired in fiscal 2014 as more fully described in note 3 (amounts in thousands). | |||||||||
Revenues | $ | 4,163 | |||||||
Income from continuing operations | $ | 811 | |||||||
QUARTERLY_RESULTS_OF_OPERATION
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS [Abstract] | |||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||||||||
31-Jan | 30-Apr | 31-Jul | 31-Oct | 31-Jan | 30-Apr | 31-Jul | 31-Oct | ||||||||||||||||||||||||||
 Revenues | $ | 25,195 | $ | 25,952 | $ | 24,955 | $ | 26,226 | $ | 23,737 | $ | 22,834 | $ | 23,613 | $ | 24,061 | |||||||||||||||||
Income from continuing operations | $ | 6,621 | $ | 6,482 | $ | 7,494 | $ | 32,494 | $ | 6,814 | $ | 7,173 | $ | 7,840 | $ | 7,278 | |||||||||||||||||
Net Income Attributable to Urstadt Biddle Properties Inc. | $ | 6,465 | $ | 6,334 | $ | 7,343 | $ | 32,342 | $ | 7,014 | $ | 7,421 | $ | 7,915 | $ | 7,445 | |||||||||||||||||
Preferred Stock Dividends | (3,453 | ) | (3,453 | ) | (3,453 | ) | (3,453 | ) | (3,961 | ) | (3,929 | ) | (3,606 | ) | (3,453 | ) | |||||||||||||||||
Redemption of Preferred Stock | - | - | - | (1,870 | ) | (3,759 | ) | (406 | ) | (68 | ) | - | |||||||||||||||||||||
Net Income Applicable to Common and Class A Common Stockholders | $ | 3,012 | $ | 2,881 | $ | 3,890 | $ | 27,019 | $ | (706 | ) | $ | 3,086 | $ | 4,241 | $ | 3,992 | ||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||||||
Net income from continuing operations - Basic: | |||||||||||||||||||||||||||||||||
Class A Common Stock | $ | 0.1 | $ | 0.1 | $ | 0.13 | $ | 0.9 | $ | (0.04 | ) | $ | 0.09 | $ | 0.13 | $ | 0.12 | ||||||||||||||||
Common Stock | $ | 0.09 | $ | 0.09 | $ | 0.11 | $ | 0.8 | $ | (0.03 | ) | $ | 0.08 | $ | 0.12 | $ | 0.11 | ||||||||||||||||
Net income from continuing operations - Diluted: | |||||||||||||||||||||||||||||||||
Class A Common Stock | $ | 0.1 | $ | 0.09 | $ | 0.12 | $ | 0.87 | $ | (0.04 | ) | $ | 0.09 | $ | 0.13 | $ | 0.12 | ||||||||||||||||
Common Stock | $ | 0.09 | $ | 0.08 | $ | 0.11 | $ | 0.77 | $ | (0.03 | ) | $ | 0.08 | $ | 0.11 | $ | 0.11 | ||||||||||||||||
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. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Oct. 31, 2014 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | (13) SUBSEQUENT EVENTS |
On December 11, 2014, the Board of Directors of the Company declared cash dividends of $0.225 for each share of Common Stock and $0.2550 for each share of Class A Common Stock. The dividends are payable on January 16, 2015 to stockholders of record on January 5, 2015. The Board of Directors also ratified the actions of the Company's compensation committee authorizing awards of 152,000 shares of Common Stock and 92,750 shares of Class A Common Stock to certain officers, directors and employees of the Company effective January 2, 2015, pursuant to the Company's restricted stock plan. The fair value of the shares awarded totaling $4.8 million will be charged to expense over the respective vesting periods. | |
In November 2014, the Company sold 2,500,000 shares of Class A Common Stock in an underwritten follow-on common stock offering for $20.82 per share and raised net proceeds of $52.1 million. In addition, in November 2014, the underwriters of the offering exercised their over-allotment option and purchased an additional 375,000 shares of Class A Common stock at the same price, which raised an additional $7.8 million. | |
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||
URSTADT BIDDLE PROPERTIES INC. | |||||||||||||||||||||||||||||||||||||||||||||
31-Oct-14 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | - | $ | 266 | $ | 708 | $ | 1,907 | $ | 2,615 | $ | 602 | 2001 | 31.5 | |||||||||||||||||||||||||
Greenwich, CT | - | 488 | 1,139 | - | 330 | 488 | 1,469 | 1,957 | 484 | 2000 | 31.5 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | - | 570 | 2,359 | - | 692 | 570 | 3,051 | 3,621 | 1,234 | 1998 | 31.5 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | - | 199 | 795 | - | 712 | 199 | 1,507 | 1,706 | 500 | 1993 | 31.5 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | - | 111 | 444 | - | 5 | 111 | 449 | 560 | 334 | 1994 | 31.5 | ||||||||||||||||||||||||||||||||||
Bernardsville, NJ | - | 720 | 2,880 | (24 | ) | (47 | ) | 696 | 2,833 | 3,529 | 141 | 2012 | 39 | ||||||||||||||||||||||||||||||||
Chester, NJ | - | 570 | 2,280 | (34 | ) | (137 | ) | 536 | 2,143 | 2,679 | 104 | 2012 | 39 | ||||||||||||||||||||||||||||||||
- | 3,366 | 11,538 | (58 | ) | 1,821 | 3,308 | 13,359 | 16,667 | 3,399 | ||||||||||||||||||||||||||||||||||||
Retail Properties: | |||||||||||||||||||||||||||||||||||||||||||||
Bronxville, NY | - | 60 | 239 | 95 | 776 | 155 | 1,015 | 1,170 | 127 | 2009 | 39 | ||||||||||||||||||||||||||||||||||
Yonkers, NY | - | 30 | 121 | 183 | 734 | 213 | 855 | 1,068 | 110 | 2009 | 39 | ||||||||||||||||||||||||||||||||||
Yonkers, NY | - | 30 | 121 | 85 | 341 | 115 | 462 | 577 | 60 | 2009 | 39 | ||||||||||||||||||||||||||||||||||
New Milford, CT | - | 2,114 | 8,456 | 71 | 319 | 2,185 | 8,775 | 10,960 | 1,389 | 2008 | 39 | ||||||||||||||||||||||||||||||||||
New Milford, CT | - | 4,492 | 17,967 | 166 | 940 | 4,658 | 18,907 | 23,565 | 2,146 | 2010 | 39 | ||||||||||||||||||||||||||||||||||
Newark, NJ | 11,456 | 5,252 | 21,023 | - | 1,466 | 5,252 | 22,489 | 27,741 | 3,682 | 2008 | 39 | ||||||||||||||||||||||||||||||||||
Waldwick, NJ | - | 1,266 | 5,064 | - | - | 1,266 | 5,064 | 6,330 | 898 | 2007 | 39 | ||||||||||||||||||||||||||||||||||
Emerson NJ | 648 | 3,633 | 14,531 | - | 1,421 | 3,633 | 15,952 | 19,585 | 3,139 | 2007 | 39 | ||||||||||||||||||||||||||||||||||
Monroe, CT | - | 765 | 3,060 | - | 135 | 765 | 3,195 | 3,960 | 631 | 2007 | 39 | ||||||||||||||||||||||||||||||||||
Pelham, NY | - | 1,694 | 6,843 | - | 46 | 1,694 | 6,889 | 8,583 | 1,487 | 2006 | 39 | ||||||||||||||||||||||||||||||||||
Stratford, CT | 26,821 | 10,173 | 40,794 | (94 | ) | 9,093 | 10,079 | 49,887 | 59,966 | 13,067 | 2005 | 39 | |||||||||||||||||||||||||||||||||
Yorktown Heights, NY | - | 5,786 | 23,221 | - | 4,709 | 5,786 | 27,930 | 33,716 | 5,800 | 2005 | 39 | ||||||||||||||||||||||||||||||||||
Rye, NY | - | 909 | 3,637 | - | 423 | 909 | 4,060 | 4,969 | 1,063 | 2004 | 39 | ||||||||||||||||||||||||||||||||||
Rye, NY | 1,455 | 483 | 1,930 | - | 6 | 483 | 1,936 | 2,419 | 521 | 2004 | 39 | ||||||||||||||||||||||||||||||||||
Rye, NY | 656 | 239 | 958 | - | 87 | 239 | 1,045 | 1,284 | 307 | 2004 | 39 | ||||||||||||||||||||||||||||||||||
Rye, NY | 1,494 | 695 | 2,782 | 1 | 19 | 696 | 2,801 | 3,497 | 748 | 2004 | 39 | ||||||||||||||||||||||||||||||||||
Somers, NY | - | 4,318 | 17,268 | - | 606 | 4,318 | 17,874 | 22,192 | 5,540 | 2003 | 39 | ||||||||||||||||||||||||||||||||||
Westport, CT | - | 2,076 | 8,305 | - | 306 | 2,076 | 8,611 | 10,687 | 2,610 | 2003 | 39 | ||||||||||||||||||||||||||||||||||
White Plains, NY | - | 8,065 | 32,258 | (1 | ) | 6,882 | 8,064 | 39,140 | 47,204 | 11,985 | 2003 | 39 | |||||||||||||||||||||||||||||||||
Orange, CT | - | 2,320 | 10,564 | - | 1,441 | 2,320 | 12,005 | 14,325 | 3,900 | 2003 | 39 | ||||||||||||||||||||||||||||||||||
Stamford, CT | 46,584 | 17,965 | 71,859 | - | 6,621 | 17,965 | 78,480 | 96,445 | 25,954 | 2002 | 39 | ||||||||||||||||||||||||||||||||||
Danbury, CT | - | 2,459 | 4,566 | - | 697 | 2,459 | 5,263 | 7,722 | 1,764 | 2002 | 39 | ||||||||||||||||||||||||||||||||||
Briarcliff, NY | - | 2,222 | 5,185 | 1,234 | 7,096 | 3,456 | 12,281 | 15,737 | 1,787 | 2001 | 40 | ||||||||||||||||||||||||||||||||||
Somers, NY | - | 1,833 | 7,383 | - | 753 | 1,833 | 8,136 | 9,969 | 3,777 | 1999 | 31.5 | ||||||||||||||||||||||||||||||||||
Briarcliff, NY | - | 380 | 1,531 | - | 335 | 380 | 1,866 | 2,246 | 791 | 1999 | 40 | ||||||||||||||||||||||||||||||||||
Briarcliff, NY | 16,128 | 2,300 | 9,708 | 2 | 3,586 | 2,302 | 13,294 | 15,596 | 5,422 | 1998 | 40 | ||||||||||||||||||||||||||||||||||
Ridgefield, CT | - | 900 | 3,793 | - | 1,706 | 900 | 5,499 | 6,399 | 1,942 | 1998 | 40 | ||||||||||||||||||||||||||||||||||
Darien, CT | 16,982 | 4,260 | 17,192 | - | 756 | 4,260 | 17,948 | 22,208 | 7,329 | 1998 | 40 | ||||||||||||||||||||||||||||||||||
Eastchester, NY | - | 1,500 | 6,128 | - | 2,506 | 1,500 | 8,634 | 10,134 | 3,211 | 1997 | 31 | ||||||||||||||||||||||||||||||||||
Danbury, CT | - | 3,850 | 15,811 | - | 4,109 | 3,850 | 19,920 | 23,770 | 10,303 | 1995 | 31.5 | ||||||||||||||||||||||||||||||||||
Carmel, NY | - | 1,488 | 5,973 | - | 1,688 | 1,488 | 7,661 | 9,149 | 4,124 | 1995 | 31.5 | ||||||||||||||||||||||||||||||||||
Meriden, CT | - | 5,000 | 20,309 | - | 11,464 | 5,000 | 31,773 | 36,773 | 15,112 | 1993 | 31.5 | ||||||||||||||||||||||||||||||||||
Somers, NY | - | 821 | 2,600 | - | 549 | 821 | 3,149 | 3,970 | 1,469 | 1992 | 31.5 | ||||||||||||||||||||||||||||||||||
Wayne, NJ | 399 | 2,492 | 9,966 | - | 1,307 | 2,492 | 11,273 | 13,765 | 5,913 | 1992 | 31 | ||||||||||||||||||||||||||||||||||
Newington, NH | - | 728 | 1,997 | - | 1,754 | 728 | 3,751 | 4,479 | 2,617 | 1979 | 40 | ||||||||||||||||||||||||||||||||||
Katonah, NY | - | 1,704 | 6,816 | - | 100 | 1,704 | 6,916 | 8,620 | 820 | 2010 | 39 | ||||||||||||||||||||||||||||||||||
Fairfield, CT | - | 3,393 | 13,574 | 153 | 612 | 3,546 | 14,186 | 17,732 | 1,080 | 2011 | 39 | ||||||||||||||||||||||||||||||||||
New Milford, CT | 4,575 | 2,168 | 8,672 | - | 58 | 2,168 | 8,730 | 10,898 | 800 | 2011 | 39 | ||||||||||||||||||||||||||||||||||
Eastchester, NY | - | 1,800 | 7,200 | 78 | 477 | 1,878 | 7,677 | 9,555 | 563 | 2012 | 39 | ||||||||||||||||||||||||||||||||||
Orangetown, NY | 6,769 | 3,200 | 12,800 | 30 | 2,188 | 3,230 | 14,988 | 18,218 | 901 | 2012 | 39 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | 3,500 | 1,600 | 6,401 | 27 | 167 | 1,627 | 6,568 | 8,195 | 238 | 2013 | 39 | ||||||||||||||||||||||||||||||||||
Various | - | 1,555 | 1,122 | 80 | 5,414 | 1,635 | 6,536 | 8,171 | 282 | 2013 | 39 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | 4,365 | 1,998 | 7,994 | 53 | 213 | 2,051 | 8,207 | 10,258 | 298 | 2013 | 39 | ||||||||||||||||||||||||||||||||||
New Providence, | 20,546 | 6,970 | 27,880 | 463 | 2,402 | 7,433 | 30,282 | 37,715 | 1,193 | 2013 | 39 | ||||||||||||||||||||||||||||||||||
NJ | |||||||||||||||||||||||||||||||||||||||||||||
Bethel, CT | - | 1,800 | 7,200 | (18 | ) | (74 | ) | 1,782 | 7,126 | 8,908 | 153 | 2014 | 39 | ||||||||||||||||||||||||||||||||
Bloomfield, NJ | 7,768 | 2,201 | 8,804 | 218 | 861 | 2,419 | 9,665 | 12,084 | 237 | 2014 | 39 | ||||||||||||||||||||||||||||||||||
Boonton, NJ | 7,720 | 3,670 | 14,680 | 15 | 56 | 3,685 | 14,736 | 18,421 | 314 | 2014 | 39 | ||||||||||||||||||||||||||||||||||
Yonkers, NY | 2,781 | 3,060 | 12,240 | - | - | 3,060 | 12,240 | 15,300 | 26 | 2014 | 39 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | 8,330 | 3,223 | 12,893 | - | - | 3,223 | 12,893 | 16,116 | 54 | 2014 | 40 | ||||||||||||||||||||||||||||||||||
Greenwich, CT | 16,170 | 6,257 | 25,029 | - | - | 6,257 | 25,029 | 31,286 | 104 | 2014 | 40 | ||||||||||||||||||||||||||||||||||
205,147 | 147,197 | 576,448 | 2,841 | 87,151 | 150,038 | 663,599 | 813,637 | 157,788 | |||||||||||||||||||||||||||||||||||||
Total | $ | 205,147 | $ | 150,563 | $ | 587,986 | $ | 2,783 | $ | 88,972 | $ | 153,346 | $ | 676,958 | $ | 830,304 | $ | 161,187 | |||||||||||||||||||||||||||
URSTADT BIDDLE PROPERTIES INC. | |||||||||||||||||||||||||||||||||||||||||||||
31-Oct-14 | |||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
NOTES: | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
(a) RECONCILIATION OF REAL ESTATE - | |||||||||||||||||||||||||||||||||||||||||||||
OWNED SUBJECT TO OPERATING LEASES | |||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 732,159 | $ | 660,375 | $ | 631,167 | |||||||||||||||||||||||||||||||||||||||
Property improvements during the year | 19,239 | 11,263 | 5,782 | ||||||||||||||||||||||||||||||||||||||||||
Properties acquired during the year | 101,055 | 67,062 | 26,306 | ||||||||||||||||||||||||||||||||||||||||||
Properties sold during the year | (20,299 | ) | (4,475 | ) | (533 | )Â | |||||||||||||||||||||||||||||||||||||||
Property assets fully depreciated and written off | (1,850 | ) | (2,066 | ) | (2,347 | ) | |||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 830,304 | $ | 732,159 | $ | 660,375 | |||||||||||||||||||||||||||||||||||||||
(b) RECONCILIATION OF ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 155,272 | $ | 140,511 | $ | 126,693 | |||||||||||||||||||||||||||||||||||||||
Provision during the year charged to income | 18,721 | 17,126 | 16,183 | ||||||||||||||||||||||||||||||||||||||||||
Property sold during the year | (10,956 | ) | (299 | ) | (18 | )Â | |||||||||||||||||||||||||||||||||||||||
Property assets fully depreciated and written off | (1,850 | ) | (2,066 | ) | (2,347 | ) | |||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 161,187 | $ | 155,272 | $ | 140,511 | |||||||||||||||||||||||||||||||||||||||
(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 $713 million at October 31, 2014. |
ORGANIZATION_BASIS_OF_PRESENTA1
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Oct. 31, 2014 | |||||||||||||
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 6 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 receivables 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 2014 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, 2014. As of October 31, 2014, the fiscal tax years 2011 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. Real estate investment 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 has early adopted FASB Accounting Standards Update No. 2014-08 "Presentation of Financial Statements (ASC Topic 205) and Property, Plant, and Equipment (ASC Topic 360)" (together, "ASU 2014-08"), which change the requirements for reporting discontinued operations in accordance with ASC Topic 205-20. As a result of this update, beginning in April 2014, the Company no longer classifies individual properties that have been sold or are classified as held for sale as discontinued operations in the consolidated statement of income if the removal, or anticipated removal, of the asset(s) from the reporting entity does not represent a strategic shift that has or will have a major effect on an entity's operations and financial results when disposed of. ASU 2014-08 requires previously reported assets that qualified for discontinued operations reporting to continue to be reported in that manner. | |||||||||||||
In April 2014, the Company reached a decision to actively market for sale one of its properties located in Springfield, MA as that property no longer met the Company's investment objectives. The property was sold in September 2014 for $31 million and the Company realized a gain on sale of property of $24.3 million. In accordance with ASU 2014-08, the revenue, expenses and gain on sale of the property are not included in discontinued operations. The net book value of the Springfield asset at October 31, 2013 was insignificant to the financial statement presentation and as a result the Company did not include the asset as held for sale in accordance with ASC 360-10-45. | |||||||||||||
The operating results of the Springfield property which are included in the continuing operations were as follows (amounts in thousands): | |||||||||||||
For Year Ended | |||||||||||||
October 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 3,805 | $ | 4,239 | $ | 4,185 | |||||||
Property operating expense | (1,780 | ) | (1,764 | ) | (1,524 | ) | |||||||
Depreciation and amortization | (341 | ) | (653 | ) | (645 | ) | |||||||
Net Income | $ | 1,684 | $ | 1,822 | $ | 2,016 | |||||||
In December 2013, prior to the adoption of ASU 2014-08, the Company sold its two distribution service facilities in its non-core portfolio and one core property for $18.1 million, resulting in a gain on sale of properties of $12.5 million. In accordance with ASC 360 and 205 the operating results of the distribution service facilities are shown as discontinued operations on the consolidated statements of income for fiscal years ended October 31, 2014, 2013 and 2012. The operating results of the other property were insignificant to financial statement presentation and are not shown as discontinued operations. The net book value of the two distribution service facilities and the one core property at October 31, 2013 are insignificant to the financial statement presentation and as a result the Company will not include the assets as held for sale in accordance with ASC 360-10-45. | |||||||||||||
The combined operating results for the distribution service facilities have been reclassified as discontinued operations in the accompanying consolidated statements of income. The following table summarizes revenues and expenses for the Company's discontinued operations (amounts in thousands): | |||||||||||||
For The Year Ended | |||||||||||||
October 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 141 | $ | 1,356 | $ | 1,565 | |||||||
Property operating expense | - | - | (3 | ) | |||||||||
Depreciation and amortization | - | (48 | ) | (84 | ) | ||||||||
Income from discontinued operations | $ | 141 | $ | 1,308 | $ | 1,478 | |||||||
Cash flows from discontinued operations for the fiscal years ended October 31, 2014, 2013 and 2012 are combined with the cash flows from operations within each of the three categories presented. Cash flows from discontinued operations are as follows (amounts in thousands): | |||||||||||||
For The Year Ended | |||||||||||||
October 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash flows from operating activities | $Â | (13,131 | ) | $ | 1,356 | $ | 1,562 | ||||||
Cash flows from investing activities | $ | 14,314 | $ | - | $ | - | |||||||
Cash flows from financing activities | $ | - | $ | - | $ | - | |||||||
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 $2,703,000 and $3,043,000 as of October 31, 2014 and 2013, 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, 2014. | |||||||||||||
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, 2014 and 2013, approximately $13,368,000 and $13,719,000, 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, 2014 and 2013, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $3,106,000 and $3,604,000, respectively. | |||||||||||||
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. | |||||||||||||
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, 2014, the Company believes it has no significant risk associated with non-performance of the financial institutions that are the counterparty to its derivative contracts. At October 31, 2014, the Company had approximately $19.7 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 3.99% per annum. As of October 31, 2014, the Company had a deferred asset of $63,000 (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 2014 or fiscal 2013. | |||||||||||||
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, 2014, accumulated other comprehensive income (loss) consisted of net unrealized gains on interest rate swap agreements of approximately $63,000. 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. 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): | |||||||||||||
Year Ended October 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator | |||||||||||||
Net income applicable to common stockholders – basic | $ | 11,401 | $ | 2,409 | $ | 3,166 | |||||||
Effect of dilutive securities: | |||||||||||||
Stock awards | 723 | 182 | 236 | ||||||||||
Net income applicable to common stockholders – diluted | $ | 12,124 | $ | 2,591 | $ | 3,402 | |||||||
Denominator | |||||||||||||
Denominator for basic EPS-weighted average common shares | 7,801 | 7,543 | 7,370 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock and other awards | 735 | 840 | 834 | ||||||||||
Denominator for diluted EPS – weighted average common equivalent shares | 8,536 | 8,383 | 8,204 | ||||||||||
Numerator | |||||||||||||
Net income applicable to Class A common stockholders – basic | $ | 38,068 | $ | 8,204 | $ | 9,800 | |||||||
Effect of dilutive securities: | |||||||||||||
Stock awards | -723 | -182 | -236 | ||||||||||
Net income applicable to Class A common stockholders – diluted | $ | 37,345 | $ | 8,022 | $ | 9,564 | |||||||
Denominator | |||||||||||||
Denominator for basic EPS – weighted average Class A common shares | 23,208 | 23,122 | 20,740 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock and other awards | 219 | 235 | 224 | ||||||||||
Denominator for diluted EPS – weighted average Class A common | |||||||||||||
equivalent shares | 23,427 | 23,357 | 20,964 | ||||||||||
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 2012 and 2013 amounts have been reclassified to conform to current period presentation. | |||||||||||||
New Accounting Standards | New Accounting Standards | ||||||||||||
In April 2014, FASB issued ASU 2014-08 which changes the requirements for reporting discontinued operations in ASC Subtopic 205-20. This pronouncement has been early adopted by the Company in the second quarter of fiscal 2014 and as a result the Company has not included a property that sold in the fourth quarter of fiscal 2014 as discontinued operations. | |||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's ASC. ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. The Company is currently assessing the potential impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. | |||||||||||||
The Company has evaluated all other new Accounting Standards Updates issued by FASB and has concluded that these updates do not have a material effect on the Company's consolidated financial statements as of October 31, 2014. |
CONSOLIDATED_JOINT_VENTURES_AN1
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Policies) | 12 Months Ended |
Oct. 31, 2014 | |
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 Ironbound, Orangeburg and McLean Plaza have the right to require the Company to redeem all or a part of their limited partnership or limited liability company units at prices as defined in the governing agreements, the Company reports the noncontrolling interests in the consolidated joint ventures in the mezzanine section, outside of permanent equity, of the consolidated balance sheets at redemption value which approximates fair value. The value of the Orangeburg 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, 2014 and 2013, the Company adjusted the carrying value of the non-controlling interests by $887,000 and $422,000, 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, 2014 and 2013: (amounts in thousands) |
ORGANIZATION_BASIS_OF_PRESENTA2
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Oct. 31, 2014 | |||||||||||||
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||||||||||||
Operating results for discontinued operations | The operating results of the Springfield property which are included in the continuing operations were as follows (amounts in thousands): | ||||||||||||
For Year Ended | |||||||||||||
October 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 3,805 | $ | 4,239 | $ | 4,185 | |||||||
Property operating expense | (1,780 | ) | (1,764 | ) | (1,524 | ) | |||||||
Depreciation and amortization | (341 | ) | (653 | ) | (645 | ) | |||||||
Net Income | $ | 1,684 | $ | 1,822 | $ | 2,016 | |||||||
The combined operating results for the distribution service facilities have been reclassified as discontinued operations in the accompanying consolidated statements of income. The following table summarizes revenues and expenses for the Company's discontinued operations (amounts in thousands): | |||||||||||||
For The Year Ended | |||||||||||||
October 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 141 | $ | 1,356 | $ | 1,565 | |||||||
Property operating expense | - | - | (3 | ) | |||||||||
Depreciation and amortization | - | (48 | ) | (84 | ) | ||||||||
Income from discontinued operations | $ | 141 | $ | 1,308 | $ | 1,478 | |||||||
Cash flows from discontinued operations for the fiscal years ended October 31, 2014, 2013 and 2012 are combined with the cash flows from operations within each of the three categories presented. Cash flows from discontinued operations are as follows (amounts in thousands): | |||||||||||||
For The Year Ended | |||||||||||||
October 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash flows from operating activities | $Â | (13,131 | ) | $ | 1,356 | $ | 1,562 | ||||||
Cash flows from investing activities | $ | 14,314 | $ | - | $ | - | |||||||
Cash flows from financing activities | $ | - | $ | - | $ | - | |||||||
Reconciliation between basic and diluted EPS | The following table sets forth the reconciliation between basic and diluted EPS (in thousands): | ||||||||||||
Year Ended October 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator | |||||||||||||
Net income applicable to common stockholders – basic | $ | 11,401 | $ | 2,409 | $ | 3,166 | |||||||
Effect of dilutive securities: | |||||||||||||
Stock awards | 723 | 182 | 236 | ||||||||||
Net income applicable to common stockholders – diluted | $ | 12,124 | $ | 2,591 | $ | 3,402 | |||||||
Denominator | |||||||||||||
Denominator for basic EPS-weighted average common shares | 7,801 | 7,543 | 7,370 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock and other awards | 735 | 840 | 834 | ||||||||||
Denominator for diluted EPS – weighted average common equivalent shares | 8,536 | 8,383 | 8,204 | ||||||||||
Numerator | |||||||||||||
Net income applicable to Class A common stockholders – basic | $ | 38,068 | $ | 8,204 | $ | 9,800 | |||||||
Effect of dilutive securities: | |||||||||||||
Stock awards | -723 | -182 | -236 | ||||||||||
Net income applicable to Class A common stockholders – diluted | $ | 37,345 | $ | 8,022 | $ | 9,564 | |||||||
Denominator | |||||||||||||
Denominator for basic EPS – weighted average Class A common shares | 23,208 | 23,122 | 20,740 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock and other awards | 219 | 235 | 224 | ||||||||||
Denominator for diluted EPS – weighted average Class A common | |||||||||||||
equivalent shares | 23,427 | 23,357 | 20,964 |
REAL_ESTATE_INVESTMENTS_Tables
REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||
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, 2014 and 2013 (in thousands): | ||||||||||||||||
Core Properties | Unconsolidated Joint Venture | 2014 | 2013 | ||||||||||||||
Totals | Totals | ||||||||||||||||
Retail | $ | 655,848 | $ | 39,213 | $ | 695,061 | $ | 594,267 | |||||||||
Office | 13,269 | - | 13,269 | 13,521 | |||||||||||||
Industrial | - | - | - | 531 | |||||||||||||
$ | 669,117 | $ | 39,213 | $ | 708,330 | $ | 608,319 | ||||||||||
Real estate investment by geographical area | The Company's investments at October 31, 2014 consisted of equity interests in 70 properties, which are located in various regions throughout the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York. The Company's primary investment focus is neighborhood and community shopping centers located in the region just described. These properties are considered core properties of the Company. The Company sold its two distribution service facilities in fiscal 2014 which were 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, 2014 and 2013 (in thousands): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Northeast | $ | 708,330 | $ | 607,788 | |||||||||||||
Midwest | - | 288 | |||||||||||||||
Southwest | - | 243 | |||||||||||||||
$ | 708,330 | $ | 608,319 |
CORE_PROPERTIES_Tables
CORE PROPERTIES (Tables) | 12 Months Ended | |||||
Oct. 31, 2014 | ||||||
CORE PROPERTIES [Abstract] | ||||||
Components of core properties | The components of the core properties consolidated in the financial statements are as follows (in thousands): | |||||
2014 | 2013 | |||||
Land | $ | 153,346 | $ | 134,466 | ||
Buildings and improvements | 676,958 | 597,098 | ||||
830,304 | 731,564 | |||||
Accumulated depreciation | -161,187 | -155,208 | ||||
$ | 669,117 | $ | 576,356 |
MORTGAGE_NOTES_PAYABLE_BANK_LI1
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS [Abstract] | |||||||||
Combined aggregate principal maturities of mortgage notes payable | Combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands): | ||||||||
Principal | Scheduled | ||||||||
Repayments | Amortization | Total | |||||||
2015 | $ | 7,253 | $ | 4,591 | $ | 11,844 | |||
2016 | 14,684 | 4,597 | 19,281 | ||||||
2017 | 49,524 | 4,253 | 53,777 | ||||||
2018 | - | 3,178 | 3,178 | ||||||
2019 | 26,879 | 2,840 | 29,719 | ||||||
Thereafter | 78,565 | 8,783 | 87,348 | ||||||
$ | 176,905 | $ | 28,242 | $ | 205,147 |
CONSOLIDATED_JOINT_VENTURES_AN2
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | |||||||||
Redeemable non-controlling interests | October 31, | October 31, | |||||||
2014 | 2013 | ||||||||
Beginning Balance | $ | 11,843 | $ | 11,421 | |||||
Initial McLean Plaza Noncontrolling Interest | 6,134 | - | |||||||
Change in Redemption Value | 887 | 422 | |||||||
Ending Balance | $ | 18,864 | $ | 11,843 |
INVESTMENTS_IN_AND_ADVANCES_TO1
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract] | |||||||||
Investments in and advances to unconsolidated joint ventures | At October 31, 2014 and 2013, 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-14 | 31-Oct-13 | ||||||||
Chestnut Ridge and Plaza 59 Shopping Centers (50.0%) | $ | 18,380 | $ | 18,277 | |||||
Gateway Plaza (50% in 2014 and 0% in 2013) | 7,069 | - | |||||||
Midway Shopping Center, L.P. (11.642%) | 5,322 | 5,668 | |||||||
Putnam Plaza Shopping Center (66.67%) | 6,525 | 6,764 | |||||||
Applebee's at Riverhead (50% in 2014 and 0% in 2013) | 1,194 | - | |||||||
81 Pondfield Road Company (20%) | 723 | 723 | |||||||
Total | $ | 39,213 | $ | 31,432 |
STOCK_COMPENSATION_AND_OTHER_B1
STOCK COMPENSATION AND OTHER BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||
STOCK COMPENSATION AND OTHER BENEFIT PLANS [Abstract] | |||||||||||||||||
Non-vested Common and Class A Common shares | A summary of the status of the Company's non-vested restricted stock awards as of October 31, 2014, and changes during the year ended October 31, 2014 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, 2013 | 1,479,700 | $ | 15.88 | 404,150 | $ | 17.39 | |||||||||||
Granted | 152,000 | $ | 15.6 | 80,500 | $ | 18.32 | |||||||||||
Vested | (250,900 | ) | $ | 13.88 | (78,400 | ) | $ | 15.18 | |||||||||
Forfeited | - | $ | - | (6,300 | ) | $ | 18.48 | ||||||||||
Non-vested at October 31, 2014 | 1,380,800 | $ | 16.21 | 399,950 | $ | 18.01 |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | |||||||||||||||||
Fair value of financial assets and liabilities | 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, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Interest Rate Swap Agreement | $ | 63 | $ | - | $ | 63 | $ | - | |||||||||
Liabilities: | |||||||||||||||||
Redeemable noncontrolling interests | $ | 18,864 | $ | 9,802 | $ | - | $ | 9,062 | |||||||||
Fiscal Year Ended October 31, 2013 | |||||||||||||||||
Assets: | |||||||||||||||||
Interest Rate Swap Agreement | $ | 81 | $ | - | $ | 81 | $ | - | |||||||||
Liabilities: | |||||||||||||||||
Redeemable noncontrolling interests | $ | 11,843 | $ | 8,946 | $ | - | $ | 2,897 | |||||||||
PRO_FORMA_FINANCIAL_INFORMATIO1
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) [Abstract] | |||||||||
Business Acquisition Pro Forma Information [Table Text Block] | 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 that year nor does it purport to represent the results of future operations (amounts in thousands). | ||||||||
Year Ended October 31, | |||||||||
2014 | 2013 | ||||||||
Pro forma revenues | $ | 117,136 | $ | 116,494 | |||||
Pro forma income from continuing operations | $ | 56,972 | $ | 34,971 | |||||
Pro forma income from continuing operations applicable to Common and Class A Common stockholders: | $ | 40,446 | $ | 14,934 | |||||
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, 2014 for the properties acquired in fiscal 2014 as more fully described in note 3 (amounts in thousands). | ||||||||
Revenues | $ | 4,163 | |||||||
Income from continuing operations | $ | 811 | |||||||
QUARTERLY_RESULTS_OF_OPERATION1
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Information | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||||||||
31-Jan | 30-Apr | 31-Jul | 31-Oct | 31-Jan | 30-Apr | 31-Jul | 31-Oct | ||||||||||||||||||||||||||
 Revenues | $ | 25,195 | $ | 25,952 | $ | 24,955 | $ | 26,226 | $ | 23,737 | $ | 22,834 | $ | 23,613 | $ | 24,061 | |||||||||||||||||
Income from continuing operations | $ | 6,621 | $ | 6,482 | $ | 7,494 | $ | 32,494 | $ | 6,814 | $ | 7,173 | $ | 7,840 | $ | 7,278 | |||||||||||||||||
Net Income Attributable to Urstadt Biddle Properties Inc. | $ | 6,465 | $ | 6,334 | $ | 7,343 | $ | 32,342 | $ | 7,014 | $ | 7,421 | $ | 7,915 | $ | 7,445 | |||||||||||||||||
Preferred Stock Dividends | (3,453 | ) | (3,453 | ) | (3,453 | ) | (3,453 | ) | (3,961 | ) | (3,929 | ) | (3,606 | ) | (3,453 | ) | |||||||||||||||||
Redemption of Preferred Stock | - | - | - | (1,870 | ) | (3,759 | ) | (406 | ) | (68 | ) | - | |||||||||||||||||||||
Net Income Applicable to Common and Class A Common Stockholders | $ | 3,012 | $ | 2,881 | $ | 3,890 | $ | 27,019 | $ | (706 | ) | $ | 3,086 | $ | 4,241 | $ | 3,992 | ||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||||||
Net income from continuing operations - Basic: | |||||||||||||||||||||||||||||||||
Class A Common Stock | $ | 0.1 | $ | 0.1 | $ | 0.13 | $ | 0.9 | $ | (0.04 | ) | $ | 0.09 | $ | 0.13 | $ | 0.12 | ||||||||||||||||
Common Stock | $ | 0.09 | $ | 0.09 | $ | 0.11 | $ | 0.8 | $ | (0.03 | ) | $ | 0.08 | $ | 0.12 | $ | 0.11 | ||||||||||||||||
Net income from continuing operations - Diluted: | |||||||||||||||||||||||||||||||||
Class A Common Stock | $ | 0.1 | $ | 0.09 | $ | 0.12 | $ | 0.87 | $ | (0.04 | ) | $ | 0.09 | $ | 0.13 | $ | 0.12 | ||||||||||||||||
Common Stock | $ | 0.09 | $ | 0.08 | $ | 0.11 | $ | 0.77 | $ | (0.03 | ) | $ | 0.08 | $ | 0.11 | $ | 0.11 | ||||||||||||||||
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. |
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, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 |
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 | 70 | 70 | |||||||||
Gross Leasable Area of properties the Company owned or had equity interest in (in square feet) | 4,800,000 | 4,800,000 | |||||||||
Revenues from continued operations held for sale | $3,805,000 | $4,239,000 | $4,185,000 | ||||||||
Operating expenses of properties held for sale included in continuing operations | -1,780,000 | -1,764,000 | -1,524,000 | ||||||||
Depreciation and amortization from properties held for sale included in continuing operations | -341,000 | -653,000 | -645,000 | ||||||||
Net income of held for sale property included in continuing operations | 1,684,000 | 1,822,000 | 2,016,000 | ||||||||
Number of non-core real estate properties sold | 2 | ||||||||||
Number of core properties sold | 1 | ||||||||||
Gain Loss On Disposal group included in continuing operations | 24,300,000 | ||||||||||
number of disposal group sold qualifying as continuing operations | 1 | ||||||||||
Sale price of property sold included in continuing operations | 31,000,000 | ||||||||||
Sale price of property sold | 12,500,000 | ||||||||||
Gain on sale of properties | 18,100,000 | 0 | 0 | ||||||||
Revenues | 141,000 | 1,356,000 | 1,565,000 | ||||||||
Property operating expense | 0 | 0 | -3,000 | ||||||||
Depreciation and amortization | 0 | -48,000 | -84,000 | ||||||||
Income from discontinued operations | 141,000 | 1,308,000 | 1,478,000 | ||||||||
Cash flows from operating activities | -12,384,000 | 1,356,000 | 1,562,000 | ||||||||
Cash flows from investing activities | 17,313,000 | 0 | 0 | ||||||||
Cash flows from financing activities | 0 | 0 | 0 | ||||||||
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 | 2011 through and including 2013 | ||||||||||
Deferred Charges [Abstract] | |||||||||||
Accumulated amortization of deferred charges | 2,703,000 | 3,043,000 | 2,703,000 | 3,043,000 | |||||||
Revenue Recognition [Abstract] | |||||||||||
Rents receivable | 13,368,000 | 13,719,000 | 13,368,000 | 13,719,000 | |||||||
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 | 3,106,000 | 3,604,000 | 3,106,000 | 3,604,000 | |||||||
Provision for uncollectible tenants receivable | 917,000 | 958,000 | 665,000 | ||||||||
Marketable Securities [Abstract] | |||||||||||
Payments to Acquire REIT Preferred Fixed Income Securities | 27,000,000 | ||||||||||
Gain on sale of investment securities | 18,100,000 | 0 | 0 | ||||||||
Purchase cost of shares sold | 378,000 | 378,000 | |||||||||
Derivative Financial Instruments [Abstract] | |||||||||||
Mortgage loans subject to interst rate swap | 19,700,000 | 19,700,000 | |||||||||
Total fixed interest rate (in hundredths) | 3.99% | 3.99% | |||||||||
Accrued liabilities relating to fair value of Company's interest rate swap | 63,000 | 0 | 63,000 | 0 | 0 | ||||||
Comprehensive income [Abstract] | |||||||||||
Net unrealized losses on marketable securities included in accumulated other comprehensive income | 0 | 19,000 | 0 | 19,000 | |||||||
Net unrealized losses on an interest rate swap agreement included in accumulated other comprehensive income | 63,000 | 81,000 | 63,000 | 81,000 | |||||||
Earnings Per Share, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income applicable to common stockholders - basic | 27,019,000 | 3,890,000 | 2,881,000 | 3,012,000 | 3,992,000 | 4,241,000 | 3,086,000 | -706,000 | 49,469,000 | 10,613,000 | 12,966,000 |
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 | 38,068,000 | 8,204,000 | 9,800,000 | ||||||||
Stock awards | -723,000 | -182,000 | -236,000 | ||||||||
Net income applicable to common stockholders - diluted | 37,345,000 | 8,022,000 | 9,564,000 | ||||||||
Denominator for basic EPS - weighted average common shares (in shares) | 23,208 | 23,122 | 20,740 | ||||||||
Restricted stock awards (in shares) | 219 | 235 | 224 | ||||||||
Denominator for diluted EPS - weighted average common equivalent shares (in shares) | 23,427 | 23,357 | 20,964 | ||||||||
Common Stock [Member] | |||||||||||
Earnings Per Share, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income applicable to common stockholders - basic | 11,401,000 | 2,409,000 | 3,166,000 | ||||||||
Stock awards | 723,000 | 182,000 | 236,000 | ||||||||
Net income applicable to common stockholders - diluted | $12,124,000 | $2,591,000 | $3,402,000 | ||||||||
Denominator for basic EPS - weighted average common shares (in shares) | 7,801 | 7,543 | 7,370 | ||||||||
Restricted stock awards (in shares) | 735 | 840 | 834 | ||||||||
Denominator for diluted EPS - weighted average common equivalent shares (in shares) | 8,536 | 8,383 | 8,204 | ||||||||
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 $) | Oct. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | Property | |
Schedule of Investments [Line Items] | ||
Properties owned or have equity interests | 70 | |
Real estate investments | $708,330 | $608,319 |
Northeast [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 708,330 | 607,788 |
Midwest [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 0 | 288 |
Southwest [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 0 | 243 |
Retail [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 695,061 | 594,267 |
Office [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 13,269 | 13,521 |
Industrial [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 0 | 531 |
Core Properties [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 669,117 | |
Core Properties [Member] | Retail [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 655,848 | |
Core Properties [Member] | Office [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 13,269 | |
Core Properties [Member] | Industrial [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 0 | |
Unconsolidated Joint Venture [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 39,213 | |
Unconsolidated Joint Venture [Member] | Retail [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 39,213 | |
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 |
CORE_PROPERTIES_Details
CORE PROPERTIES (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
Property | |||
Business Acquisition [Line Items] | |||
Interest percentage in property acquired (in hundredths) | 100.00% | ||
Acquisition related costs | $666,000 | $857,000 | $296,000 |
Number of non-core real estate properties sold | 2 | ||
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 | 2,460,000 | ||
Gain on easement condemnation | 213,000 | ||
Amortization of above-market and below-market leases | 410,000 | 419,000 | 515,000 |
Capital improvements to properties and leasing costs | 19,300,000 | ||
Acquisition 1 [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price or contract price | 124,600,000 | ||
Interest percentage in property acquired (in hundredths) | 100.00% | ||
Area of real estate property acquired | 375,000 | ||
Number of properties acquired | 4 | ||
Deposit placed with lender | 2,500,000 | ||
Acquisition 2 [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price or contract price | 47,400,000 | ||
Acquisition related costs | 127,000 | ||
Area of real estate property acquired | 88,000 | ||
Number of properties acquired | 2 | ||
Acquisition 3 [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price or contract price | 9,000,000 | ||
Acquisition related costs | 88,000 | ||
Area of real estate property acquired | 31,000 | ||
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option | 92,000 | ||
Acquisition 4 [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price or contract price | 18,400,000 | ||
Interest percentage in property acquired (in hundredths) | 100.00% | ||
Acquisition related costs | 225,000 | ||
Area of real estate property acquired | 63,000 | ||
First mortgage secured by property | 7,800,000 | ||
Interest rate on mortgage secured by property (in hundredths) | 4.20% | ||
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option | 71,000 | ||
Debt Instrument, Maturity Date | 30-Sep-22 | ||
Acquisition 5 [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price or contract price | 11,000,000 | ||
Acquisition related costs | 123,000 | ||
Area of real estate property acquired | 56,000 | ||
Existing mortgage on property acquired | 7,700,000 | ||
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option | 901,000 | ||
Debt Instrument, Maturity Date | 31-Aug-16 | ||
Adjusted fixed rate (in hundredths) | 5.50% | ||
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 | 107,000 | ||
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 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 | 830,304,000 | 731,564,000 | |
Accumulated depreciation | -161,187,000 | -155,208,000 | |
Properties, net | 669,117,000 | 576,356,000 | |
Rental payments on non-cancelable operating leases [Abstract] | |||
Minimum rental payments on non-cancelable operating leases in the consolidated core properties | 436,961,000 | ||
2015 | 71,102,000 | ||
2016 | 64,496,000 | ||
2017 | 57,764,000 | ||
2018 | 46,636,000 | ||
2019 | 39,362,000 | ||
Thereafter | 157,601,000 | ||
Maximum additional rent as a percentage of consolidated revenues (in hundredths) | 1.00% | 1.00% | |
Land [Member] | Core Properties [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross properties | 153,346,000 | 134,466,000 | |
Buildings and Improvements [Member] | Core Properties [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross properties | $676,958,000 | $597,098,000 |
MORTGAGE_NOTES_PAYABLE_BANK_LI2
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
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 | $333,000,000 | ||
Principal Repayments [Abstract] | |||
2014 | 7,253,000 | ||
2015 | 14,684,000 | ||
2016 | 49,524,000 | ||
2017 | 0 | ||
2018 | 26,879,000 | ||
Thereafter | 78,565,000 | ||
Total principal repayments | 176,905,000 | ||
Scheduled Amortization [Abstract] | |||
2014 | 4,591,000 | ||
2015 | 4,597,000 | ||
2016 | 4,253,000 | ||
2017 | 3,178,000 | ||
2018 | 2,840,000 | ||
Thereafter | 8,783,000 | ||
Total scheduled amortization | 28,242,000 | ||
Total [Abstract] | |||
2014 | 11,844,000 | ||
2015 | 19,281,000 | ||
2016 | 53,777,000 | ||
2017 | 3,178,000 | ||
2018 | 29,719,000 | ||
Thereafter | 87,348,000 | ||
Total principal and scheduled amortization of debt | 205,147,000 | 166,246,000 | |
Interest paid | 10,300,000 | 8,500,000 | 8,600,000 |
Real estate pledged as collateral at fair value | 333,000,000 | ||
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 | ||
Covenant terms | The Company's ability to borrow under the Facility is subject to its compliance with the covenants and other restrictions on an ongoing basis. The principal financial covenants limit the Company's level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios. | ||
Covenant compliance | The Company was in compliance with such covenants at October 31, 2014. | ||
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 | 65,100,000 | ||
Repayments of borrowings on facility | 58,800,000 | ||
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 | ||
The Bank of New York Mellon [Member] | Unsecured Term Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 25,000,000 | ||
Minimum basis spread on variable interest rate (in hundredths) | 1.40% | ||
Maximum basis spread on variable interest rate (in hundredths) | 1.90% | ||
Interest rate description | Eurodollar rate plus 1.4% to 1.9% | ||
Extension period | 6 months | ||
BNY and Wells Fargo Member [Member] | Unsecured Revolving Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing on unsecured revolving credit facility used to finance investment | 38,400,000 | ||
Repayments of borrowings on facility | 40,700,000 | ||
Ferry Plaza Shopping Center [Member] | |||
Total [Abstract] | |||
Cost of installation of solar power system | 1,700,000 | ||
Retail Properties [Member] | |||
Total [Abstract] | |||
Stated interest rate (in hundredths) | 4.20% | ||
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] | |||
Maturity date | 30-Nov-24 | ||
Stated interest rate (in hundredths) | 4.07% | ||
First mortgage secured by property | 24,500,000 | ||
First Mortgage [Member] | New Providence Property [Member] | |||
Total [Abstract] | |||
Maturity date | 31-Jan-22 | ||
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] | |||
Maturity date | 31-Oct-12 | ||
Debt repaid at maturitiy | 8,300,000 | ||
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 | ||
First Mortgage [Member] | Post Road Properties [Member] | |||
Total [Abstract] | |||
Maturity date | 31-Aug-16 | ||
Stated interest rate (in hundredths) | 4.00% | ||
First mortgage secured by property | 8,300,000 | ||
First Mortgage [Member] | Retail Properties [Member] | |||
Total [Abstract] | |||
Maturity date | 31-Jan-27 | ||
Stated interest rate (in hundredths) | 3.85% | ||
First mortgage secured by property | 62,700,000 | ||
Monthly Mortgage Payment | 294,000 | ||
Good Faith and Margin Deposits with Broker-Dealers | 628,000 | ||
First Mortgage [Member] | Boonton [Member] | |||
Total [Abstract] | |||
Maturity date | 30-Sep-22 | ||
Debt assumed on acquisition | 7,800,000 | ||
First Mortgage [Member] | Bloomfield [Member] | |||
Total [Abstract] | |||
Maturity date | 31-Aug-16 | ||
Debt assumed on acquisition | 7,700,000 | ||
Stated interest rate (in hundredths) | 5.50% | ||
First Mortgage [Member] | McLean Plaza Associates [Member] | |||
Total [Abstract] | |||
Maturity date | 31-Dec-14 | ||
Debt assumed on acquisition | 2,800,000 | ||
Unsecured Term Loan [Member] | |||
Total [Abstract] | |||
Loan Term | 6 months | ||
Refinanced First Mortgage [Member] | Arcadian [Member] | |||
Total [Abstract] | |||
Maturity date | 31-Aug-24 | ||
Stated interest rate (in hundredths) | 4.00% | ||
First mortgage secured by property | 16,200,000 | ||
Refinanced First Mortgage [Member] | McLean Plaza Associates [Member] | |||
Total [Abstract] | |||
Maturity date | 30-Nov-24 | ||
Stated interest rate (in hundredths) | 3.70% | ||
First mortgage secured by property | 5,000,000 | ||
Dock Mortgage [Member] | |||
Total [Abstract] | |||
Adjusted fixed rate (in hundredths) | 4.85% | ||
First mortgage secured by property | $28,000,000 | ||
Loan Term | 10 years | ||
Mortgage Amortization Period (in years) | 30 |
CONSOLIDATED_JOINT_VENTURES_AN3
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Property | ||
Business Acquisition [Line Items] | ||
Number of real estate joint venture investments | 3 | |
Redeemable non-controlling interests [Abstract] | ||
Increase (decrease) in carrying value of noncontrolling interest | $887,000 | $422,000 |
Beginning Balance | 11,843,000 | 11,421,000 |
Initial McLean Plaza noncontrolling interest | 6,134,000 | 0 |
Ending Balance | 18,864,000 | 11,843,000 |
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) | 21.74% | 2.00% |
Additional investment in consolidated joint venture | 1,700,000 | |
McLean Plaza Associates [Member] | ||
Business Acquisition [Line Items] | ||
Ownership interest (in hundredths) | 51.00% | |
Additional investment in consolidated joint venture | 6,200,000 | |
Estimated fair value of first mortgage secured by property | $2,800,000 |
INVESTMENTS_IN_AND_ADVANCES_TO2
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
Property | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated joint ventures | $39,213,000 | $31,432,000 | |
Non-recourse first mortgage payable | 205,147,000 | 166,246,000 | |
Number of non-core real estate properties sold | 2 | ||
Gain on sale of properties | 18,100,000 | 0 | 0 |
Sales price of properties held for sale | 12,500,000 | ||
Number of core properties sold | 1 | ||
Chestnut Ridge and Plaza 59 Shopping Centers [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated joint ventures | 18,380,000 | 18,277,000 | |
Midway Shopping Center, L.P. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated joint ventures | 5,322,000 | 5,668,000 | |
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% | ||
Maturity date of debt | 1-Jan-13 | ||
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 | 6,525,000 | 6,764,000 | |
Area of property (in square feet) | 189,000 | ||
Percentage of voting interests acquired (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 | |
Percentage of voting interests acquired (in hundredths) | 20.00% | ||
Chestnut Ridge [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Area of property (in square feet) | 76,000 | ||
Percentage of voting interests acquired (in hundredths) | 50.00% | ||
Plaza 59 Shopping Centers [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Area of property (in square feet) | 24,000 | ||
Percentage of voting interests acquired (in hundredths) | 50.00% | ||
Gateway Plaza [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated joint ventures | 7,069,000 | 0 | |
Area of property (in square feet) | 194,000 | ||
Stated interest rate (in hundredths) | 4.20% | ||
Percentage of voting interests acquired (in hundredths) | 50.00% | 0.00% | |
Area size in square feet of major tenant | 168,000 | ||
Area size in square feet of non-anchor space of property | 27,000 | ||
Non-recourse first mortgage payable | 14,000,000 | ||
Term of first mortgage | 10 years | ||
Purchase price of property acquired | 6,100,000 | ||
Escrow Deposit | 2,000,000 | ||
Mortgage proceeds paid to seller at acquisition | 12,000,000 | ||
Applebee's at Riverhead [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated joint ventures | 1,194,000 | 0 | |
Area of property (in square feet) | 5,400 | ||
Percentage of voting interests acquired (in hundredths) | 50.00% | 0.00% | |
Future development rights of shopping center measured in square feet | 7,200 | ||
Purchase price of property acquired | $1,100,000 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
Class of Stock [Line Items] | |||
Total shares authorized (in shares) | 200,000,000 | 200,000,000 | |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 | |
Excess stock, shares authorized (in shares) | 20,000,000 | 20,000,000 | |
Repayments of Lines of Credit | $58,750,000 | $40,700,000 | $88,250,000 |
Proceeds from issuance of common stock | 248,000 | 244,000 | 47,799,000 |
Common stock to Class A common stock dividend rate (in hundredths) | 110.00% | 110.00% | |
Excess stock issuance threshold ownership percentage (in hundredths) | 7.50% | 7.50% | |
Proceeds from Issuance of Preferred Stock and Preference Stock | 67,795,000 | 0 | 125,281,000 |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 | |
Voting rights per share (in hundredths) | 100.00% | 100.00% | |
Shares issued under the dividend reinvestment plan (in shares) | 6,347 | 5,797 | |
Common Stock available for issuance (in shares) | 357,953 | 364,300 | |
Class A Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Shares issued (in shares) | 2,500,000 | ||
Share Price | $19.16 | ||
Proceeds from issuance of common stock | 47,500,000 | ||
Voting rights per share (in hundredths) | 5.00% | 5.00% | |
Shares issued under the dividend reinvestment plan (in shares) | 6,811 | 6,724 | 7,950 |
Common Stock available for issuance (in shares) | 416,273 | 423,084 | |
Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
Series D Senior Cumulative Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redemption price (in dollars per share) | $25 | ||
Preferred Stock, Dividend Rate, Percentage | 7.50% | 7.50% | 7.50% |
Payments of Stock Issuance Costs | 1,870,000 | ||
Series F Cumulative Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redemption price (in dollars per share) | $25 | $25 | |
Shares issued (in shares) | 5,175,000 | ||
Preferred Stock, Dividend Rate, Percentage | 7.13% | 7.13% | 7.13% |
Dividend rate (in dollars per share) | $1.78 | ||
Number of directors redeemable preferred stockholders are entitled to elect | 2 | ||
Class A Common shares or Common shares [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 100,000,000 | ||
Series A Participating Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred shares purchaseable per right (in shares) | 0.01 | ||
Exercise price per right (in dollars per right) | $65 | ||
Distribution holding period | 10 years | ||
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% | ||
Value of common shares as a multiple of the exercise price of the right | 200.00% | ||
Minimum percentage of assets sold or transferred to trigger stock purchase rights | 50.00% | ||
Series G Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redemption price (in dollars per share) | $25 | ||
Shares issued (in shares) | 2,800,000 | ||
Over-allotment stock Issued During Period Shares New Issues | 200,000 | ||
Share Price | $25 | ||
Preferred Stock, Dividend Rate, Percentage | 6.75% | ||
Dividend rate (in dollars per share) | $1.69 | ||
Number of directors redeemable preferred stockholders are entitled to elect | 2 | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | 67,800,000 | ||
Proceeds From Issuance Of Preferred Stock And Preference Stock-Over-allotment option | 4,800,000 | ||
8.5% Series C Senior Cumulative Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Payments of Stock Issuance Costs | 892,000 | 1,300,000 | |
Series E Senior Cumulative Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Payments of Stock Issuance Costs | $3,300,000 |
STOCKHOLDERS_EQUITY_Share_Repu
STOCKHOLDERS' EQUITY, Share Repurchase Program (Details) | Oct. 31, 2014 |
Common Stock [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Number of shares authorized for repurchase (in shares) | 2,000,000 |
Amended number of shares authorized for repurchase | 1,500,000 |
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 |
STOCK_COMPENSATION_AND_OTHER_B2
STOCK COMPENSATION AND OTHER BENEFIT PLANS (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
Savings Plan [Abstract] | |||
Company contributions to 401K Plan | $150,000 | $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 | 3,800,000 | ||
Unamortized restricted stock compensation | 12,600,000 | ||
Weighted average period for recognizing unamortized expense | 4 years 7 months 20 days | ||
Compensation expense | $4,088,000 | $4,073,000 | $3,824,000 |
Restricted Stock [Member] | Common Shares [Member] | |||
Non-vested shares, number of shares [Roll forward] | |||
Non-vested, beginning of period (in shares) | 1,479,700 | ||
Granted (in shares) | 152,000 | ||
Vested (in shares) | -250,900 | ||
Forfeited (in shares) | 0 | ||
Non-vested, end of period (in shares) | 1,380,800 | ||
Non-vested shares, weighted-average grant-date fair value [Roll forward] | |||
Non-vested, beginning of period (in dollars per share) | $15.88 | ||
Granted (in dollars per share) | $15.60 | ||
Vested (in dollars per share) | $13.88 | ||
Forfeited (in dollars per share) | $0 | ||
Non-vested, end of period (in dollars per share) | $16.21 | ||
Restricted Stock [Member] | Class A Common Shares [Member] | |||
Non-vested shares, number of shares [Roll forward] | |||
Non-vested, beginning of period (in shares) | 404,150 | ||
Granted (in shares) | 80,500 | ||
Vested (in shares) | -78,400 | ||
Forfeited (in shares) | -6,300 | ||
Non-vested, end of period (in shares) | 399,950 | ||
Non-vested shares, weighted-average grant-date fair value [Roll forward] | |||
Non-vested, beginning of period (in dollars per share) | $17.39 | ||
Granted (in dollars per share) | $18.32 | ||
Vested (in dollars per share) | $15.18 | ||
Forfeited (in dollars per share) | $18.48 | ||
Non-vested, end of period (in dollars per share) | $18.01 | ||
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 shares authorized (in shares) | 3,050,000 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Mortgage notes payable | $206,000,000 | $155,000,000 | |
UB Ironbound, LP ("Ironbound") [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Increase in redemption value of noncontrolling interest | 31 | 60 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Interest Rate Swap Agreement | 63,000 | 81,000 | |
Liabilities: | |||
Redeemable noncontrolling interests | 18,864,000 | 11,843,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Interest Rate Swap Agreement | 0 | 0 | |
Liabilities: | |||
Redeemable noncontrolling interests | 9,802,000 | 8,946,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Interest Rate Swap Agreement | 63,000 | 81,000 | |
Liabilities: | |||
Redeemable noncontrolling interests | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Interest Rate Swap Agreement | 0 | 0 | |
Liabilities: | |||
Redeemable noncontrolling interests | $9,062,000 | $2,897,000 | $2,837,000 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2014 |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Commitments for tenant related obligations | $3.90 |
PRO_FORMA_FINANCIAL_INFORMATIO2
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $4,163 | |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations | 811 | |
Pro Forma Revenues | 117,136 | 116,494 |
Pro forma income from continuing operations | 56,972 | 34,971 |
Pro forma earnings applicable to Common and Class A Common stockholders | $40,446 | $14,934 |
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, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 |
Class of Stock [Line Items] | |||||||||||
Revenues | $26,226 | $24,955 | $25,952 | $25,195 | $24,061 | $23,613 | $22,834 | $23,737 | $102,328 | $95,203 | $90,395 |
Income from Continuing Operations | 32,494 | 7,494 | 6,482 | 6,621 | 7,278 | 7,840 | 7,173 | 6,814 | 53,091 | 29,105 | 27,282 |
Net income attributable to Urstadt Biddle Properties Inc. | 32,342 | 7,343 | 6,334 | 6,465 | 7,445 | 7,915 | 7,421 | 7,014 | 65,151 | 29,795 | 28,260 |
Preferred Stock Dividends | -3,453 | -3,453 | -3,453 | -3,453 | -3,453 | -3,606 | -3,929 | -3,961 | 13,812 | 14,949 | 13,267 |
Redemption of preferred stock | -1,870 | 0 | 0 | 0 | 0 | -68 | -406 | -3,759 | |||
Net Income Applicable to Common and Class A Common Stockholders | 27,019 | 3,890 | 2,881 | 3,012 | 3,992 | 4,241 | 3,086 | -706 | 49,469 | 10,613 | 12,966 |
Per Share Data [Abstract] | |||||||||||
Common (in dollars per share) | $0.80 | $0.11 | $0.09 | $0.09 | $0.11 | $0.12 | $0.08 | ($0.03) | $1.46 | $0.32 | $0.43 |
Diluted Earnings Per Share [Abstract] | |||||||||||
Common (in dollars per share) | $0.77 | $0.11 | $0.08 | $0.09 | $0.11 | $0.11 | $0.08 | ($0.03) | $1.42 | $0.31 | $0.41 |
Class A Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Net Income Applicable to Common and Class A Common Stockholders | $38,068 | $8,204 | $9,800 | ||||||||
Per Share Data [Abstract] | |||||||||||
Common (in dollars per share) | $0.90 | $0.13 | $0.10 | $0.10 | $0.12 | $0.13 | $0.09 | ($0.04) | $1.64 | $0.35 | $0.47 |
Diluted Earnings Per Share [Abstract] | |||||||||||
Common (in dollars per share) | $0.87 | $0.12 | $0.09 | $0.10 | $0.12 | $0.13 | $0.09 | ($0.04) | $1.59 | $0.34 | $0.46 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | Dec. 11, 2014 | |
Subsequent Event [Line Items] | ||||
Proceeds from Issuance of Common Stock | $248,000 | $244,000 | $47,799,000 | |
Class A Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars per share) | $1.01 | $1 | $0.99 | |
Stock Issued During Period, Shares, New Issues | 2,500,000 | |||
Share Price | $19.16 | |||
Proceeds from Issuance of Common Stock | 47,500,000 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividend payable, date to be paid | 16-Jan-15 | |||
Dividends payable, record date | 5-Jan-15 | |||
Fair value of the shares awarded | 4,900,000 | |||
Subsequent Event [Member] | Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares awarded (in shares) | 152,000 | |||
Subsequent Event [Member] | Class A Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares awarded (in shares) | 92,750 | |||
Stock Issued During Period, Shares, New Issues | 2,500,000 | |||
Share Price | $20.82 | |||
Proceeds from Issuance of Common Stock | 52,100,000 | |||
Stock Issued During Period Shares New Issues- Over-allotment option | 375,000 | |||
Proceeds From Issuance Of Common Stock- Over-allotment option | $7,800,000 | |||
Subsequent Event [Member] | Dividend Declared [Member] | Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars per share) | $0.23 | |||
Subsequent Event [Member] | Dividend Declared [Member] | Class A Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars per share) | $0.26 |
SCHEDULE_III_REAL_ESTATE_AND_A1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) | 12 Months Ended | |||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $205,147,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 150,563,000 | |||
Building & Improvements | 587,986,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 2,783,000 | |||
Building & Improvements | 88,973,000 | |||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 153,346,000 | |||
Building & Improvements | 676,958,000 | |||
TOTAL | 830,304,000 | 732,159,000 | 660,375,000 | |
Accumulated Depreciation | 161,187,000 | 155,272,000 | 140,511,000 | |
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||
Balance at beginning of the year | 732,159,000 | 660,375,000 | 631,167,000 | |
Property improvements during the year | 19,239,000 | 11,263,000 | 5,782,000 | |
Properties acquired during the year | 101,055,000 | 67,062,000 | 26,306,000 | |
Properties sold during the year | -20,299,000 | -4,475,000 | -533,000 | |
Property assets fully depreciated and written off | -1,850,000 | -2,066,000 | -2,347,000 | |
Balance at end of year | 830,304,000 | 732,159,000 | 660,375,000 | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at beginning of year | 155,272,000 | 140,511,000 | 126,693,000 | |
Provision during the year charged to income | 18,721,000 | 17,126,000 | 16,183,000 | |
Property sold during the year | -10,956,000 | -299,000 | -18,000 | |
Property assets fully depreciated and written off | -1,850,000 | -2,066,000 | -2,347,000 | |
Balance at end of year | 161,187,000 | 155,272,000 | 140,511,000 | |
Property, Plant and Equipment [Line Items] | ||||
Aggregate cost for federal income tax purposes for real estate subject to operating leases | 713,000,000 | |||
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 | 205,147,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 147,197,000 | |||
Building & Improvements | 576,448,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 2,841,000 | |||
Building & Improvements | 87,151,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 150,038,000 | |||
Building & Improvements | 663,599,000 | |||
TOTAL | 813,637,000 | |||
Accumulated Depreciation | 157,788,000 | |||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||
Balance at end of year | 813,637,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 157,788,000 | |||
Retail Properties [Member] | Bethel, CT [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 | -18,000 | |||
Building & Improvements | -74,000 | |||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 1,782,000 | |||
Building & Improvements | 7,126,000 | |||
TOTAL | 8,908,000 | |||
Accumulated Depreciation | 153,000 | |||
Date Constructed/Acquired | 2014 | |||
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 | 8,908,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 153,000 | |||
Retail Properties [Member] | Yonkers, NY 3 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,781,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 3,060,000 | |||
Building & Improvements | 12,240,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 3,060,000 | |||
Building & Improvements | 12,240,000 | |||
TOTAL | 15,300,000 | |||
Accumulated Depreciation | 26,000 | |||
Date Constructed/Acquired | 2014 | |||
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 | 15,300,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 26,000 | |||
Retail Properties [Member] | Boonton, NJ [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,720,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 3,670,000 | |||
Building & Improvements | 14,680,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 15,000 | |||
Building & Improvements | 56,000 | |||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 3,685,000 | |||
Building & Improvements | 14,736,000 | |||
TOTAL | 18,421,000 | |||
Accumulated Depreciation | 314,000 | |||
Date Constructed/Acquired | 2014 | |||
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 | 18,421,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 314,000 | |||
Retail Properties [Member] | Bloomfield, NJ [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,768,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 2,201,000 | |||
Building & Improvements | 8,804,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 218,000 | |||
Building & Improvements | 861,000 | |||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 2,419,000 | |||
Building & Improvements | 9,665,000 | |||
TOTAL | 12,084,000 | |||
Accumulated Depreciation | 237,000 | |||
Date Constructed/Acquired | 2014 | |||
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 | 12,084,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 237,000 | |||
Retail Properties [Member] | Greenwich, CT 7 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,170,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 6,257,000 | |||
Building & Improvements | 25,029,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 6,257,000 | |||
Building & Improvements | 25,029,000 | |||
TOTAL | 31,286,000 | |||
Accumulated Depreciation | 104,000 | |||
Date Constructed/Acquired | 2014 | |||
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 | 31,286,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 104,000 | |||
Retail Properties [Member] | Greenwich, CT 6 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,330,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 3,223,000 | |||
Building & Improvements | 12,893,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 3,223,000 | |||
Building & Improvements | 12,893,000 | |||
TOTAL | 16,116,000 | |||
Accumulated Depreciation | 54,000 | |||
Date Constructed/Acquired | 2014 | |||
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 | 16,116,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 54,000 | |||
Retail Properties [Member] | Greenwich, CT 1 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,500,000 | |||
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 | 167,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 1,627,000 | |||
Building & Improvements | 6,568,000 | [2] | ||
TOTAL | 8,195,000 | |||
Accumulated Depreciation | 238,000 | |||
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 | 8,195,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 238,000 | |||
Retail Properties [Member] | Greenwich, CT 2 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,365,000 | |||
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 | 213,000 | |||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 2,051,000 | |||
Building & Improvements | 8,207,000 | |||
TOTAL | 10,258,000 | |||
Accumulated Depreciation | 298,000 | |||
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 | 10,258,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 298,000 | |||
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 | 127,000 | |||
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 | 127,000 | |||
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 | 110,000 | |||
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 | 110,000 | |||
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 | 60,000 | |||
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 | 60,000 | |||
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 | 1,389,000 | |||
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 | 1,389,000 | |||
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 | 940,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 4,658,000 | |||
Building & Improvements | 18,907,000 | [2] | ||
TOTAL | 23,565,000 | |||
Accumulated Depreciation | 2,146,000 | |||
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 | 23,565,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 2,146,000 | |||
Retail Properties [Member] | New Milford, CT 3 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,575,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 2,168,000 | |||
Building & Improvements | 8,672,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Building & Improvements | 58,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 2,168,000 | |||
Building & Improvements | 8,730,000 | [2] | ||
TOTAL | 10,898,000 | |||
Accumulated Depreciation | 800,000 | |||
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 | 10,898,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 800,000 | |||
Retail Properties [Member] | Newark, NJ [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,456,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 5,252,000 | |||
Building & Improvements | 21,023,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Building & Improvements | 1,466,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 5,252,000 | |||
Building & Improvements | 22,489,000 | [2] | ||
TOTAL | 27,741,000 | |||
Accumulated Depreciation | 3,682,000 | |||
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 | 27,741,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 3,682,000 | |||
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 | 0 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 1,266,000 | |||
Building & Improvements | 5,064,000 | [2] | ||
TOTAL | 6,330,000 | |||
Accumulated Depreciation | 898,000 | |||
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 | 6,330,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 898,000 | |||
Retail Properties [Member] | Emerson, NJ [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 648,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 3,633,000 | |||
Building & Improvements | 14,531,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Building & Improvements | 1,421,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 3,633,000 | |||
Building & Improvements | 15,952,000 | [2] | ||
TOTAL | 19,585,000 | |||
Accumulated Depreciation | 3,139,000 | |||
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 | 19,585,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 3,139,000 | |||
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 | 631,000 | |||
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 | 631,000 | |||
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 | 46,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 1,694,000 | |||
Building & Improvements | 6,889,000 | [2] | ||
TOTAL | 8,583,000 | |||
Accumulated Depreciation | 1,487,000 | |||
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 | 8,583,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 1,487,000 | |||
Retail Properties [Member] | Stratford,CT [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 26,821,000 | |||
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 | 9,093,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 10,079,000 | |||
Building & Improvements | 49,887,000 | [2] | ||
TOTAL | 59,966,000 | |||
Accumulated Depreciation | 13,067,000 | |||
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 | 59,966,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 13,067,000 | |||
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 | 4,709,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 5,786,000 | |||
Building & Improvements | 27,930,000 | [2] | ||
TOTAL | 33,716,000 | |||
Accumulated Depreciation | 5,800,000 | |||
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 | 33,716,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 5,800,000 | |||
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 | 423,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 909,000 | |||
Building & Improvements | 4,060,000 | [2] | ||
TOTAL | 4,969,000 | |||
Accumulated Depreciation | 1,063,000 | |||
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 | 4,969,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 1,063,000 | |||
Retail Properties [Member] | Rye, NY 2 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,455,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 483,000 | |||
Building & Improvements | 1,930,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Building & Improvements | 6,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 483,000 | |||
Building & Improvements | 1,936,000 | [2] | ||
TOTAL | 2,419,000 | |||
Accumulated Depreciation | 521,000 | |||
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 | 2,419,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 521,000 | |||
Retail Properties [Member] | Rye, NY 3 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 656,000 | |||
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 | 307,000 | |||
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 | 307,000 | |||
Retail Properties [Member] | Rye, NY 4 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,494,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 695,000 | |||
Building & Improvements | 2,782,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 1,000 | |||
Building & Improvements | 19,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 696,000 | |||
Building & Improvements | 2,801,000 | [2] | ||
TOTAL | 3,497,000 | |||
Accumulated Depreciation | 748,000 | |||
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 | 3,497,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 748,000 | |||
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 | 606,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 4,318,000 | |||
Building & Improvements | 17,874,000 | [2] | ||
TOTAL | 22,192,000 | |||
Accumulated Depreciation | 5,540,000 | |||
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 | 22,192,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 5,540,000 | |||
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 | 306,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 2,076,000 | |||
Building & Improvements | 8,611,000 | [2] | ||
TOTAL | 10,687,000 | |||
Accumulated Depreciation | 2,610,000 | |||
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 | 10,687,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 2,610,000 | |||
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 | -1,000 | |||
Building & Improvements | 6,882,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 8,064,000 | |||
Building & Improvements | 39,140,000 | [2] | ||
TOTAL | 47,204,000 | |||
Accumulated Depreciation | 11,985,000 | |||
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 | 47,204,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 11,985,000 | |||
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 | 1,441,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 2,320,000 | |||
Building & Improvements | 12,005,000 | [2] | ||
TOTAL | 14,325,000 | |||
Accumulated Depreciation | 3,900,000 | |||
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 | 14,325,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 3,900,000 | |||
Retail Properties [Member] | Stamford, CT [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 46,584,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 17,965,000 | |||
Building & Improvements | 71,859,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Building & Improvements | 6,621,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 17,965,000 | |||
Building & Improvements | 78,480,000 | [2] | ||
TOTAL | 96,445,000 | |||
Accumulated Depreciation | 25,954,000 | |||
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 | 96,445,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 25,954,000 | |||
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 | 697,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 2,459,000 | |||
Building & Improvements | 5,263,000 | [2] | ||
TOTAL | 7,722,000 | |||
Accumulated Depreciation | 1,764,000 | |||
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 | 7,722,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 1,764,000 | |||
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 | 1,234,000 | |||
Building & Improvements | 7,096,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 3,456,000 | |||
Building & Improvements | 12,281,000 | [2] | ||
TOTAL | 15,737,000 | |||
Accumulated Depreciation | 1,787,000 | |||
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 | 15,737,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 1,787,000 | |||
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 | 753,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 1,833,000 | |||
Building & Improvements | 8,136,000 | [2] | ||
TOTAL | 9,969,000 | |||
Accumulated Depreciation | 3,777,000 | |||
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 | 9,969,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 3,777,000 | |||
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 | 791,000 | |||
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 | 791,000 | |||
Retail Properties [Member] | Briarcliff, NY 4 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,128,000 | |||
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 | 3,586,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 2,302,000 | |||
Building & Improvements | 13,294,000 | [2] | ||
TOTAL | 15,596,000 | |||
Accumulated Depreciation | 5,422,000 | |||
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 | 15,596,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 5,422,000 | |||
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 | 1,706,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 900,000 | |||
Building & Improvements | 5,499,000 | [2] | ||
TOTAL | 6,399,000 | |||
Accumulated Depreciation | 1,942,000 | |||
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 | 6,399,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 1,942,000 | |||
Retail Properties [Member] | Darien, CT [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,982,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 4,260,000 | |||
Building & Improvements | 17,192,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Building & Improvements | 756,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 4,260,000 | |||
Building & Improvements | 17,948,000 | [2] | ||
TOTAL | 22,208,000 | |||
Accumulated Depreciation | 7,329,000 | |||
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 | 22,208,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 7,329,000 | |||
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 | 2,506,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 1,500,000 | |||
Building & Improvements | 8,634,000 | [2] | ||
TOTAL | 10,134,000 | |||
Accumulated Depreciation | 3,211,000 | |||
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 | 10,134,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 3,211,000 | |||
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 | 4,109,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 3,850,000 | |||
Building & Improvements | 19,920,000 | [2] | ||
TOTAL | 23,770,000 | |||
Accumulated Depreciation | 10,303,000 | |||
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 | 23,770,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 10,303,000 | |||
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 | 1,688,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 1,488,000 | |||
Building & Improvements | 7,661,000 | [2] | ||
TOTAL | 9,149,000 | |||
Accumulated Depreciation | 4,124,000 | |||
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 | 9,149,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 4,124,000 | |||
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 | 11,464,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 5,000,000 | |||
Building & Improvements | 31,773,000 | [2] | ||
TOTAL | 36,773,000 | |||
Accumulated Depreciation | 15,112,000 | |||
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 | 36,773,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 15,112,000 | |||
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 | 1,469,000 | |||
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 | 1,469,000 | |||
Retail Properties [Member] | Wayne, NJ [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 399,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 2,492,000 | |||
Building & Improvements | 9,966,000 | |||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Building & Improvements | 1,307,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 2,492,000 | |||
Building & Improvements | 11,273,000 | [2] | ||
TOTAL | 13,765,000 | |||
Accumulated Depreciation | 5,913,000 | |||
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 | 13,765,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 5,913,000 | |||
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 | 1,754,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 728,000 | |||
Building & Improvements | 3,751,000 | [2] | ||
TOTAL | 4,479,000 | |||
Accumulated Depreciation | 2,617,000 | |||
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 | 4,479,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 2,617,000 | |||
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 | 100,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 1,704,000 | |||
Building & Improvements | 6,916,000 | [2] | ||
TOTAL | 8,620,000 | |||
Accumulated Depreciation | 820,000 | |||
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 | 8,620,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 820,000 | |||
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 | 477,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 1,878,000 | |||
Building & Improvements | 7,677,000 | [2] | ||
TOTAL | 9,555,000 | |||
Accumulated Depreciation | 563,000 | |||
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 | 9,555,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 563,000 | |||
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 | 1,080,000 | |||
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 | 1,080,000 | |||
Retail Properties [Member] | Orangeburg NY [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,769,000 | |||
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 | 2,188,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 3,230,000 | |||
Building & Improvements | 14,988,000 | [2] | ||
TOTAL | 18,218,000 | |||
Accumulated Depreciation | 901,000 | |||
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 | 18,218,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 901,000 | |||
Retail Properties [Member] | New Providence Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,546,000 | |||
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 | 2,402,000 | |||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 7,433,000 | |||
Building & Improvements | 30,282,000 | |||
TOTAL | 37,715,000 | |||
Accumulated Depreciation | 1,193,000 | |||
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 | 37,715,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 1,193,000 | |||
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 | 282,000 | |||
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 | 282,000 | |||
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 | 1,822,000 | |||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 3,308,000 | |||
Building & Improvements | 13,359,000 | |||
TOTAL | 16,667,000 | |||
Accumulated Depreciation | 3,399,000 | |||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||
Balance at end of year | 16,667,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 3,399,000 | |||
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 | 266,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 708,000 | |||
Building & Improvements | 1,907,000 | [2] | ||
TOTAL | 2,615,000 | |||
Accumulated Depreciation | 602,000 | |||
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 | 2,615,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 602,000 | |||
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 | 330,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 488,000 | |||
Building & Improvements | 1,469,000 | [2] | ||
TOTAL | 1,957,000 | |||
Accumulated Depreciation | 484,000 | |||
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 | 1,957,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 484,000 | |||
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 | 692,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 570,000 | |||
Building & Improvements | 3,051,000 | [2] | ||
TOTAL | 3,621,000 | |||
Accumulated Depreciation | 1,234,000 | |||
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 | 3,621,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 1,234,000 | |||
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 | 712,000 | [1] | ||
Amount at which Carried at Close of Period [Abstract] | ||||
Land | 199,000 | |||
Building & Improvements | 1,507,000 | [2] | ||
TOTAL | 1,706,000 | |||
Accumulated Depreciation | 500,000 | |||
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 | 1,706,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | 500,000 | |||
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 | 334,000 | |||
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 | 334,000 | |||
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 | 104,000 | |||
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 | 104,000 | |||
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 | 3,529,000 | |||
Accumulated Depreciation | 141,000 | |||
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 | 3,529,000 | |||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||
Balance at end of year | $141,000 | |||
[1] | RECONCILIATION OF REAL ESTATE - OWNED SUBJECT TO OPERATING LEASES Balance at beginning of year $ 631,167 $ 601,222 $ 565,72 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,,75 $ 631,167 $ 601,222 | |||
[2] | Tenant improvement costs are depreciated over the life of the related leases, which range from 5 to 20 years. |