Urstadt Biddle Properties (UBA) 10-Q 5 Sep 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jul. 31, 2019	Sep. 04, 2019
Entity Information [Line Items]
Entity Registrant Name	URSTADT BIDDLE PROPERTIES INC
Entity Central Index Key	0001029800
Current Fiscal Year End Date	--10-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Address, State or Province	CT
Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,962,756
Class A Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		29,892,041

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jul. 31, 2019	Oct. 31, 2018
Real Estate Investments:
Real Estate - at cost	$ 1,137,957	$ 1,118,075
Less: Accumulated depreciation	(235,184)	(218,653)
Investment property, net	902,773	899,422
Investments in and advances to unconsolidated joint ventures	30,068	37,434
Total real estate investments	932,841	936,856
Cash and cash equivalents	8,600	10,285
Marketable securities	0	5,567
Tenant receivables	23,292	22,607
Prepaid expenses and other assets	19,284	22,467
Deferred charges, net of accumulated amortization	10,204	10,451
Total Assets	994,221	1,008,233
Liabilities:
Revolving credit line	12,595	28,595
Mortgage notes payable and other loans	311,396	293,801
Accounts payable and accrued expenses	11,830	3,900
Deferred compensation - officers	40	72
Other liabilities	21,676	21,466
Total Liabilities	357,537	347,834
Redeemable Noncontrolling Interests	78,294	78,258
Commitments and Contingencies
Stockholders' Equity:
Excess Stock, par value $0.01 per share; 20,000,000 shares authorized; none issued and outstanding	0	0
Additional Paid in Capital	521,240	518,136
Cumulative distributions in excess of net income	(148,065)	(133,858)
Accumulated other comprehensive	(5,184)	7,466
Stockholders' Equity Attributable to Parent	558,390	582,141
Total Liabilities and Stockholders' Equity	994,221	1,008,233
Common Stock [Member]
Stockholders' Equity:
Common Stock, par value $.01 per share	100	99
Class A Common Stock [Member]
Stockholders' Equity:
Common Stock, par value $.01 per share	299	298
6.75% Series G Preferred Stock [Member]
Stockholders' Equity:
Cumulative Preferred Stock (liquidation preference of $25 per share)	75,000	75,000
6.25% Series H Preferred Stock [Member]
Stockholders' Equity:
Cumulative Preferred Stock (liquidation preference of $25 per share)	$ 115,000	$ 115,000

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Jul. 31, 2019	Oct. 31, 2018
Stockholders' Equity:
Excess stock, par value (in dollars per share)	$ 0.01	$ 0.01
Excess stock, shares authorized (in shares)	20,000,000	20,000,000
Excess stock, shares issued (in shares)	0	0
Excess stock, shares outstanding (in shares)	0	0
Common Stock [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)	9,962,756	9,822,006
Common stock, shares outstanding (in shares)	9,962,756	9,822,006
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)	29,892,041	29,814,814
Common stock, shares outstanding (in shares)	29,892,041	29,814,814
6.75% Series G 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
6.25% 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	4,600,000
Preferred Stock, shares outstanding (in shares)	4,600,000	4,600,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2019	Jul. 31, 2018
Revenues
Base rents	$ 24,537	$ 24,668	$ 74,243	$ 72,162
Recoveries from tenants	7,839	7,074	24,664	23,390
Gain (Loss) on Contract Termination	178	36	194	3,790
Other	1,995	1,031	4,196	3,467
Total Revenues	34,549	32,809	103,297	102,809
Expenses
Property operating	4,955	4,804	16,670	16,850
Property taxes	5,885	5,300	17,603	15,604
Depreciation and amortization	7,001	7,370	20,926	21,287
General and administrative	2,230	2,322	7,149	7,024
Provision for tenant credit losses	223	302	719	674
Directors' fees and expenses	73	79	265	267
Total Operating Expenses	20,367	20,177	63,332	61,706
Operating Income	14,182	12,632	39,965	41,103
Non-Operating Income (Expense):
Interest expense	(3,497)	(3,439)	(10,607)	(10,178)
Equity in net income from unconsolidated joint ventures	289	483	1,007	1,710
Marketable Securities, Realized Gain (Loss)	0	0	403	0
Gain or (Loss) on sale of property	409	0	409	0
Interest, dividends and other investment income	44	104	228	246
Net Income	11,427	9,780	31,405	32,881
Noncontrolling interests:
Net income attributable to noncontrolling interests	(1,094)	(1,138)	(3,295)	(3,595)
Net income attributable to Urstadt Biddle Properties Inc.	10,333	8,642	28,110	29,286
Preferred stock dividends	(3,063)	(3,063)	(9,188)	(9,188)
Net Income Applicable to Common and Class A Common Stockholders	7,270	5,579	18,922	20,098
Common Stock [Member]
Noncontrolling interests:
Net Income Applicable to Common and Class A Common Stockholders	$ 1,531	$ 1,148	$ 3,983	$ 4,136
Basic Earnings Per Share:
Per Common Share (in dollars per share)	$ 0.17	$ 0.13	$ 0.45	$ 0.48
Diluted Earnings Per Share:
Per Common Share (in dollars per share)	0.17	0.13	0.44	0.47
Dividends Per Share:
Common (in dollars per share)	$ 0.245	$ 0.24	$ 0.735	$ 0.72
Class A Common Stock [Member]
Noncontrolling interests:
Net Income Applicable to Common and Class A Common Stockholders	$ 5,739	$ 4,431	$ 14,939	$ 15,962
Basic Earnings Per Share:
Per Common Share (in dollars per share)	$ 0.19	$ 0.15	$ 0.51	$ 0.54
Diluted Earnings Per Share:
Per Common Share (in dollars per share)	0.19	0.15	0.50	0.53
Dividends Per Share:
Common (in dollars per share)	$ 0.275	$ 0.27	$ 0.825	$ 0.81

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2019	Jul. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net Income	$ 11,427	$ 9,780	$ 31,405	$ 32,881
Other comprehensive income (loss):
Change in unrealized gain on marketable equity securities	0	755	0	777
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period for Consolidated Companies - Net Of Tax	(4,422)	125	(10,731)	3,675
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period for Equity Investee Companies - Net Of Tax	(561)	0	(1,350)	0
Total comprehensive income	6,444	10,660	19,324	37,333
Comprehensive income attributable to noncontrolling interests	(1,094)	(1,138)	(3,295)	(3,595)
Total comprehensive income attributable to Urstadt Biddle Properties Inc.	5,350	9,522	16,029	33,738
Preferred Stock Dividends	(3,063)	(3,063)	(9,188)	(9,188)
Total comprehensive income applicable to Common and Class A Common Stockholders	$ 2,287	$ 6,459	$ 6,841	$ 24,550

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 31,405	$ 32,881
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,926	21,287
Straight-line rent adjustment	(672)	(830)
Provision for tenant credit losses	719	674
Marketable Securities, (Gain) Loss	(403)	0
Gain (Loss) on Sale of Properties	(409)	0
Restricted stock compensation expense and other adjustments	3,229	2,939
Deferred compensation arrangement	(32)	(21)
Equity in net (income) of unconsolidated joint ventures	(1,007)	(1,710)
Distributions of operating income from unconsolidated joint ventures	1,007	1,710
Changes in operating assets and liabilities:
Tenant receivables	(758)	(1,369)
Accounts payable and accrued expenses	(1,273)	5,198
Other assets and other liabilities, net	(394)	(5,172)
Net Cash Flow Provided by Operating Activities	52,338	55,587
Cash Flows from Investing Activities:
Acquisitions of real estate investments	(11,755)	(7,165)
Investments in and advances to unconsolidated joint ventures	(619)	0
Acquisitions of noncontrolling interests	(1,723)	0
Deposits on acquisition of real estate investments	0	0
Payments to Acquire Available-for-sale Securities	0	(4,999)
Proceeds from Sale of Available-for-sale Securities, Equity	5,970	0
Proceeds from Sale of Real Estate Held-for-investment	3,372	0
Improvements to properties and deferred charges	(13,663)	(6,374)
Distributions to noncontrolling interests	(3,295)	(3,595)
Return of capital from unconsolidated joint ventures	6,628	324
Net Cash Flow (Used in) Investing Activities	(15,085)	(21,809)
Cash Flows from Financing Activities:
Dividends paid - Common and Class A Common Stock	(31,939)	(31,220)
Dividends paid - Preferred Stock	(9,188)	(9,188)
Amortization payments on mortgage notes payable	(4,762)	(12,682)
Proceeds from mortgage note payable and other loans	47,000	0
Repayment of mortgage notes payable and other loans	(23,925)	0
Repayment of revolving credit line borrowings	(41,500)	(9,000)
Proceeds from revolving credit line borrowings	25,500	30,595
Shares withheld for employee taxes	(270)	(241)
Payments for Repurchase of Common Stock	0	(120)
Sales of additional shares of Common and Class A Common Stock	146	148
Net Cash Flow (Used in) Financing Activities	(38,938)	(31,708)
Net Increase/(Decrease) In Cash and Cash Equivalents	(1,685)	2,070
Cash and Cash Equivalents at Beginning of Period	10,285	8,674
Cash and Cash Equivalents at End of Period	8,600	10,744
Supplemental Cash Flow Disclosures:
Interest Paid	$ 10,501	$ 9,893

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	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, 2017	$ 75,000	$ 115,000	$ 97	$ 297	$ 514,217	$ (120,123)			$ 2,742	$ 587,230
Balance (in shares) at Oct. 31, 2017	3,000,000	4,600,000	9,664,778	29,728,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Common and Class A common stockholders						20,098				20,098	$ 4,136	$ 15,962
Change in unrealized gains on marketable securities						0			777	777
Change in unrealized gain (loss) on interest rate swap									3,675	3,675
Cash dividends paid :
Common stock							$ (7,069)	$ (24,151)			(7,069)	(24,151)
Issuance of shares under dividend reinvestment plan			$ 0	$ 0	148					148
Issuance of shares under dividend reinvestment plan (in shares)			3,383	4,279
Shares issued under restricted stock plan			$ 2	$ 1	(3)					0
Shares issued under restricted stock plan (in shares)			152,700	102,800
Shares withheld for employee taxes				$ 0	(240)					(240)
Shares withheld for employee taxes (in shares)				(10,886)
Forfeiture of restricted stock				$ 0						0
Forfeiture of restricted stock (in shares)				(3,850)
Restricted stock compensation and other adjustments					2,941					2,941
Repurchase of Common stock				$ 0	(120)					(120)
Repurchase of Common stock (in shares)				(6,660)
Adjustments to redeemable noncontrolling interests						270				270
Balances - July 31, 2018 at Jul. 31, 2018	$ 75,000	$ 115,000	$ 99	$ 298	516,943	(130,975)			7,194	583,559
Balance (in shares) at Jul. 31, 2018	3,000,000	4,600,000	9,820,861	29,814,427
Balance at Oct. 31, 2017	$ 75,000	$ 115,000	$ 97	$ 297	514,217	(120,123)			2,742	587,230
Balance (in shares) at Oct. 31, 2017	3,000,000	4,600,000	9,664,778	29,728,744
Balances - July 31, 2018 at Oct. 31, 2018	$ 75,000	$ 115,000	$ 99	$ 298	518,136	(133,858)			7,466	582,141
Balance (in shares) at Oct. 31, 2018	3,000,000	4,600,000	9,822,006	29,814,814
Balance at Apr. 30, 2018	$ 75,000	$ 115,000	$ 99	$ 298	515,738	(123,315)			6,314	589,134
Balance (in shares) at Apr. 30, 2018	3,000,000	4,600,000	9,819,765	29,813,363
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Common and Class A common stockholders						5,579				5,579	1,148	4,431
Change in unrealized gains on marketable securities									755	755
Change in unrealized gain (loss) on interest rate swap									125	125
Cash dividends paid :
Common stock							(2,356)	(8,051)			(2,356)	(8,051)
Issuance of shares under dividend reinvestment plan			$ 0	$ 0	49					49
Issuance of shares under dividend reinvestment plan (in shares)			1,096	1,314
Forfeiture of restricted stock				$ 0						0
Forfeiture of restricted stock (in shares)				(250)
Restricted stock compensation and other adjustments					1,156					1,156
Repurchase of Common stock				$ 0	0					0
Repurchase of Common stock (in shares)				0
Adjustments to redeemable noncontrolling interests						(2,832)				(2,832)
Balances - July 31, 2018 at Jul. 31, 2018	$ 75,000	$ 115,000	$ 99	$ 298	516,943	(130,975)			7,194	583,559
Balance (in shares) at Jul. 31, 2018	3,000,000	4,600,000	9,820,861	29,814,427
Balance at Oct. 31, 2018	$ 75,000	$ 115,000	$ 99	$ 298	518,136	(133,858)			7,466	582,141
Balance (in shares) at Oct. 31, 2018	3,000,000	4,600,000	9,822,006	29,814,814
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect on Retained Earnings, Net of Tax						569			(569)	0
Net income applicable to Common and Class A common stockholders						18,922				18,922	3,983	14,939
Change in unrealized gains on marketable securities										0
Change in unrealized gain (loss) on interest rate swap									(12,081)	(12,081)
Cash dividends paid :
Common stock							(7,321)	(24,617)			(7,321)	(24,617)
Issuance of shares under dividend reinvestment plan			$ 0	$ 0	146					146
Issuance of shares under dividend reinvestment plan (in shares)			3,550	4,217
Shares issued under restricted stock plan			$ 1	$ 1	(2)					0
Shares issued under restricted stock plan (in shares)			137,200	111,450
Shares withheld for employee taxes				$ 0	(269)					(269)
Shares withheld for employee taxes (in shares)				(14,290)
Forfeiture of restricted stock				$ 0						0
Forfeiture of restricted stock (in shares)				(24,150)
Restricted stock compensation and other adjustments					3,229					3,229
Adjustments to redeemable noncontrolling interests						(1,760)				(1,760)
Balances - July 31, 2018 at Jul. 31, 2019	$ 75,000	$ 115,000	$ 100	$ 299	521,240	(148,065)			(5,184)	558,390
Balance (in shares) at Jul. 31, 2019	3,000,000	4,600,000	9,962,756	29,892,041
Balance at Apr. 30, 2019	$ 75,000	$ 115,000	$ 100	$ 299	520,074	(144,319)			(201)	565,953
Balance (in shares) at Apr. 30, 2019	3,000,000	4,600,000	9,961,609	29,901,146
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Common and Class A common stockholders						7,270				7,270	1,531	5,739
Change in unrealized gains on marketable securities										0
Change in unrealized gain (loss) on interest rate swap									(4,983)	(4,983)
Cash dividends paid :
Common stock							$ (2,441)	$ (8,195)			$ (2,441)	$ (8,195)
Issuance of shares under dividend reinvestment plan			$ 0	$ 0	48					48
Issuance of shares under dividend reinvestment plan (in shares)			1,147	1,345
Shares withheld for employee taxes				$ 0	0					0
Shares withheld for employee taxes (in shares)				0
Forfeiture of restricted stock				$ 0						0
Forfeiture of restricted stock (in shares)				(10,450)
Restricted stock compensation and other adjustments					1,118					1,118
Adjustments to redeemable noncontrolling interests						(380)				(380)
Balances - July 31, 2018 at Jul. 31, 2019	$ 75,000	$ 115,000	$ 100	$ 299	$ 521,240	$ (148,065)			$ (5,184)	$ 558,390
Balance (in shares) at Jul. 31, 2019	3,000,000	4,600,000	9,962,756	29,892,041

CONSOLIDATED STATEMENT OF STO_2

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2019	Jul. 31, 2018
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, dividends per share declared (in dollars per share)	$ 0.245	$ 0.24	$ 0.735	$ 0.72
Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, dividends per share declared (in dollars per share)	0.275	0.27	$ 0.825	0.81
6.75% Series G Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, dividend rate			6.75%
6.25% Series H Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, dividend rate			6.25%
Preferred Stock [Member] | 6.75% Series G Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, dividend rate			6.75%
Preferred Stock [Member] | 6.25% Series H Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, dividend rate			6.25%
Common Stock [Member] | Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, dividends per share declared (in dollars per share)	0.245	0.24	$ 0.735	0.72
Common Stock [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, dividends per share declared (in dollars per share)	$ 0.275	$ 0.27	$ 0.825	$ 0.81

ORGANIZATION, BASIS OF PRESENTA

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jul. 31, 2019
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 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 July 31, 2019, the Company owned or had equity interests in 83 properties containing a total of 5.3 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 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 over, are accounted for under the equity method of accounting. See Note 5 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for the three and nine months ended July 31, 2019 are not necessarily indicative of the results that may be expected for the year ending October 31, 2019. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended October 31, 2018. The preparation of financial statements 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 estimates, and the collectability of tenant receivables and other assets and liabilities. Actual results could differ from these estimates. The consolidated balance sheet at October 31, 2018 has been derived from audited financial statements at that date. Federal Income Taxes The Company has elected to be treated as a REIT 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 2019 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 July 31, 2019. As of July 31, 2019, the fiscal tax years 2016 through and including 2018 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. 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 with high quality financial institutions and the balances at times could exceed federally insured limits. 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. The Company has no dependency upon any single tenant. Marketable Securities Marketable equity securities are carried at fair value based upon quoted market prices in active markets. On November 1, 2018, the Company adopted FASB Accounting Standards Update ("ASU") 2016-01 "Financial Instruments - Overall". ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. As a result of the adoption, the Company recorded all unrealized holding gains for its marketable securities as of the date of adoption to cumulative distributions in excess of net income and reduced accumulated other comprehensive income in the amount of $569,000. In January 2019, the Company sold all of its marketable equity securities and realized a gain on sale in the amount of $403,000, which has been recorded in the consolidated statement of income for nine months ended July 31, 2019. The Company did not own any marketable equity securities as of July 31, 2019. The unrealized gain on the Company's marketable equity securities at October 31, 2018 is detailed below (in thousands): Fair Market Value Cost Basis Unrealized Gain/(Loss) Gross Unrealized Gains Gross Unrealized (Loss) October 31, 2018 REIT Securities $ 5,567 $ 4,998 $ 569 $ 569 $ - 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 July 31, 2019, the Company believes it has no significant risk associated with non-performance of the financial institutions that are the counterparties to its derivative contracts. At July 31, 2019, the Company had approximately $132.7 million in secured mortgage financings subject to interest rate swaps. Such interest rate swaps converted the LIBOR-based variable rates on the mortgage financings to an average fixed annual rate of 3.93% per annum. As of July 31, 2019 and October 31, 2018, the Company had a deferred liability of $4.8 million and $114,000, respectively (included in accounts payable and accrued expense on the consolidated balance sheets) and a deferred asset of $951,000 and $7.0 million, 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 swaps are made to other comprehensive income/(loss) as the swaps are deemed effective and are 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, including the Company's share from entities accounted for under the equity method of accounting, and prior to November 1, 2018, unrealized gains/(losses) on marketable securities classified as available-for-sale. At July 31, 2019, accumulated other comprehensive (loss) consisted of net unrealized losses on interest rate swap agreements of $5.2 million, inclusive of the Company's share of accumulated comprehensive income/(loss) from joint ventures accounted for by the equity method of accounting. At October 31, 2018, accumulated other comprehensive income consisted of net unrealized gains on interest rate swap agreements of approximately $6.9 million and unrealized gains/(losses) on marketable securities classified as available-for-sale of $569,000. Unrealized gains and losses included in other comprehensive income/(loss) will be reclassified into earnings as gains and losses are realized. 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 July 31, 2019. Acquisitions of Real Estate Investments, Capitalization Policy and Depreciation Acquisition of Real Estate Investments: 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 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, the Company expects that acquisitions of real estate or in-substance real estate will not meet the 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. Acquisitions of real estate and in-substance real estate that 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 the Company utilizes 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: The Company is required to make subjective assessments as to the useful life of its properties for purposes of determining the amount of depreciation. These assessments have a direct impact on the Company’s net income. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 30-40 years Property Improvements 10-20 years Furniture/Fixtures 3-10 years Tenant Improvements Shorter of lease term or their useful life 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. The Company did not classify any properties as held for sale as of July 31, 2019. In June 2019, the Company sold for $3.7 million its property located in Monroe, 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 $409,000, which is included in continuing operations in the consolidated statement of income for the three and nine months ended July 31, 2019. The operating results of the Monroe Property, which is included in continuing operations is as follows (amounts in thousands): Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 Revenues $ 210 $ 284 $ 30 $ 94 Property operating expense (66 ) (91 ) (14 ) (34 ) Depreciation and amortization (41 ) (62 ) - (21 ) Net Income $ 103 $ 131 $ 16 $ 39 Revenue Recognition On November 1, 2018, the Company adopted ASU 2014-09 - ASC Topic 606 - Revenue from Contracts with Customers. The adoption of ASU 2014-09 did not have an impact on the consolidated financial statements of the Company because the majority of the Company’s revenue consists of lease-related income from leasing arrangements, which is specifically excluded from ASU 2014-09. Other revenues, as a whole, are immaterial to total revenues and have been recorded by the Company in prior years in accordance with the concepts contained in ASC Topic 606. There was no change to previously reported amounts as a result of the adoption of ASU 2014-09. Revenues from operating leases are 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 July 31, 2019 and October 31, 2018, $19,128,000 and $18,375,000, respectively, has been recognized as straight-line rents receivable (representing the current 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 U.S. GAAP have been met. The Company provides an allowance for doubtful accounts against the portion of tenant receivables that is estimated to be uncollectible. Such allowances are reviewed periodically. At July 31, 2019 and October 31, 2018, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $5,137,000 and $4,800,000, respectively. Included in the aforementioned allowance for doubtful accounts is an amount for future tenant credit losses of approximately 10% of the deferred straight-line rents receivable which is estimated to be uncollectible. 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): Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 Numerator Net income applicable to common stockholders – basic $ 3,983 $ 4,136 $ 1,531 $ 1,148 Effect of dilutive securities: Restricted stock awards 155 202 68 63 Net income applicable to common stockholders – diluted $ 4,138 $ 4,338 $ 1,599 $ 1,211 Denominator Denominator for basic EPS – weighted average common shares 8,812 8,558 8,813 8,560 Effect of dilutive securities: Restricted stock awards 501 589 585 673 Denominator for diluted EPS – weighted average common equivalent shares 9,313 9,147 9,398 9,233 Numerator Net income applicable to Class A common stockholders-basic $ 14,939 $ 15,962 $ 5,739 $ 4,431 Effect of dilutive securities: Restricted stock awards (155 ) (202 ) (68 ) (63 ) Net income applicable to Class A common stockholders – diluted $ 14,784 $ 15,760 $ 5,671 $ 4,368 Denominator Denominator for basic EPS – weighted average Class A common shares 29,442 29,363 29,431 29,358 Effect of dilutive securities: Restricted stock awards 195 175 244 232 Denominator for diluted EPS – weighted average Class A common equivalent shares 29,637 29,538 29,675 29,590 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 its 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: Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 Ridgeway Revenues 10.7 % 10.0 % 10.6 % 10.5 % All Other Property Revenues 89.3 % 90.0 % 89.4 % 89.5 % Consolidated Revenue 100.0 % 100.0 % 100.0 % 100.0 % July 31, 2019 October 31, 2018 Ridgeway Assets 6.6 % 7.2 % All Other Property Assets 93.4 % 92.8 % Consolidated Assets (Note 1) 100.0 % 100.0 % Note 1 - Ridgeway did not have any significant expenditures for additions to long lived assets in the three and nine months ended July 31, 2019 or the year ended October 31, 2018. July 31, 2019 October 31, 2018 Ridgeway Percent Leased 97 % 96 % Ridgeway Significant Tenants (Percentage of Base Rent Billed): Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 The Stop & Shop Supermarket Company 21 % 21 % 21 % 21 % Bed, Bath & Beyond 14 % 14 % 15 % 14 % Marshall’s Inc. 10 % 10 % 11 % 10 % All Other Tenants at Ridgeway (Note 2) 55 % 55 % 53 % 55 % Total 100 % 100 % 100 % 100 % Note 2 - No other tenant accounts for more than 10% of Ridgeway’s annual base rents in any of the periods presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway. Income Statements (In Thousands): Nine Months Ended July 31, 2019 Three Months Ended July 31, 2019 Ridgeway All Other Operating Segments Total Consolidated Ridgeway All Other Operating Segments Total Consolidated Revenues $ 11,147 $ 92,150 $ 103,297 $ 3,745 $ 30,804 $ 34,549 Property Operating Expenses $ 3,243 $ 31,030 $ 34,273 $ 1,043 $ 9,797 $ 10,840 Interest Expense $ 1,278 $ 9,329 $ 10,607 $ 424 $ 3,073 $ 3,497 Depreciation and Amortization $ 1,768 $ 19,158 $ 20,926 $ 582 $ 6,419 $ 7,001 Net Income $ 4,857 $ 26,548 $ 31,405 $ 1,695 $ 9,732 $ 11,427 Income Statements (In Thousands): Nine Months Ended July 31, 2018 Three Months Ended July 31, 2018 Ridgeway All Other Operating Segments Total Consolidated Ridgeway All Other Operating Segments Total Consolidated Revenues $ 10,254 $ 92,555 $ 102,809 $ 3,434 $ 29,375 $ 32,809 Property Operating Expenses $ 2,894 $ 29,560 $ 32,454 $ 978 $ 9,126 $ 10,104 Interest Expense $ 1,439 $ 8,739 $ 10,178 $ 428 $ 3,011 $ 3,439 Depreciation and Amortization $ 1,986 $ 19,301 $ 21,287 $ 650 $ 6,720 $ 7,370 Net Income $ 3,935 $ 28,946 $ 32,881 $ 1,378 $ 8,402 $ 9,780 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. Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation. New Accounting Standards In May 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-09 titled “Revenue from Contracts with Customers” and subsequently issued several related ASUs (collectively “ASU 2014-09”). ASU 2014-09 replaces most existing revenue recognition guidance and requires an entity to recognize the amount of revenue which it expects to be entitled to for the transfer of promised goods or services to customers. ASU 2014-09 is effective for annual periods beginning after December 15, 2017, and interim periods within those years and must be applied retrospectively by either restating prior periods or by recognizing the cumulative effect as of the date of first application. The Company adopted ASU 2014-09 effective November 1, 2018, using the modified retrospective approach. The adoption of ASU 2014-09 did not have an impact on the consolidated financial statements because the majority of the Company’s revenue consists of lease-related income from leasing arrangements, which is specifically excluded from ASU 2014-09. Other revenues, as a whole, are immaterial to total revenues. There was no change to previously reported amounts as a result of the adoption of ASU 2014-09. 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. The Company has elected to apply the transition provisions of ASC Topic 842 at the beginning of the period of adoption, which for the Company, will be the first day of our year ended October 31, 2020 (i.e., November 1, 2019), and therefore, the Company will not retrospectively adjust prior periods presented. The Company will elect to apply certain adoption related practical expedients for all leases that commenced prior to the effective date. These practical expedients include not reassessing whether any expired or existing contracts are or contain leases; not reassessing the lease classification for any expired or existing leases; and not reassessing initial direct costs for any existing leases. Overall, the Company’s assessment of the adoption of ASC Topic 842 on November 1, 2019 is that it is not expected to be material to our financial statements or the disclosures contained therein. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The Company adopted ASU 2016-01 on November 1, 2018, and as a result, adjusted the opening balance of cumulative distributions in excess of net income and reduced accumulated other comprehensive income by $569,000, representing the amount of unrealized gains on marketable securities classified as available-for-sale as of the date of adoption. The Company has evaluated all other new ASU's issued by FASB, and has concluded that these updates do not have a material effect on the Company's consolidated financial statements as of July 31, 2019.

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	9 Months Ended
	Jul. 31, 2019
REAL ESTATE INVESTMENTS [Abstract]
REAL ESTATE INVESTMENTS	(2) REAL ESTATE INVESTMENTS In December 2018, the Company purchased Lakeview Plaza Shopping Center ("Lakeview") for $12.0 million (exclusive of closing costs). Lakeview is a 177,000 square foot grocery-anchored shopping center located in Putnam County, NY. In addition, the Company anticipates having to invest up to $8.0 million for capital improvements and re-tenanting at the property, approximately $4.2 million of which has already been expended and added to the cost of the property. The Company funded the purchase and capital improvements made subsequent to the purchase with available cash and borrowings on its unsecured revolving credit facility (the "Facility"). The Company intends to fund the remaining additional investment with a combination of available cash, borrowings on the Facility and by potentially placing a mortgage on the property. The Company accounted for the purchase of Lakeview as an asset acquisition and allocated the total consideration transferred for the acquisition, 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 property acquired during the nine months ended July 31, 2019 (in thousands). Lakeview Assets: Land $ 2,025 Building and improvements $ 10,620 In-place leases $ 772 Above market leases $ 459 Liabilities: In-place leases $ - Below Market Leases $ 1,123 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 nine month periods ended July 31, 2019 and 2018, the net amortization of above-market and below-market leases was approximately $448,000 and $1,097,000, respectively, and for the three month periods ended July 31, 2019 and 2018, the net amortization of above-market and below-market leases was approximately $157,000 and $832,000, respectively. All aforementioned amounts are included in base rents in the accompanying consolidated statements of income.

MORTGAGE NOTES PAYABLE, BANK LI

MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS	9 Months Ended
	Jul. 31, 2019
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS [Abstract]
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS	(3) MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS 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 agents). 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-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. 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 July 31, 2019. During the nine months ended July 31, 2019, the Company borrowed $25.5 million on the Facility to fund capital improvements to our properties, property acquisitions and general corporate purposes. During the nine months ended July 31, 2019, the Company repaid $41.5 million on the Facility with available cash and with cash proceeds from mortgage refinancings and proceeds from the sale of marketable securities and an investment property sale. In March 2019, the Company refinanced its existing $14.9 million first mortgage secured by its Darien, CT property. The new mortgage has a principal balance of $25.0 million and has a term of 10 years and requires payments of principal and interest at the rate of LIBOR plus 1.65%. The Company also entered into an interest rate swap contract with the new lender, which converts the variable interest rate (based on LIBOR) to a fixed rate of 4.815% per annum. In March 2019, the Company refinanced its existing $9.1 million first mortgage secured by our Newark, NJ property. The new mortgage has a principal balance of $10.0 million, has a term of 10 years, and requires payments of principal and interest at a fixed rate of 4.63%. In June 2019, the Company placed a first mortgage on its Brewster NY property. The new mortgage has a principal balance of $12.0 million, has a term of 10 years and requires payments of principal and interest at the rate of LIBOR plus 1.75%. Concurrent with entering into the mortgage, the Company also entered into an interest rate swap contract with the new lender, which converts the variable interest rate (based on LIBOR) to a fixed rate of 3.6325% per annum.

CONSOLIDATED JOINT VENTURES AND

CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS	9 Months Ended
	Jul. 31, 2019
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract]
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS	(4) CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS The Company has an investment in six joint ventures, UB Ironbound, LP (“Ironbound”), UB Orangeburg, LLC ("Orangeburg"), McLean Plaza Associates, LLC ("McLean"), UB Dumont I, LLC ("Dumont") and UB New City I, LLC ("New City"), 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 six 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. Subsequent to July 31, 2019, the Company redeemed the remaining noncontrolling interest in Ironbound for $3.0 million. After the redemption the Company owns 100% of Ironbound. Orangeburg The Company, through a wholly-owned subsidiary, is the managing member and owns a 45.2% 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 $6.9 million in Orangeburg, and as a result, as of July 31, 2019 the Company's ownership percentage has increased to 45.2% 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, 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 The Company is the managing member and owns a 12.6% interest in UB High Ridge, LLC. The Company's initial investment was $5.5 million, and the Company has purchased additional interests totaling $2.2 million through July 31, 2019. UB High Ridge, either directly or through a wholly-owned subsidiary, 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 properties are located in Stamford, CT and one property is located in Greenwich, CT. High Ridge is a shopping center anchored by a Trader Joe's 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. The UB High Ridge operating agreement provides for the non-managing members to receive an annual cash distribution, currently equal to 5.49% of their invested capital. UB Dumont I, LLC The Company is the managing member and owns a 36.4% interest in UB Dumont I, LLC. The Company's initial investment was $3.9 million, and the Company has purchased additional interests totaling $630,000 through July 31, 2019. Dumont owns a retail and residential real estate property, which retail portion is anchored by a Stop & 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. 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. UB New City I, LLC The Company is the managing member and owns a 78.2% equity interest in a joint venture, UB New City I, LLC. The Company's initial investment was $2.4 million, and the Company has purchased additional interests totaling $91,300 through July 31, 2019. New City owns a single tenant retail real estate property located in New City, NY, which is leased to a savings bank. In addition, New City rents certain parking spaces on the property to the owner of an adjacent grocery anchored shopping center. The property was contributed to the new entity by the former owners who received units of ownership of New City equal to the value of contributed property. The New City operating agreement provides for the non-managing member to receive an annual cash distribution, currently equal to 5.00% of his 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, Dumont and New City 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 nine months ended July 31, 2019 and 2018, the Company increased/(decreased) the carrying value of the noncontrolling interests by $1.8 million and $(270,000), respectively, with the corresponding adjustment recorded in stockholders’ equity. The following table sets forth the details of the Company's redeemable non-controlling interests for the nine months ended July 31, 2019 and the fiscal year ended October 31, 2018 (amounts in thousands): July 31, 2019 October 31, 2018 Beginning Balance $ 78,258 $ 81,361 Change in Redemption Value 1,760 (2,674 ) Partial Redemption of UB High Ridge Noncontrolling Interest (1,003 ) (1,220 ) Partial Redemption of Dumont Noncontrolling Interest (630 ) - Partial Redemption of New City Noncontrolling Interest (91 ) - Initial New City Noncontrolling Interest - 791 Ending Balance $ 78,294 $ 78,258

INVESTMENTS IN AND ADVANCES TO

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES	9 Months Ended
	Jul. 31, 2019
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract]
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES	(5) INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES At July 31, 2019 and October 31, 2018 investments in and advances to unconsolidated joint ventures consisted of the following (with the Company’s ownership percentage in parentheses) (amounts in thousands): July 31, 2019 October 31, 2018 Chestnut Ridge Shopping Center (50%) $ 12,165 $ 12,508 Plaza 59 - Cash (50%) 16 5,194 Gateway Plaza (50%) 6,977 6,680 Putnam Plaza Shopping Center (66.67%) 3,911 5,978 Midway Shopping Center, L.P. (11.642%) 4,380 4,509 Applebee's at Riverhead (50%) 1,896 1,842 81 Pondfield Road Company (20%) 723 723 Total $ 30,068 $ 37,434 Chestnut Ridge Shopping Center and Plaza 59 Cash The Company, through a wholly-owned subsidiary, owns a 50% undivided tenancy-in-common 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. In the first quarter of fiscal 2019, the Company's wholly-owned subsidiary that owned the 50% undivided tenancy-in-common interest in Plaza 59 and the other 50% tenancy-in-common owner of Plaza 59 entered into a purchase and sale agreement to sell Plaza 59 to an unrelated third party for a sale price of $10.0 million. In accordance with ASC Topic 360-10-45, the property met all the criteria to be classified as held for sale in the first quarter of fiscal 2019. In March 2019, Plaza 59 was sold and the asset was de-recognized in accordance with ASC Topic 610-20. The Company's 50% share of the loss on sale amounted to $457,000, relating to the de-recognition of the asset. The Company's remaining investment represents an investment in cash on hand. Gateway Plaza and Applebee's at Riverhead The Company, through two wholly-owned subsidiaries, owns a 50% undivided tenancy-in-common interest in the Gateway Plaza Shopping Center ("Gateway") and Applebee's at Riverhead ("Applebee's"). Both properties are located in Riverhead, New York. Gateway, a 198,500 square foot shopping center, is anchored by a 168,000 square foot Walmart, which also has 27,000 square feet of in-line space that is leased and a 3,500 square foot outparcel that is leased. Applebee's has a 5,400 square foot free standing Applebee’s restaurant with a 7,200 square foot pad site that is leased. Gateway is subject to a $12.1 million non-recourse first mortgage payable. 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. Midway Shopping Center, L.P. The Company, through a wholly-owned subsidiary, owns an 11.64% equity interest in Midway Shopping Center L.P. (“Midway”), which owns a 247,000 square foot shopping center in Westchester County, New York. Although the Company only has an approximate 12% equity interest in Midway, it controls 25% of the voting power of Midway and as such, has determined that it exercises significant influence over the financial and operating decisions of Midway and accounts for its investment in Midway under the equity method of accounting. 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 is subject to a non-recourse first mortgage in the amount of $26.9 million. The loan requires payments of principal and interest at the rate of 4.80% per annum and will mature in 2027. Putnam Plaza Shopping Center The Company, through a wholly-owned subsidiary, owns a 66.67% (noncontrolling) undivided tenancy-in-common interest in the 189,000 square foot Putnam Plaza Shopping Center (“Putnam Plaza”) located in Carmel, New York, which is anchored by a Tops grocery store. Putnam Plaza is subject to a first mortgage payable in the amount of $18.5 million. The mortgage requires monthly payments of principal and interest at a fixed rate of 4.81% and will mature in 2028. 81 Pondfield Road Company The Company’s other investment in an unconsolidated joint venture is a 20% interest in a retail and office building in Westchester County, New York. Equity Method of Accounting 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	9 Months Ended
	Jul. 31, 2019
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	(6) STOCKHOLDERS’ EQUITY Authorized Stock The Company's Charter authorizes 200,000,000 shares 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. Restricted Stock Plan The Company has a Restricted Stock Plan, as amended (the "Plan") that provides a form of equity compensation for employees of the Company. In March 2019, the stockholders of the Company approved an increase in the number of shares available for grant under the Plan by 1,000,000 shares. The Plan, which is administered by the Company's compensation committee, authorizes grants of up to an aggregate of 5,500,000 shares of the Company’s common equity consisting of 350,000 Common shares, 350,000 Class A Common shares and 4,800,000 shares, which at the discretion of the compensation committee, may be awarded in any combination of Class A Common shares or Common shares. During the nine months ended July 31, 2019, the Company awarded 137,200 shares of Common Stock and 111,450 shares of Class A Common Stock to participants in the Plan. The grant date fair value of restricted stock grants awarded to participants in 2019 was approximately $4.2 million. A summary of the status of the Company’s non-vested Common and Class A Common shares as of July 31, 2019, and changes during the nine months ended July 31, 2019 is presented below: Common Shares Class A Common Shares Non-vested Shares Shares Weighted-Average Grant-Date Fair Value Shares Weighted-Average Grant-Date Fair Value Non-vested at October 31, 2018 1,255,900 $ 17.22 452,925 $ 21.13 Granted 137,200 $ 15.33 111,450 $ 18.84 Vested (247,000 ) $ 14.78 (77,000 ) $ 18.15 Forfeited - $ - (24,150 ) $ 21.58 Non-vested at July 31, 2019 1,146,100 $ 17.52 463,225 $ 21.07 As of July 31, 2019, there was $14.5 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 nine month periods ended July 31, 2019 and 2018, amounts charged to compensation expense totaled $3,191,000 and $3,249,000, respectively. For the three month periods ended July 31, 2019 and 2018, amounts charged to compensation expense totaled $1,077,000 and $1,155,000, respectively. Share Repurchase Program The Board of Directors of the Company has approved a share repurchase program (“Current Repurchase Program”) for the repurchase of up to 2,000,000 shares, in the aggregate, of Common stock, Class A Common stock and Series G Cumulative Preferred Stock in open market transactions. The Company has repurchased 195,413 shares of Class A Common Stock under the Current Repurchase Program. From the inception of all repurchase programs, the Company has repurchased 4,600 shares of Common Stock and 919,991 shares of Class A Common 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 $25.00 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 of Incorporation, 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. The 6.25% Series H Senior Cumulative Preferred Stock ("Series H Preferred Stock") is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option on or after September 18, 2022. 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 holders 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 holders on the applicable conversion date into a number of the Company's shares of Class A common stock.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jul. 31, 2019
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	(7) 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 (level 1), contractual redemption prices per share as stated in governing agreements (level 2) or unobservable inputs considering the assumptions that market participants would make in pricing the obligations (level 3). The level 3 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. Marketable debt and equity securities are valued based on quoted market prices on national exchanges. 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, 2018 and July 31, 2019, that the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”. The Company measures its redeemable noncontrolling interests, marketable equity and debt securities classified as available for sale securities and interest rate swap derivatives at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs (amount in thousands): Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) July 31, 2019 Assets: Interest Rate Swap Agreement $ 951 $ - $ 951 $ - Liabilities: Interest Rate Swap Agreement $ 4,785 $ - $ 4,785 $ - Redeemable noncontrolling interests $ 78,294 $ 22,319 $ 52,729 $ 3,246 October 31, 2018 Assets: Interest Rate Swap Agreement $ 7,011 $ - $ 7,011 $ - Available for Sale Securities $ 5,567 $ 5,567 $ - $ - Liabilities: Interest Rate Swap Agreement $ 114 $ - $ 114 $ - Redeemable noncontrolling interests $ 78,258 $ 22,131 $ 53,359 $ 2,768 Fair market value measurements based upon Level 3 inputs changed (in thousands) from $3,864 at October 31, 2017 to $2,768 at October 31, 2018 as a result of a $1,096 decrease 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 (in thousands) from $2,768 at October 31, 2018 to $3,246 at July 31, 2019 as a result of a $478 increase in the redemption value of the Company’s noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jul. 31, 2019
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	(8) COMMITMENTS AND CONTINGENCIES In the normal course of business, from time to time, the Company is involved in legal actions relating to the ownership and operations of its properties. In management’s opinion, the liabilities, if any, that 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 July 31, 2019, the Company had commitments of approximately $ 6.2

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jul. 31, 2019
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	(9) SUBSEQUENT EVENTS On September 4, 2019, the Board of Directors of the Company declared cash dividends of $0.275 for each share of Common Stock and $0.245 for each share of Class A Common Stock. The dividends are payable on October 18, 2019 to stockholders of record on October 4, 2019.

ORGANIZATION, BASIS OF PRESEN_2

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jul. 31, 2019
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 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 over, are accounted for under the equity method of accounting. See Note 5 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for the three and nine months ended July 31, 2019 are not necessarily indicative of the results that may be expected for the year ending October 31, 2019. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended October 31, 2018. The preparation of financial statements 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 estimates, and the collectability of tenant receivables and other assets and liabilities. Actual results could differ from these estimates. The consolidated balance sheet at October 31, 2018 has been derived from audited financial statements at that date.
Federal Income Taxes	Federal Income Taxes The Company has elected to be treated as a REIT 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 2019 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 July 31, 2019. As of July 31, 2019, the fiscal tax years 2016 through and including 2018 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress.
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 with high quality financial institutions and the balances at times could exceed federally insured limits. 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. The Company has no dependency upon any single tenant.
Marketable Securities	Marketable Securities Marketable equity securities are carried at fair value based upon quoted market prices in active markets. On November 1, 2018, the Company adopted FASB Accounting Standards Update ("ASU") 2016-01 "Financial Instruments - Overall". ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. As a result of the adoption, the Company recorded all unrealized holding gains for its marketable securities as of the date of adoption to cumulative distributions in excess of net income and reduced accumulated other comprehensive income in the amount of $569,000. In January 2019, the Company sold all of its marketable equity securities and realized a gain on sale in the amount of $403,000, which has been recorded in the consolidated statement of income for nine months ended July 31, 2019. The Company did not own any marketable equity securities as of July 31, 2019. The unrealized gain on the Company's marketable equity securities at October 31, 2018 is detailed below (in thousands): Fair Market Value Cost Basis Unrealized Gain/(Loss) Gross Unrealized Gains Gross Unrealized (Loss) October 31, 2018 REIT Securities $ 5,567 $ 4,998 $ 569 $ 569 $ -
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 July 31, 2019, the Company believes it has no significant risk associated with non-performance of the financial institutions that are the counterparties to its derivative contracts. At July 31, 2019, the Company had approximately $132.7 million in secured mortgage financings subject to interest rate swaps. Such interest rate swaps converted the LIBOR-based variable rates on the mortgage financings to an average fixed annual rate of 3.93% per annum. As of July 31, 2019 and October 31, 2018, the Company had a deferred liability of $4.8 million and $114,000, respectively (included in accounts payable and accrued expense on the consolidated balance sheets) and a deferred asset of $951,000 and $7.0 million, 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 swaps are made to other comprehensive income/(loss) as the swaps are deemed effective and are 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, including the Company's share from entities accounted for under the equity method of accounting, and prior to November 1, 2018, unrealized gains/(losses) on marketable securities classified as available-for-sale. At July 31, 2019, accumulated other comprehensive (loss) consisted of net unrealized losses on interest rate swap agreements of $5.2 million, inclusive of the Company's share of accumulated comprehensive income/(loss) from joint ventures accounted for by the equity method of accounting. At October 31, 2018, accumulated other comprehensive income consisted of net unrealized gains on interest rate swap agreements of approximately $6.9 million and unrealized gains/(losses) on marketable securities classified as available-for-sale of $569,000. Unrealized gains and losses included in other comprehensive income/(loss) will be reclassified into earnings as gains and losses are realized.
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 July 31, 2019.
Acquisition of Real Estate, Capitalization Policy and Depreciation	Acquisitions of Real Estate Investments, Capitalization Policy and Depreciation Acquisition of Real Estate Investments: 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 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, the Company expects that acquisitions of real estate or in-substance real estate will not meet the 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. Acquisitions of real estate and in-substance real estate that 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 the Company utilizes 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: The Company is required to make subjective assessments as to the useful life of its properties for purposes of determining the amount of depreciation. These assessments have a direct impact on the Company’s net income. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 30-40 years Property Improvements 10-20 years Furniture/Fixtures 3-10 years Tenant Improvements Shorter of lease term or their useful life
Property Held for Sale and Discontinued Operations	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. The Company did not classify any properties as held for sale as of July 31, 2019. In June 2019, the Company sold for $3.7 million its property located in Monroe, 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 $409,000, which is included in continuing operations in the consolidated statement of income for the three and nine months ended July 31, 2019. The operating results of the Monroe Property, which is included in continuing operations is as follows (amounts in thousands): Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 Revenues $ 210 $ 284 $ 30 $ 94 Property operating expense (66 ) (91 ) (14 ) (34 ) Depreciation and amortization (41 ) (62 ) - (21 ) Net Income $ 103 $ 131 $ 16 $ 39
Revenue Recognition	Revenue Recognition On November 1, 2018, the Company adopted ASU 2014-09 - ASC Topic 606 - Revenue from Contracts with Customers. The adoption of ASU 2014-09 did not have an impact on the consolidated financial statements of the Company because the majority of the Company’s revenue consists of lease-related income from leasing arrangements, which is specifically excluded from ASU 2014-09. Other revenues, as a whole, are immaterial to total revenues and have been recorded by the Company in prior years in accordance with the concepts contained in ASC Topic 606. There was no change to previously reported amounts as a result of the adoption of ASU 2014-09. Revenues from operating leases are 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 July 31, 2019 and October 31, 2018, $19,128,000 and $18,375,000, respectively, has been recognized as straight-line rents receivable (representing the current 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 U.S. GAAP have been met. The Company provides an allowance for doubtful accounts against the portion of tenant receivables that is estimated to be uncollectible. Such allowances are reviewed periodically. At July 31, 2019 and October 31, 2018, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $5,137,000 and $4,800,000, respectively. Included in the aforementioned allowance for doubtful accounts is an amount for future tenant credit losses of approximately 10% of the deferred straight-line rents receivable which is estimated to be uncollectible.
Earnings Per Share	Earnings Per Share The Company calculates basic and diluted earnings per share in accordance with the provisions of ASC Topic 260, “Earnings Per Share.” Basic earnings per share (“EPS”) excludes the impact of dilutive shares and is computed by dividing net income applicable to Common and Class A Common stockholders by the weighted average number of Common shares and Class A Common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue Common shares or Class A Common shares were exercised or converted into Common shares or Class A Common shares and then shared in the earnings of the Company. Since the cash dividends declared on the Company’s Class A Common stock are higher than the dividends declared on the Common Stock, basic and diluted EPS have been calculated using the “two-class” method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to the weighted average of the dividends declared, outstanding shares per class and participation rights in undistributed earnings. The following table sets forth the reconciliation between basic and diluted EPS (in thousands): Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 Numerator Net income applicable to common stockholders – basic $ 3,983 $ 4,136 $ 1,531 $ 1,148 Effect of dilutive securities: Restricted stock awards 155 202 68 63 Net income applicable to common stockholders – diluted $ 4,138 $ 4,338 $ 1,599 $ 1,211 Denominator Denominator for basic EPS – weighted average common shares 8,812 8,558 8,813 8,560 Effect of dilutive securities: Restricted stock awards 501 589 585 673 Denominator for diluted EPS – weighted average common equivalent shares 9,313 9,147 9,398 9,233 Numerator Net income applicable to Class A common stockholders-basic $ 14,939 $ 15,962 $ 5,739 $ 4,431 Effect of dilutive securities: Restricted stock awards (155 ) (202 ) (68 ) (63 ) Net income applicable to Class A common stockholders – diluted $ 14,784 $ 15,760 $ 5,671 $ 4,368 Denominator Denominator for basic EPS – weighted average Class A common shares 29,442 29,363 29,431 29,358 Effect of dilutive securities: Restricted stock awards 195 175 244 232 Denominator for diluted EPS – weighted average Class A common equivalent shares 29,637 29,538 29,675 29,590
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 its 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: Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 Ridgeway Revenues 10.7 % 10.0 % 10.6 % 10.5 % All Other Property Revenues 89.3 % 90.0 % 89.4 % 89.5 % Consolidated Revenue 100.0 % 100.0 % 100.0 % 100.0 % July 31, 2019 October 31, 2018 Ridgeway Assets 6.6 % 7.2 % All Other Property Assets 93.4 % 92.8 % Consolidated Assets (Note 1) 100.0 % 100.0 % Note 1 - Ridgeway did not have any significant expenditures for additions to long lived assets in the three and nine months ended July 31, 2019 or the year ended October 31, 2018. July 31, 2019 October 31, 2018 Ridgeway Percent Leased 97 % 96 % Ridgeway Significant Tenants (Percentage of Base Rent Billed): Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 The Stop & Shop Supermarket Company 21 % 21 % 21 % 21 % Bed, Bath & Beyond 14 % 14 % 15 % 14 % Marshall’s Inc. 10 % 10 % 11 % 10 % All Other Tenants at Ridgeway (Note 2) 55 % 55 % 53 % 55 % Total 100 % 100 % 100 % 100 % Note 2 - No other tenant accounts for more than 10% of Ridgeway’s annual base rents in any of the periods presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway. Income Statements (In Thousands): Nine Months Ended July 31, 2019 Three Months Ended July 31, 2019 Ridgeway All Other Operating Segments Total Consolidated Ridgeway All Other Operating Segments Total Consolidated Revenues $ 11,147 $ 92,150 $ 103,297 $ 3,745 $ 30,804 $ 34,549 Property Operating Expenses $ 3,243 $ 31,030 $ 34,273 $ 1,043 $ 9,797 $ 10,840 Interest Expense $ 1,278 $ 9,329 $ 10,607 $ 424 $ 3,073 $ 3,497 Depreciation and Amortization $ 1,768 $ 19,158 $ 20,926 $ 582 $ 6,419 $ 7,001 Net Income $ 4,857 $ 26,548 $ 31,405 $ 1,695 $ 9,732 $ 11,427 Income Statements (In Thousands): Nine Months Ended July 31, 2018 Three Months Ended July 31, 2018 Ridgeway All Other Operating Segments Total Consolidated Ridgeway All Other Operating Segments Total Consolidated Revenues $ 10,254 $ 92,555 $ 102,809 $ 3,434 $ 29,375 $ 32,809 Property Operating Expenses $ 2,894 $ 29,560 $ 32,454 $ 978 $ 9,126 $ 10,104 Interest Expense $ 1,439 $ 8,739 $ 10,178 $ 428 $ 3,011 $ 3,439 Depreciation and Amortization $ 1,986 $ 19,301 $ 21,287 $ 650 $ 6,720 $ 7,370 Net Income $ 3,935 $ 28,946 $ 32,881 $ 1,378 $ 8,402 $ 9,780
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.
Reclassification	Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation.
New Accounting Standards	New Accounting Standards In May 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-09 titled “Revenue from Contracts with Customers” and subsequently issued several related ASUs (collectively “ASU 2014-09”). ASU 2014-09 replaces most existing revenue recognition guidance and requires an entity to recognize the amount of revenue which it expects to be entitled to for the transfer of promised goods or services to customers. ASU 2014-09 is effective for annual periods beginning after December 15, 2017, and interim periods within those years and must be applied retrospectively by either restating prior periods or by recognizing the cumulative effect as of the date of first application. The Company adopted ASU 2014-09 effective November 1, 2018, using the modified retrospective approach. The adoption of ASU 2014-09 did not have an impact on the consolidated financial statements because the majority of the Company’s revenue consists of lease-related income from leasing arrangements, which is specifically excluded from ASU 2014-09. Other revenues, as a whole, are immaterial to total revenues. There was no change to previously reported amounts as a result of the adoption of ASU 2014-09. 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. The Company has elected to apply the transition provisions of ASC Topic 842 at the beginning of the period of adoption, which for the Company, will be the first day of our year ended October 31, 2020 (i.e., November 1, 2019), and therefore, the Company will not retrospectively adjust prior periods presented. The Company will elect to apply certain adoption related practical expedients for all leases that commenced prior to the effective date. These practical expedients include not reassessing whether any expired or existing contracts are or contain leases; not reassessing the lease classification for any expired or existing leases; and not reassessing initial direct costs for any existing leases. Overall, the Company’s assessment of the adoption of ASC Topic 842 on November 1, 2019 is that it is not expected to be material to our financial statements or the disclosures contained therein. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The Company adopted ASU 2016-01 on November 1, 2018, and as a result, adjusted the opening balance of cumulative distributions in excess of net income and reduced accumulated other comprehensive income by $569,000, representing the amount of unrealized gains on marketable securities classified as available-for-sale as of the date of adoption. The Company has evaluated all other new ASU's issued by FASB, and has concluded that these updates do not have a material effect on the Company's consolidated financial statements as of July 31, 2019.

ORGANIZATION, BASIS OF PRESEN_3

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Jul. 31, 2019
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Marketable Securities	The Company did not own any marketable equity securities as of July 31, 2019. The unrealized gain on the Company's marketable equity securities at October 31, 2018 is detailed below (in thousands): Fair Market Value Cost Basis Unrealized Gain/(Loss) Gross Unrealized Gains Gross Unrealized (Loss) October 31, 2018 REIT Securities $ 5,567 $ 4,998 $ 569 $ 569 $ -
Property, Plant and Equipment, Estimated Useful Lives	Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 30-40 years Property Improvements 10-20 years Furniture/Fixtures 3-10 years Tenant Improvements Shorter of lease term or their useful life
Disposal Groups, Including Discontinued Operations [Table Text Block]	The operating results of the Monroe Property, which is included in continuing operations is as follows (amounts in thousands): Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 Revenues $ 210 $ 284 $ 30 $ 94 Property operating expense (66 ) (91 ) (14 ) (34 ) Depreciation and amortization (41 ) (62 ) - (21 ) Net Income $ 103 $ 131 $ 16 $ 39
Reconciliation between Basic and Diluted EPS	The following table sets forth the reconciliation between basic and diluted EPS (in thousands): Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 Numerator Net income applicable to common stockholders – basic $ 3,983 $ 4,136 $ 1,531 $ 1,148 Effect of dilutive securities: Restricted stock awards 155 202 68 63 Net income applicable to common stockholders – diluted $ 4,138 $ 4,338 $ 1,599 $ 1,211 Denominator Denominator for basic EPS – weighted average common shares 8,812 8,558 8,813 8,560 Effect of dilutive securities: Restricted stock awards 501 589 585 673 Denominator for diluted EPS – weighted average common equivalent shares 9,313 9,147 9,398 9,233 Numerator Net income applicable to Class A common stockholders-basic $ 14,939 $ 15,962 $ 5,739 $ 4,431 Effect of dilutive securities: Restricted stock awards (155 ) (202 ) (68 ) (63 ) Net income applicable to Class A common stockholders – diluted $ 14,784 $ 15,760 $ 5,671 $ 4,368 Denominator Denominator for basic EPS – weighted average Class A common shares 29,442 29,363 29,431 29,358 Effect of dilutive securities: Restricted stock awards 195 175 244 232 Denominator for diluted EPS – weighted average Class A common equivalent shares 29,637 29,538 29,675 29,590
Major Customers by Reporting Segments	Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 Ridgeway Revenues 10.7 % 10.0 % 10.6 % 10.5 % All Other Property Revenues 89.3 % 90.0 % 89.4 % 89.5 % Consolidated Revenue 100.0 % 100.0 % 100.0 % 100.0 % July 31, 2019 October 31, 2018 Ridgeway Assets 6.6 % 7.2 % All Other Property Assets 93.4 % 92.8 % Consolidated Assets (Note 1) 100.0 % 100.0 % Note 1 - Ridgeway did not have any significant expenditures for additions to long lived assets in the three and nine months ended July 31, 2019 or the year ended October 31, 2018. July 31, 2019 October 31, 2018 Ridgeway Percent Leased 97 % 96 % Ridgeway Significant Tenants (Percentage of Base Rent Billed): Nine Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 The Stop & Shop Supermarket Company 21 % 21 % 21 % 21 % Bed, Bath & Beyond 14 % 14 % 15 % 14 % Marshall’s Inc. 10 % 10 % 11 % 10 % All Other Tenants at Ridgeway (Note 2) 55 % 55 % 53 % 55 % Total 100 % 100 % 100 % 100 % Note 2 - No other tenant accounts for more than 10% of Ridgeway’s annual base rents in any of the periods presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway.
Segment Reporting Information by Segment	Income Statements (In Thousands): Nine Months Ended July 31, 2019 Three Months Ended July 31, 2019 Ridgeway All Other Operating Segments Total Consolidated Ridgeway All Other Operating Segments Total Consolidated Revenues $ 11,147 $ 92,150 $ 103,297 $ 3,745 $ 30,804 $ 34,549 Property Operating Expenses $ 3,243 $ 31,030 $ 34,273 $ 1,043 $ 9,797 $ 10,840 Interest Expense $ 1,278 $ 9,329 $ 10,607 $ 424 $ 3,073 $ 3,497 Depreciation and Amortization $ 1,768 $ 19,158 $ 20,926 $ 582 $ 6,419 $ 7,001 Net Income $ 4,857 $ 26,548 $ 31,405 $ 1,695 $ 9,732 $ 11,427 Income Statements (In Thousands): Nine Months Ended July 31, 2018 Three Months Ended July 31, 2018 Ridgeway All Other Operating Segments Total Consolidated Ridgeway All Other Operating Segments Total Consolidated Revenues $ 10,254 $ 92,555 $ 102,809 $ 3,434 $ 29,375 $ 32,809 Property Operating Expenses $ 2,894 $ 29,560 $ 32,454 $ 978 $ 9,126 $ 10,104 Interest Expense $ 1,439 $ 8,739 $ 10,178 $ 428 $ 3,011 $ 3,439 Depreciation and Amortization $ 1,986 $ 19,301 $ 21,287 $ 650 $ 6,720 $ 7,370 Net Income $ 3,935 $ 28,946 $ 32,881 $ 1,378 $ 8,402 $ 9,780

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	9 Months Ended
	Jul. 31, 2019
REAL ESTATE INVESTMENTS [Abstract]
Purchase Price Adjustments for Properties Acquired	The financial information set forth below summarizes the Company’s purchase price allocation for the property acquired during the nine months ended July 31, 2019 (in thousands). Lakeview Assets: Land $ 2,025 Building and improvements $ 10,620 In-place leases $ 772 Above market leases $ 459 Liabilities: In-place leases $ - Below Market Leases $ 1,123

CONSOLIDATED JOINT VENTURES A_2

CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Jul. 31, 2019
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 for the nine months ended July 31, 2019 and the fiscal year ended October 31, 2018 (amounts in thousands): July 31, 2019 October 31, 2018 Beginning Balance $ 78,258 $ 81,361 Change in Redemption Value 1,760 (2,674 ) Partial Redemption of UB High Ridge Noncontrolling Interest (1,003 ) (1,220 ) Partial Redemption of Dumont Noncontrolling Interest (630 ) - Partial Redemption of New City Noncontrolling Interest (91 ) - Initial New City Noncontrolling Interest - 791 Ending Balance $ 78,294 $ 78,258

INVESTMENTS IN AND ADVANCES T_2

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Tables)	9 Months Ended
	Jul. 31, 2019
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract]
Investments in and Advances to Unconsolidated Joint Ventures	At July 31, 2019 and October 31, 2018 investments in and advances to unconsolidated joint ventures consisted of the following (with the Company’s ownership percentage in parentheses) (amounts in thousands): July 31, 2019 October 31, 2018 Chestnut Ridge Shopping Center (50%) $ 12,165 $ 12,508 Plaza 59 - Cash (50%) 16 5,194 Gateway Plaza (50%) 6,977 6,680 Putnam Plaza Shopping Center (66.67%) 3,911 5,978 Midway Shopping Center, L.P. (11.642%) 4,380 4,509 Applebee's at Riverhead (50%) 1,896 1,842 81 Pondfield Road Company (20%) 723 723 Total $ 30,068 $ 37,434

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Jul. 31, 2019
STOCKHOLDERS' EQUITY [Abstract]
Non-vested Common and Class A Common Shares	A summary of the status of the Company’s non-vested Common and Class A Common shares as of July 31, 2019, and changes during the nine months ended July 31, 2019 is presented below: Common Shares Class A Common Shares Non-vested Shares Shares Weighted-Average Grant-Date Fair Value Shares Weighted-Average Grant-Date Fair Value Non-vested at October 31, 2018 1,255,900 $ 17.22 452,925 $ 21.13 Granted 137,200 $ 15.33 111,450 $ 18.84 Vested (247,000 ) $ 14.78 (77,000 ) $ 18.15 Forfeited - $ - (24,150 ) $ 21.58 Non-vested at July 31, 2019 1,146,100 $ 17.52 463,225 $ 21.07

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Jul. 31, 2019
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value of Financial Assets and Liabilities	The Company measures its redeemable noncontrolling interests, marketable equity and debt securities classified as available for sale securities and interest rate swap derivatives at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs (amount in thousands): Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) July 31, 2019 Assets: Interest Rate Swap Agreement $ 951 $ - $ 951 $ - Liabilities: Interest Rate Swap Agreement $ 4,785 $ - $ 4,785 $ - Redeemable noncontrolling interests $ 78,294 $ 22,319 $ 52,729 $ 3,246 October 31, 2018 Assets: Interest Rate Swap Agreement $ 7,011 $ - $ 7,011 $ - Available for Sale Securities $ 5,567 $ 5,567 $ - $ - Liabilities: Interest Rate Swap Agreement $ 114 $ - $ 114 $ - Redeemable noncontrolling interests $ 78,258 $ 22,131 $ 53,359 $ 2,768

ORGANIZATION, BASIS OF PRESEN_4

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Business (Details) ft² in Millions	9 Months Ended
	Jul. 31, 2019ft²Property
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Number of properties the Company owned or had equity interest in | Property	83
Gross leasable area of properties the Company owned or had equity interest in | ft²	5.3
Minimum real estate trust taxable income required to be distributed for REIT to be nontaxable	90.00%

ORGANIZATION, BASIS OF PRESEN_5

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Federal Income Taxes (Details)	9 Months Ended
	Jul. 31, 2019
Minimum [Member]
Federal Income Taxes [Abstract]
Tax years remaining open to examination by Internal Revenue Service	2016
Maximum [Member]
Federal Income Taxes [Abstract]
Tax years remaining open to examination by Internal Revenue Service	2018

ORGANIZATION, BASIS OF PRESEN_6

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Marketable Securities (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Oct. 31, 2018
Marketable Securities [Abstract]
Marketable Securities, (Gain) Loss	$ (403)	$ 0
REIT Securities [Member]
Marketable Securities [Abstract]
Fair market value			$ 5,567
Cost basis			4,998
Unrealized gain/(loss)			569
Gross unrealized gains			569
Gross unrealized (loss)			$ 0

ORGANIZATION, BASIS OF PRESEN_7

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Derivative Financial Instruments (Details) - Interest Rate Swap [Member] - Mortgage Loan [Member] - USD ($)	Jul. 31, 2019	Oct. 31, 2018
Derivative Financial Instruments [Abstract]
Mortgage loans subject to interest rate swap	$ 132,700,000
Average fixed annual rate on interest rate swap	3.93%
Deferred liabilities relating to fair value of interest rate swap	$ 4,800,000	$ 114,000
Deferred assets relating to fair value of interest rate swap	$ 951,000	$ 7,000,000

ORGANIZATION, BASIS OF PRESEN_8

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Comprehensive Income (Details) - USD ($)	Jul. 31, 2019	Oct. 31, 2018
Comprehensive Income [Abstract]
Net unrealized gains (losses) on marketable equity securities included in accumulated other comprehensive income		$ 569,000
Net unrealized gains (losses) on interest rate swap agreements included in accumulated other comprehensive income	$ (5,200,000)	$ 6,900,000

ORGANIZATION, BASIS OF PRESEN_9

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Depreciation (Details)	9 Months Ended
	Jul. 31, 2019
Buildings [Member] | Minimum [Member]
Depreciation [Abstract]
Estimated useful life	30 years
Buildings [Member] | Maximum [Member]
Depreciation [Abstract]
Estimated useful life	40 years
Property Improvements [Member] | Minimum [Member]
Depreciation [Abstract]
Estimated useful life	10 years
Property Improvements [Member] | Maximum [Member]
Depreciation [Abstract]
Estimated useful life	20 years
Furniture/Fixtures [Member] | Minimum [Member]
Depreciation [Abstract]
Estimated useful life	3 years
Furniture/Fixtures [Member] | Maximum [Member]
Depreciation [Abstract]
Estimated useful life	10 years
Tenant Improvements [Member]
Depreciation [Abstract]
Estimated useful life	Shorter of lease term or their useful life

ORGANIZATION, BASIS OF PRESE_10

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Properties Held for Sale (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2019	Jul. 31, 2018
Property Held for Sale [Abstract]
Gain (Loss) on sale of properties			$ (409,000)	$ 0
Revenues	$ 34,549,000	$ 32,809,000	103,297,000	102,809,000
Depreciation and amortization	(7,001,000)	(7,370,000)	(20,926,000)	(21,287,000)
Net Income	11,427,000	9,780,000	31,405,000	32,881,000
Amortization of remaining over-market value for terminated lease	157,000	832,000	448,000	1,097,000
Disposal Group, Not Discontinued Operations [Member] | Monroe, CT [Member]
Property Held for Sale [Abstract]
Proceeds from sale of property held for sale			3,700,000
Gain (Loss) on sale of properties			409,000
Revenues	30,000	94,000	210,000	284,000
Property operating expense	(14,000)	(34,000)	(66,000)	(91,000)
Depreciation and amortization	0	(21,000)	(41,000)	(62,000)
Net Income	$ 16,000	$ 39,000	$ 103,000	$ 131,000

ORGANIZATION, BASIS OF PRESE_11

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($)	Jul. 31, 2019	Oct. 31, 2018
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Straight-line rents receivable	$ 19,128,000	$ 18,375,000
Tenants receivable, allowance for doubtful accounts	$ 5,137,000	$ 4,800,000
Allowance of doubtful accounts against tenants receivables, percentage of deferred straight-line rents receivable	10.00%

ORGANIZATION, BASIS OF PRESE_12

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2019	Jul. 31, 2018
Numerator [Abstract]
Net income applicable to common and Class A common stockholders - basic	$ 7,270	$ 5,579	$ 18,922	$ 20,098
Common Stock [Member]
Numerator [Abstract]
Net income applicable to common and Class A common stockholders - basic	1,531	1,148	3,983	4,136
Effect of dilutive securities [Abstract]
Restricted stock awards	68	63	155	202
Net income applicable to common stockholders - diluted	$ 1,599	$ 1,211	$ 4,138	$ 4,338
Denominator [Abstract]
Denominator for basic EPS - weighted average common shares (in shares)	8,813	8,560	8,812	8,558
Effect of dilutive securities [Abstract]
Restricted stock awards (in shares)	585	673	501	589
Denominator for diluted EPS - weighted average common equivalent shares (in shares)	9,398	9,233	9,313	9,147
Class A Common Stock [Member]
Numerator [Abstract]
Net income applicable to common and Class A common stockholders - basic	$ 5,739	$ 4,431	$ 14,939	$ 15,962
Effect of dilutive securities [Abstract]
Restricted stock awards	(68)	(63)	(155)	(202)
Net income applicable to common stockholders - diluted	$ 5,671	$ 4,368	$ 14,784	$ 15,760
Denominator [Abstract]
Denominator for basic EPS - weighted average common shares (in shares)	29,431	29,358	29,442	29,363
Effect of dilutive securities [Abstract]
Restricted stock awards (in shares)	244	232	195	175
Denominator for diluted EPS - weighted average common equivalent shares (in shares)	29,675	29,590	29,637	29,538

ORGANIZATION, BASIS OF PRESE_13

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2019USD ($)ft²	Jul. 31, 2018USD ($)	Jul. 31, 2019USD ($)ft²Segment	Jul. 31, 2018USD ($)	Oct. 31, 2018
Segment Reporting [Abstract]
Number of reportable segments | Segment			1
Ridgeway Significant Tenants [Abstract]
Gross leasable area of properties the Company owned or had equity interest in | ft²	5,300,000		5,300,000
Income Statements [Abstract]
Revenues	$ 34,549	$ 32,809	$ 103,297	$ 102,809
Operating expenses	10,840	10,104	34,273	32,454
Interest expense	3,497	3,439	10,607	10,178
Depreciation and amortization	7,001	7,370	20,926	21,287
Income from continuing operations	$ 11,427	9,780	$ 31,405	32,881
Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Gross leasable area of properties the Company owned or had equity interest in | ft²	374,000		374,000
Percent leased			97.00%		96.00%
Income Statements [Abstract]
Revenues	$ 3,745	3,434	$ 11,147	10,254
Operating expenses	1,043	978	3,243	2,894
Interest expense	424	428	1,278	1,439
Depreciation and amortization	582	650	1,768	1,986
Income from continuing operations	1,695	1,378	4,857	3,935
All Other Operating Segments [Member]
Income Statements [Abstract]
Revenues	30,804	29,375	92,150	92,555
Operating expenses	9,797	9,126	31,030	29,560
Interest expense	3,073	3,011	9,329	8,739
Depreciation and amortization	6,419	6,720	19,158	19,301
Income from continuing operations	$ 9,732	$ 8,402	$ 26,548	$ 28,946
Sales Revenue, Net [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Sales Revenue, Net [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage	10.60%	10.50%	10.70%	10.00%
Sales Revenue, Net [Member] | All Other Operating Segments [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage	89.40%	89.50%	89.30%	90.00%
Assets, Total [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage			100.00%		100.00%
Assets, Total [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage			6.60%		7.20%
Assets, Total [Member] | All Other Operating Segments [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage			93.40%		92.80%
Base Rent [Member] | Customer Concentration Risk [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Base Rent [Member] | Customer Concentration Risk [Member] | The Stop & Shop Supermarket Company [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage	21.00%	21.00%	21.00%	21.00%
Base Rent [Member] | Customer Concentration Risk [Member] | Bed, Bath & Beyond [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage	15.00%	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]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage	11.00%	10.00%	10.00%	10.00%
Base Rent [Member] | Customer Concentration Risk [Member] | All Other Tenants at Ridgeway [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage	53.00%	55.00%	55.00%	55.00%

ORGANIZATION, BASIS OF PRESE_14

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, New Accounting Standards (Details)	Jul. 31, 2019USD ($)
Accounting Standards Update 2016-01 [Member] | Cumulative Distributions in Excess of Net Income [Member]
New Accounting Standards [Abstract]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (569,000)

REAL ESTATE INVESTMENTS (Detail

REAL ESTATE INVESTMENTS (Details)	3 Months Ended		9 Months Ended
	Jul. 31, 2019USD ($)ft²	Jul. 31, 2018USD ($)	Jul. 31, 2019USD ($)ft²	Jul. 31, 2018USD ($)
Business Acquisition [Line Items]
Amortization of above-market and below-market leases	$ 157,000	$ 832,000	$ 448,000	$ 1,097,000
Lakeview Shopping Center [Member]
Business Acquisition [Line Items]
Purchase price of property acquired			$ 12,000,000
Area of real estate property acquired | ft²	177,000		177,000
Land	$ 2,025,000		$ 2,025,000
Building and improvements	10,620,000		10,620,000
Estimated additional improvement costs to Lakeview Property			8,000,000
Additional improvements to property already incurred			4,200,000
Lakeview Shopping Center [Member] | In-Place Leases [Member]
Business Acquisition [Line Items]
Intangible assets	772,000		772,000
Intangible liabilities	0		0
Lakeview Shopping Center [Member] | Above/Below-Market Leases [Member]
Business Acquisition [Line Items]
Intangible assets	459,000		459,000
Intangible liabilities	$ 1,123,000		$ 1,123,000

MORTGAGE NOTES PAYABLE, BANK _2

MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS (Details) $ in Thousands	9 Months Ended
	Jul. 31, 2019USD ($)Bank	Jul. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Repayments of borrowings on facility	$ 41,500	$ 9,000
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 100,000
Number of syndicated banks | Bank	3
Option, maximum borrowing capacity	$ 150,000
Maturity date	Aug. 23, 2020
Extension period	1 year
Covenant compliance	The Company was in compliance with such covenants at July 31, 2019.
Borrowing under revolving credit facility	$ 25,500
Repayments of borrowings on facility	$ 41,500
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Commitment fee	0.15%
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Commitment fee	0.25%
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar [Member]
Line of Credit Facility [Line Items]
Benchmark interest rate	Eurodollar rate
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.35%
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.95%
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | The Bank of New York Mellon's Prime Rate [Member]
Line of Credit Facility [Line Items]
Benchmark interest rate	The Bank of New York Mellon's prime lending rate
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | The Bank of New York Mellon's Prime Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.35%
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | The Bank of New York Mellon's Prime Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.95%
BNY, Wells Fargo and Bank of Montreal [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000

MORTGAGE NOTES PAYABLE, BANK _3

MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS, Terms of Notes Payable (Details) - Mortgage Loan [Member] $ in Millions	9 Months Ended
	Jul. 31, 2019USD ($)
Darien, CT [Member]
Debt Instrument [Line Items]
Principal amount	$ 25
Fixed interest rate of interest rate derivative	4.815%
Benchmark interest rate	LIBOR
Basis spread on variable rate	1.65%
New mortgage loan term	10 years
Refinanced mortgage balance	$ 14.9
Newark, NJ [Member]
Debt Instrument [Line Items]
Principal amount	$ 10
New mortgage loan term	10 years
Stated interest rate	4.63%
Refinanced mortgage balance	$ 9.1
Brewster, NY [Member]
Debt Instrument [Line Items]
Principal amount	$ 12
Fixed interest rate of interest rate derivative	3.6325%
Benchmark interest rate	LIBOR
Basis spread on variable rate	1.75%
New mortgage loan term	10 years

CONSOLIDATED JOINT VENTURES A_3

CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Details)	9 Months Ended		12 Months Ended
	Jul. 31, 2019USD ($)PropertyInvestmentshares	Jul. 31, 2018USD ($)	Oct. 31, 2018USD ($)	Mar. 28, 2012
Business Acquisition [Line Items]
Number of real estate joint venture investments | Investment	6
Number of commercial real estate properties owned | Property	83
Redeemable non-controlling interests [Roll Forward]
Beginning Balance	$ 78,258,000	$ 81,361,000	$ 81,361,000
Change in Redemption Value	1,760,000	$ (270,000)	(2,674,000)
Redemption Value of UB High Ridge non-controlling interest	(1,003,000)		(1,220,000)
Redemption Value of UB Dumont I, LLC non-controlling interest	(630,000)		0
uba_ Redemption Value Of UB New City, LLC Non Controlling Interest	(91,000)		0
Initial Value of non-controlling interest for new investment - UB New City I , LLC	0		791,000
Ending Balance	$ 78,294,000		$ 78,258,000
UB Ironbound, LP ("Ironbound") [Member]
Business Acquisition [Line Items]
Ownership interest	84.00%
Percentage Ownership of Consolidated Joint Venture after Redemption	1
Additional investment in consolidated joint venture	$ 3,000,000
UB Orangeburg, LLC [Member]
Business Acquisition [Line Items]
Ownership interest	45.20%			2.92%
Additional investment in consolidated joint venture	$ 6,900,000
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%
UB High Ridge, LLC [Member]
Business Acquisition [Line Items]
Number of commercial real estate properties owned | Property	3
Cost of acquisition	$ 5,500,000
Ownership interest	12.60%
Fixed annual distribution	5.49%
Additional investment in consolidated joint venture	$ 2,200,000
UB Dumont I, LLC [Member]
Business Acquisition [Line Items]
Cost of acquisition	$ 3,900,000
Ownership interest	36.40%
Fixed annual distribution	5.05%
Additional investment in consolidated joint venture	$ 630,000
UB New City I, LLC [Member]
Business Acquisition [Line Items]
Cost of acquisition	$ 2,400,000
Ownership interest	78.20%
Fixed annual distribution	5.00%
Additional investment in consolidated joint venture	$ 91,300

INVESTMENTS IN AND ADVANCES T_3

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Details)	3 Months Ended		9 Months Ended
	Jul. 31, 2019USD ($)ft²	Jul. 31, 2018USD ($)	Jul. 31, 2019USD ($)ft²Subsidiary	Jul. 31, 2018USD ($)	Oct. 31, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 30,068,000		$ 30,068,000		$ 37,434,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 409,000	$ 0	$ 409,000	$ 0
Chestnut Ridge and Plaza 59 Shopping Centers [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%		50.00%
Gateway Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 6,977,000		$ 6,977,000		$ 6,680,000
Ownership interest	50.00%		50.00%		50.00%
Area of property | ft²	198,500		198,500
In-line space | ft²	27,000		27,000
Area of newly build and fully leased pad site | ft²	3,500		3,500
Gateway Plaza [Member] | Non-recourse First Mortgage Payable [Member]
Schedule of Equity Method Investments [Line Items]
Fixed interest rate	4.20%		4.20%
Maturity date			Mar. 1, 2024
Debt instrument, face amount	$ 12,100,000		$ 12,100,000
Walmart in Gateway Plaza Shopping Center [Member]
Schedule of Equity Method Investments [Line Items]
Area of property | ft²	168,000		168,000
Putnam Plaza Shopping Center [Member]
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 3,911,000		$ 3,911,000		$ 5,978,000
Ownership interest	66.67%		66.67%		66.67%
Area of property | ft²	189,000		189,000
Putnam Plaza Shopping Center [Member] | Non-recourse First Mortgage Payable [Member]
Schedule of Equity Method Investments [Line Items]
Fixed interest rate	4.81%		4.81%
Maturity date			Oct. 1, 2028
Debt instrument, face amount	$ 18,500,000		$ 18,500,000
Midway Shopping Center, L.P. [Member]
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 4,380,000		$ 4,380,000		$ 4,509,000
Ownership interest	11.642%		11.642%		11.642%
Area of property | ft²	247,000		247,000
Percentage of voting interests acquired	25.00%		25.00%
Excess of carrying amount over underlying equity allocated to real property	$ 7,400,000		$ 7,400,000
Estimated useful life of property			39 years
Midway Shopping Center, L.P. [Member] | Non-recourse First Mortgage Payable [Member]
Schedule of Equity Method Investments [Line Items]
Fixed interest rate	4.80%		4.80%
Maturity date			Dec. 31, 2027
Debt instrument, face amount	$ 26,900,000		$ 26,900,000
Applebee's at Riverhead [Member]
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 1,896,000		$ 1,896,000		$ 1,842,000
Ownership interest	50.00%		50.00%		50.00%
Area of property | ft²	5,400		5,400
Area of newly build and fully leased pad site | ft²	7,200		7,200
81 Pondfield Road Company [Member]
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 723,000		$ 723,000		$ 723,000
Ownership interest	20.00%		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 interest	50.00%		50.00%
Chestnut Ridge [Member]
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 12,165,000		$ 12,165,000		$ 12,508,000
Ownership interest	50.00%		50.00%		50.00%
Area of property | ft²	76,000		76,000
Plaza 59 Shopping Centers [Member]
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 16,000		$ 16,000		$ 5,194,000
Ownership interest	50.00%		50.00%		50.00%
Contract sale price of long lived asset held for sale			$ 10,000,000
Gain (Loss) on Disposition of Assets			$ 457,000

STOCKHOLDERS' EQUITY, Authorize

STOCKHOLDERS' EQUITY, Authorized Stock and Restricted Stock Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2019	Jul. 31, 2018	Oct. 31, 2018
Authorized Stock [Abstract]
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
Preferred Stock, shares authorized (in shares)	50,000,000		50,000,000
Common Stock [Member]
Authorized Stock [Abstract]
Common stock, shares authorized (in shares)	30,000,000		30,000,000		30,000,000
Class A Common Stock [Member]
Authorized Stock [Abstract]
Common stock, shares authorized (in shares)	100,000,000		100,000,000		100,000,000
Restricted Stock [Member]
Non-vested shares, weighted-average grant-date fair value [Roll forward]
Unamortized restricted stock compensation	$ 14,500,000		$ 14,500,000
Weighted average period for recognizing unamortized expense			4 years 8 months 12 days
Total amounts charged to compensation expense	$ 1,077,000	$ 1,155,000	$ 3,191,000	$ 3,249,000
Restricted Stock [Member] | Common Stock [Member]
Restricted Stock Plan [Abstract]
Number of shares awarded (in shares)			137,200
Non-vest shares, number of shares [Roll forward]
Non-vested, beginning of period (in shares)			1,255,900
Granted (in shares)			137,200
Vested (in shares)			(247,000)
Forfeited (in shares)			0
Non-vested, end of period (in shares)	1,146,100		1,146,100
Non-vested shares, weighted-average grant-date fair value [Roll forward]
Non-vested, beginning of period (in dollars per share)			$ 17.22
Granted (in dollars per share)			15.33
Vested (in dollars per share)			14.78
Forfeited (in dollars per share)			0
Non-vested, end of period (in dollars per share)	$ 17.52		$ 17.52
Restricted Stock [Member] | Class A Common Stock [Member]
Restricted Stock Plan [Abstract]
Number of shares awarded (in shares)			111,450
Non-vest shares, number of shares [Roll forward]
Non-vested, beginning of period (in shares)			452,925
Granted (in shares)			111,450
Vested (in shares)			(77,000)
Forfeited (in shares)			(24,150)
Non-vested, end of period (in shares)	463,225		463,225
Non-vested shares, weighted-average grant-date fair value [Roll forward]
Non-vested, beginning of period (in dollars per share)			$ 21.13
Granted (in dollars per share)			18.84
Vested (in dollars per share)			18.15
Forfeited (in dollars per share)			21.58
Non-vested, end of period (in dollars per share)	$ 21.07		$ 21.07
Restricted Stock Plan [Member] | Class A Common Shares or Common Shares [Member]
Restricted Stock Plan [Abstract]
Number of shares authorized (in shares)	5,500,000		5,500,000
Restricted Stock Plan [Member] | Restricted Stock [Member] | Common Stock [Member]
Restricted Stock Plan [Abstract]
Number of shares authorized (in shares)	350,000		350,000
Restricted Stock Plan [Member] | Restricted Stock [Member] | Class A Common Stock [Member]
Restricted Stock Plan [Abstract]
Number of shares authorized (in shares)	350,000		350,000
Restricted Stock Plan [Member] | Restricted Stock [Member] | Class A Common Shares or Common Shares [Member]
Restricted Stock Plan [Abstract]
Number of shares authorized (in shares)	4,800,000		4,800,000
Increase in shares available for grant (in shares)			1,000,000
Grant date fair value			$ 4,200,000

STOCKHOLDERS' EQUITY, Share Rep

STOCKHOLDERS' EQUITY, Share Repurchase Program and Preferred Stock (Details) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Jul. 31, 2019USD ($)QuarterDirector$ / sharesshares	Jul. 31, 2018USD ($)	Oct. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Proceeds received from sale of Class A Common Stock | $	$ 146	$ 148
Current Program [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased (in shares)	2,000,000
Common Stock [Member] | Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased since inception of all repurchase programs (in shares)	4,600
Class A Common Stock [Member] | Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased since inception of all repurchase programs (in shares)	919,991
Class A Common Stock [Member] | Current Program [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)	195,413
Series G Senior Redeemable Preferred Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Preferred stock, redemption price per share (in dollars per share) | $ / shares	$ 25
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
Preferred stock, dividend rate	6.75%		6.75%
Preferred stock, redemption date	Oct. 28, 2019
Series H Preferred Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Preferred stock, redemption price per share (in dollars per share) | $ / shares	$ 25
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
Preferred stock, dividend rate	6.25%		6.25%
Preferred stock, redemption date	Sep. 18, 2022

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2019	Jul. 31, 2018	Oct. 31, 2018	Oct. 31, 2017
Redeemable Noncontrolling Interest [Line Items]
Increase (decrease) in redemption value of noncontrolling interest	$ (380)	$ (2,832)	$ (1,760)	$ 270
Recurring [Member]
Assets [Abstract]
Interest Rate Swap Agreements	951		951		$ 7,011
Available-for-sale Securities					5,567
Liabilities [Abstract]
Interest Rate Swap Agreements	4,785		4,785		114
Redeemable noncontrolling interests	78,294		78,294		78,258
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Interest Rate Swap Agreements	0		0		0
Available-for-sale Securities					5,567
Liabilities [Abstract]
Interest Rate Swap Agreements	0		0		0
Redeemable noncontrolling interests	22,319		22,319		22,131
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Interest Rate Swap Agreements	951		951		7,011
Available-for-sale Securities					0
Liabilities [Abstract]
Interest Rate Swap Agreements	4,785		4,785		114
Redeemable noncontrolling interests	52,729		52,729		53,359
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Interest Rate Swap Agreements	0		0		0
Available-for-sale Securities					0
Liabilities [Abstract]
Interest Rate Swap Agreements	0		0		0
Redeemable noncontrolling interests	$ 3,246		3,246		2,768	$ 3,864
UB Ironbound, LP ("Ironbound") [Member]
Redeemable Noncontrolling Interest [Line Items]
Increase (decrease) in redemption value of noncontrolling interest			$ 478		$ (1,096)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	9 Months Ended
	Jul. 31, 2019USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments for capital improvements to properties and tenant related obligations	$ 6.2

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	Sep. 04, 2019	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2019	Jul. 31, 2018
Common Stock [Member]
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)		$ 0.245	$ 0.24	$ 0.735	$ 0.72
Common Class A [Member]
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)		$ 0.275	$ 0.27	$ 0.825	$ 0.81
Subsequent Event [Member] | Dividend Declared [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Dividend payable, date declared	Sep. 4, 2019
Cash dividends declared (in dollars per share)	$ 0.245
Dividends payable, date to be paid	Oct. 18, 2019
Dividends payable, record date	Oct. 4, 2019
Subsequent Event [Member] | Dividend Declared [Member] | Common Class A [Member]
Subsequent Event [Line Items]
Dividend payable, date declared	Sep. 4, 2019
Cash dividends declared (in dollars per share)	$ 0.275
Dividends payable, date to be paid	Oct. 18, 2019
Dividends payable, record date	Oct. 4, 2019