Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Oct. 31, 2017 | Apr. 30, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | URSTADT BIDDLE PROPERTIES INC | |
Entity Central Index Key | 1,029,800 | |
Current Fiscal Year End Date | --10-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2017 | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Public Float | $ 37,629,126 | |
Entity Common Stock, Shares Outstanding | 9,817,478 | |
Class A Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Public Float | $ 574,864,298 | |
Entity Common Stock, Shares Outstanding | 29,831,544 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 |
Real Estate Investments: | ||
Real Estate - at cost | $ 1,090,402 | $ 1,016,838 |
Less: Accumulated depreciation | (195,020) | (186,098) |
Investment property at cost - net | 895,382 | 830,740 |
Investments in and advances to unconsolidated joint ventures | 38,049 | 38,469 |
Mortgage notes receivable | 0 | 13,500 |
Total real estate investments | 933,431 | 882,709 |
Cash and cash equivalents | 8,674 | 7,271 |
Restricted cash | 2,306 | 2,024 |
Tenant receivables | 19,632 | 18,890 |
Prepaid expenses and other assets | 20,803 | 13,338 |
Deferred charges, net of accumulated amortization | 11,867 | 7,092 |
Total Assets | 996,713 | 931,324 |
Liabilities: | ||
Revolving credit lines | 4,000 | 8,000 |
Mortgage notes payable and other loans | 297,071 | 273,016 |
Accounts payable and accrued expenses | 4,200 | 4,977 |
Deferred compensation - officers | 96 | 130 |
Other liabilities | 22,755 | 27,915 |
Total Liabilities | 328,122 | 314,038 |
Redeemable Noncontrolling Interests | 81,361 | 18,253 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Cumulative Preferred Stock (liquidation preference of $25 per share) | 115,000 | 0 |
Excess Stock, par value $0.01 per share; 20,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid in capital | 514,217 | 509,660 |
Cumulative distributions in excess of net income | (120,123) | (114,091) |
Accumulated other comprehensive (loss) | 2,742 | (1,303) |
Total Stockholders' Equity | 587,230 | 599,033 |
Total Liabilities and Stockholders' Equity | 996,713 | 931,324 |
Series F Cumulative Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Cumulative Preferred Stock (liquidation preference of $25 per share) | 0 | 129,375 |
Series G Cumulative Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Cumulative Preferred Stock (liquidation preference of $25 per share) | 75,000 | 75,000 |
Common Stock [Member] | ||
Stockholders' Equity: | ||
Common Stock, par value $.01 per share | 97 | 96 |
Class A Common Stock [Member] | ||
Stockholders' Equity: | ||
Common Stock, par value $.01 per share | $ 297 | $ 296 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
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 |
Series F Cumulative Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock, dividend rate | 7.125% | 7.125% |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares issued (in shares) | 0 | 5,175,000 |
Preferred stock, shares outstanding (in shares) | 0 | 5,175,000 |
Series G Cumulative Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock, dividend rate | 6.75% | 6.75% |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares issued (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding (in shares) | 3,000,000 | 3,000,000 |
Common Stock [Member] | ||
Stockholders' Equity: | ||
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) | 9,664,778 | 9,507,973 |
Common stock, shares outstanding (in shares) | 9,664,778 | 9,507,973 |
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) | 29,728,744 | 29,633,520 |
Common stock, shares outstanding (in shares) | 29,728,744 | 29,633,520 |
Series H Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock, dividend rate | 6.25% | 6.25% |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares issued (in shares) | 4,600,000 | 0 |
Preferred stock, shares outstanding (in shares) | 4,600,000 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Revenues | |||
Base rents | $ 88,383 | $ 87,172 | $ 83,885 |
Recoveries from tenants | 28,676 | 25,788 | 28,703 |
Lease termination income | 2,432 | 619 | 472 |
Other income | 4,069 | 3,213 | 2,252 |
Total Revenues | 123,560 | 116,792 | 115,312 |
Expenses | |||
Property operating | 20,074 | 18,717 | 21,267 |
Property taxes | 19,621 | 18,548 | 18,224 |
Depreciation and amortization | 26,512 | 23,025 | 22,435 |
General and administrative | 9,183 | 9,284 | 8,576 |
Provision for tenant credit losses | 583 | 1,161 | 1,271 |
Acquisition costs | 0 | 412 | 2,068 |
Directors' fees and expenses | 321 | 318 | 330 |
Total Operating Expenses | 76,294 | 71,465 | 74,171 |
Operating Income | 47,266 | 45,327 | 41,141 |
Non-Operating Income (Expense): | |||
Interest expense | (12,981) | (12,983) | (13,475) |
Equity in net income from unconsolidated joint ventures | 2,057 | 2,019 | 1,941 |
Interest, dividends and other investment income | 356 | 242 | 228 |
Income before gain on sale of properties | 36,698 | 34,605 | 29,835 |
Gain on sale of properties | 18,734 | 0 | 20,377 |
Net Income | 55,432 | 34,605 | 50,212 |
Noncontrolling interests: | |||
Net income attributable to noncontrolling interests | (2,499) | (889) | (948) |
Net income attributable to Urstadt Biddle Properties Inc. | 52,933 | 33,716 | 49,264 |
Preferred stock dividends | (14,960) | (14,280) | (14,605) |
Redemption of preferred stock | (4,075) | 0 | 0 |
Net Income Applicable to Common and Class A Common Stockholders | 33,898 | 19,436 | 34,659 |
Common Stock [Member] | |||
Noncontrolling interests: | |||
Net Income Applicable to Common and Class A Common Stockholders | $ 6,857 | $ 4,142 | $ 7,412 |
Basic Earnings Per Share: | |||
Basic earnings per share (in dollars per share) | $ 0.82 | $ 0.50 | $ 0.92 |
Diluted Earnings Per Share: | |||
Diluted earnings per share (in dollars per share) | $ 0.80 | $ 0.49 | $ 0.90 |
Class A Common Stock [Member] | |||
Noncontrolling interests: | |||
Net Income Applicable to Common and Class A Common Stockholders | $ 27,041 | $ 15,294 | $ 27,247 |
Basic Earnings Per Share: | |||
Basic earnings per share (in dollars per share) | $ 0.92 | $ 0.57 | $ 1.04 |
Diluted Earnings Per Share: | |||
Diluted earnings per share (in dollars per share) | $ 0.90 | $ 0.56 | $ 1.02 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | |||
Net Income | $ 55,432 | $ 34,605 | $ 50,212 |
Other comprehensive income: | |||
Change in unrealized gains (losses) on interest rate swaps | 4,045 | (73) | (1,293) |
Total comprehensive income | 59,477 | 34,532 | 48,919 |
Comprehensive income attributable to noncontrolling interests | (2,499) | (889) | (948) |
Total Comprehensive income attributable to Urstadt Biddle Properties Inc. | 56,978 | 33,643 | 47,971 |
Preferred stock dividends | (14,960) | (14,280) | (14,605) |
Redemption of preferred stock | (4,075) | 0 | 0 |
Total comprehensive income applicable to Common and Class A Common Stockholders | $ 37,943 | $ 19,363 | $ 33,366 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net income | $ 55,432 | $ 34,605 | $ 50,212 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 26,512 | 23,025 | 22,435 |
Straight-line rent adjustment | (507) | (1,902) | (1,551) |
Provisions for tenant credit losses | 583 | 1,161 | 1,271 |
Restricted stock compensation expense and other adjustments | 3,956 | 4,442 | 4,201 |
Deferred compensation arrangement | (35) | (26) | (31) |
Gain on sale of properties | (18,734) | 0 | (20,377) |
Equity in net (income) of unconsolidated joint ventures | (2,057) | (2,019) | (1,941) |
Proceeds from Equity Method Investment, Distribution | 2,057 | 2,019 | 1,941 |
Changes in operating assets and liabilities: | |||
Tenant receivables | (825) | 4,203 | (2,033) |
Accounts payable and accrued expenses | 3,635 | 1,464 | 530 |
Other assets and other liabilities, net | (6,740) | (5,057) | (1,548) |
Restricted Cash | (282) | 166 | (68) |
Net Cash Flow Provided by Operating Activities | 62,995 | 62,081 | 53,041 |
Cash Flows from Investing Activities: | |||
Acquisitions of real estate investments | (30,599) | (58,737) | (136,304) |
Investments in and advances to unconsolidated joint ventures | (158) | (700) | (247) |
Investment in mortgage note | 0 | (13,500) | 0 |
Return of investments in and advances to unconsolidated joint ventures | 13,500 | 0 | 0 |
Deposits on acquisition of real estate investments | (715) | (750) | (695) |
Returns of deposits on real estate investments | 500 | 640 | 627 |
Improvements to properties and deferred charges | (9,676) | (21,462) | (12,175) |
Net proceeds from sale of properties | 45,438 | 0 | 43,806 |
Deposits received on sale of property | 0 | 11,900 | 0 |
Distributions to noncontrolling interests | (2,499) | (889) | (1,990) |
Return of capital from unconsolidated joint ventures | 471 | 1,426 | 3 |
Net Cash Flow (Used in) Investing Activities | 16,262 | (82,072) | (106,975) |
Cash Flows from Financing Activities: | |||
Dividends paid - Common and Class A Common Stock | (40,596) | (37,092) | (35,387) |
Dividends paid - Preferred Stock | (14,960) | (14,280) | (14,605) |
Principal repayments on mortgage notes payable | (6,776) | (20,744) | (12,909) |
Proceeds from Issuance of First Mortgage Bond | 50,000 | 33,663 | 68,219 |
Repayments of First Mortgage Bond | (43,675) | 0 | 0 |
Proceeds from revolving credit line borrowings | 52,000 | 52,000 | 104,750 |
Repayment of term loan borrowing | 0 | 0 | (25,000) |
Sales of additional shares of Common and Class A Common Stock | 200 | 73,842 | 59,983 |
Repayment of revolving credit line borrowings | (56,000) | (66,750) | (97,550) |
Repurchase of shares of Class A Common Stock | 0 | 0 | (3,363) |
Net proceeds from issuance of Preferred Stock | 111,328 | 0 | 4,640 |
Redemption of preferred stock including restricted cash | (129,375) | 0 | (61,250) |
Net Cash Flow Provided by (Used in) Financing Activities | (77,854) | 20,639 | (12,472) |
Net Increase/(Decrease) In Cash and Cash Equivalents | 1,403 | 648 | (66,406) |
Cash and Cash Equivalents at Beginning of Year | 7,271 | 6,623 | 73,029 |
Cash and Cash Equivalents at End of Year | $ 8,674 | $ 7,271 | $ 6,623 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Preferred Stock [Member]7.125% Series F Preferred Stock [Member] | Preferred Stock [Member]6.75% Series G Preferred Stock [Member] | Preferred Stock [Member]6.25% Series H Preferred Stock [Member] | Common Stock [Member]Common Stock [Member] | Common Stock [Member]Class A Common Stock [Member] | Additional Paid In Capital [Member] | Cumulative Distributions in Excess of Net Income [Member] | Cumulative Distributions in Excess of Net Income [Member]Common Stock [Member] | Cumulative Distributions in Excess of Net Income [Member]Class A Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | Common Stock [Member] | Class A Common Stock [Member] |
Balance at Oct. 31, 2014 | $ 129,375 | $ 70,000 | $ 0 | $ 92 | $ 236 | $ 370,979 | $ (95,702) | $ 63 | $ 475,043 | ||||
Balance (in shares) at Oct. 31, 2014 | 5,175,000 | 2,800,000 | 0 | 9,193,559 | 23,611,715 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income applicable to Common and Class A common stockholders | 34,659 | 34,659 | $ 7,412 | $ 27,247 | |||||||||
Change in unrealized (loss) on interest rate swap | (1,293) | (1,293) | |||||||||||
Cash dividends paid: | |||||||||||||
Common stock | $ (8,413) | $ (26,974) | (8,413) | (26,974) | |||||||||
Issuance of preferred stock | $ 5,000 | (360) | 4,640 | ||||||||||
Issuance of preferred stock (in shares) | 200,000 | ||||||||||||
Issuance of shares under dividend reinvestment plan | $ 0 | $ 0 | 223 | 223 | |||||||||
Issuance of shares under dividend reinvestment plan (in shares) | 5,326 | 6,104 | |||||||||||
Shares issued under restricted stock plan | $ 2 | $ 1 | (3) | 0 | |||||||||
Shares issued under restricted stock plan (in shares) | 152,000 | 92,750 | |||||||||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | ||||||||||
Forfeiture of restricted stock (in shares) | (26,600) | ||||||||||||
Issuance of common stock | $ 29 | 59,731 | 59,760 | ||||||||||
Issuance of common stock (in shares) | 2,875,000 | ||||||||||||
Repurchase of common stock | $ (2) | (3,360) | (3,362) | ||||||||||
Repurchase of common stock (in shares) | (188,753) | ||||||||||||
Restricted stock compensation and other adjustment | 4,201 | 4,201 | |||||||||||
Adjustments to redeemable noncontrolling interests | 2,294 | 0 | 2,294 | ||||||||||
Balance at Oct. 31, 2015 | $ 129,375 | $ 75,000 | $ 0 | $ 94 | $ 264 | 431,411 | (94,136) | (1,230) | 540,778 | ||||
Balance (in shares) at Oct. 31, 2015 | 5,175,000 | 3,000,000 | 0 | 9,350,885 | 26,370,216 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income applicable to Common and Class A common stockholders | 19,436 | 19,436 | 4,142 | 15,294 | |||||||||
Change in unrealized (loss) on interest rate swap | (73) | (73) | |||||||||||
Cash dividends paid: | |||||||||||||
Common stock | (8,745) | (28,348) | (8,745) | (28,348) | |||||||||
Issuance of shares under dividend reinvestment plan | $ 0 | $ 0 | 219 | 219 | |||||||||
Issuance of shares under dividend reinvestment plan (in shares) | 4,988 | 5,854 | |||||||||||
Shares issued under restricted stock plan | $ 2 | $ 1 | (3) | 0 | |||||||||
Shares issued under restricted stock plan (in shares) | 152,100 | 95,600 | |||||||||||
Forfeiture of restricted stock | 0 | 0 | |||||||||||
Forfeiture of restricted stock (in shares) | (650) | ||||||||||||
Issuance of common stock | $ 31 | 73,623 | 73,654 | ||||||||||
Issuance of common stock (in shares) | 3,162,500 | ||||||||||||
Restricted stock compensation and other adjustment | 4,410 | 4,410 | |||||||||||
Adjustments to redeemable noncontrolling interests | (2,298) | (2,298) | |||||||||||
Balance at Oct. 31, 2016 | $ 129,375 | $ 75,000 | $ 0 | $ 96 | $ 296 | 509,660 | (114,091) | (1,303) | 599,033 | ||||
Balance (in shares) at Oct. 31, 2016 | 5,175,000 | 3,000,000 | 0 | 9,507,973 | 29,633,520 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income applicable to Common and Class A common stockholders | 33,898 | 33,898 | $ 6,857 | 27,041 | |||||||||
Change in unrealized (loss) on interest rate swap | 4,045 | 4,045 | |||||||||||
Cash dividends paid: | |||||||||||||
Common stock | $ (9,082) | $ (31,514) | (9,082) | $ (31,514) | |||||||||
Issuance of preferred stock | $ 115,000 | (3,672) | 111,328 | ||||||||||
Issuance of preferred stock (in shares) | 4,600,000 | ||||||||||||
Issuance of shares under dividend reinvestment plan | $ 0 | $ 0 | 200 | ||||||||||
Issuance of shares under dividend reinvestment plan (in shares) | 4,705 | 5,399 | |||||||||||
Shares issued under restricted stock plan | $ 1 | $ 1 | (2) | 0 | |||||||||
Shares issued under restricted stock plan (in shares) | 152,100 | 96,225 | |||||||||||
Forfeiture of restricted stock | $ 0 | 0 | |||||||||||
Forfeiture of restricted stock (in shares) | (6,400) | ||||||||||||
Issuance of common stock (in shares) | 4,600,000 | ||||||||||||
Redemption of Preferred Stock Series | $ (129,375) | 4,075 | (125,300) | ||||||||||
Redemption of preferred stock - shares | (5,175,000) | ||||||||||||
Restricted stock compensation and other adjustment | 3,956 | 3,956 | |||||||||||
Adjustments to redeemable noncontrolling interests | 666 | 666 | |||||||||||
Balance at Oct. 31, 2017 | $ 0 | $ 75,000 | $ 115,000 | $ 97 | $ 297 | $ 514,217 | $ (120,123) | $ 2,742 | $ 587,230 | ||||
Balance (in shares) at Oct. 31, 2017 | 0 | 3,000,000 | 4,600,000 | 9,664,778 | 29,728,744 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Common Stock [Member] | ||||
Common stock, dividends per share declared (in dollars per share) | $ 0.94 | $ 0.92 | $ 0.90 | |
Class A Common Stock [Member] | ||||
Common stock, dividends per share declared (in dollars per share) | $ 1.06 | $ 1.04 | $ 1.02 | |
6.75% Series G Preferred Stock [Member] | ||||
Preferred stock, dividend rate | 6.75% | 6.75% | 6.75% | 6.75% |
7.125% Series F Preferred Stock [Member] | ||||
Preferred stock, dividend rate | 7.125% | 7.125% | 7.125% | 7.125% |
6.25% Series H Preferred Stock [Member] | ||||
Preferred stock, dividend rate | 6.25% | 6.25% |
ORGANIZATION, BASIS OF PRESENTA
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Oct. 31, 2017 | |
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 Maryland Corporation, is a real estate investment trust (REIT), 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, 2017, the Company owned or had equity interests in 81 properties containing a total of 5.1 million square feet of gross leasable area ("GLA"). Principles of Consolidation and Use of Estimates The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures in which the Company meets certain criteria of a sole general partner in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, "Consolidation." 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 7 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. 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 2017 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, 2017. As of October 31, 2017, the fiscal tax years 2013 through and including 2016 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. Acquisitions of Real Estate Investments and Capitalization Policy Acquisition of Real Estate Investments: In January 2017, the FASB issued an ASU 2017-01 that clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for transactions that have not been reported in previously issued (or available to be issued) financial statements. The Company early adopted this accounting standard effective November 1, 2016. As a result of this adoption, we evaluated eight real estate acquisitions completed during the fiscal 2017 under the new framework and determined that the assets acquired did not meet the definition of a business. Accordingly, we accounted for these transactions as an asset acquisitions. Refer to Note 3 – Investment Properties and Note 6 - Consolidated Joint Ventures and Redeemable Noncontrolling Interests in our consolidated financial statements for a further discussion regarding these acquisitions. Evaluation of business combination or asset acquisition: The Company evaluates each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted for as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce), that is skilled, knowledgeable, and experienced in performing the process; • The process cannot be replaced without significant cost, effort, or delay; or • The process is considered unique or scarce. Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. For acquisitions of real estate or in-substance real estate, prior to the adoption of ASU 2017-01, which were accounted for as business combinations, we recognized the assets acquired (including the intangible value of acquired above- or below-market leases, acquired in-place leases and other intangible assets or liabilities), liabilities assumed, noncontrolling interests and previously existing ownership interests at fair value as of the acquisition date. Any excess (deficit) of the consideration transferred relative to the fair value of the net assets acquired was accounted for as goodwill. Acquisition costs related to the business combinations were expensed as incurred. Acquisitions of real estate and in-substance real estate which do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as we utilize to determine fair value in a business combination. The value of tangible assets acquired is based upon our estimation of value on an "as if vacant" basis. The value of acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been incurred in the execution of similar leases under the market conditions at the acquisition date of the acquired in-place lease. We assess the fair value of tangible and intangible assets based on numerous factors, including estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. The values of acquired above- and below-market leases, which are included in prepaid expenses and other assets and other liabilities, respectively, are amortized over the terms of the related leases and recognized as either an increase (for below-market leases) or a decrease (for above-market leases) to rental revenue. The values of acquired in-place leases are classified in other assets in the accompanying consolidated balance sheets and amortized over the remaining terms of the related leases. Capitalization Policy: Land, buildings, property improvements, furniture/fixtures and tenant improvements are recorded at cost. Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and/or replacements, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. 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. Sale of Investment Property and Property Held for Sale The Company reports properties that are either disposed of or are classified as held for sale in continuing 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. In March 2017, the Company sold for $56.6 million its property located in White Plains, NY, as that property no longer met the Company's investment objectives. In conjunction with the sale, the Company realized a gain on sale of property in the amount of $19.5 million, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2017. The net book value of the White Plains asset at October 31, 2016 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. In July 2017, the Company sold for $1.2 million its property located in Fairfield, CT (the "Fairfield Property"), which it purchased in the second quarter of fiscal 2017. In conjunction with the sale the Company realized a loss on sale of property in the amount of $729,000, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2017. In August 2015, the Company sold, for $44.5 million, its property located in Meriden, CT, as that property no longer met the Company's investment objectives. In conjunction with the sale, the Company realized a gain on sale of property in the amount of $20.4 million, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2015. The combined operating results of the White Plains Property, the Fairfield Property and the Meriden property, which are included in continuing operations, were as follows (amounts in thousands): Year Ended October 31, 2017 2016 2015 Revenues $ 130 $ 5,656 $ 5,829 Property operating expense (330 ) (1,341 ) (3,234 ) Depreciation and amortization (91 ) (476 ) (1,787 ) Net Income (loss) $ (291 ) $ 3,839 $ 808 Deferred Charges Deferred charges consist principally of leasing commissions (which are amortized ratably over the life of the tenant leases). Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of $4,279,000 and $3,703,000 as of October 31, 2017 and 2016, 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, 2017. Revenue Recognition Our leases with tenants are classified as operating leases. 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, 2017 and 2016, approximately $17,349,000 and $16,829,000, 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. In July 2017, the Company entered into a lease termination agreement with the single tenant of its property located in Fairfield, CT, which was purchased in the second quarter of fiscal 2017, so the Company could sell the property vacant. The agreement provided that the tenant pay the Company $3.2 million in exchange for the tenant to be released from all future obligations under its lease. The Company received payment in July 2017 and has recorded the payment received as lease termination income in its consolidated statements of income for the year ended October 31, 2017, as the payment met all of the revenue recognition conditions under U.S. GAAP. In addition, when the aforementioned property was acquired, the Company allocated $1.2 million of the consideration paid to acquire the asset to this over-market lease (see note 3). As a result of this termination, the Company wrote-off the remaining $1.1 million asset as a reduction of lease termination income for the year ended October 31, 2017. 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, 2017 and 2016, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $4,543,000 and $4,097,000, 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, 2017, 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, 2017, the Company had approximately $89.5 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 3.62% per annum. As of October 31, 2017 and 2016, the Company had a deferred liability of $574,000 and $1,726,000, respectively (included in accounts payable and accrued expenses on the consolidated balance sheets) and a deferred asset of $3,316,000 and $423,000, respectively (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 swap are made to other comprehensive (loss) as the swap is deemed effective and is classified as a cash flow hedge. 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 and losses on interest rate swaps designated as cash flow hedges. At October 31, 2017 and 2016, accumulated other comprehensive income (loss) consisted of net unrealized gains (losses) on interest rate swap agreements of approximately $2,742,000 and $(1,303,000), respectively. 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, 2017 2016 2015 Numerator Net income applicable to common stockholders – basic $ 6,857 $ 4,142 $ 7,412 Effect of dilutive securities: Restricted stock awards 376 236 431 Net income applicable to common stockholders – diluted $ 7,233 $ 4,378 $ 7,843 Denominator Denominator for basic EPS-weighted average common shares 8,383 8,241 8,059 Effect of dilutive securities: Restricted stock awards 643 669 669 Denominator for diluted EPS – weighted average common equivalent shares 9,026 8,910 8,728 Numerator Net income applicable to Class A common stockholders – basic $ 27,041 $ 15,294 $ 27,247 Effect of dilutive securities: Restricted stock awards (376 ) (236 ) (431 ) Net income applicable to Class A common stockholders – diluted $ 26,665 $ 15,058 $ 26,816 Denominator Denominator for basic EPS – weighted average Class A common shares 29,317 26,921 26,141 Effect of dilutive securities: Restricted stock awards 186 191 191 Denominator for diluted EPS – weighted average Class A common equivalent shares 29,503 27,112 26,332 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. The Company recognizes compensation expense for its stock awards by amortizing the fair value of stock awards over the requisite service periods of such awards. Segment Reporting The Company's primary business is the ownership, management, and redevelopment of retail properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of base rental income and tenant reimbursement income, less rental expenses and real estate taxes. Only one of the Company's properties, located in Stamford, CT ("Ridgeway"), is considered significant as its revenue is in excess of 10% of the Company's consolidated total revenues and accordingly is a reportable segment. The Company has aggregated the remainder of our properties as they share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in the same major metropolitan area, and have similar tenant mixes. Ridgeway is located in Stamford, Connecticut and was developed in the 1950's and redeveloped in the mid 1990's. The property contains approximately 374,000 square feet of GLA. It is the dominant grocery-anchored center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut. Segment information about Ridgeway as required by ASC Topic 280 is included below: Year Ended October 31, 2017 2016 2015 Ridgeway Revenues 11.2 % 11.3 % 11.7 % All Other Property Revenues 88.8 % 88.7 % 88.3 % Consolidated Revenue 100.0 % 100.0 % 100.0 % Year Ended October 31, 2017 2016 Ridgeway Assets 7.2 % 7.6 % All Other Property Assets 92.8 % 92.4 % Consolidated Assets (Note 1) 100.0 % 100.0 % Note 1- Ridgeway did not have any significant expenditures for additions to long lived assets in any of the fiscal years ended October 31, 2017, 2016 and 2015. Year Ended October 31, 2017 2016 2015 Ridgeway Percent Leased 96 % 98 % 97 % Ridgeway Significant Tenants (by base rent): Year Ended October 31, 2017 2016 2015 The Stop & Shop Supermarket Company 19 % 19 % 19 % Bed, Bath & Beyond 14 % 14 % 14 % Marshall's Inc., a division of the TJX Companies 11 % 11 % 11 % All Other Tenants at Ridgeway (Note 2) 56 % 56 % 56 % Total 100 % 100 % 100 % Note 2 - No other tenant accounts for more than 10% of Ridgeway's annual base rents in any of the three years presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway. Year Ended October 31, 2017 Income Statement (In Thousands): Ridgeway All Other Operating Segments Total Consolidated Revenues $ 13,832 $ 109,728 $ 123,560 Operating Expenses $ 3,809 $ 35,886 $ 39,695 Interest Expense $ 2,034 $ 10,947 $ 12,981 Depreciation and Amortization $ 3,016 $ 23,496 $ 26,512 Income from Continuing Operations $ 4,973 $ 31,725 $ 36,698 Year Ended October 31, 2016 Ridgeway All Other Operating Segments Total Consolidated Revenues $ 13,192 $ 103,600 $ 116,792 Operating Expenses $ 3,649 $ 33,616 $ 37,265 Interest Expense $ 2,487 $ 10,496 $ 12,983 Depreciation and Amortization $ 2,468 $ 20,557 $ 23,025 Income from Continuing Operations $ 4,588 $ 30,017 $ 34,605 Year Ended October 31, 2015 Ridgeway All Other Operating Segments Total Consolidated Revenues $ 13,485 $ 101,827 $ 115,312 Operating Expenses $ 3,768 $ 35,723 $ 39,491 Interest Expense $ 2,545 $ 10,930 $ 13,475 Depreciation and Amortization $ 2,358 $ 20,077 $ 22,435 Income from Continuing Operations $ 4,814 $ 25,021 $ 29,835 Reclassification Certain fiscal 2015 and 2016 amounts have been reclassified to conform to current period presentation. New Accounting Standards In May 2014, the FASB issued Accounting Standards Update ("ASU") 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. In August 2015, FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the reporting period. In March 2016, the FASB issued ASU 2016-08 as an amendment to ASU 2014-09, the amendment clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transaction, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. The Company is currently assessing the potential impact that the adoption of ASU 2014-09 and ASU 2016-08 will have on its consolidated financial statements. While we are still completing the assessment of the impact of our consolidated financial statements, we believe the majority of our revenue falls outside of the scope of this guidance. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. ASU 2016-02 is effective for the Company in the first quarter of fiscal 2020, and we are currently assessing the impact this standard will have on the Company's consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 that provides guidance, amongst other things, on classification of cash distributions received from equity method investments, including unconsolidated joint ventures. The ASU provides two approaches to determine the classification of cash distributions received: (i) the "cumulative earnings" approach, under which distributions up to the amount of cumulative equity in earnings recognized will be classified as cash inflows from operating activities, and those in excess of that amount will be classified as cash inflows from investing activities, and (ii) the "nature of the distribution" approach, under which distribu |
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS | 12 Months Ended |
Oct. 31, 2017 | |
REAL ESTATE INVESTMENTS [Abstract] | |
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, 2017 and 2016 (in thousands): Consolidated Investment Properties Unconsolidated Joint Ventures 2017 Totals 2016 Totals Retail $ 885,069 $ 38,049 $ 923,118 $ 872,292 Office 10,313 - 10,313 10,417 $ 895,382 $ 38,049 $ 933,431 $ 882,709 The Company's investments at October 31, 2017 consisted of equity interests in 81 properties. The 81 properties 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. 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. |
PROPERTIES
PROPERTIES | 12 Months Ended |
Oct. 31, 2017 | |
PROPERTIES [Abstract] | |
PROPERTIES | (3) INVESTMENT PROPERTIES The components of the properties consolidated in the financial statements are as follows (in thousands): October 31, 2017 2016 Land $ 218,501 $ 187,676 Buildings and improvements 871,901 829,162 1,090,402 1,016,838 Accumulated depreciation (195,020 ) (186,098 ) $ 895,382 $ 830,740 Space at the Company's 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 for the Company's consolidated properties totaling $525.0 million become due as follows (in millions): 2018 - $89.3; 2019 - $82.2; 2020 - $72.3; 2021 - $62.6; 2022 - $51.8; and thereafter – $166.8. 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, 2017. Significant Investment Property Transactions In July 2017, the Company, through a wholly-owned subsidiary, purchased for $8.2 million a 26,500 square foot shopping center located in Waldwick, NJ ("Waldwick Property"). The Company funded the purchase with available cash and the assumption of an environmental remediation obligation in the amount of $3.3 million which is included in other liabilities on the October 31, 2017 consolidated balance sheet. In March 2017, the Company, through a wholly-owned subsidiary, purchased for $7.1 million a 36,500 square foot grocery-anchored shopping center located in Passaic, NJ ("Passaic Property"). The Company funded the purchase with available cash, the assumption of a mortgage note secured by the property in the amount of $3.5 million (see note 5) and proceeds from the sale of the Company's White Plains, NY property (see note 1). In March 2017, the Company purchased the Fairfield Property for $3.1 million. The Fairfield property is a 12,900 square foot single tenant property located in Fairfield, CT. In July 2017, the Company reached agreement with the one tenant to terminate its lease with the Company, and this property was sold in July 2017 (see note 1). In January 2017, the Company, through a wholly-owned subsidiary, purchased for $9.0 million a 38,800 square foot grocery-anchored shopping center located in Derby, CT ("Derby Property"). The Company funded the purchase with a combination of available cash and borrowings on its Unsecured Revolving Credit Facility (the "Facility"). The Company evaluated the above transactions under the new framework for determining whether an integrated set of assets and activities meets the definition of a business, pursuant to ASU 2017-01, which the Company early-adopted effective November 1, 2016. Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions (see note 1). Accordingly, the Company accounted for the purchase of the Derby Property, the Passaic Property, the Fairfield Property, the Waldwick Property, and four properties acquired through a joint venture, which the Company consolidates (see note 6), as asset acquisitions and allocated the total consideration transferred for the acquisitions, including transaction costs, to the individual assets and liabilities acquired on a relative fair value basis. The financial information set forth below summarizes the Company's purchase price allocation for the properties acquired during the fiscal year ended October 31, 2017 (in thousands). Derby Passaic Fairfield Waldwick High Ridge Chase CVS Dumont Assets: Land $ 651 $ 2,038 $ 572 $ 2,740 $ 17,163 $ 2,376 $ 2,295 $ 6,646 Building and improvements $ 7,652 $ 5,614 $ 1,323 $ 5,528 $ 43,640 $ 1,458 $ 2,700 $ 15,341 In-place leases $ 771 $ 480 $ 80 $ 203 $ 1,552 $ 121 $ 181 $ 1,478 Above market leases $ - $ - $ 1,090 $ 37 $ 335 $ 288 $ - $ 20 Liabilities: In-place leases $ - $ - $ - $ - $ - $ - $ - $ - Below Market Leases $ - $ 769 $ - $ 157 $ 263 $ - $ 373 $ 844 The following table summarizes the operating results included in the Company's historical consolidated statements of income for the properties acquired during the fiscal year ended 2017 (in thousands). Year Ended October 31, 2017 Revenues $ 6,825 Net income attributable to Urstadt Biddle Properties Inc. $ 1,846 Prior to adopting ASU 2017-01, the Company acquired two properties in fiscal 2016, which were accounted for as business combinations as required by ASC Topic 805. ASC Topic 805 required the fair value of the real estate purchased to be 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). Acquisition costs related to the business combinations were expensed as incurred. In October 2016, the Company purchased, for $13.3 million, the 27,000 square foot 970 High Ridge Road shopping center located in Stamford, CT ("High Ridge Road Property"). The Company funded the purchase with available cash. In conjunction with the purchase, the Company incurred acquisition costs totaling $61,000, which have been expensed in the year ended October 31, 2016 consolidated statement of income. In July 2016, the Company purchased, for $45.3 million, the 72,000 square foot Newfield Green shopping center located in Stamford, CT ("Newfield Property"). The Company funded the purchase with a combination of available cash, borrowings on its Facility and proceeds generated by placing a non-recourse first mortgage on the property in the approximate amount of $22.7 million (see note 5). In conjunction with the purchase, the Company incurred acquisition costs totaling $185,000, which have been expensed in the year ended October 31, 2016 consolidated statement of income. In fiscal 2017, the Company completed the process of analyzing the fair value of the acquired assets and liabilities, including intangible assets and liabilities, for the Newfield Green and the 970 High Ridge Road properties acquired in 2016 and has made the following purchase price adjustments to land and building based on the fair market value of intangible assets acquired when the properties were purchased (in thousands). Newfield Green 970 High Ridge Road Assets: In-place leases $ 961 $ 62 Above market leases $ 118 $ - Liabilities: In-place leases $ - $ - Below market leases $ 1,061 $ 74 The value of above and below market leases are amortized as a reduction/increase to base rental revenue over the term of the respective leases. The value of in-place leases described above are amortized as an expense over the terms of the respective leases. For the fiscal year ended October 31, 2017, 2016 and 2015, the net amortization of above-market and below-market leases was approximately $223,000, $157,000 and $415,000, respectively, which is included in base rents in the accompanying consolidated statements of income. In Fiscal 2017, the Company incurred costs of approximately $9.7 million related to capital improvements and leasing costs to its properties. |
MORTGAGE NOTE RECEIVABLE
MORTGAGE NOTE RECEIVABLE | 12 Months Ended |
Oct. 31, 2017 | |
MORTGAGE NOTE RECEIVABLE [Abstract] | |
MORTGAGE NOTE RECEIVABLE | (4) MORTGAGE NOTE RECEIVABLE In October 2016, the Company, through a wholly-owned subsidiary originated a loan in the amount of $13.5 million secured by a first mortgage on a shopping center located in Rockland County, NY. The loan required payments to the Company of interest only recognized on the effective yield method at the rate of one-month LIBOR plus 3.25% per annum. The loan matured in October 2017 and was repaid. |
MORTGAGE NOTES PAYABLE, BANK LI
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS | 12 Months Ended |
Oct. 31, 2017 | |
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS [Abstract] | |
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS | (5) MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS At October 31, 2017, the Company has mortgage notes payable and other loans that are due in installments over various periods to fiscal 2031. The mortgage loans bear interest at rates ranging from 3.4% to 6.6% and are collateralized by real estate investments having a net carrying value of approximately $570.8 million. Combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands): Principal Repayments Scheduled Amortization Total 2018 $ 9,904 $ 6,391 $ 16,295 2019 26,880 6,197 33,077 2020 - 5,848 5,848 2021 - 6,200 6,200 2022 49,486 5,503 54,989 Thereafter 171,006 9,656 180,662 $ 257,276 $ 39,795 $ 297,071 The Company has a $100 million unsecured revolving credit facility with a syndicate of three banks led by The Bank of New York Mellon, as administrative agent. The syndicate also includes Wells Fargo Bank N.A. and Bank of Montreal (co-syndication agent). The Facility gives the Company the option, under certain conditions, to increase the Facility's borrowing capacity up to $150 million (subject to lender approval). The maturity date of the Facility is August 23, 2020 with a one-year extension at the Company's option. Borrowings under the Facility can be used for general corporate purposes and the issuance of letters of credit (up to $10 million). Borrowings will bear interest at the Company's option of Eurodollar rate plus 1.35% to 1.95% or The Bank of New York Mellon's prime lending rate plus 0.35% to 0.95% based on consolidated indebtedness, as defined. The Company pays a quarterly fee on the unused commitment amount of 0.15% to 0.25% per annum based on outstanding borrowings during the year. The Facility contains certain representations, 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, 2017. As of October 31, 2017, $95 million was available to be drawn on the Facility. During the fiscal years ended October 31, 2017 and 2016, the Company borrowed $52 million and $52 million, respectively, on its Facility to fund . During the fiscal years ended October 31, 2017 and 2016, the Company re-paid $56.0 million and $66.8 million, respectively, on its Facility with . In October 2017, the Company, through a subsidiary (see note 6), refinanced its $6.1 million non-recourse first mortgage loan secured by our Orangeburg property with the existing lender. The new mortgage requires payments of interest only for the first five years at the rate of LIBOR plus 2.15%; in years six and seven of the term, the mortgage requires monthly principal payments of $10,000 per month and interest at the aforementioned rate. Concurrent with entering into the mortgage, the Company also entered into an interest rate swap contract with the lender as the counterparty, which will convert the variable interest rate (based on LIBOR) to a fixed rate of 4.48% per annum. The mortgage matures on October 1, 2024. In August 2017, the Company, through a wholly-owned subsidiary, assumed an existing non-recourse first mortgage loan encumbering the Washington Commons Property (see note 6) with a balance of $10 million. The mortgage loan requires monthly payments of principal and interest at the fixed rate of 3.87% per annum. The mortgage matures on April 1, 2018. In July 2017, the Company, through a wholly-owned subsidiary, repaid at maturity the existing $44 million first mortgage loan encumbering its Ridgeway property, located in Stamford, CT, with available cash and a $33 million borrowing on its Facility. Subsequently in July, the Company placed a new $50 million non-recourse first mortgage loan encumbered by the subject property and used a portion of the proceeds to repay the $33 million borrowing on the Facility. The new loan has a term of 10 years and requires payments of principal and interest at the rate of LIBOR plus 1.90% based on a 30-year amortization. The Company entered into an interest rate swap agreement with the lender as the counterparty which converts the variable interest rate (based on LIBOR) to a fixed rate of 3.398% per annum. In March 2017, the Company, through a wholly-owned subsidiary, assumed an existing non-recourse first mortgage loan encumbering the Passaic Property (see note 3) with a balance of $3.5 million. The mortgage loan requires monthly payments of principal and interest at the fixed rate of 4.64% per annum. The mortgage matures on October 7, 2022. In March 2017, the Company, through a wholly-owned subsidiary, assumed an existing non-recourse first mortgage loan encumbering the High Ridge Shopping Center (see note 6) with a balance of $10 million. The mortgage loan requires monthly payments of interest only at the fixed rate of 3.65% per annum. The mortgage matures on March 1, 2025. In March 2017, the Company, through a wholly-owned subsidiary, assumed an existing non-recourse first mortgage loan encumbering the CVS Property (see note 6) with a balance of $1.2 million. The mortgage loan requires monthly payments of principal and interest at the fixed rate of 4.75% per annum. The mortgage matures on June 1, 2037. In September 2016, the Company refinanced its $7.2 million mortgage secured by 2 properties with the existing lender. The new mortgage principal balance is $11 million and has a term of 10 years and requires payments of principal and interest at the rate of LIBOR plus 2.00%. Concurrent with entering into the mortgage, the Company also entered into an interest rate swap contract, with the lender as the counterparty, which converted the variable interest rate (based on LIBOR) to a fixed rate of 3.475% per annum. In July 2016, the Company placed a $22.7 million mortgage secured by its Newfield Green shopping center located in Stamford, CT. The mortgage has a term of fifteen years and requires payments of principal and interest at the fixed rate of 3.89% per annum. In May 2016, the Company repaid a $7.5 million mortgage that was secured by its Bloomfield, NJ property. Interest paid in the years ended October 31, 2017, 2016, and 2015 was approximately $12.9 million, $13.1 million and $13.4 million, respectively. |
CONSOLIDATED JOINT VENTURES AND
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended |
Oct. 31, 2017 | |
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | |
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS | (6) CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS The Company has an investment in five joint ventures, UB Ironbound, LP ("Ironbound"), UB Orangeburg, LLC ("Orangeburg"), McLean Plaza Associates, LLC ("McLean") and UB Dumont I, LLC ("Dumont"), each of which owns a commercial retail property, and UB High Ridge, LLC ("UB High Ridge"), which owns three commercial real estate properties. The Company has evaluated its investment in these five joint ventures and has concluded that these 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 these ventures and that the joint ventures should be consolidated into the consolidated financial statements of the Company in accordance with ASC Topic 810 "Consolidation". The Company's investment in these consolidated joint ventures is more fully described below: Ironbound (Ferry Plaza) The Company, through a wholly-owned subsidiary, is the general partner and owns 84% of one consolidated limited partnership, Ironbound, which owns a grocery-anchored shopping center. The Ironbound limited partnership has a defined termination date of December 31, 2097. The partners in Ironbound are entitled to receive an annual cash preference payable from available cash of the partnership. Any unpaid preferences accumulate and are paid from future cash, if any. The balance of available cash, if any, is distributed in accordance with the respective partner's interests. 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. Orangeburg The Company, through a wholly-owned subsidiary, is the managing member and owns a 40.6% interest in Orangeburg, which owns a drug store-anchored shopping center. 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, which amount is attributable to each unit of Orangeburg ownership. The annual cash distribution is paid from available cash, as defined, of Orangeburg. The balance of available cash, if any, is fully distributable to the Company. Upon liquidation, proceeds from the sale of Orangeburg assets are to be distributed in accordance with the operating agreement. The non-managing member is not obligated to make any additional capital contributions to the partnership. Orangeburg has a defined termination date of December 31, 2097. Since purchasing this property, the Company has made additional investments in the amount of $5.7 million in Orangeburg and as a result as of October 31, 2017 its ownership percentage has increased to 40.6% from approximately 2.92% at inception. McLean Plaza The Company, through a wholly-owned subsidiary, is the managing member and owns a 53% interest in McLean Plaza Associates, LLC, a limited liability company ("McLean"), which owns a grocery anchored shopping center. The McLean operating agreement provides for the non-managing members to receive a fixed annual cash distribution equal to 5.05% of their invested capital. The annual cash distribution is paid from available cash, as defined, of McLean. The balance of available cash, if any, is fully distributable to the Company. Upon liquidation, proceeds from the sale of McLean assets are to be distributed in accordance with the operating agreement. The non-managing members are not obligated to make any additional capital contributions to the entity. UB High Ridge In March 2017, the Company acquired an 8.80% interest in UB High Ridge, LLC ("UB High Ridge") for a net investment of $5.5 million. UB High Ridge owns three commercial real estate properties, High Ridge Shopping Center, a grocery-anchored shopping center, ("High Ridge") and two single tenant commercial retail properties, one leased to JP Morgan Chase ("Chase Property") and one leased to CVS ("CVS Property"). Two of the properties are located in Stamford, CT and one in Greenwich, CT. High Ridge is a grocery anchored shopping center anchored by a Trader Joes grocery store. The properties were contributed to the new entities by the former owners who received units of ownership of UB High Ridge equal to the value of properties contributed less liabilities assumed (see note 5). The UB High Ridge operating agreement provides for the non-managing members to receive an annual cash distribution, currently equal to 5.46% of their invested capital. UB Dumont I, LLC In August 2017, the Company acquired a 31.4% interest in UB Dumont I, LLC ("Dumont") for a net investment of $3.9 million. Dumont owns a retail and residential real estate property, which retail portion is anchored by a Stop and Shop grocery store. The property is located in Dumont, NJ. The property was contributed to the new entity by the former owners who received units of ownership of Dumont equal to the value of contributed property less liabilities assumed (see note 4). The Dumont operating agreement provides for the non-managing members to receive an annual cash distribution, currently equal to 5.05% of their invested capital. Noncontrolling interests: The Company accounts for noncontrolling interests in accordance with ASC Topic 810, "Consolidation." Because the limited partners or noncontrolling members in Ironbound, Orangeburg, McLean, UB High Ridge and Dumont have the right to require the Company to redeem all or a part of their limited partnership or limited liability company units for cash, or at the option of the Company shares of its Class A Common stock, 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, McLean and a portion of the UB High Ridge and Dumont redemptions are based solely on the price of the Company's Class A Common stock on the date of redemption. For the years ended October 31, 2017 and 2016, the Company adjusted the carrying value of the non-controlling interests by $(666,000) and $2.3 million, respectively, with the corresponding adjustment recorded in stockholders' equity. The following table sets forth the details of the Company's redeemable non-controlling interests (amounts in thousands): October 31, 2017 2016 Beginning Balance $ 18,253 $ 15,955 Initial UB High Ridge Noncontrolling Interest-Net 55,217 - Initial Dumont Noncontrolling Interest-Net 8,557 - Change in Redemption Value (666 ) 2,298 Ending Balance $ 81,361 $ 18,253 |
INVESTMENTS IN AND ADVANCES TO
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | 12 Months Ended |
Oct. 31, 2017 | |
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract] | |
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | (7) INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES At October 31, 2017 and 2016, investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses) (amounts in thousands): October 31, 2017 2016 Chestnut Ridge and Plaza 59 Shopping Centers (50.0%) $ 18,032 $ 18,200 Gateway Plaza (50%) 6,873 7,160 Putnam Plaza Shopping Center (66.67%) 5,968 5,970 Midway Shopping Center, L.P. (11.642%) 4,639 4,856 Applebee's at Riverhead (50%) 1,814 1,560 81 Pondfield Road Company (20%) 723 723 Total $ 38,049 $ 38,469 Chestnut Ridge and Plaza 59 Shopping Centers The Company, through two wholly owned subsidiaries, owns a 50% undivided tenancy-in-common equity interest in the 76,000 square foot Chestnut Ridge Shopping Center located in Montvale, New Jersey ("Chestnut"), which is anchored by a Fresh Market grocery store, and the 24,000 square foot Plaza 59 Shopping Center located in Spring Valley, New York ("Plaza 59"), which is anchored by a local grocer. Gateway Plaza and Applebee's at Riverhead The Company, through two wholly owned subsidiaries, owns a 50% undivided tenancy-in-common equity interest in the Gateway Plaza Shopping Center ("Gateway") and Applebee's at Riverhead ("Applebee's"). Both properties are located in Riverhead, New York (together the "Riverhead Properties"). Gateway, a 198,500 square foot Gateway is subject to a $12.7 million non-recourse first mortgage. The mortgage matures on March 1, 2024 and requires payments of principal and interest at a fixed rate of interest of 4.2% per annum. Putnam Plaza Shopping Center The Company, through a wholly owned subsidiary, owns a 66.67% undivided tenancy-in-common equity interest in the 189,000 square foot Putnam Plaza Shopping Center ("Putnam Plaza"), which is anchored by a Tops grocery store. Putnam Plaza has a first mortgage payable in the amount of $19.0 million. The mortgage requires monthly payments of principal and interest at a fixed rate of 4.17% and will mature in 2019. 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 grocery-anchored shopping center in Westchester County, New York. Although the Company only has an 11.642% 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. 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 $28.4 million. The loan requires payments of principal and interest at the rate of 4.80% per annum and will mature in 2027. 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. The Company accounts for the above investments under the equity method of accounting since it exercises significant influence, but does not control the joint ventures. The other venturers in the joint ventures have substantial participation rights in the financial decisions and operation of the ventures or properties, which preclude the Company from consolidating the investments. The Company has evaluated its investment in the joint ventures and has concluded that the joint 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. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Oct. 31, 2017 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | (8) STOCKHOLDERS' EQUITY Authorized Stock The Company's Charter authorizes up to 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 The 6.75% Series G Senior Cumulative Preferred Stock ("Series G 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 28, 2019. 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 Supplementary to the Charter, the holders 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 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 G Preferred Stock are reflected as a reduction of additional paid in capital. During fiscal 2017, the Company completed the public offering of 4,600,000 shares of 6.25% Series H Senior Cumulative Preferred Stock (the "Series H Preferred Stock") at a price of $25 per share for net proceeds of $111.3 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 September 18, 2022. 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 $1.5625 per share per annum. The holders of our Series H Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions holders of the Series H 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 H 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 H Preferred Stock will have the right to convert all or part of the shares of Series H Preferred Stock held by such holder on the applicable conversion date into a number of the Company's shares of Class A common stock. In October 2017, we redeemed all of the outstanding shares of our $25 Series F Cumulative Preferred Stock with a liquidation preference $25 per share. As a result we recognized a charge of $4.1 million on our consolidated statement of income for the fiscal year ended October 31, 2017, which represents the difference between redemption value and carrying value net of original deferred issuance costs. Common Stock In July and August 2016, the Company sold 3,162,500 shares of Class A Common Stock in an underwritten follow-on common stock offering for $23.29 per share and raised net proceeds of $73.7 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 2017, the Company issued 4,705 shares of Common Stock and 5,399 shares of Class A Common Stock (4,988 shares of Common Stock and 5,854 shares of Class A Common Stock in fiscal 2016) through the DRIP. As of October 31, 2017, there remained 342,934 shares of Common Stock and 398,916 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 The Board of Directors of the Company has approved a share repurchase program ("Program") for the repurchase of up to 2,000,000 shares, in the aggregate, of Common stock, Class A Common stock and Series F Cumulative Preferred stock and Series G Cumulative Preferred stock in open market transactions. The Company has repurchased 4,600 shares of Common Stock and 913,331 shares of Class A Common Stock under the Program. For the year ended October 31, 2017, the Company did not repurchase any shares under the Program. |
STOCK COMPENSATION AND OTHER BE
STOCK COMPENSATION AND OTHER BENEFIT PLANS | 12 Months Ended |
Oct. 31, 2017 | |
STOCK COMPENSATION AND OTHER BENEFIT PLANS [Abstract] | |
STOCK COMPENSATION AND OTHER BENEFIT PLANS | (9) 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 4,500,000 shares of the Company's common equity consisting of 350,000 Common shares, 350,000 Class A Common shares and 3,800,000 shares, which at the discretion of the compensation committee, may be awarded in any combination of Class A Common shares or Common shares. In fiscal 2017, the Company awarded 152,100 shares of Common Stock and 96,225 shares of Class A Common Stock to participants in the Plan. The grant date fair value of restricted stock grants awarded to participants in 2017 was approximately $5.2 million. As of October 31, 2017, there was $13.6 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 4.7 years. For the years ended October 31, 2017, 2016 and 2015, amounts charged to compensation expense totaled $4,156,000, $4,426,000 and $4,121,000, respectively. A summary of the status of the Company's non-vested restricted stock awards as of October 31, 2017, and changes during the year ended October 31, 2017 is 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, 2016 1,258,000 $ 16.77 384,600 $ 19.40 Granted 152,100 $ 19.28 96,225 $ 24.07 Vested (135,950 ) $ 17.21 (62,150 ) $ 19.81 Forfeited - $ - (6,400 ) $ 21.54 Non-vested at October 31, 2017 1,274,150 $ 17.02 412,275 $ 20.60 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 $208,000, $187,000 and $150,000 in each of the three years ended October 31, 2017, 2016 and 2015, respectively. The Company also has an Excess Benefit and Deferred Compensation Plan that allows eligible employees to defer benefits in excess of amounts provided under the Company's 401K Plan and a portion of the employee's current compensation. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Oct. 31, 2017 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | (10) 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 for those interests based on the Company's Class A Common stock 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 or limited liability company in which the investor owns the joint venture units capitalized at prevailing market rates for properties with similar characteristics or located in similar areas. 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, 2017 and 2016, 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, 2017 and 2016 (amounts in thousands): Fiscal Year Ended October 31, 2017 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest Rate Swap Agreements $ 3,316 $ - $ 3,316 $ - Liabilities: Interest Rate Swap Agreements $ 574 $ - $ 574 $ - Redeemable noncontrolling interests $ 81,361 $ 23,709 $ 53,788 $ 3,864 Fiscal Year Ended October 31, 2016 Assets: Interest Rate Swap Agreements $ 423 $ - $ 423 $ - Liabilities: Interest Rate Swap Agreements $ 1,726 $ - $ 1,726 $ - Redeemable noncontrolling interests $ 18,253 $ 14,407 $ - $ 3,846 Fair market value measurements based upon Level 3 inputs changed (in thousands) from $2,851 at November 1, 2015 to $3,846 at October 31, 2016 as a result of a $995 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 $3,846 at November 1, 2016 to $3,864 at October 31, 2017 as a result of a $18 increase in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, restricted cash, mortgage note receivable, 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 Facility is deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. Mortgage notes payable that were assumed in property acquisitions were recorded at their fair value at the time they were assumed. The estimated fair value of mortgage notes payable and other loans was approximately $296 million and $287 million at October 31, 2017 and October 31, 2016, respectively. The estimated fair value of mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rates 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. Although management is not aware of any factors that would significantly affect the estimated fair value amounts from October 31, 2016, 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, 2017 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (11) 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 may ultimately 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, 2017, the Company had commitments of approximately $6.0 million for tenant-related obligations. |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended |
Oct. 31, 2017 | |
QUARTERLY RESULTS OF OPERATIONS [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | (12) The unaudited quarterly results of operations for the years ended October 31, 2017 and 2016 are as follows (in thousands, except per share data): Year Ended October 31, 2017 Year Ended October 31, 2016 Quarter Ended Quarter Ended Jan 31 Apr 30 Jul 31 Oct 31 Jan 31 Apr 30 Jul 31 Oct 31 Revenues $ 29,202 $ 30,024 $ 32,020 $ 32,313 $ 27,451 $ 29,166 $ 28,276 $ 31,899 Income from Continuing Operations $ 7,204 $ 27,919 $ 10,613 $ 9,696 $ 6,672 $ 8,556 $ 8,827 $ 10,550 Net Income Attributable to Urstadt Biddle Properties Inc. $ 6,982 $ 27,672 $ 9,631 $ 8,648 $ 6,447 $ 8,339 $ 8,610 $ 10,320 Preferred Stock Dividends (3,570 ) (3,571 ) (3,570 ) (4,249 ) (3,570 ) (3,570 ) (3,570 ) (3,570 ) Redemption of Preferred Stock - - - (4,075 ) - - - - Net Income Applicable to Common and Class A Common Stockholders $ 3,412 $ 24,101 $ 6,061 $ 324 $ 2,877 $ 4,769 $ 5,040 $ 6,750 Per Share Data: Basic: Class A Common Stock $ 0.09 $ 0.66 $ 0.16 $ 0.01 $ 0.09 $ 0.14 $ 0.15 $ 0.18 Common Stock $ 0.08 $ 0.58 $ 0.15 $ 0.01 $ 0.08 $ 0.13 $ 0.13 $ 0.16 Diluted: Class A Common Stock $ 0.09 $ 0.64 $ 0.16 $ 0.01 $ 0.08 $ 0.14 $ 0.15 $ 0.18 Common Stock $ 0.08 $ 0.57 $ 0.14 $ 0.01 $ 0.08 $ 0.12 $ 0.13 $ 0.16 Amounts may not equal full year results due to rounding. Certain prior period amounts are reclassified to correspond to current period presentation. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Oct. 31, 2017 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | (13) On December 14, 2017, the Board of Directors of the Company declared cash dividends of $0.24 for each share of Common Stock and $0.27 for each share of Class A Common Stock. The dividends are payable on January 19, 2018 to stockholders of record on January 5, 2018. The Board of Directors also ratified the actions of the Company's compensation committee authorizing awards of 152,700 shares of Common Stock and 103,800 shares of Class A Common Stock to certain officers, directors and employees of the Company effective January 2, 2018, pursuant to the Company's restricted stock plan. The fair value of the shares awarded totaling $5.0 million will be charged to expense over the requisite service periods (see note 1). Report of Independent Registered Public Accounting Firm |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Oct. 31, 2017 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | URSTADT BIDDLE PROPERTIES INC. October 31, 2017 SCHEDULE III - (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 to Acquisition Amount at which Carried at Close of Period Description and Location Encumbrances Land Building & Improvements Land Building & Improvements Land Building & Improvements Totals Accumulated Depreciation (b) Date Constructed/ Acquired Life on which depreciation for building and improvements in latest income statement is computed (c) Real Estate Subject to Operating Leases (a): Office Buildings: Greenwich, CT $ - $ 708 $ 1,641 $ - $ 348 $ 708 $ 1,989 $ 2,697 $ 838 2001 31.5 Greenwich, CT - 488 1,139 - 591 488 1,730 2,218 586 2000 31.5 Greenwich, CT - 570 2,359 - 762 570 3,121 3,691 1,515 1998 31.5 Greenwich, CT - 199 795 - 545 199 1,340 1,539 595 1993 31.5 Greenwich, CT - 111 444 - 310 111 754 865 335 1994 31.5 Bernardsville, NJ - 721 2,880 (25 ) (27 ) 696 2,853 3,549 377 2012 39 - 2,797 9,258 (25 ) 2,529 2,772 11,787 14,559 4,246 Retail Properties: Bronxville, NY - 60 239 95 776 155 1,015 1,170 214 2009 39 Yonkers, NY - 30 121 183 734 213 855 1,068 176 2009 39 Yonkers, NY - 30 121 85 341 115 462 577 95 2009 39 New Milford, CT - 2,114 8,456 71 551 2,185 9,007 11,192 2,173 2008 39 New Milford, CT 42 4,492 17,967 166 3,047 4,658 21,014 25,672 3,840 2010 39 Newark, NJ 10,433 5,252 21,023 - 1,558 5,252 22,581 27,833 5,631 2008 39 Waldwick, NJ - 1,266 5,064 - - 1,266 5,064 6,330 1,288 2007 39 Emerson NJ 472 3,633 14,531 - 1,640 3,633 16,171 19,804 4,522 2007 39 Monroe, CT - 765 3,060 - 135 765 3,195 3,960 877 2007 39 Pelham, NY - 1,694 6,843 - 149 1,694 6,992 8,686 2,030 2006 39 Stratford, CT 25,689 10,173 40,794 (94 ) 11,657 10,079 52,451 62,530 17,941 2005 39 Yorktown Heights, NY - 5,786 23,221 - 12,202 5,786 35,423 41,209 8,504 2005 39 Rye, NY - 909 3,637 - 381 909 4,018 4,927 1,380 2004 39 Rye, NY 1,331 483 1,930 - 71 483 2,001 2,484 671 2004 39 Rye, NY 600 239 958 - 87 239 1,045 1,284 406 2004 39 Rye, NY 1,367 695 2,782 - 20 695 2,802 3,497 968 2004 39 Somers, NY - 4,318 17,268 - 257 4,318 17,525 21,843 6,394 2003 39 Westport, CT 11 2,076 8,305 - 364 2,076 8,669 10,745 3,310 2003 39 Orange, CT - 2,320 10,564 - 1,027 2,320 11,591 13,911 4,550 2003 39 Stamford, CT 49,390 17,964 71,859 - 7,530 17,964 79,389 97,353 32,868 2002 39 Danbury, CT - 2,459 4,566 - 1,905 2,459 6,471 8,930 2,967 2002 39 Briarcliff, NY - 2,222 5,185 1,234 8,448 3,456 13,633 17,089 2,887 2001 40 Somers, NY - 1,833 7,383 - 1,340 1,833 8,723 10,556 4,743 1999 31.5 Briarcliff, NY - 380 1,531 - 131 380 1,662 2,042 797 1999 40 Briarcliff, NY 15,229 2,300 9,708 2 3,175 2,302 12,883 15,185 6,023 1998 40 Ridgefield, CT - 900 3,793 291 2,903 1,191 6,696 7,887 2,179 1998 40 Darien, CT 15,583 4,260 17,192 - 926 4,260 18,118 22,378 8,858 1998 40 Eastchester, NY - 1,500 6,128 - 2,608 1,500 8,736 10,236 3,941 1997 31 Danbury, CT 26 3,850 15,811 - 4,636 3,850 20,447 24,297 12,205 1995 31.5 Carmel, NY - 1,488 5,973 - 977 1,488 6,950 8,438 4,000 1995 31.5 Somers, NY - 821 2,600 - 606 821 3,206 4,027 1,685 1992 31.5 Wayne, NJ 81 2,492 9,966 - 2,226 2,492 12,192 14,684 6,889 1992 31 Newington, NH - 728 1,997 - 1,039 728 3,036 3,764 2,360 1979 40 Katonah, NY - 1,704 6,816 - 122 1,704 6,938 8,642 1,398 2010 39 Fairfield, CT - 3,393 13,574 153 1,234 3,546 14,808 18,354 2,241 2011 39 New Milford, CT - 2,168 8,672 - 49 2,168 8,721 10,889 1,468 2011 39 Eastchester, NY - 1,800 7,200 78 477 1,878 7,677 9,555 1,161 2012 39 Orangetown, NY 6,019 3,200 12,800 30 6,465 3,230 19,265 22,495 2,194 2012 39 Greenwich, CT 4,726 1,600 6,401 28 631 1,628 7,032 8,660 847 2013 39 Various - 1,134 4,928 80 (60 ) 1,214 4,868 6,082 584 2013 39 Greenwich, CT 5,894 1,998 7,994 53 283 2,051 8,277 10,328 938 2013 39 New Providence, NJ 18,953 6,970 27,880 463 3,049 7,433 30,929 38,362 3,810 2013 39 Chester, NJ - 570 2,280 (34 ) (73 ) 536 2,207 2,743 283 2012 39 Bethel, CT - 1,800 7,200 (18 ) (49 ) 1,782 7,151 8,933 702 2014 39 Bloomfield, NJ - 2,201 8,804 218 1,776 2,419 10,580 12,999 963 2014 39 Boonton, NJ 7,271 3,670 14,680 14 184 3,684 14,864 18,548 1,451 2014 39 Yonkers, NY 5,000 3,060 12,240 333 1,331 3,393 13,571 16,964 1,054 2014 39 Greenwich, CT 7,884 3,223 12,893 6 132 3,229 13,025 16,254 1,033 2014 40 Greenwich, CT 15,305 6,257 25,029 27 533 6,284 25,562 31,846 2,066 2014 40 Midland Park, NJ 20,681 8,740 34,960 (44 ) 97 8,696 35,057 43,753 2,639 2015 39 Pompton Lakes, NJ 19,535 8,140 32,560 33 359 8,173 32,919 41,092 2,472 2015 39 Wyckoff, NJ 8,210 3,490 13,960 17 132 3,507 14,092 17,599 1,052 2015 39 Kinnelon, NJ 10,927 4,540 18,160 (28 ) 3,892 4,512 22,052 26,564 1,926 2015 39 Fort Lee, NJ - 798 3,192 (14 ) (55 ) 784 3,137 3,921 195 2015 39 Harrison, NY - 2,000 8,000 (10 ) 843 1,990 8,843 10,833 449 2015 39 Stamford, CT 22,083 12,686 32,620 - 171 12,686 32,791 45,477 1,118 2016 39 Stamford, CT - 3,691 9,491 - 86 3,691 9,577 13,268 261 2016 39 Derby, CT - 651 7,652 - 15 651 7,667 8,318 163 2017 39 Passaic, NJ 3,511 2,039 5,616 - - 2,039 5,616 7,655 84 2017 39 Stamford, CT 9,644 17,178 43,677 - 118 17,178 43,795 60,973 655 2017 39 Stamford, CT - 2,376 1,458 - - 2,376 1,458 3,834 22 2017 39 Stamford, CT 1,213 2,295 2,700 - - 2,295 2,700 4,995 40 2017 39 Waldwick, NJ - 2,761 5,571 - - 2,761 5,571 8,332 35 2017 39 Dumont, NJ 9,961 6,646 15,341 - - 6,646 15,341 21,987 98 2017 39 297,071 212,311 764,925 3,418 95,189 215,729 860,114 1,075,843 190,774 Total $ 297,071 $ 215,108 $ 774,183 $ 3,393 $ 97,718 $ 218,501 $ 871,901 $ 1,090,402 $ 195,020 URSTADT BIDDLE PROPERTIES INC. October 31, 2017 SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED (In thousands) Year Ended October 31, NOTES: 2017 2016 2015 (a) RECONCILIATION OF REAL ESTATE-OWNED SUBJECT TO OPERATING LEASES Balance at beginning of year $ 1,016,838 $ 941,690 $ 830,304 Property improvements during the year 9,326 18,666 12,891 Properties acquired during the year 119,403 58,737 138,720 Properties sold during the year (52,122 ) - (38,364 ) Property assets fully depreciated and written off (3,043 ) (2,255 ) (1,861 ) Balance at end of year (e) $ 1,090,402 $ 1,016,838 $ 941,690 (b) RECONCILIATION OF ACCUMULATED DEPRECIATION Balance at beginning of year $ 186,098 $ 165,660 $ 161,187 Provision during the year charged to income (d) 25,058 22,693 22,096 Property sold during the year (13,093 ) - (15,762 ) Property assets fully depreciated and written off (3,043 ) (2,255 ) (1,861 ) Balance at end of year $ 195,020 $ 186,098 $ 165,660 (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 $818 million at October 31, 2017. |
SCHEDULE IV - MORTGAGE LOANS ON
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Oct. 31, 2017 | |
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE [Abstract] | |
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | URSTADT BIDDLE PROPERTIES INC. OCTOBER 31, 2017 SCHEDULE IV - (In thousands) FIRST MORTGAGE LOANS ON BUSINESS PROPERTIES (c) and (d): COL. A COL. B COL. C COL. D COL. E COL. F Description Interest Rate Final Maturity Date Periodic Payment Terms Remaining Face Amount of Mortgages (b) Carrying Amount of Mortgages (a) Coupon Effective Retail Property: Rockland County, NY 3.779 % 3.779 % October 10, 2017 Interest Only - Monthly $ - $ - TOTAL MORTGAGE LOANS ON REAL ESTATE $ - $ - Interest is one month LIBOR plus 3.25% per annum. Loan was repaid in October 2017. NOTES TO SCHEDULE IV (a) Reconciliation of Mortgage Loans on Real Estate Year Ended October 31, 2017 2016 2015 Balance at beginning of period: $ 13,500 $ - $ - Additions during period: New mortgage loans - 13,500 - Deductions during the current period: Collections of principal and amortization of discounts (13,500 ) - - Balance at end of period: $ - $ 13,500 $ - (b) The aggregate cost basis for Federal income tax purposes is equal to the face amount of the mortgages (c) At October 31, 2017, no mortgage loans were delinquent in payment of currently due principal or interest. (d) There are no prior liens for any of the mortgage loans on real estate. |
ORGANIZATION, BASIS OF PRESEN24
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Oct. 31, 2017 | |
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." 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 7 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. 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 2017 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, 2017. As of October 31, 2017, the fiscal tax years 2013 through and including 2016 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. |
Real Estate Investments | Acquisitions of Real Estate Investments and Capitalization Policy Acquisition of Real Estate Investments: In January 2017, the FASB issued an ASU 2017-01 that clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for transactions that have not been reported in previously issued (or available to be issued) financial statements. The Company early adopted this accounting standard effective November 1, 2016. As a result of this adoption, we evaluated eight real estate acquisitions completed during the fiscal 2017 under the new framework and determined that the assets acquired did not meet the definition of a business. Accordingly, we accounted for these transactions as an asset acquisitions. Refer to Note 3 – Investment Properties and Note 6 - Consolidated Joint Ventures and Redeemable Noncontrolling Interests in our consolidated financial statements for a further discussion regarding these acquisitions. Evaluation of business combination or asset acquisition: The Company evaluates each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted for as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce), that is skilled, knowledgeable, and experienced in performing the process; • The process cannot be replaced without significant cost, effort, or delay; or • The process is considered unique or scarce. Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. For acquisitions of real estate or in-substance real estate, prior to the adoption of ASU 2017-01, which were accounted for as business combinations, we recognized the assets acquired (including the intangible value of acquired above- or below-market leases, acquired in-place leases and other intangible assets or liabilities), liabilities assumed, noncontrolling interests and previously existing ownership interests at fair value as of the acquisition date. Any excess (deficit) of the consideration transferred relative to the fair value of the net assets acquired was accounted for as goodwill. Acquisition costs related to the business combinations were expensed as incurred. Acquisitions of real estate and in-substance real estate which do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as we utilize to determine fair value in a business combination. The value of tangible assets acquired is based upon our estimation of value on an "as if vacant" basis. The value of acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been incurred in the execution of similar leases under the market conditions at the acquisition date of the acquired in-place lease. We assess the fair value of tangible and intangible assets based on numerous factors, including estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. The values of acquired above- and below-market leases, which are included in prepaid expenses and other assets and other liabilities, respectively, are amortized over the terms of the related leases and recognized as either an increase (for below-market leases) or a decrease (for above-market leases) to rental revenue. The values of acquired in-place leases are classified in other assets in the accompanying consolidated balance sheets and amortized over the remaining terms of the related leases. Capitalization Policy: Land, buildings, property improvements, furniture/fixtures and tenant improvements are recorded at cost. Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and/or replacements, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. |
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 | Sale of Investment Property and Property Held for Sale The Company reports properties that are either disposed of or are classified as held for sale in continuing 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. In March 2017, the Company sold for $56.6 million its property located in White Plains, NY, as that property no longer met the Company's investment objectives. In conjunction with the sale, the Company realized a gain on sale of property in the amount of $19.5 million, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2017. The net book value of the White Plains asset at October 31, 2016 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. In July 2017, the Company sold for $1.2 million its property located in Fairfield, CT (the "Fairfield Property"), which it purchased in the second quarter of fiscal 2017. In conjunction with the sale the Company realized a loss on sale of property in the amount of $729,000, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2017. In August 2015, the Company sold, for $44.5 million, its property located in Meriden, CT, as that property no longer met the Company's investment objectives. In conjunction with the sale, the Company realized a gain on sale of property in the amount of $20.4 million, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2015. |
Deferred Charges | Deferred Charges Deferred charges consist principally of leasing commissions (which are amortized ratably over the life of the tenant leases). Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of $4,279,000 and $3,703,000 as of October 31, 2017 and 2016, 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, 2017. |
Revenue Recognition | Revenue Recognition Our leases with tenants are classified as operating leases. 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, 2017 and 2016, approximately $17,349,000 and $16,829,000, 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. In July 2017, the Company entered into a lease termination agreement with the single tenant of its property located in Fairfield, CT, which was purchased in the second quarter of fiscal 2017, so the Company could sell the property vacant. The agreement provided that the tenant pay the Company $3.2 million in exchange for the tenant to be released from all future obligations under its lease. The Company received payment in July 2017 and has recorded the payment received as lease termination income in its consolidated statements of income for the year ended October 31, 2017, as the payment met all of the revenue recognition conditions under U.S. GAAP. In addition, when the aforementioned property was acquired, the Company allocated $1.2 million of the consideration paid to acquire the asset to this over-market lease (see note 3). As a result of this termination, the Company wrote-off the remaining $1.1 million asset as a reduction of lease termination income for the year ended October 31, 2017. 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, 2017 and 2016, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $4,543,000 and $4,097,000, 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, 2017, 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, 2017, the Company had approximately $89.5 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 3.62% per annum. As of October 31, 2017 and 2016, the Company had a deferred liability of $574,000 and $1,726,000, respectively (included in accounts payable and accrued expenses on the consolidated balance sheets) and a deferred asset of $3,316,000 and $423,000, respectively (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 swap are made to other comprehensive (loss) as the swap is deemed effective and is classified as a cash flow hedge. |
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 and losses on interest rate swaps designated as cash flow hedges. At October 31, 2017 and 2016, accumulated other comprehensive income (loss) consisted of net unrealized gains (losses) on interest rate swap agreements of approximately $2,742,000 and $(1,303,000), respectively. 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. |
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. The Company recognizes compensation expense for its stock awards by amortizing the fair value of stock awards over the requisite service periods of such awards. |
Segment Reporting | Segment Reporting The Company's primary business is the ownership, management, and redevelopment of retail properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of base rental income and tenant reimbursement income, less rental expenses and real estate taxes. Only one of the Company's properties, located in Stamford, CT ("Ridgeway"), is considered significant as its revenue is in excess of 10% of the Company's consolidated total revenues and accordingly is a reportable segment. The Company has aggregated the remainder of our properties as they share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in the same major metropolitan area, and have similar tenant mixes. Ridgeway is located in Stamford, Connecticut and was developed in the 1950's and redeveloped in the mid 1990's. The property contains approximately 374,000 square feet of GLA. It is the dominant grocery-anchored center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut. |
Reclassifications | Reclassification Certain fiscal 2015 and 2016 amounts have been reclassified to conform to current period presentation. |
New Accounting Standards | New Accounting Standards In May 2014, the FASB issued Accounting Standards Update ("ASU") 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. In August 2015, FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the reporting period. In March 2016, the FASB issued ASU 2016-08 as an amendment to ASU 2014-09, the amendment clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transaction, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. The Company is currently assessing the potential impact that the adoption of ASU 2014-09 and ASU 2016-08 will have on its consolidated financial statements. While we are still completing the assessment of the impact of our consolidated financial statements, we believe the majority of our revenue falls outside of the scope of this guidance. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. ASU 2016-02 is effective for the Company in the first quarter of fiscal 2020, and we are currently assessing the impact this standard will have on the Company's consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 that provides guidance, amongst other things, on classification of cash distributions received from equity method investments, including unconsolidated joint ventures. The ASU provides two approaches to determine the classification of cash distributions received: (i) the "cumulative earnings" approach, under which distributions up to the amount of cumulative equity in earnings recognized will be classified as cash inflows from operating activities, and those in excess of that amount will be classified as cash inflows from investing activities, and (ii) the "nature of the distribution" approach, under which distributions will be classified based on the nature of the underlying activity that generated cash distributions. Companies will elect either the "cumulative earnings" or the "nature of the distribution" approach. Entities that elect the "nature of the distribution" approach but lack the information to apply it will apply the cumulative earnings approach as an accounting change on a retrospective basis. ASU 2016-15 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and will be applied retrospectively (exceptions apply). We are currently assessing the effect that ASU 2016-15 will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01 that clarified the definition of a business. The ASU 2017-01 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted. We adopted ASU 2017-01 on November 1, 2016. Refer to "Acquisitions of Real Estate Investments and Capitalization Policy" above for a discussion of this new accounting pronouncement. 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, 2017. |
CONSOLIDATED JOINT VENTURES A25
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Policies) | 12 Months Ended |
Oct. 31, 2017 | |
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | |
Non-controlling Interests | Noncontrolling interests: The Company accounts for noncontrolling interests in accordance with ASC Topic 810, "Consolidation." Because the limited partners or noncontrolling members in Ironbound, Orangeburg, McLean, UB High Ridge and Dumont have the right to require the Company to redeem all or a part of their limited partnership or limited liability company units for cash, or at the option of the Company shares of its Class A Common stock, 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, McLean and a portion of the UB High Ridge and Dumont redemptions are based solely on the price of the Company's Class A Common stock on the date of redemption. For the years ended October 31, 2017 and 2016, the Company adjusted the carrying value of the non-controlling interests by $(666,000) and $2.3 million, respectively, with the corresponding adjustment recorded in stockholders' equity. |
ORGANIZATION, BASIS OF PRESEN26
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Combined Operating Results Properties Included in Continuing Operations | The combined operating results of the White Plains Property, the Fairfield Property and the Meriden property, which are included in continuing operations, were as follows (amounts in thousands): Year Ended October 31, 2017 2016 2015 Revenues $ 130 $ 5,656 $ 5,829 Property operating expense (330 ) (1,341 ) (3,234 ) Depreciation and amortization (91 ) (476 ) (1,787 ) Net Income (loss) $ (291 ) $ 3,839 $ 808 |
Reconciliation between Basic and Diluted EPS | The following table sets forth the reconciliation between basic and diluted EPS (in thousands): Year Ended October 31, 2017 2016 2015 Numerator Net income applicable to common stockholders – basic $ 6,857 $ 4,142 $ 7,412 Effect of dilutive securities: Restricted stock awards 376 236 431 Net income applicable to common stockholders – diluted $ 7,233 $ 4,378 $ 7,843 Denominator Denominator for basic EPS-weighted average common shares 8,383 8,241 8,059 Effect of dilutive securities: Restricted stock awards 643 669 669 Denominator for diluted EPS – weighted average common equivalent shares 9,026 8,910 8,728 Numerator Net income applicable to Class A common stockholders – basic $ 27,041 $ 15,294 $ 27,247 Effect of dilutive securities: Restricted stock awards (376 ) (236 ) (431 ) Net income applicable to Class A common stockholders – diluted $ 26,665 $ 15,058 $ 26,816 Denominator Denominator for basic EPS – weighted average Class A common shares 29,317 26,921 26,141 Effect of dilutive securities: Restricted stock awards 186 191 191 Denominator for diluted EPS – weighted average Class A common equivalent shares 29,503 27,112 26,332 |
Major Customers by Reporting Segments | Segment information about Ridgeway as required by ASC Topic 280 is included below: Year Ended October 31, 2017 2016 2015 Ridgeway Revenues 11.2 % 11.3 % 11.7 % All Other Property Revenues 88.8 % 88.7 % 88.3 % Consolidated Revenue 100.0 % 100.0 % 100.0 % Year Ended October 31, 2017 2016 Ridgeway Assets 7.2 % 7.6 % All Other Property Assets 92.8 % 92.4 % Consolidated Assets (Note 1) 100.0 % 100.0 % Note 1- Ridgeway did not have any significant expenditures for additions to long lived assets in any of the fiscal years ended October 31, 2017, 2016 and 2015. Year Ended October 31, 2017 2016 2015 Ridgeway Percent Leased 96 % 98 % 97 % Ridgeway Significant Tenants (by base rent): Year Ended October 31, 2017 2016 2015 The Stop & Shop Supermarket Company 19 % 19 % 19 % Bed, Bath & Beyond 14 % 14 % 14 % Marshall's Inc., a division of the TJX Companies 11 % 11 % 11 % All Other Tenants at Ridgeway (Note 2) 56 % 56 % 56 % Total 100 % 100 % 100 % Note 2 - No other tenant accounts for more than 10% of Ridgeway's annual base rents in any of the three years presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway. |
Segment Reporting Information by Segment | Year Ended October 31, 2017 Income Statement (In Thousands): Ridgeway All Other Operating Segments Total Consolidated Revenues $ 13,832 $ 109,728 $ 123,560 Operating Expenses $ 3,809 $ 35,886 $ 39,695 Interest Expense $ 2,034 $ 10,947 $ 12,981 Depreciation and Amortization $ 3,016 $ 23,496 $ 26,512 Income from Continuing Operations $ 4,973 $ 31,725 $ 36,698 Year Ended October 31, 2016 Ridgeway All Other Operating Segments Total Consolidated Revenues $ 13,192 $ 103,600 $ 116,792 Operating Expenses $ 3,649 $ 33,616 $ 37,265 Interest Expense $ 2,487 $ 10,496 $ 12,983 Depreciation and Amortization $ 2,468 $ 20,557 $ 23,025 Income from Continuing Operations $ 4,588 $ 30,017 $ 34,605 Year Ended October 31, 2015 Ridgeway All Other Operating Segments Total Consolidated Revenues $ 13,485 $ 101,827 $ 115,312 Operating Expenses $ 3,768 $ 35,723 $ 39,491 Interest Expense $ 2,545 $ 10,930 $ 13,475 Depreciation and Amortization $ 2,358 $ 20,077 $ 22,435 Income from Continuing Operations $ 4,814 $ 25,021 $ 29,835 |
REAL ESTATE INVESTMENTS (Tables
REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
REAL ESTATE INVESTMENTS [Abstract] | |
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, 2017 and 2016 (in thousands): Consolidated Investment Properties Unconsolidated Joint Ventures 2017 Totals 2016 Totals Retail $ 885,069 $ 38,049 $ 923,118 $ 872,292 Office 10,313 - 10,313 10,417 $ 895,382 $ 38,049 $ 933,431 $ 882,709 |
PROPERTIES (Tables)
PROPERTIES (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
PROPERTIES [Abstract] | |
Components of Core Properties | The components of the properties consolidated in the financial statements are as follows (in thousands): October 31, 2017 2016 Land $ 218,501 $ 187,676 Buildings and improvements 871,901 829,162 1,090,402 1,016,838 Accumulated depreciation (195,020 ) (186,098 ) $ 895,382 $ 830,740 |
Purchase Price Allocation for Properties Acquired | The financial information set forth below summarizes the Company's purchase price allocation for the properties acquired during the fiscal year ended October 31, 2017 (in thousands). Derby Passaic Fairfield Waldwick High Ridge Chase CVS Dumont Assets: Land $ 651 $ 2,038 $ 572 $ 2,740 $ 17,163 $ 2,376 $ 2,295 $ 6,646 Building and improvements $ 7,652 $ 5,614 $ 1,323 $ 5,528 $ 43,640 $ 1,458 $ 2,700 $ 15,341 In-place leases $ 771 $ 480 $ 80 $ 203 $ 1,552 $ 121 $ 181 $ 1,478 Above market leases $ - $ - $ 1,090 $ 37 $ 335 $ 288 $ - $ 20 Liabilities: In-place leases $ - $ - $ - $ - $ - $ - $ - $ - Below Market Leases $ - $ 769 $ - $ 157 $ 263 $ - $ 373 $ 844 |
Operating Results for Properties Acquired | The following table summarizes the operating results included in the Company's historical consolidated statements of income for the properties acquired during the fiscal year ended 2017 (in thousands). Year Ended October 31, 2017 Revenues $ 6,825 Net income attributable to Urstadt Biddle Properties Inc. $ 1,846 |
Purchase Price Adjustments for Properties Acquired | In fiscal 2017, the Company completed the process of analyzing the fair value of the acquired assets and liabilities, including intangible assets and liabilities, for the Newfield Green and the 970 High Ridge Road properties acquired in 2016 and has made the following purchase price adjustments to land and building based on the fair market value of intangible assets acquired when the properties were purchased (in thousands). Newfield Green 970 High Ridge Road Assets: In-place leases $ 961 $ 62 Above market leases $ 118 $ - Liabilities: In-place leases $ - $ - Below market leases $ 1,061 $ 74 |
MORTGAGE NOTES PAYABLE, BANK 29
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS [Abstract] | |
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 Repayments Scheduled Amortization Total 2018 $ 9,904 $ 6,391 $ 16,295 2019 26,880 6,197 33,077 2020 - 5,848 5,848 2021 - 6,200 6,200 2022 49,486 5,503 54,989 Thereafter 171,006 9,656 180,662 $ 257,276 $ 39,795 $ 297,071 |
CONSOLIDATED JOINT VENTURES A30
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | |
Redeemable Non-controlling Interests | The following table sets forth the details of the Company's redeemable non-controlling interests (amounts in thousands): October 31, 2017 2016 Beginning Balance $ 18,253 $ 15,955 Initial UB High Ridge Noncontrolling Interest-Net 55,217 - Initial Dumont Noncontrolling Interest-Net 8,557 - Change in Redemption Value (666 ) 2,298 Ending Balance $ 81,361 $ 18,253 |
INVESTMENTS IN AND ADVANCES T31
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract] | |
Investments in and Advances to Unconsolidated Joint Ventures | At October 31, 2017 and 2016, investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses) (amounts in thousands): October 31, 2017 2016 Chestnut Ridge and Plaza 59 Shopping Centers (50.0%) $ 18,032 $ 18,200 Gateway Plaza (50%) 6,873 7,160 Putnam Plaza Shopping Center (66.67%) 5,968 5,970 Midway Shopping Center, L.P. (11.642%) 4,639 4,856 Applebee's at Riverhead (50%) 1,814 1,560 81 Pondfield Road Company (20%) 723 723 Total $ 38,049 $ 38,469 |
STOCK COMPENSATION AND OTHER 32
STOCK COMPENSATION AND OTHER BENEFIT PLANS (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
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, 2017, and changes during the year ended October 31, 2017 is 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, 2016 1,258,000 $ 16.77 384,600 $ 19.40 Granted 152,100 $ 19.28 96,225 $ 24.07 Vested (135,950 ) $ 17.21 (62,150 ) $ 19.81 Forfeited - $ - (6,400 ) $ 21.54 Non-vested at October 31, 2017 1,274,150 $ 17.02 412,275 $ 20.60 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Fair Value of Financial Assets and Liabilities | 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, 2017 and 2016 (amounts in thousands): Fiscal Year Ended October 31, 2017 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest Rate Swap Agreements $ 3,316 $ - $ 3,316 $ - Liabilities: Interest Rate Swap Agreements $ 574 $ - $ 574 $ - Redeemable noncontrolling interests $ 81,361 $ 23,709 $ 53,788 $ 3,864 Fiscal Year Ended October 31, 2016 Assets: Interest Rate Swap Agreements $ 423 $ - $ 423 $ - Liabilities: Interest Rate Swap Agreements $ 1,726 $ - $ 1,726 $ - Redeemable noncontrolling interests $ 18,253 $ 14,407 $ - $ 3,846 |
QUARTERLY RESULTS OF OPERATIO34
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
QUARTERLY RESULTS OF OPERATIONS [Abstract] | |
Quarterly Financial Information | The unaudited quarterly results of operations for the years ended October 31, 2017 and 2016 are as follows (in thousands, except per share data): Year Ended October 31, 2017 Year Ended October 31, 2016 Quarter Ended Quarter Ended Jan 31 Apr 30 Jul 31 Oct 31 Jan 31 Apr 30 Jul 31 Oct 31 Revenues $ 29,202 $ 30,024 $ 32,020 $ 32,313 $ 27,451 $ 29,166 $ 28,276 $ 31,899 Income from Continuing Operations $ 7,204 $ 27,919 $ 10,613 $ 9,696 $ 6,672 $ 8,556 $ 8,827 $ 10,550 Net Income Attributable to Urstadt Biddle Properties Inc. $ 6,982 $ 27,672 $ 9,631 $ 8,648 $ 6,447 $ 8,339 $ 8,610 $ 10,320 Preferred Stock Dividends (3,570 ) (3,571 ) (3,570 ) (4,249 ) (3,570 ) (3,570 ) (3,570 ) (3,570 ) Redemption of Preferred Stock - - - (4,075 ) - - - - Net Income Applicable to Common and Class A Common Stockholders $ 3,412 $ 24,101 $ 6,061 $ 324 $ 2,877 $ 4,769 $ 5,040 $ 6,750 Per Share Data: Basic: Class A Common Stock $ 0.09 $ 0.66 $ 0.16 $ 0.01 $ 0.09 $ 0.14 $ 0.15 $ 0.18 Common Stock $ 0.08 $ 0.58 $ 0.15 $ 0.01 $ 0.08 $ 0.13 $ 0.13 $ 0.16 Diluted: Class A Common Stock $ 0.09 $ 0.64 $ 0.16 $ 0.01 $ 0.08 $ 0.14 $ 0.15 $ 0.18 Common Stock $ 0.08 $ 0.57 $ 0.14 $ 0.01 $ 0.08 $ 0.12 $ 0.13 $ 0.16 Amounts may not equal full year results due to rounding. Certain prior period amounts are reclassified to correspond to current period presentation. |
ORGANIZATION, BASIS OF PRESEN35
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) shares in Thousands, ft² in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Aug. 31, 2015USD ($) | Oct. 31, 2017USD ($)ft²Property | Jul. 31, 2017USD ($) | Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Oct. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Oct. 31, 2017USD ($)ft²Propertyshares | Oct. 31, 2016USD ($)shares | Oct. 31, 2015USD ($)shares | |
Business [Abstract] | ||||||||||||||
Number of properties the Company owned or had equity interest in | Property | 81 | 81 | ||||||||||||
Gross leasable area of properties the Company owned or had equity interest in | ft² | 5.1 | 5.1 | ||||||||||||
Federal Income Taxes [Abstract] | ||||||||||||||
Minimum real estate trust taxable income required to be distributed for REIT to be nontaxable | 90.00% | |||||||||||||
Property Held for Sale and Discontinued Operations [Abstract] | ||||||||||||||
Gain on sale of properties | $ 18,734,000 | $ 0 | $ 20,377,000 | |||||||||||
Revenues | $ 32,313,000 | $ 32,020,000 | $ 30,024,000 | $ 29,202,000 | $ 31,899,000 | $ 28,276,000 | $ 29,166,000 | $ 27,451,000 | 123,560,000 | 116,792,000 | 115,312,000 | |||
Depreciation and amortization | (26,512,000) | (23,025,000) | (22,435,000) | |||||||||||
Net Income | 55,432,000 | 34,605,000 | 50,212,000 | |||||||||||
Deferred Charges [Abstract] | ||||||||||||||
Accumulated amortization of deferred charges | 4,279,000 | 3,703,000 | 4,279,000 | 3,703,000 | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Rents receivable | $ 17,349,000 | 16,829,000 | $ 17,349,000 | 16,829,000 | ||||||||||
Allowance of doubtful accounts against tenants receivables, percentage of deferred straight-line rents receivable | 10.00% | 10.00% | ||||||||||||
Tenants receivable, allowance for doubtful accounts | $ 4,543,000 | 4,097,000 | $ 4,543,000 | 4,097,000 | ||||||||||
Gain (Loss) on Contract Termination | 2,432,000 | 619,000 | 472,000 | |||||||||||
Amortization of above and below Market Leases | 223,000 | 157,000 | 415,000 | |||||||||||
Comprehensive income [Abstract] | ||||||||||||||
Net unrealized losses on an interest rate swap agreement included in accumulated other comprehensive income | 2,742,000 | (1,303,000) | 2,742,000 | (1,303,000) | ||||||||||
Numerator [Abstract] | ||||||||||||||
Net income applicable to common stockholders - basic | 324,000 | 6,061,000 | $ 24,101,000 | $ 3,412,000 | 6,750,000 | $ 5,040,000 | $ 4,769,000 | $ 2,877,000 | 33,898,000 | 19,436,000 | 34,659,000 | |||
Meriden, CT [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||||||
Property Held for Sale and Discontinued Operations [Abstract] | ||||||||||||||
Sale price of property sold | $ 44,500,000 | |||||||||||||
Gain on sale of properties | $ 20,400,000 | |||||||||||||
Fairfield Acquisition [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||||||||||||
Property Held for Sale and Discontinued Operations [Abstract] | ||||||||||||||
Sale price of property sold | $ 1,200,000 | $ 1,200,000 | ||||||||||||
Gain on sale of properties | $ (729,000) | |||||||||||||
White Plains Property [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||||||||||||
Property Held for Sale and Discontinued Operations [Abstract] | ||||||||||||||
Sale price of property sold | $ 56,600,000 | |||||||||||||
Gain on sale of properties | $ 19,500,000 | |||||||||||||
White Plains Property, Fairfield Property, Meriden Property [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||||||
Property Held for Sale and Discontinued Operations [Abstract] | ||||||||||||||
Revenues | 130,000 | 5,656,000 | 5,829,000 | |||||||||||
Property operating expense | (330,000) | (1,341,000) | (3,234,000) | |||||||||||
Depreciation and amortization | (91,000) | (476,000) | (1,787,000) | |||||||||||
Net Income | $ (291,000) | 3,839,000 | 808,000 | |||||||||||
Minimum [Member] | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Tax years remaining open to examination by Internal Revenue Service | 2,013 | |||||||||||||
Maximum [Member] | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Tax years remaining open to examination by Internal Revenue Service | 2,016 | |||||||||||||
Real Estate Investment Properties [Member] | Minimum [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Estimated useful life | 30 years | |||||||||||||
Real Estate Investment 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 | |||||||||||||
Fairfield, CT Property [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Gain (Loss) on Contract Termination | $ 3,200,000 | |||||||||||||
Amortization of above and below Market Leases | 1,100,000 | |||||||||||||
Interest Rate Swap [Member] | ||||||||||||||
Derivative Financial Instruments [Abstract] | ||||||||||||||
Mortgage loans subject to interst rate swap | $ 89,500,000 | $ 89,500,000 | ||||||||||||
Average fixed annual rate on interest rate swap | 3.62% | 3.62% | ||||||||||||
Deferred liabilities relating to fair value of interest rate swap | $ 574,000 | 1,726,000 | $ 574,000 | 1,726,000 | ||||||||||
Deferred assets relating to fair value of interest rate swap | $ 3,316,000 | $ 423,000 | 3,316,000 | 423,000 | ||||||||||
Common Stock [Member] | ||||||||||||||
Numerator [Abstract] | ||||||||||||||
Net income applicable to common stockholders - basic | 6,857,000 | 4,142,000 | 7,412,000 | |||||||||||
Effect of dilutive securities [Abstract] | ||||||||||||||
Restricted stock awards | 376,000 | 236,000 | 431,000 | |||||||||||
Net income applicable to common stockholders - diluted | $ 7,233,000 | $ 4,378,000 | $ 7,843,000 | |||||||||||
Denominator [Abstract] | ||||||||||||||
Denominator for basic EPS - weighted average common shares (in shares) | shares | 8,383 | 8,241 | 8,059 | |||||||||||
Effect of dilutive securities [Abstract] | ||||||||||||||
Restricted stock awards (in shares) | shares | 643 | 669 | 669 | |||||||||||
Denominator for diluted EPS - weighted average common equivalent shares (in shares) | shares | 9,026 | 8,910 | 8,728 | |||||||||||
Class A Common Stock [Member] | ||||||||||||||
Numerator [Abstract] | ||||||||||||||
Net income applicable to common stockholders - basic | $ 27,041,000 | $ 15,294,000 | $ 27,247,000 | |||||||||||
Effect of dilutive securities [Abstract] | ||||||||||||||
Restricted stock awards | (376,000) | (236,000) | (431,000) | |||||||||||
Net income applicable to common stockholders - diluted | $ 26,665,000 | $ 15,058,000 | $ 26,816,000 | |||||||||||
Denominator [Abstract] | ||||||||||||||
Denominator for basic EPS - weighted average common shares (in shares) | shares | 29,317 | 26,921 | 26,141 | |||||||||||
Effect of dilutive securities [Abstract] | ||||||||||||||
Restricted stock awards (in shares) | shares | 186 | 191 | 191 | |||||||||||
Denominator for diluted EPS - weighted average common equivalent shares (in shares) | shares | 29,503 | 27,112 | 26,332 |
ORGANIZATION, BASIS OF PRESEN36
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segment Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2017USD ($)ft² | Jul. 31, 2017USD ($) | Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Oct. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Oct. 31, 2017USD ($)ft²Segment | Oct. 31, 2016USD ($) | Oct. 31, 2015USD ($) | ||
Segment Reporting [Abstract] | ||||||||||||
Number of reportable segments | Segment | 1 | |||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Gross leasable area of properties the Company owned or had equity interest in | ft² | 5,100,000 | 5,100,000 | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 32,313 | $ 32,020 | $ 30,024 | $ 29,202 | $ 31,899 | $ 28,276 | $ 29,166 | $ 27,451 | $ 123,560 | $ 116,792 | $ 115,312 | |
Operating expenses | 39,695 | 37,265 | 39,491 | |||||||||
Interest expense | 12,981 | 12,983 | 13,475 | |||||||||
Depreciation and amortization | 26,512 | 23,025 | 22,435 | |||||||||
Income from continuing operations | $ 9,696 | $ 10,613 | $ 27,919 | $ 7,204 | $ 10,550 | $ 8,827 | $ 8,556 | $ 6,672 | $ 36,698 | $ 34,605 | $ 29,835 | |
Ridgeway [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Gross leasable area of properties the Company owned or had equity interest in | ft² | 374,000 | 374,000 | ||||||||||
Percent leased | 96.00% | 98.00% | 97.00% | |||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 13,832 | $ 13,192 | $ 13,485 | |||||||||
Operating expenses | 3,809 | 3,649 | 3,768 | |||||||||
Interest expense | 2,034 | 2,487 | 2,545 | |||||||||
Depreciation and amortization | 3,016 | 2,468 | 2,358 | |||||||||
Income from continuing operations | 4,973 | 4,588 | 4,814 | |||||||||
All Other Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 109,728 | 103,600 | 101,827 | |||||||||
Operating expenses | 35,886 | 33,616 | 35,723 | |||||||||
Interest expense | 10,947 | 10,496 | 10,930 | |||||||||
Depreciation and amortization | 23,496 | 20,557 | 20,077 | |||||||||
Income from continuing operations | $ 31,725 | $ 30,017 | $ 25,021 | |||||||||
Sales Revenue, Services, Net [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | |||||||||
Sales Revenue, Services, Net [Member] | Ridgeway [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Concentration risk, percentage | 11.20% | 11.30% | 11.70% | |||||||||
Sales Revenue, Services, Net [Member] | All Other Operating Segments [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Concentration risk, percentage | 88.80% | 88.70% | 88.30% | |||||||||
Assets, Total [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Concentration risk, percentage | 100.00% | 100.00% | ||||||||||
Assets, Total [Member] | Ridgeway [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Concentration risk, percentage | 7.20% | 7.60% | ||||||||||
Assets, Total [Member] | All Other Operating Segments [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Concentration risk, percentage | 92.80% | 92.40% | ||||||||||
Base Rent [Member] | Customer Concentration Risk [Member] | Ridgeway [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | |||||||||
Base Rent [Member] | Customer Concentration Risk [Member] | The Stop & Shop Supermarket Company [Member] | Ridgeway [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Concentration risk, percentage | 19.00% | 19.00% | 19.00% | |||||||||
Base Rent [Member] | Customer Concentration Risk [Member] | Bed, Bath & Beyond [Member] | Ridgeway [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Concentration risk, percentage | 14.00% | 14.00% | 14.00% | |||||||||
Base Rent [Member] | Customer Concentration Risk [Member] | Marshall's Inc., a division of the TJX Companies [Member] | Ridgeway [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Concentration risk, percentage | 11.00% | 11.00% | 11.00% | |||||||||
Base Rent [Member] | Customer Concentration Risk [Member] | All Other Tenants at Ridgeway [Member] | Ridgeway [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Concentration risk, percentage | [1] | 56.00% | 56.00% | 56.00% | ||||||||
[1] | No other tenant accounts for more than 10% of Ridgeway's annual base rents in any of the three years presented. Percentages are calculated as a ratio of the tenants base rent divided by total base rent of Ridgeway. |
REAL ESTATE INVESTMENTS (Detail
REAL ESTATE INVESTMENTS (Details) $ in Thousands | Oct. 31, 2017USD ($)PropertyInvestment | Oct. 31, 2016USD ($) |
Schedule of Investments [Line Items] | ||
Properties owned or have equity interests | Property | 81 | |
Real estate investments | $ 933,431 | $ 882,709 |
Number of mortgage note receivables | Investment | 0 | |
Retail [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | $ 923,118 | 872,292 |
Office [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 10,313 | $ 10,417 |
Consolidated Investment Properties [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 895,382 | |
Consolidated Investment Properties [Member] | Retail [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 885,069 | |
Consolidated Investment Properties [Member] | Office [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 10,313 | |
Unconsolidated Joint Ventures [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 38,049 | |
Unconsolidated Joint Ventures [Member] | Retail [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | 38,049 | |
Unconsolidated Joint Ventures [Member] | Office [Member] | ||
Schedule of Investments [Line Items] | ||
Real estate investments | $ 0 |
PROPERTIES (Details)
PROPERTIES (Details) | 1 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2017USD ($)ft² | Mar. 31, 2017USD ($)ft² | Jan. 31, 2017USD ($)ft² | Oct. 31, 2016USD ($)ft² | Jul. 31, 2016USD ($)ft² | Oct. 31, 2017USD ($)Property | Oct. 31, 2016USD ($)ft²Property | Oct. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||
Gross properties | $ 1,016,838,000 | $ 1,090,402,000 | $ 1,016,838,000 | |||||
Accumulated depreciation | (186,098,000) | (195,020,000) | (186,098,000) | |||||
Properties, net | 830,740,000 | 895,382,000 | $ 830,740,000 | |||||
Rental payments on non-cancelable operating leases [Abstract] | ||||||||
Minimum rental payments on non-cancelable operating leases in the consolidated core properties | 525,000,000 | |||||||
2,018 | 89,300,000 | |||||||
2,019 | 82,200,000 | |||||||
2,020 | 72,300,000 | |||||||
2,021 | 62,600,000 | |||||||
2,022 | 51,800,000 | |||||||
Thereafter | $ 166,800,000 | |||||||
Business Acquisition [Line Items] | ||||||||
Number of properties accounted for as asset acquisitions | Property | 4 | |||||||
Number of properties accounted for as business combination | Property | 2 | |||||||
Amortization of above-market and below-market leases | $ 223,000 | $ 157,000 | $ 415,000 | |||||
Revenues | 6,825,000 | |||||||
Net income attributable to Urstadt Biddle Properties Inc. | 1,846,000 | |||||||
Capital improvements to properties and leasing costs | 9,700,000 | |||||||
Business Combination, Acquisition Related Costs | $ 0 | $ 412,000 | $ 2,068,000 | |||||
Maximum [Member] | ||||||||
Rental payments on non-cancelable operating leases [Abstract] | ||||||||
Additional rent based on tenant revenue, as percent of consolidated revenues | 1.00% | 1.00% | ||||||
Land [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Gross properties | 187,676,000 | $ 218,501,000 | $ 187,676,000 | |||||
Building and Improvements [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Gross properties | 829,162,000 | 871,901,000 | $ 829,162,000 | |||||
Derby [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price of property acquired | $ 9,000,000 | |||||||
Area of real estate property acquired | ft² | 38,800 | |||||||
Land | 651,000 | |||||||
Building | 7,652,000 | |||||||
Derby [Member] | In-Place Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 771,000 | |||||||
Intangible Liabilities | 0 | |||||||
Derby [Member] | Above/Below-Market Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 0 | |||||||
Intangible Liabilities | 0 | |||||||
Passaic [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price of property acquired | $ 7,100,000 | |||||||
Area of real estate property acquired | ft² | 36,500 | |||||||
Estimated fair value of first mortgage secured by property | $ 3,500,000 | |||||||
Land | 2,038,000 | |||||||
Building | 5,614,000 | |||||||
Passaic [Member] | In-Place Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 480,000 | |||||||
Intangible Liabilities | 0 | |||||||
Passaic [Member] | Above/Below-Market Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 0 | |||||||
Intangible Liabilities | 769,000 | |||||||
Fairfield [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price of property acquired | $ 3,100,000 | |||||||
Area of real estate property acquired | ft² | 12,900 | |||||||
Land | 572,000 | |||||||
Building | 1,323,000 | |||||||
Fairfield [Member] | In-Place Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 80,000 | |||||||
Intangible Liabilities | 0 | |||||||
Fairfield [Member] | Above/Below-Market Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 1,090,000 | |||||||
Intangible Liabilities | 0 | |||||||
Waldwick [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price of property acquired | $ 8,200,000 | |||||||
Area of real estate property acquired | ft² | 26,500 | |||||||
Environmental Remediation Liability | $ 3,300,000 | |||||||
Land | 2,740,000 | |||||||
Building | 5,528,000 | |||||||
Waldwick [Member] | In-Place Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 203,000 | |||||||
Intangible Liabilities | 0 | |||||||
Waldwick [Member] | Above/Below-Market Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 37,000 | |||||||
Intangible Liabilities | 157,000 | |||||||
High Ridge [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price of property acquired | 5,500,000 | |||||||
Land | 17,163,000 | |||||||
Building | 43,640,000 | |||||||
High Ridge [Member] | In-Place Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 1,552,000 | |||||||
Intangible Liabilities | 0 | |||||||
High Ridge [Member] | Above/Below-Market Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 335,000 | |||||||
Intangible Liabilities | 263,000 | |||||||
Chase [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Land | 2,376,000 | |||||||
Building | 1,458,000 | |||||||
Chase [Member] | In-Place Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 121,000 | |||||||
Intangible Liabilities | 0 | |||||||
Chase [Member] | Above/Below-Market Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 288,000 | |||||||
Intangible Liabilities | 0 | |||||||
CVS [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Land | 2,295,000 | |||||||
Building | 2,700,000 | |||||||
CVS [Member] | In-Place Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 181,000 | |||||||
Intangible Liabilities | 0 | |||||||
CVS [Member] | Above/Below-Market Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 0 | |||||||
Intangible Liabilities | 373,000 | |||||||
Dumont [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price of property acquired | 3,900,000 | |||||||
Land | 6,646,000 | |||||||
Building | 15,341,000 | |||||||
Dumont [Member] | In-Place Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 1,478,000 | |||||||
Intangible Liabilities | 0 | |||||||
Dumont [Member] | Above/Below-Market Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 20,000 | |||||||
Intangible Liabilities | 844,000 | |||||||
Newfield Green [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price of property acquired | $ 45,300,000 | |||||||
Area of real estate property acquired | ft² | 72,000 | |||||||
Estimated fair value of first mortgage secured by property | $ 22,700,000 | |||||||
Business Combination, Acquisition Related Costs | $ 185,000 | |||||||
Newfield Green [Member] | In-Place Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 961,000 | |||||||
Intangible Liabilities | 0 | |||||||
Newfield Green [Member] | Above/Below-Market Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 118,000 | |||||||
Intangible Liabilities | 1,061,000 | |||||||
970 High Ridge Road [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price of property acquired | $ 13,300,000 | |||||||
Area of real estate property acquired | ft² | 27,000 | 27,000 | ||||||
Business Combination, Acquisition Related Costs | $ 61,000 | |||||||
970 High Ridge Road [Member] | In-Place Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 62,000 | |||||||
Intangible Liabilities | 0 | |||||||
970 High Ridge Road [Member] | Above/Below-Market Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | 0 | |||||||
Intangible Liabilities | $ 74,000 |
MORTGAGE NOTE RECEIVABLE (Detai
MORTGAGE NOTE RECEIVABLE (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Mortgage Note Receivable [Abstract] | ||||
Originated loan | $ 0 | $ 13,500 | $ 0 | |
Mortgage Note Receivable [Member] | ||||
Mortgage Note Receivable [Abstract] | ||||
Originated loan | $ 13,500 | |||
Maturity date | Oct. 10, 2017 | |||
Principal Payments Due [Abstract] | ||||
2,017 | 13,500 | |||
2,018 | 0 | |||
2,019 | 0 | |||
2,020 | 0 | |||
2,021 | 0 | |||
Thereafter | $ 0 | |||
Mortgage Note Receivable [Member] | LIBOR [Member] | ||||
Mortgage Note Receivable [Abstract] | ||||
Reference rate reset period | 1 month | |||
Interest rate margin | 3.25% | 3.25% |
MORTGAGE NOTES PAYABLE, BANK 40
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS (Details) | 12 Months Ended | ||
Oct. 31, 2017USD ($)Bank | Oct. 31, 2016USD ($)Property | Oct. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Real estate pledged as collateral at fair value | $ 570,800,000 | ||
Principal Repayments [Abstract] | |||
2,018 | 9,904,000 | ||
2,019 | 26,880,000 | ||
2,020 | 0 | ||
2,021 | 0 | ||
2,022 | 49,486,000 | ||
Thereafter | 171,006,000 | ||
Total principal repayments | 257,276,000 | ||
Scheduled Amortization [Abstract] | |||
2,018 | 6,391,000 | ||
2,019 | 6,197,000 | ||
2,020 | 5,848,000 | ||
2,021 | 6,200,000 | ||
2,022 | 5,503,000 | ||
Thereafter | 9,656,000 | ||
Total scheduled amortization | 39,795,000 | ||
Total [Abstract] | |||
2,018 | 16,295,000 | ||
2,019 | 33,077,000 | ||
2,020 | 5,848,000 | ||
2,021 | 6,200,000 | ||
2,022 | 54,989,000 | ||
Thereafter | 180,662,000 | ||
Total principal and scheduled amortization of debt | 297,071,000 | ||
Repayments of borrowings on facility | 56,000,000 | $ 66,750,000 | $ 97,550,000 |
Interest paid | $ 12,900,000 | 13,100,000 | $ 13,400,000 |
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 3.40% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 6.60% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | |||
Total [Abstract] | |||
Maximum borrowing capacity | $ 100,000,000 | ||
Number of syndicated banks | Bank | 3 | ||
Option, maximum borrowing capacity | $ 150,000,000 | ||
Maturity date | Aug. 23, 2020 | ||
Optional extension period of credit facility | 1 year | ||
Covenant compliance | The Company was in compliance with such covenants at October 31, 2017. | ||
Unsecured revolving line of credit capacity at year end | $ 95,000,000 | ||
Borrowing on unsecured revolving credit facility used to finance investment | 52,000,000 | 52,000,000 | |
Repayments of borrowings on facility | $ 56,000,000 | 66,800,000 | |
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Minimum [Member] | |||
Total [Abstract] | |||
Commitment fee | 0.15% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Maximum [Member] | |||
Total [Abstract] | |||
Commitment fee | 0.25% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar Rate Basis [Member] | Minimum [Member] | |||
Total [Abstract] | |||
Basis spread on variable rate | 1.35% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar Rate Basis [Member] | Maximum [Member] | |||
Total [Abstract] | |||
Basis spread on variable rate | 1.95% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Prime Rate Basis [Member] | Minimum [Member] | |||
Total [Abstract] | |||
Basis spread on variable rate | 0.35% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Prime Rate Basis [Member] | Maximum [Member] | |||
Total [Abstract] | |||
Basis spread on variable rate | 0.95% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Letter of Credit [Member] | |||
Total [Abstract] | |||
Maximum borrowing capacity | $ 10,000,000 | ||
Ridgeway [Member] | BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | |||
Total [Abstract] | |||
Borrowing on unsecured revolving credit facility used to finance investment | 33,000,000 | ||
First Mortgage [Member] | Bloomfield [Member] | |||
Total [Abstract] | |||
Estimated fair value of first mortgage secured by property | 7,500,000 | ||
First Mortgage [Member] | Greenwich Commons and Cos Cob Plaza [Member] | |||
Total [Abstract] | |||
Estimated fair value of first mortgage secured by property | 7,200,000 | ||
First Mortgage [Member] | Newfield Green [Member] | |||
Total [Abstract] | |||
Estimated fair value of first mortgage secured by property | $ 22,700,000 | ||
Loan term | 15 years | ||
Stated interest rate | 3.89% | ||
First Mortgage [Member] | Ridgeway [Member] | |||
Total [Abstract] | |||
Estimated fair value of first mortgage secured by property | $ 44,000,000 | ||
First Mortgage [Member] | Passaic [Member] | |||
Total [Abstract] | |||
Stated interest rate | 4.64% | ||
Maturity date | Oct. 7, 2022 | ||
Debt assumed on acquisition | $ 3,500,000 | ||
First Mortgage [Member] | Dumont [Member] | |||
Total [Abstract] | |||
Stated interest rate | 3.87% | ||
Maturity date | Apr. 1, 2018 | ||
Debt assumed on acquisition | $ 10,000,000 | ||
First Mortgage [Member] | High Ridge [Member] | |||
Total [Abstract] | |||
Stated interest rate | 3.65% | ||
Maturity date | Mar. 1, 2025 | ||
Debt assumed on acquisition | $ 10,000,000 | ||
First Mortgage [Member] | Stamford, CT - High Ridge CVS [Member] | |||
Total [Abstract] | |||
Stated interest rate | 4.75% | ||
Maturity date | Jun. 1, 2037 | ||
Debt assumed on acquisition | $ 1,200,000 | ||
Refinanced First Mortgage [Member] | Greenwich Commons and Cos Cob Plaza [Member] | |||
Total [Abstract] | |||
Estimated fair value of first mortgage secured by property | $ 11,000,000 | ||
Number of properties used to secure mortgage loan | Property | 2 | ||
Loan term | 10 years | ||
Benchmark interest rate | LIBOR | ||
Stated interest rate | 3.475% | ||
Refinanced First Mortgage [Member] | Greenwich Commons and Cos Cob Plaza [Member] | LIBOR [Member] | |||
Total [Abstract] | |||
Basis spread on variable rate | 2.00% | ||
Refinanced First Mortgage [Member] | Ridgeway [Member] | |||
Total [Abstract] | |||
Estimated fair value of first mortgage secured by property | $ 50,000,000 | ||
Loan term | 10 years | ||
Benchmark interest rate | LIBOR | ||
Refinanced First Mortgage [Member] | Ridgeway [Member] | LIBOR [Member] | |||
Total [Abstract] | |||
Basis spread on variable rate | 1.90% | ||
Stated interest rate | 3.398% | ||
Refinanced First Mortgage [Member] | Orangeburg NY [Member] | |||
Total [Abstract] | |||
Maturity date | Oct. 1, 2024 | ||
Basis spread on variable rate | 2.15% | ||
Estimated fair value of first mortgage secured by property | $ 6,100,000 | ||
Benchmark interest rate | LIBOR | ||
Stated interest rate | 4.48% | ||
Debt Instrument, Periodic Payment, Principal | $ 10,000 |
CONSOLIDATED JOINT VENTURES A41
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Details) | 12 Months Ended | |||
Oct. 31, 2017USD ($)Propertyshares | Oct. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Mar. 01, 2012 | |
Business Acquisition [Line Items] | ||||
Number of real estate joint venture investments | Property | 5 | |||
Redeemable non-controlling interests [Roll Forward] | ||||
Increase (decrease) in carrying value of noncontrolling interest | $ (666,000) | $ 2,300,000 | ||
Beginning balance | 18,253,000 | 15,955,000 | ||
Initial UB High Ridge Plaza noncontrolling interest-net | 55,217,000 | 0 | ||
Initial Value of non-controlling interest for new investment - Dumont | 8,557,000 | 0 | ||
Change in redemption value | (666,000) | 2,298,000 | $ (2,294,000) | |
Ending balance | $ 81,361,000 | $ 18,253,000 | $ 15,955,000 | |
UB Ironbound, LP ("Ironbound") [Member] | ||||
Business Acquisition [Line Items] | ||||
Ownership interest | 84.00% | |||
UB Orangeburg, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Ownership interest | 40.60% | 2.92% | ||
Additional investment in consolidated joint venture | $ 5,700,000 | |||
UB Orangeburg, LLC [Member] | Class A Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of shares of common stock included in calculation of regular quarterly cash distribution equivalent to annual cash distribution to non-managing member of subsidiary (in shares) | shares | 1 | |||
McLean Plaza Associates, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Ownership interest | 53.00% | |||
Fixed annual distribution | 5.05% | |||
High Ridge [Member] | ||||
Business Acquisition [Line Items] | ||||
Ownership interest | 8.80% | |||
Fixed annual distribution | 5.46% | |||
Payments to Acquire Businesses, Gross | $ 5,500,000 | |||
Dumont [Member] | ||||
Business Acquisition [Line Items] | ||||
Ownership interest | 31.40% | |||
Fixed annual distribution | 5.05% | |||
Payments to Acquire Businesses, Gross | $ 3,900,000 |
INVESTMENTS IN AND ADVANCES T42
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Details) $ in Thousands | 12 Months Ended | |
Oct. 31, 2017USD ($)ft²Subsidiary | Oct. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated joint ventures | $ 38,049 | $ 38,469 |
Non-recourse first mortgage payable | 297,071 | 273,016 |
Chestnut Ridge and Plaza 59 Shopping Centers [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated joint ventures | $ 18,032 | $ 18,200 |
Number of wholly-owned subsidiaries involved in acquisition of properties | Subsidiary | 2 | |
Ownership interest | 50.00% | 50.00% |
Gateway Plaza [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated joint ventures | $ 6,873 | $ 7,160 |
Ownership interest | 50.00% | 50.00% |
Area of property | ft² | 198,500 | |
Stated interest rate | 4.20% | |
In-line space | ft² | 27,000 | |
Non-recourse first mortgage payable | $ 12,700 | |
Maturity date of debt | Mar. 1, 2024 | |
Newly constructed pad site square feet | ft² | 3,500 | |
Walmart in Gateway Plaza Shopping Center [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Area of property | ft² | 168,000 | |
Midway Shopping Center, L.P. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated joint ventures | $ 4,639 | $ 4,856 |
Ownership interest | 11.642% | 11.642% |
Area of property | ft² | 247,000 | |
Ownership percentage | 25.00% | |
Excess of carrying amount over underlying equity allocated to real property | $ 7,400 | |
Estimated useful life | 39 years | |
Midway Shopping Center, L.P. [Member] | Non-recourse First Mortgage Payable [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Stated interest rate | 4.80% | |
Non-recourse first mortgage payable | $ 28,400 | |
Maturity date of debt | Dec. 31, 2027 | |
Putnam Plaza Shopping Center [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated joint ventures | $ 5,968 | $ 5,970 |
Ownership interest | 66.67% | 66.67% |
Area of property | ft² | 189,000 | |
Putnam Plaza Shopping Center [Member] | Non-recourse First Mortgage Payable [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Stated interest rate | 4.17% | |
First mortgage secured by property, estimated fair value | $ 19,000 | |
Maturity date of debt | Dec. 31, 2019 | |
Applebee's at Riverhead [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated joint ventures | $ 1,814 | $ 1,560 |
Ownership interest | 50.00% | 50.00% |
Area of property | ft² | 5,400 | |
Newly constructed pad site square feet | ft² | 7,200 | |
81 Pondfield Road Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated joint ventures | $ 723 | $ 723 |
Ownership interest | 20.00% | 20.00% |
Gateway Plaza and Applebee's at Riverhead [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of wholly-owned subsidiaries involved in acquisition of properties | Subsidiary | 2 | |
Ownership percentage | 50.00% | |
Chestnut Ridge [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Area of property | ft² | 76,000 | |
Plaza 59 Shopping Centers [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Area of property | ft² | 24,000 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2016USD ($)$ / sharesshares | Oct. 31, 2017USD ($)Director$ / sharesshares | Jul. 31, 2017USD ($) | Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Oct. 31, 2016USD ($)shares | Jul. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Oct. 31, 2017USD ($)VoteQuarterDirector$ / sharesshares | Oct. 31, 2016USD ($)Voteshares | Oct. 31, 2015USD ($)shares | |
Class of Stock [Line Items] | ||||||||||||
Shares authorized (in shares) | 200,000,000 | 200,000,000 | ||||||||||
Excess stock, shares authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||
Repayment of unsecured revolving credit facility | $ | $ 56,000 | $ 66,750 | $ 97,550 | |||||||||
Proceeds from issuance of common stock | $ | $ 200 | $ 73,842 | 59,983 | |||||||||
Excess stock issuance threshold ownership percentage | 7.50% | 7.50% | 7.50% | 7.50% | ||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 111,328 | $ 0 | 4,640 | |||||||||
Preferred Stock Redemption Premium | $ | $ 4,075 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 4,075 | $ 0 | $ 0 | |
Minimum [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Class A Common Stock dividend per share to Common Stock dividend per share | 110.00% | 110.00% | ||||||||||
Common Shares [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | ||||||||
Voting rights per share | Vote | 1 | 1 | ||||||||||
Common Stock available for issuance (in shares) | 342,934 | 342,934 | ||||||||||
Class A Common Shares [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||
Voting rights per share | Vote | 0.05 | 0.05 | ||||||||||
Common Stock available for issuance (in shares) | 398,916 | 398,916 | ||||||||||
Series F Cumulative Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Redemption price (in dollars per share) | $ / shares | $ 25 | $ 25 | ||||||||||
Preferred stock, dividend rate | 7.125% | 7.125% | 7.125% | 7.125% | ||||||||
Series A Participating Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred shares purchaseable per right (in shares) | 0.01 | 0.01 | ||||||||||
Exercise price per right (in dollars per right) | $ / shares | $ 65 | $ 65 | ||||||||||
Distribution holding period | 10 days | |||||||||||
Value of common shares as a multiple of the exercise price of the right | 200.00% | 200.00% | ||||||||||
Series A Participating Preferred Stock [Member] | Minimum [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Percentage of combined voting power of Common Shares to trigger rights distribution | 10.00% | 10.00% | ||||||||||
Percentage of ownership offer to trigger rights distribution | 30.00% | 30.00% | ||||||||||
Percentage of assets sold or transferred to trigger stock purchase rights | 50.00% | 50.00% | ||||||||||
Series G Senior Redeemable Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Redemption price (in dollars per share) | $ / shares | $ 25 | $ 25 | ||||||||||
Preferred stock, dividend rate | 6.75% | 6.75% | 6.75% | 6.75% | ||||||||
Number of quarters with cumulative arrearage of quarterly dividends to trigger the election of additional board members by holders of preferred stock | Quarter | 6 | |||||||||||
Number of directors redeemable preferred stockholders are entitled to elect | Director | 2 | 2 | ||||||||||
Series H Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, dividend rate | 6.25% | 6.25% | ||||||||||
Common Stock [Member] | Common Shares [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares issued under the dividend reinvestment plan (in shares) | 4,705 | 4,988 | 5,326 | |||||||||
Common Stock [Member] | Class A Common Shares [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares issued (in shares) | 3,162,500 | 3,162,500 | 2,875,000 | |||||||||
Share Price (in dollars per share) | $ / shares | $ 23.29 | |||||||||||
Proceeds from issuance of common stock | $ | $ 73,700 | |||||||||||
Shares issued under the dividend reinvestment plan (in shares) | 5,399 | 5,854 | 6,104 | |||||||||
Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Preferred Stock [Member] | Series F Cumulative Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Share Price (in dollars per share) | $ / shares | $ 25 | $ 25 | ||||||||||
Preferred Stock Redemption Premium | $ | $ 4,100 | |||||||||||
Preferred Stock [Member] | Series G Senior Redeemable Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Redemption Date | Oct. 28, 2019 | |||||||||||
Preferred Stock [Member] | Series H Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Redemption price (in dollars per share) | $ / shares | 25 | $ 25 | ||||||||||
Shares issued (in shares) | 4,600,000 | |||||||||||
Share Price (in dollars per share) | $ / shares | $ 25 | $ 25 | ||||||||||
Preferred stock, dividend rate | 6.25% | |||||||||||
Dividend rate (in dollars per share) | $ / shares | $ 1.5625 | |||||||||||
Number of quarters with cumulative arrearage of quarterly dividends to trigger the election of additional board members by holders of preferred stock | Quarter | 6 | |||||||||||
Number of directors redeemable preferred stockholders are entitled to elect | Director | 2 | 2 | ||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 111,300 | |||||||||||
Preferred Stock, Redemption Date | Sep. 18, 2022 |
STOCKHOLDERS' EQUITY, Share Rep
STOCKHOLDERS' EQUITY, Share Repurchase Program (Details) - Current Program [Member] | Oct. 31, 2017shares |
Common Shares [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Number of shares repurchased to date (in shares) | 4,600 |
Class A Common Shares [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Number of shares repurchased to date (in shares) | 913,331 |
Class A Common Shares or Common Shares [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Number of shares authorized for repurchase (in shares) | 2,000,000 |
STOCK COMPENSATION AND OTHER 45
STOCK COMPENSATION AND OTHER BENEFIT PLANS (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Savings Plan [Abstract] | |||
Company contributions to 401K Plan | $ 208,000 | $ 187,000 | $ 150,000 |
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 | 5,200,000 | ||
Unamortized restricted stock compensation | $ 13,600,000 | ||
Weighted average period for recognizing unamortized expense | 4 years 8 months 12 days | ||
Compensation expense | $ 4,156,000 | $ 4,426,000 | $ 4,121,000 |
Restricted Stock [Member] | Common Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 350,000 | ||
Non-vested shares, number of shares [Roll forward] | |||
Non-vested, beginning of period | 1,258,000 | ||
Granted (in shares) | 152,100 | ||
Vested (in shares) | (135,950) | ||
Forfeited (in shares) | 0 | ||
Non-vested, end of period | 1,274,150 | 1,258,000 | |
Non-vested shares, weighted-average grant-date fair value [Roll forward] | |||
Non-vested, beginning of period (in dollars per share) | $ 16.77 | ||
Granted (in dollars per share) | 19.28 | ||
Vested (in dollars per share) | 17.21 | ||
Forfeited (in dollars per share) | 0 | ||
Non-vested, end of period (in dollars per share) | $ 17.02 | $ 16.77 | |
Restricted Stock [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 | ||
Non-vested shares, number of shares [Roll forward] | |||
Non-vested, beginning of period | 384,600 | ||
Granted (in shares) | 96,225 | ||
Vested (in shares) | (62,150) | ||
Forfeited (in shares) | (6,400) | ||
Non-vested, end of period | 412,275 | 384,600 | |
Non-vested shares, weighted-average grant-date fair value [Roll forward] | |||
Non-vested, beginning of period (in dollars per share) | $ 19.40 | ||
Granted (in dollars per share) | 24.07 | ||
Vested (in dollars per share) | 19.81 | ||
Forfeited (in dollars per share) | 21.54 | ||
Non-vested, end of period (in dollars per share) | $ 20.60 | $ 19.40 | |
Restricted Stock [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) | 4,500,000 | ||
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) | 3,800,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Redeemable Noncontrolling Interest [Line Items] | ||||
Increase (decrease) in redemption value of noncontrolling interest | $ (666) | $ 2,298 | $ (2,294) | |
Mortgage notes payable | 296,000 | 287,000 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Assets [Abstract] | ||||
Interest Rate Swap Agreement | 3,316 | 423 | ||
Liabilities [Abstract] | ||||
Interest Rate Swap Agreement | 574 | 1,726 | ||
Redeemable noncontrolling interests | 81,361 | 18,253 | ||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Interest Rate Swap Agreement | 0 | 0 | ||
Liabilities [Abstract] | ||||
Interest Rate Swap Agreement | 0 | 0 | ||
Redeemable noncontrolling interests | 23,709 | 14,407 | ||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Interest Rate Swap Agreement | 3,316 | 423 | ||
Liabilities [Abstract] | ||||
Interest Rate Swap Agreement | 574 | 1,726 | ||
Redeemable noncontrolling interests | 53,788 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Interest Rate Swap Agreement | 0 | 0 | ||
Liabilities [Abstract] | ||||
Interest Rate Swap Agreement | 0 | 0 | ||
Redeemable noncontrolling interests | 3,864 | 3,846 | $ 2,851 | |
UB Ironbound, LP ("Ironbound") [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Increase (decrease) in redemption value of noncontrolling interest | $ 18 | $ 995 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 12 Months Ended |
Oct. 31, 2017USD ($) | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Commitments for tenant related obligations | $ 6 |
QUARTERLY RESULTS OF OPERATIO48
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Class of Stock [Line Items] | |||||||||||
Revenues | $ 32,313 | $ 32,020 | $ 30,024 | $ 29,202 | $ 31,899 | $ 28,276 | $ 29,166 | $ 27,451 | $ 123,560 | $ 116,792 | $ 115,312 |
Income from continuing operations | 9,696 | 10,613 | 27,919 | 7,204 | 10,550 | 8,827 | 8,556 | 6,672 | 36,698 | 34,605 | 29,835 |
Net income attributable to Urstadt Biddle Properties Inc. | 8,648 | 9,631 | 27,672 | 6,982 | 10,320 | 8,610 | 8,339 | 6,447 | 52,933 | 33,716 | 49,264 |
Preferred stock dividends | (4,249) | (3,570) | (3,571) | (3,570) | (3,570) | (3,570) | (3,570) | (3,570) | (14,960) | (14,280) | (14,605) |
Preferred Stock Redemption Premium | (4,075) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (4,075) | 0 | 0 |
Net Income Applicable to Common and Class A Common Stockholders | $ 324 | $ 6,061 | $ 24,101 | $ 3,412 | $ 6,750 | $ 5,040 | $ 4,769 | $ 2,877 | 33,898 | 19,436 | 34,659 |
Class A Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Net Income Applicable to Common and Class A Common Stockholders | $ 27,041 | $ 15,294 | $ 27,247 | ||||||||
Net income from continuing operations - basic [Abstract] | |||||||||||
Common (in dollars per share) | $ 0.01 | $ 0.16 | $ 0.66 | $ 0.09 | $ 0.18 | $ 0.15 | $ 0.14 | $ 0.09 | $ 0.92 | $ 0.57 | $ 1.04 |
Net income from continuing operations - diluted [Abstract] | |||||||||||
Common (in dollars per share) | 0.01 | 0.16 | 0.64 | 0.09 | 0.18 | 0.15 | 0.14 | 0.08 | $ 0.90 | $ 0.56 | $ 1.02 |
Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Net Income Applicable to Common and Class A Common Stockholders | $ 6,857 | $ 4,142 | $ 7,412 | ||||||||
Net income from continuing operations - basic [Abstract] | |||||||||||
Common (in dollars per share) | 0.01 | 0.15 | 0.58 | 0.08 | 0.16 | 0.13 | 0.13 | 0.08 | $ 0.82 | $ 0.50 | $ 0.92 |
Net income from continuing operations - diluted [Abstract] | |||||||||||
Common (in dollars per share) | $ 0.01 | $ 0.14 | $ 0.57 | $ 0.08 | $ 0.16 | $ 0.13 | $ 0.12 | $ 0.08 | $ 0.80 | $ 0.49 | $ 0.90 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 14, 2017 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 |
Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars per share) | $ 0.94 | $ 0.92 | $ 0.90 | |
Class A Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars per share) | $ 1.06 | $ 1.04 | $ 1.02 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Fair value of shares awarded | $ 5 | |||
Subsequent Event [Member] | Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares awarded (in shares) | 152,700 | |||
Subsequent Event [Member] | Class A Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares awarded (in shares) | 103,800 | |||
Subsequent Event [Member] | Dividend Declared [Member] | Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars per share) | $ 0.2400 | |||
Dividends payable, date to be paid | Jan. 19, 2018 | |||
Dividends payable, record date | Jan. 5, 2018 | |||
Subsequent Event [Member] | Dividend Declared [Member] | Class A Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars per share) | $ 0.2700 | |||
Dividends payable, date to be paid | Jan. 19, 2018 | |||
Dividends payable, record date | Jan. 5, 2018 |
SCHEDULE III - REAL ESTATE AN50
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, Part I (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 297,071 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 215,108 | |||||||
Building & Improvements | 774,183 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 3,393 | |||||||
Building & Improvements | 97,718 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 218,501 | |||||||
Building & Improvements | 871,901 | |||||||
TOTAL | 1,090,402 | [1] | $ 1,016,838 | [1] | $ 941,690 | [1] | $ 830,304 | |
Accumulated Depreciation | 195,020 | $ 186,098 | $ 165,660 | $ 161,187 | ||||
Office Buildings [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,797 | |||||||
Building & Improvements | 9,258 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | (25) | |||||||
Building & Improvements | 2,529 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,772 | |||||||
Building & Improvements | 11,787 | |||||||
TOTAL | 14,559 | |||||||
Accumulated Depreciation | 4,246 | |||||||
Office Buildings [Member] | Greenwich, CT 1 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 708 | |||||||
Building & Improvements | 1,641 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 348 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 708 | |||||||
Building & Improvements | 1,989 | |||||||
TOTAL | 2,697 | |||||||
Accumulated Depreciation | $ 838 | |||||||
Date Constructed/Acquired | 2,001 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 31 years 6 months | ||||||
Office Buildings [Member] | Greenwich, CT 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 488 | |||||||
Building & Improvements | 1,139 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 591 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 488 | |||||||
Building & Improvements | 1,730 | |||||||
TOTAL | 2,218 | |||||||
Accumulated Depreciation | $ 586 | |||||||
Date Constructed/Acquired | 2,000 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 31 years 6 months | ||||||
Office Buildings [Member] | Greenwich, CT 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 570 | |||||||
Building & Improvements | 2,359 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 762 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 570 | |||||||
Building & Improvements | 3,121 | |||||||
TOTAL | 3,691 | |||||||
Accumulated Depreciation | $ 1,515 | |||||||
Date Constructed/Acquired | 1,998 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 31 years 6 months | ||||||
Office Buildings [Member] | Greenwich, CT 4 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 199 | |||||||
Building & Improvements | 795 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 545 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 199 | |||||||
Building & Improvements | 1,340 | |||||||
TOTAL | 1,539 | |||||||
Accumulated Depreciation | $ 595 | |||||||
Date Constructed/Acquired | 1,993 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 31 years 6 months | ||||||
Office Buildings [Member] | Greenwich, CT 5 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 111 | |||||||
Building & Improvements | 444 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 310 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 111 | |||||||
Building & Improvements | 754 | |||||||
TOTAL | 865 | |||||||
Accumulated Depreciation | $ 335 | |||||||
Date Constructed/Acquired | 1,994 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 31 years 6 months | ||||||
Office Buildings [Member] | Bernardsville, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 721 | |||||||
Building & Improvements | 2,880 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | (25) | |||||||
Building & Improvements | (27) | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 696 | |||||||
Building & Improvements | 2,853 | |||||||
TOTAL | 3,549 | |||||||
Accumulated Depreciation | $ 377 | |||||||
Date Constructed/Acquired | 2,012 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 297,071 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 212,311 | |||||||
Building & Improvements | 764,925 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 3,418 | |||||||
Building & Improvements | 95,189 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 215,729 | |||||||
Building & Improvements | 860,114 | |||||||
TOTAL | 1,075,843 | |||||||
Accumulated Depreciation | 190,774 | |||||||
Retail Properties [Member] | Bethel, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 1,800 | |||||||
Building & Improvements | 7,200 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | (18) | |||||||
Building & Improvements | (49) | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,782 | |||||||
Building & Improvements | 7,151 | |||||||
TOTAL | 8,933 | |||||||
Accumulated Depreciation | $ 702 | |||||||
Date Constructed/Acquired | 2,014 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Boonton, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 7,271 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 3,670 | |||||||
Building & Improvements | 14,680 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 14 | |||||||
Building & Improvements | 184 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 3,684 | |||||||
Building & Improvements | 14,864 | |||||||
TOTAL | 18,548 | |||||||
Accumulated Depreciation | $ 1,451 | |||||||
Date Constructed/Acquired | 2,014 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Yonkers, NY 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 5,000 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 3,060 | |||||||
Building & Improvements | 12,240 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 333 | |||||||
Building & Improvements | 1,331 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 3,393 | |||||||
Building & Improvements | 13,571 | |||||||
TOTAL | 16,964 | |||||||
Accumulated Depreciation | $ 1,054 | |||||||
Date Constructed/Acquired | 2,014 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Bloomfield, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,201 | |||||||
Building & Improvements | 8,804 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 218 | |||||||
Building & Improvements | 1,776 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,419 | |||||||
Building & Improvements | 10,580 | |||||||
TOTAL | 12,999 | |||||||
Accumulated Depreciation | $ 963 | |||||||
Date Constructed/Acquired | 2,014 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Greenwich, CT 1 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 4,726 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 1,600 | |||||||
Building & Improvements | 6,401 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 28 | |||||||
Building & Improvements | 631 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,628 | |||||||
Building & Improvements | 7,032 | |||||||
TOTAL | 8,660 | |||||||
Accumulated Depreciation | $ 847 | |||||||
Date Constructed/Acquired | 2,013 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Greenwich, CT 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 5,894 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 1,998 | |||||||
Building & Improvements | 7,994 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 53 | |||||||
Building & Improvements | 283 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,051 | |||||||
Building & Improvements | 8,277 | |||||||
TOTAL | 10,328 | |||||||
Accumulated Depreciation | $ 938 | |||||||
Date Constructed/Acquired | 2,013 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Greenwich, CT 6 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 7,884 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 3,223 | |||||||
Building & Improvements | 12,893 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 6 | |||||||
Building & Improvements | 132 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 3,229 | |||||||
Building & Improvements | 13,025 | |||||||
TOTAL | 16,254 | |||||||
Accumulated Depreciation | $ 1,033 | |||||||
Date Constructed/Acquired | 2,014 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 40 years | ||||||
Retail Properties [Member] | Greenwich, CT 7 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 15,305 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 6,257 | |||||||
Building & Improvements | 25,029 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 27 | |||||||
Building & Improvements | 533 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 6,284 | |||||||
Building & Improvements | 25,562 | |||||||
TOTAL | 31,846 | |||||||
Accumulated Depreciation | $ 2,066 | |||||||
Date Constructed/Acquired | 2,014 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 40 years | ||||||
Retail Properties [Member] | Bronxville, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 60 | |||||||
Building & Improvements | 239 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 95 | |||||||
Building & Improvements | 776 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 155 | |||||||
Building & Improvements | 1,015 | |||||||
TOTAL | 1,170 | |||||||
Accumulated Depreciation | $ 214 | |||||||
Date Constructed/Acquired | 2,009 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Yonkers, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 30 | |||||||
Building & Improvements | 121 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 183 | |||||||
Building & Improvements | 734 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 213 | |||||||
Building & Improvements | 855 | |||||||
TOTAL | 1,068 | |||||||
Accumulated Depreciation | $ 176 | |||||||
Date Constructed/Acquired | 2,009 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Yonkers, NY 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 30 | |||||||
Building & Improvements | 121 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 85 | |||||||
Building & Improvements | 341 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 115 | |||||||
Building & Improvements | 462 | |||||||
TOTAL | 577 | |||||||
Accumulated Depreciation | $ 95 | |||||||
Date Constructed/Acquired | 2,009 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | New Milford, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,114 | |||||||
Building & Improvements | 8,456 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 71 | |||||||
Building & Improvements | 551 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,185 | |||||||
Building & Improvements | 9,007 | |||||||
TOTAL | 11,192 | |||||||
Accumulated Depreciation | $ 2,173 | |||||||
Date Constructed/Acquired | 2,008 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | New Milford, CT 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 42 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 4,492 | |||||||
Building & Improvements | 17,967 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 166 | |||||||
Building & Improvements | 3,047 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 4,658 | |||||||
Building & Improvements | 21,014 | |||||||
TOTAL | 25,672 | |||||||
Accumulated Depreciation | $ 3,840 | |||||||
Date Constructed/Acquired | 2,010 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | New Milford, CT 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,168 | |||||||
Building & Improvements | 8,672 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 49 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,168 | |||||||
Building & Improvements | 8,721 | |||||||
TOTAL | 10,889 | |||||||
Accumulated Depreciation | $ 1,468 | |||||||
Date Constructed/Acquired | 2,011 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Newark, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 10,433 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 5,252 | |||||||
Building & Improvements | 21,023 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 1,558 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 5,252 | |||||||
Building & Improvements | 22,581 | |||||||
TOTAL | 27,833 | |||||||
Accumulated Depreciation | $ 5,631 | |||||||
Date Constructed/Acquired | 2,008 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Waldwick, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 1,266 | |||||||
Building & Improvements | 5,064 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 0 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,266 | |||||||
Building & Improvements | 5,064 | |||||||
TOTAL | 6,330 | |||||||
Accumulated Depreciation | $ 1,288 | |||||||
Date Constructed/Acquired | 2,007 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Emerson, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 472 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 3,633 | |||||||
Building & Improvements | 14,531 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 1,640 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 3,633 | |||||||
Building & Improvements | 16,171 | |||||||
TOTAL | 19,804 | |||||||
Accumulated Depreciation | $ 4,522 | |||||||
Date Constructed/Acquired | 2,007 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Monroe, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 765 | |||||||
Building & Improvements | 3,060 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 135 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 765 | |||||||
Building & Improvements | 3,195 | |||||||
TOTAL | 3,960 | |||||||
Accumulated Depreciation | $ 877 | |||||||
Date Constructed/Acquired | 2,007 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Pelham, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 1,694 | |||||||
Building & Improvements | 6,843 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 149 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,694 | |||||||
Building & Improvements | 6,992 | |||||||
TOTAL | 8,686 | |||||||
Accumulated Depreciation | $ 2,030 | |||||||
Date Constructed/Acquired | 2,006 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Stratford,CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 25,689 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 10,173 | |||||||
Building & Improvements | 40,794 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | (94) | |||||||
Building & Improvements | 11,657 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 10,079 | |||||||
Building & Improvements | 52,451 | |||||||
TOTAL | 62,530 | |||||||
Accumulated Depreciation | $ 17,941 | |||||||
Date Constructed/Acquired | 2,005 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Yorktown Heights, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 5,786 | |||||||
Building & Improvements | 23,221 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 12,202 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 5,786 | |||||||
Building & Improvements | 35,423 | |||||||
TOTAL | 41,209 | |||||||
Accumulated Depreciation | $ 8,504 | |||||||
Date Constructed/Acquired | 2,005 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Rye, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 909 | |||||||
Building & Improvements | 3,637 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 381 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 909 | |||||||
Building & Improvements | 4,018 | |||||||
TOTAL | 4,927 | |||||||
Accumulated Depreciation | $ 1,380 | |||||||
Date Constructed/Acquired | 2,004 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Rye, NY 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 1,331 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 483 | |||||||
Building & Improvements | 1,930 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 71 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 483 | |||||||
Building & Improvements | 2,001 | |||||||
TOTAL | 2,484 | |||||||
Accumulated Depreciation | $ 671 | |||||||
Date Constructed/Acquired | 2,004 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Rye, NY 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 600 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 239 | |||||||
Building & Improvements | 958 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 87 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 239 | |||||||
Building & Improvements | 1,045 | |||||||
TOTAL | 1,284 | |||||||
Accumulated Depreciation | $ 406 | |||||||
Date Constructed/Acquired | 2,004 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Rye, NY 4 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 1,367 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 695 | |||||||
Building & Improvements | 2,782 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 20 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 695 | |||||||
Building & Improvements | 2,802 | |||||||
TOTAL | 3,497 | |||||||
Accumulated Depreciation | $ 968 | |||||||
Date Constructed/Acquired | 2,004 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Somers, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 4,318 | |||||||
Building & Improvements | 17,268 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 257 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 4,318 | |||||||
Building & Improvements | 17,525 | |||||||
TOTAL | 21,843 | |||||||
Accumulated Depreciation | $ 6,394 | |||||||
Date Constructed/Acquired | 2,003 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Westport, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 11 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,076 | |||||||
Building & Improvements | 8,305 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 364 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,076 | |||||||
Building & Improvements | 8,669 | |||||||
TOTAL | 10,745 | |||||||
Accumulated Depreciation | $ 3,310 | |||||||
Date Constructed/Acquired | 2,003 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Orange, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,320 | |||||||
Building & Improvements | 10,564 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 1,027 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,320 | |||||||
Building & Improvements | 11,591 | |||||||
TOTAL | 13,911 | |||||||
Accumulated Depreciation | $ 4,550 | |||||||
Date Constructed/Acquired | 2,003 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Stamford, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 49,390 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 17,964 | |||||||
Building & Improvements | 71,859 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 7,530 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 17,964 | |||||||
Building & Improvements | 79,389 | |||||||
TOTAL | 97,353 | |||||||
Accumulated Depreciation | $ 32,868 | |||||||
Date Constructed/Acquired | 2,002 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Danbury, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,459 | |||||||
Building & Improvements | 4,566 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 1,905 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,459 | |||||||
Building & Improvements | 6,471 | |||||||
TOTAL | 8,930 | |||||||
Accumulated Depreciation | $ 2,967 | |||||||
Date Constructed/Acquired | 2,002 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Briarcliff, NY 1 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,222 | |||||||
Building & Improvements | 5,185 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 1,234 | |||||||
Building & Improvements | 8,448 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 3,456 | |||||||
Building & Improvements | 13,633 | |||||||
TOTAL | 17,089 | |||||||
Accumulated Depreciation | $ 2,887 | |||||||
Date Constructed/Acquired | 2,001 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 40 years | ||||||
Retail Properties [Member] | Somers, NY 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 1,833 | |||||||
Building & Improvements | 7,383 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 1,340 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,833 | |||||||
Building & Improvements | 8,723 | |||||||
TOTAL | 10,556 | |||||||
Accumulated Depreciation | $ 4,743 | |||||||
Date Constructed/Acquired | 1,999 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 31 years 6 months | ||||||
Retail Properties [Member] | Briarcliff, NY 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 380 | |||||||
Building & Improvements | 1,531 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 131 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 380 | |||||||
Building & Improvements | 1,662 | |||||||
TOTAL | 2,042 | |||||||
Accumulated Depreciation | $ 797 | |||||||
Date Constructed/Acquired | 1,999 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 40 years | ||||||
Retail Properties [Member] | Briarcliff, NY 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 15,229 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,300 | |||||||
Building & Improvements | 9,708 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 2 | |||||||
Building & Improvements | 3,175 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,302 | |||||||
Building & Improvements | 12,883 | |||||||
TOTAL | 15,185 | |||||||
Accumulated Depreciation | $ 6,023 | |||||||
Date Constructed/Acquired | 1,998 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 40 years | ||||||
Retail Properties [Member] | Ridgefield, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 900 | |||||||
Building & Improvements | 3,793 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 291 | |||||||
Building & Improvements | 2,903 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,191 | |||||||
Building & Improvements | 6,696 | |||||||
TOTAL | 7,887 | |||||||
Accumulated Depreciation | $ 2,179 | |||||||
Date Constructed/Acquired | 1,998 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 40 years | ||||||
Retail Properties [Member] | Darien, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 15,583 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 4,260 | |||||||
Building & Improvements | 17,192 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 926 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 4,260 | |||||||
Building & Improvements | 18,118 | |||||||
TOTAL | 22,378 | |||||||
Accumulated Depreciation | $ 8,858 | |||||||
Date Constructed/Acquired | 1,998 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 40 years | ||||||
Retail Properties [Member] | Eastchester, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 1,500 | |||||||
Building & Improvements | 6,128 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 2,608 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,500 | |||||||
Building & Improvements | 8,736 | |||||||
TOTAL | 10,236 | |||||||
Accumulated Depreciation | $ 3,941 | |||||||
Date Constructed/Acquired | 1,997 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 31 years | ||||||
Retail Properties [Member] | Danbury, CT 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 26 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 3,850 | |||||||
Building & Improvements | 15,811 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 4,636 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 3,850 | |||||||
Building & Improvements | 20,447 | |||||||
TOTAL | 24,297 | |||||||
Accumulated Depreciation | $ 12,205 | |||||||
Date Constructed/Acquired | 1,995 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 31 years 6 months | ||||||
Retail Properties [Member] | Carmel, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 1,488 | |||||||
Building & Improvements | 5,973 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 977 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,488 | |||||||
Building & Improvements | 6,950 | |||||||
TOTAL | 8,438 | |||||||
Accumulated Depreciation | $ 4,000 | |||||||
Date Constructed/Acquired | 1,995 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 31 years 6 months | ||||||
Retail Properties [Member] | Somers, NY 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 821 | |||||||
Building & Improvements | 2,600 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 606 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 821 | |||||||
Building & Improvements | 3,206 | |||||||
TOTAL | 4,027 | |||||||
Accumulated Depreciation | $ 1,685 | |||||||
Date Constructed/Acquired | 1,992 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 31 years 6 months | ||||||
Retail Properties [Member] | Wayne, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 81 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,492 | |||||||
Building & Improvements | 9,966 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 2,226 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,492 | |||||||
Building & Improvements | 12,192 | |||||||
TOTAL | 14,684 | |||||||
Accumulated Depreciation | $ 6,889 | |||||||
Date Constructed/Acquired | 1,992 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 31 years | ||||||
Retail Properties [Member] | Newington, NH [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 728 | |||||||
Building & Improvements | 1,997 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 1,039 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 728 | |||||||
Building & Improvements | 3,036 | |||||||
TOTAL | 3,764 | |||||||
Accumulated Depreciation | $ 2,360 | |||||||
Date Constructed/Acquired | 1,979 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 40 years | ||||||
Retail Properties [Member] | Katonah, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 1,704 | |||||||
Building & Improvements | 6,816 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 122 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,704 | |||||||
Building & Improvements | 6,938 | |||||||
TOTAL | 8,642 | |||||||
Accumulated Depreciation | $ 1,398 | |||||||
Date Constructed/Acquired | 2,010 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Eastchester, NY 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 1,800 | |||||||
Building & Improvements | 7,200 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 78 | |||||||
Building & Improvements | 477 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,878 | |||||||
Building & Improvements | 7,677 | |||||||
TOTAL | 9,555 | |||||||
Accumulated Depreciation | $ 1,161 | |||||||
Date Constructed/Acquired | 2,012 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Fairfield Centre, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 3,393 | |||||||
Building & Improvements | 13,574 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 153 | |||||||
Building & Improvements | 1,234 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 3,546 | |||||||
Building & Improvements | 14,808 | |||||||
TOTAL | 18,354 | |||||||
Accumulated Depreciation | $ 2,241 | |||||||
Date Constructed/Acquired | 2,011 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Orangeburg NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 6,019 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 3,200 | |||||||
Building & Improvements | 12,800 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 30 | |||||||
Building & Improvements | 6,465 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 3,230 | |||||||
Building & Improvements | 19,265 | |||||||
TOTAL | 22,495 | |||||||
Accumulated Depreciation | $ 2,194 | |||||||
Date Constructed/Acquired | 2,012 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | New Providence Property [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 18,953 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 6,970 | |||||||
Building & Improvements | 27,880 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 463 | |||||||
Building & Improvements | 3,049 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 7,433 | |||||||
Building & Improvements | 30,929 | |||||||
TOTAL | 38,362 | |||||||
Accumulated Depreciation | $ 3,810 | |||||||
Date Constructed/Acquired | 2,013 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Chester, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 570 | |||||||
Building & Improvements | 2,280 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | (34) | |||||||
Building & Improvements | (73) | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 536 | |||||||
Building & Improvements | 2,207 | |||||||
TOTAL | 2,743 | |||||||
Accumulated Depreciation | $ 283 | |||||||
Date Constructed/Acquired | 2,012 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Various [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 1,134 | |||||||
Building & Improvements | 4,928 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 80 | |||||||
Building & Improvements | (60) | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,214 | |||||||
Building & Improvements | 4,868 | |||||||
TOTAL | 6,082 | |||||||
Accumulated Depreciation | $ 584 | |||||||
Date Constructed/Acquired | 2,013 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Midland Park, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 20,681 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 8,740 | |||||||
Building & Improvements | 34,960 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | (44) | |||||||
Building & Improvements | 97 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 8,696 | |||||||
Building & Improvements | 35,057 | |||||||
TOTAL | 43,753 | |||||||
Accumulated Depreciation | $ 2,639 | |||||||
Date Constructed/Acquired | 2,015 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Harrison, NY [Member} [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,000 | |||||||
Building & Improvements | 8,000 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | (10) | |||||||
Building & Improvements | 843 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 1,990 | |||||||
Building & Improvements | 8,843 | |||||||
TOTAL | 10,833 | |||||||
Accumulated Depreciation | $ 449 | |||||||
Date Constructed/Acquired | 2,015 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Fort Lee, NJ [Member} [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 798 | |||||||
Building & Improvements | 3,192 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | (14) | |||||||
Building & Improvements | (55) | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 784 | |||||||
Building & Improvements | 3,137 | |||||||
TOTAL | 3,921 | |||||||
Accumulated Depreciation | $ 195 | |||||||
Date Constructed/Acquired | 2,015 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Wyckoff, NJ [Member} [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 8,210 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 3,490 | |||||||
Building & Improvements | 13,960 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 17 | |||||||
Building & Improvements | 132 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 3,507 | |||||||
Building & Improvements | 14,092 | |||||||
TOTAL | 17,599 | |||||||
Accumulated Depreciation | $ 1,052 | |||||||
Date Constructed/Acquired | 2,015 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Kinnelon, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 10,927 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 4,540 | |||||||
Building & Improvements | 18,160 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | (28) | |||||||
Building & Improvements | 3,892 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 4,512 | |||||||
Building & Improvements | 22,052 | |||||||
TOTAL | 26,564 | |||||||
Accumulated Depreciation | $ 1,926 | |||||||
Date Constructed/Acquired | 2,015 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Pompton Lakes, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 19,535 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 8,140 | |||||||
Building & Improvements | 32,560 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 33 | |||||||
Building & Improvements | 359 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 8,173 | |||||||
Building & Improvements | 32,919 | |||||||
TOTAL | 41,092 | |||||||
Accumulated Depreciation | $ 2,472 | |||||||
Date Constructed/Acquired | 2,015 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Stamford, Ct - Newfield [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 22,083 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 12,686 | |||||||
Building & Improvements | 32,620 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 171 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 12,686 | |||||||
Building & Improvements | 32,791 | |||||||
TOTAL | 45,477 | |||||||
Accumulated Depreciation | $ 1,118 | |||||||
Date Constructed/Acquired | 2,016 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Stamford, CT - High Ridge [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 3,691 | |||||||
Building & Improvements | 9,491 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 86 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 3,691 | |||||||
Building & Improvements | 9,577 | |||||||
TOTAL | 13,268 | |||||||
Accumulated Depreciation | $ 261 | |||||||
Date Constructed/Acquired | 2,016 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | [2] | 39 years | ||||||
Retail Properties [Member] | Derby, CT - Aldi [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 651 | |||||||
Building & Improvements | 7,652 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 15 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 651 | |||||||
Building & Improvements | 7,667 | |||||||
TOTAL | 8,318 | |||||||
Accumulated Depreciation | $ 163 | |||||||
Date Constructed/Acquired | 2,017 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | 39 years | |||||||
Retail Properties [Member] | Passaic, NJ - Van Houten [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 3,511 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,039 | |||||||
Building & Improvements | 5,616 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 0 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,039 | |||||||
Building & Improvements | 5,616 | |||||||
TOTAL | 7,655 | |||||||
Accumulated Depreciation | $ 84 | |||||||
Date Constructed/Acquired | 2,017 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | 39 years | |||||||
Retail Properties [Member] | Stamford, CT - High Ridge Center [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 9,644 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 17,178 | |||||||
Building & Improvements | 43,677 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 118 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 17,178 | |||||||
Building & Improvements | 43,795 | |||||||
TOTAL | 60,973 | |||||||
Accumulated Depreciation | $ 655 | |||||||
Date Constructed/Acquired | 2,017 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | 39 years | |||||||
Retail Properties [Member] | Stamford, CT - High Ridge Chase [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,376 | |||||||
Building & Improvements | 1,458 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 0 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,376 | |||||||
Building & Improvements | 1,458 | |||||||
TOTAL | 3,834 | |||||||
Accumulated Depreciation | $ 22 | |||||||
Date Constructed/Acquired | 2,017 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | 39 years | |||||||
Retail Properties [Member] | Greenwich, CT - High Ridge CVS [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 1,213 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,295 | |||||||
Building & Improvements | 2,700 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 0 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,295 | |||||||
Building & Improvements | 2,700 | |||||||
TOTAL | 4,995 | |||||||
Accumulated Depreciation | $ 40 | |||||||
Date Constructed/Acquired | 2,017 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | 39 years | |||||||
Retail Properties [Member] | Waldwick, NJ - Waldwick Plaza [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 0 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 2,761 | |||||||
Building & Improvements | 5,571 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 0 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 2,761 | |||||||
Building & Improvements | 5,571 | |||||||
TOTAL | 8,332 | |||||||
Accumulated Depreciation | $ 35 | |||||||
Date Constructed/Acquired | 2,017 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | 39 years | |||||||
Retail Properties [Member] | Dumont, NJ - Washington Commons [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 9,961 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 6,646 | |||||||
Building & Improvements | 15,341 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 0 | |||||||
Building & Improvements | 0 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 6,646 | |||||||
Building & Improvements | 15,341 | |||||||
TOTAL | 21,987 | |||||||
Accumulated Depreciation | $ 98 | |||||||
Date Constructed/Acquired | 2,017 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | 39 years | |||||||
[1] | The aggregate cost for Federal Income Tax purposes for real estate subject to operating leases was approximately $551 million at October 31, 2012. | |||||||
[2] | Tenant improvement costs are depreciated over the life of the related leases, which range from 5 to 20 years. |
SCHEDULE III - REAL ESTATE AN51
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, Part II (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | ||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at beginning of the year | $ 1,016,838 | [1] | $ 941,690 | [1] | $ 830,304 | |
Property improvements during the year | 9,326 | 18,666 | 12,891 | |||
Properties acquired during the year | 119,403 | 58,737 | 138,720 | |||
Properties sold during the year | (52,122) | 0 | (38,364) | |||
Property assets fully depreciated and written off | (3,043) | (2,255) | (1,861) | |||
Balance at end of year | [1] | 1,090,402 | 1,016,838 | 941,690 | ||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at beginning of year | 186,098 | 165,660 | 161,187 | |||
Provision during the year charged to income | [2] | 25,058 | 22,693 | 22,096 | ||
Property sold during the year | (13,093) | 0 | (15,762) | |||
Property assets fully depreciated and written off | (3,043) | (2,255) | (1,861) | |||
Balance at end of year | 195,020 | $ 186,098 | $ 165,660 | |||
Property, Plant and Equipment [Line Items] | ||||||
Aggregate cost for federal income tax purposes for real estate subject to operating leases | 818,000 | |||||
Office Buildings [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 14,559 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 4,246 | |||||
Office Buildings [Member] | Greenwich, CT 1 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 2,697 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 838 | |||||
Office Buildings [Member] | Greenwich, CT 2 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 2,218 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 586 | |||||
Office Buildings [Member] | Greenwich, CT 3 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 3,691 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,515 | |||||
Office Buildings [Member] | Greenwich, CT 4 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 1,539 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 595 | |||||
Office Buildings [Member] | Greenwich, CT 5 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 865 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 335 | |||||
Office Buildings [Member] | Bernardsville, NJ [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 3,549 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 377 | |||||
Retail Properties [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 1,075,843 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 190,774 | |||||
Retail Properties [Member] | Bethel, CT [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 8,933 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 702 | |||||
Retail Properties [Member] | Boonton, NJ [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 18,548 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,451 | |||||
Retail Properties [Member] | Yonkers, NY 3 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 16,964 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,054 | |||||
Retail Properties [Member] | Bloomfield, NJ [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 12,999 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 963 | |||||
Retail Properties [Member] | Greenwich, CT 1 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 8,660 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 847 | |||||
Retail Properties [Member] | Greenwich, CT 2 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 10,328 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 938 | |||||
Retail Properties [Member] | Greenwich, CT 6 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 16,254 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,033 | |||||
Retail Properties [Member] | Greenwich, CT 7 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 31,846 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 2,066 | |||||
Retail Properties [Member] | Bronxville, NY [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 1,170 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 214 | |||||
Retail Properties [Member] | Yonkers, NY [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 1,068 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 176 | |||||
Retail Properties [Member] | Yonkers, NY 2 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 577 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 95 | |||||
Retail Properties [Member] | New Milford, CT [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 11,192 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 2,173 | |||||
Retail Properties [Member] | New Milford, CT 2 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 25,672 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 3,840 | |||||
Retail Properties [Member] | New Milford, CT 3 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 10,889 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,468 | |||||
Retail Properties [Member] | Newark, NJ [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 27,833 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 5,631 | |||||
Retail Properties [Member] | Waldwick, NJ [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 6,330 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,288 | |||||
Retail Properties [Member] | Emerson, NJ [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 19,804 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 4,522 | |||||
Retail Properties [Member] | Monroe, CT [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 3,960 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 877 | |||||
Retail Properties [Member] | Pelham, NY [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 8,686 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 2,030 | |||||
Retail Properties [Member] | Stratford,CT [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 62,530 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 17,941 | |||||
Retail Properties [Member] | Yorktown Heights, NY [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 41,209 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 8,504 | |||||
Retail Properties [Member] | Rye, NY [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 4,927 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,380 | |||||
Retail Properties [Member] | Rye, NY 2 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 2,484 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 671 | |||||
Retail Properties [Member] | Rye, NY 3 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 1,284 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 406 | |||||
Retail Properties [Member] | Rye, NY 4 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 3,497 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 968 | |||||
Retail Properties [Member] | Somers, NY [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 21,843 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 6,394 | |||||
Retail Properties [Member] | Westport, CT [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 10,745 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 3,310 | |||||
Retail Properties [Member] | Orange, CT [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 13,911 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 4,550 | |||||
Retail Properties [Member] | Stamford, CT [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 97,353 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 32,868 | |||||
Retail Properties [Member] | Danbury, CT [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 8,930 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 2,967 | |||||
Retail Properties [Member] | Briarcliff, NY 1 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 17,089 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 2,887 | |||||
Retail Properties [Member] | Somers, NY 2 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 10,556 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 4,743 | |||||
Retail Properties [Member] | Briarcliff, NY 2 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 2,042 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 797 | |||||
Retail Properties [Member] | Briarcliff, NY 3 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 15,185 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 6,023 | |||||
Retail Properties [Member] | Ridgefield, CT [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 7,887 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 2,179 | |||||
Retail Properties [Member] | Darien, CT [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 22,378 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 8,858 | |||||
Retail Properties [Member] | Eastchester, NY [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 10,236 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 3,941 | |||||
Retail Properties [Member] | Danbury, CT 2 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 24,297 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 12,205 | |||||
Retail Properties [Member] | Carmel, NY [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 8,438 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 4,000 | |||||
Retail Properties [Member] | Somers, NY 3 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 4,027 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,685 | |||||
Retail Properties [Member] | Wayne, NJ [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 14,684 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 6,889 | |||||
Retail Properties [Member] | Newington, NH [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 3,764 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 2,360 | |||||
Retail Properties [Member] | Katonah, NY [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 8,642 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,398 | |||||
Retail Properties [Member] | Eastchester, NY 2 [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 9,555 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,161 | |||||
Retail Properties [Member] | Fairfield Centre, CT [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 18,354 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 2,241 | |||||
Retail Properties [Member] | Orangeburg NY [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 22,495 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 2,194 | |||||
Retail Properties [Member] | New Providence Property [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 38,362 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 3,810 | |||||
Retail Properties [Member] | Chester, NJ [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 2,743 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 283 | |||||
Retail Properties [Member] | Various [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 6,082 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 584 | |||||
Retail Properties [Member] | Midland Park, NJ [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 43,753 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 2,639 | |||||
Retail Properties [Member] | Harrison, NY [Member} [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 10,833 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 449 | |||||
Retail Properties [Member] | Fort Lee, NJ [Member} [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 3,921 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 195 | |||||
Retail Properties [Member] | Wyckoff, NJ [Member} [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 17,599 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,052 | |||||
Retail Properties [Member] | Kinnelon, NJ [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 26,564 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,926 | |||||
Retail Properties [Member] | Pompton Lakes, NJ [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 41,092 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 2,472 | |||||
Retail Properties [Member] | Stamford, Ct - Newfield [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 45,477 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 1,118 | |||||
Retail Properties [Member] | Stamford, CT - High Ridge [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 13,268 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 261 | |||||
Retail Properties [Member] | Derby, CT - Aldi [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 8,318 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 163 | |||||
Retail Properties [Member] | Passaic, NJ - Van Houten [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 7,655 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 84 | |||||
Retail Properties [Member] | Stamford, CT - High Ridge Center [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 60,973 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 655 | |||||
Retail Properties [Member] | Stamford, CT - High Ridge Chase [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 3,834 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 22 | |||||
Retail Properties [Member] | Stamford, CT - High Ridge CVS [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 4,995 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 40 | |||||
Retail Properties [Member] | Waldwick, NJ - Waldwick Plaza [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 8,332 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | 35 | |||||
Retail Properties [Member] | Dumont, NJ - Washington Commons [Member] | ||||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at end of year | 21,987 | |||||
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at end of year | $ 98 | |||||
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 | |||||
[1] | The aggregate cost for Federal Income Tax purposes for real estate subject to operating leases was approximately $551 million at October 31, 2012. | |||||
[2] | The depreciation provision represents the expense calculated on real property only. |
SCHEDULE IV - MORTGAGE LOANS 52
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | ||
Mortgage Loans on Real Estate [Line Items] | ||||
Remaining face amount of mortgages | [1] | $ 0 | ||
Carrying amount of mortgage | 0 | |||
Reconciliation of Mortgage Loans on Real Estate [Roll Forward] | ||||
Balance at beginning of period | 13,500 | $ 0 | $ 0 | |
Additions during period [Abstract] | ||||
New mortgage loans | 0 | 13,500 | 0 | |
Deductions during the current period [Abstract] | ||||
Collections of principal and amortization of discounts | (13,500) | 0 | 0 | |
Balance at end of period | $ 0 | $ 13,500 | $ 0 | |
First Mortgage Loans on Business Properties [Member] | Retail Property [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Description | Rockland County, NY | |||
Coupon interest rate | 3.779% | |||
Effective interest rate | 3.779% | |||
Final maturity date | Oct. 10, 2017 | |||
Periodic payment terms | Interest Only - Monthly | |||
Remaining face amount of mortgages | [1] | $ 0 | ||
Carrying amount of mortgage | $ 0 | |||
First Mortgage Loans on Business Properties [Member] | Retail Property [Member] | LIBOR [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Reference rate reset period | 1 month | |||
Basis spread on variable rate | 3.25% | |||
[1] | The aggregate cost basis for Federal income tax purposes is equal to the face amount of the mortgages |