Nine Months Ended

Three Months Ended

July 31,

2025

2024

2025

2024

(In Thousands of Dollars)

Real estate rental revenue:

Commercial

$

5,585

$

5,921

$

1,805

$

1,857

Residential

16,269

15,588

5,466

5,320

Total real estate rental revenue

21,854

21,509

7,271

7,177

Real estate operating expenses:

Commercial

3,923

3,694

1,273

1,101

Residential

6,880

6,674

2,329

2,219

Total real estate operating expenses

10,803

10,368

3,602

3,320

Net operating income:

Commercial

1,662

2,227

532

756

Residential

9,389

8,914

3,137

3,101

Total net operating income

$

11,051

$

11,141

$

3,669

$

3,857

Recurring capital improvements - residential

$

(357

)

$

(483

)

$

(154

)

$

(218

)

Reconciliation to condensed consolidated net income attributable to common equity:

Segment NOI

$

11,051

$

11,141

$

3,669

$

3,857

Deferred rents - straight lining

(83

)

(88

)

(27

)

(30

)

Investment income

1,053

1,082

303

396

General and administrative expenses

(2,260

)

(3,752

)

(624

)

(929

)

Loss on investment in tenancy-in-common

(13

)

(143

)

(36

)

(96

)

Depreciation

(2,195

)

(2,249

)

(738

)

(735

)

Litigation settlement, net of fees

—

15,711

—

15,711

Net loss on sale of Maryland properties

—

(171

)

—

Financing costs

(5,532

)

(5,463

)

(1,808

)

(1,839

)

Net income

2,021

16,068

739

16,335

Net loss (income) attributable to noncontrolling interests in subsidiaries

366

(1,256

)

140

(1,544

)

Net income attributable to common equity

$

2,387

$

14,812

$

879

$

14,791