Investment in tenancy-in-common (Tables)

9 Months Ended

Jul. 31, 2023

Investment in tenancy-in-common [Abstract]

Schedule of Balance Sheet of Pierre Property

The following table summarizes the balance sheets of the Pierre Towers property as of July 31, 2023 and October 31, 2022, accounted for by the equity method:

	July 31,		October 31,
	2023		2022
	(In Thousands of Dollars)
Real estate, net	$	74,547	$	76,042
Cash and cash equivalents		2,034		2,051
Tenants' security accounts		463		454
Receivables and other assets		502		583
Total assets	$	77,546	$	79,130
Mortgages payable, net of unamortized debt issuance costs	$	48,799	$	49,425
Accounts payable and accrued expenses		126		178
Tenants' security deposits		472		462
Deferred revenue		184		145
Equity		27,965		28,920
Total liabilities & equity	$	77,546	$	79,130
FREIT's investment in TIC (65% interest)	$	18,177	$	18,798

Schedule of Income Statement of Pierre Property

The following table summarizes the statements of operations of the Pierre Towers property for the nine and three months ended July 31, 2023 and 2022, accounted for by the equity method:

	Nine Months Ended July 31,						Three Months Ended July 31,
	2023			2022			2023			2022
	(In Thousands of Dollars)						(In Thousands of Dollars)
Revenue	$	6,196		$	5,990		$	2,100		$	2,067
Operating expenses		3,700			3,307			1,215			1,032
Depreciation		1,655			1,634			554			547
Operating income		841			1,049			331			488
Interest expense including amortization of deferred financing costs		1,196			1,201			397			400
Net (loss) income	$	(355	)	$	(152	)	$	(66	)	$	88
FREIT's (loss) income on investment in TIC (65% interest)	$	(231	)	$	(99	)	$	(43	)	$	57