|                                                                                                      |   | Three                  Months                  Ended               |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|
|                                                                                                      |   | January                  31,                                       |   |
|                                                                                                      |   | 2008                                                               |   |   | 2007* |   |   | Change |   |
|                                                                                                      |   | (in                  thousands, except per                  share) |   |
| Real                  estate                  revenues:                                                   |   |                                                               |   |   |   |   |   |   |   |   |
|   Commercial                  properties                                                        |   | $                                                                  | 5,695  |   |   | $ | 5,593 |   |   | $ | 102 |   |
|   Residential                  properties                                                       |   |                                                               | 4,762  |   |   |   | 4,513 |   |   |   | 249 |   |
|       Total                  real estate revenues                           |   |                                                               | 10,457 |   |   |   | 10,106 |   |   |   | 351 |   |
|                                                                                                      |   |                                                               |   |   |   |   |   |   |   |   |   |   |
| Operating                  expenses:                                                                      |   |                                                               |   |   |   |   |   |   |   |   |   |   |
|   Real                  estate                  operations                                      |   |                                                               | 4,437  |   |   |   | 4,366 |   |   |   | 71 |   |
|   General                  and                  administrative                                  |   |                                                               | 390    |   |   |   | 389 |   |   |   | 1 |   |
|   Depreciation                                                                                  |   |                                                               | 1,338  |   |   |   | 1,303 |   |   |   | 35 |   |
|       Total                  operating expenses                             |   |                                                               | 6,165  |   |   |   | 6,058 |   |   |   | 107 |   |
|                                                                                                      |   |                                                               |   |   |   |   |   |   |   |   |   |   |
|       Operating                  income                                     |   |                                                               | 4,292  |   |   |   | 4,048 |   |   |   | 244 |   |
|                                                                                                      |   |                                                               |   |   |   |   |   |   |   |   |   |   |
| Investment                  income                                                                        |   |                                                               | 159    |   |   |   | 87 |   |   |   | 72 |   |
|                                                                                                      |   |                                                               |   |   |   |   |   |   |   |   |   |   |
|   Financing                  costs                                                              |   |                                                               | (2,933 | ) |   |   | (3,043 | ) |   |   | 110 |   |
|   Minority                  interest in                  earnings of subsidiaries               |   |                                                               | (115   | ) |   |   | (138 | ) |   |   | 23 |   |
|   Distribution                  to                  certain minority interests                  |   |                                                               | -      |   |   |   | (150 | ) |   |   | 150 |   |
| Income                  from continuing                  operations                                       |   |                                                               | 1,403  |   |   |   | 804 |   |   |   | 599 |   |
|                                                                                                      |   |                                                               |   |   |   |   |   |   |   |   |   |   |
| Income                  from discontinued                  operations                                     |   |                                                               | -      |   |   |   | 42 |   |   |   | (42 | ) |
|                                                                                                      |   |                                                               |   |   |   |   |   |   |   |   |   |   |
| Net                  income                                                                               |   | $                                                                  | 1,403  |   |   | $ | 846 |   |   | $ | 557 |   |
|                                                                                                      |   |                                                               |   |   |   |   |   |   |   |   |   |   |
| Basic                  earnings per                  share:                                               |   |                                                               |   |   |   |   |   |   |   |   |   |   |
|   Continuing                  operations                                                        |   | $                                                                  | 0.21   |   |   | $ | 0.12 |   |   | $ | 0.09 |   |
|   Discontinued                  operations                                                      |   | $                                                                  | 0.00   |   |   | $ | 0.01 |   |   | $ | (0.01 | ) |
| Net                  income                                                                               |   | $                                                                  | 0.21   |   |   | $ | 0.13 |   |   | $ | 0.08 |   |
|                                                                                                      |   |                                                               |   |   |   |   |   |   |   |   |   |   |
| Diluted                  earnings per                  share:                                             |   |                                                               |   |   |   |   |   |   |   |   |   |   |
|   Continuing                  operations                                                        |   | $                                                                  | 0.20   |   |   | $ | 0.11 |   |   | $ | 0.09 |   |
|   Discontinued                  operations                                                      |   | $                                                                  | 0.00   |   |   | $ | 0.01 |   |   | $ | (0.01 | ) |
| Net                  income                                                                               |   | $                                                                  | 0.20   |   |   | $ | 0.12 |   |   | $ | 0.08 |   |
|                                                                                                      |   |                                                               |   |   |   |   |   |   |   |   |   |   |
| Weighted                  average shares                  outstanding:                                    |   |                                                               |   |   |   |   |   |   |   |   |   |   |
|   Basic                                                                                         |   |                                                               | 6,763  |   |   |   | 6,751 |   |   |   |   |   |
|   Diluted                                                                                       |   |                                                               | 6,906  |   |   |   | 6,919 |   |   |   |   |   |
|                                                                                                      |   |                                                               |   |   |   |   |   |   |   |   |   |   |
| * Restated                  to reflect                  reclassification of discontinued operations. |   |                                                               |   |   |   |   |   |   |   |

----

| Months                Ended January 31:            |   |                                             |   |                               |   |                       |   |                               |   |                                             |   |   |   |   |                          |   |   |                                             |   |   |   |   |   |   |   |
|----------------------------------------------------|--------|--------------------------------------------------|--------|------------------------------------|--------|----------------------------|--------|------------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|-------------------------------|--------|--------|--------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                               |   | Commercial                                       |   | Residential                        |   | Combined                   |
|                                               |   | Three                Months                Ended |   |                               |   |                       |   |                               |   | Three                Months                Ended |   |   |   |   |                          |   |   | Three                Months                Ended |
|                                               |   | January                31,                       |   | Increase                (Decrease) |   | January                31, |   | Increase                (Decrease) |   | January                31,                       |
|                                               |   | 2008                                             |   |                               | 2007   |                       |   |  $                            |   |                                             |   | %      |   |   | 2008                          |   |   |  2007*                                      |   |   | $      |   |   |   | %      |   |   | 2008 |   |   |  2007* |   |
|                                               |   | (in                thousands)                    |   |                               |   |                       |   | (in                thousands)      |   |                                             |   |   |   |   | (in                thousands) |
| Rental                income                       |   | $                                                | 4,194  |                               |   | $                          | 4,137  |                               |   | $                                                | 57     |   |   |   | 1.4                           | %      |   | $                                                | 4,715  |   |   | $      | 4,452  |   |   | $ | 263 |   |   |   | 5.9 | % |   | $ | 8,909 |   |   | $ | 8,589 |   |
| Reimbursements                                     |   |                                             | 1,385  |                               |   |                       | 1,284  |                               |   |                                             | 101    |   |   |   | 7.9                           | %      |   |                                             |   |   |   |   |   |   |   |   | - |   |   |   |   |   |   |   | 1,385 |   |   |   | 1,284 |   |
| Other                                              |   |                                             | 45     |                               |   |                       | 42     |                               |   |                                             | 3      |   |   |   | 7.1                           | %      |   |                                             | 47     |   |   |   | 61     |   |   |   | (14 | ) |   |   | -23.0 | % |   |   | 92 |   |   |   | 103 |   |
| Total                Revenue                       |   |                                             | 5,624  |                               |   |                       | 5,463  |                               |   |                                             | 161    |   |   |   | 2.9                           | %      |   |                                             | 4,762  |   |   |   | 4,513  |   |   |   | 249 |   |   |   | 5.5 | % |   |   | 10,386 |   |   |   | 9,976 |   |
|                                               |   |                                             |   |                               |   |                       |   |                               |   |                                             |   |   |   |   |                          |   |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                  |   |                                             | 2,291  |                               |   |                       | 2,165  |                               |   |                                             | 126    |   |   |   | 5.8                           | %      |   |                                             | 2,146  |   |   |   | 2,201  |   |   |   | (55 | ) |   |   | -2.5 | % |   |   | 4,437 |   |   |   | 4,366 |   |
| Net                operating                income |   | $                                                | 3,333  |                               |   | $                          | 3,298  |                               |   | $                                                | 35     |   |   |   | 1.1                           | %      |   | $                                                | 2,616  |   |   | $      | 2,312  |   |   | $ | 304 |   |   |   | 13.1 | % |   |   | 5,949 |   |   |   | 5,610 |   |
| Average                                            |   |                                             |   |                               |   |                       |   |                               |   |                                             |   |   |   |   |                          |   |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Occupancy                %                         |   |                                             | 89.5   | %                                  |   |                       | 89.5   | %                                  |   |                                             |   |   |   |   | 0.0                           | %      |   |                                             | 95.7   | %      |   |   | 93.8   | %      |   |   |   |   |   |   | 1.9 | % |   |   |   |   |   |   |   |   |
|                                               |   |                                             |   |                               |   |                       |   |                               |   |                                             |   |   |   |   |                          |   |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Reconciliation                to consolidated net                income:             |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Deferred                rents - straight                lining                       |   |   | 47     |   |   |   | 55 |   |
| Amortization                of acquired                leases                        |   |   | 24     |   |   |   | 75 |   |
| Net                investment                income                                  |   |   | 159    |   |   |   | 87 |   |
| General                and administrative                expenses                    |   |   | (390   | )      |   |   | (389 | ) |
| Depreciation                                                                         |   |   | (1,338 | )      |   |   | (1,303 | ) |
| Financing                costs                                                       |   |   | (2,933 | )      |   |   | (3,043 | ) |
| Distributions                to certain minority                interests            |   |   | -      |   |   |   | (150 | ) |
| Minority                interest                                                     |   |   | (115   | )      |   |   | (138 | ) |
|       Income                from continuing operations |   |   | 1,403  |   |   |   | 804 |   |
| Income                from discontinued                operations                    |   |   | -      |   |   |   | 42 |   |
|   Net                income                                                |   | $      | 1,403  |   |   | $      | 846 |   |

----

|     |   | Three                  Months Ended January                  31, |   |
|----------|--------|------------------------------------------------------------------|--------|
|     |   | 2008                                                             |   |   | 2007 |   |
|     |   | Commercial                                                       |   |   |   |   |   | Same |   |   | Commercial |   |   |   |   |   | Same |   |
| ($000)   |   | Properties                                                       |   |   | Damascus |   |   | Properties |   |   | Properties |   |   | Damascus |   |   | Properties |   |
| Revenues |   | $                                                                | 5,624  |   |   | $ | 152 |   |   | $ | 5,472 |   |   | $ | 5,463 |   |   | $ | 199 |   |   | $ | 5,264 |   |
|     |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses |   |                                                             | 2,291  |   |   |   | 98 |   |   |   | 2,193 |   |   |   | 2,165 |   |   |   | 88 |   |   |   | 2,077 |   |
|     |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOI      |   | $                                                                | 3,333  |   |   | $ | 54 |   |   | $ | 3,279 |   |   | $ | 3,298 |   |   | $ | 111 |   |   | $ | 3,187 |   |

----

| Funds                  From Operations ("FFO")                                                            |                                                                   |   |                                                 |   |   |        |
|-----------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|--------|------------------------------------------------------|--------|--------|-------------|
|                                                                                                      |                                                                   |   | Three                  Months                  Ended |   |
|                                                                                                      |                                                                   |   | January                  31,                         |   |
|                                                                                                      |                                                                   |   | 2008                                                 |   |   |  2007* |   |
|                                                                                                      |                                                                   |   | ($                  in                  thousands)   |   |
|                                                                                                      |                                                                   |   |                                                 |   |   |        |   |   |
| Net                  income                                                                               |                                                                   | $      | 1,403                                                |   |   | $           | 846 |   |
| Depreciation                                                                                              |                                                                   |   | 1,338                                                |   |   |        | 1,303 |   |
| Amortization                  of deferred mortgage                  costs                                 |                                                                   |   | 73                                                   |   |   |        | 65 |   |
| Deferred                  rents (Straight                  lining)                                        |                                                                   |   | (47                                                  | )      |   |        | (55 | ) |
| Amortization                  of acquired                  leases                                         |                                                                   |   | (24                                                  | )      |   |        | (75 | ) |
| Capital                  Improvements -                  Apartments                                       |                                                                   |   | (146                                                 | )      |   |        | (174 | ) |
| Discontinued                  operations                                                                  |                                                                   |   | -                                                    |   |   |        | (42 | ) |
| Minority                  interests:                                                                      |                                                                   |   |                                                 |   |   |        |   |   |
| Equity                  in earnings of                  affiliates                                        |                                                                   |   | 115                                                  |   |   |        | 288 |   |
| Distributions                  to minority                  interests                                     |                                                                   |   | (327                                                 | )      |   |        | (300 | ) |
|                                                                                                      |                                                                   |   |                                                 |   |   |        |   |   |   |
|                                                                                                      | FFO                                                                    |   | $                                                    | 2,385  |   |        | $ | 1,856 |   |
|                                                                                                      |                                                                   |   |                                                 |   |   |        |   |   |   |
|                                                                                                      |  Per                  Share -                  Basic              |   | $                                                    | 0.35   |   |        | $ | 0.27 |   |
|                                                                                                      |  Per                  Share -                  Diluted            |   | $                                                    | 0.35   |   |        | $ | 0.27 |   |
|                                                                                                      |                                                                   |   |                                                 |   |   |        |   |   |   |
|                                                                                                      | Weighted                  Average Shares                  Outstanding: |   |
|                                                                                                      |  Basic                                                            |   |                                                 | 6,763  |   |        |   | 6,751 |   |
|                                                                                                      |  Diluted                                                          |   |                                                 | 6,906  |   |        |   | 6,919 |   |
|                                                                                                      |                                                                   |   |                                                 |   |   |        |   |   |   |
| * Restated                  to reflect                  reclassification of discontinued operations. |                                                                   |