XML 46 R27.htm IDEA: XBRL DOCUMENT v3.21.4
Selected quarterly financial data (unaudited)
 12 Months Ended
Oct. 31, 2021
Quarterly Financial Information Disclosure [Abstract]  
Selected quarterly financial data (unaudited)

Note 18 - Selected quarterly financial data (unaudited):

The following summary represents the results of operations for each quarter for the years ended October 31, 2021 and 2020 (in thousands, except per share amounts):

2021:

Quarter Ended

Year Ended

January 31,

April 30,

July 31,

October 31,

October 31,

 

Revenue

$

12,754

$

12,804

$

12,542

$

12,191

(d)

$

50,291

Expenses, net

11,975

12,867

12,226

12,176

49,244

Net income (loss)

779

(63

)

316

15

1,047

 

Net (income) loss attributable to noncontrolling interests in subsidiaries

(221

)

72

(107

)

136

(120

)

Net income attributable to common equity  

$

558

$

9

$

209

$

151

$

927

 

Earnings per share - basic and diluted

$

0.08

$

-

$

0.03

$

0.02

$

0.13

Dividends declared per share

$

0.05

$

0.05

$

0.05

$

0.10

$

0.25

 

 

2020:

Quarter Ended

Year Ended

January 31,

April 30,

July 31,

October 31,

October 31,

 

Revenue

$

15,593

$

13,688

$

12,149

(b)

$

11,297

$

52,727

Expenses, net

17,614

(13,448

)(a)

12,469

(b)

18,772

(c)

35,407

Net (loss) income

(2,021

)

27,136

(320

)

(7,475

)

17,320

 

Net (income) loss attributable to noncontrolling interests in subsidiaries

(241

)

84

139

3,251

3,233

Net (loss) income attributable to common equity  

$

(2,262

)

$

27,220

$

(181

)

$

(4,224

)

$

20,553

 

(Loss) Earnings per share - basic and diluted

$

(0.32

)

$

3.88

(a)

$

(0.02

)(b)

$

(0.60

)(c)

$

2.94

Dividends declared per share

$

-

$

-

$

-

$

-

$

-

 

 

(a) Includes $27.7 million gain on deconsolidation of subsidiary related to the Pierre Towers property which was deconsolidated from FREIT's operating results due to the conversion to a tenancy-in-common form of ownership on February 28, 2020. ($3.96 per share)

 

(b) Includes impact of the rejection of the lease for Cobb Theatre at the Rotunda retail property as of June 30, 2020 resulting in the reversal against revenue of uncollected rents in the amount of approximately $0.3 million and a straight-line rent receivable of approximately $0.4 million and the write-off of unamortized leasing commissions in the amount of approximately $0.2 million resulting in a net impact of approximately $0.9 million (with a consolidated impact to FREIT of approximately $0.5 million). ($0.07 per share)

 

(c) Includes write-off of Cobb Theatre's tenant improvements of approximately $7.3 million (with a consolidated impact to FREIT of approximately $4.4 million) at the Rotunda retail property due to COVID-19. ($0.62 per share)

 

(d) Includes settle-ups of Common Area Maintenance with commercial tenants of approximately $0.7 million for the fiscal quarter ended October 31, 2021, of which approximately $0.4 million related to Fiscal 2020 and approximately $0.3 million related to prior quarters in Fiscal 2021.