----

|                                                                |   | Nine      Months Ended                |   |   | Three      Months Ended               |   |
|---------------------------------------------------------------------|--------|---------------------------------------|--------|--------|---------------------------------------|--------|
|                                                                |   | July      31,                         |   |   | July      31,                         |   |
|                                                                |   | 2008                                  |   |   | 2007                                  |   |   | Change |   |   | 2008 |   |   | 2007 |   |   | Change |   |
|                                                                |   | (in      thousands, except per share) |   |   | (in      thousands, except per share) |   |
| Real      estate revenues:                                          |   |                                  |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Commercial      properties                              |   | $                                     | 17,100 |   |                                  | $      | 16,610 |   |   | $ | 490 |   |   | $ | 5,920 |   |   | $ | 5,610 |   |   | $ | 310 |   |
|   Residential      properties                             |   |                                  | 14,335 |   |                                  |   | 13,886 |   |   |   | 449 |   |   |   | 4,808 |   |   |   | 4,831 |   |   |   | (23 | ) |
|       Total      real estate revenues |   |                                  | 31,435 |   |                                  |   | 30,496 |   |   |   | 939 |   |   |   | 10,728 |   |   |   | 10,441 |   |   |   | 287 |   |
|                                                                |   |                                  |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses:                                            |   |                                  |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Real      estate operations                             |   |                                  | 12,620 |   |                                  |   | 12,545 |   |   |   | 75 |   |   |   | 3,938 |   |   |   | 4,114 |   |   |   | (176 | ) |
|   General      and administrative                         |   |                                  | 1,145  |   |                                  |   | 1,277 |   |   |   | (132 | ) |   |   | 335 |   |   |   | 474 |   |   |   | (139 | ) |
|   Depreciation                                            |   |                                  | 4,086  |   |                                  |   | 3,972 |   |   |   | 114 |   |   |   | 1,411 |   |   |   | 1,323 |   |   |   | 88 |   |
|       Total      operating expenses   |   |                                  | 17,851 |   |                                  |   | 17,794 |   |   |   | 57 |   |   |   | 5,684 |   |   |   | 5,911 |   |   |   | (227 | ) |
| Operating      income                                               |   |                                  | 13,584 |   |                                  |   | 12,702 |   |   |   | 882 |   |   |   | 5,044 |   |   |   | 4,530 |   |   |   | 514 |   |
|                                                                |   |                                  |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment      income                                              |   |                                  | 437    |   |                                  |   | 382 |   |   |   | 55 |   |   |   | 124 |   |   |   | 157 |   |   |   | (33 | ) |
|                                                                |   |                                  |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Financing      costs                                    |   |                                  | (8,694 | )      |                                  |   | (9,099 | ) |   |   | 405 |   |   |   | (2,876 | ) |   |   | (3,010 | ) |   |   | 134 |   |
|   Minority      interest in earnings of subsidiaries      |   |                                  | (768   | )      |                                  |   | (386 | ) |   |   | (382 | ) |   |   | (373 | ) |   |   | (129 | ) |   |   | (244 | ) |
|   Distribution      to certain minority interests         |   |                                  | -      |   |                                  |   | (150 | ) |   |   | 150 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Income      from continuing operations                              |   |                                  | 4,559  |   |                                  |   | 3,449 |   |   |   | 1,110 |   |   |   | 1,919 |   |   |   | 1,548 |   |   |   | 371 |   |
| Income      from discontinued operations                            |   |                                  | -      |   |                                  |   | 3,771 |   |   |   | (3,771 | ) |   |   | - |   |   |   | 3,695 |   |   |   | (3,695 | ) |
| Net      income                                                     |   | $                                     | 4,559  |   |                                  | $      | 7,220 |   |   | $ | (2,661 | ) |   | $ | 1,919 |   |   | $ | 5,243 |   |   | $ | (3,324 | ) |
|                                                                |   |                                  |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      earnings per share:                                      |   |                                  |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Continuing      operations                              |   | $                                     | 0.67   |   |                                  | $      | 0.51 |   |   | $ | 0.16 |   |   | $ | 0.28 |   |   | $ | 0.23 |   |   | $ | 0.05 |   |
|   Discontinued      operations                            |   | $                                     | -      |   |                                  | $      | 0.56 |   |   | $ | (0.56 | ) |   | $ | - |   |   | $ | 0.55 |   |   | $ | (0.55 | ) |
| Net      income                                                     |   | $                                     | 0.67   |   |                                  | $      | 1.07 |   |   | $ | (0.40 | ) |   | $ | 0.28 |   |   | $ | 0.78 |   |   | $ | (0.50 | ) |
|                                                                |   |                                  |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted      earnings per share:                                    |   |                                  |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Continuing      operations                              |   | $                                     | 0.66   |   |                                  | $      | 0.50 |   |   | $ | 0.16 |   |   | $ | 0.28 |   |   | $ | 0.22 |   |   | $ | 0.06 |   |
|   Discontinued      operations                            |   | $                                     | -      |   |                                  | $      | 0.54 |   |   | $ | (0.54 | ) |   | $ | - |   |   | $ | 0.54 |   |   | $ | (0.54 | ) |
| Net      income                                                     |   | $                                     | 0.66   |   |                                  | $      | 1.04 |   |   | $ | (0.38 | ) |   | $ | 0.28 |   |   | $ | 0.76 |   |   | $ | (0.48 | ) |
|                                                                |   |                                  |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average shares outstanding:                           |   |                                  |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Basic                                                   |   |                                  | 6,802  |   |                                  |   | 6,752 |   |   |   |   |   |   |   | 6,844 |   |   |   | 6,756 |   |   |   |   |   |
|   Diluted                                                 |   |                                  | 6,897  |   |                                  |   | 6,919 |   |   |   |   |   |   |   | 6,941 |   |   |   | 6,925 |   |   |   |   |   |

----

| Nine Months Ended July      31: |   |                   |   |        |                     |   |                  |          |   |   |                     |                  |   |          |   |   |   |   |   |                   |   |   |   |   |   |   |   |   |
|---------------------------------|--------|------------------------|--------|-------------|--------------------------|--------|-----------------------|---------------|--------|--------|--------------------------|-----------------------|--------|---------------|--------|--------|--------|--------|--------|------------------------|--------|--------|--------|--------|--------|--------|--------|--------|
|                            |   | Commercial             |   | Residential |                     |   | Combined              |          |
|                            |   | Nine      Months Ended |   |        |                     |   |                  |          |   |   | Nine      Months Ended   |                  |   |          |   |   |   |   |   | Nine      Months Ended |   |
|                            |   | July      31,          |   |        | Increase      (Decrease) |   |                  | July      31, |   |   | Increase      (Decrease) |                  |   | July      31, |   |
|                            |   | 2008                   |   |        | 2007                     |   |                  | $             |   |   | %                        |                  | 2008   |          |   | 2007   |   |   | $      |                   |   | %      |   | 2008   |   |   | 2007   |   |
|                            |   | ($      in thousands)  |   |        |                     |   | ($      in thousands) |          |   |   |                     | ($      in thousands) |   |
| Rental      income              |   | $                      | 12,806 |        |                     | $      | 12,454                |          |   | $      | 352                      |                  |   |          | 2.8    | %      |   | $      | 14,175 |                   |   | $      | 13,614 |   |   | $      | 561    |   |   |   | 4.1 | % |   | $ | 26,981 |   |   | $ | 26,068 |   |
| Reimbursements                  |   |                   | 3,932  |        |                     |   | 3,601                 |          |   |   | 331                      |                  |   |          | 9.2    | %      |   |   | -      |                   |   |   | -      |   |   |   | -      |   |   |   |   |   |   |   | 3,932 |   |   |   | 3,601 |   |
| Other                           |   |                   | 150    |        |                     | 143    |                  |          | 7      |   |                     | 4.9                   | %      |          |   | 160    |   |   | 272    |                   |   | (112   | )      |   | -41.2  | %      |   |   | 310 |   |   |   | 415 |   |
| Total      revenue              |   |                   | 16,888 |        |                     |   | 16,198                |          |   |   | 690                      |                  |   |          | 4.3    | %      |   |   | 14,335 |                   |   |   | 13,886 |   |   |   | 449    |   |   |   | 3.2 | % |   |   | 31,223 |   |   |   | 30,084 |   |
|                            |   |                   |   |        |                     |   |                  |          |   |   |                     |                  |   |          |   |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses         |   |                   | 6,440  |        |                     | 6,425  |                  |          | 15     |   |                     | 0.2                   | %      |          |   | 6,180  |   |   | 6,120  |                   |   | 60     |   |   | 1.0    | %      |   |   | 12,620 |   |   |   | 12,545 |   |
| Net      operating income       |   | $                      | 10,448 |        | $                        | 9,773  |                  | $             | 675    |   |                     | 6.9                   | %      |          | $      | 8,155  |   | $      | 7,766  |                   | $      | 389    |   |   | 5.0    | %      |   |   | 18,603 |   |   |   | 17,539 |   |
| Average                         |   |                   |   |        |                     |   |                  |          |   |   |                     |                  |   |          |   |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Occupancy      %                |   |                   | 89.9   | %           |                     |   | 90.1                  | %             |   |   |                     |                  |   |          | -0.2   | %      |   |   | 94.9   | %                      |   |   | 94.8   | %      |   |   |   |   |   |   | 0.1 | % |   |   |   |   |   |   |   |   |
|                            |   |                   |   |        |                     |   |                  |          |   |   |                     |                  |   |          |   |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Reconciliation      to consolidated net income:                            |   |   |   |   |   |   |
|----------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Deferred      rents - straight lining                                      |   |   | 140    |   |   |   | 186 |   |
| Amortization      of acquired leases                                       |   |   | 72     |   |   |   | 226 |   |
| Net      investment income                                                 |   |   | 437    |   |   |   | 382 |   |
| General      and administrative expenses                                   |   |   | (1,145 | )      |   |   | (1,277 | ) |
| Depreciation                                                               |   |   | (4,086 | )      |   |   | (3,972 | ) |
| Financing      costs                                                       |   |   | (8,694 | )      |   |   | (9,099 | ) |
| Distributions      to certain minority interests                           |   |   | -      |   |   |   | (150 | ) |
| Minority      interest                                                     |   |   | (768   | )      |   |   | (386 | ) |
|       Income      from continuing operations |   |   | 4,559  |   |   |   | 3,449 |   |
| Income      from discontinued operations                                   |   |   | -      |   |   |   | 3,771 |   |
|  Net      income                                                      |   | $      | 4,559  |   |   | $      | 7,220 |   |

|                             |   |                    |   |        |                     |     |   |          |   |   |                     |   |   |          |   |   |   |   |   |                    |   |   |   |   |   |   |   |   |   |   |
|----------------------------------|--------|-------------------------|--------|-------------|--------------------------|----------|--------|---------------|--------|--------|--------------------------|--------|--------|---------------|--------|--------|--------|--------|--------|-------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Three Months Ended      July 31: |   |                    |   |        |                     |     |   |          |   |   |                     |   |   |          |   |   |   |   |   |                    |   |   |   |   |   |   |   |   |
|                             |   | Commercial              |   | Residential |                     | Combined |   |
|                             |   | Three      Months Ended |   |        |                     |     |   |          |   |   | Three      Months Ended  |   |   |          |   |   |   |   |   | Three      Months Ended |   |
|                             |   | July      31,           |   |        | Increase      (Decrease) |     |   | July      31, |   |   | Increase      (Decrease) |   |   | July      31, |   |
|                             |   | 2008                    |   |        | 2007                     |     |   | $             |   |   | %                        |   |   | 2008          |   |   | 2007   |   |   | $                       |   |   | %      |   |   | 2008   |   |   | 2007   |   |
|                             |   | ($      in thousands)   |   |        | ($      in thousands)    |     |   |          |   |   | ($      in thousands)    |   |
| Rental      income               |   | $                       | 4,320  |        |                     | $        | 4,192  |          |   | $      | 128                      |   |   |          | 3.1    | %      |   | $      | 4,737  |                    |   | $      | 4,642  |   |   | $      | 95     |   |   |   | 2.0 | % |   | $ | 9,057 |   |   | $ | 8,834 |   |
| Reimbursements                   |   |                    | 1,475  |        |                     |     | 1,227  |          |   |   | 248                      |   |   |          | 20.2   | %      |   |   | -      |                    |   |   | -      |   |   |   | -      |   |   |   |   |   |   |   | 1,475 |   |   |   | 1,227 |   |
| Other                            |   |                    | 53     |        |                     | 45       |   |          | 8      |   |                     | 17.8   | %      |          |   | 71     |   |   | 189    |                    |   | (118   | )      |   | -62.4  | %      |   |   | 124    |   |   |   | 234 |   |
| Total      revenue               |   |                    | 5,848  |        |                     |     | 5,464  |          |   |   | 384                      |   |   |          | 7.0    | %      |   |   | 4,808  |                    |   |   | 4,831  |   |   |   | (23    | )      |   |   | -0.5 | % |   |   | 10,656 |   |   |   | 10,295 |   |
|                             |   |                    |   |        |                     |     |   |          |   |   |                     |   |   |          |   |   |   |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses          |   |                    | 2,027  |        |                     | 2,123    |   |          | (96    | )      |                     | -4.5   | %      |          |   | 1,911  |   |   | 1,992  |                    |   | (81    | )      |   | -4.1   | %      |   |   | 3,938  |   |   |   | 4,115 |   |
| Net      operating income        |   | $                       | 3,821  |        | $                        | 3,341    |   | $             | 480    |   |                     | 14.4   | %      |          | $      | 2,897  |   | $      | 2,839  |                    | $      | 58     |   |   | 2.0    | %      |   |   | 6,718  |   |   |   | 6,180 |   |
| Average                          |   |                    |   |        |                     |     |   |          |   |   |                     |   |   |          |   |   |   |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Occupancy      %                 |   |                    | 89.8   | %           |                     |     | 91.0   | %             |   |   |                     |   |   |          | -1.2   | %      |   |   | 94.2   | %                       |   |   | 95.9   | %      |   |   |   |   |   |   | -1.7 | % |   |   |   |   |   |   |   |   |
|                             |   |                    |   |        |                     |     |   |          |   |   |                     |   |   |          |   |   |   |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Reconciliation      to consolidated net income:                            |   |   |   |   |   |   |
|----------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Deferred      rents - straight lining                                      |   |   | 48     |   |   |   | 72 |   |
| Amortization      of acquired leases                                       |   |   | 24     |   |   |   | 75 |   |
| Net      investment income                                                 |   |   | 124    |   |   |   | 157 |   |
| General      and administrative expenses                                   |   |   | (335   | )      |   |   | (474 | ) |
| Depreciation                                                               |   |   | (1,411 | )      |   |   | (1,323 | ) |
| Financing      costs                                                       |   |   | (2,876 | )      |   |   | (3,010 | ) |
| Distributions      to certain minority interests                           |   |   | -      |   |   |   | - |   |
| Minority      interest                                                     |   |   | (373   | )      |   |   | (129 | ) |
|       Income      from continuing operations |   |   | 1,919  |   |   |   | 1,548 |   |
| Income      from discontinued operations                                   |   |   | -      |   |   |   | 3,695 |   |
|  Net      income                                                      |   | $      | 1,919  |   |   | $      | 5,243 |   |

----

|     |   | Nine      Months Ended July 31, |   |
|----------|--------|---------------------------------|--------|
|     |   | 2008                            |   |   | 2007 |   |
|     |   | Commercial                      |   |   |   |   |   | Same |   |   | Commercial |   |   |   |   |   | Same |   |
| ($000)   |   | Properties                      |   |   | Damascus |   |   | Properties |   |   | Properties |   |   | Damascus |   |   | Properties |   |
| Revenues |   | $                               | 16,888 |   |   | $ | 554 |   |   | $ | 16,334 |   |   | $ | 16,198 |   |   | $ | 610 |   |   | $ | 15,588 |   |
| Expenses |   |                            | 6,440  |   |   |   | 307 |   |   |   | 6,133 |   |   |   | 6,425 |   |   |   | 316 |   |   |   | 6,109 |   |
| NOI      |   | $                               | 10,448 |   |   | $ | 247 |   |   | $ | 10,201 |   |   | $ | 9,773 |   |   | $ | 294 |   |   | $ | 9,479 |   |
|     |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|     |   | Three      Months Ended July 31, |   |
|----------|--------|----------------------------------|--------|
|     |   | 2008                             |   |   | 2007 |   |
|     |   | Commercial                       |   |   |   |   |   |   | Same |   |   | Commercial |   |   |   |   |   |   | Same |   |
| ($000)   |   | Properties                       |   |   | Damascus |   |   | Properties |   |   | Properties |   |   | Damascus |   |   | Properties |   |
| Revenues |   | $                                | 5,848  |   |   | $ | 201 |   |   | $ | 5,647 |   |   | $ | 5,464 |   |   | $ | 195 |   |   | $ | 5,269 |   |
| Expenses |   |                             | 2,027  |   |   |   | 100 |   |   |   | 1,927 |   |   |   | 2,123 |   |   |   | 97 |   |   |   | 2,026 |   |
| NOI      |   | $                                | 3,821  |   |   | $ | 101 |   |   | $ | 3,720 |   |   | $ | 3,341 |   |   | $ | 98 |   |   | $ | 3,243 |   |

----

| Funds From Operations      ("FFO")              |   |                                            |   |   |                    |   |   |   |   |   |   |   |
|-------------------------------------------------|--------|-------------------------------------------------|--------|--------|-------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                            |   | Nine      Months Ended                          |   |   | Three      Months Ended |   |
|                                            |   | July      31,                                   |   |   | July      31,           |   |
|                                            |   | 2008                                            |   |   | 2007                    |   |   | 2008   |   |   | 2007   |   |
|                                            |   | ($      in thousands, except per share amounts) |   |
|                                            |   |                                            |   |   |                    |   |   |   |   |   |   |   |
| Net      income                                 |   | $                                               | 4,559  |   |                    | $      | 7,220  |   |   | $      | 1,919  |   |   | $ | 5,243 |   |
| Depreciation                                    |   |                                            | 4,086  |   |                    |   | 3,972  |   |   |   | 1,411  |   |   |   | 1,323 |   |
| Amortization      of deferred mortgage costs    |   |                                            | 222    |   |                    |   | 199    |   |   |   | 81     |   |   |   | 67 |   |
| Deferred      rents (Straight lining)           |   |                                            | (140   | )      |                    |   | (186   | )      |   |   | (48    | )      |   |   | (72 | ) |
| Amortization      of acquired leases            |   |                                            | (72    | )      |                    |   | (226   | )      |   |   | (24    | )      |   |   | (75 | ) |
| Capital      Improvements - Apartments          |   |                                            | (346   | )      |                    |   | (314   | )      |   |   | (88    | )      |   |   | (77 | ) |
| Discontinued      operations                    |   |                                            | -      |   |                    |   | (3,771 | )      |   |   | -      |   |   |   | (3,695 | ) |
| Minority      interests:                        |   |                                            |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |
| Equity      in earnings of affiliates           |   |                                            | 768    |   |                    |   | 536    |   |   |   | 373    |   |   |   | 129 |   |
| Distributions      to minority interests        |   |                                            | (707   | )      |                    |   | (541   | )      |   |   | (112   | )      |   |   | (155 | ) |
|                                            |   |                                            |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |
| FFO                                             |   | $                                               | 8,370  |   |                    | $      | 6,889  |   |   | $      | 3,512  |   |   | $ | 2,688 |   |
|                                            |   |                                            |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |
|  Per      Share - Basic                    |   | $                                               | 1.23   |   |                    | $      | 1.02   |   |   | $      | 0.51   |   |   | $ | 0.40 |   |
|  Per      Share - Diluted                  |   | $                                               | 1.21   |   |                    | $      | 1.00   |   |   | $      | 0.51   |   |   | $ | 0.39 |   |
|                                            |   |                                            |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |
|  Weighted      Average Shares Outstanding: |   |                                            |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |
|  Basic                                     |   |                                            | 6,802  |   |                    |   | 6,752  |   |   |   | 6,844  |   |   |   | 6,756 |   |
|  Diluted                                   |   |                                            | 6,897  |   |                    |   | 6,919  |   |   |   | 6,941  |   |   |   | 6,925 |   |