Nine Months Ended

Three Months Ended

July 31,

2023

2022

2023

2022

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

6,613

$

8,445

$

2,275

$

2,179

Residential

14,669

15,803

5,036

4,744

Total real estate rental revenue

21,282

24,248

7,311

6,923

Real estate operating expenses:

Commercial

3,782

5,146

1,294

1,227

Residential

6,526

6,788

2,189

2,101

Total real estate operating expenses

10,308

11,934

3,483

3,328

Net operating income:

Commercial

2,831

3,299

981

952

Residential

8,143

9,015

2,847

2,643

Total net operating income

$

10,974

$

12,314

$

3,828

$

3,595

Recurring capital improvements - residential

$

(407

)

$

(401

)

$

(117

)

$

(195

)

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

Segment NOI

$

10,974

$

12,314

$

3,828

$

3,595

Deferred rents - straight lining

(91

)

(25

)

(15

)

36

Investment income

682

183

275

119

General and administrative expenses

(3,361

)

(3,107

)

(1,559

)

(911

)

Loss (gain) on investment in tenancy-in-common

(231

)

(99

)

(43

)

57

Depreciation

(2,198

)

(3,257

)

(744

)

(723

)

Net (loss) gain on sale of Maryland properties

(1,003

)

68,771

(557

)

-

Net realized gain on Wayne PSC interest rate swap contract termination

-

1,415

-

1,415

Financing costs

(5,858

)

(6,229

)

(2,031

)

(1,774

)

Net (loss) income

(1,086

)

69,966

(846

)

1,814

Net loss (income) attributable to noncontrolling interests in subsidiaries

1,190

(23,420

)

434

(693

)

Net income (loss) attributable to common equity

$

104

$

46,546

$

(412

)

$

1,121