Note 3 – Dividends and earnings per share:

On January 15, 2026, FREIT’s Board of Directors (“Board”) declared a dividend of approximately $747,000 ($0.10 per share on the common stock of FREIT) for the first quarter of Fiscal 2026, which was paid on March 13, 2026 to stockholders of record at the close of business on February 27, 2026.

Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributable to future services, are used to repurchase FREIT’s stock at the average market price during the period, thereby increasing the number of shares to be added in computing diluted earnings per share.

For the three months ended January 31, 2026 and 2025, only basic earnings per share is presented since there are no outstanding stock options or other diluted securities.