CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Apr. 30, 2019 |
Apr. 30, 2018 |
| Operating activities: |
|
|
| Net income |
$ 1,265
|
$ 507
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
5,607
|
5,512
|
| Amortization |
851
|
766
|
| Unrealized loss (gain) on interest rate cap contract |
159
|
(19)
|
| Stock based compensation expense |
69
|
61
|
| Trustee fees, consultant fee and related interest paid in stock units |
502
|
427
|
| Gain on sale of property |
(836)
|
|
| Deferred rents - straight line rent |
(187)
|
(173)
|
| Bad debt expense |
68
|
170
|
| Changes in operating assets and liabilities: |
|
|
| Tenants' security accounts |
112
|
158
|
| Accounts receivable, prepaid expenses and other assets |
1,421
|
695
|
| Accounts payable, accrued expenses and deferred trustee compensation |
(744)
|
(1,165)
|
| Deferred revenue |
(203)
|
(208)
|
| Net cash provided by operating activities |
8,084
|
6,731
|
| Investing activities: |
|
|
| Capital improvements - existing properties |
(1,543)
|
(3,186)
|
| Proceeds from sale of commercial property, net |
7,060
|
|
| Acquisition of Station Place |
|
(19,542)
|
| Net cash provided by (used in) investing activities |
5,517
|
(22,728)
|
| Financing activities: |
|
|
| Repayment of mortgages and construction loan |
(7,378)
|
(146,561)
|
| Proceeds from mortgage loan refinancings |
|
166,520
|
| Proceeds from acquisition mortgage loan |
|
12,350
|
| Repayment of credit line |
|
(3,121)
|
| Interest rate cap contract cost |
|
(89)
|
| Deferred financing costs |
(56)
|
(2,670)
|
| Dividends paid |
(1,351)
|
|
| Due to affiliate |
143
|
112
|
| Distributions to noncontrolling interests |
(686)
|
(6,365)
|
| Net cash (used in) provided by financing activities |
(9,328)
|
20,176
|
| Net increase in cash, cash equivalents and restricted cash |
4,273
|
4,179
|
| Cash, cash equivalents and restricted cash, beginning of period |
26,394
|
21,838
|
| Cash, cash equivalents and restricted cash, end of period |
30,667
|
26,017
|
| Supplemental disclosure of cash flow data: |
|
|
| Interest paid, net of amounts capitalized |
8,175
|
8,770
|
| Investing activities: |
|
|
| Accrued capital expenditures, construction costs, pre-development costs and interest |
155
|
285
|
| Financing activities: |
|
|
| Dividends declared but not paid |
848
|
337
|
| Dividends paid in share units |
$ 46
|
$ 7
|