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COVID-19 Pandemic
9 Months Ended
Jul. 31, 2022
Covid 19Pandemic Abstract  
COVID-19 Pandemic

Note 16 – COVID-19 Pandemic:

The Company continues to monitor changes in the collectability assessment of its tenant receivables resulting from the lingering effects that the COVID-19 pandemic and preventive measures taken to mitigate the spread had on some of its commercial tenants. For the nine and three months ended July 31, 2022, rental revenue deemed uncollectible of approximately $0.5 million and $0.4 million (with a consolidated impact to FREIT of approximately $0.3 million and $0.1 million), respectively, was classified as a reduction in rental revenue based on our assessment of the probability of collecting substantially all of the remaining rents for certain tenants. For the nine and three months ended July 31, 2021, rental revenue deemed uncollectible of approximately $1.2 million and $0.3 million (with a consolidated impact to FREIT of approximately $0.7 million and $0.1 million), respectively, was classified as a reduction in rental revenue based on our assessment of the probability of collecting substantially all of the remaining rents for certain tenants. During the period beginning March 2020 through October 31, 2021, FREIT has applied, net of amounts subsequently paid back by tenants, an aggregate of approximately $397,000 of security deposits from its commercial tenants to outstanding receivables due. For the nine and three months ended July 31, 2022, there were no security deposits from its commercial tenants applied to outstanding receivables due. On a case by case basis, FREIT has offered rent abatements totaling approximately $9,000 and $0 (with a consolidated impact to FREIT of approximately $9,000 and $0) for the nine and three months ended July 31, 2022, respectively, and $135,000 and $34,000 (with a consolidated impact to FREIT of approximately $91,000 and $20,000) for the nine and three months ended July 31, 2021, respectively. There were no significant deferrals of rent over a specified time period offered to its commercial tenants for the nine and three months ended July 31, 2022 and 2021. FREIT currently remains in active discussions and negotiations with these impacted retail tenants.