Investment in Tenancy-In-Common (Tables)

9 Months Ended

Jul. 31, 2024

Investment in Tenancy-In-Common [Abstract]

Schedule of Balance Sheets of the Pierre Towers Property

The following table summarizes the balance sheets of the Pierre Towers property as of July 31, 2024 and October 31, 2023, accounted for by the equity method:

	July 31,		October 31,
	2024		2023
	(In Thousands of Dollars)
Real estate, net	$	73,041	$	74,202
Cash and cash equivalents		1,736		2,256
Tenants' security accounts		519		478
Receivables and other assets		679		455
Total assets	$	75,975	$	77,391
Mortgages payable, net of unamortized debt issuance costs	$	47,653	$	48,516
Accounts payable and accrued expenses		452		295
Reimbursement due to FREIT		166		—
Tenants' security deposits		524		496
Deferred revenue		197		181
Equity		26,983		27,903
Total liabilities & equity	$	75,975	$	77,391
FREIT's investment in TIC (65% interest)	$	17,539	$	18,137
Reimbursement due to FREIT		166		—
FREIT's net investment in TIC	$	17,705	$	18,137

Schedule of Statements of Operations of the Pierre Towers Property

The following table summarizes the statements of operations of the Pierre Towers property for the nine and three months ended July 31, 2024 and 2023, accounted for by the equity method:

	Nine Months Ended July 31,						Three Months Ended July 31,
	2024			2023			2024			2023
	(In Thousands of Dollars)						(In Thousands of Dollars)
Revenue	$	6,416		$	6,196		$	2,173		$	2,100
Operating expenses		3,685			3,700			1,230			1,215
Depreciation		1,674			1,655			559			554
Operating income		1,057			841			384			331
Interest income		59			—			22			—
Sinatra expenses due to FREIT		(166	)		—			(166	)		—
Interest expense including amortization of deferred financing costs		(1,170	)		(1,196	)		(388	)		(397	)
Net loss	$	(220	)	$	(355	)	$	(148	)	$	(66	)
FREIT's loss on investment in TIC (65% interest)	$	(143	)	$	(231	)	$	(96	)	$	(43	)