Years Ended October 31,

2025

2024

2023

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

7,641

$

7,895

$

8,789

Residential

21,776

20,901

19,655

Total real estate rental revenue

29,417

28,796

28,444

Real estate operating expenses:

Commercial

5,095

4,826

5,080

Residential

9,155

8,919

8,674

Total real estate operating expenses

14,250

13,745

13,754

Net operating income:

Commercial

2,546

3,069

3,709

Residential

12,621

11,982

10,981

Total net operating income

$

15,167

$

15,051

$

14,690

Recurring capital improvements - residential

$

(502

)

$

(1,154

)

$

(532

)

Reconciliation to consolidated net income attributable to common equity:

Segment NOI

$

15,167

$

15,051

$

14,690

Deferred rents - straight lining

(100

)

(118

)

(100

)

Investment income

1,351

1,560

1,013

Net loss on sale of Maryland properties

—

(356

)

(1,003

)

Litigation settlement, net of fees

—

15,673

—

Loss on investment in tenancy-in-common

(135

)

(170

)

(271

)

General and administrative expenses

(2,892

)

(4,419

)

(4,243

)

Depreciation

(2,965

)

(2,981

)

(2,944

)

Financing costs

(7,280

)

(7,307

)

(7,717

)

Net income (loss)

3,146

16,933

(575

)

Net loss (income) attributable to noncontrolling interests in subsidiaries

363

(1,081

)

1,335

Net income attributable to common equity

$

3,509

$

15,852

$

760