Years Ended October 31,

2022

2021

2020

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

10,626

$

23,547

$

24,486

Residential

20,627

26,974

28,638

Total real estate rental revenue

31,253

50,521

53,124

Real estate operating expenses:

Commercial

6,427

11,223

11,334

Residential

8,854

11,071

11,588

Total real estate operating expenses

15,281

22,294

22,922

Net operating income:

Commercial

4,199

12,324

13,152

Residential

11,773

15,903

17,050

Total net operating income

$

15,972

$

28,227

$

30,202

Recurring capital improvements - residential

$

(1,034

)

$

(625

)

$

(347

)

Reconciliation to consolidated net income attributable to common equity:

Segment NOI

$

15,972

$

28,227

$

30,202

Deferred rents - straight lining

18

(230

)

(397

)

Investment income

358

116

204

Third party transaction costs

—

(4,606

)

Net gain on sale of Maryland properties

68,771

—

Net realized gain on Wayne PSC interest rate swap termination

1,415

—

Gain on deconsolidation of subsidiary

—

27,680

Loss on investment in tenancy-in-common

(228

)

(295

)

(202

)

General and administrative expenses

(5,003

)

(5,195

)

(3,821

)

Depreciation

(3,995

)

(9,300

)

(10,341

)

Tenant improvement write-off due to COVID-19

—

(7,277

)

Financing costs

(8,064

)

(12,276

)

(14,122

)

Net income

69,244

1,047

17,320

Net (income) loss attributable to noncontrolling interests in subsidiaries

(23,252

)

(120

)

3,233

Net income attributable to common equity

$

45,992

$

927

$

20,553