Years Ended October 31,

2023

2022

2021

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

8,789

$

10,626

$

23,547

Residential

19,655

20,627

26,974

Total real estate rental revenue

28,444

31,253

50,521

Real estate operating expenses:

Commercial

5,080

6,427

11,223

Residential

8,674

8,854

11,071

Total real estate operating expenses

13,754

15,281

22,294

Net operating income:

Commercial

3,709

4,199

12,324

Residential

10,981

11,773

15,903

Total net operating income

$

14,690

$

15,972

$

28,227

Recurring capital improvements - residential

$

(532

)

$

(1,034

)

$

(625

)

Reconciliation to consolidated net income attributable to common equity:

Segment NOI

$

14,690

$

15,972

$

28,227

Deferred rents - straight lining

(100

)

18

(230

)

Investment income

1,013

358

116

Net (loss) gain on sale of Maryland properties

(1,003

)

68,771

—

Net realized gain on Wayne PSC interest rate swap termination

—

1,415

—

Loss on investment in tenancy-in-common

(271

)

(228

)

(295

)

General and administrative expenses

(4,243

)

(5,003

)

(5,195

)

Depreciation

(2,944

)

(3,995

)

(9,300

)

Financing costs

(7,717

)

(8,064

)

(12,276

)

Net (loss) income

(575

)

69,244

1,047

Net loss (income) attributable to noncontrolling interests in subsidiaries

1,335

(23,252

)

(120

)

Net income attributable to common equity

$

760

$

45,992

$

927