Fair value of long-term debt

9 Months Ended

Jul. 31, 2023

Fair Value of Long-Term Debt [Abstract]

Fair value of long-term debt

Note 10 – Fair value of long-term debt:

The following table shows the estimated fair value and net carrying value of FREIT’s long-term debt at July 31, 2023 and October 31, 2022:

($ in Millions)	July 31, 2023	October 31, 2022
Fair Value	$132.7	$132.2
Carrying Value, Net	$136.7	$138.1

Fair values are estimated based on market interest rates at July 31, 2023 and October 31, 2022 and on a discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value is based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).