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Covid-19 Pandemic
12 Months Ended
Oct. 31, 2023
Covid-19 Pandemic [Abstract]  
COVID-19 pandemic

Note 15 – COVID-19 pandemic:

 

The international spread of COVID-19 was declared a global pandemic by the World Health Organization on March 11, 2020. Beginning in March 2020 and throughout most of 2020, many states in the U.S., including New Jersey, New York and Maryland, where our properties were located, implemented stay-at-home and shut down orders for all "non-essential" business and activity in an aggressive effort to mitigate the spread of COVID-19. In Fiscal 2023, our retail properties stabilized from the impact of the COVID-19 pandemic. For the fiscal years ended October 31, 2022 and 2021, rental revenue deemed uncollectible of approximately $0.6 million and $1.3 million (with a consolidated impact to FREIT of approximately $0.3 million and $0.8 million), respectively, was classified as a reduction in rental revenue based on our assessment of the probability of collecting substantially all of the remaining rents for certain tenants. During the period beginning March 2020 through October 31, 2021, FREIT applied, net of amounts subsequently paid back by tenants, an aggregate of approximately $397,000 of security deposits from its commercial tenants to outstanding receivables due. On a case by case basis, FREIT offered some commercial tenants deferrals of rent over a specified time period totaling approximately $0 and $132,000 (with a consolidated impact to FREIT of approximately $0 and $81,000) and rent abatements totaling approximately $9,000 and $239,000 (with a consolidated impact to FREIT of approximately $9,000 and $158,000) for the fiscal years ended October 31, 2022 and 2021, respectively.

 

As a result of the negative impact of the COVID-19 pandemic at our commercial properties, in Fiscal 2020 we were granted debt payment relief from certain of our lenders on such properties in the form of deferral of principal and/or interest payments for a three-month period, resulting in total deferred payments of approximately $1,013,000, which will become due at the maturity of the loans. As of October 31, 2023 and 2022, approximately $623,000 and $623,000, respectively, of this amount has been repaid, there will be no further deferrals of principal and/or interest payments on these loans and the balance due has been included in mortgages payable on the consolidated balance sheets as of October 31, 2023 and 2022. (See Note 5)