Investment in Tenancy-In-Common (Tables)

6 Months Ended

Apr. 30, 2024

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 April 30, 2024 and October 31, 2023, accounted for by the equity method:

	April 30,		October 31,
	2024		2023
	(In Thousands of Dollars)
Real estate, net	$	73,321	$	74,202
Cash and cash equivalents		1,819		2,256
Tenants' security accounts		502		478
Receivables and other assets		605		455
Total assets	$	76,247	$	77,391
Mortgages payable, net of unamortized debt issuance costs	$	47,943	$	48,516
Accounts payable and accrued expenses		483		295
Tenants' security deposits		506		496
Deferred revenue		185		181
Equity		27,130		27,903
Total liabilities & equity	$	76,247	$	77,391
FREIT's investment in TIC (65% interest)	$	17,635	$	18,137

Schedule of Operations of Pierre Property

The following table summarizes the statements of operations of the Pierre Towers property for the six and three months ended April 30, 2024 and 2023, accounted for by the equity method:

	Six Months Ended April 30,						Three Months Ended April 30,
	2024			2023			2024			2023
	(In Thousands of Dollars)						(In Thousands of Dollars)
Revenue	$	4,243		$	4,096		$	2,128		$	2,027
Operating expenses		2,455			2,485			1,097			1,263
Depreciation		1,115			1,101			558			551
Operating income		673			510			473			213
Interest income		37			—			12			—
Interest expense including amortization of deferred financing costs		(782	)		(799	)		(390	)		(399	)
Net (loss) income	$	(72	)	$	(289	)	$	95		$	(186	)
FREIT's (loss) gain on investment in TIC (65% interest)	$	(47	)	$	(188	)	$	62		$	(121	)