Investment in tenancy-in-common (Tables)

6 Months Ended

Apr. 30, 2022

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 April 30, 2022 and October 31, 2021, accounted for by the equity method:

		April 30,		October 31,
		2022		2021
		(In Thousands of Dollars)
Real estate, net	$	77,020	$	78,023
Cash and cash equivalents		1,430		1,338
Tenants' security accounts		457		484
Receivables and other assets		527		510
Total assets	$	79,434	$	80,355
Mortgages payable, net of unamortized debt issuance costs	$	49,558	$	49,691
Accounts payable and accrued expenses		247		261
Tenants' security deposits		466		484
Deferred revenue		132		99
Equity		29,031		29,820
Total liabilities & equity	$	79,434	$	80,355
FREIT's investment in TIC (65% interest)	$	18,870	$	19,383

Schedule of Income Statement of Pierre Property

The following table summarizes the statements of operations of the Pierre Towers property for the six and three months ended April 30, 2022 and 2021, accounted for by the equity method:

		Six Months Ended April 30,					Three Months Ended April 30,
		2022			2021		2022			2021
		(In Thousands of Dollars)					(In Thousands of Dollars)
Revenue	$	3,923		$	3,774		$	1,969		$	1,883
Operating expenses		2,275			2,114			1,074			1,123
Depreciation		1,087			1,081			545			541
Operating income		561			579			350			219
Interest expense including amortization of deferred financing costs		801			802			400			401
Net loss	$	(240	)	$	(223	)	$	(50	)	$	(182	)
FREIT's loss on investment in TIC (65% interest)	$	(156	)	$	(145	)	$	(32	)	$	(118	)