The Board of Directors (“Board”) declared a third quarter dividend of $0.05 per share which will be paid on September 15, 2021 to shareholders of record on September 1, 2021. The Board will continue to evaluate the dividend on a quarterly basis.

Basic earnings (loss) per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares and vested share units (See Note 14 to FREIT Maryland’s condensed consolidated financial statements) outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributable to future services, are used to repurchase FREIT Maryland’s stock at the average market price during the period, thereby increasing the number of shares to be added in computing diluted earnings per share. For the nine and three months ended July 31, 2021, the outstanding stock options increased the average dilutive shares outstanding by approximately 2,000 and 4,000 shares, respectively, with no impact on earnings per share. For the nine months ended July 31, 2020, the outstanding stock options increased the average dilutive shares outstanding by approximately 3,000 shares with a $0.01 impact on earnings per share. For the three months ended July 31, 2020, the outstanding

Dividends and earnings (loss) per share	9 Months Ended
Jul. 31, 2021
Earnings per share:
Dividends and earnings (loss) per share	Note 3 – Dividends and earnings (loss) per share: The Board of Directors (“Board”) declared a third quarter dividend of $0.05 per share which will be paid on September 15, 2021 to shareholders of record on September 1, 2021. The Board will continue to evaluate the dividend on a quarterly basis. Basic earnings (loss) per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares and vested share units (See Note 14 to FREIT Maryland’s condensed consolidated financial statements) outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributable to future services, are used to repurchase FREIT Maryland’s stock at the average market price during the period, thereby increasing the number of shares to be added in computing diluted earnings per share. For the nine and three months ended July 31, 2021, the outstanding stock options increased the average dilutive shares outstanding by approximately 2,000 and 4,000 shares, respectively, with no impact on earnings per share. For the nine months ended July 31, 2020, the outstanding stock options increased the average dilutive shares outstanding by approximately 3,000 shares with a $0.01 impact on earnings per share. For the three months ended July 31, 2020, the outstanding Index Page 10 stock options were anti-dilutive with no impact on loss per share. There were approximately 268,000 anti-dilutive shares for both the nine and three months ended July 31, 2021. There were approximately 268,000 and 311,000 anti-dilutive shares for the nine and three months ended July 31, 2020, respectively. Anti-dilutive shares consist of out-of-the money stock options under the Equity Incentive Plan.

Page 10

stock options were anti-dilutive with no impact on loss per share. There were approximately 268,000 anti-dilutive shares for both the nine and three months ended July 31, 2021. There were approximately 268,000 and 311,000 anti-dilutive shares for the nine and three months ended July 31, 2020, respectively. Anti-dilutive shares consist of out-of-the money stock options under the Equity Incentive Plan.