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Note 1 - Basis of presentation: First Real Estate Investment Trust of New Jersey was organized on November 1, 1961 as a New Jersey business trust. 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”). 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. 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. The consolidated results of operations for the nine and three-month periods ended July 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.

Note 2 – Recently issued accounting standards: In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“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. In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, “Income Statement – Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” ("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.

Note 3 – Dividends and earnings per share: On July 16, 2026, FREIT’s Board of Directors (“Board”) declared a dividend of approximately $748,000 ($0.10 per share on the common stock of FREIT) for the third quarter of Fiscal 2026, which will be paid on September 14, 2026 to stockholders of record at the close of business on August 31, 2026. Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributable to future services, are used to repurchase FREIT’s stock at the average market price during the period, thereby increasing the number of shares to be added in computing diluted earnings per share. For the nine and three months ended July 31, 2026 and 2025, basic and dilutive earnings per share are the same as there are no outstanding stock options or other dilutive securities.

748000

0.1

Note 4 – Fair Value Measurements: 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. In accordance with ASC Topic 320, “Investments – Debt Securities”, FREIT is accounting for the investments in U.S. Treasury securities classified as available for sale in the amount of approximately $41,863,000 and $18,174,000, as of July 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 nine months ended July 31, 2026 and 2025, this amounted to approximately $442,000 and $666,000, 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 nine and three months ended July 31, 2026, FREIT recorded an unrealized loss of approximately $15,000 and $7,000, 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. For the nine and three months ended July 31, 2025, FREIT recorded an unrealized gain of approximately $0 and $6,000, 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). In accordance with “Accounting Standards Codification Topic 815, Derivatives and Hedging ("ASC 815")”, 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 nine and three months ended July 31, 2026, FREIT recorded an unrealized gain of approximately $25,000 and $20,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair value of these cash flow hedges during such periods. For the nine and three months ended July 31, 2025, FREIT recorded an unrealized loss of approximately $207,000 and an unrealized gain of approximately $62,000, 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 July 31, 2026 and October 31, 2025, there was an asset of approximately $235,000 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).

41863000

18174000

442000 666000 15000 7000

6000

25000

20000

207000

62000

235000

210000

Note 5 – Investment in tenancy-in-common: On February 28, 2020, FREIT reorganized S and A Commercial Associates Limited Partnership (“S&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&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, “Consolidation”, FREIT’s investment in the TIC is accounted for under the equity method of accounting. FREIT’s investment in TIC was approximately $17,025,000 and $16,922,000 as of July 31, 2026 and October 31, 2025, respectively. For the nine and three months ended July 31, 2026, FREIT recognized a loss on investment in TIC of approximately $106,000 and $37,000, respectively, in the accompanying condensed consolidated statements of income. For the nine and three months ended July 31, 2025, FREIT recognized a loss on investment in TIC of approximately $13,000 and $36,000, respectively, in the accompanying condensed consolidated statements of income. Hekemian & Co., Inc. (“Hekemian & Co.”) manages the Pierre Towers property pursuant to a management agreement between the owners of the TIC and Hekemian & 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. The management agreement requires the payment of management fees equal to 5% of rents collected. Management fees, charged to operations, were approximately $326,000 and $130,000 for the nine and three months ended July 31, 2026, respectively, and $324,000 and $108,000 for the nine and three months ended July 31, 2025, respectively. The Pierre Towers property also uses the resources of the Hekemian & Co. insurance department to secure various insurance coverages for its property. Hekemian & Co. is paid a commission for these services. Such commissions were charged to operations and amounted to approximately $22,000 for both the nine and three months ended July 31, 2026 and $62,000 for both the nine and three months ended July 31, 2025. The following table summarizes the balance sheets of the Pierre Towers property as of July 31, 2026 and October 31, 2025, accounted for by the equity method: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="white-space: nowrap;"> </td> <td> </td> <td colspan="2" style="white-space: nowrap; text-align: center;">July 31,</td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap; text-align: center;">October 31,</td> <td> </td> </tr><tr style="vertical-align: bottom;"><td style="white-space: nowrap;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid;">2026</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid;">2025</td> <td style="padding-bottom: 1pt;"> </td> </tr><tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom;"><td style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap;"> </td> <td style="font: 8pt Times New Roman, Times, Serif;"> </td> <td colspan="6" style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center;">(In Thousands of Dollars)</td> <td style="font: 8pt Times New Roman, Times, Serif;"> </td> </tr><tr style="vertical-align: bottom;"><td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td colspan="2" style="white-space: nowrap;"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 74%; text-align: left;">Real estate, net</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">71,023</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">71,928</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Cash and cash equivalents</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">576</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">335</td> <td style="white-space: nowrap; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Tenants' security accounts</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">623</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">563</td> <td style="white-space: nowrap; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1pt;">Receivables and other assets</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: Black 1pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1pt solid; text-align: right;">643</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: Black 1pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1pt solid; text-align: right;">575</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt;">Total assets</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">72,865</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;">45,258</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;">710</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;">Reimbursement due to FREIT</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">209</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;">Tenants' security deposits</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">638</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: rgb(204,238,255);"> <td style="text-align: left;">Deferred revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">180</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: White;"> <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;">25,870</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: rgb(204,238,255);"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt;">Total liabilities & 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;">72,865</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;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">73,401</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="white-space: nowrap; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left;">FREIT's investment in TIC (65% interest)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">16,816</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">16,922</td> <td style="white-space: nowrap; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1pt;">Reimbursement due to FREIT</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: Black 1pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1pt solid; text-align: right;">209</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: Black 1pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1pt solid; text-align: right;">—</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt;">FREIT's net investment in TIC</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">17,025</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> The following table summarizes the statements of operations of the Pierre Towers property for the nine and three months ended July 31, 2026 and 2025, accounted for by the equity method: <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;">Nine Months Ended July 31,</td> <td> </td> <td> </td> <td colspan="6" style="white-space: nowrap; text-align: center;">Three Months Ended July 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> <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="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom;"><td style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap;"> </td> <td style="font: 8pt Times New Roman, Times, Serif;"> </td> <td colspan="6" style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center;">(In Thousands of Dollars)</td> <td style="font: 8pt Times New Roman, Times, Serif;"> </td> <td style="font: 8pt Times New Roman, Times, Serif;"> </td> <td colspan="6" style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center;">(In Thousands of Dollars)</td> <td style="font: 8pt Times New Roman, Times, Serif;"> </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> <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: 48%;">Revenue</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">6,793</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">6,537</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">2,323</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: 10%; text-align: right;">2,168</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;">4,044</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,770</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,410</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,292</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;">1,815</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;">1,691</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;">607</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;">565</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;">934</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;">1,076</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;">306</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;">311</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> <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;">20</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">48</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12</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-indent: -10pt; padding-left: 10pt; text-align: left;">Interest expense including amortizationof deferred financing costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,117</td> <td style="white-space: nowrap; text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,144</td> <td style="white-space: nowrap; text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(370</td> <td style="white-space: nowrap; text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(379</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> <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</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;">(163</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;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(20</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(57</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;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(56</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="white-space: nowrap; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt;">FREIT's share of loss on investment in TIC (65% interest)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(106</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;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(13</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(37</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;">(36</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;">)</td> </tr></tbody></table>

0.65

17025000

16922000

-106000

-37000

-13000

-36000

0.05

326000

130000

324000

108000

22000

62000

The following table summarizes the balance sheets of the Pierre Towers property as of July 31, 2026 and October 31, 2025, accounted for by the equity method: <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;">July 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="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom;"><td style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap;"> </td> <td style="font: 8pt Times New Roman, Times, Serif;"> </td> <td colspan="6" style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center;">(In Thousands of Dollars)</td> <td style="font: 8pt Times New Roman, Times, Serif;"> </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: 74%; text-align: left;">Real estate, net</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">71,023</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; 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;">576</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;">623</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;">643</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;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">72,865</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</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;">$</td> <td style="text-align: right;">45,258</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</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;">710</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;">Reimbursement due to FREIT</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">209</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;">Tenants' security deposits</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">638</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: rgb(204,238,255);"> <td style="text-align: left;">Deferred revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">180</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: White;"> <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;">25,870</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: rgb(204,238,255);"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt;">Total liabilities & equity</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">72,865</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</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="font-weight: bold; text-align: left;">FREIT's investment in TIC (65% interest)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">16,816</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">16,922</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;">Reimbursement due to FREIT</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;">209</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="font-weight: bold; text-align: left; padding-bottom: 2.5pt;">FREIT's net investment in TIC</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">17,025</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</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>

71023000

71928000

576000

335000

623000

563000

643000

575000

72865000

73401000

45258000

46173000

710000

480000

209000

638000

562000

180000

152000

25870000

26034000

72865000

73401000

0.65 0.65 16816000 16922000 209000

17025000

16922000

The following table summarizes the statements of operations of the Pierre Towers property for the nine and three months ended July 31, 2026 and 2025, accounted for by the equity method: <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;">Nine Months Ended July 31,</td> <td> </td> <td> </td> <td colspan="6" style="white-space: nowrap; text-align: center;">Three Months Ended July 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> <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="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom;"><td style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap;"> </td> <td style="font: 8pt Times New Roman, Times, Serif;"> </td> <td colspan="6" style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center;">(In Thousands of Dollars)</td> <td style="font: 8pt Times New Roman, Times, Serif;"> </td> <td style="font: 8pt Times New Roman, Times, Serif;"> </td> <td colspan="6" style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center;">(In Thousands of Dollars)</td> <td style="font: 8pt Times New Roman, Times, Serif;"> </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> <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: 48%;">Revenue</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">6,793</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">6,537</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">2,323</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">2,168</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;">4,044</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,770</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,410</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,292</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;">1,815</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;">1,691</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;">607</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;">565</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;">934</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;">1,076</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;">306</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;">311</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> <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;">20</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">48</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7</td> <td style="white-space: nowrap; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12</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-indent: -10pt; padding-left: 10pt; text-align: left;">Interest expense including amortizationof deferred financing costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,117</td> <td style="white-space: nowrap; text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,144</td> <td style="white-space: nowrap; text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(370</td> <td style="white-space: nowrap; text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(379</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> <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</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(163</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(20</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;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(57</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(56</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> <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 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;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(106</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(13</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;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(37</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">(36</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;">)</td> </tr></tbody></table>

6793000

6537000

2323000

2168000

4044000

3770000

1410000

1292000

1815000

1691000

607000

565000

934000

1076000

306000

311000

20000

48000

7000

12000

1117000

1144000

370000

379000

-163000

-20000

-57000

-56000

0.65 0.65

-106000

-13000

-37000

-36000

Note 6 - Management agreement, fees and transactions with related parties: Hekemian & Co. currently manages all of the properties owned by FREIT and its affiliates. The management agreement between FREIT and Hekemian & Co. dated as of November 1, 2001 (“Management Agreement”) will expire on October 31, 2027 and is automatically renewed for successive periods of two years unless either party gives not less than six (6) months prior notice of non-renewal. On May 13, 2026, FREIT entered into a Third Amendment, subsequently amended on September 10, 2026 as a Fourth Amendment, to the Management Agreement dated November 1, 2001 between the Company and Hekemian & Co. The Third and Fourth Amendments provide that upon the closing of any sale or other disposition of the Company’s entire direct or indirect interest in each property managed by Hekemian & Co, including sales or dispositions of a managed property in furtherance of the Plan of Voluntary Liquidation (see Note 13 for further details), the Management Agreement shall automatically terminate with respect to such property and the Company shall pay to Hekemian & Co. (a) any and all commissions and fees for management services and reimbursement required to be paid by the Company pursuant to the Management Agreement in respect of the applicable property up to the termination date, calculated on a pro rata basis plus (b) a termination fee in respect to such property equal to 2.5 times one (1) year’s Base Management Fee in respect of such property. The Base Management Fee is computed by dividing the annual base management fee allocable to the applicable property paid by the Company to Hekemian & Co. over the immediately prior three (3) fiscal years prior to such termination by three (3). Upon the closing of any sale or other disposition of the Company’s entire direct or indirect interest in a managed property, including sales or dispositions in furtherance of the Plan of Voluntary Liquidation, the Company is required to pay to Hekemian & Co. a fee equal to 1.65% of the sales price for the property. In the event that the Company owns less than a 100% interest in a property, then the total individual property termination fee and sale of property fee with respect to such property shall be computed based upon 100% of such property. FREIT shall be responsible for the payment of a percentage of the fee equal to its direct or indirect percentage ownership of the applicable property, Hekemian & Co. shall cause the other owner(s) of the applicable property to pay the remaining portion of such fee and FREIT shall have no responsibility for the remaining portion of such fee. The Management Agreement requires the payment of management fees equal to 4% to 5% of rents collected. Such fees charged to operations were approximately $1,052,000 and $1,036,000 for the nine months ended July 31, 2026 and 2025, respectively, and $390,000 and $358,000 for three months ended July 31, 2026 and 2025, respectively. In addition, the Management Agreement provides for the payment to Hekemian & 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 $344,000 and $312,000 for the nine months ended July 31, 2026 and 2025, respectively, and $108,000 and $110,000 for the three months ended July 31, 2026 and 2025, respectively. FREIT also uses the resources of the Hekemian & Co. insurance department to secure various insurance coverages for its properties and subsidiaries. Hekemian & Co. is paid a commission for these services. Such commissions charged to operations were approximately $160,000 and $181,000 for the nine months ended July 31, 2026 and 2025, respectively, and $123,000 and $168,000 for the three months ended July 31, 2026 and 2025, respectively. From time to time, FREIT engages Hekemian & Co., or certain affiliates of Hekemian & Co., to provide additional services, such as consulting services related to development, property sales and financing activities of FREIT. Separate fee arrangements are negotiated between Hekemian & Co. and FREIT with respect to such additional services. Such fees incurred were approximately $496,000 and $60,000 for the nine months ended July 31, 2026 and 2025, respectively, and $496,000 and $25,000 for the three months ended July 31, 2026 and 2025, respectively. Fees incurred during Fiscal 2026 related to commissions to Hekemian & Co. for the following: $50,000 for the modification and renewal of FREIT’s line of credit; and $446,000 for the sale of the Franklin Crossing shopping center. Fees incurred during Fiscal 2025 related to commissions to Hekemian & Co. for the following: $35,000 for the modification and extension of the loan on the Regency property; and $25,000 for the extension of the loan on the Westwood Plaza property. The commissions for the modification and extension of the loans and line of credit were accounted for as deferred mortgage costs and included in the unamortized debt issuance costs in the accompanying condensed consolidated balance sheets as of July 31, 2026 and October 31, 2025. The commission related to the sale of the Franklin Crossing shopping center was charged against the gain on sale of the property in the accompanying condensed consolidated statement of income for the nine and three months ended July 31, 2026. To provide an incentive to Robert S. Hekemian, Jr., Chief Executive Officer, President and a director of the Trust, to facilitate the timely sale of FREIT’s properties under the Plan of Voluntary Liquidation, the Board has approved an incentive compensation arrangement that will entitle Mr. Hekemian to a $1,000,000 cash bonus if the Company sells and/or enters into contracts to sell all of its real properties within 18 months after the approval of the Plan of Voluntary Liquidation by FREIT’s stockholders and receives aggregate gross proceeds from such sales in excess of $319.9 million. To receive the bonus, the sale of all of the Company’s properties must close. In addition, in recognition of the increased time commitment and effort anticipated to be required of members of the Board to oversee, implement and administer the Plan of Voluntary Liquidation, including the sale of properties pursuant to the Plan of Voluntary Liquidation, the Board approved an increase effective May 1, 2026 in the annual cash retainer fee payable to each director from $60,000 to $120,000. Robert S. Hekemian, Jr., Chief Executive Officer, President and a Director of FREIT, is the Chief Executive Officer of Hekemian & Co. David B. Hekemian, a Director of FREIT, is the President of Hekemian & Co. Allan Tubin, Chief Financial Officer and Treasurer of FREIT, is the Chief Financial Officer of Hekemian & Co. Director fee expense and/or executive compensation (including stock awards – See Note 10 for additional details) incurred by FREIT for the nine months ended July 31, 2026 and 2025 was approximately $530,000 and $515,000, respectively, for Robert S. Hekemian, Jr., $34,000 and $34,000, respectively, for Allan Tubin and $80,000 and $65,000, respectively, for David B. Hekemian. Director fee expense and/or executive compensation (including stock awards) incurred by FREIT for the three months ended July 31, 2026 and 2025 was approximately $180,000 and $165,000, respectively, for Robert S. Hekemian, Jr., $12,000 and $11,000, respectively, for Allan Tubin and $30,000 and $15,000, respectively, for David B. Hekemian. Such costs are included within operating expenses on the accompanying condensed consolidated statements of income. FREIT owns a 40% equity interest in Wayne PSC, LLC (“Wayne PSC”) and H-TPKE, LLC (“H-TPKE”) owns a 60% equity interest in Wayne PSC. An aggregate of approximately 73% of the membership interests in H-TPKE is controlled by: Robert S. Hekemian, Jr., the Chief Executive Officer, President and a Director of FREIT and a shareholder and officer of Hekemian & Co.; David B. Hekemian, a Director of FREIT and a shareholder and officer of Hekemian & Co.; the late Robert S. Hekemian, the former Chairman and Chief Executive Officer and consultant to FREIT and a former shareholder and former officer of Hekemian & Co.; members of the families of Robert S. Hekemian, Jr., David B. Hekemian and the late Robert S. Hekemian; and other employees of Hekemian & Co. On June 17, 2026, in connection with the modification of the loan on the Preakness shopping center (the “Preakness Property”), Wayne PSC amended its operating agreement to allow FREIT and certain members of the Hekemian family, in their individual capacities, to make contributions to Wayne PSC in exchange for preferred interests in the limited liability company. FREIT contributed $2 million in exchange for a 40% preferred member interest, and certain members of the Hekemian family collectively contributed $3 million (inclusive of $1 million from Robert S. Hekemian, Jr. and $1 million from David B. Hekemian) in exchange for a 60% preferred member interest (collectively, the “Preferred Members”) for a total of $5 million. These contributions funded the required $5 million loan paydown. (See Note 7 for additional details on the loan modification.) The Preferred Members are entitled to a 15% cumulative preferred return per annum on their preferred capital contributions. Distributions of cash flow will be made first to the Preferred Members on a pro-rata basis to the extent of the unpaid accrued preferred return; second, to the Preferred Members on a pro rata basis to the extent of their unrecovered preferred capital; and third, FREIT and H-TPKE (collectively, the “Common Members”) in accordance with their common percentage interests (which are 40% and 60%, respectively). On June 17, 2026, the Common Members in Wayne PSC, each entered into a revolving credit note based on each member’s respective pro-rata share of the aggregate funding amount of $3,000,000, with funding of up to $1,200,000 for FREIT and $1,800,000 for H-TPKE. Each revolving credit note will be for a term of five (5) years, has a maturity date of June 16, 2031 and shall accrue interest on the outstanding principal balance at a fixed interest rate of 6.875%. The outstanding principal balance and all accrued and unpaid interest on each revolving credit note shall be payable on the earlier to occur of (i) the last day of the term; (ii) the sale or disposition of the Preakness Property; or (iii) any refinancing of the Preakness Property that results in the receipt of net cash proceeds by Wayne PSC. In connection with the loan modification, Wayne PSC required funding to replenish the loan’s interest reserve account by $1,145,139. Accordingly, on June 17, 2026, each Common Member contributed its respective pro-rata share of this funding requirement with FREIT funding $458,056 and H-TPKE funding $687,083. (See Note 7 for additional details on the loan modification.) As of July 31, 2026, the balance on each of these notes, including interest, was $462,024 for FREIT and $693,036 for H-TPKE.

0.01

0.0165

0.04

0.05

1052000 1036000 390000 358000

344000

312000

108000

110000

160000

181000

123000

168000

496000

60000

496000

25000

50000

446000 35000 25000 1000000

319900000

60000 120000

530000

515000

34000

80000

65000

180000

165000

12000

11000

30000

15000

0.40

0.60

0.73

2000000 0.40 3000000 1000000 1000000 0.60 5000000

5000000

0.15 0.40 0.60 3000000 1200000 1800000 P5Y

2031-06-16

0.06875

1145139000

458056 687083

462024000

693036000

Note 7 – Mortgages payable and line of credit: The following table is a summary of mortgages payable as of July 31, 2026 and October 31, 2025: <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 colspan="2" style="white-space: nowrap; text-align: center;"> </td> <td> </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 colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid;">Maturity</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;">July 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;">July 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 colspan="2" style="white-space: nowrap; text-align: center;"> </td> <td> </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="font: italic 8pt Times New Roman, Times, Serif; white-space: nowrap; 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: 48%; text-align: left;">Steuben Arms - River Edge, NJ</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">5/31/2027</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: 10%; 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;">$</td> <td style="width: 10%; text-align: right;">8,637</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; 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: left;"> </td> <td style="text-align: right;">9/1/2029</td> <td style="white-space: nowrap; text-align: left;"> </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;">27,771</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 (A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9/1/2026</td> <td style="white-space: nowrap; text-align: left;"> </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;">24,541</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 (B)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12/15/2027</td> <td style="white-space: nowrap; text-align: left;"> </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;">13,621</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: left;"> </td> <td style="text-align: right;">12/15/2027</td> <td style="white-space: nowrap; text-align: left;"> </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;">10,834</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 (C)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11/1/2026</td> <td style="white-space: nowrap; text-align: left;"> </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;">9,459</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 (D)</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt; text-align: right;">7/1/2031</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt; text-align: right;">6.875%</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;">19,977</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 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> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">114,840</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; 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="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;">(596</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; 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="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;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">114,244</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</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> <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 August 31, 2026, Westwood Hills, LLC refinanced its mortgage, secured by an apartment building located in Westwood, New Jersey, in the amount of approximately $24,541,000 (which would have matured on September 1, 2026) with a new lender, ConnectOne Bank, in the amount of $25,000,000. This loan is based on a fixed interest rate of 6.28% and is interest only for the first three years of the term with monthly installments thereafter of approximately $131,000 each month through October 1, 2029. Commencing on November 1, 2029, monthly installments of principal plus interest totaling approximately $162,000 are required each month until September 1, 2031 at which time the unpaid balance is due.</td> </tr></tbody> </table> <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 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> <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;">(C)</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> 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 was extended for one year to May 1, 2026, the interest rate on the outstanding debt was based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 were 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. Valley National Bank has issued several extensions of the loan’s maturity date, with the most recent extension through November 1, 2026, based on the same terms and conditions of the existing loan agreement. <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;">(D)</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. ConnectOne Bank issued several extensions of the loan’s maturity date. Effective June 22, 2026, Wayne PSC entered into a loan extension and modification agreement with ConnectOne Bank and paid down this loan by approximately $5 million, reducing the outstanding balance to $20 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for five years to July 1, 2031, the interest rate on the outstanding debt is based on a fixed interest rate of 6.875% and monthly principal and interest payments of approximately $141,061 are required. Additionally, Wayne PSC replenished its interest reserve escrow account by $1,145,139, increasing the balance in this account from $404,861 to $1,550,000. (See Note 6 for additional details regarding the funding of this transaction).</td> </tr></tbody> </table> FREIT’s revolving line of credit in the amount of $13 million, provided by Provident Bank, was set to expire on October 31, 2026. Draws against the $13 million credit line were previously secured by mortgages on FREIT’s Franklin Crossing shopping center in Franklin Lakes, New Jersey and retail space in Glen Rock, New Jersey. On May 26, 2026, FREIT’s $13 million line of credit was replaced with a $20 million line of credit, provided by Provident Bank, and secured by a mortgage on FREIT’s Boulders apartment property in Rockaway, New Jersey. Draws against this credit line can be used for working capital needs and standby letters of credit. The line of credit will expire on October 31, 2029 and the interest rate on any amount outstanding will be based on a floating interest rate of prime minus 25 basis points with a floor of 6.75%. As of July 31, 2026 and October 31, 2025 there was no amount outstanding and $20 million was available under this line of credit as of July 31, 2026. While FREIT intends to renew or refinance its debt obligations as they become due, there can be no assurance that it will be successful or, if successful, that the new terms will be similar to the terms of its existing debt obligations or as favorable. Remaining principal amounts (in thousands of dollars) due under the above obligations in each of the next five years ending October 31, are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif;margin-left:auto;margin-right:auto;"> <tbody><tr style="vertical-align: bottom;"><td style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid;">Year Ending October 31,</td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid;">Amount</td> <td style="padding-bottom: 1pt;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: bottom; width: 33%; text-align: center;">2026</td> <td style="width: 32%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 33%; text-align: right;">24,852</td> <td style="white-space: nowrap; width: 1%; text-align: left;">(a)</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;">19,347</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;">24,853</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;">26,866</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;">386</td> <td style="white-space: nowrap; text-align: left;"> </td> </tr></tbody></table> <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: 1.5in;"></td> <td style="width: 0.25in;">(a)</td> <td style="text-align: justify;">This includes the loan on the Westwood Hills property located in Westwood, New Jersey in the amount of approximately $24.5 million which had a maturity date of September 1, 2026. On August 31, 2026, Westwood Hills, LLC refinanced its mortgage with a new lender, ConnectOne Bank, in the amount of $25,000,000. This loan is based on a fixed interest rate of 6.28% and is interest only for the first three years of the term with monthly installments thereafter of approximately $131,000 each month through October 1, 2029. Commencing on November 1, 2029, monthly installments of principal plus interest totaling approximately $162,000 are required each month until September 1, 2031 at which time the unpaid balance is due.</td> </tr></tbody> </table> Fair value of long-term debt: The following table shows the estimated fair value and net carrying value of FREIT’s long-term debt at July 31, 2026 and October 31, 2025: <table border="0" cellpadding="0" cellspacing="0" style="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin-left:auto;margin-right:auto;"> <tbody><tr style="vertical-align: bottom;"><td style="white-space: nowrap; font-style: italic; border-bottom: Black 0.5pt solid; width: 35%;">($ in Millions)</td> <td style="white-space: nowrap; width: 5%;"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: center; width: 28%;">July 31, 2026</td> <td style="white-space: nowrap; width: 4%;"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: center; width: 28%;">October 31, 2025</td> </tr><tr style="vertical-align: bottom;"><td style="white-space: nowrap; font-style: italic;"> </td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: center;"> </td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: center;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="white-space: nowrap;">Fair Value</td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: center;">$111.2</td> <td style="white-space: nowrap; text-align: right;"> </td> <td style="white-space: nowrap; text-align: center;">$118.4</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="white-space: nowrap;">Carrying Value, Net</td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: center;">$114.2</td> <td style="white-space: nowrap; text-align: right;"> </td> <td style="white-space: nowrap; text-align: center;">$120.8</td> </tr></tbody></table> Fair values are estimated based on market interest rates at July 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).

The following table is a summary of mortgages payable as of July 31, 2026 and October 31, 2025: <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 colspan="2" style="white-space: nowrap; text-align: center;"> </td> <td> </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 colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid;">Maturity</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;">July 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;">July 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 colspan="2" style="white-space: nowrap; text-align: center;"> </td> <td> </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="font: italic 8pt Times New Roman, Times, Serif; white-space: nowrap; 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: 48%; text-align: left;">Steuben Arms - River Edge, NJ</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">5/31/2027</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: 10%; 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;">$</td> <td style="width: 10%; text-align: right;">8,637</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; 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: left;"> </td> <td style="text-align: right;">9/1/2029</td> <td style="white-space: nowrap; text-align: left;"> </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;">27,771</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 (A)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9/1/2026</td> <td style="white-space: nowrap; text-align: left;"> </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;">24,541</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 (B)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12/15/2027</td> <td style="white-space: nowrap; text-align: left;"> </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;">13,621</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: left;"> </td> <td style="text-align: right;">12/15/2027</td> <td style="white-space: nowrap; text-align: left;"> </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;">10,834</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 (C)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11/1/2026</td> <td style="white-space: nowrap; text-align: left;"> </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;">9,459</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 (D)</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt; text-align: right;">7/1/2031</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt; text-align: right;">6.875%</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;">19,977</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 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> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">114,840</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; 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="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;">(596</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; 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="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;">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right;">114,244</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left;">$</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> <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 August 31, 2026, Westwood Hills, LLC refinanced its mortgage, secured by an apartment building located in Westwood, New Jersey, in the amount of approximately $24,541,000 (which would have matured on September 1, 2026) with a new lender, ConnectOne Bank, in the amount of $25,000,000. This loan is based on a fixed interest rate of 6.28% and is interest only for the first three years of the term with monthly installments thereafter of approximately $131,000 each month through October 1, 2029. Commencing on November 1, 2029, monthly installments of principal plus interest totaling approximately $162,000 are required each month until September 1, 2031 at which time the unpaid balance is due.</td> </tr></tbody> </table> <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 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> <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;">(C)</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> 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 was extended for one year to May 1, 2026, the interest rate on the outstanding debt was based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 were 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. Valley National Bank has issued several extensions of the loan’s maturity date, with the most recent extension through November 1, 2026, based on the same terms and conditions of the existing loan agreement. <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;">(D)</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. ConnectOne Bank issued several extensions of the loan’s maturity date. Effective June 22, 2026, Wayne PSC entered into a loan extension and modification agreement with ConnectOne Bank and paid down this loan by approximately $5 million, reducing the outstanding balance to $20 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for five years to July 1, 2031, the interest rate on the outstanding debt is based on a fixed interest rate of 6.875% and monthly principal and interest payments of approximately $141,061 are required. Additionally, Wayne PSC replenished its interest reserve escrow account by $1,145,139, increasing the balance in this account from $404,861 to $1,550,000. (See Note 6 for additional details regarding the funding of this transaction).</td> </tr></tbody> </table>

2027-05-31

0.0675

8637000

8715000

2029-09-01

0.0354

27771000

28190000

2026-09-01

0.0605

24541000

24803000

2027-12-15

0.0605

13621000

13754000

2027-12-15

0.0435

10834000

11030000

2026-11-01

0.085

9459000

9808000

2031-07-01

0.06875

19977000

25000000

114840000

121300000

596000

516000

114244000

120784000

24541000

25000000

0.0628

131000000

162000000

13900000

0.0605

84521

16600000

0.085

166727

112556 2000722

P1Y

P90D 5700000

200000

10000000

0.085

107978

2000722

1295739

704983

5000000

20000000

0.06875

141061000

1145139

404861000

1550000

13000000

2026-10-31

13000000

20000000

0.25

0.0675

20000000

Remaining principal amounts (in thousands of dollars) due under the above obligations in each of the next five years ending October 31, are as follows: <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 style="padding-bottom: 1pt;"> </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;">24,852</td> <td style="white-space: nowrap; width: 1%; text-align: left;">(a)</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;">19,347</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;">24,853</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;">26,866</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;">386</td> <td style="white-space: nowrap; text-align: left;"> </td> </tr></tbody></table> <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: 1.5in;"></td> <td style="width: 0.25in;">(a)</td> <td style="text-align: justify;">This includes the loan on the Westwood Hills property located in Westwood, New Jersey in the amount of approximately $24.5 million which had a maturity date of September 1, 2026. On August 31, 2026, Westwood Hills, LLC refinanced its mortgage with a new lender, ConnectOne Bank, in the amount of $25,000,000. This loan is based on a fixed interest rate of 6.28% and is interest only for the first three years of the term with monthly installments thereafter of approximately $131,000 each month through October 1, 2029. Commencing on November 1, 2029, monthly installments of principal plus interest totaling approximately $162,000 are required each month until September 1, 2031 at which time the unpaid balance is due.</td> </tr></tbody> </table>

24852000

19347000

24853000

26866000

386000

24500000

25000000

0.0628

131000000

162000000

The following table shows the estimated fair value and net carrying value of FREIT’s long-term debt at July 31, 2026 and October 31, 2025: <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="white-space: nowrap; font-style: italic; border-bottom: Black 0.5pt solid; width: 35%;">($ in Millions)</td> <td style="white-space: nowrap; width: 5%;"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: center; width: 28%;">July 31, 2026</td> <td style="white-space: nowrap; width: 4%;"> </td> <td style="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: center; width: 28%;">October 31, 2025</td> </tr><tr style="vertical-align: bottom;"><td style="white-space: nowrap; font-style: italic;"> </td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: center;"> </td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: center;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="white-space: nowrap;">Fair Value</td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: center;">$111.2</td> <td style="white-space: nowrap; text-align: right;"> </td> <td style="white-space: nowrap; text-align: center;">$118.4</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="white-space: nowrap;">Carrying Value, Net</td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: center;">$114.2</td> <td style="white-space: nowrap; text-align: right;"> </td> <td style="white-space: nowrap; text-align: center;">$120.8</td> </tr></tbody></table>

111200000

118400000

114200000

120800000

Note 8 - Segment information: ASC 280-10, "Disclosures about Segments of an Enterprise and Related Information", 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 two 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 four (4) properties, excluding the Franklin Crossing shopping center sold on July 8, 2026 (see Note 12 for further details). The residential segment is comprised of six (6) properties. 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. 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. 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 nine and three months ended July 31, 2026 and 2025. 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;"> <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;">Nine Months Ended</td> <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;">July 31,</td> <td style="white-space: nowrap; padding-bottom: 1pt;"> </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;">July 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> <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="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom;"><td style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap;"> </td> <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif;"> </td> <td colspan="6" style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center;">(In Thousands of Dollars)</td> <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif;"> </td> <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif;"> </td> <td colspan="6" style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center;">(In Thousands of Dollars)</td> <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif;"> </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> <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: 48%; 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;">$</td> <td style="white-space: nowrap; width: 10%; text-align: right;">5,884</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="white-space: nowrap; width: 1%;"> </td> <td style="white-space: nowrap; width: 1%; text-align: left;">$</td> <td style="white-space: nowrap; width: 10%; text-align: right;">5,585</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;">$</td> <td style="white-space: nowrap; width: 10%; text-align: right;">1,842</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="white-space: nowrap; width: 1%;"> </td> <td style="white-space: nowrap; width: 1%; text-align: left;">$</td> <td style="white-space: nowrap; width: 10%; text-align: right;">1,805</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;">16,797</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;">16,269</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;">5,691</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;">5,466</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;">22,681</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;">21,854</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;">7,533</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;">7,271</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> <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> <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;">4,075</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;">3,923</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;">1,247</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;">1,273</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;">7,082</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;">6,880</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;">2,399</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;">2,329</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;">11,157</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;">10,803</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;">3,646</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;">3,602</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> <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> <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;">1,809</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;">1,662</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;">595</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;">532</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;">9,715</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;">9,389</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;">3,292</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;">3,137</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;">$</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right;">11,524</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; padding-bottom: 1pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right;">11,051</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;">$</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right;">3,887</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; padding-bottom: 1pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right;">3,669</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 1pt solid; padding-bottom: 1pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt 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 1pt 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="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> <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 1pt 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 1pt solid; 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;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">(389</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left;">)</td> <td style="white-space: nowrap; padding-bottom: 2.5pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">(357</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;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">(141</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left;">)</td> <td style="white-space: nowrap; padding-bottom: 2.5pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">(154</td> <td style="border-right: Black 1pt 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 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt 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> <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="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> <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;">$</td> <td style="white-space: nowrap; text-align: right;">11,524</td> <td style="white-space: nowrap; text-align: left;"> </td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: left;">$</td> <td style="white-space: nowrap; text-align: right;">11,051</td> <td style="white-space: nowrap; text-align: left;"> </td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: left;">$</td> <td style="white-space: nowrap; text-align: right;">3,887</td> <td style="white-space: nowrap; text-align: left;"> </td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: left;">$</td> <td style="white-space: nowrap; text-align: right;">3,669</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;">(6</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;">(83</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;">4</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;">(27</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;">846</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;">1,053</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;">297</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;">303</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;">(3,141</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;">(2,260</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;">(1,376</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;">(624</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 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;">(106</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;">(13</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;">(37</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;">(36</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;">Net gain on sale of property</td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: left;"> </td> <td style="white-space: nowrap; text-align: right;">19,825</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> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: left;"> </td> <td style="white-space: nowrap; text-align: right;">19,825</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;">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;">(2,126</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;">(2,195</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;">(681</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;">(738</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;">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;">(5,634</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;">(5,532</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;">(1,973</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;">(1,808</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;">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;">21,182</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;">2,021</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;">19,946</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;">739</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;"> 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;">538</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;">366</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;">215</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;">140</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: 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;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">21,720</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="white-space: nowrap; padding-bottom: 2.5pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">2,387</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;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">20,161</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="white-space: nowrap; padding-bottom: 2.5pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">879</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;"> <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;">Nine Months Ended</td> <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;">July 31,</td> <td style="white-space: nowrap; padding-bottom: 1pt;"> </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;">July 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> <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="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom;"><td style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap;"> </td> <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif;"> </td> <td colspan="6" style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center;">(In Thousands of Dollars)</td> <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif;"> </td> <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif;"> </td> <td colspan="6" style="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center;">(In Thousands of Dollars)</td> <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif;"> </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> <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: 48%; 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;">$</td> <td style="white-space: nowrap; width: 10%; text-align: right;">5,884</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="white-space: nowrap; width: 1%;"> </td> <td style="white-space: nowrap; width: 1%; text-align: left;">$</td> <td style="white-space: nowrap; width: 10%; text-align: right;">5,585</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;">$</td> <td style="white-space: nowrap; width: 10%; text-align: right;">1,842</td> <td style="white-space: nowrap; width: 1%; text-align: left;"> </td> <td style="white-space: nowrap; width: 1%;"> </td> <td style="white-space: nowrap; width: 1%; text-align: left;">$</td> <td style="white-space: nowrap; width: 10%; text-align: right;">1,805</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;">16,797</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;">16,269</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;">5,691</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;">5,466</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;">22,681</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;">21,854</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;">7,533</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;">7,271</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> <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> <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;">4,075</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;">3,923</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;">1,247</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;">1,273</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;">7,082</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;">6,880</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;">2,399</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;">2,329</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;">11,157</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;">10,803</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;">3,646</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;">3,602</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> <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> <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;">1,809</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;">1,662</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;">595</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;">532</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;">9,715</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;">9,389</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;">3,292</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;">3,137</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;">$</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right;">11,524</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; padding-bottom: 1pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right;">11,051</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;">$</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right;">3,887</td> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; padding-bottom: 1pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right;">3,669</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 1pt solid; padding-bottom: 1pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt 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 1pt 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="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> <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 1pt 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 1pt solid; 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;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">(389</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left;">)</td> <td style="white-space: nowrap; padding-bottom: 2.5pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">(357</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;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">(141</td> <td style="white-space: nowrap; padding-bottom: 2pt; text-align: left;">)</td> <td style="white-space: nowrap; padding-bottom: 2.5pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">(154</td> <td style="border-right: Black 1pt 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 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left;"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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;"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt 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> <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="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> <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;">$</td> <td style="white-space: nowrap; text-align: right;">11,524</td> <td style="white-space: nowrap; text-align: left;"> </td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: left;">$</td> <td style="white-space: nowrap; text-align: right;">11,051</td> <td style="white-space: nowrap; text-align: left;"> </td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: left;">$</td> <td style="white-space: nowrap; text-align: right;">3,887</td> <td style="white-space: nowrap; text-align: left;"> </td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: left;">$</td> <td style="white-space: nowrap; text-align: right;">3,669</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;">(6</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;">(83</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;">4</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;">(27</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;">846</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;">1,053</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;">297</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;">303</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;">(3,141</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;">(2,260</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;">(1,376</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;">(624</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 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;">(106</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;">(13</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;">(37</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;">(36</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;">Net gain on sale of property</td> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: left;"> </td> <td style="white-space: nowrap; text-align: right;">19,825</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> <td style="white-space: nowrap;"> </td> <td style="white-space: nowrap; text-align: left;"> </td> <td style="white-space: nowrap; text-align: right;">19,825</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;">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;">(2,126</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;">(2,195</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;">(681</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;">(738</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;">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;">(5,634</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;">(5,532</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;">(1,973</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;">(1,808</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;">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;">21,182</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;">2,021</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;">19,946</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;">739</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;"> 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;">538</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;">366</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;">215</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;">140</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: 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;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">21,720</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="white-space: nowrap; padding-bottom: 2.5pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">2,387</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;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">20,161</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="white-space: nowrap; padding-bottom: 2.5pt;"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left;">$</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right;">879</td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>

5884000 5585000 1842000 1805000 16797000 16269000 5691000 5466000 22681000 21854000 7533000 7271000

4075000

3923000

1247000

1273000

7082000

6880000

2399000

2329000

11157000

10803000

3646000

3602000

1809000

1662000

595000

532000

9715000

9389000

3292000

3137000

11524000

11051000

3887000

3669000

389000 357000 141000 154000

11524000

11051000

3887000

3669000

6000

83000

-4000

27000

846000

1053000

297000

303000

3141000

2260000

1376000

624000

-106000

-13000

-37000

-36000

19825000

2126000

2195000

681000

738000

5634000

5532000

1973000

1808000

21182000

2021000

19946000

739000

-538000

-366000

-215000

-140000

21720000

2387000

20161000

879000

Note 9 – Income taxes: 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) and 100% of its capital gain from the sale of the Franklin Crossing shopping center 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, no provision for federal or state income taxes was recorded in FREIT’s condensed consolidated financial statements for the nine and three months ended July 31, 2026 and 2025. As of July 31, 2026, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2023 remain open to examination by the major taxing jurisdictions.

0.90 1 1

Note 10 – Equity Incentive Plan: 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. 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 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. As of July 31, 2026, 408,621 shares are available for issuance under the Plan.

20000

0.01

16.76

1193

20000

12.62

1584

408621

Note 11 – Rental Income: Commercial tenants: 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. 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 twelve months ending October 31, as of July 31, 2026, is as follows: <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><td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 6pt; text-align: center;">Year Ending October 31,</td> <td style="border-bottom: white 1pt solid;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center;">Amount</td> <td> </td> </tr><tr style="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="vertical-align: bottom; width: 1%;">$ </td> <td style="vertical-align: bottom; width: 33%; text-align: right;">3,417</td> <td style="width: 1%;"> </td> </tr><tr style="background-color: White;"> <td style="vertical-align: bottom; text-align: center;">2027</td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">3,063</td> <td> </td> </tr><tr style="background-color: rgb(204,238,255);"> <td style="vertical-align: bottom; text-align: center;">2028</td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">2,685</td> <td> </td> </tr><tr style="background-color: White;"> <td style="vertical-align: bottom; text-align: center;">2029</td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> 2,529</td> <td> </td> </tr><tr style="background-color: rgb(204,238,255);"> <td style="vertical-align: bottom; text-align: center;">2030</td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> 2,410</td> <td> </td> </tr><tr style="background-color: White;"> <td style="text-align: center; vertical-align: bottom;">Thereafter</td> <td> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid;"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right;"> 3,078</td> <td> </td> </tr><tr style="background-color: rgb(204,238,255);"> <td style="text-align: center; vertical-align: bottom;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; vertical-align: bottom;">$</td> <td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right;">17,182</td> <td style="padding-bottom: 2.5pt;"> </td> </tr></tbody></table> *Amount represents full fiscal year and excludes rents from the Franklin Crossing shopping center sold on July 8, 2026. 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. 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 nine and three months ended July 31, 2026 and 2025 were not material. Residential tenants: Lease terms for residential tenants are generally for one to two years in term.

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 twelve months ending October 31, as of July 31, 2026, is as follows: <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><td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 6pt; text-align: center;">Year Ending October 31,</td> <td style="border-bottom: white 1pt solid;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center;">Amount</td> <td> </td> </tr><tr style="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="vertical-align: bottom; width: 1%;">$ </td> <td style="vertical-align: bottom; width: 33%; text-align: right;">3,417</td> <td style="width: 1%;"> </td> </tr><tr style="background-color: White;"> <td style="vertical-align: bottom; text-align: center;">2027</td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">3,063</td> <td> </td> </tr><tr style="background-color: rgb(204,238,255);"> <td style="vertical-align: bottom; text-align: center;">2028</td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">2,685</td> <td> </td> </tr><tr style="background-color: White;"> <td style="vertical-align: bottom; text-align: center;">2029</td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> 2,529</td> <td> </td> </tr><tr style="background-color: rgb(204,238,255);"> <td style="vertical-align: bottom; text-align: center;">2030</td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> 2,410</td> <td> </td> </tr><tr style="background-color: White;"> <td style="text-align: center; vertical-align: bottom;">Thereafter</td> <td> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid;"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right;"> 3,078</td> <td> </td> </tr><tr style="background-color: rgb(204,238,255);"> <td style="text-align: center; vertical-align: bottom;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 2.5pt double; vertical-align: bottom;">$</td> <td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right;">17,182</td> <td style="padding-bottom: 2.5pt;"> </td> </tr></tbody></table> *Amount represents full fiscal year and excludes rents from the Franklin Crossing shopping center sold on July 8, 2026.

P5Y

3417000

3063000

2685000

2529000

2410000

3078000

17182000

P2Y Note 12 – Property disposition: On April 8, 2026, FREIT (the “Seller”) entered into a Purchase and Sale Agreement (the “Franklin Crossing Agreement”) with an affiliate of Regency Centers Corporation (the “Purchaser”), pursuant to which the Seller would sell to the Purchaser 100% of Seller’s ownership interests in the Franklin Crossing shopping center located in Franklin Lakes, New Jersey, (“Franklin Crossing”) in exchange for the purchase price of $27,000,000, subject to the terms and conditions of the Franklin Crossing Agreement. On July 8, 2026, the sale of Franklin Crossing, which had a net book value of approximately $5.6 million, was consummated for a purchase price of $27,000,000. FREIT received net proceeds from the sale of approximately $25.4 million after payment of certain transactional expenses and transfer taxes including a brokerage fee due to Hekemian & Co. of approximately $446,000 (See Note 6). The sale of Franklin Crossing resulted in a net gain of approximately $19.8 million which includes a write-off of the straight-line rent receivable of approximately $0.2 million and a write-off of unamortized lease commissions of approximately $0.1 million.

27000000

5600000

27000000

25400000

446000

19800000

200000

100000

Note 13 – Adoption of Plan of Voluntary Liquidation: On May 12, 2026, FREIT’s Board unanimously determined advisable and approved a Plan of Voluntary Liquidation (the “Plan of Voluntary Liquidation”). The Plan of Voluntary Liquidation provides for the Company’s complete liquidation and dissolution in accordance with Section 331, Section 336 and Section 346(a) of the Internal Revenue Code of 1986, as amended, and the Maryland General Corporation Law. Effectiveness of the Plan of Voluntary Liquidation is subject to approval by the affirmative vote of the holders of Common Stock entitled to cast a majority of all the votes entitled to be cast on the matter. The Company will seek stockholder approval for the Plan at a special meeting scheduled to be held on September 29, 2026. Upon the effectiveness of the Plan of Voluntary Liquidation and pursuant thereto, the Company is authorized to sell, convey, transfer and deliver or otherwise dispose of, or cause its subsidiaries to sell, convey, transfer and deliver or otherwise dispose of, the assets, without further stockholder approval. The Plan of Voluntary Liquidation further provides that upon a determination of the Board, the Company may transfer and assign any remaining assets of the Company and its subsidiaries to a liquidating trust (a “Liquidating Trust”), subject to the terms of the Plan of Voluntary Liquidation, and the Board may cause the Company to make the final distribution to the Company’s stockholders as a distribution in kind of beneficial interests in the Liquidating Trust, at such time as the Board deems appropriate or advantageous in its discretion. Upon the adoption of the Plan of Liquidation, FREIT will cease reporting as a going concern and will thereafter prepare and report its financial statements on the liquidation basis of accounting.

Note 14 –Purchase and Sale Agreement: On May 26, 2026, FREIT (the “Seller”) entered into a Purchase and Sale Agreement (the “Westwood Plaza Agreement”) with an affiliate of Regency Centers Corporation (the “Purchaser”), pursuant to which the Seller will sell to the Purchaser 100% of Seller’s ownership interests in the Westwood Plaza shopping center located at 700 Broadway in Westwood, New Jersey (“Westwood Plaza”) in exchange for the purchase price of $28,800,000, subject to the terms and conditions of the Westwood Plaza Agreement. Upon signing the Westwood Plaza Agreement, the Purchaser delivered into escrow held by the title company a deposit in the amount of $1,200,000 (the “Initial Westwood Plaza Deposit”), which is refundable during a 120-day due diligence period immediately following the signing. After the expiration of this period on September 23, 2026, the Initial Westwood Plaza Deposit becomes non-refundable except in connection with certain rights to terminate the Westwood Plaza Agreement. If the Purchaser elects to proceed with the transaction after the expiration of the initial 120-day due diligence period, the Purchaser is obligated to deposit into escrow an additional amount of $1,000,000, which is non-refundable except in connection with certain rights to terminate the Westwood Plaza Agreement. Upon expiration of the initial 120-day due diligence period, the Purchaser has the option of entering into a second due diligence period for up to an additional nine months. The Purchaser is obligated to pay to the Seller $50,000 for each month that it elects to engage in due diligence during the second due diligence period. Payments made by the Purchaser to extend the due diligence period are non-refundable except in the event of a breach by Seller and are not applied to the purchase price at closing. The Westwood Plaza Agreement contains customary representations, warranties and indemnity provisions. The parties’ respective obligations under the Westwood Plaza Agreement are subject to certain customary conditions and termination rights, including the right of either the Seller or the Purchaser to terminate the Westwood Plaza Agreement if the closing has not occurred on or before August 15, 2027. There is no financing contingency under the Westwood Plaza Agreement. The Board unanimously approved the Westwood Plaza Agreement and the transaction contemplated thereby.

28800000000

1200000000

P120D P120D 1000000000 P120D

50000000

Note 15 – Stockholder Rights Agreement: On May 13, 2026, FREIT’s Board entered into a First Amendment to the Stockholder Rights Agreement dated July 31, 2023, between the Company and Computershare Trust Company, N.A., as Rights Agent. The First Amendment to the Stockholder Rights Agreement extends the term and the final expiration date of the Stockholder Rights Agreement from July 31, 2026 to July 31, 2029.

false false false false 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. 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 was extended for one year to May 1, 2026, the interest rate on the outstanding debt was based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 were 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. Valley National Bank has issued several extensions of the loan’s maturity date, with the most recent extension through November 1, 2026, based on the same terms and conditions of the existing loan agreement. On August 31, 2026, Westwood Hills, LLC refinanced its mortgage, secured by an apartment building located in Westwood, New Jersey, in the amount of approximately $24,541,000 (which would have matured on September 1, 2026) with a new lender, ConnectOne Bank, in the amount of $25,000,000. This loan is based on a fixed interest rate of 6.28% and is interest only for the first three years of the term with monthly installments thereafter of approximately $131,000 each month through October 1, 2029. Commencing on November 1, 2029, monthly installments of principal plus interest totaling approximately $162,000 are required each month until September 1, 2031 at which time the unpaid balance is due. 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. On August 1, 2025, the mortgage secured by the Preakness Shopping center located in Wayne, New Jersey, reached its maturity date. ConnectOne Bank issued several extensions of the loan’s maturity date. Effective June 22, 2026, Wayne PSC entered into a loan extension and modification agreement with ConnectOne Bank and paid down this loan by approximately $5 million, reducing the outstanding balance to $20 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for five years to July 1, 2031, the interest rate on the outstanding debt is based on a fixed interest rate of 6.875% and monthly principal and interest payments of approximately $141,061 are required. Additionally, Wayne PSC replenished its interest reserve escrow account by $1,145,139, increasing the balance in this account from $404,861 to $1,550,000. (See Note 6 for additional details regarding the funding of this transaction). This includes the loan on the Westwood Hills property located in Westwood, New Jersey in the amount of approximately $24.5 million which had a maturity date of September 1, 2026. On August 31, 2026, Westwood Hills, LLC refinanced its mortgage with a new lender, ConnectOne Bank, in the amount of $25,000,000. This loan is based on a fixed interest rate of 6.28% and is interest only for the first three years of the term with monthly installments thereafter of approximately $131,000 each month through October 1, 2029. Commencing on November 1, 2029, monthly installments of principal plus interest totaling approximately $162,000 are required each month until September 1, 2031 at which time the unpaid balance is due. Amount represents full fiscal year and excludes rents from the Franklin Crossing shopping center sold on July 8, 2026.