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On July 1, 2021, First Real Estate Investment Trust of New Jersey completed the change of its form of organization from a New Jersey real estate investment trust to a Maryland corporation. First Real Estate Investment Trust of New Jersey, Inc. (“FREIT”, “Trust”, “us”, “we”, “our” or the “Company”) is a Maryland corporation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FREIT is organized and will continue to operate in such a manner as to qualify for taxation as a REIT under the Internal Revenue Code of 1986, as amended, and its stock is traded on the over-the-counter market under the trading symbol FREVS.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the rules of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnotes required by GAAP for complete financial statements have been omitted. It is the opinion of management that all adjustments considered necessary for a fair presentation have been included, and that all such adjustments are of a normal recurring nature.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated results of operations for the three-month period ended January 31, 2026 are not necessarily indicative of the results to be expected for the full year or any other period. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in FREIT’s Annual Report on Form 10-K for the year ended October 31, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 2 – Recently issued accounting standards:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “<i>Income Taxes (Topic 740): Improvements to Income Tax Disclosures</i>” (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. This update is effective for annual periods beginning after December 15, 2024. The adoption of this standard will only impact disclosures and will have no material impact on the Company’s consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2024, the FASB issued ASU 2024-03, “<i>Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</i>” (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, “<i>Income Statement – Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date</i>” ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 3 – Dividends and earnings per share:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> 747000 0.1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 4 – Fair Value Measurements: </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets that are measured at fair value on our condensed consolidated balance sheets consist of (i) investments in U.S. Treasury securities (classified as available for sale) and (ii) an interest rate swap contract.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In accordance with ASC Topic 320, “<i>Investments – Debt Securities</i>”, FREIT is accounting for the investments in U.S. Treasury securities classified as available for sale in the amount of approximately $17,292,000 and $18,174,000, as of January 31, 2026 and October 31, 2025, respectively, at fair value. Since these available for sale securities are being issued at a discount, the discount is being accreted over the term of the U.S. Treasury securities and recognized as investment income on the condensed consolidated statements of income and reflected as accreted interest in the condensed consolidated statements of cash flows. For the three months ended January 31, 2026 and 2025, this amounted to approximately $138,000 and $257,000, respectively. Any changes in the value of these securities are recorded as an unrealized gain or loss in other comprehensive income. Upon sale, the realized gain or loss related to these investments is recognized in investment income in the condensed consolidated statements of income. For the three months ended January 31, 2026 and 2025, FREIT recorded an unrealized gain of approximately $<span style="-sec-ix-hidden:fc_1072986735">0</span> and $13,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair value of these available for sale investments in U.S. Treasury securities during such periods. The fair values are based on quoted market prices (level 1 in the fair value hierarchy as provided by authoritative guidance). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In accordance with <i>“Accounting Standards Codification Topic 815, Derivatives and Hedging ("ASC 815")”</i>, FREIT has been accounting for the FREIT Regency, LLC (“Regency”) and Station Place on Monmouth (“Station Place”) interest rate swap contracts as cash flow hedges marking these contracts to market, taking into account present interest rates compared to the contracted fixed rate over the life of the contract and recording the unrealized gain or loss on the swaps in comprehensive income. On December 15, 2024, the Regency loan and its corresponding interest rate swap contract matured with no settlement due at maturity. (See Note 7 for further details.) For the three months ended January 31, 2026 and 2025, FREIT recorded an unrealized loss of approximately $30,000 and $42,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair value of these cash flow hedges during such periods. As of January 31, 2026 and October 31, 2025, there was an asset of approximately $180,000 and $210,000, respectively for the Station Place swap. The fair values are based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance). </p> 17292000 18174000 138000 257000 13000 -30000 -42000 180000 210000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 5 – Investment in tenancy-in-common:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On February 28, 2020, FREIT reorganized S and A Commercial Associates Limited Partnership (“S&amp;A”) from a partnership into a tenancy-in-common form of ownership (“TIC”). Prior to this reorganization, FREIT owned a 65% partnership interest in S&amp;A, which owned 100% of the Pierre Towers property located in Hackensack, New Jersey through its 100% interest in Pierre Towers, LLC. Pursuant to the TIC agreement, FREIT has a 65% undivided interest in the Pierre Towers property. FREIT does not have a controlling interest as the TIC is under joint control. Based on the guidance of ASC 810, “<i>Consolidation</i>”, FREIT’s investment in the TIC is accounted for under the equity method of accounting. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> FREIT’s investment in the TIC was approximately $16.9 million at both January 31, 2026 and October 31, 2025. For the three months ended January 31, 2026 and 2025, FREIT recognized a loss on investment in TIC of approximately $1,000 and income of approximately $9,000, respectively, in the accompanying condensed consolidated statements of income. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hekemian &amp; Co., Inc. (“Hekemian &amp; Co.”) manages the Pierre Towers property pursuant to a management agreement between the owners of the TIC and Hekemian &amp; Co. dated as of February 28, 2020, which renews for successive one (1) year terms unless either party gives written notice of termination to the other party at least sixty (60) days prior to the end of the then-current term. The management agreement expires on February 28, 2027.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The management agreement requires the payment of management fees equal to 5% of rents collected. Management fees, charged to operations, were approximately $107,000 and $122,000 for the three months ended January 31, 2026 and 2025, respectively. The Pierre Towers property also uses the resources of the Hekemian &amp; Co. insurance department to secure various insurance coverages for its property. Hekemian &amp; Co. is paid a commission for these services. There were no such commissions charged to operations for the three months ended January 31, 2026 and 2025. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the balance sheets of the Pierre Towers property as of January 31, 2026 and October 31, 2025, accounted for by the equity method:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">January 31,</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">October 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; 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width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">71,928</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and cash equivalents</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">464</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">335</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tenants' security accounts</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">593</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">563</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Receivables and other assets</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">486</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">575</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,197</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,401</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Mortgages payable, net of unamortized debt issuance costs</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">45,870</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">46,173</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable and accrued expenses</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">581</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">480</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tenants' security deposits</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">590</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">562</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred revenue</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">124</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">152</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Equity</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,032</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,034</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities &amp; equity</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,197</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,401</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">FREIT's investment in TIC (65% interest)</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,921</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,922</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the statements of operations of the Pierre Towers property for the three months ended January 31, 2026 and 2025, accounted for by the equity method:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended January 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands of Dollars)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Revenue</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">2,217</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">2,177</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating expenses</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,248</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,237</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Depreciation</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">603</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">562</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Operating income</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">366</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">378</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest income</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">6</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">19</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expense including amortization of deferred financing costs</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(374</td><td style="white-space: nowrap; text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(383</td><td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net (loss) income</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">FREIT's share of (loss) income on investment in TIC (65% interest)</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> 0.65 1 1 0.65 16900000 16900000 -1000 9000 0.05 107000 122000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the balance sheets of the Pierre Towers property as of January 31, 2026 and October 31, 2025, accounted for by the equity method:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">January 31,</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">October 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands of Dollars)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left">Real estate, net</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">71,654</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">71,928</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and cash equivalents</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">464</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">335</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tenants' security accounts</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">593</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">563</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Receivables and other assets</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">486</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">575</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,197</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,401</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Mortgages payable, net of unamortized debt issuance costs</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">45,870</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">46,173</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable and accrued expenses</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">581</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">480</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tenants' security deposits</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">590</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">562</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred revenue</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">124</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">152</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Equity</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,032</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,034</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities &amp; equity</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,197</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">73,401</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">FREIT's investment in TIC (65% interest)</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,921</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,922</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> 71654000 71928000 464000 335000 593000 563000 486000 575000 73197000 73401000 45870000 46173000 581000 480000 590000 562000 124000 152000 26032000 26034000 73197000 73401000 0.65 0.65 16921000 16922000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the statements of operations of the Pierre Towers property for the three months ended January 31, 2026 and 2025, accounted for by the equity method:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended January 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands of Dollars)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Revenue</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">2,217</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">2,177</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating expenses</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,248</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,237</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Depreciation</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">603</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">562</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Operating income</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">366</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">378</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest income</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">6</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">19</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expense including amortization of deferred financing costs</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(374</td><td style="white-space: nowrap; text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(383</td><td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net (loss) income</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">FREIT's share of (loss) income on investment in TIC (65% interest)</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> 2217000 2177000 1248000 1237000 603000 562000 366000 378000 6000 19000 374000 383000 -2000 14000 0.65 0.65 -1000 9000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 6 - Management agreement, fees and transactions with related party:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hekemian &amp; Co. currently manages all of the properties owned by FREIT and its affiliates. The management agreement between FREIT and Hekemian &amp; Co. dated as of November 1, 2001 (“Management Agreement”) has been renewed and will expire on October 31, 2027. The Management Agreement is automatically renewed for successive periods of two years unless either party gives not less than six (6) months prior notice of non-renewal.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Management Agreement requires the payment of management fees equal to 4% to 5% of rents collected. Such fees charged to operations were approximately $345,000 and $368,000 for the three months ended January 31, 2026 and 2025, respectively. In addition, the Management Agreement provides for the payment to Hekemian &amp; Co. of leasing commissions, as well as the reimbursement of certain operating expenses, such as payroll and insurance costs, incurred on behalf of FREIT. Such commissions and reimbursements amounted to approximately $130,000 and $93,000 for the three months ended January 31, 2026 and 2025, respectively. FREIT also uses the resources of the Hekemian &amp; Co. insurance department to secure various insurance coverages for its properties and subsidiaries. Hekemian &amp; Co. is paid a commission for these services. Such commissions charged to operations were approximately $34,000 and $9,000 for the three months ended January 31, 2026 and 2025, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, FREIT engages Hekemian &amp; Co., or certain affiliates of Hekemian &amp; Co., to provide additional services, such as consulting services related to development, property sales and financing activities of FREIT. Separate fee arrangements are </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> negotiated between Hekemian &amp; Co. and FREIT with respect to such additional services. Such fees incurred for the three months ended January 31, 2026 and 2025 were approximately $0 and $35,000, respectively. Fees incurred during the three months ended January 31, 2025 related to a commission to Hekemian &amp; Co. for the modification and extension of the loan on the Regency which was included in the unamortized debt issuance costs in the accompanying condensed consolidated balance sheets as of January 31, 2026 and October 31, 2025. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Robert S. Hekemian, Jr., Chief Executive Officer, President and a Director of FREIT, is the Chief Executive Officer of Hekemian &amp; Co. David B. Hekemian, a Director of FREIT, is the President of Hekemian &amp; Co. Allan Tubin, Chief Financial Officer and Treasurer of FREIT, is the Chief Financial Officer of Hekemian &amp; Co. Director fee expense and/or executive compensation incurred by FREIT for the three months ended January 31, 2026 and 2025 was approximately $165,000 and $165,000, respectively, for Robert S. Hekemian, Jr., $11,000 and $11,000, respectively, for Allan Tubin and $15,000 and $15,000, respectively, for David B. Hekemian. Such costs are included within operating expenses on the accompanying condensed consolidated statements of income. </p> 0.04 0.05 345000 368000 130000 93000 34000 9000 0 35000 165000 165000 11000 11000 15000 15000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 7 – Mortgages payable and line of credit:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table is a summary of mortgages payable as of January 31, 2026 and October 31, 2025:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Interest Rate at</td><td> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Mortgages Payable as of</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Mortgages Secured By:</td><td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Maturity</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">January 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">January 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">October 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td><td> </td><td style="font-style: italic"> </td> <td colspan="6" style="white-space: nowrap; font-style: italic; text-align: center">(In Thousands of Dollars)</td><td style="font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Steuben Arms - River Edge, NJ</td><td style="width: 1%"> </td><td style="width: 13%; text-align: right">5/31/2027</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">6.75%</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">8,691</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">8,715</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Berdan Court - Wayne, NJ</td><td> </td><td style="text-align: right">9/1/2029</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3.54%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">28,054</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">28,190</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Westwood Hills - Westwood, NJ</td><td> </td><td style="text-align: right">9/1/2026</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">6.05%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">24,717</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">24,803</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Regency Club - Middletown, NY (A)</td><td> </td><td style="text-align: right">12/15/2027</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">6.05%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">13,712</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">13,754</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Station Place - Red Bank, NJ</td><td> </td><td style="text-align: right">12/15/2027</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">4.35%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">10,966</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">11,030</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Westwood Plaza - Westwood, NJ (B)</td><td> </td><td style="text-align: right">5/1/2026</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">8.50%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">9,697</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">9,808</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Preakness S/C - Wayne, NJ (C)</td><td style="padding-bottom: 1pt"> </td><td style="text-align: right; padding-bottom: 1pt">5/1/2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">5.00%</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total fixed rate mortgages payable</td><td> </td><td> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">120,837</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">121,300</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Total unamortized debt issuance costs</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(426</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(516</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total mortgages payable, net</td><td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120,411</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120,784</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(A)</td><td style="text-align: justify">On December 15, 2024, the mortgage secured by an apartment building located in Middletown, New York and the corresponding interest rate swap contract on its underlying loan came due with no settlement of the swap contract due at maturity. Effective December 15, 2024, FREIT Regency, LLC entered into a loan extension and modification agreement with the lender of this loan, Provident Bank, with a then outstanding loan balance of approximately $13.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to December 15, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.05% and monthly installments of principal and interest of approximately $84,521 are required.</td></tr></tbody> </table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(B)</td><td style="text-align: justify">On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement held with Valley National Bank, to extend the term of its loan with a then outstanding balance of approximately $16.6 million and secured by the Westwood Plaza shopping center located in Westwood, New Jersey for one additional year from an initial maturity date of February 1, 2024 to a new maturity date of February 1, 2025. This loan extension was based on a fixed interest rate of 8.5% and was payable based on monthly installments of principal and interest of approximately $166,727. Additionally, FREIT funded the interest reserve escrow account for this loan (“Escrow”) with an additional $112,556, increasing the Escrow balance to $2,000,722, which represented the annualized principal and interest payments for one (1) year under this loan extension. Effective February 1, 2025, Valley National Bank extended this loan for 90 days from a maturity date of February 1, 2025 to a maturity date of May 1, 2025 under the same terms and conditions of the existing loan agreement.</td></tr></tbody> </table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> Effective May 1, 2025, FREIT entered into a loan extension and modification agreement with Valley National Bank and paid down this loan by approximately $5.7 million (including deferred interest of approximately $0.2 million) bringing the loan balance to $10 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for one year to May 1, 2026, the interest rate on the outstanding debt is based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 are required. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of $704,983. This Escrow is held at Valley National Bank and in the event of a default on this loan, the bank shall be permitted to use the proceeds from the Escrow to make monthly debt service payments on the loan. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(C)</td><td style="text-align: justify">On August 1, 2025, the mortgage secured by the Preakness Shopping center located in Wayne, New Jersey, reached its maturity date. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification </td></tr></tbody></table><p style="margin: 0"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 0"> </td><td style="width: 0.5in"> </td><td style="text-align: justify">and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through May 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.</td></tr> </tbody></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> FREIT’s revolving line of credit provided by Provident Bank was renewed for a three-year term ending on October 31, 2026. Draws against the credit line can be used for working capital needs and standby letters of credit. Draws against the credit line are secured by mortgages on FREIT’s Franklin Crossing Shopping center in Franklin Lakes, New Jersey and retail space in Glen Rock, New Jersey. The total line of credit is $13 million and the interest rate on the amount outstanding is based on a floating interest rate of prime minus 25 basis points with a floor of 6.75%. As of January 31, 2026 and October 31, 2025, there was <span style="-sec-ix-hidden:fc_261766600">no</span> amount outstanding and $13 million was available under the line of credit. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While FREIT intends to renew or refinance its debt obligations as they become due, there can be no assurance that it will be successful or, if successful, that the new terms will be similar to the terms of its existing debt obligations or as favorable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Principal amounts (in thousands of dollars) due under the above obligations in each of the next five years ending October 31, is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif;margin-left:auto;margin-right:auto"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Year Ending<br/> October 31,</td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%; text-align: center">2026</td><td style="width: 32%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 33%; text-align: right">60,618</td><td style="white-space: nowrap; width: 1%; text-align: left">(a)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2027</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">9,655</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2028</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">24,521</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2029</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">26,506</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2030</td><td> </td><td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden:fc_1584945485">—</span></td><td style="white-space: nowrap; text-align: left"> </td> </tr> </tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><i> </i></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 2.5in"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify">Includes the following:</td></tr></tbody></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 3in"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025 and was further extended. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through May 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.</td></tr></tbody> </table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 3in"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $9.6 million which has a maturity date of May 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.</td></tr></tbody> </table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 3in"></td><td style="width: 0.25in">(3)</td><td style="text-align: justify">The loan on the Westwood Hills property located in Westwood, New Jersey, in the amount of approximately $24.5 million which has a maturity date of September 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.</td></tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value of long-term debt:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table shows the estimated fair value and net carrying value of FREIT’s long-term debt at January 31, 2026 and October 31, 2025:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">  </p><table border="0" cellpadding="0" cellspacing="0" style="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin-left:auto;margin-right:auto"> <tbody><tr style="vertical-align: bottom"> <td style="font-style: italic; border-bottom: Black 0.5pt solid; width: 35%">($ in Millions)</td> <td style="width: 5%"> </td> <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 28%">January 31, 2026</td> <td style="width: 4%"> </td> <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 28%">October 31, 2025</td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fair Value</td><td> </td><td style="text-align: center">$117.8</td><td style="text-align: right"> </td><td style="text-align: center">$118.4</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Carrying Value, Net</td><td> </td><td style="text-align: center">$120.4</td><td style="text-align: right"> </td><td style="text-align: center">$120.8</td> </tr> </tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Fair values are estimated based on market interest rates at January 31, 2026 and October 31, 2025 and on a discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value is based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table is a summary of mortgages payable as of January 31, 2026 and October 31, 2025:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Interest Rate at</td><td> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Mortgages Payable as of</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Mortgages Secured By:</td><td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Maturity</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">January 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">January 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">October 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td><td> </td><td style="font-style: italic"> </td> <td colspan="6" style="white-space: nowrap; font-style: italic; text-align: center">(In Thousands of Dollars)</td><td style="font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Steuben Arms - River Edge, NJ</td><td style="width: 1%"> </td><td style="width: 13%; text-align: right">5/31/2027</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">6.75%</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">8,691</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">8,715</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Berdan Court - Wayne, NJ</td><td> </td><td style="text-align: right">9/1/2029</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3.54%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">28,054</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">28,190</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Westwood Hills - Westwood, NJ</td><td> </td><td style="text-align: right">9/1/2026</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">6.05%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">24,717</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">24,803</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Regency Club - Middletown, NY (A)</td><td> </td><td style="text-align: right">12/15/2027</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">6.05%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">13,712</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">13,754</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Station Place - Red Bank, NJ</td><td> </td><td style="text-align: right">12/15/2027</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">4.35%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">10,966</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">11,030</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Westwood Plaza - Westwood, NJ (B)</td><td> </td><td style="text-align: right">5/1/2026</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">8.50%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">9,697</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">9,808</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Preakness S/C - Wayne, NJ (C)</td><td style="padding-bottom: 1pt"> </td><td style="text-align: right; padding-bottom: 1pt">5/1/2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">5.00%</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total fixed rate mortgages payable</td><td> </td><td> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">120,837</td><td style="white-space: nowrap; text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">121,300</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Total unamortized debt issuance costs</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(426</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(516</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total mortgages payable, net</td><td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120,411</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120,784</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(A)</td><td style="text-align: justify">On December 15, 2024, the mortgage secured by an apartment building located in Middletown, New York and the corresponding interest rate swap contract on its underlying loan came due with no settlement of the swap contract due at maturity. Effective December 15, 2024, FREIT Regency, LLC entered into a loan extension and modification agreement with the lender of this loan, Provident Bank, with a then outstanding loan balance of approximately $13.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to December 15, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.05% and monthly installments of principal and interest of approximately $84,521 are required.</td></tr></tbody> </table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(B)</td><td style="text-align: justify">On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement held with Valley National Bank, to extend the term of its loan with a then outstanding balance of approximately $16.6 million and secured by the Westwood Plaza shopping center located in Westwood, New Jersey for one additional year from an initial maturity date of February 1, 2024 to a new maturity date of February 1, 2025. This loan extension was based on a fixed interest rate of 8.5% and was payable based on monthly installments of principal and interest of approximately $166,727. Additionally, FREIT funded the interest reserve escrow account for this loan (“Escrow”) with an additional $112,556, increasing the Escrow balance to $2,000,722, which represented the annualized principal and interest payments for one (1) year under this loan extension. Effective February 1, 2025, Valley National Bank extended this loan for 90 days from a maturity date of February 1, 2025 to a maturity date of May 1, 2025 under the same terms and conditions of the existing loan agreement.</td></tr></tbody> </table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> Effective May 1, 2025, FREIT entered into a loan extension and modification agreement with Valley National Bank and paid down this loan by approximately $5.7 million (including deferred interest of approximately $0.2 million) bringing the loan balance to $10 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for one year to May 1, 2026, the interest rate on the outstanding debt is based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 are required. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of $704,983. This Escrow is held at Valley National Bank and in the event of a default on this loan, the bank shall be permitted to use the proceeds from the Escrow to make monthly debt service payments on the loan. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">(C)</td><td style="text-align: justify">On August 1, 2025, the mortgage secured by the Preakness Shopping center located in Wayne, New Jersey, reached its maturity date. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification </td></tr></tbody></table><p style="margin: 0"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 0"> </td><td style="width: 0.5in"> </td><td style="text-align: justify">and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through May 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.</td></tr> </tbody></table> 2027-05-31 0.0675 8691000 8715000 2029-09-01 0.0354 28054000 28190000 2026-09-01 0.0605 24717000 24803000 2027-12-15 0.0605 13712000 13754000 2027-12-15 0.0435 10966000 11030000 2026-05-01 0.085 9697000 9808000 2026-05-01 0.05 25000000 25000000 120837000 121300000 426000 516000 120411000 120784000 13900000 0.0605 84521 16600000 0.085 166727 112556 2000722 P1Y 5700000 200000 10000000 0.085 107978 2000722 1295739 704983 2026-10-31 13000000 0.0675 13000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Principal amounts (in thousands of dollars) due under the above obligations in each of the next five years ending October 31, is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif;margin-left:auto;margin-right:auto"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Year Ending<br/> October 31,</td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%; text-align: center">2026</td><td style="width: 32%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 33%; text-align: right">60,618</td><td style="white-space: nowrap; width: 1%; text-align: left">(a)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2027</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">9,655</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2028</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">24,521</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2029</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">26,506</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2030</td><td> </td><td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden:fc_1584945485">—</span></td><td style="white-space: nowrap; text-align: left"> </td> </tr> </tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><i> </i></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 2.5in"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify">Includes the following:</td></tr></tbody></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 3in"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025 and was further extended. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through May 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.</td></tr></tbody> </table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 3in"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $9.6 million which has a maturity date of May 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.</td></tr></tbody> </table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"> <tbody><tr style="vertical-align: top"> <td style="width: 3in"></td><td style="width: 0.25in">(3)</td><td style="text-align: justify">The loan on the Westwood Hills property located in Westwood, New Jersey, in the amount of approximately $24.5 million which has a maturity date of September 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.</td></tr></tbody> </table> 60618000 9655000 24521000 26506000 25000000 9600000 24500000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table shows the estimated fair value and net carrying value of FREIT’s long-term debt at January 31, 2026 and October 31, 2025:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">  </p><table border="0" cellpadding="0" cellspacing="0" style="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin-left:auto;margin-right:auto"> <tbody><tr style="vertical-align: bottom"> <td style="font-style: italic; border-bottom: Black 0.5pt solid; width: 35%">($ in Millions)</td> <td style="width: 5%"> </td> <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 28%">January 31, 2026</td> <td style="width: 4%"> </td> <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 28%">October 31, 2025</td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fair Value</td><td> </td><td style="text-align: center">$117.8</td><td style="text-align: right"> </td><td style="text-align: center">$118.4</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Carrying Value, Net</td><td> </td><td style="text-align: center">$120.4</td><td style="text-align: right"> </td><td style="text-align: center">$120.8</td> </tr> </tbody></table> 117800000 118400000 120400000 120800000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">Note 8 - Segment information:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -28.1pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> ASC 280-10, "<i>Disclosures about Segments of an Enterprise and Related Information</i>", establishes standards for reporting financial information about operating segments in interim and annual financial reports and provides for a "management approach" in identifying the reportable segments. FREIT has determined that it has <span style="-sec-ix-hidden:fc_1072504478">two</span> reportable segments: commercial properties and residential properties. These reportable segments offer different types of space, have different types of tenants, and are managed separately because each requires different operating strategies and management expertise. The commercial segment is comprised of five (5) properties and the residential segment is comprised of six (6) properties. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting policies of the segments are the same as those described in Note 1 in FREIT’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025. The chief operating and decision-making group responsible for oversight and strategic decisions of FREIT's commercial segment, residential segment and corporate/other is comprised of FREIT’s Board.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FREIT, through its chief operating and decision-making group, assesses and measures segment operating results based on net operating income ("NOI"). NOI, a standard used by real estate professionals, is based on operating revenue and expenses directly associated with the operations of the real estate properties, but excludes: deferred rents (straight lining), depreciation, financing costs and other items. NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP, and is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Real estate rental revenue, operating expenses, NOI and recurring capital improvements for the reportable segments are summarized below and reconciled to condensed consolidated net income attributable to common equity for the three months ended January 31, 2026 and 2025. Asset information is not reported since FREIT does not use this measure to assess performance. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;margin-left:auto;margin-right:auto"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">January 31,</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2026</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2025</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands of Dollars)</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Real estate rental revenue:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; width: 72%; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap; width: 1%"> </td><td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 11%; text-align: right">1,958</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td><td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 11%; text-align: right">1,934</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,555</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,363</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate rental revenue</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">7,513</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">7,297</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Real estate operating expenses:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">1,349</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">1,367</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2,341</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2,369</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate operating expenses</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,690</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,736</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Net operating income:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">609</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">567</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,214</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2,994</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total net operating income</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,823</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,561</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: right"> </td><td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: right"> </td><td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; border-left: Black 0.5pt solid"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="border-right: Black 0.5pt solid; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; border-left: Black 0.5pt solid; padding-left: 1pt; text-align: left; padding-bottom: 2.5pt">Recurring capital improvements - residential</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(62</td><td style="white-space: nowrap; padding-bottom: 2pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(77</td><td style="border-right: Black 0.5pt solid; white-space: nowrap; padding-bottom: 2pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; border-left: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: right"> </td><td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: right"> </td><td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Reconciliation to condensed consolidated net income attributable to common equity:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Segment NOI</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">3,823</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">3,561</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Deferred rents - straight lining</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(9</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(28</td><td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Investment income</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">284</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">400</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">General and administrative expenses</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(713</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(845</td><td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">(Loss) income on investment in tenancy-in-common</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(1</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">9</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Depreciation</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(721</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(723</td><td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Financing costs</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(1,861</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(1,873</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Net income</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">802</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">501</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; white-space: nowrap; text-align: left; padding-bottom: 1pt">Net loss attributable to noncontrolling interests in subsidiaries</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">141</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">113</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 2.5pt">Net income attributable to common equity</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">943</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">614</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> Asset information is not reported since FREIT does not use this measure to assess performance.<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;margin-left:auto;margin-right:auto"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">January 31,</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2026</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2025</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands of Dollars)</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Real estate rental revenue:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; width: 72%; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap; width: 1%"> </td><td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 11%; text-align: right">1,958</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td><td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 11%; text-align: right">1,934</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,555</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,363</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate rental revenue</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">7,513</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">7,297</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Real estate operating expenses:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">1,349</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">1,367</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2,341</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2,369</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate operating expenses</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,690</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,736</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Net operating income:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">609</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">567</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,214</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2,994</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total net operating income</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,823</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,561</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: right"> </td><td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: right"> </td><td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; border-left: Black 0.5pt solid"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="border-right: Black 0.5pt solid; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; border-left: Black 0.5pt solid; padding-left: 1pt; text-align: left; padding-bottom: 2.5pt">Recurring capital improvements - residential</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(62</td><td style="white-space: nowrap; padding-bottom: 2pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(77</td><td style="border-right: Black 0.5pt solid; white-space: nowrap; padding-bottom: 2pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; border-left: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: right"> </td><td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: right"> </td><td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Reconciliation to condensed consolidated net income attributable to common equity:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Segment NOI</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">3,823</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">3,561</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Deferred rents - straight lining</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(9</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(28</td><td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Investment income</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">284</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">400</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">General and administrative expenses</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(713</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(845</td><td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">(Loss) income on investment in tenancy-in-common</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(1</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">9</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Depreciation</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(721</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(723</td><td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Financing costs</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(1,861</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(1,873</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Net income</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">802</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">501</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; white-space: nowrap; text-align: left; padding-bottom: 1pt">Net loss attributable to noncontrolling interests in subsidiaries</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">141</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">113</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 2.5pt">Net income attributable to common equity</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">943</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">614</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> 1958000 1934000 5555000 5363000 7513000 7297000 1349000 1367000 2341000 2369000 3690000 3736000 609000 567000 3214000 2994000 3823000 3561000 62000 77000 3823000 3561000 9000 28000 284000 400000 713000 845000 -1000 9000 721000 723000 1861000 1873000 802000 501000 -141000 -113000 943000 614000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify; text-indent: -63pt">Note 9 – Income taxes:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify; text-indent: -63pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> FREIT has elected to be treated as a REIT for federal income tax purposes and as such intends to distribute at least 90% of its ordinary taxable income (to maintain its status as a REIT) to its stockholders as dividends for the fiscal year ending October 31, 2026. For the fiscal year ended October 31, 2025, FREIT has distributed 100% of its ordinary taxable income to its stockholders as dividends. Accordingly, <span style="-sec-ix-hidden:fc_1325694647"><span style="-sec-ix-hidden:fc_1338317152">no</span></span> provision for federal or state income taxes was recorded in FREIT’s condensed consolidated financial statements for the three months ended January 31, 2026 and 2025. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of January 31, 2026, FREIT had <span style="-sec-ix-hidden:fc_1274082511">no</span> material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2022 remain open to examination by the major taxing jurisdictions. </p> 0.90 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify; text-indent: -63pt">Note 10 – Equity Incentive Plan:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify; text-indent: -63pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On February 20, 2025, in accordance with FREIT’s Equity Incentive Plan (the “Plan”), the Compensation Committee of FREIT’s Board recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2025, in lieu of cash compensation in the amount of $20,000, each director was awarded shares of Common Stock, $0.01 par value, (the “Shares”) in FREIT. Based on the closing price of FREIT’s Shares on February 21, 2025 of $16.76 per Share, the Board approved an award of 1,193 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,193 Shares were issued to each director on February 20, 2025 and upon issuance were deemed fully paid and non-assessable. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 12, 2026, in accordance with the Plan, the Compensation Committee of FREIT’s Board recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2026, in lieu of cash compensation in the amount of $20,000, each director was awarded shares of Common Stock, $0.01 par value, (the “Shares”) in FREIT. Based on the closing price of FREIT’s Shares on March 12, 2026 of $12.62 per Share, the Board approved an award of 1,584 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,584 Shares were issued to each director on March 12, 2026 and upon issuance were deemed fully paid and non-assessable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of January 31, 2026, 419,709 shares are available for issuance under the Plan. </p> 20000 0.01 16.76 1193 1193 20000000 0.01 12.62 1584 1584 419709 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 11 – Rental Income:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Commercial tenants</span>:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fixed lease income under our commercial operating leases generally includes fixed minimum lease consideration, which is accrued on a straight-line basis over the terms of the leases. Variable lease income includes consideration based on sales, as well as reimbursements for real estate taxes, maintenance, insurance and certain other operating expenses of the properties.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Minimum fixed lease consideration (in thousands of dollars) under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration and rents from tenants for which collectability is deemed to be constrained, for the years ending October 31, as of January 31, 2026, is as follows: </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif;margin-left:auto;margin-right:auto"> <tbody><tr style="vertical-align: bottom"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Year Ending October 31,</td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; width: 33%; text-align: center">2026</td><td style="width: 32%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 33%; text-align: right">5,334</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: bottom; text-align: center">2027</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">4,435</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; text-align: center">2028</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,307</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: bottom; text-align: center">2029</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,019</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; text-align: center">2030</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,837</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom">Thereafter</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,653</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 2.5pt; vertical-align: bottom">Total</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,585</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above amounts assume that all leases that expire are not renewed and, accordingly, neither month-to-month nor rentals from replacement tenants are included.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Minimum future rentals do not include contingent rentals, which may be received under certain leases on the basis of percentage of reported tenants' sales volume. Rental income that is contingent on future events is not included in income until the contingency is resolved. Contingent rentals included in income for the three months ended January 31, 2026 and 2025 were not material.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Residential tenants</span>:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Lease terms for residential tenants are generally for <span style="-sec-ix-hidden:fc_1794772721">one</span> to two years in term. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Minimum fixed lease consideration (in thousands of dollars) under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration and rents from tenants for which collectability is deemed to be constrained, for the years ending October 31, as of January 31, 2026, is as follows: </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif;margin-left:auto;margin-right:auto"> <tbody><tr style="vertical-align: bottom"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Year Ending October 31,</td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; width: 33%; text-align: center">2026</td><td style="width: 32%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 33%; text-align: right">5,334</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: bottom; text-align: center">2027</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">4,435</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; text-align: center">2028</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,307</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: bottom; text-align: center">2029</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,019</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; text-align: center">2030</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,837</td><td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom">Thereafter</td><td style="padding-bottom: 1pt"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,653</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 2.5pt; vertical-align: bottom">Total</td><td style="padding-bottom: 2.5pt"> </td><td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,585</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> P5Y 5334000 4435000 3307000 3019000 2837000 3653000 22585000 P2Y false false false false On December 15, 2024, the mortgage secured by an apartment building located in Middletown, New York and the corresponding interest rate swap contract on its underlying loan came due with no settlement of the swap contract due at maturity. Effective December 15, 2024, FREIT Regency, LLC entered into a loan extension and modification agreement with the lender of this loan, Provident Bank, with a then outstanding loan balance of approximately $13.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to December 15, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.05% and monthly installments of principal and interest of approximately $84,521 are required. (a)Includes the following: (1)The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025 and was further extended. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through May 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached. (2)The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $9.6 million which has a maturity date of May 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached. (3)The loan on the Westwood Hills property located in Westwood, New Jersey, in the amount of approximately $24.5 million which has a maturity date of September 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.