Three Months Ended

January 31,

2023

2022

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

2,254

$

4,321

Residential

4,753

6,338

Total real estate rental revenue

7,007

10,659

Real estate operating expenses:

Commercial

1,247

2,685

Residential

2,140

2,641

Total real estate operating expenses

3,387

5,326

Net operating income:

Commercial

1,007

1,636

Residential

2,613

3,697

Total net operating income

$

3,620

$

5,333

Recurring capital improvements - residential

$

(145

)

$

(48

)

Reconciliation to condensed consolidated net income attributable to common equity:

Segment NOI

$

3,620

$

5,333

Deferred rents - straight lining

(28

)

(10

)

Investment income

189

26

General and administrative expenses

(827

)

(1,327

)

Loss on investment in tenancy-in-common

(67

)

(124

)

Depreciation

(722

)

(1,820

)

Net (loss) gain on sale of Maryland properties

(243

)

70,003

Financing costs

(1,876

)

(2,928

)

Net income

46

69,153

Net loss (income) attributable to noncontrolling interests in subsidiaries

373

(23,376

)

Net income attributable to common equity

$

419

$

45,777