Segment information (Tables)

12 Months Ended

Oct. 31, 2020

Schedule of segment and related information

Real estate rental revenue, operating expenses, NOI and recurring capital improvements for the reportable segments are summarized below and reconciled to consolidated net income attributable to common equity for each of the years

Table of Contents

in the three-year period ended October 31, 2020. Asset information is not reported since FREIT does not use this measure to assess performance.

	Years Ended October 31,
	2020		2019		2018
	(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	24,486	$	26,692	$	25,464
Residential		28,638		33,175		31,928
Total real estate rental revenue		53,124		59,867		57,392

Real estate operating expenses:
Commercial		11,334		11,694		11,861
Residential		11,588		14,368		13,022
Total real estate operating expenses		22,922		26,062		24,883

Net operating income:
Commercial		13,152		14,998		13,603
Residential		17,050		18,807		18,906
Total net operating income	$	30,202	$	33,805	$	32,509


Recurring capital improvements - residential	$	(347	)	$	(685	)	$	(738	)


Reconciliation to consolidated net income attributable to common equity:
Segment NOI	$	30,202		$	33,805		$	32,509
Deferred rents - straight lining		(397	)		410			605
Investment income		204			360			267
Unrealized (loss) gain on interest rate cap contract		—			(160	)		72
Special Committee third party advisory, legal and other expenses		(4,606	)		(1,416	)		—
Gain on sale of property		—			836			—
Gain on deconsolidation of subsidiary		27,680			—			—
Loss on investment in tenancy-in-common		(202	)		—			—
General and administrative expenses		(3,821	)		(2,633	)		(2,305	)
Depreciation		(10,341	)		(11,339	)		(11,515	)
Tenant improvement write-off due to COVID-19		(7,277	)		—			—
Financing costs		(14,122	)		(18,070	)		(18,667	)
Net income		17,320			1,793			966
Net loss (income) attributable to noncontrolling interests in subsidiaries		3,233			(6	)		517
Net income attributable to common equity	$	20,553		$	1,787		$	1,483