Six Months Ended

Three Months Ended

April 30,

2025

2024

2025

2024

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

3,780

$

4,064

$

1,846

$

2,083

Residential

10,803

10,268

5,440

5,221

Total real estate rental revenue

14,583

14,332

7,286

7,304

Real estate operating expenses:

Commercial

2,650

2,593

1,283

1,266

Residential

4,551

4,455

2,182

2,273

Total real estate operating expenses

7,201

7,048

3,465

3,539

Net operating income:

Commercial

1,130

1,471

563

817

Residential

6,252

5,813

3,258

2,948

Total net operating income

$

7,382

$

7,284

$

3,821

$

3,765

Recurring capital improvements - residential

$

(203

)

$

(265

)

$

(126

)

$

(169

)

Reconciliation to condensed consolidated net income attributable to common equity:

Segment NOI

$

7,382

$

7,284

$

3,821

$

3,765

Deferred rents - straight lining

(56

)

(58

)

(28

)

(29

)

Investment income

750

686

350

279

General and administrative expenses

(1,636

)

(2,823

)

(791

)

(1,015

)

Income (loss) on investment in tenancy-in-common

23

(47

)

14

62

Depreciation

(1,457

)

(1,514

)

(734

)

(789

)

Net loss on sale of Maryland properties

—

(171

)

—

(92

)

Financing costs

(3,724

)

(3,624

)

(1,851

)

(1,782

)

Net income (loss)

1,282

(267

)

781

399

Net loss attributable to noncontrolling interests in subsidiaries

226

288

113

134

Net income attributable to common equity

$

1,508

$

21

$

894

$

533