Equity Incentive Plan

12 Months Ended

Oct. 31, 2025

Equity Incentive Plan [Abstract]

Equity Incentive Plan

Note 10 - Equity Incentive Plan:

On September 10, 1998, the Board approved FREIT's Equity Incentive Plan (the "Plan") which was ratified by FREIT's stockholders on April 7, 1999, whereby up to 920,000 of FREIT's shares (adjusted for stock splits) may be granted to key personnel in the form of stock options, restricted share awards and other share-based awards. In connection therewith, the Board approved an increase of 920,000 shares in FREIT's number of authorized shares. Key personnel eligible for these awards include directors, executive officers and other persons or entities including, without limitation, employees, consultants and employees of consultants, who are in a position to make significant contributions to the success of FREIT. Under the Plan, the exercise price of all options will be the fair market value of the shares on the date of grant. The consideration to be paid for restricted share and other share-based awards shall be determined by the Board, with the amount not to exceed the fair market value of the shares on the date of grant. The maximum term of any award granted may not exceed ten years. The Board will determine the actual terms of each award.

On April 4, 2007, FREIT stockholders approved amendments to the Plan as follows: (a) reserving an additional 300,000 shares for issuance under the Plan; and (b) extending the term of the Plan until September 10, 2018. On April 5, 2018, FREIT stockholders approved amendments to the Plan to (a) increase the number of shares reserved for issuance thereunder by an additional 300,000 shares and (b) further extended the term of the Plan from September 10, 2018 to September 10, 2028.

On March 9, 2023, in accordance with the Plan, the Compensation Committee recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2023, in lieu of cash compensation in the amount of $20,000, each director was awarded shares of Common Stock, $0.01 par value, (the “Shares”) in FREIT. Based on the closing price of FREIT’s Shares on March 9, 2023 of $15.50 per Share, the Board approved an award of 1,290 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,290 Shares were issued to each director on March 9, 2023 and upon issuance were deemed fully paid and non-assessable.

On March 22, 2024, in accordance with the Plan, the Compensation Committee recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2024, in lieu of cash compensation in the amount of $20,000, each director was awarded Shares in FREIT. Based on the closing price of FREIT’s Shares on March 22, 2024 of $16.25 per Share, the Board approved an award of 1,230 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,230 Shares were issued to each director on March 22, 2024 and upon issuance were deemed fully paid and non-assessable. 

On February 20, 2025, in accordance with the Plan, the Compensation Committee recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2025, in lieu of cash compensation in the amount of $20,000, each director was awarded Shares in FREIT. Based on the closing price of FREIT’s Shares on February 21, 2025 of $16.76 per Share, the Board approved an award of 1,193 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,193 Shares were issued to each director on February 20, 2025 and upon issuance were deemed fully paid and non-assessable.

As of October 31, 2025, 419,709 shares are available for issuance under the Plan.

For Fiscal 2025, 2024 and 2023, compensation expense related to stock options vested amounted to approximately $0, $1,000 and $11,000, respectively. On September 3, 2024, the 3,640 options granted on September 4, 2014 expired unexercised. In Fiscal 2024 and 2023, 4,800 and 117,700, respectively, options were exercised for an aggregate amount of approximately $37,900 and $1.3 million, respectively. As of October 31, 2025, all options have been fully vested and exercised with no remaining compensation cost to be recognized.

The following table summarizes stock option activity for Fiscal 2024 and 2023:

	Year Ended October 31,						Year Ended October 31,
	2024						2023
	No. of Options			Weighted Average			No. of Options			Weighted Average
	Outstanding			Exercise Price			Outstanding			Exercise Price
Options outstanding at beginning of year		8,440		$	9.21			126,140		$	10.64
Options granted during year		—			—			—			—
Options forfeited/cancelled during year		(3,640	)		(10.95	)		—			—
Options exercised during year		(4,800	)		(7.90	)		(117,700	)		(10.74	)
Options outstanding at end of year		—		$	—			8,440		$	9.21
Options vested and expected to vest		—						8,290
Options exercisable at end of year		—						7,440