Equity incentive plan

6 Months Ended

Apr. 30, 2023

Equity Incentive Plan [Abstract]

Equity incentive plan

Note 13 – Equity Incentive Plan:

On March 9, 2023, in accordance with FREIT’s Equity Incentive Plan, the Compensation Committee of the FREIT Board of Directors (the “Board”) recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2023, in lieu of cash compensation in the amount of $20,000, each director was awarded shares of Common Stock, $0.01 par value, (the “Shares”) in FREIT. Based on the closing price of FREIT’s Shares on March 9, 2023 of $15.50 per Share, the Board has approved an award of 1,290 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,290 Shares were issued to each director on March 9, 2023 and upon issuance were deemed fully paid and non-assessable. Additionally, the Compensation Committee recommended to the Board and the Board approved other adjustments to the compensation to be paid to directors and the executive officers of FREIT.

As of April 30, 2023, 433,030 shares are available for issuance under the FREIT Equity Incentive Plan (the “Plan”).

The following table summarizes stock option activity for the six and three months ended April 30, 2023 and 2022:

	Six Months Ended April 30,						Three Months Ended April 30,
	2023						2023
	No. of Options			Weighted Average			No. of Options			Weighted Average
	Outstanding			Price			Outstanding			Price
Options outstanding at beginning of period		126,140		$	10.64			13,240		$	8.74
Options granted during period		—			—			—			—
Options forfeited/cancelled during period		—			—			—			—
Options exercised during period		(113,900	)		(10.83	)		(1,000	)		(7.50	)
Options outstanding at end of period		12,240		$	8.84			12,240		$	8.84
Options vested and expected to vest		11,100						11,100
Options exercisable at end of period		3,640						3,640

	Six and Three Months Ended April 30, 2022
	No. of Options		Weighted Average
	Outstanding		Price
Options outstanding at beginning of period		310,740	$	18.35
Options granted during period		—		—
Options forfeited/cancelled during period		—		—
Options exercised during period		—		—
Options outstanding at end of period		310,740	$	18.35
Options vested and expected to vest		309,450
Options exercisable at end of period		293,540

For the six and three months ended April 30, 2023, compensation expense related to stock options vested amounted to approximately $10,000 and $5,000, respectively. For the six and three month periods ended April 30, 2022, compensation expense related to stock options vested amounted to approximately $10,000 and $5,000, respectively. At April 30, 2023, there was approximately $2,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over the remaining weighted average vesting period of approximately 0.1 years. The aggregate intrinsic value of options vested and expected to vest and options exercisable at April 30, 2023 was approximately $62,700 and $13,200, respectively. For the six and three months ended April 30, 2023, 113,900 and 1,000 options, respectively, were exercised for an aggregate amount of approximately $1.2 million and $7,500, respectively. There were no options exercised for the six and three months ended April 30, 2022.