Investment in tenancy-in-common (Tables)

9 Months Ended

Jul. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Balance Sheet of Pierre Property

The following table summarizes the balance sheets of the Pierre Towers property as of July 31, 2021 and October 31, 2020, accounted for by the equity method:

		July 31,		October 31,
		2021		2020
		(In Thousands of Dollars)
Real estate, net	$	78,533	$	80,041
Cash and cash equivalents		911		754
Tenants' security accounts		494		523
Receivables and other assets		545		468
Total assets	$	80,483	$	81,786
Mortgages payable, net of unamortized debt issuance costs	$	49,757	$	49,956
Accounts payable and accrued expenses		241		314
Tenants' security deposits		495		535
Deferred revenue		93		56
Equity		29,897		30,925
Total liabilities & equity	$	80,483	$	81,786
FREIT's investment in TIC (65% interest)	$	19,433	$	20,101

Schedule of Income Statement of Pierre Property

The following table summarizes the statements of operations of the Pierre Towers property for the nine and three months ended July 31, 2021, for the period from February 28, 2020 through July 31, 2020 and for the three months ended July 31, 2020, accounted for by the equity method:

			For the period from
	Nine Months Ended		February 28, 2020		Three Months Ended		Three Months Ended
	July 31, 2021		through July 31, 2020		July 31, 2021		July 31, 2020
		(In Thousands of Dollars)				(In Thousands of Dollars)
Revenue	$	5,674	$	3,106	$	1,900	$	1,864
Operating expenses		3,225		1,689		1,111		1,046
Depreciation		1,623		895		542		537
Operating income		826		522		247		281
Interest expense including amortization of deferred financing costs		1,203		669		401		401
Net loss	$	(377)	$	(147)	$	(154)	$	(120)
FREIT's loss on investment in TIC (65% interest)	$	(245)	$	(96)	$	(100)	$	(78)