Investment in tenancy-in-common (Tables)

9 Months Ended

Jul. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Balance Sheet of Pierre Property

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

		July 31,
		2020
		(In Thousands of Dollars)
Real estate, net	$	80,558
Cash and cash equivalents		1,557
Tenants' security accounts		569
Receivables and other assets		483
Total assets	$	83,167
Mortgages payable, net of unamortized debt issuance costs	$	50,022
Accounts payable and accrued expenses		725
Tenants' security deposits		562
Deferred revenue		71
Equity		31,787
Total liabilities & equity	$	83,167
FREIT's investment in TIC (65% interest)	$	20,662

Schedule of Income Statement of Pierre Property

The following table summarizes the statements of operations of the Pierre Towers property 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
	February 28, 2020			Three months ended
	through July 31, 2020			July 31, 2020
	(In Thousands of Dollars)			(In Thousands of Dollars)
Revenues	$	3,106		$	1,864
Operating expenses		1,689			1,046
Net operating income		1,417			818
Depreciation		895			537
Interest expense including amortization of deferred financing costs		669			401
Net loss	$	(147	)	$	(120	)
FREIT's loss on investment in TIC (65% interest)	$	(96	)	$	(78	)