Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Oct. 31, 2020 | Jan. 08, 2021 | Apr. 30, 2020 | |
Entity Listings [Line Items] | |||
Entity Registrant Name | URSTADT BIDDLE PROPERTIES INC | ||
Entity Central Index Key | 0001029800 | ||
Current Fiscal Year End Date | --10-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-12803 | ||
Entity Tax Identification Number | 04-2458042 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Address, Address Line One | 321 Railroad Avenue | ||
Entity Address, City or Town | Greenwich | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06830 | ||
City Area Code | 203 | ||
Local Phone Number | 863-8200 | ||
Common Stock [Member] | |||
Entity Listings [Line Items] | |||
Entity Public Float | $ 25,177,380 | ||
Entity Common Stock, Shares Outstanding | 10,179,502 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | UBP | ||
Security Exchange Name | NYSE | ||
Class A Common Stock [Member] | |||
Entity Listings [Line Items] | |||
Entity Public Float | $ 430,431,595 | ||
Entity Common Stock, Shares Outstanding | 30,122,105 | ||
Title of 12(b) Security | Class A Common Stock, par value $.01 per share | ||
Trading Symbol | UBA | ||
Security Exchange Name | NYSE | ||
5.875% Series K Cumulative Preferred Stock [Member] | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 5.875% Series K Cumulative Preferred Stock | ||
Trading Symbol | UBPPRK | ||
Security Exchange Name | NYSE | ||
Common Stock Rights to Purchase Preferred Shares [Member] | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock Rights to Purchase Preferred Shares | ||
Trading Symbol | N/A | ||
Security Exchange Name | NYSE | ||
6.25% Series H Preferred Stock [Member] | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 6.25% Series H Cumulative Preferred Stock | ||
Trading Symbol | UBPPRH | ||
Security Exchange Name | NYSE | ||
Class A Common Stock Rights to Purchase Preferred Shares [Member] | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Class A Common Stock Rights to Purchase Preferred Shares | ||
Trading Symbol | N/A | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2020 | Oct. 31, 2019 |
Real Estate Investments: | ||
Real Estate - at cost | $ 1,149,182 | $ 1,141,770 |
Less: Accumulated depreciation | (261,325) | (241,154) |
Investment property at cost - net | 887,857 | 900,616 |
Investments in and advances to unconsolidated joint ventures | 28,679 | 29,374 |
Total real estate investments | 916,536 | 929,990 |
Cash and cash equivalents | 40,795 | 94,079 |
Tenant receivables | 25,954 | 22,854 |
Prepaid expenses and other assets | 18,263 | 15,513 |
Deferred charges, net of accumulated amortization | 8,631 | 9,868 |
Total Assets | 1,010,179 | 1,072,304 |
Liabilities: | ||
Revolving credit line | 35,000 | 0 |
Mortgage notes payable and other loans | 299,434 | 306,606 |
Preferred Stock, Redemption Amount | 0 | 75,000 |
Accounts payable and accrued expenses | 18,033 | 11,416 |
Deferred compensation - officers | 20 | 53 |
Other liabilities | 24,550 | 21,629 |
Total Liabilities | 377,037 | 414,704 |
Redeemable Noncontrolling Interests | 62,071 | 77,876 |
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 | 526,027 | 520,988 |
Cumulative distributions in excess of net income | (164,651) | (158,213) |
Accumulated other comprehensive income | (15,707) | (8,451) |
Total Stockholders' Equity | 571,071 | 579,724 |
Total Liabilities and Stockholders' Equity | 1,010,179 | 1,072,304 |
6.25% Series H Cumulative Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Cumulative Preferred Stock $25 Par Value | 115,000 | 115,000 |
5.875% Series K Cumulative Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Cumulative Preferred Stock $25 Par Value | 110,000 | 110,000 |
Common Stock [Member] | ||
Stockholders' Equity: | ||
Common Stock, par value $.01 per share | 102 | 101 |
Class A Common Stock [Member] | ||
Stockholders' Equity: | ||
Common Stock, par value $.01 per share | $ 300 | $ 299 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
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] | 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) | 10,073,652 | 9,963,751 |
Common stock, shares outstanding (in shares) | 10,073,652 | 9,963,751 |
Common Stock [Member] | 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) | 29,996,305 | 29,893,241 |
Common stock, shares outstanding (in shares) | 29,996,305 | 29,893,241 |
Preferred Stock [Member] | 6.75% Series G Cumulative Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock, dividend rate | 6.75% | |
Preferred Stock [Member] | 6.25% Series H Cumulative 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 |
Preferred Stock [Member] | 5.875% Series K Cumulative Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock, dividend rate | 5.875% | 5.875% |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares issued (in shares) | 4,400,000 | 4,400,000 |
Preferred stock, shares outstanding (in shares) | 4,400,000 | 4,400,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Revenues | |||
Lease income | $ 120,941,000 | $ 132,287,000 | $ 127,230,000 |
Lease termination | 705,000 | 221,000 | 3,795,000 |
Other | 5,099,000 | 4,374,000 | 3,697,000 |
Total Revenues | 126,745,000 | 136,882,000 | 134,722,000 |
Expenses | |||
Property operating | 19,542,000 | 22,151,000 | 22,235,000 |
Property taxes | 23,464,000 | 23,363,000 | 21,167,000 |
Depreciation and amortization | 29,187,000 | 27,930,000 | 28,327,000 |
General and administrative | 10,643,000 | 9,405,000 | 9,223,000 |
Directors' fees and expenses | 373,000 | 346,000 | 344,000 |
Total Operating Expenses | 83,209,000 | 83,195,000 | 81,296,000 |
Operating Income | 43,536,000 | 53,687,000 | 53,426,000 |
Non-Operating Income (Expense): | |||
Interest expense | (13,508,000) | (14,102,000) | (13,678,000) |
Equity in net income from unconsolidated joint ventures | 1,433,000 | 1,241,000 | 2,085,000 |
Gain on sale of marketable securities | 258,000 | 403,000 | 0 |
Interest, dividends and other investment income | 398,000 | 403,000 | 350,000 |
Gain (loss) on sale of property | (6,047,000) | (19,000) | 0 |
Net Income | 26,070,000 | 41,613,000 | 42,183,000 |
Noncontrolling interests: | |||
Net income attributable to noncontrolling interests | (3,887,000) | (4,333,000) | (4,716,000) |
Net income attributable to Urstadt Biddle Properties Inc. | 22,183,000 | 37,280,000 | 37,467,000 |
Preferred stock dividends | (13,650,000) | (12,789,000) | (12,250,000) |
Redemption of preferred stock | 0 | (2,363,000) | 0 |
Net Income (Loss) Applicable to Common and Class A Common Stockholders | 8,533,000 | 22,128,000 | 25,217,000 |
Common Stock [Member] | |||
Noncontrolling interests: | |||
Net Income (Loss) Applicable to Common and Class A Common Stockholders | $ 1,849,000 | $ 4,659,000 | $ 5,173,000 |
Basic Earnings Per Share: | |||
Per Common Share (in dollars per share) | $ 0.20 | $ 0.53 | $ 0.61 |
Diluted Earnings Per Share: | |||
Per Common Share (in dollars per share) | $ 0.20 | $ 0.52 | $ 0.60 |
Class A Common Stock [Member] | |||
Noncontrolling interests: | |||
Net Income (Loss) Applicable to Common and Class A Common Stockholders | $ 6,684,000 | $ 17,469,000 | $ 20,044,000 |
Basic Earnings Per Share: | |||
Per Common Share (in dollars per share) | $ 0.23 | $ 0.59 | $ 0.68 |
Diluted Earnings Per Share: | |||
Per Common Share (in dollars per share) | $ 0.22 | $ 0.58 | $ 0.67 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net Income | $ 26,070 | $ 41,613 | $ 42,183 |
Other comprehensive loss: | |||
Change in unrealized gain on marketable equity securities | 0 | 0 | 569 |
Change in unrealized gain (loss) on interest rate swaps | (6,546) | (13,651) | 4,155 |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period for Equity Investee Companies - Net Of Tax | (710) | (1,697) | 0 |
Total comprehensive income (loss) | 18,814 | 26,265 | 46,907 |
Comprehensive income attributable to noncontrolling interests | (3,887) | (4,333) | (4,716) |
Total comprehensive income (loss) attributable to Urstadt Biddle Properties Inc. | 14,927 | 21,932 | 42,191 |
Preferred stock dividends | (13,650) | (12,789) | (12,250) |
Redemption of preferred stock | 0 | (2,363) | 0 |
Total comprehensive income (loss) applicable to Common and Class A Common Stockholders | $ 1,277 | $ 6,780 | $ 29,941 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 26,070,000 | $ 41,613,000 | $ 42,183,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 29,187,000 | 27,930,000 | 28,327,000 |
Straight-line rent adjustment | (2,641,000) | (914,000) | (957,000) |
Provisions for tenant credit losses | 6,244,000 | 956,000 | 859,000 |
Restricted stock compensation expense and other adjustments | 5,448,000 | 4,381,000 | 4,085,000 |
Deferred compensation arrangement | (33,000) | (19,000) | (24,000) |
(Gain) on sale of marketable securities | (258,000) | (403,000) | 0 |
(Gain) loss on sale of properties | 6,047,000 | 19,000 | 0 |
Equity in net (income) of unconsolidated joint ventures | (1,433,000) | (1,241,000) | (2,085,000) |
Distributions of operating income from unconsolidated joint ventures | 1,433,000 | 1,241,000 | 2,085,000 |
Changes in operating assets and liabilities: | |||
Tenant receivables | (6,715,000) | (314,000) | (956,000) |
Accounts payable and accrued expenses | 609,000 | (8,142,000) | 161,000 |
Other assets and other liabilities, net | (2,075,000) | 7,210,000 | (2,094,000) |
Net Cash Flow Provided by Operating Activities | 61,883,000 | 72,317,000 | 71,584,000 |
Cash Flows from Investing Activities: | |||
Acquisitions of real estate investments | 0 | (11,751,000) | (6,910,000) |
Investments in and advances to unconsolidated joint ventures | 0 | (574,000) | 0 |
Deposits on acquisition of real estate investment | (1,030,000) | 0 | 0 |
Deposits on real estate investments | 530,000 | 0 | (1,000,000) |
Improvements to properties and deferred charges | (22,336,000) | (18,681,000) | (8,184,000) |
Proceeds from sale of property | 3,732,000 | 3,372,000 | 0 |
Purchase of available for sale securities | (6,983,000) | 0 | (4,999,000) |
Proceeds from the sale of available for sale securities | 7,240,000 | 5,970,000 | 0 |
Return of capital from unconsolidated joint ventures | 27,000 | 6,925,000 | 553,000 |
Net Cash Flow (Used in) Investing Activities | (18,820,000) | (14,739,000) | (20,540,000) |
Cash Flows from Financing Activities: | |||
Dividends paid - Common and Class A Common Stock | (30,018,000) | (42,600,000) | (41,626,000) |
Dividends paid - Preferred Stock | (14,188,000) | (12,789,000) | (12,250,000) |
Principal amortization repayments on mortgage notes payable | (7,089,000) | (6,441,000) | (6,427,000) |
Proceeds from mortgage note payable and other loans | 0 | 47,000,000 | 10,000,000 |
Repayment of mortgage note payable and other loans | 0 | (27,001,000) | (17,624,000) |
Proceeds from revolving credit line borrowings | 35,000,000 | 25,500,000 | 33,595,000 |
Sales of additional shares of Common and Class A Common Stock | 149,000 | 193,000 | 196,000 |
Repayment of revolving credit line borrowings | 0 | (54,095,000) | (9,000,000) |
Acquisitions of noncontrolling interests | (758,000) | (5,134,000) | (1,220,000) |
Distributions to noncontrolling interests | (3,887,000) | (4,333,000) | (4,716,000) |
Repurchase of shares of Class A Common Stock | 0 | 0 | (120,000) |
Payment of taxes on shares withheld for employee taxes | (573,000) | (270,000) | (241,000) |
Net proceeds from issuance of Preferred Stock | 17,000 | 106,186,000 | 0 |
Redemption of preferred stock | (75,000,000) | 0 | 0 |
Net Cash Flow (Used in) Financing Activities | (96,347,000) | 26,216,000 | (49,433,000) |
Net Increase/(Decrease) In Cash and Cash Equivalents | (53,284,000) | 83,794,000 | 1,611,000 |
Cash and Cash Equivalents at Beginning of Year | 94,079,000 | 10,285,000 | 8,674,000 |
Cash and Cash Equivalents at End of Year | $ 40,795,000 | $ 94,079,000 | $ 10,285,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Preferred Stock [Member]6.75% Series G Cumulative Preferred Stock [Member] | Preferred Stock [Member]6.25% Series H Preferred Stock [Member] | Preferred Stock [Member]5.875% Series K Cumulative Preferred Stock [Member] | Common 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 | $ 0 | $ 97 | $ 297 | $ 514,217 | $ (120,123) | $ 2,742 | $ 587,230 | |||||
Balance (in shares) at Oct. 31, 2017 | 3,000,000 | 4,600,000 | 0 | 9,664,778 | 29,728,744 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income applicable to Common and Class A common stockholders | 25,217 | 25,217 | $ 5,173 | $ 20,044 | ||||||||||
Change in unrealized gains on marketable securities | 569 | 569 | ||||||||||||
Change in unrealized gain (loss) on interest rate swaps including equity investee companies | 4,155 | 4,155 | ||||||||||||
Cash dividends paid: | ||||||||||||||
Common stock | $ (9,426) | $ (9,426) | $ (32,200) | (32,200) | ||||||||||
Issuance of shares under dividend reinvestment plan | $ 0 | $ 0 | 197 | 197 | ||||||||||
Issuance of shares under dividend reinvestment plan (in shares) | 4,528 | 5,766 | ||||||||||||
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 (in shares) | (10,886) | |||||||||||||
Shares withheld for employee taxes | $ 0 | (240) | (240) | |||||||||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | |||||||||||
Forfeiture of restricted stock (in shares) | (4,950) | |||||||||||||
Restricted stock compensation and other adjustments | 4,085 | 4,085 | ||||||||||||
Repurchase of common stock | $ 0 | (120) | (120) | |||||||||||
Repurchase of common stock (in shares) | (6,660) | |||||||||||||
Adjustments to redeemable noncontrolling interests | 2,674 | 2,674 | ||||||||||||
Balance at Oct. 31, 2018 | $ 75,000 | $ 115,000 | $ 0 | $ 99 | $ 298 | 518,136 | (133,858) | 7,466 | 582,141 | |||||
Balance (in shares) at Oct. 31, 2018 | 3,000,000 | 4,600,000 | 0 | 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 | 22,128 | 22,128 | 4,659 | 17,469 | ||||||||||
Change in unrealized gains on marketable securities | 0 | |||||||||||||
Change in unrealized gain (loss) on interest rate swaps including equity investee companies | (15,348) | (15,348) | ||||||||||||
Cash dividends paid: | ||||||||||||||
Common stock | (9,762) | (32,838) | (9,762) | (32,838) | ||||||||||
Issuance of shares under dividend reinvestment plan | $ 0 | $ 0 | 193 | 193 | ||||||||||
Issuance of shares under dividend reinvestment plan (in shares) | 4,545 | 5,417 | ||||||||||||
Shares issued under restricted stock plan | $ 2 | $ 1 | (3) | 0 | ||||||||||
Shares issued under restricted stock plan (in shares) | 137,200 | 111,450 | ||||||||||||
Shares withheld for employee taxes (in shares) | (14,290) | |||||||||||||
Shares withheld for employee taxes | $ 0 | (269) | (269) | |||||||||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | |||||||||||
Forfeiture of restricted stock (in shares) | (24,150) | |||||||||||||
Issuance of Preferred Stock | $ 110,000 | (3,465) | 106,535 | |||||||||||
Issuance of Preferred Stock (in shares) | 4,400,000 | |||||||||||||
Redemption of Preferred Stock Series | $ (75,000) | 2,363 | (72,637) | |||||||||||
Redemption of Preferred Stock (in shares) | (3,000,000) | |||||||||||||
Restricted stock compensation and other adjustments | 4,033 | 4,033 | ||||||||||||
Adjustments to redeemable noncontrolling interests | (4,452) | (4,452) | ||||||||||||
Balance at Oct. 31, 2019 | $ 0 | $ 115,000 | $ 110,000 | $ 101 | $ 299 | 520,988 | (158,213) | (8,451) | 579,724 | |||||
Balance (in shares) at Oct. 31, 2019 | 0 | 4,600,000 | 4,400,000 | 9,963,751 | 29,893,241 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income applicable to Common and Class A common stockholders | 8,533 | 8,533 | 1,849 | 6,684 | ||||||||||
Change in unrealized gains on marketable securities | 0 | |||||||||||||
Change in unrealized gain (loss) on interest rate swaps including equity investee companies | (7,256) | (7,256) | ||||||||||||
Cash dividends paid: | ||||||||||||||
Common stock | $ (6,923) | $ (23,095) | $ (6,923) | $ (23,095) | ||||||||||
Issuance of shares under dividend reinvestment plan | $ 0 | $ 0 | 149 | 149 | ||||||||||
Issuance of shares under dividend reinvestment plan (in shares) | 4,451 | 6,837 | ||||||||||||
Shares issued under restricted stock plan | $ 1 | $ 1 | (2) | 0 | ||||||||||
Shares issued under restricted stock plan (in shares) | 105,450 | 120,800 | ||||||||||||
Shares withheld for employee taxes (in shares) | (23,873) | |||||||||||||
Shares withheld for employee taxes | $ 0 | (573) | (573) | |||||||||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | |||||||||||
Forfeiture of restricted stock (in shares) | (700) | |||||||||||||
Restricted stock compensation and other adjustments | 5,465 | 5,465 | ||||||||||||
Adjustments to redeemable noncontrolling interests | 15,047 | 15,047 | ||||||||||||
Balance at Oct. 31, 2020 | $ 0 | $ 115,000 | $ 110,000 | $ 102 | $ 300 | $ 526,027 | $ (164,651) | $ (15,707) | $ 571,071 | |||||
Balance (in shares) at Oct. 31, 2020 | 0 | 4,600,000 | 4,400,000 | 10,073,652 | 29,996,305 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Preferred Stock [Member] | 6.75% Series G Cumulative Preferred Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Preferred stock, dividend rate | 6.75% | 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% | 6.25% | 6.25% |
Preferred Stock [Member] | 5.875% Series K Cumulative Preferred Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Preferred stock, dividend rate | 5.875% | 5.875% | |
Common Stock [Member] | Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock, dividends per share declared (in dollars per share) | $ 0.6875 | $ 0.98 | $ 0.96 |
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) | $ 0.77 | $ 1.10 | $ 1.08 |
ORGANIZATION, BASIS OF PRESENTA
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Oct. 31, 2020 | |
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (1) ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Urstadt Biddle Properties Inc. (“Company”), a Maryland Corporation, is a real estate investment trust (REIT), engaged in the acquisition, ownership and management of commercial real estate, primarily neighborhood and community shopping centers in the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York. The Company's major tenants include supermarket chains and other retailers who sell basic necessities. At October 31, 2020, the Company owned or had equity interests in 81 properties containing a total of 5.3 million square feet of gross leasable area ("GLA"). COVID-19 Pandemic On March 11, 2020, the novel coronavirus disease (“COVID-19”) was declared a pandemic (“COVID-19 pandemic”) by the World Health Organization as the disease spread throughout the world. During March 2020, measures to prevent the spread of COVID-19 were initiated, primarily focused on social distancing practices. The virus continued to spread among more populated cities and communities resulting in federal, state and local government agencies issuing regulatory orders enforcing social distancing and limiting group gatherings in order to further prevent the spread of COVID-19. While laws vary by state, generally, businesses deemed essential to the public have been able to operate while non-essential businesses were initially not allowed to operate, but, in most instances, have now been allowed to operate at various operational levels. Grocery stores, pharmacies and wholesale clubs, which anchor properties that make up 84% of our GLA, are considered essential businesses and have remained open and operational to serve the residents of their communities throughout the entire pandemic. Many restaurants are also considered essential, although social distancing and group gathering limitations generally prevent or limit dine-in activity, forcing them to evaluate alternate means of operations, such as outdoor dining, delivery and pick-up, or to elect to remain closed during this pandemic. As of October 31, most non-essential businesses have also been permitted to operate, in some cases subject to modified operation procedures. The duration and severity of this pandemic are still uncertain and continue to evolve. As done every reporting period, management assesses whether there are any indicators that the value of its real estate investments may be impaired and has concluded that none of its investment properties are impaired at October 31, 2020. However, the COVID-19 pandemic has significantly impacted many of the retail sectors in which the Company’s tenants operate and if the effects of the pandemic are prolonged, it could have a significant adverse impact to the underlying businesses of many of the Company’s tenants. The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID-19 pandemic and will continue to assess its asset portfolio for any impairment indicators. In addition, the extent to which the COVID-19 pandemic impacts the Company’s financial condition, results of operations and cash flows, in the near term, will depend on future developments, which are highly uncertain and cannot be predicted at this time. Principles of Consolidation and Use of Estimates The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures in which the Company meets certain criteria of a sole general partner in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, "Consolidation." The Company has determined that such joint ventures should be consolidated into the consolidated financial statements of the Company. In accordance with ASC Topic 970-323, "Real Estate-General-Equity Method and Joint Ventures;" joint ventures that the Company does not control but otherwise exercises significant influence in, are accounted for under the equity method of accounting. See Note 6 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition, fair value measurements and the collectability of tenant receivables. Actual results could differ from these estimates. Federal Income Taxes The Company has elected to be treated as a real estate investment trust under Sections 856-860 of the Internal Revenue Code ("Code"). Under those sections, a REIT that, among other things, distributes at least 90% of real estate trust taxable income and meets certain other qualifications prescribed by the Code will not be taxed on that portion of its taxable income that is distributed. The Company believes it qualifies as a REIT and intends to distribute all of its taxable income for fiscal 2020 in accordance with the provisions of the Code. Accordingly, no provision has been made for Federal income taxes in the accompanying consolidated financial statements. The Company follows the provisions of ASC Topic 740, “Income Taxes,” that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of October 31, 2020. As of October 31, 2020, the fiscal tax years 2016 through and including 2019 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. Acquisitions of Real Estate Investments and Capitalization Policy Acquisition of Real Estate Investments: 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 which do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as 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 and Amortization The Company uses the straight-line method for depreciation and amortization. Real estate investment properties are depreciated over the estimated useful lives of the properties, which range from 30 to 40 years. Property improvements are depreciated over the estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over the estimated useful lives that range from 3 to 10 years. Tenant improvements are amortized over the shorter of the life of the related leases or their useful life. Sale of Investment Property and Property Held for Sale The Company reports properties that are either disposed of or are classified as held for sale in continuing operations in the consolidated statement of income if the removal, or anticipated removal, of the asset(s) from the reporting entity does not represent a strategic shift that has or will have a major effect on an entity's operations and financial results when disposed of. In January 2020, the Company entered into a purchase and sale agreement, subject to certain conditions, to sell a 29,000 square foot portion of its property located in Pompton Lakes, NJ (the "Pompton Lakes Property") to an unrelated third party for a sale price of $2.8 million. In accordance with ASC Topic 360-10-45, that portion of the property met all the criteria to be classified as held for sale in September of fiscal 2020, and accordingly the Company recorded a loss on property held for sale of $5.7 million, which loss was included in continuing operations in the consolidated statement of income for the year ended October 31, 2020. The amount of the loss represented the net carrying amount of that portion of the property over the fair value of that portion of the asset less estimated cost to sell. The net book value of that portion of the Pompton Lakes Property was insignificant to financial statement presentation and, as a result, the Company did not include that portion of the asset as held for sale on its consolidated balance sheet at October 31, 2020. In December 2020, the sale of that portion of the property was completed. In January 2020, the Company sold for $1.3 million its retail property located in Carmel, NY (the "Carmel Property"), as that property no longer met the Company's investment objectives. In conjunction with the sale, the Company realized a loss on sale of the Carmel property in the amount of $242,000, which loss is included in continuing operations in the consolidated statement of income for the year ended October 31, 2020. In August 2019, the Company entered into a purchase and sale agreement to sell its property located in Bernardsville, NJ (the "Bernardsville Property"), to an unrelated third party for a sale price of $2.7 million as that property no longer met its investment objectives. In accordance with ASC Topic 360-10-45, the property met all the criteria to be classified as held for sale in the fourth quarter of fiscal 2019, and accordingly the Company recorded a loss on property held for sale of $434,000, which loss was included in continuing operations in the consolidated statement of income for the year ended October 31, 2019. The amount of the loss represented the net carrying amount of the property over the fair value of the asset less estimated cost to sell. The net book value of the Bernardsville Property was insignificant to financial statement presentation and as a result the Company did not include the asset as held for sale on its consolidated balance sheet at October 31, 2019. In December 2019 (fiscal 2020), the Bernardsville Property sale was completed and the Company realized an additional loss on sale of property of $86,000, which loss is included in continuing operations in the consolidated statement of income for the year ended October 31, 2020. In June 2019, the Company sold for $3.7 million its property located in Monroe, CT (the "Monroe Property"), 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 $416,000, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2019. The combined operating results of the Monroe Property, the Bernardsville Property, the Carmel Property and the sold portion of the Pompton Lakes properties, which are included in continuing operations, were as follows (amounts in thousands): Year Ended October 31, 2020 2019 2018 Revenues $ 17 $ 612 $ 666 Property operating expense (282 ) (629 ) (691 ) Depreciation and amortization (219 ) (393 ) (417 ) Net Income (loss) $ (484 ) $ (410 ) $ (442 ) Deferred Charges Deferred charges consist principally of leasing commissions (which are amortized ratably over the life of the tenant leases). Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of $5,115,000 and $4,861,000 as of October 31, 2020 and 2019, respectively. Asset Impairment On a periodic basis, management assesses whether there are any indicators that the value of its real estate investments may be impaired. A property value is considered impaired when management’s estimate of current and projected operating cash flows (undiscounted and without interest) of the property over its remaining useful life is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the loss is measured as the excess of the net carrying amount of the property over the fair value of the asset. Changes in estimated future cash flows due to changes in the Company’s plans or market and economic conditions could result in recognition of impairment losses which could be substantial. As of October 31, 2020, management does not believe that the value of any of its real estate investments is impaired. However, as described above, the COVID-19 pandemic has significantly impacted many of the retail sectors in which the Company’s tenants operate and if the effects of the pandemic are prolonged, it could have a significant adverse impact to the underlying businesses of many of the Company’s tenants. The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID-19 pandemic and will continue to assess its asset portfolio for any impairment indicators. Lease Income, Revenue Recognition and Tenant Receivables Lease Income: The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base rent, with designated increases over the term of the lease. Some of the lease agreements contain provisions that provide for additional rents based on tenants' sales volume ("percentage rent"). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. Additionally, most all lease agreements contain provisions for reimbursement of the tenants' share of actual real estate taxes, insurance and Common Area Maintenance ("CAM") costs (collectively, "Recoverable Costs") incurred. Lease terms generally range from to years for tenant spaces under square feet (“Shop Space”) and in excess of years for spaces greater than square feet (“Anchor Spaces”). Many leases also provide the option for the tenants to extend their lease beyond the initial term of the lease. If the tenants do not exercise renewal options and the leases mature, the tenants must relinquish their space so it can be leased to a new tenant, which generally involves some level of cost to prepare the space for re-leasing. These costs are capitalized and depreciated over the shorter of the life of the subsequent lease or the life of the improvement. On , the Company adopted the new accounting guidance in ASC Topic , "Leases," including all related Accounting Standard Updates (“ASU's”). The Company elected to use the modified retrospective transition method provided in ASU (the "adoption date method"). Under this method, the effective date of is the date of initial application. In connection with the adoption of ASC Topic , the Company elected a package of practical expedients, transition options, and accounting policy elections as follows: ● Package of practical expedients - applied to all leases, allowing the Company not to reassess (i) whether expired or existing contracts contain leases under the new definition of a lease, (ii) lease classification for expired or existing leases, and (iii) whether previously capitalized initial direct costs would qualify for capitalization under Topic 842; and ● Lessor separation and allocation practical expedient - the Company elected, as lessor, to aggregate non-lease components with the related lease component if certain conditions are met, and account for the combined component based on its predominant characteristic, which generally results in combining lease and non-lease components of its tenant lease contracts to a single line shown as lease income in the accompanying consolidated statements of income. The Company's existing leases were not re-evaluated and continue to be classified as operating leases, as per the practical expedient package elected above. New and modified leases will now require evaluation of specific classification criteria, which, based on the customary terms of the Company's leases, should continue to be classified as operating leases. However, certain longer-term leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in selling profit and an accelerated pattern of earnings recognition. CAM is a non-lease component of the lease contract under ASC Topic , and therefore would be accounted for under ASC Topic , "Revenue from Contracts with Customers," and presented separate from lease income in the accompanying consolidated statements of income, based on an allocation of the overall contract price, which is not necessarily the amount that would be billable to the tenants for CAM reimbursements per the terms of the lease contract. As the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenants' use of the underlying lease asset, the Company elected, as part of the package of practical expedients, to combine CAM with the remaining lease components, along with tenants' reimbursement of real estate taxes and insurance, and recognize them together as lease income in the accompanying Statements of Income. Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectability is considered probable at the commencement date. At lease commencement, the Company expects that collectability is probable for all of its leases due to the Company’s credit checks on tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from all operating leases is initially recognized on a straight-line basis. Lease income each period is reduced by amounts considered uncollectable on a lease-by-lease basis, with any changes in collectability assessments recognized as a current period adjustment to lease income. For operating leases in which collectability of lease income is not considered probable, lease income is recognized on a cash basis and all previously recognized uncollectable lease income, including straight-line rental income, is reversed in the period in which the lease income is determined not to be probable of collection. ASC Topic also changes the treatment of leasing costs, such that non-contingent internal leasing and legal costs associated with leasing activities can longer be capitalized. The Company, as a lessor, may only defer as initial direct costs the incremental costs of a tenant operating lease that would not have been incurred if the lease had not been obtained. These costs generally include party broker payments, which are capitalized to deferred costs in the accompanying consolidated balance sheets and amortized over the expected term of the lease to depreciation and amortization expense in the accompanying consolidated statements of income. There was change to operating income upon the adoption of ASC Topic and related ASU's. COVID -19 Pandemic Beginning in , many of the Company's properties were, and continue to be, negatively impacted by the COVID pandemic, as state governments mandated the closure of non-essential businesses to prevent the spread of COVID , forcing many of our tenants’ businesses to close or reduce operations. As a result, of approximately tenants in the Company's consolidated portfolio, representing square feet and approximately of the Company's annualized base rent, have asked for some type of rent deferral or concession. S ubsequently, approximately of the tenants withdrew their requests for rent relief or paid their rent in full. The Company has, and will continue to evaluate each request on a case-by-case basis to determine an appropriate course of action, recognizing that in many cases some type of concession may be appropriate and beneficial to the long-term interests of the Company. In evaluating these requests, the Company has been and will continue to consider many factors, including the tenant's financial strength, the tenant's operating history, potential co-tenancy impacts, the tenant's contribution to the shopping center in which it operates, the Company's assessment of the tenant's long-term viability, the difficulty or ease with which the tenant could be replaced and other factors. Each negotiation is specific to the tenant making the request. The primary strategy of the Company is that most of these concessions will be in the form of deferred rent for some portion of rents due in through to be paid over a later part of the lease, preferably within a period of year or less, but in some instances the Company determined that it was more appropriate to abate some portion of base rents for some tenants between and . As of , the Company has completed lease modifications, consisting of base rent deferrals totaling $ and rent abatements totaling $ million as of . The Company has increased its uncollectable amounts in lease income for the year ended for tenants it felt were affected by the COVID pandemic (see below and in Note ). In , in response to the COVID pandemic, the FASB staff issued guidance that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID pandemic consistent with how those concessions would be accounted for under Topic , as if enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the lease contract). Consequently, for concessions related to the effects of the COVID pandemic, an entity will not have to analyze each lease contract to determine whether enforceable rights and obligations for concessions exist in the lease contract and may elect to apply or not apply the lease modification guidance in Topic to those contracts. This election is available for concessions related to the effects of the COVID pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The FASB staff expects that reasonable judgment will be exercised in making those determinations. Some concessions will provide a deferral of payments with substantive changes to the consideration in the original lease contract. A deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original lease contract. The FASB staff expects that there will be multiple ways to account for those deferrals, of which the staff believes are preferable over others. The Company has made the election not to analyze each lease contract, and believes that, based on FASB guidance, the appropriate way to account for the concessions as described above is to account for such concessions as if change to the lease contracts were made. Under that accounting, a lessor would increase its lease receivable (straight-line rents receivable) and would continue to recognize income during the deferral period, assuming that the collectability of the future rents under the lease contract are considered collectable. If it is determined that the future rents of any lease contract are not collectable, the Company would treat that lease contract on a cash basis as defined in ASC Topic . When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors, including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in lease income. The Company anticipates that its variable lease income represented by the reimbursement of CAM and real estate taxes will not be materially affected for most national tenants and tenants with higher levels of credit and balance sheet resources. For smaller local tenants and tenants with fewer resources, the Company has reduced its accruals for CAM and real estate taxes in anticipation of potentially having to reduce the amounts billed to these tenants at the end of calendar . This has had the effect of reducing this portion of lease income for the year ended . Revenue Recognition In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition on operating leases 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. 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 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 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. Percentage rent is recognized when a specific tenant’s sales breakpoint is achieved. Tenant Receivables The actions taken by federal, state and local governments to mitigate the spread of COVID , initially by ordering closures of non-essential businesses and ordering residents to generally stay at home, and subsequent phased re-openings have resulted in many of our tenants temporarily or even permanently closing their businesses, and for some, it had impacted their ability to pay rent. As a result, in accordance with ASC Topic , we revised our collectability assumptions for many of our tenants that were most significantly impacted by COVID . Accordingly, during the , we recognized collectability related adjustments totaling $ . This amount includes changes in our collectability assessments for certain tenants in our portfolio from probable to not probable, which requires that revenue recognition for those tenants be converted to cash basis accounting with previously uncollected billed rents reversed in the current period. This resulted in a reduction of lease income for the year ended in the amount of $ related to tenants whose assessment of collectability was changed from probable to not probable. In addition, the Company wrote-off $ million of previously recorded straight-line rent receivables related to tenants whose assessment of collectability was changed from probable to not probable. As of , the revenue from approximately of our tenants (based on total commercial leases) is being recognized on a cash basis. At and , $ and $ , respectively, have 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. The Company provides an allowance for doubtful accounts against the portion of tenant receivables that is estimated to be uncollectable. Such allowances are reviewed periodically. At and , tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful ac |
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS | 12 Months Ended |
Oct. 31, 2020 | |
REAL ESTATE INVESTMENTS [Abstract] | |
REAL ESTATE INVESTMENTS | (2) REAL ESTATE INVESTMENTS The Company's investments in real estate, net of depreciation, were composed of the following at October 31, 2020 and 2019 (in thousands): Consolidated Investment Properties Unconsolidated Joint Ventures 2020 Totals 2019 Totals Retail $ 880,838 $ 28,679 $ 909,517 $ 920,261 Office 7,019 - 7,019 9,729 Total $ 887,857 $ 28,679 $ 916,536 $ 929,990 The Company's investments at October 31, 2020 consisted of equity interests in 81 properties. The 81 properties are located in various regions throughout the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York. The Company's primary investment focus is neighborhood and community shopping centers located in the region just described. Since a significant concentration of the Company's properties are in the northeast, market changes in this region could have an effect on the Company's leasing efforts and ultimately its overall results of operations. |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 12 Months Ended |
Oct. 31, 2020 | |
INVESTMENT PROPERTIES [Abstract] | |
INVESTMENT PROPERTIES | (3) INVESTMENT PROPERTIES The components of the properties consolidated in the financial statements are as follows (in thousands): October 31, 2020 2019 Land $ 236,654 $ 238,766 Buildings and improvements 912,528 903,004 1,149,182 1,141,770 Accumulated depreciation (261,325 ) (241,154 ) $ 887,857 $ 900,616 Space at the Company's properties is generally leased to various individual tenants under short and intermediate-term leases which are accounted for as operating leases. Certain of the Company's leases provide for the payment of additional rent based on a percentage of the tenant's revenues. Such additional percentage rents are included in operating lease income and were less than 1.00% of consolidated revenues in each of the three years ended October 31, 2020. Significant Investment Property Acquisition Transactions 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 invested an additional $5.8 million for capital improvements, predominantly related to re-building a retaining wall at the back of the property, which has been 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 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 properties acquired during the fiscal year ended October 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 fiscal year ended October 31, 2020, 2019 and 2018, the net amortization of above-market and below-market leases was approximately $706,000, $614,000 and $1,209,000, respectively, which is included in base rents in the accompanying consolidated statements of income. In Fiscal 2020, the Company incurred costs of approximately $22.3 million related to capital improvements and leasing costs to its properties. Included in the aforementioned amount were $11.3 million in capital improvement costs related to the construction of the Company's ongoing development in Stratford, Connecticut. |
MORTGAGE NOTES PAYABLE, BANK LI
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS | 12 Months Ended |
Oct. 31, 2020 | |
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS | |
MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS | (4) MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS At October 31, 2020, the Company has mortgage notes payable and other loans that are due in installments over various periods to fiscal 2031. The mortgage loans bear interest at rates ranging from 3.5% to 4.9% and are collateralized by real estate investments having a net carrying value of approximately $540.1 million. Combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands): Principal Repayments Scheduled Amortization Total 2021 $ - $ 7,252 $ 7,252 2022 49,486 6,500 55,986 2023 - 6,233 6,233 2024 18,710 6,289 24,999 2025 82,243 4,052 86,295 Thereafter 105,224 10,282 115,506 $ 255,663 $ 40,608 $ 296,271 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, 2021. Borrowings under the Facility can be used for general corporate purposes and the issuance of letters of credit (up to $10 million). Borrowings will bear interest at the Company’s option of Eurodollar rate plus 1.35% to 1.95% or The Bank of New York Mellon's prime lending rate plus 0.35% to 0.95% based on consolidated indebtedness, as defined. The Company pays a quarterly fee on the unused commitment amount of 0.15% to 0.25% per annum based on outstanding borrowings during the year. The Facility contains certain representations, financial and other covenants typical for this type of facility. The Company's ability to borrow under the Facility is subject to its compliance with the covenants and other restrictions on an ongoing basis. The principal financial covenants limit the Company's level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios. As of October 31, 2020, $64 million was available to be drawn on the Facility. During the fiscal years ended and , the Company borrowed $ million and million, respectively, on its Facility to . During the fiscal years ended , the Company re-paid million on its Facility . There were no repayments in the fiscal year ended . 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. Interest paid in the years ended October 31, 2020, 2019, and 2018 was approximately $13.3 million, $13.7 million and $13.4 million, respectively. |
CONSOLIDATED JOINT VENTURES AND
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended |
Oct. 31, 2020 | |
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | |
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS | (5) CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS The Company has an investment in five joint ventures, UB Orangeburg, LLC ("Orangeburg"), McLean Plaza Associates, LLC ("McLean"), UB Dumont I, LLC ("Dumont") and UB New City, LLC, each of which owns a commercial retail property, and UB High Ridge, LLC ("UB High Ridge"), which owns three commercial real estate properties. The Company has evaluated its investment in these five joint ventures and has concluded that these joint ventures are fully controlled by the Company and that the presumption of control is not offset by any rights of any of the limited partners or non-controlling members in these ventures and that the joint ventures should be consolidated into the consolidated financial statements of the Company in accordance with ASC Topic 810, "Consolidation." The Company’s investment in these consolidated joint ventures is more fully described below: UB Ironbound, L.P. ("Ironbound") In August 2019, the Company redeemed the remaining noncontrolling interest in Ironbound for $3.0 million. After the redemption the Company's ownership of Ironbound increased from 84% to 100%. Ironbound owns the Ferry Plaza grocery-anchored shopping center, located in Newark, NJ. Orangeburg The Company, through a wholly-owned subsidiary, is the managing member and owns a 44.6% interest in Orangeburg, which owns a drug store-anchored shopping center. The other member (non-managing) of Orangeburg is the prior owner of the contributed property who, in exchange for contributing the net assets of the property, received units of Orangeburg equal to the value of the contributed property less the value of the assigned first mortgage payable. The Orangeburg operating agreement provides for the non-managing member to receive an annual cash distribution equal to the regular quarterly cash distribution declared by the Company for one share of the Company’s Class A Common stock, which amount is attributable to each unit of Orangeburg ownership. The annual cash distribution is paid from available cash, as defined, of Orangeburg. The balance of available cash, if any, is fully distributable to the Company. Upon liquidation, proceeds from the sale of Orangeburg assets are to be distributed in accordance with the operating agreement. The non-managing member is not obligated to make any additional capital contributions to the partnership. Orangeburg has a defined termination date of December 31, 2097. Since purchasing this property, the Company has made additional investments in the amount of $6.8 million in Orangeburg and as a result as of October 31, 2020 its ownership percentage has increased to 44.6% from approximately 2.92% at inception. McLean Plaza The Company, through a wholly-owned subsidiary, is the managing member and owns a 53% interest in McLean Plaza Associates, LLC, a limited liability company ("McLean"), which owns a grocery-anchored shopping center. The McLean operating agreement provides for the non-managing members to receive a fixed annual cash distribution equal to 5.05% of their invested capital. The annual cash distribution is paid from available cash, as defined, of McLean. The balance of available cash, if any, is fully distributable to the Company. Upon liquidation, proceeds from the sale of McLean assets are to be distributed in accordance with the operating agreement. The non-managing members are not obligated to make any additional capital contributions to the entity. UB High Ridge The Company is the managing member and owns a 16.3% interest in UB High Ridge, LLC. The Company's initial investment was $5.5 million, and the Company has purchased additional interests totaling $3.2 million and contributed $1.5 million in additional equity to the venture through October 31, 2020. 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 4.58% 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 October 31, 2020. 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 4.92% of their invested capital. UB New City I, LLC The Company is the managing member and owns an 84.3% 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 $289,300 through October 31, 2020. 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 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 years ended and , the Company increased/(decreased) the carrying value of the non-controlling interests by $ million and $ million, respectively, with the corresponding adjustment recorded in stockholders' equity. The following table sets forth the details of the Company's redeemable non-controlling interests (amounts in thousands): October 31, 2020 2019 Beginning Balance $ 77,876 $ 78,258 Partial redemption of UB High Ridge Noncontrolling Interest (560 ) (1,413 ) Partial redemption of Dumont Noncontrolling Interest - (630 ) Partial redemption of New City Noncontrolling Interest (198 ) (91 ) Redemption of Ironbound Noncontrolling Interest - (2,700 ) Change in Redemption Value (15,047 ) 4,452 Ending Balance $ 62,071 $ 77,876 |
INVESTMENTS IN AND ADVANCES TO
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | 12 Months Ended |
Oct. 31, 2020 | |
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract] | |
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | (6) INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES At October 31, 2020 and 2019, investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses) (amounts in thousands): October 31, 2020 2019 Chestnut Ridge Shopping Center (50.0%) $ 12,252 $ 12,048 Gateway Plaza (50%) 6,929 6,847 Putnam Plaza Shopping Center (66.67%) 2,599 3,446 Midway Shopping Center, L.P. (11.792%) 4,233 4,384 Applebee's at Riverhead (50%) 1,943 1,926 81 Pondfield Road Company (20%) 723 723 Total $ 28,679 $ 29,374 Chestnut Ridge The Company, through a wholly owned subsidiary, owns a 50% undivided tenancy-in-common equity interest in the 76,000 square foot Chestnut Ridge Shopping Center located in Montvale, New Jersey (“Chestnut”), which is anchored by a Fresh Market grocery store. Plaza 59 Shopping Center In fiscal 2019, the Company's wholly owned subsidiary that owned a 50% undivided tenancy-in-common interest in Plaza 59 and the other 50% tenancy-in-common owner of Plaza 59 sold the property to an unrelated third party for a sale price of $10.0 million. In accordance with ASC Topic 610-20, the property was de-recognized and the Company's 50% share of the loss on sale amounted to $462,000, which is included as a reduction of equity in net income from unconsolidated joint ventures on the Company's consolidated statement of income for the year ended October 31, 2019. Gateway Plaza and Applebee's at Riverhead The Company, through two wholly owned subsidiaries, owns a 50% undivided tenancy-in-common equity interest in the Gateway Plaza Shopping Center ("Gateway") and Applebee's at Riverhead ("Applebee's"). Both properties are located in Riverhead, New York (together the “Riverhead Properties”). Gateway, a 198,500 square foot Gateway is subject to an $11.6 million non-recourse first mortgage. The mortgage matures on March 1, 2024 and requires payments of principal and interest at a fixed rate of interest of 4.2% per annum. Putnam Plaza Shopping Center The Company, through a wholly owned subsidiary, owns a 66.67% undivided tenancy-in-common equity interest in the 189,000 square foot Putnam Plaza Shopping Center (“Putnam Plaza”), which is anchored by a Tops grocery store. Putnam Plaza has a first mortgage payable in the amount of $18.3 million. The mortgage requires monthly payments of principal and interest at a fixed rate of 4.81% and will mature in 2028 Midway Shopping Center, L.P. The Company, through a wholly owned subsidiary, owns an 11.792% equity interest in Midway Shopping Center L.P. (“Midway”), which owns a 247,000 square foot grocery-anchored shopping center in Westchester County, New York. Although the Company only has an 11.792% equity interest in Midway, it controls 25% of the voting power of Midway, and as such, has determined that it exercises significant influence over the financial and operating decisions of Midway but does not control the venture and accounts for its investment in Midway under the equity method of accounting. The Company has allocated the $7.4 million excess of the carrying amount of its investment in and advances to Midway over the Company's share of Midway's net book value to real property and is amortizing the difference over the property's estimated useful life of 39 years. Midway currently has a non-recourse first mortgage payable in the amount of $25.7 million. The loan requires payments of principal and interest at the rate of 4.80% per annum and will mature in 2027 81 Pondfield Road Company The Company's other investment in an unconsolidated joint venture is a 20% economic interest in a partnership which owns a retail and office building in Westchester County, New York. The Company accounts for the above investments under the equity method of accounting since it exercises significant influence, but does not control the joint ventures. The other venturers in the joint ventures have substantial participation rights in the financial decisions and operation of the ventures or properties, which preclude the Company from consolidating the investments. The Company has evaluated its investment in the joint ventures and has concluded that the joint ventures are not VIE's. Under the equity method of accounting the initial investment is recorded at cost as an investment in unconsolidated joint venture, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions from the venture. Any difference between the carrying amount of the investment on the Company’s balance sheet and the underlying equity in net assets of the venture is evaluated for impairment at each reporting period. |
LEASES
LEASES | 12 Months Ended |
Oct. 31, 2020 | |
LEASES [Abstract] | |
LEASES | (7) LEASES Lessor Accounting The Company's Lease income is comprised of both fixed and variable income, as follows: Fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent. Income for these amounts is recognized on a straight-line basis for all leases for which collectability is considered probable at the commencement date of the lease. For operating leases in which collectability of the lease income is not considered probable, lease income is recognized on a cash basis and all previously recognized uncollectable lease income, including straight-line lease income is reversed in the period in which the lease income is determined not to be probable of collection. Variable lease income includes recoveries from tenants, which represents amounts that tenants are contractually obligated to reimburse the Company for the tenants’ portion of Recoverable Costs. Generally, the Company’s leases provide for the tenants to reimburse the Company for Recoverable Costs based on the tenants’ share of the actual costs incurred in proportion to the tenants’ share of leased space in the property. The following table provides a disaggregation of lease income recognized during the years ended October 31, 2020, 2019 and 2018, under ASC Topic 842, "Leases," as either fixed or variable lease income based on the criteria specified in ASC Topic 842 (in thousands): October 31 2020 2019 2018 Operating lease income: Fixed lease income (Base Rent) $ 98,678 $ 99,845 $ 95,734 Variable lease income (Recoverable Costs) 28,889 32,784 31,144 Other lease related income, net: Above/below market rent amortization 706 614 1,209 Uncollectable amounts in lease income (3,916 ) (956 ) (857 ) ASC Topic 842 cash basis lease income reversal (3,416 ) - - Total lease income $ 120,941 $ 132,287 $ 127,230 Future minimum rents under non-cancelable operating leases for the next five years and thereafter, excluding variable lease payments, are as follows (in thousands): Fiscal Year Ending 2021 (a) $ 99,312 2022 83,631 2023 67,486 2024 57,996 2025 45,831 Thereafter 215,138 Total $ 569,394 (a) The amounts above are based on existing leases in place at October 31, 2020. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Oct. 31, 2020 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | (8) STOCKHOLDERS' EQUITY Authorized Stock The Company's Charter authorizes up to 200,000,000 shares of various classes of stock. The total number of shares of authorized stock consists of 100,000,000 shares of Class A Common Stock, 30,000,000 shares of Common Stock, 50,000,000 shares of Preferred Stock, and 20,000,000 shares of Excess Stock. Preferred Stock The 6.25% Series H Senior Cumulative Preferred Stock (the "Series H Preferred Stock") is nonvoting, has no stated maturity and is redeemable for cash at $25 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 The Series K Senior Cumulative Preferred Stock ("Series K Preferred Stock") is non-voting, has no stated maturity and is redeemable for cash at $ per share at the Company's option on or after . The holders of our Series K Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions, holders of the Series K Preferred Stock will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to quarterly dividends, holders of Series K 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 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 K Preferred Stock will have the right to convert all or part of the shares of Series K 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 K Preferred Stock are reflected as a reduction of additional paid in capital. On October 1, 2019, we issued a notice of our intent to redeem, on November 1, 2019, all of the outstanding shares of our $25 per share Series G Cumulative Preferred Stock for $25 per share, which includes all unpaid dividends. As a result of our redemption notice we reduced net income applicable to Common and Class A Common stockholders by $2.4 million on our consolidated statement of income for the fiscal year ended October 31, 2019, which represents the difference between redemption value of the stock and carrying value, net of original deferred stock issuance costs. As of October 31, 2019, the Series G Preferred Stock was reclassified out of Stockholders' Equity to preferred stock called for redemption in the liability section of the Company's consolidated balance sheet. The Series G Cumulative Preferred Stock was redeemed on November 1, 2019. Common Stock The Class A Common Stock entitles the holder to 1/20 The following tables set forth the dividends declared per Common share and Class A Common share and tax status for Federal income tax purposes of the dividends paid during the fiscal years ended October 31, 2020 and 2019: Common Shares Class A Common Shares Dividend Payment Date Gross Dividend Paid Per Share Ordinary Income Capital Gain Non-Taxable Portion Gross Dividend Paid Per Share Ordinary Income Capital Gain Non-Taxable Portion January 17, 2020 $ 0.2500 $ 0.174386 $ (0.003376 ) $ 0.07899 $ 0.28 $ 0.1953 $ (0.0038 ) $ 0.0885 April 17, 2020 $ 0.2500 $ 0.174386 $ (0.003376 ) $ 0.07899 $ 0.28 $ 0.1953 $ (0.0038 ) $ 0.0885 July 17, 2020 $ 0.0625 $ 0.043597 $ (0.000844 ) $ 0.019747 $ 0.07 $ 0.0488 $ (0.0009 ) $ 0.0221 October 16, 2020 $ 0.1250 $ 0.087193 $ (0.001688 ) $ 0.039495 $ 0.14 $ 0.0977 $ (0.0019 ) $ 0.0442 $ 0.6875 $ 0.479562 $ (0.009284 ) $ 0.217222 $ 0.77 $ 0.5371 $ (0.0104 ) $ 0.2433 Common Shares Class A Common Shares Dividend Payment Date Gross Dividend Paid Per Share Ordinary Income Capital Gain Non-Taxable Portion Gross Dividend Paid Per Share Ordinary Income Capital Gain Non-Taxable Portion January 18, 2019 $ 0.245 $ 0.173355 $ 0.006156 $ 0.065489 $ 0.275 $ 0.1946 $ 0.0069 $ 0.0735 April 18, 2019 $ 0.245 $ 0.173355 $ 0.006156 $ 0.065489 $ 0.275 $ 0.1946 $ 0.0069 $ 0.0735 July 19, 2019 $ 0.245 $ 0.173355 $ 0.006156 $ 0.065489 $ 0.275 $ 0.1946 $ 0.0069 $ 0.0735 October 18, 2019 $ 0.245 $ 0.173355 $ 0.006156 $ 0.065489 $ 0.275 $ 0.1946 $ 0.0069 $ 0.0735 $ 0.98 $ 0.69342 $ 0.024624 $ 0.261956 $ 1.10 $ 0.7784 $ 0.0276 $ 0.294 The Company has a Dividend Reinvestment and Share Purchase Plan (as amended, the "DRIP"), that permits stockholders to acquire additional shares of Common Stock and Class A Common Stock by automatically reinvesting dividends. During fiscal 2020, the Company issued 4,451 shares of Common Stock and 6,837 shares of Class A Common Stock (4,545 shares of Common Stock and 5,417 shares of Class A Common Stock in fiscal 2019) through the DRIP. As of October 31, 2020, there remained 329,410 shares of Common Stock and 380,896 shares of Class A Common Stock available for issuance under the DRIP. The Company has adopted a stockholder rights plan, pursuant to which each holder of Common Stock received a Common Stock right and each holder of Class A Common Stock received a Class A Common Stock right. The rights are not exercisable until the Distribution Date and will expire on November 11, 2028, unless earlier redeemed by the Company. If the rights become exercisable, each holder of a Common Stock right will be entitled to purchase from the Company one one hundredth of a share of Series I Participating Preferred Stock, and each holder of a Class A Common Stock right will be entitled to purchase from the Company one one hundredth of a share of Series J Participating Preferred Stock, in each case, at a price of , subject to adjustment. The “Distribution Date” will be the earlier to occur of the close of business on the tenth business day following: (a) a public announcement that an acquiring person has acquired beneficial ownership of Thereafter, if certain events occur, holders of Common Stock and Class A Common Stock, other than the acquiring person, will be entitled to purchase shares of Common Stock and Class A Common Stock, respectively, of the Company having a value equal to times the exercise price of the right. The Company's articles of incorporation provide that if any person acquires more than 7.5% of the aggregate value of all outstanding stock, except, among other reasons, as approved by the Board of Directors, such shares in excess of this limit automatically will be exchanged for an equal number of shares of Excess Stock. Excess Stock has limited rights, may not be voted and is not entitled to any dividends. Stock Repurchase The Board of Directors of the Company has approved a share repurchase program (“Current Repurchase Program”) for the repurchase of up to 2,000,000 shares, in the aggregate, of Common stock and Class A Common stock in open market transactions. For the year ended year ended October 31, 2020 and 2019, the Company did not repurchase any shares under the Current Repurchase Program. 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. |
STOCK COMPENSATION AND OTHER BE
STOCK COMPENSATION AND OTHER BENEFIT PLANS | 12 Months Ended |
Oct. 31, 2020 | |
STOCK COMPENSATION AND OTHER BENEFIT PLANS [Abstract] | |
STOCK COMPENSATION AND OTHER BENEFIT PLANS | (9) STOCK COMPENSATION AND OTHER BENEFIT PLANS Restricted Stock Plan The Company has a Restricted Stock Plan, 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. In fiscal 2020, the Company awarded 105,450 shares of Common Stock and 120,800 shares of Class A Common Stock to participants in the Plan. The grant date fair value of restricted stock grants awarded to participants in 2020 was approximately $5.0 million. As of October 31, 2020, there was $12.7 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 4.8 years. For the years ended October 31, 2020, 2019 and 2018, amounts charged to compensation expense totaled $5,523,000, $4,336,000 and $4,394,000, respectively. The amount charged to compensation expense includes $ million related to the accelerated vesting of previously unamortized restricted stock compensation as the result of the death of our Chairman Emeritus, Charles J. Urstadt, in March 2020. A summary of the status of the Company's non-vested restricted stock awards as of October 31, 2020, and changes during the year ended October 31, 2020 is presented below: Common Shares Class A Common Shares Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Non-vested at October 31, 2019 1,146,100 $ 17.52 463,225 $ 21.07 Granted 105,450 $ 19.59 120,800 $ 23.96 Vested (327,000 ) $ 17.71 (92,375 ) $ 22.20 Forfeited - $ - (700 ) $ 23.23 Non-vested at October 31, 2020 924,550 $ 17.69 490,950 $ 21.56 Profit Sharing and Savings Plan The Company has a profit sharing and savings plan (the "401K Plan"), which permits eligible employees to defer a portion of their compensation in accordance with the Internal Revenue Code. Under the 401K Plan, the Company made contributions on behalf of eligible employees. The Company made contributions to the 401K Plan of approximately $253,000, $224,000 and $220,000 in each of the three years ended October 31, 2020, 2019 and 2018, respectively. The Company also has an Excess Benefit and Deferred Compensation Plan that allows eligible employees to defer benefits in excess of amounts provided under the Company's 401K Plan and a portion of the employee's current compensation. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Oct. 31, 2020 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | (10) FAIR VALUE MEASUREMENTS ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. ASC Topic 820’s valuation techniques are based on observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: • Level 1- Quoted prices for identical instruments in active markets • Level 2- Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant value drivers are observable • Level 3- Valuations derived from valuation techniques in which significant value drivers are unobservable The Company calculates the fair value of the redeemable noncontrolling interests based on either quoted market prices on national exchanges for those interests based on the Company's Class A Common stock (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. 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, 2020 and 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 and interest rate swap derivatives at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs at and (amounts in thousands): Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) October 31, 2020 Liabilities: Interest Rate Swap Agreements $ 13,300 $ - $ 13,300 $ - Redeemable noncontrolling interests $ 62,071 $ 9,921 $ 51,604 $ 546 October 31, 2019 Liabilities: Interest Rate Swap Agreements $ 6,754 $ - $ 6,754 $ - Redeemable noncontrolling interests $ 77,876 $ 24,968 $ 52,362 $ 546 Fair market value measurements based upon Level 3 inputs changed (in thousands) from $2,768 at November 1, 2018 to $546 at October 31, 2019 as a result of a redemption of noncontrolling interest in Ironbound in August of fiscal 2019 in the amount of $2,700 and a $478 increase in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, tenant receivables, prepaid expenses, other assets, accounts payable and accrued expenses, are reasonable estimates of their fair values because of the short-term nature of these instruments. The carrying value of the Facility is deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. Mortgage notes payable that were assumed in property acquisitions were recorded at their fair value at the time they were assumed. The estimated fair value of mortgage notes payable and other loans was approximately $316 million and $311 million at October 31, 2020 and October 31, 2019, respectively. The estimated fair value of mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rates currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. Although management is not aware of any factors that would significantly affect the estimated fair value amounts from October 31, 2019, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Oct. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (11) 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 October 31, 2020, the Company had commitments of approximately $7.6 million for tenant-related obligations. During and subsequent to fiscal 2020, the world has continued to be impacted by the COVID-19 pandemic. It has created significant economic uncertainty and volatility. The extent to which the COVID-19 pandemic continues to impact the Company’s business, operations and financial results will depend on numerous evolving factors that the Company is not able to predict at this time, including the duration and scope of the pandemic, governmental, business and individual actions that have been and continue to be taken in response to the pandemic, the impact on economic activity from the pandemic and actions taken in response, the effect on the Company’s tenants and their businesses, the ability of tenants to make their rental payments and any additional closures of tenants’ businesses. Any of these events could materially adversely impact the Company’s business, financial condition, results of operations or stock price. |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended |
Oct. 31, 2020 | |
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | (12) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The unaudited quarterly results of operations for the years ended October 31, 2020 and 2019 are as follows (in thousands, except per share data): Year Ended October 31, 2020 Year Ended October 31, 2019 Quarter Ended Quarter Ended Jan 31 Apr 30 Jul 31 Oct 31 Jan 31 Apr 30 Jul 31 Oct 31 Revenues $ 34,348 $ 31,280 $ 28,799 $ 32,318 $ 34,267 $ 34,105 $ 34,392 $ 34,117 Income from Continuing Operations $ 9,521 $ 7,240 $ 5,923 $ 3,386 $ 10,018 $ 9,960 $ 11,427 $ 10,208 Net Income Attributable to Urstadt Biddle Properties Inc. $ 8,483 $ 6,212 $ 4,988 $ 2,500 $ 8,917 $ 8,860 $ 10,333 $ 9,170 Preferred Stock Dividends (3,412 ) (3,413 ) (3,412 ) (3,413 ) (3,063 ) (3,062 ) (3,063 ) (3,601 ) Redemption of Preferred Stock - - - - - - - (2,363 ) Net Income (Loss) Applicable to Common and Class A Common Stockholders $ 5,071 $ 2,799 $ 1,576 $ (913 ) $ 5,854 $ 5,798 $ 7,270 $ 3,206 Per Share Data: Basic: Class A Common Stock $ 0.14 $ 0.07 $ 0.04 $ (0.02 ) $ 0.16 $ 0.16 $ 0.19 $ 0.09 Common Stock $ 0.12 $ 0.07 $ 0.04 $ (0.02 ) $ 0.14 $ 0.14 $ 0.17 $ 0.08 Diluted: Class A Common Stock $ 0.13 $ 0.07 $ 0.04 $ (0.02 ) $ 0.16 $ 0.15 $ 0.19 $ 0.08 Common Stock $ 0.12 $ 0.07 $ 0.04 $ (0.02 ) $ 0.14 $ 0.14 $ 0.17 $ 0.07 Amounts may not equal full year results due to rounding. Certain prior period amounts are reclassified to correspond to current period presentation. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Oct. 31, 2020 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | (13) SUBSEQUENT EVENTS On December 15, 2020, the Board of Directors of the Company declared cash dividends of $0.125 for each share of Common Stock and $0.14 for each share of Class A Common Stock. The dividends are payable on January 15, 2021 to stockholders of record on January 5, 2021. The Board of Directors also ratified the actions of the Company’s compensation committee authorizing awards of 105,850 shares of Common Stock and 125,800 shares of Class A Common Stock to certain officers, directors and employees of the Company effective January 4, 2021, pursuant to the Company’s restricted stock plan. The fair value of the shares awarded totaling $3.0 million will be charged to expense over the requisite service periods (see Note 1). |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Oct. 31, 2020 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | URSTADT BIDDLE PROPERTIES INC. October 31, 2020 SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (In thousands) COL. A COL. B COL. C COL. D COL. E COL. F COL G/H COL. I Initial Cost to Company Cost Capitalized Subsequent to Acquisition Amount at which Carried at Close of Period Description and Location Encumbrances Land Building & Improvements Land Building & Improvements Land Building & Improvements Totals Accumulated Depreciation (b) Date Constructed/Acquired Life on which depreciation for building and improvements in latest income statement is computed (c) Real Estate Subject to Operating Leases (a): Office Buildings: Greenwich, CT $ - $ 708 $ 1,641 $ - $ 258 $ 708 $ 1,899 $ 2,607 $ 898 2001 31.5 Greenwich, CT - 488 1,139 - 622 488 1,761 2,249 826 2000 31.5 Greenwich, CT - 570 2,359 - 1,219 570 3,578 4,148 1,607 1998 31.5 Greenwich, CT - 199 795 (1) 582 198 1,377 1,575 715 1993 31.5 Greenwich, CT - 111 444 1 331 112 775 887 402 1994 31.5 - 2,076 6,378 - 3,012 2,076 9,390 11,466 4,448 Retail Properties: Bronxville, NY - 60 239 95 771 155 1,010 1,165 279 2009 39 Yonkers, NY - 30 121 183 734 213 855 1,068 242 2009 39 Yonkers, NY - 30 121 85 341 115 462 577 131 2009 39 New Milford, CT - 2,114 8,456 71 609 2,185 9,065 11,250 2,918 2008 39 New Milford, CT - 4,492 17,967 166 3,500 4,658 21,467 26,125 5,943 2010 39 Newark, NJ 10,327 5,252 21,023 - 1,531 5,252 22,554 27,806 7,559 2008 39 Waldwick, NJ - 1,266 5,064 - 41 1,266 5,105 6,371 1,678 2007 39 Emerson NJ 256 3,633 14,531 - 1,808 3,633 16,339 19,972 5,771 2007 39 Pelham, NY - 1,694 6,843 - 149 1,694 6,992 8,686 2,577 2006 39 Stratford, CT 23,540 10,173 40,794 3,914 22,966 14,087 63,760 77,847 22,613 2005 39 Yorktown Heights, NY - 5,786 23,221 - 15,590 5,786 38,811 44,597 11,673 2005 39 Rye, NY - 909 3,637 - 376 909 4,013 4,922 1,726 2004 39 Rye, NY - 483 1,930 - 113 483 2,043 2,526 843 2004 39 Rye, NY - 239 958 - 64 239 1,022 1,261 417 2004 39 Rye, NY - 695 2,782 - 20 695 2,802 3,497 1,189 2004 39 Somers, NY - 4,318 17,268 - 412 4,318 17,680 21,998 7,800 2003 39 Westport, CT - 2,076 8,305 - 647 2,076 8,952 11,028 4,020 2003 39 Orange, CT - 2,320 10,564 - 6,008 2,320 16,572 18,892 5,395 2003 39 Stamford, CT 46,456 17,964 71,859 - 6,650 17,964 78,509 96,473 38,849 2002 39 Danbury, CT - 2,459 4,566 - 903 2,459 5,469 7,928 2,784 2002 39 Briarcliff, NY - 2,222 5,185 1,234 8,881 3,456 14,066 17,522 4,215 2001 40 Somers, NY - 1,833 7,383 - 3,661 1,833 11,044 12,877 5,433 1999 31.5 Briarcliff, NY - 380 1,531 - 143 380 1,674 2,054 945 1999 40 Briarcliff, NY 14,232 2,300 9,708 2 2,623 2,302 12,331 14,633 6,386 1998 40 Ridgefield, CT - 900 3,793 291 3,288 1,191 7,081 8,272 2,806 1998 40 Darien, CT 24,227 4,260 17,192 - 700 4,260 17,892 22,152 9,910 1998 40 Eastchester, NY - 1,500 6,128 - 2,929 1,500 9,057 10,557 4,724 1997 31 Danbury, CT - 3,850 15,811 - 5,206 3,850 21,017 24,867 14,067 1995 31.5 Carmel, NY - 1,488 5,973 - 339 1,488 6,312 7,800 3,873 1995 31.5 Somers, NY - 821 2,600 - 646 821 3,246 4,067 1,892 1992 31.5 Wayne, NJ - 2,492 9,966 - 6,312 2,492 16,278 18,770 8,190 1992 31 Newington, NH - 728 1,997 - (809) 728 1,188 1,916 885 1979 40 Katonah, NY - 1,704 6,816 - 56 1,704 6,872 8,576 1,863 2010 39 Fairfield, CT - 3,393 13,574 153 1,234 3,546 14,808 18,354 3,516 2011 39 New Milford, CT - 2,168 8,672 - 70 2,168 8,742 10,910 2,139 2011 39 Eastchester, NY - 1,800 7,200 78 470 1,878 7,670 9,548 1,741 2012 39 Orangetown, NY 6,067 3,200 12,800 30 7,591 3,230 20,391 23,621 3,905 2012 39 Greenwich, CT 4,342 1,600 6,401 28 677 1,628 7,078 8,706 1,485 2013 39 Various - 799 3,590 79 (59) 878 3,531 4,409 691 2013 39 Greenwich, CT 5,415 1,998 7,994 53 283 2,051 8,277 10,328 1,589 2013 39 New Providence, NJ 17,137 6,970 27,880 463 3,004 7,433 30,884 38,317 6,164 2013 39 Chester, NJ - 570 2,280 (34) (137) 536 2,143 2,679 434 2012 39 Bethel, CT - 1,800 7,200 (18) 24 1,782 7,224 9,006 1,253 2014 39 Bloomfield, NJ - 2,201 8,804 218 2,023 2,419 10,827 13,246 1,804 2014 39 Boonton, NJ 6,761 3,670 14,680 14 209 3,684 14,889 18,573 2,614 2014 39 Yonkers, NY 5,000 3,060 12,240 333 1,331 3,393 13,571 16,964 2,098 2014 39 Greenwich, CT 7,374 3,223 12,893 6 263 3,229 13,156 16,385 2,066 2014 40 Greenwich, CT 14,313 6,257 25,029 27 886 6,284 25,915 32,199 4,021 2014 40 Midland Park, NJ 19,308 8,740 34,960 (44) 568 8,696 35,528 44,224 5,490 2015 39 Pompton Lakes, NJ 18,238 8,140 32,560 (1,250) (4,083) 6,890 28,477 35,367 4,321 2015 39 Wyckoff, NJ 7,665 3,490 13,960 17 206 3,507 14,166 17,673 2,152 2015 39 Kinnelon, NJ 10,202 4,540 18,160 (28) 3,980 4,512 22,140 26,652 4,538 2015 39 Fort Lee, NJ - 798 3,192 (14) (55) 784 3,137 3,921 436 2015 39 Harrison, NY - 2,000 8,000 (10) 1,405 1,990 9,405 11,395 1,174 2015 39 Stamford, CT 20,773 12,686 32,620 - 931 12,686 33,551 46,237 3,643 2016 39 Stamford, CT - 3,691 9,491 - 86 3,691 9,577 13,268 1,007 2016 39 Derby, CT - 651 7,652 - 206 651 7,858 8,509 786 2017 39 Passaic, NJ 3,224 2,039 5,616 1 1,568 2,040 7,184 9,224 621 2017 39 Stamford, CT (HRC) 9,411 17,178 43,677 - 584 17,178 44,261 61,439 4,115 2017 39 Stamford, CT (HRChase) - 2,376 1,458 - - 2,376 1,458 3,834 134 2017 39 Old Greenwich , CT (HRCVS) 1,092 2,295 2,700 - 4 2,295 2,704 4,999 249 2017 39 Waldwick, NJ - 2,761 5,571 1 260 2,762 5,831 8,593 492 2017 39 Dumont, NJ 9,438 6,646 15,341 3 284 6,649 15,625 22,274 1,305 2017 39 Ridgefield, CT - 293 2,782 - 441 293 3,223 3,516 260 2017 39 Yonkers, NY - 7,525 5,920 1 276 7,526 6,196 13,722 424 2017 39 New City, NY - 2,494 631 12 4 2,506 635 3,141 39 2017 39 Brewster, NY 11,473 4,106 10,620 2,789 916 6,895 11,536 18,431 575 2019 39 296,271 225,629 780,480 8,949 122,658 234,578 903,138 1,137,716 256,877 Total $ 296,271 $ 227,705 $ 786,858 $ 8,949 $ 125,670 $ 236,654 $ 912,528 $ 1,149,182 $ 261,325 URSTADT BIDDLE PROPERTIES INC. October 31, 2020 SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED (In thousands) Year Ended October 31, NOTES: 2020 2019 2018 (a) RECONCILIATION OF REAL ESTATE-OWNED SUBJECT TO OPERATING LEASES Balance at beginning of year $ 1,141,770 $ 1,118,075 $ 1,090,402 Property improvements during the year 24,443 18,372 7,781 Properties acquired during the year - 12,643 22,517 Properties sold during the year (11,335 ) (4,395 ) - Property assets fully depreciated and written off (5,696 ) (2,925 ) (2,625 ) Balance at end of year (e) $ 1,149,182 $ 1,141,770 $ 1,118,075 (b) RECONCILIATION OF ACCUMULATED DEPRECIATION Balance at beginning of year $ 241,154 $ 218,653 $ 195,020 Provision during the year charged to income (d) 27,438 26,427 26,258 Property sold during the year (1,571 ) (1,001 ) - Property assets fully depreciated and written off (5,696 ) (2,925 ) (2,625 ) Balance at end of year $ 261,325 $ 241,154 $ 218,653 (c) Tenant improvement costs are depreciated over the life of the related leases, which range from 5 to 20 years. (d) The depreciation provision represents the expense calculated on real property only. (e) The aggregate cost for Federal Income Tax purposes for real estate subject to operating leases was approximately $868 million at October 31, 2020. |
ORGANIZATION, BASIS OF PRESEN_2
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Principles of Consolidation and Use of Estimates | Principles of Consolidation and Use of Estimates The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures in which the Company meets certain criteria of a sole general partner in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, "Consolidation." The Company has determined that such joint ventures should be consolidated into the consolidated financial statements of the Company. In accordance with ASC Topic 970-323, "Real Estate-General-Equity Method and Joint Ventures;" joint ventures that the Company does not control but otherwise exercises significant influence in, are accounted for under the equity method of accounting. See Note 6 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition, fair value measurements and the collectability of tenant receivables. Actual results could differ from these estimates. |
Federal Income Taxes | Federal Income Taxes The Company has elected to be treated as a real estate investment trust under Sections 856-860 of the Internal Revenue Code ("Code"). Under those sections, a REIT that, among other things, distributes at least 90% of real estate trust taxable income and meets certain other qualifications prescribed by the Code will not be taxed on that portion of its taxable income that is distributed. The Company believes it qualifies as a REIT and intends to distribute all of its taxable income for fiscal 2020 in accordance with the provisions of the Code. Accordingly, no provision has been made for Federal income taxes in the accompanying consolidated financial statements. The Company follows the provisions of ASC Topic 740, “Income Taxes,” that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of October 31, 2020. As of October 31, 2020, the fiscal tax years 2016 through and including 2019 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. |
Acquisitions of Real Estate Investments and Capitalization Policy | Acquisitions of Real Estate Investments and Capitalization Policy 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 which do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as 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 and Amortization | Depreciation and Amortization The Company uses the straight-line method for depreciation and amortization. Real estate investment properties are depreciated over the estimated useful lives of the properties, which range from 30 to 40 years. Property improvements are depreciated over the estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over the estimated useful lives that range from 3 to 10 years. Tenant improvements are amortized over the shorter of the life of the related leases or their useful life. |
Sale of Investment Property and Property Held for Sale | Sale of Investment Property and Property Held for Sale The Company reports properties that are either disposed of or are classified as held for sale in continuing operations in the consolidated statement of income if the removal, or anticipated removal, of the asset(s) from the reporting entity does not represent a strategic shift that has or will have a major effect on an entity's operations and financial results when disposed of. In January 2020, the Company entered into a purchase and sale agreement, subject to certain conditions, to sell a 29,000 square foot portion of its property located in Pompton Lakes, NJ (the "Pompton Lakes Property") to an unrelated third party for a sale price of $2.8 million. In accordance with ASC Topic 360-10-45, that portion of the property met all the criteria to be classified as held for sale in September of fiscal 2020, and accordingly the Company recorded a loss on property held for sale of $5.7 million, which loss was included in continuing operations in the consolidated statement of income for the year ended October 31, 2020. The amount of the loss represented the net carrying amount of that portion of the property over the fair value of that portion of the asset less estimated cost to sell. The net book value of that portion of the Pompton Lakes Property was insignificant to financial statement presentation and, as a result, the Company did not include that portion of the asset as held for sale on its consolidated balance sheet at October 31, 2020. In December 2020, the sale of that portion of the property was completed. In January 2020, the Company sold for $1.3 million its retail property located in Carmel, NY (the "Carmel Property"), as that property no longer met the Company's investment objectives. In conjunction with the sale, the Company realized a loss on sale of the Carmel property in the amount of $242,000, which loss is included in continuing operations in the consolidated statement of income for the year ended October 31, 2020. In August 2019, the Company entered into a purchase and sale agreement to sell its property located in Bernardsville, NJ (the "Bernardsville Property"), to an unrelated third party for a sale price of $2.7 million as that property no longer met its investment objectives. In accordance with ASC Topic 360-10-45, the property met all the criteria to be classified as held for sale in the fourth quarter of fiscal 2019, and accordingly the Company recorded a loss on property held for sale of $434,000, which loss was included in continuing operations in the consolidated statement of income for the year ended October 31, 2019. The amount of the loss represented the net carrying amount of the property over the fair value of the asset less estimated cost to sell. The net book value of the Bernardsville Property was insignificant to financial statement presentation and as a result the Company did not include the asset as held for sale on its consolidated balance sheet at October 31, 2019. In December 2019 (fiscal 2020), the Bernardsville Property sale was completed and the Company realized an additional loss on sale of property of $86,000, which loss is included in continuing operations in the consolidated statement of income for the year ended October 31, 2020. In June 2019, the Company sold for $3.7 million its property located in Monroe, CT (the "Monroe Property"), 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 $416,000, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2019. The combined operating results of the Monroe Property, the Bernardsville Property, the Carmel Property and the sold portion of the Pompton Lakes properties, which are included in continuing operations, were as follows (amounts in thousands): Year Ended October 31, 2020 2019 2018 Revenues $ 17 $ 612 $ 666 Property operating expense (282 ) (629 ) (691 ) Depreciation and amortization (219 ) (393 ) (417 ) Net Income (loss) $ (484 ) $ (410 ) $ (442 ) |
Deferred Charges | Deferred Charges Deferred charges consist principally of leasing commissions (which are amortized ratably over the life of the tenant leases). Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of $5,115,000 and $4,861,000 as of October 31, 2020 and 2019, respectively. |
Asset Impairment | Asset Impairment On a periodic basis, management assesses whether there are any indicators that the value of its real estate investments may be impaired. A property value is considered impaired when management’s estimate of current and projected operating cash flows (undiscounted and without interest) of the property over its remaining useful life is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the loss is measured as the excess of the net carrying amount of the property over the fair value of the asset. Changes in estimated future cash flows due to changes in the Company’s plans or market and economic conditions could result in recognition of impairment losses which could be substantial. As of October 31, 2020, management does not believe that the value of any of its real estate investments is impaired. However, as described above, the COVID-19 pandemic has significantly impacted many of the retail sectors in which the Company’s tenants operate and if the effects of the pandemic are prolonged, it could have a significant adverse impact to the underlying businesses of many of the Company’s tenants. The Company will continue to monitor the economic, financial, and social conditions resulting from the COVID-19 pandemic and will continue to assess its asset portfolio for any impairment indicators. |
Lease Income, Revenue Recognition and Tenant Receivables | Lease Income, Revenue Recognition and Tenant Receivables Lease Income: The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base rent, with designated increases over the term of the lease. Some of the lease agreements contain provisions that provide for additional rents based on tenants' sales volume ("percentage rent"). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. Additionally, most all lease agreements contain provisions for reimbursement of the tenants' share of actual real estate taxes, insurance and Common Area Maintenance ("CAM") costs (collectively, "Recoverable Costs") incurred. Lease terms generally range from to years for tenant spaces under square feet (“Shop Space”) and in excess of years for spaces greater than square feet (“Anchor Spaces”). Many leases also provide the option for the tenants to extend their lease beyond the initial term of the lease. If the tenants do not exercise renewal options and the leases mature, the tenants must relinquish their space so it can be leased to a new tenant, which generally involves some level of cost to prepare the space for re-leasing. These costs are capitalized and depreciated over the shorter of the life of the subsequent lease or the life of the improvement. On , the Company adopted the new accounting guidance in ASC Topic , "Leases," including all related Accounting Standard Updates (“ASU's”). The Company elected to use the modified retrospective transition method provided in ASU (the "adoption date method"). Under this method, the effective date of is the date of initial application. In connection with the adoption of ASC Topic , the Company elected a package of practical expedients, transition options, and accounting policy elections as follows: ● Package of practical expedients - applied to all leases, allowing the Company not to reassess (i) whether expired or existing contracts contain leases under the new definition of a lease, (ii) lease classification for expired or existing leases, and (iii) whether previously capitalized initial direct costs would qualify for capitalization under Topic 842; and ● Lessor separation and allocation practical expedient - the Company elected, as lessor, to aggregate non-lease components with the related lease component if certain conditions are met, and account for the combined component based on its predominant characteristic, which generally results in combining lease and non-lease components of its tenant lease contracts to a single line shown as lease income in the accompanying consolidated statements of income. The Company's existing leases were not re-evaluated and continue to be classified as operating leases, as per the practical expedient package elected above. New and modified leases will now require evaluation of specific classification criteria, which, based on the customary terms of the Company's leases, should continue to be classified as operating leases. However, certain longer-term leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in selling profit and an accelerated pattern of earnings recognition. CAM is a non-lease component of the lease contract under ASC Topic , and therefore would be accounted for under ASC Topic , "Revenue from Contracts with Customers," and presented separate from lease income in the accompanying consolidated statements of income, based on an allocation of the overall contract price, which is not necessarily the amount that would be billable to the tenants for CAM reimbursements per the terms of the lease contract. As the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenants' use of the underlying lease asset, the Company elected, as part of the package of practical expedients, to combine CAM with the remaining lease components, along with tenants' reimbursement of real estate taxes and insurance, and recognize them together as lease income in the accompanying Statements of Income. Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectability is considered probable at the commencement date. At lease commencement, the Company expects that collectability is probable for all of its leases due to the Company’s credit checks on tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from all operating leases is initially recognized on a straight-line basis. Lease income each period is reduced by amounts considered uncollectable on a lease-by-lease basis, with any changes in collectability assessments recognized as a current period adjustment to lease income. For operating leases in which collectability of lease income is not considered probable, lease income is recognized on a cash basis and all previously recognized uncollectable lease income, including straight-line rental income, is reversed in the period in which the lease income is determined not to be probable of collection. ASC Topic also changes the treatment of leasing costs, such that non-contingent internal leasing and legal costs associated with leasing activities can longer be capitalized. The Company, as a lessor, may only defer as initial direct costs the incremental costs of a tenant operating lease that would not have been incurred if the lease had not been obtained. These costs generally include party broker payments, which are capitalized to deferred costs in the accompanying consolidated balance sheets and amortized over the expected term of the lease to depreciation and amortization expense in the accompanying consolidated statements of income. There was change to operating income upon the adoption of ASC Topic and related ASU's. COVID -19 Pandemic Beginning in , many of the Company's properties were, and continue to be, negatively impacted by the COVID pandemic, as state governments mandated the closure of non-essential businesses to prevent the spread of COVID , forcing many of our tenants’ businesses to close or reduce operations. As a result, of approximately tenants in the Company's consolidated portfolio, representing square feet and approximately of the Company's annualized base rent, have asked for some type of rent deferral or concession. S ubsequently, approximately of the tenants withdrew their requests for rent relief or paid their rent in full. The Company has, and will continue to evaluate each request on a case-by-case basis to determine an appropriate course of action, recognizing that in many cases some type of concession may be appropriate and beneficial to the long-term interests of the Company. In evaluating these requests, the Company has been and will continue to consider many factors, including the tenant's financial strength, the tenant's operating history, potential co-tenancy impacts, the tenant's contribution to the shopping center in which it operates, the Company's assessment of the tenant's long-term viability, the difficulty or ease with which the tenant could be replaced and other factors. Each negotiation is specific to the tenant making the request. The primary strategy of the Company is that most of these concessions will be in the form of deferred rent for some portion of rents due in through to be paid over a later part of the lease, preferably within a period of year or less, but in some instances the Company determined that it was more appropriate to abate some portion of base rents for some tenants between and . As of , the Company has completed lease modifications, consisting of base rent deferrals totaling $ and rent abatements totaling $ million as of . The Company has increased its uncollectable amounts in lease income for the year ended for tenants it felt were affected by the COVID pandemic (see below and in Note ). In , in response to the COVID pandemic, the FASB staff issued guidance that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID pandemic consistent with how those concessions would be accounted for under Topic , as if enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the lease contract). Consequently, for concessions related to the effects of the COVID pandemic, an entity will not have to analyze each lease contract to determine whether enforceable rights and obligations for concessions exist in the lease contract and may elect to apply or not apply the lease modification guidance in Topic to those contracts. This election is available for concessions related to the effects of the COVID pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The FASB staff expects that reasonable judgment will be exercised in making those determinations. Some concessions will provide a deferral of payments with substantive changes to the consideration in the original lease contract. A deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original lease contract. The FASB staff expects that there will be multiple ways to account for those deferrals, of which the staff believes are preferable over others. The Company has made the election not to analyze each lease contract, and believes that, based on FASB guidance, the appropriate way to account for the concessions as described above is to account for such concessions as if change to the lease contracts were made. Under that accounting, a lessor would increase its lease receivable (straight-line rents receivable) and would continue to recognize income during the deferral period, assuming that the collectability of the future rents under the lease contract are considered collectable. If it is determined that the future rents of any lease contract are not collectable, the Company would treat that lease contract on a cash basis as defined in ASC Topic . When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors, including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in lease income. The Company anticipates that its variable lease income represented by the reimbursement of CAM and real estate taxes will not be materially affected for most national tenants and tenants with higher levels of credit and balance sheet resources. For smaller local tenants and tenants with fewer resources, the Company has reduced its accruals for CAM and real estate taxes in anticipation of potentially having to reduce the amounts billed to these tenants at the end of calendar . This has had the effect of reducing this portion of lease income for the year ended . Revenue Recognition In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition on operating leases 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. 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 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 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. Percentage rent is recognized when a specific tenant’s sales breakpoint is achieved. Tenant Receivables The actions taken by federal, state and local governments to mitigate the spread of COVID , initially by ordering closures of non-essential businesses and ordering residents to generally stay at home, and subsequent phased re-openings have resulted in many of our tenants temporarily or even permanently closing their businesses, and for some, it had impacted their ability to pay rent. As a result, in accordance with ASC Topic , we revised our collectability assumptions for many of our tenants that were most significantly impacted by COVID . Accordingly, during the , we recognized collectability related adjustments totaling $ . This amount includes changes in our collectability assessments for certain tenants in our portfolio from probable to not probable, which requires that revenue recognition for those tenants be converted to cash basis accounting with previously uncollected billed rents reversed in the current period. This resulted in a reduction of lease income for the year ended in the amount of $ related to tenants whose assessment of collectability was changed from probable to not probable. In addition, the Company wrote-off $ million of previously recorded straight-line rent receivables related to tenants whose assessment of collectability was changed from probable to not probable. As of , the revenue from approximately of our tenants (based on total commercial leases) is being recognized on a cash basis. At and , $ and $ , respectively, have 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. The Company provides an allowance for doubtful accounts against the portion of tenant receivables that is estimated to be uncollectable. Such allowances are reviewed periodically. At and , tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $ and $ , respectively. Included in the aforementioned allowance for doubtful accounts is an amount for future tenant credit losses of approximately of the deferred straight-line rents receivable which is estimated to be uncollectable. |
Cash Equivalents | Cash Equivalents Cash and cash equivalents consist of cash in banks and short-term investments with original maturities of less than three months. |
Marketable Securities | Marketable Securities Marketable equity securities are carried at fair value based upon quoted market prices in active markets. In March 2020, the Company purchased REIT securities in the amount of $ million. In May 2020, the Company sold all of its REIT securities for $ million and realized a gain on sale of $ , which is included in the consolidated statement of income for the year ended October 31, 2020. In February and March 2018, the Company purchased REIT securities in the amount of $ million. In January 2019, the Company sold all of its REIT securities for $ million and realized a gain on sale of $ , which is included in the consolidated statement of income for the year ended October 31, 2019 |
Derivative Financial Instruments | Derivative Financial Instruments The Company occasionally utilizes derivative financial instruments, such as interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company's interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. Additionally, the Company has a policy of entering into derivative contracts only with major financial institutions. As of October 31, 2020, the Company believes it has no significant risk associated with non-performance of the financial institutions that are the counterparty to its derivative contracts. At October 31, 2020, the Company had approximately $126.7 million in secured mortgage financings subject to interest rate swaps. Such interest rate swaps converted the LIBOR-based variable rates on the mortgage financings to a fixed annual rate of 3.93% per annum. As of October 31, 2020 and 2019, the Company had a deferred liability of $13.3 million and $6.8 million, respectively, (included in accounts payable and accrued expenses on the consolidated balance sheets) relating to the fair value of the Company’s interest rate swaps applicable to secured mortgages. Charges and/or credits relating to the changes in fair values of such interest rate swap are made to other comprehensive (loss) as the swap is deemed effective and is classified as a cash flow hedge. |
Comprehensive Income | Comprehensive Income Comprehensive income is comprised of net income applicable to Common and Class A Common stockholders and other comprehensive income (loss). Other comprehensive income (loss) includes items that are otherwise recorded directly in stockholders’ equity, such as unrealized gains and losses on interest rate swaps designated as cash flow hedges, including the Company's share from entities accounted for under the equity method of accounting. At October 31, 2020, accumulated other comprehensive loss consisted of net unrealized losses on interest rate swap agreements of $15.7 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, 2019, accumulated other comprehensive loss consisted of net unrealized losses on interest rate swap agreements of $8.5 million inclusive of the Company's share of accumulated comprehensive income/(loss) from joint ventures accounted for by the equity method of accounting. Unrealized gains and losses included in other comprehensive income/(loss) will be reclassified into earnings when gains and losses are realized. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and tenant receivables. The Company places its cash and cash equivalents in excess of insured amounts with high quality financial institutions. The Company performs ongoing credit evaluations of its tenants and may require certain tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the terminal value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. There is no dependence upon any single tenant. |
Earnings Per Share | Earnings Per Share The Company calculates basic and diluted earnings per share in accordance with the provisions of ASC Topic 260, "Earnings Per Share." Basic earnings per share ("EPS") excludes the impact of dilutive shares and is computed by dividing net income applicable to Common and Class A Common stockholders by the weighted average number of Common shares and Class A Common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue Common shares or Class A Common shares were exercised or converted into Common shares or Class A Common shares and then shared in the earnings of the Company. Since the cash dividends declared on the Company's Class A Common stock are higher than the dividends declared on the Common Stock, basic and diluted EPS have been calculated using the "two-class" method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to the weighted average of the dividends declared, outstanding shares per class and participation rights in undistributed earnings. The following table sets forth the reconciliation between basic and diluted EPS (in thousands): Year Ended October 31, 2020 2019 2018 Numerator Net income applicable to common stockholders – basic $ 1,849 $ 4,659 $ 5,173 Effect of dilutive securities: Restricted stock awards 34 193 259 Net income applicable to common stockholders – diluted $ 1,883 $ 4,852 $ 5,432 Denominator Denominator for basic EPS-weighted average common shares 9,144 8,813 8,517 Effect of dilutive securities: Restricted stock awards 241 536 597 Denominator for diluted EPS – weighted average common equivalent shares 9,385 9,349 9,114 Numerator Net income applicable to Class A common stockholders – basic $ 6,684 $ 17,469 $ 20,044 Effect of dilutive securities: Restricted stock awards (34 ) (193 ) (259 ) Net income applicable to Class A common stockholders – diluted $ 6,650 $ 17,276 $ 19,785 Denominator Denominator for basic EPS – weighted average Class A common shares 29,506 29,438 29,335 Effect of dilutive securities: Restricted stock awards 70 216 178 Denominator for diluted EPS – weighted average Class A common equivalent shares 29,576 29,654 29,513 |
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. In certain cases as defined in the participant agreements, the vesting of stock awards can be accelerated, which will result in the Company charging to compensation expense the remaining unamortized restricted stock compensation related to those stock awards |
Segment Reporting | Segment Reporting The Company's primary business is the ownership, management, and redevelopment of retail properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of base rental income and tenant reimbursement income, less rental expenses and real estate taxes. Only one of the Company’s properties, located in Stamford, CT (“Ridgeway”), is considered significant as its revenue is in excess of 10% of the Company’s consolidated total revenues and accordingly is a reportable segment. The Company has aggregated the remainder of our properties as they share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in the same major metropolitan area, and have similar tenant mixes. Ridgeway is located in Stamford, Connecticut and was developed in the 1950’s and redeveloped in the mid 1990’s. The property contains approximately 374,000 square feet of GLA. It is the dominant grocery-anchored center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut. Segment information about Ridgeway as required by ASC Topic 280 is included below: Year Ended October 31, 2020 2019 2018 Ridgeway Revenues 11.2 % 10.9 % 10.4 % All Other Property Revenues 88.8 % 89.1 % 89.6 % Consolidated Revenue 100.0 % 100.0 % 100.0 % Year Ended October 31, 2020 2019 Ridgeway Assets 6.4 % 6.0 % All Other Property Assets 93.6 % 94.0 % Consolidated Assets (Note 1) 100.0 % 100.0 % Note 1 - Ridgeway did not have any significant expenditures for additions to long-lived assets in any of the fiscal years ended October 31, 2020, 2019 and 2018. Year Ended October 31, 2020 2019 2018 Ridgeway Percent Leased 92 % 97 % 96 % Year Ended October 31, Ridgeway Significant Tenants (by base rent): 2020 2019 2018 The Stop & Shop Supermarket Company 20 % 20 % 20 % Bed, Bath & Beyond 14 % 14 % 14 % Marshall’s Inc., a division of the TJX Companies 10 % 10 % 10 % All Other Tenants at Ridgeway (Note 2) 56 % 56 % 56 % Total 100 % 100 % 100 % Note 2 - No other tenant accounts for more than 10% of Ridgeway’s annual base rents in any of the three years presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway. Year Ended October 31, 2020 Income Statement (In Thousands): Ridgeway All Other Operating Segments Total Consolidated Revenues $ 14,180 $ 112,565 $ 126,745 Operating Expenses $ 4,424 $ 38,582 $ 43,006 Interest Expense $ 1,673 $ 11,835 $ 13,508 Depreciation and Amortization $ 2,494 $ 26,693 $ 29,187 Income from Continuing Operations $ 5,589 $ 20,481 $ 26,070 Year Ended October 31, 2019 Ridgeway All Other Operating Segments Total Consolidated Revenues $ 14,859 $ 122,023 $ 136,882 Operating Expenses $ 4,376 $ 41,138 $ 45,514 Interest Expense $ 1,704 $ 12,398 $ 14,102 Depreciation and Amortization $ 2,350 $ 25,580 $ 27,930 Income from Continuing Operations $ 6,428 $ 35,185 $ 41,613 Year Ended October 31, 2018 Ridgeway All Other Operating Segments Total Consolidated Revenues $ 14,015 $ 120,707 $ 134,722 Operating Expenses $ 4,094 $ 39,308 $ 43,402 Interest Expense $ 1,869 $ 11,809 $ 13,678 Depreciation and Amortization $ 2,616 $ 25,711 $ 28,327 Income from Continuing Operations $ 5,436 $ 36,747 $ 42,183 |
Reclassification | Reclassification Certain fiscal 2018 and 2019 amounts have been reclassified to conform to current period presentation. |
New Accounting Standards | New Accounting Standards In February 2016, the FASB issued ASU 2016-02, "Leases," ASU 2018-10, "Codification improvements to Topic 842, leases," ASU 2018-11, "Leases," and ASU 2018-20, "Leases, Narrow Scope Improvements for Lessors," together ASC Topic 842 - Leases. ASC Topic 842 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 adopted ASC Topic 842 on November 1, 2019, the first day of its fiscal year 2020. The Company has elected to apply the transition provisions of ASC Topic 842 at the beginning of the period of adoption, and therefore, the Company has not retrospectively adjusted prior periods presented. The Company elected 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. The adoption of this standard did not have a material effect on our financial statements or disclosures therein. See Lease Income, Revenue Recognition and Tenant Receivables earlier in Note 1 for a more detailed explanation of the adoption. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” ASU No. 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the three months ended April 30, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. 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 October 31, 2020. |
ORGANIZATION, BASIS OF PRESEN_3
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Combined Operating Results Properties Included in Continuing Operations | The combined operating results of the Monroe Property, the Bernardsville Property, the Carmel Property and the sold portion of the Pompton Lakes properties, which are included in continuing operations, were as follows (amounts in thousands): Year Ended October 31, 2020 2019 2018 Revenues $ 17 $ 612 $ 666 Property operating expense (282 ) (629 ) (691 ) Depreciation and amortization (219 ) (393 ) (417 ) Net Income (loss) $ (484 ) $ (410 ) $ (442 ) |
Reconciliation between Basic and Diluted EPS | The following table sets forth the reconciliation between basic and diluted EPS (in thousands): Year Ended October 31, 2020 2019 2018 Numerator Net income applicable to common stockholders – basic $ 1,849 $ 4,659 $ 5,173 Effect of dilutive securities: Restricted stock awards 34 193 259 Net income applicable to common stockholders – diluted $ 1,883 $ 4,852 $ 5,432 Denominator Denominator for basic EPS-weighted average common shares 9,144 8,813 8,517 Effect of dilutive securities: Restricted stock awards 241 536 597 Denominator for diluted EPS – weighted average common equivalent shares 9,385 9,349 9,114 Numerator Net income applicable to Class A common stockholders – basic $ 6,684 $ 17,469 $ 20,044 Effect of dilutive securities: Restricted stock awards (34 ) (193 ) (259 ) Net income applicable to Class A common stockholders – diluted $ 6,650 $ 17,276 $ 19,785 Denominator Denominator for basic EPS – weighted average Class A common shares 29,506 29,438 29,335 Effect of dilutive securities: Restricted stock awards 70 216 178 Denominator for diluted EPS – weighted average Class A common equivalent shares 29,576 29,654 29,513 |
Major Customers by Reporting Segments | Segment information about Ridgeway as required by ASC Topic 280 is included below: Year Ended October 31, 2020 2019 2018 Ridgeway Revenues 11.2 % 10.9 % 10.4 % All Other Property Revenues 88.8 % 89.1 % 89.6 % Consolidated Revenue 100.0 % 100.0 % 100.0 % Year Ended October 31, 2020 2019 Ridgeway Assets 6.4 % 6.0 % All Other Property Assets 93.6 % 94.0 % Consolidated Assets (Note 1) 100.0 % 100.0 % Note 1 - Ridgeway did not have any significant expenditures for additions to long-lived assets in any of the fiscal years ended October 31, 2020, 2019 and 2018. Year Ended October 31, 2020 2019 2018 Ridgeway Percent Leased 92 % 97 % 96 % Year Ended October 31, Ridgeway Significant Tenants (by base rent): 2020 2019 2018 The Stop & Shop Supermarket Company 20 % 20 % 20 % Bed, Bath & Beyond 14 % 14 % 14 % Marshall’s Inc., a division of the TJX Companies 10 % 10 % 10 % All Other Tenants at Ridgeway (Note 2) 56 % 56 % 56 % Total 100 % 100 % 100 % Note 2 - No other tenant accounts for more than 10% of Ridgeway’s annual base rents in any of the three years presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway. |
Segment Reporting Information by Segment | Year Ended October 31, 2020 Income Statement (In Thousands): Ridgeway All Other Operating Segments Total Consolidated Revenues $ 14,180 $ 112,565 $ 126,745 Operating Expenses $ 4,424 $ 38,582 $ 43,006 Interest Expense $ 1,673 $ 11,835 $ 13,508 Depreciation and Amortization $ 2,494 $ 26,693 $ 29,187 Income from Continuing Operations $ 5,589 $ 20,481 $ 26,070 Year Ended October 31, 2019 Ridgeway All Other Operating Segments Total Consolidated Revenues $ 14,859 $ 122,023 $ 136,882 Operating Expenses $ 4,376 $ 41,138 $ 45,514 Interest Expense $ 1,704 $ 12,398 $ 14,102 Depreciation and Amortization $ 2,350 $ 25,580 $ 27,930 Income from Continuing Operations $ 6,428 $ 35,185 $ 41,613 Year Ended October 31, 2018 Ridgeway All Other Operating Segments Total Consolidated Revenues $ 14,015 $ 120,707 $ 134,722 Operating Expenses $ 4,094 $ 39,308 $ 43,402 Interest Expense $ 1,869 $ 11,809 $ 13,678 Depreciation and Amortization $ 2,616 $ 25,711 $ 28,327 Income from Continuing Operations $ 5,436 $ 36,747 $ 42,183 |
REAL ESTATE INVESTMENTS (Tables
REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
REAL ESTATE INVESTMENTS [Abstract] | |
Investments in Real Estate, Net of Depreciation | The Company's investments in real estate, net of depreciation, were composed of the following at October 31, 2020 and 2019 (in thousands): Consolidated Investment Properties Unconsolidated Joint Ventures 2020 Totals 2019 Totals Retail $ 880,838 $ 28,679 $ 909,517 $ 920,261 Office 7,019 - 7,019 9,729 Total $ 887,857 $ 28,679 $ 916,536 $ 929,990 |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
INVESTMENT PROPERTIES [Abstract] | |
Components of Core Properties | The components of the properties consolidated in the financial statements are as follows (in thousands): October 31, 2020 2019 Land $ 236,654 $ 238,766 Buildings and improvements 912,528 903,004 1,149,182 1,141,770 Accumulated depreciation (261,325 ) (241,154 ) $ 887,857 $ 900,616 |
Purchase Price Allocation for Properties Acquired | The financial information set forth below summarizes the Company’s purchase price allocation for the properties acquired during the fiscal year ended October 31, 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 |
MORTGAGE NOTES PAYABLE, BANK _2
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS | |
Principal Maturities of Mortgage Notes Payable | Combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands): Principal Repayments Scheduled Amortization Total 2021 $ - $ 7,252 $ 7,252 2022 49,486 6,500 55,986 2023 - 6,233 6,233 2024 18,710 6,289 24,999 2025 82,243 4,052 86,295 Thereafter 105,224 10,282 115,506 $ 255,663 $ 40,608 $ 296,271 |
CONSOLIDATED JOINT VENTURES A_2
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | |
Redeemable Non-controlling Interests | The following table sets forth the details of the Company's redeemable non-controlling interests (amounts in thousands): October 31, 2020 2019 Beginning Balance $ 77,876 $ 78,258 Partial redemption of UB High Ridge Noncontrolling Interest (560 ) (1,413 ) Partial redemption of Dumont Noncontrolling Interest - (630 ) Partial redemption of New City Noncontrolling Interest (198 ) (91 ) Redemption of Ironbound Noncontrolling Interest - (2,700 ) Change in Redemption Value (15,047 ) 4,452 Ending Balance $ 62,071 $ 77,876 |
INVESTMENTS IN AND ADVANCES T_2
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract] | |
Investments in and Advances to Unconsolidated Joint Ventures | At October 31, 2020 and 2019, investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses) (amounts in thousands): October 31, 2020 2019 Chestnut Ridge Shopping Center (50.0%) $ 12,252 $ 12,048 Gateway Plaza (50%) 6,929 6,847 Putnam Plaza Shopping Center (66.67%) 2,599 3,446 Midway Shopping Center, L.P. (11.792%) 4,233 4,384 Applebee's at Riverhead (50%) 1,943 1,926 81 Pondfield Road Company (20%) 723 723 Total $ 28,679 $ 29,374 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
LEASES [Abstract] | |
Disaggregation of Lease Income Recognized | The following table provides a disaggregation of lease income recognized during the years ended October 31, 2020, 2019 and 2018, under ASC Topic 842, "Leases," as either fixed or variable lease income based on the criteria specified in ASC Topic 842 (in thousands): October 31 2020 2019 2018 Operating lease income: Fixed lease income (Base Rent) $ 98,678 $ 99,845 $ 95,734 Variable lease income (Recoverable Costs) 28,889 32,784 31,144 Other lease related income, net: Above/below market rent amortization 706 614 1,209 Uncollectable amounts in lease income (3,916 ) (956 ) (857 ) ASC Topic 842 cash basis lease income reversal (3,416 ) - - Total lease income $ 120,941 $ 132,287 $ 127,230 |
Future Minimum Rents under Non-Cancelable Operating Leases | Future minimum rents under non-cancelable operating leases for the next five years and thereafter, excluding variable lease payments, are as follows (in thousands): Fiscal Year Ending 2021 (a) $ 99,312 2022 83,631 2023 67,486 2024 57,996 2025 45,831 Thereafter 215,138 Total $ 569,394 (a) The amounts above are based on existing leases in place at October 31, 2020. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
STOCKHOLDERS' EQUITY [Abstract] | |
Dividends Declared and Tax Status of Dividends Paid | The following tables set forth the dividends declared per Common share and Class A Common share and tax status for Federal income tax purposes of the dividends paid during the fiscal years ended October 31, 2020 and 2019: Common Shares Class A Common Shares Dividend Payment Date Gross Dividend Paid Per Share Ordinary Income Capital Gain Non-Taxable Portion Gross Dividend Paid Per Share Ordinary Income Capital Gain Non-Taxable Portion January 17, 2020 $ 0.2500 $ 0.174386 $ (0.003376 ) $ 0.07899 $ 0.28 $ 0.1953 $ (0.0038 ) $ 0.0885 April 17, 2020 $ 0.2500 $ 0.174386 $ (0.003376 ) $ 0.07899 $ 0.28 $ 0.1953 $ (0.0038 ) $ 0.0885 July 17, 2020 $ 0.0625 $ 0.043597 $ (0.000844 ) $ 0.019747 $ 0.07 $ 0.0488 $ (0.0009 ) $ 0.0221 October 16, 2020 $ 0.1250 $ 0.087193 $ (0.001688 ) $ 0.039495 $ 0.14 $ 0.0977 $ (0.0019 ) $ 0.0442 $ 0.6875 $ 0.479562 $ (0.009284 ) $ 0.217222 $ 0.77 $ 0.5371 $ (0.0104 ) $ 0.2433 Common Shares Class A Common Shares Dividend Payment Date Gross Dividend Paid Per Share Ordinary Income Capital Gain Non-Taxable Portion Gross Dividend Paid Per Share Ordinary Income Capital Gain Non-Taxable Portion January 18, 2019 $ 0.245 $ 0.173355 $ 0.006156 $ 0.065489 $ 0.275 $ 0.1946 $ 0.0069 $ 0.0735 April 18, 2019 $ 0.245 $ 0.173355 $ 0.006156 $ 0.065489 $ 0.275 $ 0.1946 $ 0.0069 $ 0.0735 July 19, 2019 $ 0.245 $ 0.173355 $ 0.006156 $ 0.065489 $ 0.275 $ 0.1946 $ 0.0069 $ 0.0735 October 18, 2019 $ 0.245 $ 0.173355 $ 0.006156 $ 0.065489 $ 0.275 $ 0.1946 $ 0.0069 $ 0.0735 $ 0.98 $ 0.69342 $ 0.024624 $ 0.261956 $ 1.10 $ 0.7784 $ 0.0276 $ 0.294 |
STOCK COMPENSATION AND OTHER _2
STOCK COMPENSATION AND OTHER BENEFIT PLANS (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
STOCK COMPENSATION AND OTHER BENEFIT PLANS [Abstract] | |
Non-vested Common and Class A Common Shares | A summary of the status of the Company's non-vested restricted stock awards as of October 31, 2020, and changes during the year ended October 31, 2020 is presented below: Common Shares Class A Common Shares Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Non-vested at October 31, 2019 1,146,100 $ 17.52 463,225 $ 21.07 Granted 105,450 $ 19.59 120,800 $ 23.96 Vested (327,000 ) $ 17.71 (92,375 ) $ 22.20 Forfeited - $ - (700 ) $ 23.23 Non-vested at October 31, 2020 924,550 $ 17.69 490,950 $ 21.56 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Fair Value of Financial Assets and Liabilities | The Company measures its redeemable noncontrolling interests and interest rate swap derivatives at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs at and (amounts in thousands): Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) October 31, 2020 Liabilities: Interest Rate Swap Agreements $ 13,300 $ - $ 13,300 $ - Redeemable noncontrolling interests $ 62,071 $ 9,921 $ 51,604 $ 546 October 31, 2019 Liabilities: Interest Rate Swap Agreements $ 6,754 $ - $ 6,754 $ - Redeemable noncontrolling interests $ 77,876 $ 24,968 $ 52,362 $ 546 |
QUARTERLY RESULTS OF OPERATIO_2
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) [Abstract] | |
Quarterly Financial Information | The unaudited quarterly results of operations for the years ended October 31, 2020 and 2019 are as follows (in thousands, except per share data): Year Ended October 31, 2020 Year Ended October 31, 2019 Quarter Ended Quarter Ended Jan 31 Apr 30 Jul 31 Oct 31 Jan 31 Apr 30 Jul 31 Oct 31 Revenues $ 34,348 $ 31,280 $ 28,799 $ 32,318 $ 34,267 $ 34,105 $ 34,392 $ 34,117 Income from Continuing Operations $ 9,521 $ 7,240 $ 5,923 $ 3,386 $ 10,018 $ 9,960 $ 11,427 $ 10,208 Net Income Attributable to Urstadt Biddle Properties Inc. $ 8,483 $ 6,212 $ 4,988 $ 2,500 $ 8,917 $ 8,860 $ 10,333 $ 9,170 Preferred Stock Dividends (3,412 ) (3,413 ) (3,412 ) (3,413 ) (3,063 ) (3,062 ) (3,063 ) (3,601 ) Redemption of Preferred Stock - - - - - - - (2,363 ) Net Income (Loss) Applicable to Common and Class A Common Stockholders $ 5,071 $ 2,799 $ 1,576 $ (913 ) $ 5,854 $ 5,798 $ 7,270 $ 3,206 Per Share Data: Basic: Class A Common Stock $ 0.14 $ 0.07 $ 0.04 $ (0.02 ) $ 0.16 $ 0.16 $ 0.19 $ 0.09 Common Stock $ 0.12 $ 0.07 $ 0.04 $ (0.02 ) $ 0.14 $ 0.14 $ 0.17 $ 0.08 Diluted: Class A Common Stock $ 0.13 $ 0.07 $ 0.04 $ (0.02 ) $ 0.16 $ 0.15 $ 0.19 $ 0.08 Common Stock $ 0.12 $ 0.07 $ 0.04 $ (0.02 ) $ 0.14 $ 0.14 $ 0.17 $ 0.07 |
ORGANIZATION, BASIS OF PRESEN_4
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Business (Details) ft² in Millions | Oct. 31, 2020ft²Property |
Business [Abstract] | |
Number of properties the Company owned or had equity interest in | Property | 81 |
Gross leasable area of properties the Company owned or had equity interest in | ft² | 5.3 |
ORGANIZATION, BASIS OF PRESEN_5
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Federal Income Taxes (Details) | 12 Months Ended |
Oct. 31, 2020 | |
Federal Income Taxes [Abstract] | |
Minimum real estate trust taxable income required to be distributed for REIT to be nontaxable | 90.00% |
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 | 2019 |
ORGANIZATION, BASIS OF PRESEN_6
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Depreciation and Amortization (Details) | 12 Months Ended |
Oct. 31, 2020 | |
Real Estate Investment Properties [Member] | Minimum [Member] | |
Depreciation [Abstract] | |
Estimated useful life | 30 years |
Real Estate Investment Properties [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 and Fixtures [Member] | Minimum [Member] | |
Depreciation [Abstract] | |
Estimated useful life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Depreciation [Abstract] | |
Estimated useful life | 10 years |
Tenant Improvements [Member] | |
Depreciation [Abstract] | |
Estimated useful life | shorter of the life of the related leases or their useful life |
ORGANIZATION, BASIS OF PRESEN_7
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Sale of Investment Property and Property Held for Sale (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2020USD ($) | Jan. 31, 2020USD ($) | Aug. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Oct. 31, 2020USD ($) | Jul. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Jan. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Jul. 31, 2019USD ($) | Apr. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Sep. 23, 2020ft² | |
Property Held for Sale [Abstract] | ||||||||||||||||
Gain (loss) on sale of properties | $ (6,047,000) | $ (19,000) | $ 0 | |||||||||||||
Revenues | $ 32,318,000 | $ 28,799,000 | $ 31,280,000 | $ 34,348,000 | $ 34,117,000 | $ 34,392,000 | $ 34,105,000 | $ 34,267,000 | 126,745,000 | 136,882,000 | 134,722,000 | |||||
Depreciation and amortization | (29,187,000) | (27,930,000) | (28,327,000) | |||||||||||||
Net Income | 26,070,000 | 41,613,000 | 42,183,000 | |||||||||||||
Carmel, NY [Member] | ||||||||||||||||
Property Held for Sale [Abstract] | ||||||||||||||||
Proceeds from sale of property held for sale | $ 1,300,000 | |||||||||||||||
Gain (loss) on sale of properties | $ (242,000) | |||||||||||||||
Pompton Lakes, NJ [Member] | ||||||||||||||||
Property Held for Sale [Abstract] | ||||||||||||||||
Proceeds from sale of property held for sale | $ 2,800,000 | |||||||||||||||
Gain (loss) on sale of properties | $ (5,700,000) | |||||||||||||||
Area of Real Estate Property | ft² | 29,000 | |||||||||||||||
Bernardsville, NJ [Member] | ||||||||||||||||
Property Held for Sale [Abstract] | ||||||||||||||||
Gain (loss) on sale of properties | (86,000) | |||||||||||||||
Disposal Group, Not Discontinued Operations [Member] | Monroe, CT property, Bernardsville, NJ property, Carmel, NY property and Pompton Lakes, NJ property [Member] | ||||||||||||||||
Property Held for Sale [Abstract] | ||||||||||||||||
Revenues | 17,000 | 612,000 | 666,000 | |||||||||||||
Property operating expense | (282,000) | (629,000) | (691,000) | |||||||||||||
Depreciation and amortization | (219,000) | (393,000) | (417,000) | |||||||||||||
Net Income | $ (484,000) | $ (410,000) | $ (442,000) | |||||||||||||
Disposal Group, Disposed of by Sale, 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 | $ 416,000 | |||||||||||||||
Held for Sale [Member] | Bernardsville, NJ [Member] | ||||||||||||||||
Property Held for Sale [Abstract] | ||||||||||||||||
Proceeds from sale of property held for sale | $ 2,700,000 | |||||||||||||||
Gain (loss) on sale of properties | $ (434,000) |
ORGANIZATION, BASIS OF PRESEN_8
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Deferred Charges (Details) - USD ($) | Oct. 31, 2020 | Oct. 31, 2019 |
Deferred Charges [Abstract] | ||
Accumulated amortization of deferred charges | $ 5,115,000 | $ 4,861,000 |
ORGANIZATION, BASIS OF PRESEN_9
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Lease Income, Revenue Recognition and Tenant Receivables (Details) ft² in Millions | 12 Months Ended | |
Oct. 31, 2020USD ($)ft²InvestmentTenant | Oct. 31, 2019USD ($) | |
COVID-19 Pandemic [Abstract] | ||
Number of tenant rent relief requests received by company | Tenant | 396 | |
Approximate number of tenants in our consolidated portfolio | Tenant | 900 | |
Number of tenants withdrawing rent concession request | Tenant | 118 | |
Square feet of spaced occupied by tenants requesting rent relief | ft² | 1.5 | |
Percent of annualized base rent for tenants requesting rent relief | 43.80% | |
Number of lease modifications completed | Investment | 234 | |
Dollar Value of Base Rent Deferrals | $ 3,400,000 | |
Dollar Value of Base Rent Abatements | 1,400,000 | |
Tenant Receivables [Abstract] | ||
Total collectability adjustment | 7,300,000 | |
Reversal of previously billed lease income | 2,300,000 | |
Straight Line Rent Adjustments | $ 1,100,000 | |
Tenants with revenue recognized on a cash basis | 7.10% | |
Straight-line rents receivable | $ 22,330,000 | $ 19,395,000 |
Tenants receivable, allowance for doubtful accounts | $ 8,769,000 | $ 5,454,000 |
Allowance of doubtful accounts against tenants receivables, percentage of deferred straight-line rents receivable | 10.00% | |
Shop Space [Member] | Minimum [Member] | ||
Lease Income [Abstract] | ||
Term of lease | 1 year | |
Shop Space [Member] | Maximum [Member] | ||
Lease Income [Abstract] | ||
Term of lease | 5 years | |
Anchor Spaces [Member] | Minimum [Member] | ||
Lease Income [Abstract] | ||
Term of lease | 5 years |
ORGANIZATION, BASIS OF PRESE_10
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Marketable Securities (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
May 31, 2020 | Mar. 31, 2020 | Jan. 31, 2019 | Mar. 31, 2018 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Marketable Securities [Abstract] | |||||||
Gain on sale of marketable securities | $ 258,000 | $ 403,000 | $ 258,000 | $ 403,000 | $ 0 | ||
Proceeds from sale of marketable securities | $ 7,300,000 | $ 6,000,000 | |||||
REIT Securities [Member] | |||||||
Marketable Securities [Abstract] | |||||||
Purchase of marketable securities | $ 7,000,000 | $ 5,000,000 |
ORGANIZATION, BASIS OF PRESE_11
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Derivative Financial Instruments (Details) - Interest Rate Swap [Member] - Mortgage Loan [Member] - USD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Derivative Financial Instruments [Abstract] | ||
Mortgage loans subject to interst rate swap | $ 126.7 | |
Average fixed annual rate on interest rate swap | 3.93% | |
Deferred liabilities relating to fair value of interest rate swap | $ 13.3 | $ 6.8 |
ORGANIZATION, BASIS OF PRESE_12
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Comprehensive Income (Details) - USD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Comprehensive Income [Abstract] | ||
Net unrealized gains on interest rate swap agreements included in accumulated other comprehensive income | $ (15.7) | $ (8.5) |
ORGANIZATION, BASIS OF PRESE_13
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Numerator [Abstract] | |||||||||||
Net income applicable to common stockholders - basic | $ (913) | $ 1,576 | $ 2,799 | $ 5,071 | $ 3,206 | $ 7,270 | $ 5,798 | $ 5,854 | $ 8,533 | $ 22,128 | $ 25,217 |
Common Stock [Member] | |||||||||||
Numerator [Abstract] | |||||||||||
Net income applicable to common stockholders - basic | 1,849 | 4,659 | 5,173 | ||||||||
Effect of dilutive securities [Abstract] | |||||||||||
Restricted stock awards | 34 | 193 | 259 | ||||||||
Net income applicable to common stockholders - diluted | $ 1,883 | $ 4,852 | $ 5,432 | ||||||||
Denominator [Abstract] | |||||||||||
Denominator for basic EPS - weighted average common shares (in shares) | 9,144 | 8,813 | 8,517 | ||||||||
Effect of dilutive securities [Abstract] | |||||||||||
Restricted stock awards (in shares) | 241 | 536 | 597 | ||||||||
Denominator for diluted EPS - weighted average common equivalent shares (in shares) | 9,385 | 9,349 | 9,114 | ||||||||
Class A Common Stock [Member] | |||||||||||
Numerator [Abstract] | |||||||||||
Net income applicable to common stockholders - basic | $ 6,684 | $ 17,469 | $ 20,044 | ||||||||
Effect of dilutive securities [Abstract] | |||||||||||
Restricted stock awards | (34) | (193) | (259) | ||||||||
Net income applicable to common stockholders - diluted | $ 6,650 | $ 17,276 | $ 19,785 | ||||||||
Denominator [Abstract] | |||||||||||
Denominator for basic EPS - weighted average common shares (in shares) | 29,506 | 29,438 | 29,335 | ||||||||
Effect of dilutive securities [Abstract] | |||||||||||
Restricted stock awards (in shares) | 70 | 216 | 178 | ||||||||
Denominator for diluted EPS - weighted average common equivalent shares (in shares) | 29,576 | 29,654 | 29,513 |
ORGANIZATION, BASIS OF PRESE_14
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segment Reporting - Concentration Risks (Details) | 12 Months Ended | |||
Oct. 31, 2020ft²Segment | Oct. 31, 2019 | 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 | 5,300,000 | |||
Ridgeway [Member] | ||||
Ridgeway Significant Tenants [Abstract] | ||||
Gross leasable area of properties the Company owned or had equity interest in | 374,000 | |||
Percent leased | 92.00% | 97.00% | 96.00% | |
Sales Revenue, Net [Member] | ||||
Ridgeway Significant Tenants [Abstract] | ||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | |
Sales Revenue, Net [Member] | Ridgeway [Member] | ||||
Ridgeway Significant Tenants [Abstract] | ||||
Concentration risk, percentage | 11.20% | 10.90% | 10.40% | |
Sales Revenue, Net [Member] | All Other Operating Segments [Member] | ||||
Ridgeway Significant Tenants [Abstract] | ||||
Concentration risk, percentage | 88.80% | 89.10% | 89.60% | |
Assets, Total [Member] | ||||
Ridgeway Significant Tenants [Abstract] | ||||
Concentration risk, percentage | [1] | 100.00% | 100.00% | |
Assets, Total [Member] | Ridgeway [Member] | ||||
Ridgeway Significant Tenants [Abstract] | ||||
Concentration risk, percentage | 6.40% | 6.00% | ||
Assets, Total [Member] | All Other Operating Segments [Member] | ||||
Ridgeway Significant Tenants [Abstract] | ||||
Concentration risk, percentage | 93.60% | 94.00% | ||
Base Rent [Member] | Customer Concentration Risk [Member] | Ridgeway [Member] | ||||
Ridgeway Significant Tenants [Abstract] | ||||
Concentration risk, percentage | 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 | 20.00% | 20.00% | 20.00% | |
Base Rent [Member] | Customer Concentration Risk [Member] | Bed, Bath & Beyond [Member] | Ridgeway [Member] | ||||
Ridgeway Significant Tenants [Abstract] | ||||
Concentration risk, percentage | 14.00% | 14.00% | 14.00% | |
Base Rent [Member] | Customer Concentration Risk [Member] | Marshall's Inc., a division of the TJX Companies [Member] | Ridgeway [Member] | ||||
Ridgeway Significant Tenants [Abstract] | ||||
Concentration risk, percentage | 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 | [2] | 56.00% | 56.00% | 56.00% |
[1] | Ridgeway did not have any significant expenditures for additions to long-lived assets in any of the fiscal years ended October 31, 2020, 2019 and 2018. | |||
[2] | No other tenant accounts for more than 10% of Ridgeway’s annual base rents in any of the three years presented. Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway. |
ORGANIZATION, BASIS OF PRESE_15
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segment Reporting - Income Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Income Statements [Abstract] | |||||||||||
Revenues | $ 32,318 | $ 28,799 | $ 31,280 | $ 34,348 | $ 34,117 | $ 34,392 | $ 34,105 | $ 34,267 | $ 126,745 | $ 136,882 | $ 134,722 |
Interest expense | 13,508 | 14,102 | 13,678 | ||||||||
Depreciation and amortization | 29,187 | 27,930 | 28,327 | ||||||||
Income from continuing operations | $ 3,386 | $ 5,923 | $ 7,240 | $ 9,521 | $ 10,208 | $ 11,427 | $ 9,960 | $ 10,018 | |||
Operating Segments [Member] | |||||||||||
Income Statements [Abstract] | |||||||||||
Revenues | 126,745 | 136,882 | 134,722 | ||||||||
Operating expenses | 43,006 | 45,514 | 43,402 | ||||||||
Interest expense | 13,508 | 14,102 | 13,678 | ||||||||
Depreciation and amortization | 29,187 | 27,930 | 28,327 | ||||||||
Income from continuing operations | 26,070 | 41,613 | 42,183 | ||||||||
Operating Segments [Member] | Ridgeway [Member] | |||||||||||
Income Statements [Abstract] | |||||||||||
Revenues | 14,180 | 14,859 | 14,015 | ||||||||
Operating expenses | 4,424 | 4,376 | 4,094 | ||||||||
Interest expense | 1,673 | 1,704 | 1,869 | ||||||||
Depreciation and amortization | 2,494 | 2,350 | 2,616 | ||||||||
Income from continuing operations | 5,589 | 6,428 | 5,436 | ||||||||
Operating Segments [Member] | All Other Operating Segments [Member] | |||||||||||
Income Statements [Abstract] | |||||||||||
Revenues | 112,565 | 122,023 | 120,707 | ||||||||
Operating expenses | 38,582 | 41,138 | 39,308 | ||||||||
Interest expense | 11,835 | 12,398 | 11,809 | ||||||||
Depreciation and amortization | 26,693 | 25,580 | 25,711 | ||||||||
Income from continuing operations | $ 20,481 | $ 35,185 | $ 36,747 |
REAL ESTATE INVESTMENTS (Detail
REAL ESTATE INVESTMENTS (Details) $ in Thousands | Oct. 31, 2020USD ($)Property | Oct. 31, 2019USD ($) |
Real Estate Investment [Abstract] | ||
Properties owned or have equity interests | Property | 81 | |
Real estate investments | $ 916,536 | $ 929,990 |
Retail [Member] | ||
Real Estate Investment [Abstract] | ||
Real estate investments | 909,517 | 920,261 |
Office [Member] | ||
Real Estate Investment [Abstract] | ||
Real estate investments | 7,019 | $ 9,729 |
Consolidated Investment Properties [Member] | ||
Real Estate Investment [Abstract] | ||
Real estate investments | 887,857 | |
Consolidated Investment Properties [Member] | Retail [Member] | ||
Real Estate Investment [Abstract] | ||
Real estate investments | 880,838 | |
Consolidated Investment Properties [Member] | Office [Member] | ||
Real Estate Investment [Abstract] | ||
Real estate investments | 7,019 | |
Unconsolidated Joint Ventures [Member] | ||
Real Estate Investment [Abstract] | ||
Real estate investments | 28,679 | |
Unconsolidated Joint Ventures [Member] | Retail [Member] | ||
Real Estate Investment [Abstract] | ||
Real estate investments | 28,679 | |
Unconsolidated Joint Ventures [Member] | Office [Member] | ||
Real Estate Investment [Abstract] | ||
Real estate investments | $ 0 |
INVESTMENT PROPERTIES (Details)
INVESTMENT PROPERTIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Properties, net [Abstract] | |||
Gross properties | $ 1,149,182 | $ 1,141,770 | |
Accumulated depreciation | (261,325) | (241,154) | |
Properties, net | $ 887,857 | $ 900,616 | |
Maximum [Member] | |||
Rental payments on non-cancelable operating leases [Abstract] | |||
Additional rent based on tenant revenue, as percent of consolidated revenues | 1.00% | 1.00% | 1.00% |
Land [Member] | |||
Properties, net [Abstract] | |||
Gross properties | $ 236,654 | $ 238,766 | |
Buildings and Improvements [Member] | |||
Properties, net [Abstract] | |||
Gross properties | $ 912,528 | $ 903,004 |
INVESTMENT PROPERTIES, Signific
INVESTMENT PROPERTIES, Significant Investment Property Transactions (Details) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Dec. 03, 2018ft² | |
Significant Investment Property Transactions [Abstract] | |||||
Amortization of above and below Market Leases | $ (706,000) | $ (614,000) | $ (1,209,000) | ||
Capital improvements to properties and leasing costs | 22,300,000 | ||||
Additional Capital Investment on Real Property-Stratford, CT | 11,300,000 | ||||
Lakeview Shopping Center [Member] | |||||
Significant Investment Property Transactions [Abstract] | |||||
Purchase price of property acquired | $ 12,000,000 | ||||
Area of real estate property acquired | ft² | 177,000 | ||||
Land | 2,025,000 | ||||
Building and improvements | 10,620,000 | ||||
Capital improvements to properties and leasing costs | $ 5,800,000 | ||||
Lakeview Shopping Center [Member] | In-Place Leases [Member] | |||||
Significant Investment Property Transactions [Abstract] | |||||
Intangible assets | 772,000 | ||||
Intangible liabilities | 0 | ||||
Lakeview Shopping Center [Member] | Above/Below-Market Leases [Member] | |||||
Significant Investment Property Transactions [Abstract] | |||||
Intangible assets | 459,000 | ||||
Intangible liabilities | $ 1,123,000 |
MORTGAGE NOTES PAYABLE, BANK _3
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS (Details) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2020USD ($)Bank | Oct. 31, 2019USD ($) | Oct. 31, 2018USD ($) | |
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract] | |||
Real estate pledged as collateral at fair value | $ 540,100 | ||
Principal Repayments [Abstract] | |||
2020 | 0 | ||
2021 | 49,486 | ||
2022 | 0 | ||
2023 | 18,710 | ||
2024 | 82,243 | ||
Thereafter | 105,224 | ||
Total principal repayments | 255,663 | ||
Scheduled Amortization [Abstract] | |||
2020 | 7,252 | ||
2021 | 6,500 | ||
2022 | 6,233 | ||
2023 | 6,289 | ||
2024 | 4,052 | ||
Thereafter | 10,282 | ||
Total scheduled amortization | 40,608 | ||
Total [Abstract] | |||
2020 | 7,252 | ||
2021 | 55,986 | ||
2022 | 6,233 | ||
2023 | 24,999 | ||
2024 | 86,295 | ||
Thereafter | 115,506 | ||
Total principal and scheduled amortization of debt | 296,271 | ||
Repayments of borrowings on facility | $ 0 | $ 54,095 | $ 9,000 |
Minimum [Member] | |||
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract] | |||
Effective interest rate | 3.50% | ||
Maximum [Member] | |||
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract] | |||
Effective interest rate | 4.90% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | |||
Total [Abstract] | |||
Maximum borrowing capacity | $ 100,000 | ||
Number of syndicated banks | Bank | 3 | ||
Option, maximum borrowing capacity | $ 150,000 | ||
Maturity date | Aug. 23, 2021 | ||
Covenant compliance | The Company was in compliance with such covenants at October 31, 2020. | ||
Unsecured revolving line of credit capacity at year end | $ 64,000 | ||
Borrowing under revolving credit facility | $ 35,000 | 25,500 | |
Repayments of borrowings on facility | $ 54,100 | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Minimum [Member] | |||
Total [Abstract] | |||
Commitment fee | 0.15% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Maximum [Member] | |||
Total [Abstract] | |||
Commitment fee | 0.25% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar [Member] | Minimum [Member] | |||
Total [Abstract] | |||
Basis spread on variable rate | 1.35% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar [Member] | Maximum [Member] | |||
Total [Abstract] | |||
Basis spread on variable rate | 1.95% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Prime Rate [Member] | Minimum [Member] | |||
Total [Abstract] | |||
Basis spread on variable rate | 0.35% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Prime Rate [Member] | Maximum [Member] | |||
Total [Abstract] | |||
Basis spread on variable rate | 0.95% | ||
BNY, Wells Fargo and Bank of Montreal [Member] | Letter of Credit [Member] | |||
Total [Abstract] | |||
Maximum borrowing capacity | $ 10,000 |
MORTGAGE NOTES PAYABLE, BANK _4
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS, Terms of Notes Payable (Details) $ in Thousands | Oct. 31, 2020USD ($) |
Debt Instruments [Abstract] | |
Principal amount | $ 296,271 |
MORTGAGE NOTES PAYABLE, BANK _5
MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS, Refinancings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract] | |||
Interest paid | $ 13.3 | $ 13.7 | $ 13.4 |
Refinanced First Mortgage [Member] | Darien, CT [Member] | |||
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract] | |||
Basis spread on variable rate | 1.65% | ||
Estimated fair value of first mortgage secured by property | $ 25 | ||
Mortgage Loan Balance - Existing | $ 14.9 | ||
New mortgage loan term | 10 years | ||
Benchmark interest rate | LIBOR | ||
Fixed interest rate of interest rate derivative | 4.815% | ||
Refinanced First Mortgage [Member] | Newark, NJ [Member] | |||
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract] | |||
Estimated fair value of first mortgage secured by property | $ 10 | ||
Mortgage Loan Balance - Existing | $ 9.1 | ||
New mortgage loan term | 10 years | ||
Fixed interest rate of interest rate derivative | 4.63% | ||
Mortgage Loan [Member] | Lakeview Shopping Center [Member] | |||
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract] | |||
Basis spread on variable rate | 1.75% | ||
Estimated fair value of first mortgage secured by property | $ 12 | ||
New mortgage loan term | 10 years | ||
Benchmark interest rate | LIBOR | ||
Fixed interest rate of interest rate derivative | 3.6325% |
CONSOLIDATED JOINT VENTURES A_3
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS, Consolidated Joint Ventures (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2019USD ($) | Oct. 31, 2020USD ($)InvestmentPropertyshares | Aug. 21, 2019 | |
Consolidated Joint Ventures [Abstract] | |||
Number of real estate joint venture investments | Investment | 5 | ||
Number of properties the Company owned or had equity interest in | Property | 81 | ||
UB Ironbound, LP [Member] | |||
Consolidated Joint Ventures [Abstract] | |||
Ownership interest in consolidated joint venture after redemption | 100.00% | ||
Additional investment in consolidated joint venture | $ 3 | ||
Ownership interest - inception of investment | 84.00% | ||
UB Orangeburg, LLC [Member] | |||
Consolidated Joint Ventures [Abstract] | |||
Ownership interest | 44.60% | ||
Additional investment in consolidated joint venture | $ 6.8 | ||
Ownership interest - inception of investment | 2.92% | ||
UB Orangeburg, LLC [Member] | Class A Common Stock [Member] | |||
Consolidated Joint Ventures [Abstract] | |||
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] | |||
Consolidated Joint Ventures [Abstract] | |||
Ownership interest | 53.00% | ||
Fixed annual distribution | 5.05% | ||
UB High Ridge, LLC [Member] | |||
Consolidated Joint Ventures [Abstract] | |||
Ownership interest | 16.30% | ||
Additional investment in consolidated joint venture | $ 3.2 | ||
Fixed annual distribution | 4.58% | ||
Initial net investment amount | $ 5.5 | ||
Additional Equity Contributed to Joint Venture | $ 1.5 | ||
UB High Ridge, LLC [Member] | Commercial Real Estate [Member] | |||
Consolidated Joint Ventures [Abstract] | |||
Number of properties the Company owned or had equity interest in | Property | 3 | ||
UB High Ridge, LLC [Member] | Retail Property [Member] | |||
Consolidated Joint Ventures [Abstract] | |||
Number of properties the Company owned or had equity interest in | Property | 2 | ||
UB High Ridge, LLC [Member] | Retail Property [Member] | Chase Property [Member] | |||
Consolidated Joint Ventures [Abstract] | |||
Number of properties the Company owned or had equity interest in | Property | 1 | ||
UB High Ridge, LLC [Member] | Retail Property [Member] | CVS [Member] | |||
Consolidated Joint Ventures [Abstract] | |||
Number of properties the Company owned or had equity interest in | Property | 1 | ||
UB Dumont I, LLC [Member] | |||
Consolidated Joint Ventures [Abstract] | |||
Ownership interest | 36.40% | ||
Additional investment in consolidated joint venture | $ 630,000 | ||
Fixed annual distribution | 4.92% | ||
Initial net investment amount | $ 3.9 | ||
UB New City, LLC [Member] | |||
Consolidated Joint Ventures [Abstract] | |||
Ownership interest | 84.30% | ||
Additional investment in consolidated joint venture | $ 289,300 | ||
Fixed annual distribution | 5.00% | ||
Initial net investment amount | $ 2.4 |
CONSOLIDATED JOINT VENTURES A_4
CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS, Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Redeemable non-controlling interests [Roll Forward] | ||
Beginning Balance | $ 77,876 | $ 78,258 |
Redemption of UB High Ridge Noncontrolling Interest | (560) | (1,413) |
Redemption Value of UB Dumont I, LLC non-controlling interest | 0 | (630) |
uba_ Redemption Value Of UB New City, LLC Non Controlling Interest | (198) | (91) |
Redemption Value of UB Ironbound, LP non-controlling interest | 0 | (2,700) |
Change in Redemption Value | (15,047) | 4,452 |
Ending Balance | $ 62,071 | $ 77,876 |
INVESTMENTS IN AND ADVANCES T_3
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Details) | 12 Months Ended | ||
Oct. 31, 2020USD ($)ft²Subsidiary | Oct. 31, 2019USD ($) | Oct. 31, 2018USD ($) | |
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Investments in and advances to unconsolidated joint ventures | $ 28,679,000 | $ 29,374,000 | |
Non-recourse first mortgage payable | 299,434,000 | 306,606,000 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (6,047,000) | (19,000) | $ 0 |
Chestnut Ridge [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Investments in and advances to unconsolidated joint ventures | $ 12,252,000 | $ 12,048,000 | |
Ownership interest | 50.00% | 50.00% | |
Area of property | ft² | 76,000 | ||
Plaza 59 Shopping Centers [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Ownership interest | 50.00% | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (462,000) | ||
Contract sale price of long lived asset held for sale | 10,000,000 | ||
Gateway Plaza [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Investments in and advances to unconsolidated joint ventures | $ 6,929,000 | $ 6,847,000 | |
Ownership interest | 50.00% | 50.00% | |
Area of property | ft² | 198,500 | ||
In-line space | ft² | 27,000 | ||
Newly constructed pad site square feet | ft² | 3,500 | ||
Gateway Plaza [Member] | Non-recourse First Mortgage Payable [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Non-recourse first mortgage payable | $ 11,600,000 | ||
Maturity date of debt | Mar. 1, 2024 | ||
Stated interest rate | 4.20% | ||
Walmart in Gateway Plaza Shopping Center [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Area of property | ft² | 168,000 | ||
Putnam Plaza Shopping Center [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Investments in and advances to unconsolidated joint ventures | $ 2,599,000 | $ 3,446,000 | |
Ownership interest | 66.67% | 66.67% | |
Area of property | ft² | 189,000 | ||
Putnam Plaza Shopping Center [Member] | Non-recourse First Mortgage Payable [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Non-recourse first mortgage payable | $ 18,300,000 | ||
Maturity date of debt | Nov. 1, 2028 | ||
Stated interest rate | 4.81% | ||
Midway Shopping Center, L.P. [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Investments in and advances to unconsolidated joint ventures | $ 4,233,000 | $ 4,384,000 | |
Ownership interest | 11.792% | 11.792% | |
Area of property | ft² | 247,000 | ||
Ownership percentage | 25.00% | ||
Excess of carrying amount over underlying equity allocated to real property | $ 7,400,000 | ||
Estimated useful life | 39 years | ||
Midway Shopping Center, L.P. [Member] | Non-recourse First Mortgage Payable [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Non-recourse first mortgage payable | $ 25,700,000 | ||
Maturity date of debt | Dec. 31, 2027 | ||
Stated interest rate | 4.80% | ||
Applebee's at Riverhead [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Investments in and advances to unconsolidated joint ventures | $ 1,943,000 | $ 1,926,000 | |
Ownership interest | 50.00% | 50.00% | |
Area of property | ft² | 5,400 | ||
Newly constructed pad site square feet | ft² | 7,200 | ||
81 Pondfield Road Company [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Investments in and advances to unconsolidated joint ventures | $ 723,000 | $ 723,000 | |
Ownership interest | 20.00% | 20.00% | |
Gateway Plaza and Applebee's at Riverhead [Member] | |||
Investments in and Advances to Unconsolidated Joint Ventures [Abstract] | |||
Number of wholly-owned subsidiaries involved in acquisition of properties | Subsidiary | 2 | ||
Ownership percentage | 50.00% |
LEASES (Details)
LEASES (Details) - USD ($) | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Operating lease income [Abstract] | ||||
Fixed lease income (Base Rent) | $ 98,678,000 | $ 99,845,000 | $ 95,734,000 | |
Variable lease income (Cost Recoveries) | 28,889,000 | 32,784,000 | 31,144,000 | |
Other lease related income, net [Abstract] | ||||
Above/below market rent amortization | 706,000 | 614,000 | 1,209,000 | |
Uncollectible amounts in lease income | (3,916,000) | (956,000) | (857,000) | |
Reduction in lease income for ASC Topic 842 cash-basis conversion | (3,416,000) | 0 | 0 | |
Total lease income | 120,941,000 | $ 132,287,000 | $ 127,230,000 | |
Future Minimum Rents under Non-Cancelable Operating Leases [Abstract] | ||||
2021 | [1] | 99,312,000 | ||
2022 | 83,631,000 | |||
2023 | 67,486,000 | |||
2024 | 57,996,000 | |||
2025 | 45,831,000 | |||
Thereafter | 215,138,000 | |||
Total | $ 569,394,000 | |||
[1] | The amounts above are based on existing leases in place at October 31, 2020. |
STOCKHOLDERS' EQUITY, Authorize
STOCKHOLDERS' EQUITY, Authorized Stock, Preferred Stock and Common Stock (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2019USD ($)shares | Oct. 31, 2020USD ($)Director$ / sharesshares | Jul. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Jan. 31, 2020USD ($) | Oct. 31, 2019USD ($)shares | Jul. 31, 2019USD ($) | Apr. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Oct. 31, 2020USD ($)VoteDirectorQuarter$ / sharesshares | Oct. 31, 2019USD ($)Vote$ / sharesshares | Oct. 31, 2018USD ($)shares | Sep. 30, 2019$ / shares | |
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Shares authorized (in shares) | shares | 200,000,000 | 200,000,000 | |||||||||||
Excess stock, shares authorized (in shares) | shares | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||
Excess stock issuance threshold ownership percentage | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | ||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 17 | $ 106,186 | $ 0 | ||||||||||
Preferred Stock Redemption Premium | $ | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,363 | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,363 | $ 0 | ||
Minimum [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Class A Common Stock dividend per share to Common Stock dividend per share | 110.00% | 110.00% | |||||||||||
January 17, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Dividend payment date | Jan. 17, 2020 | ||||||||||||
April 17, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Dividend payment date | Apr. 17, 2020 | ||||||||||||
July 17, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Dividend payment date | Jul. 17, 2020 | ||||||||||||
October 16, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Dividend payment date | Oct. 16, 2020 | ||||||||||||
January 18, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Dividend payment date | Jan. 18, 2019 | ||||||||||||
April 19, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Dividend payment date | Apr. 18, 2019 | ||||||||||||
July 19, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Dividend payment date | Jul. 19, 2019 | ||||||||||||
October 18, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Dividend payment date | Oct. 18, 2019 | ||||||||||||
Common Shares [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | $ 0.6875 | $ 0.98 | |||||||||||
Ordinary income (in dollars per share) | 0.479562 | 0.69342 | |||||||||||
Capital gain (in dollars per share) | (0.009284) | 0.024624 | |||||||||||
Non-taxable portion (in dollars per share) | 0.217222 | 0.261956 | |||||||||||
Common Shares [Member] | January 17, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.2500 | ||||||||||||
Ordinary income (in dollars per share) | 0.174386 | ||||||||||||
Capital gain (in dollars per share) | (0.003376) | ||||||||||||
Non-taxable portion (in dollars per share) | 0.07899 | ||||||||||||
Common Shares [Member] | April 17, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.2500 | ||||||||||||
Ordinary income (in dollars per share) | 0.174386 | ||||||||||||
Capital gain (in dollars per share) | (0.003376) | ||||||||||||
Non-taxable portion (in dollars per share) | 0.07899 | ||||||||||||
Common Shares [Member] | July 17, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.0625 | ||||||||||||
Ordinary income (in dollars per share) | 0.043597 | ||||||||||||
Capital gain (in dollars per share) | (0.000844) | ||||||||||||
Non-taxable portion (in dollars per share) | 0.019747 | ||||||||||||
Common Shares [Member] | October 16, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.1250 | ||||||||||||
Ordinary income (in dollars per share) | 0.087193 | ||||||||||||
Capital gain (in dollars per share) | (0.001688) | ||||||||||||
Non-taxable portion (in dollars per share) | 0.039495 | ||||||||||||
Common Shares [Member] | January 18, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.245 | ||||||||||||
Ordinary income (in dollars per share) | 0.173355 | ||||||||||||
Capital gain (in dollars per share) | 0.006156 | ||||||||||||
Non-taxable portion (in dollars per share) | 0.065489 | ||||||||||||
Common Shares [Member] | April 19, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.245 | ||||||||||||
Ordinary income (in dollars per share) | 0.173355 | ||||||||||||
Capital gain (in dollars per share) | 0.006156 | ||||||||||||
Non-taxable portion (in dollars per share) | 0.065489 | ||||||||||||
Common Shares [Member] | July 19, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.245 | ||||||||||||
Ordinary income (in dollars per share) | 0.173355 | ||||||||||||
Capital gain (in dollars per share) | 0.006156 | ||||||||||||
Non-taxable portion (in dollars per share) | 0.065489 | ||||||||||||
Common Shares [Member] | October 18, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.245 | ||||||||||||
Ordinary income (in dollars per share) | 0.173355 | ||||||||||||
Capital gain (in dollars per share) | 0.006156 | ||||||||||||
Non-taxable portion (in dollars per share) | 0.065489 | ||||||||||||
Class A Common Shares [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.77 | 1.10 | |||||||||||
Ordinary income (in dollars per share) | 0.5371 | 0.7784 | |||||||||||
Capital gain (in dollars per share) | (0.0104) | 0.0276 | |||||||||||
Non-taxable portion (in dollars per share) | 0.2433 | 0.294 | |||||||||||
Class A Common Shares [Member] | January 17, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.28 | ||||||||||||
Ordinary income (in dollars per share) | 0.1953 | ||||||||||||
Capital gain (in dollars per share) | (0.0038) | ||||||||||||
Non-taxable portion (in dollars per share) | 0.0885 | ||||||||||||
Class A Common Shares [Member] | April 17, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.28 | ||||||||||||
Ordinary income (in dollars per share) | 0.1953 | ||||||||||||
Capital gain (in dollars per share) | (0.0038) | ||||||||||||
Non-taxable portion (in dollars per share) | 0.0885 | ||||||||||||
Class A Common Shares [Member] | July 17, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.07 | ||||||||||||
Ordinary income (in dollars per share) | 0.0488 | ||||||||||||
Capital gain (in dollars per share) | (0.0009) | ||||||||||||
Non-taxable portion (in dollars per share) | 0.0221 | ||||||||||||
Class A Common Shares [Member] | October 16, 2020 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.14 | ||||||||||||
Ordinary income (in dollars per share) | 0.0977 | ||||||||||||
Capital gain (in dollars per share) | (0.0019) | ||||||||||||
Non-taxable portion (in dollars per share) | $ 0.0442 | ||||||||||||
Class A Common Shares [Member] | January 18, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.275 | ||||||||||||
Ordinary income (in dollars per share) | 0.1946 | ||||||||||||
Capital gain (in dollars per share) | 0.0069 | ||||||||||||
Non-taxable portion (in dollars per share) | 0.0735 | ||||||||||||
Class A Common Shares [Member] | April 19, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.275 | ||||||||||||
Ordinary income (in dollars per share) | 0.1946 | ||||||||||||
Capital gain (in dollars per share) | 0.0069 | ||||||||||||
Non-taxable portion (in dollars per share) | 0.0735 | ||||||||||||
Class A Common Shares [Member] | July 19, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.275 | ||||||||||||
Ordinary income (in dollars per share) | 0.1946 | ||||||||||||
Capital gain (in dollars per share) | 0.0069 | ||||||||||||
Non-taxable portion (in dollars per share) | 0.0735 | ||||||||||||
Class A Common Shares [Member] | October 18, 2019 [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Gross dividend paid per share (in dollars per share) | 0.275 | ||||||||||||
Ordinary income (in dollars per share) | 0.1946 | ||||||||||||
Capital gain (in dollars per share) | 0.0069 | ||||||||||||
Non-taxable portion (in dollars per share) | $ 0.0735 | ||||||||||||
Common Stock [Member] | Common Shares [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Common stock, shares authorized (in shares) | shares | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | ||||||||
Voting rights per share | Vote | 1 | 1 | |||||||||||
Shares issued under the dividend reinvestment plan (in shares) | shares | 4,451 | 4,545 | 4,528 | ||||||||||
Common Stock available for issuance (in shares) | shares | 329,410 | 329,410 | |||||||||||
Common Stock [Member] | Class A Common Shares [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Common stock, shares authorized (in shares) | shares | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||
Voting rights per share | Vote | 0.05 | 0.05 | |||||||||||
Shares issued under the dividend reinvestment plan (in shares) | shares | 6,837 | 5,417 | 5,766 | ||||||||||
Common Stock available for issuance (in shares) | shares | 380,896 | 380,896 | |||||||||||
Preferred Stock [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Preferred stock, shares authorized (in shares) | shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Preferred Stock [Member] | Series I & J Participating Preferred Stock [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Preferred shares purchaseable per right (in shares) | shares | 0.01 | 0.01 | |||||||||||
Exercise price per right (in dollars per right) | $ 85 | $ 85 | |||||||||||
Value of common shares as a multiple of the exercise price of the right | 200.00% | 200.00% | |||||||||||
Preferred Stock [Member] | Series I & J Participating Preferred Stock [Member] | Minimum [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Percentage of combined voting power of Common Shares to trigger rights distribution | 10.00% | 10.00% | |||||||||||
Percentage of ownership offer to trigger rights distribution | 30.00% | 30.00% | |||||||||||
Preferred Stock [Member] | 6.75% Series G Cumulative Preferred Stock [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Redemption price (in dollars per share) | $ 25 | ||||||||||||
Preferred stock, dividend rate | 6.75% | 6.75% | |||||||||||
Preferred Stock Redemption Premium | $ | $ 2,400 | ||||||||||||
Preferred Stock [Member] | 6.25% Series H Preferred Stock [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Redemption price (in dollars per share) | $ 25 | $ 25 | |||||||||||
Preferred stock, dividend rate | 6.25% | 6.25% | 6.25% | ||||||||||
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 | 2 | |||||||||||
Redemption date of preferred stock | Sep. 18, 2022 | ||||||||||||
Preferred Stock [Member] | 5.875% Series K Cumulative Preferred Stock [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Redemption price (in dollars per share) | $ 25 | $ 25 | |||||||||||
Preferred stock, dividend rate | 5.875% | 5.875% | |||||||||||
Number of quarters with cumulative arrearage of quarterly dividends to trigger the election of additional board members by holders of preferred stock | Quarter | 6 | ||||||||||||
Number of directors redeemable preferred stockholders are entitled to elect | Director | 2 | 2 | |||||||||||
Redemption date of preferred stock | Oct. 1, 2024 | ||||||||||||
Excess Stock [Member] | |||||||||||||
Authorized Stock, Preferred Stock, and Common Stock [Abstract] | |||||||||||||
Excess stock, shares authorized (in shares) | shares | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 |
STOCKHOLDERS' EQUITY, Stock Rep
STOCKHOLDERS' EQUITY, Stock Repurchase (Details) | Oct. 31, 2020shares |
Common Stock [Member] | All Share Repurchase Programs [Member] | |
Stock Repurchase [Abstract] | |
Number of shares repurchased to date (in shares) | 4,600 |
Class A Common Stock [Member] | Current Program [Member] | |
Stock Repurchase [Abstract] | |
Number of shares repurchased to date (in shares) | 195,413 |
Class A Common Stock [Member] | All Share Repurchase Programs [Member] | |
Stock Repurchase [Abstract] | |
Number of shares repurchased to date (in shares) | 919,991 |
Class A Common Shares, Common Shares, Series G Preferred Stock and Series H Preferred Stock [Member] | Current Program [Member] | |
Stock Repurchase [Abstract] | |
Number of shares authorized for repurchase (in shares) | 2,000,000 |
STOCK COMPENSATION AND OTHER _3
STOCK COMPENSATION AND OTHER BENEFIT PLANS (Details) - USD ($) | Dec. 17, 2019 | Mar. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 |
Savings Plan [Abstract] | |||||
Company contributions to 401K Plan | $ 253,000 | $ 224,000 | $ 220,000 | ||
Common Shares [Member] | |||||
Non-vested shares, number of shares [Roll forward] | |||||
Granted (in shares) | 105,850 | ||||
Class A Common Stock [Member] | |||||
Non-vested shares, number of shares [Roll forward] | |||||
Granted (in shares) | 125,800 | ||||
Restricted Stock [Member] | |||||
Restricted Stock Plan [Abstract] | |||||
Grant date fair value of restricted stock grants awarded to participants | 5,000,000 | ||||
Unamortized restricted stock compensation | $ 12,700,000 | ||||
Weighted average period for recognizing unamortized expense | 4 years 9 months 18 days | ||||
Compensation expense | $ 5,523,000 | $ 4,336,000 | $ 4,394,000 | ||
Allocated Share Based Payment Related to Former Chairman | $ 1,400,000 | ||||
Restricted Stock [Member] | Common Shares [Member] | |||||
Restricted Stock Plan [Abstract] | |||||
Number of shares authorized (in shares) | 350,000 | ||||
Non-vested shares, number of shares [Roll forward] | |||||
Non-vested, beginning of period (in shares) | 1,146,100 | ||||
Granted (in shares) | 105,450 | ||||
Vested (in shares) | (327,000) | ||||
Forfeited (in shares) | 0 | ||||
Non-vested at July 31, 2020 | 924,550 | 1,146,100 | |||
Non-vested shares, weighted-average grant-date fair value [Roll forward] | |||||
Non-vested, beginning of period (in dollars per share) | $ 17.52 | ||||
Granted (in dollars per share) | 19.59 | ||||
Vested (in dollars per share) | 17.71 | ||||
Forfeited (in dollars per share) | 0 | ||||
Non-vested, end of period (in dollars per share) | $ 17.69 | $ 17.52 | |||
Restricted Stock [Member] | Class A Common Stock [Member] | |||||
Restricted Stock Plan [Abstract] | |||||
Number of shares authorized (in shares) | 350,000 | ||||
Non-vested shares, number of shares [Roll forward] | |||||
Non-vested, beginning of period (in shares) | 463,225 | ||||
Granted (in shares) | 120,800 | ||||
Vested (in shares) | (92,375) | ||||
Forfeited (in shares) | (700) | ||||
Non-vested at July 31, 2020 | 490,950 | 463,225 | |||
Non-vested shares, weighted-average grant-date fair value [Roll forward] | |||||
Non-vested, beginning of period (in dollars per share) | $ 21.07 | ||||
Granted (in dollars per share) | 23.96 | ||||
Vested (in dollars per share) | 22.20 | ||||
Forfeited (in dollars per share) | 23.23 | ||||
Non-vested, end of period (in dollars per share) | $ 21.56 | $ 21.07 | |||
Restricted Stock [Member] | Class A Common Shares or Common Shares [Member] | |||||
Restricted Stock Plan [Abstract] | |||||
Number of shares authorized (in shares) | 5,500,000 | ||||
Restricted Stock Plan [Member] | |||||
Non-vested shares, weighted-average grant-date fair value [Roll forward] | |||||
Number of additional shares authorized (in shares) | 1,000,000 | ||||
Restricted Stock Plan [Member] | Class A Common Shares or Common Shares [Member] | |||||
Restricted Stock Plan [Abstract] | |||||
Number of shares authorized (in shares) | 4,800,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Fair Value Measurements [Abstract] | ||||
Increase (decrease) in redemption value of noncontrolling interest | $ (15,047) | $ 4,452 | $ (2,674) | |
Redemption Value of UB Ironbound, LP non-controlling interest | 0 | (2,700) | ||
Estimated fair value of mortgage notes payable and other loans | 316,000 | 311,000 | ||
Recurring [Member] | ||||
Liabilities [Abstract] | ||||
Interest Rate Swap Agreements | 13,300 | 6,754 | ||
Redeemable noncontrolling interests | 62,071 | 77,876 | ||
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Liabilities [Abstract] | ||||
Interest Rate Swap Agreements | 0 | 0 | ||
Redeemable noncontrolling interests | 9,921 | 24,968 | ||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Liabilities [Abstract] | ||||
Interest Rate Swap Agreements | 13,300 | 6,754 | ||
Redeemable noncontrolling interests | 51,604 | 52,362 | ||
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Liabilities [Abstract] | ||||
Interest Rate Swap Agreements | 0 | 0 | ||
Redeemable noncontrolling interests | $ 546 | 546 | $ 2,768 | |
UB Ironbound, LP ("Ironbound") [Member] | ||||
Fair Value Measurements [Abstract] | ||||
Increase (decrease) in redemption value of noncontrolling interest | 478 | |||
Redemption Value of UB Ironbound, LP non-controlling interest | $ (2,700) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 12 Months Ended |
Oct. 31, 2020USD ($) | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Commitments for tenant related obligations | $ 7.6 |
QUARTERLY RESULTS OF OPERATIO_3
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Unaudited Quarterly Results of Operations [Abstract] | |||||||||||
Revenues | $ 32,318 | $ 28,799 | $ 31,280 | $ 34,348 | $ 34,117 | $ 34,392 | $ 34,105 | $ 34,267 | $ 126,745 | $ 136,882 | $ 134,722 |
Income from continuing operations | 3,386 | 5,923 | 7,240 | 9,521 | 10,208 | 11,427 | 9,960 | 10,018 | |||
Net Income Attributable to Urstadt Biddle Properties Inc. | 2,500 | 4,988 | 6,212 | 8,483 | 9,170 | 10,333 | 8,860 | 8,917 | 22,183 | 37,280 | 37,467 |
Preferred Stock Dividends | (3,413) | (3,412) | (3,413) | (3,412) | (3,601) | (3,063) | (3,062) | (3,063) | (13,650) | (12,789) | (12,250) |
Redemption of Preferred Stock | 0 | 0 | 0 | 0 | (2,363) | 0 | 0 | 0 | 0 | (2,363) | 0 |
Net Income (Loss) Applicable to Common and Class A Common Stockholders | $ (913) | $ 1,576 | $ 2,799 | $ 5,071 | $ 3,206 | $ 7,270 | $ 5,798 | $ 5,854 | 8,533 | 22,128 | 25,217 |
Class A Common Stock [Member] | |||||||||||
Unaudited Quarterly Results of Operations [Abstract] | |||||||||||
Net Income (Loss) Applicable to Common and Class A Common Stockholders | $ 6,684 | $ 17,469 | $ 20,044 | ||||||||
Basic [Abstract] | |||||||||||
Common Stock (in dollars per share) | $ (0.02) | $ 0.04 | $ 0.07 | $ 0.14 | $ 0.09 | $ 0.19 | $ 0.16 | $ 0.16 | $ 0.23 | $ 0.59 | $ 0.68 |
Diluted [Abstract] | |||||||||||
Common Stock (in dollars per share) | (0.02) | 0.04 | 0.07 | 0.13 | 0.08 | 0.19 | 0.15 | 0.16 | $ 0.22 | $ 0.58 | $ 0.67 |
Common Stock [Member] | |||||||||||
Unaudited Quarterly Results of Operations [Abstract] | |||||||||||
Net Income (Loss) Applicable to Common and Class A Common Stockholders | $ 1,849 | $ 4,659 | $ 5,173 | ||||||||
Basic [Abstract] | |||||||||||
Common Stock (in dollars per share) | (0.02) | 0.04 | 0.07 | 0.12 | 0.08 | 0.17 | 0.14 | 0.14 | $ 0.20 | $ 0.53 | $ 0.61 |
Diluted [Abstract] | |||||||||||
Common Stock (in dollars per share) | $ (0.02) | $ 0.04 | $ 0.07 | $ 0.12 | $ 0.07 | $ 0.17 | $ 0.14 | $ 0.14 | $ 0.20 | $ 0.52 | $ 0.60 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 15, 2020 | Dec. 17, 2019 |
Restricted Stock Awards [Abstract] | ||
Fair value of shares awarded | $ 3 | |
Common Stock [Member] | ||
Restricted Stock Awards [Abstract] | ||
Number of shares awarded (in shares) | 105,850 | |
Class A Common Shares [Member] | ||
Restricted Stock Awards [Abstract] | ||
Number of shares awarded (in shares) | 125,800 | |
Dividend Declared [Member] | Common Stock [Member] | ||
Dividends Declared [Abstract] | ||
Dividends payable, date declared | Dec. 15, 2020 | |
Cash dividends declared (in dollars per share) | $ 0.125 | |
Dividends payable, date to be paid | Jan. 15, 2021 | |
Dividends payable, record date | Jan. 5, 2021 | |
Dividend Declared [Member] | Class A Common Shares [Member] | ||
Dividends Declared [Abstract] | ||
Dividends payable, date declared | Dec. 15, 2020 | |
Cash dividends declared (in dollars per share) | $ 0.14 | |
Dividends payable, date to be paid | Jan. 15, 2021 | |
Dividends payable, record date | Jan. 5, 2021 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, Part I (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 296,271 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 227,705 | ||||||
Building & Improvements | [1] | 786,858 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 8,949 | ||||||
Building & Improvements | [1] | 125,670 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 236,654 | ||||||
Building & Improvements | [1] | 912,528 | ||||||
TOTAL | 1,149,182 | [1],[2] | $ 1,141,770 | [2] | $ 1,118,075 | [2] | $ 1,090,402 | |
Accumulated Depreciation | 261,325 | [1],[3] | $ 241,154 | $ 218,653 | $ 195,020 | |||
Office Buildings [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,076 | ||||||
Building & Improvements | [1] | 6,378 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 3,012 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,076 | ||||||
Building & Improvements | [1] | 9,390 | ||||||
TOTAL | [1] | 11,466 | ||||||
Accumulated Depreciation | [1],[3] | 4,448 | ||||||
Office Buildings [Member] | Greenwich, CT 1 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 708 | ||||||
Building & Improvements | [1] | 1,641 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 258 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 708 | ||||||
Building & Improvements | [1] | 1,899 | ||||||
TOTAL | [1] | 2,607 | ||||||
Accumulated Depreciation | [1],[3] | $ 898 | ||||||
Date Constructed/Acquired | [1] | 2001 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 31 years 6 months | ||||||
Office Buildings [Member] | Greenwich, CT 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 488 | ||||||
Building & Improvements | [1] | 1,139 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 622 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 488 | ||||||
Building & Improvements | [1] | 1,761 | ||||||
TOTAL | [1] | 2,249 | ||||||
Accumulated Depreciation | [1],[3] | $ 826 | ||||||
Date Constructed/Acquired | [1] | 2000 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 31 years 6 months | ||||||
Office Buildings [Member] | Greenwich, CT 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 570 | ||||||
Building & Improvements | [1] | 2,359 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 1,219 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 570 | ||||||
Building & Improvements | [1] | 3,578 | ||||||
TOTAL | [1] | 4,148 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,607 | ||||||
Date Constructed/Acquired | [1] | 1998 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 31 years 6 months | ||||||
Office Buildings [Member] | Greenwich, CT 4 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 199 | ||||||
Building & Improvements | [1] | 795 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | (1) | ||||||
Building & Improvements | [1] | 582 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 198 | ||||||
Building & Improvements | [1] | 1,377 | ||||||
TOTAL | [1] | 1,575 | ||||||
Accumulated Depreciation | [1],[3] | $ 715 | ||||||
Date Constructed/Acquired | [1] | 1993 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 31 years 6 months | ||||||
Office Buildings [Member] | Greenwich, CT 5 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 111 | ||||||
Building & Improvements | [1] | 444 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 1 | ||||||
Building & Improvements | [1] | 331 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 112 | ||||||
Building & Improvements | [1] | 775 | ||||||
TOTAL | [1] | 887 | ||||||
Accumulated Depreciation | [1],[3] | $ 402 | ||||||
Date Constructed/Acquired | [1] | 1994 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 31 years 6 months | ||||||
Retail Properties [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 296,271 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 225,629 | ||||||
Building & Improvements | [1] | 780,480 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 8,949 | ||||||
Building & Improvements | [1] | 122,658 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 234,578 | ||||||
Building & Improvements | [1] | 903,138 | ||||||
TOTAL | [1] | 1,137,716 | ||||||
Accumulated Depreciation | [1],[3] | 256,877 | ||||||
Retail Properties [Member] | Bronxville, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 60 | ||||||
Building & Improvements | [1] | 239 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 95 | ||||||
Building & Improvements | [1] | 771 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 155 | ||||||
Building & Improvements | [1] | 1,010 | ||||||
TOTAL | [1] | 1,165 | ||||||
Accumulated Depreciation | [1],[3] | $ 279 | ||||||
Date Constructed/Acquired | [1] | 2009 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Yonkers, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 30 | ||||||
Building & Improvements | [1] | 121 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 183 | ||||||
Building & Improvements | [1] | 734 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 213 | ||||||
Building & Improvements | [1] | 855 | ||||||
TOTAL | [1] | 1,068 | ||||||
Accumulated Depreciation | [1],[3] | $ 242 | ||||||
Date Constructed/Acquired | [1] | 2009 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Yonkers, NY 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 30 | ||||||
Building & Improvements | [1] | 121 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 85 | ||||||
Building & Improvements | [1] | 341 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 115 | ||||||
Building & Improvements | [1] | 462 | ||||||
TOTAL | [1] | 577 | ||||||
Accumulated Depreciation | [1],[3] | $ 131 | ||||||
Date Constructed/Acquired | [1] | 2009 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | New Milford, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,114 | ||||||
Building & Improvements | [1] | 8,456 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 71 | ||||||
Building & Improvements | [1] | 609 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,185 | ||||||
Building & Improvements | [1] | 9,065 | ||||||
TOTAL | [1] | 11,250 | ||||||
Accumulated Depreciation | [1],[3] | $ 2,918 | ||||||
Date Constructed/Acquired | [1] | 2008 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | New Milford, CT 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 4,492 | ||||||
Building & Improvements | [1] | 17,967 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 166 | ||||||
Building & Improvements | [1] | 3,500 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 4,658 | ||||||
Building & Improvements | [1] | 21,467 | ||||||
TOTAL | [1] | 26,125 | ||||||
Accumulated Depreciation | [1],[3] | $ 5,943 | ||||||
Date Constructed/Acquired | [1] | 2010 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Newark, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 10,327 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 5,252 | ||||||
Building & Improvements | [1] | 21,023 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 1,531 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 5,252 | ||||||
Building & Improvements | [1] | 22,554 | ||||||
TOTAL | [1] | 27,806 | ||||||
Accumulated Depreciation | [1],[3] | $ 7,559 | ||||||
Date Constructed/Acquired | [1] | 2008 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Waldwick, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 1,266 | ||||||
Building & Improvements | [1] | 5,064 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 41 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 1,266 | ||||||
Building & Improvements | [1] | 5,105 | ||||||
TOTAL | [1] | 6,371 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,678 | ||||||
Date Constructed/Acquired | [1] | 2007 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Emerson, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 256 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 3,633 | ||||||
Building & Improvements | [1] | 14,531 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 1,808 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 3,633 | ||||||
Building & Improvements | [1] | 16,339 | ||||||
TOTAL | [1] | 19,972 | ||||||
Accumulated Depreciation | [1],[3] | $ 5,771 | ||||||
Date Constructed/Acquired | [1] | 2007 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Pelham, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 1,694 | ||||||
Building & Improvements | [1] | 6,843 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 149 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 1,694 | ||||||
Building & Improvements | [1] | 6,992 | ||||||
TOTAL | [1] | 8,686 | ||||||
Accumulated Depreciation | [1],[3] | $ 2,577 | ||||||
Date Constructed/Acquired | [1] | 2006 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Stratford,CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 23,540 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 10,173 | ||||||
Building & Improvements | [1] | 40,794 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 3,914 | ||||||
Building & Improvements | [1] | 22,966 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 14,087 | ||||||
Building & Improvements | [1] | 63,760 | ||||||
TOTAL | [1] | 77,847 | ||||||
Accumulated Depreciation | [1],[3] | $ 22,613 | ||||||
Date Constructed/Acquired | [1] | 2005 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Yorktown Heights, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 5,786 | ||||||
Building & Improvements | [1] | 23,221 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 15,590 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 5,786 | ||||||
Building & Improvements | [1] | 38,811 | ||||||
TOTAL | [1] | 44,597 | ||||||
Accumulated Depreciation | [1],[3] | $ 11,673 | ||||||
Date Constructed/Acquired | [1] | 2005 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Rye, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 909 | ||||||
Building & Improvements | [1] | 3,637 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 376 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 909 | ||||||
Building & Improvements | [1] | 4,013 | ||||||
TOTAL | [1] | 4,922 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,726 | ||||||
Date Constructed/Acquired | [1] | 2004 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Rye, NY 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 483 | ||||||
Building & Improvements | [1] | 1,930 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 113 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 483 | ||||||
Building & Improvements | [1] | 2,043 | ||||||
TOTAL | [1] | 2,526 | ||||||
Accumulated Depreciation | [1],[3] | $ 843 | ||||||
Date Constructed/Acquired | [1] | 2004 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Rye, NY 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 239 | ||||||
Building & Improvements | [1] | 958 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 64 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 239 | ||||||
Building & Improvements | [1] | 1,022 | ||||||
TOTAL | [1] | 1,261 | ||||||
Accumulated Depreciation | [1],[3] | $ 417 | ||||||
Date Constructed/Acquired | [1] | 2004 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Rye, NY 4 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 695 | ||||||
Building & Improvements | [1] | 2,782 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 20 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 695 | ||||||
Building & Improvements | [1] | 2,802 | ||||||
TOTAL | [1] | 3,497 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,189 | ||||||
Date Constructed/Acquired | [1] | 2004 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Somers, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 4,318 | ||||||
Building & Improvements | [1] | 17,268 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 412 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 4,318 | ||||||
Building & Improvements | [1] | 17,680 | ||||||
TOTAL | [1] | 21,998 | ||||||
Accumulated Depreciation | [1],[3] | $ 7,800 | ||||||
Date Constructed/Acquired | [1] | 2003 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Westport, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,076 | ||||||
Building & Improvements | [1] | 8,305 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 647 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,076 | ||||||
Building & Improvements | [1] | 8,952 | ||||||
TOTAL | [1] | 11,028 | ||||||
Accumulated Depreciation | [1],[3] | $ 4,020 | ||||||
Date Constructed/Acquired | [1] | 2003 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Orange, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,320 | ||||||
Building & Improvements | [1] | 10,564 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 6,008 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,320 | ||||||
Building & Improvements | [1] | 16,572 | ||||||
TOTAL | [1] | 18,892 | ||||||
Accumulated Depreciation | [1],[3] | $ 5,395 | ||||||
Date Constructed/Acquired | [1] | 2003 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Stamford, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 46,456 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 17,964 | ||||||
Building & Improvements | [1] | 71,859 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 6,650 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 17,964 | ||||||
Building & Improvements | [1] | 78,509 | ||||||
TOTAL | [1] | 96,473 | ||||||
Accumulated Depreciation | [1],[3] | $ 38,849 | ||||||
Date Constructed/Acquired | [1] | 2002 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Danbury, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,459 | ||||||
Building & Improvements | [1] | 4,566 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 903 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,459 | ||||||
Building & Improvements | [1] | 5,469 | ||||||
TOTAL | [1] | 7,928 | ||||||
Accumulated Depreciation | [1],[3] | $ 2,784 | ||||||
Date Constructed/Acquired | [1] | 2002 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Briarcliff, NY 1 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,222 | ||||||
Building & Improvements | [1] | 5,185 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 1,234 | ||||||
Building & Improvements | [1] | 8,881 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 3,456 | ||||||
Building & Improvements | [1] | 14,066 | ||||||
TOTAL | [1] | 17,522 | ||||||
Accumulated Depreciation | [1],[3] | $ 4,215 | ||||||
Date Constructed/Acquired | [1] | 2001 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 40 years | ||||||
Retail Properties [Member] | Somers, NY 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 1,833 | ||||||
Building & Improvements | [1] | 7,383 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 3,661 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 1,833 | ||||||
Building & Improvements | [1] | 11,044 | ||||||
TOTAL | [1] | 12,877 | ||||||
Accumulated Depreciation | [1],[3] | $ 5,433 | ||||||
Date Constructed/Acquired | [1] | 1999 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 31 years 6 months | ||||||
Retail Properties [Member] | Briarcliff, NY 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 380 | ||||||
Building & Improvements | [1] | 1,531 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 143 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 380 | ||||||
Building & Improvements | [1] | 1,674 | ||||||
TOTAL | [1] | 2,054 | ||||||
Accumulated Depreciation | [1],[3] | $ 945 | ||||||
Date Constructed/Acquired | [1] | 1999 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 40 years | ||||||
Retail Properties [Member] | Briarcliff, NY 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 14,232 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,300 | ||||||
Building & Improvements | [1] | 9,708 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 2 | ||||||
Building & Improvements | [1] | 2,623 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,302 | ||||||
Building & Improvements | [1] | 12,331 | ||||||
TOTAL | [1] | 14,633 | ||||||
Accumulated Depreciation | [1],[3] | $ 6,386 | ||||||
Date Constructed/Acquired | [1] | 1998 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 40 years | ||||||
Retail Properties [Member] | Ridgefield, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 900 | ||||||
Building & Improvements | [1] | 3,793 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 291 | ||||||
Building & Improvements | [1] | 3,288 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 1,191 | ||||||
Building & Improvements | [1] | 7,081 | ||||||
TOTAL | [1] | 8,272 | ||||||
Accumulated Depreciation | [1],[3] | $ 2,806 | ||||||
Date Constructed/Acquired | [1] | 1998 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 40 years | ||||||
Retail Properties [Member] | Darien, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 24,227 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 4,260 | ||||||
Building & Improvements | [1] | 17,192 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 700 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 4,260 | ||||||
Building & Improvements | [1] | 17,892 | ||||||
TOTAL | [1] | 22,152 | ||||||
Accumulated Depreciation | [1],[3] | $ 9,910 | ||||||
Date Constructed/Acquired | [1] | 1998 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 40 years | ||||||
Retail Properties [Member] | Eastchester, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 1,500 | ||||||
Building & Improvements | [1] | 6,128 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 2,929 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 1,500 | ||||||
Building & Improvements | [1] | 9,057 | ||||||
TOTAL | [1] | 10,557 | ||||||
Accumulated Depreciation | [1],[3] | $ 4,724 | ||||||
Date Constructed/Acquired | [1] | 1997 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 31 years | ||||||
Retail Properties [Member] | Danbury, CT 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 3,850 | ||||||
Building & Improvements | [1] | 15,811 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 5,206 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 3,850 | ||||||
Building & Improvements | [1] | 21,017 | ||||||
TOTAL | [1] | 24,867 | ||||||
Accumulated Depreciation | [1],[3] | $ 14,067 | ||||||
Date Constructed/Acquired | [1] | 1995 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 31 years 6 months | ||||||
Retail Properties [Member] | Carmel, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 1,488 | ||||||
Building & Improvements | [1] | 5,973 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 339 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 1,488 | ||||||
Building & Improvements | [1] | 6,312 | ||||||
TOTAL | [1] | 7,800 | ||||||
Accumulated Depreciation | [1],[3] | $ 3,873 | ||||||
Date Constructed/Acquired | [1] | 1995 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 31 years 6 months | ||||||
Retail Properties [Member] | Somers, NY 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 821 | ||||||
Building & Improvements | [1] | 2,600 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 646 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 821 | ||||||
Building & Improvements | [1] | 3,246 | ||||||
TOTAL | [1] | 4,067 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,892 | ||||||
Date Constructed/Acquired | [1] | 1992 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 31 years 6 months | ||||||
Retail Properties [Member] | Wayne, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,492 | ||||||
Building & Improvements | [1] | 9,966 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 6,312 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,492 | ||||||
Building & Improvements | [1] | 16,278 | ||||||
TOTAL | [1] | 18,770 | ||||||
Accumulated Depreciation | [1],[3] | $ 8,190 | ||||||
Date Constructed/Acquired | [1] | 1992 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 31 years | ||||||
Retail Properties [Member] | Newington, NH [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 728 | ||||||
Building & Improvements | [1] | 1,997 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | (809) | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 728 | ||||||
Building & Improvements | [1] | 1,188 | ||||||
TOTAL | [1] | 1,916 | ||||||
Accumulated Depreciation | [1],[3] | $ 885 | ||||||
Date Constructed/Acquired | [1] | 1979 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 40 years | ||||||
Retail Properties [Member] | Katonah, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 1,704 | ||||||
Building & Improvements | [1] | 6,816 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 56 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 1,704 | ||||||
Building & Improvements | [1] | 6,872 | ||||||
TOTAL | [1] | 8,576 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,863 | ||||||
Date Constructed/Acquired | [1] | 2010 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Fairfield, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 3,393 | ||||||
Building & Improvements | [1] | 13,574 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 153 | ||||||
Building & Improvements | [1] | 1,234 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 3,546 | ||||||
Building & Improvements | [1] | 14,808 | ||||||
TOTAL | [1] | 18,354 | ||||||
Accumulated Depreciation | [1],[3] | $ 3,516 | ||||||
Date Constructed/Acquired | [1] | 2011 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | New Milford, CT 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,168 | ||||||
Building & Improvements | [1] | 8,672 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 70 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,168 | ||||||
Building & Improvements | [1] | 8,742 | ||||||
TOTAL | [1] | 10,910 | ||||||
Accumulated Depreciation | [1],[3] | $ 2,139 | ||||||
Date Constructed/Acquired | [1] | 2011 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Eastchester, NY 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 1,800 | ||||||
Building & Improvements | [1] | 7,200 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 78 | ||||||
Building & Improvements | [1] | 470 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 1,878 | ||||||
Building & Improvements | [1] | 7,670 | ||||||
TOTAL | [1] | 9,548 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,741 | ||||||
Date Constructed/Acquired | [1] | 2012 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Orangeburg NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 6,067 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 3,200 | ||||||
Building & Improvements | [1] | 12,800 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 30 | ||||||
Building & Improvements | [1] | 7,591 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 3,230 | ||||||
Building & Improvements | [1] | 20,391 | ||||||
TOTAL | [1] | 23,621 | ||||||
Accumulated Depreciation | [1],[3] | $ 3,905 | ||||||
Date Constructed/Acquired | [1] | 2012 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Greenwich, CT Retail 1 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 4,342 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 1,600 | ||||||
Building & Improvements | [1] | 6,401 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 28 | ||||||
Building & Improvements | [1] | 677 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 1,628 | ||||||
Building & Improvements | [1] | 7,078 | ||||||
TOTAL | [1] | 8,706 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,485 | ||||||
Date Constructed/Acquired | [1] | 2013 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Various [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 799 | ||||||
Building & Improvements | [1] | 3,590 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 79 | ||||||
Building & Improvements | [1] | (59) | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 878 | ||||||
Building & Improvements | [1] | 3,531 | ||||||
TOTAL | [1] | 4,409 | ||||||
Accumulated Depreciation | [1],[3] | $ 691 | ||||||
Date Constructed/Acquired | [1] | 2013 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Greenwich, CT Retail 2 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 5,415 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 1,998 | ||||||
Building & Improvements | [1] | 7,994 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 53 | ||||||
Building & Improvements | [1] | 283 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,051 | ||||||
Building & Improvements | [1] | 8,277 | ||||||
TOTAL | [1] | 10,328 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,589 | ||||||
Date Constructed/Acquired | [1] | 2013 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | New Providence, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 17,137 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 6,970 | ||||||
Building & Improvements | [1] | 27,880 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 463 | ||||||
Building & Improvements | [1] | 3,004 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 7,433 | ||||||
Building & Improvements | [1] | 30,884 | ||||||
TOTAL | [1] | 38,317 | ||||||
Accumulated Depreciation | [1],[3] | $ 6,164 | ||||||
Date Constructed/Acquired | [1] | 2013 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Chester, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 570 | ||||||
Building & Improvements | [1] | 2,280 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | (34) | ||||||
Building & Improvements | [1] | (137) | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 536 | ||||||
Building & Improvements | [1] | 2,143 | ||||||
TOTAL | [1] | 2,679 | ||||||
Accumulated Depreciation | [1],[3] | $ 434 | ||||||
Date Constructed/Acquired | [1] | 2012 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Bethel, CT [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 1,800 | ||||||
Building & Improvements | [1] | 7,200 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | (18) | ||||||
Building & Improvements | [1] | 24 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 1,782 | ||||||
Building & Improvements | [1] | 7,224 | ||||||
TOTAL | [1] | 9,006 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,253 | ||||||
Date Constructed/Acquired | [1] | 2014 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Bloomfield, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,201 | ||||||
Building & Improvements | [1] | 8,804 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 218 | ||||||
Building & Improvements | [1] | 2,023 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,419 | ||||||
Building & Improvements | [1] | 10,827 | ||||||
TOTAL | [1] | 13,246 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,804 | ||||||
Date Constructed/Acquired | [1] | 2014 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Boonton, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 6,761 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 3,670 | ||||||
Building & Improvements | [1] | 14,680 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 14 | ||||||
Building & Improvements | [1] | 209 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 3,684 | ||||||
Building & Improvements | [1] | 14,889 | ||||||
TOTAL | [1] | 18,573 | ||||||
Accumulated Depreciation | [1],[3] | $ 2,614 | ||||||
Date Constructed/Acquired | [1] | 2014 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Yonkers, NY 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 5,000 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 3,060 | ||||||
Building & Improvements | [1] | 12,240 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 333 | ||||||
Building & Improvements | [1] | 1,331 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 3,393 | ||||||
Building & Improvements | [1] | 13,571 | ||||||
TOTAL | [1] | 16,964 | ||||||
Accumulated Depreciation | [1],[3] | $ 2,098 | ||||||
Date Constructed/Acquired | [1] | 2014 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Greenwich, CT Retail 3 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 7,374 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 3,223 | ||||||
Building & Improvements | [1] | 12,893 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 6 | ||||||
Building & Improvements | [1] | 263 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 3,229 | ||||||
Building & Improvements | [1] | 13,156 | ||||||
TOTAL | [1] | 16,385 | ||||||
Accumulated Depreciation | [1],[3] | $ 2,066 | ||||||
Date Constructed/Acquired | [1] | 2014 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 40 years | ||||||
Retail Properties [Member] | Greenwich, CT Retail 4 [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 14,313 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 6,257 | ||||||
Building & Improvements | [1] | 25,029 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 27 | ||||||
Building & Improvements | [1] | 886 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 6,284 | ||||||
Building & Improvements | [1] | 25,915 | ||||||
TOTAL | [1] | 32,199 | ||||||
Accumulated Depreciation | [1],[3] | $ 4,021 | ||||||
Date Constructed/Acquired | [1] | 2014 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 40 years | ||||||
Retail Properties [Member] | Midland Park, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 19,308 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 8,740 | ||||||
Building & Improvements | [1] | 34,960 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | (44) | ||||||
Building & Improvements | [1] | 568 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 8,696 | ||||||
Building & Improvements | [1] | 35,528 | ||||||
TOTAL | [1] | 44,224 | ||||||
Accumulated Depreciation | [1],[3] | $ 5,490 | ||||||
Date Constructed/Acquired | [1] | 2015 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Pompton Lakes, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 18,238 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 8,140 | ||||||
Building & Improvements | [1] | 32,560 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | (1,250) | ||||||
Building & Improvements | [1] | (4,083) | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 6,890 | ||||||
Building & Improvements | [1] | 28,477 | ||||||
TOTAL | [1] | 35,367 | ||||||
Accumulated Depreciation | [1],[3] | $ 4,321 | ||||||
Date Constructed/Acquired | [1] | 2015 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Wyckoff, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 7,665 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 3,490 | ||||||
Building & Improvements | [1] | 13,960 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 17 | ||||||
Building & Improvements | [1] | 206 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 3,507 | ||||||
Building & Improvements | [1] | 14,166 | ||||||
TOTAL | [1] | 17,673 | ||||||
Accumulated Depreciation | [1],[3] | $ 2,152 | ||||||
Date Constructed/Acquired | [1] | 2015 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Kinnelon, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 10,202 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 4,540 | ||||||
Building & Improvements | [1] | 18,160 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | (28) | ||||||
Building & Improvements | [1] | 3,980 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 4,512 | ||||||
Building & Improvements | [1] | 22,140 | ||||||
TOTAL | [1] | 26,652 | ||||||
Accumulated Depreciation | [1],[3] | $ 4,538 | ||||||
Date Constructed/Acquired | [1] | 2015 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Fort Lee, NJ [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 798 | ||||||
Building & Improvements | [1] | 3,192 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | (14) | ||||||
Building & Improvements | [1] | (55) | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 784 | ||||||
Building & Improvements | [1] | 3,137 | ||||||
TOTAL | [1] | 3,921 | ||||||
Accumulated Depreciation | [1],[3] | $ 436 | ||||||
Date Constructed/Acquired | [1] | 2015 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Harrison, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,000 | ||||||
Building & Improvements | [1] | 8,000 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | (10) | ||||||
Building & Improvements | [1] | 1,405 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 1,990 | ||||||
Building & Improvements | [1] | 9,405 | ||||||
TOTAL | [1] | 11,395 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,174 | ||||||
Date Constructed/Acquired | [1] | 2015 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Stamford, Ct - Newfield [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 20,773 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 12,686 | ||||||
Building & Improvements | [1] | 32,620 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 931 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 12,686 | ||||||
Building & Improvements | [1] | 33,551 | ||||||
TOTAL | [1] | 46,237 | ||||||
Accumulated Depreciation | [1],[3] | $ 3,643 | ||||||
Date Constructed/Acquired | [1] | 2016 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Stamford, CT - High Ridge [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 3,691 | ||||||
Building & Improvements | [1] | 9,491 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 86 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 3,691 | ||||||
Building & Improvements | [1] | 9,577 | ||||||
TOTAL | [1] | 13,268 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,007 | ||||||
Date Constructed/Acquired | [1] | 2016 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Derby, CT - Aldi [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 651 | ||||||
Building & Improvements | [1] | 7,652 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 206 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 651 | ||||||
Building & Improvements | [1] | 7,858 | ||||||
TOTAL | [1] | 8,509 | ||||||
Accumulated Depreciation | [1],[3] | $ 786 | ||||||
Date Constructed/Acquired | [1] | 2017 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Passaic, NJ - Van Houten [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 3,224 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,039 | ||||||
Building & Improvements | [1] | 5,616 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 1 | ||||||
Building & Improvements | [1] | 1,568 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,040 | ||||||
Building & Improvements | [1] | 7,184 | ||||||
TOTAL | [1] | 9,224 | ||||||
Accumulated Depreciation | [1],[3] | $ 621 | ||||||
Date Constructed/Acquired | [1] | 2017 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Stamford, CT - High Ridge Center [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 9,411 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 17,178 | ||||||
Building & Improvements | [1] | 43,677 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 584 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 17,178 | ||||||
Building & Improvements | [1] | 44,261 | ||||||
TOTAL | [1] | 61,439 | ||||||
Accumulated Depreciation | [1],[3] | $ 4,115 | ||||||
Date Constructed/Acquired | [1] | 2017 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Stamford, CT - High Ridge Chase [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,376 | ||||||
Building & Improvements | [1] | 1,458 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 0 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,376 | ||||||
Building & Improvements | [1] | 1,458 | ||||||
TOTAL | [1] | 3,834 | ||||||
Accumulated Depreciation | [1],[3] | $ 134 | ||||||
Date Constructed/Acquired | [1] | 2017 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Greenwich, CT - High Ridge CVS [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 1,092 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,295 | ||||||
Building & Improvements | [1] | 2,700 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 4 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,295 | ||||||
Building & Improvements | [1] | 2,704 | ||||||
TOTAL | [1] | 4,999 | ||||||
Accumulated Depreciation | [1],[3] | $ 249 | ||||||
Date Constructed/Acquired | [1] | 2017 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Waldwick, NJ - Waldwick Plaza [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,761 | ||||||
Building & Improvements | [1] | 5,571 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 1 | ||||||
Building & Improvements | [1] | 260 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,762 | ||||||
Building & Improvements | [1] | 5,831 | ||||||
TOTAL | [1] | 8,593 | ||||||
Accumulated Depreciation | [1],[3] | $ 492 | ||||||
Date Constructed/Acquired | [1] | 2017 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Dumont, NJ - Washington Commons [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 9,438 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 6,646 | ||||||
Building & Improvements | [1] | 15,341 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 3 | ||||||
Building & Improvements | [1] | 284 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 6,649 | ||||||
Building & Improvements | [1] | 15,625 | ||||||
TOTAL | [1] | 22,274 | ||||||
Accumulated Depreciation | [1],[3] | $ 1,305 | ||||||
Date Constructed/Acquired | [1] | 2017 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Ridgefield, CT - 470 Main [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 293 | ||||||
Building & Improvements | [1] | 2,782 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 0 | ||||||
Building & Improvements | [1] | 441 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 293 | ||||||
Building & Improvements | [1] | 3,223 | ||||||
TOTAL | [1] | 3,516 | ||||||
Accumulated Depreciation | [1],[3] | $ 260 | ||||||
Date Constructed/Acquired | [1] | 2017 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Yonkers, NY - Tanglewood [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 7,525 | ||||||
Building & Improvements | [1] | 5,920 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 1 | ||||||
Building & Improvements | [1] | 276 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 7,526 | ||||||
Building & Improvements | [1] | 6,196 | ||||||
TOTAL | [1] | 13,722 | ||||||
Accumulated Depreciation | [1],[3] | $ 424 | ||||||
Date Constructed/Acquired | [1] | 2017 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | New City, NY - New City Retail [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | [1] | $ 0 | ||||||
Initial Cost to Company [Abstract] | ||||||||
Land | [1] | 2,494 | ||||||
Building & Improvements | [1] | 631 | ||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | [1] | 12 | ||||||
Building & Improvements | [1] | 4 | ||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | [1] | 2,506 | ||||||
Building & Improvements | [1] | 635 | ||||||
TOTAL | [1] | 3,141 | ||||||
Accumulated Depreciation | [1],[3] | $ 39 | ||||||
Date Constructed/Acquired | [1] | 2017 | ||||||
Life on which depreciation for building and improvements in latest income statement is computed | [1],[4] | 39 years | ||||||
Retail Properties [Member] | Brewster, NY [Member] | ||||||||
Real Estate and Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | $ 11,473 | |||||||
Initial Cost to Company [Abstract] | ||||||||
Land | 4,106 | |||||||
Building & Improvements | 10,620 | |||||||
Cost Capitalized Subsequent to Acquisition [Abstract] | ||||||||
Land | 2,789 | |||||||
Building & Improvements | 916 | |||||||
Amount at which Carried at Close of Period [Abstract] | ||||||||
Land | 6,895 | |||||||
Building & Improvements | 11,536 | |||||||
TOTAL | 18,431 | |||||||
Accumulated Depreciation | $ 575 | |||||||
Date Constructed/Acquired | 2019 | |||||||
Life on which depreciation for building and improvements in latest income statement is computed | 39 years | |||||||
[1] | RECONCILIATION OF REAL ESTATE-OWNED SUBJECT TO OPERATING LEASES | |||||||
[2] | The aggregate cost for Federal Income Tax purposes for real estate subject to operating leases was approximately $868 million at October 31, 2020. | |||||||
[3] | RECONCILIATION OF ACCUMULATED DEPRECIATION | |||||||
[4] | Tenant improvement costs are depreciated over the life of the related leases, which range from 5 to 20 years. |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, Part II (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||||
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward] | ||||||
Balance at beginning of the year | $ 1,141,770 | [1] | $ 1,118,075 | [1] | $ 1,090,402 | |
Property improvements during the year | 24,443 | 18,372 | 7,781 | |||
Properties acquired during the year | 0 | 12,643 | 22,517 | |||
Properties sold during the year | (11,335) | (4,395) | 0 | |||
Property assets fully depreciated and written off | (5,696) | (2,925) | (2,625) | |||
Balance at end of year | [1] | 1,149,182 | [2] | 1,141,770 | 1,118,075 | |
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward] | ||||||
Balance at beginning of year | 241,154 | 218,653 | 195,020 | |||
Provision during the year charged to income | [3] | 27,438 | 26,427 | 26,258 | ||
Property sold during the year | (1,571) | (1,001) | 0 | |||
Property assets fully depreciated and written off | (5,696) | (2,925) | (2,625) | |||
Balance at end of year | 261,325 | [2],[4] | $ 241,154 | $ 218,653 | ||
Investment in Real Estate, and Accumulated Depreciation [Abstract] | ||||||
Aggregate cost for federal income tax purposes for real estate subject to operating leases | $ 868,000 | |||||
Tenant Improvement Costs [Member] | Minimum [Member] | ||||||
Investment in Real Estate, and Accumulated Depreciation [Abstract] | ||||||
Life used for depreciation | 5 years | |||||
Tenant Improvement Costs [Member] | Maximum [Member] | ||||||
Investment in Real Estate, and Accumulated Depreciation [Abstract] | ||||||
Life used for depreciation | 20 years | |||||
[1] | The aggregate cost for Federal Income Tax purposes for real estate subject to operating leases was approximately $868 million at October 31, 2020. | |||||
[2] | RECONCILIATION OF REAL ESTATE-OWNED SUBJECT TO OPERATING LEASES | |||||
[3] | The depreciation provision represents the expense calculated on real property only. | |||||
[4] | RECONCILIATION OF ACCUMULATED DEPRECIATION |