v3.25.1
Investment in Tenancy-in-Common (Tables)
 6 Months Ended
Apr. 30, 2025
Investment in Tenancy-in-Common [Abstract]  
Schedule of Balance Sheets of the Pierre Towers Property

The following table summarizes the balance sheets of the Pierre Towers property as of April 30, 2025 and October 31, 2024, accounted for by the equity method:

 

   April 30,   October 31, 
   2025   2024 
   (In Thousands of Dollars) 
         
Real estate, net  $72,181   $72,707 
Cash and cash equivalents   1,251    1,442 
Tenants' security accounts   526    528 
Receivables and other assets   698    556 
Total assets  $74,656   $75,233 
           
Mortgages payable, net of unamortized debt issuance costs  $46,772   $47,362 
Accounts payable and accrued expenses   915    229 
Tenants' security deposits   530    529 
Deferred revenue   162    172 
Equity   26,277    26,941 
Total liabilities & equity  $74,656   $75,233 
           
FREIT's investment in TIC (65% interest)  $17,080   $17,512 
Schedule of Statements of Operations of the Pierre Towers Property

The following table summarizes the statements of operations of the Pierre Towers property for the six and three months ended April 30, 2025 and 2024, accounted for by the equity method:

 

   Six Months Ended April 30,   Three Months Ended April 30, 
   2025   2024   2025   2024 
   (In Thousands of Dollars)   (In Thousands of Dollars) 
                 
Revenue  $4,369   $4,243   $2,192   $2,128 
Operating expenses   2,478    2,455    1,241    1,097 
Depreciation   1,126    1,115    564    558 
Operating income   765    673    387    473 
                     
Interest income   36    37    17    12 
Interest expense including amortization of deferred financing costs   (765)   (782)   (382)   (390)
                     
Net income (loss)  $36   $(72)  $22   $95 
                     
FREIT's share of income (loss) on investment in TIC (65% interest)  $23   $(47)  $14   $62