Six Months Ended

Three Months Ended

April 30,

2023

2022

2023

2022

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

4,338

$

6,266

$

2,084

$

1,945

Residential

9,633

11,059

4,880

4,721

Total real estate rental revenue

13,971

17,325

6,964

6,666

Real estate operating expenses:

Commercial

2,488

3,919

1,241

1,234

Residential

4,337

4,687

2,197

2,046

Total real estate operating expenses

6,825

8,606

3,438

3,280

Net operating income:

Commercial

1,850

2,347

843

711

Residential

5,296

6,372

2,683

2,675

Total net operating income

$

7,146

$

8,719

$

3,526

$

3,386

Recurring capital improvements - residential

$

(290

)

$

(206

)

$

(145

)

$

(158

)

Reconciliation to condensed consolidated net income (loss) attributable to common equity:

Segment NOI

$

7,146

$

8,719

$

3,526

$

3,386

Deferred rents - straight lining

(76

)

(61

)

(48

)

(51

)

Investment income

407

64

218

38

General and administrative expenses

(1,802

)

(2,196

)

(975

)

(869

)

Loss on investment in tenancy-in-common

(188

)

(156

)

(121

)

(32

)

Depreciation

(1,454

)

(2,534

)

(732

)

(714

)

Net (loss) gain on sale of Maryland properties

(446

)

68,771

(203

)

(1,232

)

Financing costs

(3,827

)

(4,455

)

(1,951

)

(1,527

)

Net (loss) income

(240

)

68,152

(286

)

(1,001

)

Net loss (income) attributable to noncontrolling interests in subsidiaries

756

(22,727

)

383

649

Net income (loss) attributable to common equity

$

516

$

45,425

$

97

$

(352

)