FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, 10-Q filed on 14 Mar 25
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v3.25.0.1
Cover - shares
 3 Months Ended
Jan. 31, 2025
Mar. 14, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Amendment Flag false  
Document Period End Date Jan. 31, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Information [Line Items]    
Entity Registrant Name FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.  
Entity Central Index Key 0000036840  
Entity File Number 000-25043  
Entity Tax Identification Number 22-1697095  
Entity Incorporation, State or Country Code MD  
Current Fiscal Year End Date --10-31  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Contact Personnel [Line Items]    
Entity Address, Address Line One 505 Main Street, Suite 400  
Entity Address, City or Town Hackensack  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07601  
Entity Phone Fax Numbers [Line Items]    
City Area Code (201)  
Local Phone Number 488-6400  
Entity Listings [Line Items]    
Entity Common Stock, Shares Outstanding   7,471,344
Common stock    
Entity Listings [Line Items]    
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol FREVS  
Security Exchange Name NONE  
Preferred Stock    
Entity Listings [Line Items]    
Title of 12(b) Security Preferred Stock Purchase Rights  
v3.25.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jan. 31, 2025
Oct. 31, 2024
ASSETS    
Real estate, at cost, net of accumulated depreciation $ 91,215 $ 91,862
Construction in progress 957 944
Cash and cash equivalents 11,900 14,914
Investment in U.S. Treasury securities available-for-sale 27,497 29,259
Investment in tenancy-in-common 17,391 17,512
Tenants' security accounts 902 913
Receivables arising from straight-lining of rents 544 572
Accounts receivable, net of allowance for doubtful accounts of $159 and $272 as of January 31, 2025 and October 31, 2024, respectively 406 498
Prepaid expenses and other assets 5,344 5,007
Deferred charges, net 263 277
Interest rate swap contracts 464 506
Total Assets 156,883 162,264
Liabilities:    
Mortgages payable, including deferred interest of $222 as of January 31, 2025 and October 31, 2024 128,377 128,871
Less unamortized debt issuance costs 765 799
Mortgages payable, net 127,612 128,072
Accounts payable and accrued expenses 1,110 857
Dividends payable 597 5,224
Tenants' security deposits 1,184 1,205
Deferred revenue 761 722
Total Liabilities 131,264 136,080
Commitments and contingencies
Common Equity:    
Preferred stock with par value of $0.01 per share: 5,000,000 and 0 shares authorized and issued, respectively
Common stock with par value of $0.01 per share: 20,000,000 shares authorized; 7,462,993 shares issued 75 75
Additional paid-in-capital 32,253 32,253
Retained earnings 558 541
Accumulated other comprehensive income 465 494
Total Common Equity 33,351 33,363
Noncontrolling interests in subsidiaries (7,732) (7,179)
Total Equity 25,619 26,184
Total Liabilities and Equity $ 156,883 $ 162,264
v3.25.0.1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Jan. 31, 2025
Oct. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts (in Dollars) $ 159 $ 272
Deferred interest (in Dollars) $ 222 $ 222
Preferred stock, par value (in Dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Common stock, par value (in Dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 20,000,000 20,000,000
Common stock, shares issued 7,462,993 7,462,993
v3.25.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Revenue:    
Rental income $ 6,592 $ 6,454
Reimbursements 565 458
Sundry income 112 87
Total revenue 7,269 6,999
Expenses:    
Operating expenses 2,765 3,489
Management fees 368 336
Real estate taxes 1,448 1,492
Depreciation 723 725
Total expenses 5,304 6,042
Investment income 400 407
Net loss on sale of Maryland properties (79)
Income (loss) on investment in tenancy-in-common 9 (109)
Interest expense including amortization of deferred financing costs (1,873) (1,842)
Net income (loss) 501 (666)
Net loss attributable to noncontrolling interests in subsidiaries 113 154
Net income (loss) attributable to common equity $ 614 $ (512)
Earnings (loss) per share:    
Earnings (loss) per share Basic (in Dollars per share) $ 0.08 $ (0.07)
Earnings (loss) per share diluted (in Dollars per share) $ 0.08 $ (0.07)
Weighted average shares outstanding:    
Weighted average shares outstanding Basic (in Shares) 7,463 7,450
Weighted average shares outstanding diluted (in Shares) 7,463 7,450
v3.25.0.1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 501 $ (666)
Other comprehensive income (loss):    
Unrealized gain (loss) on interest rate swap contracts before reclassifications 55 (339)
Amount reclassified from accumulated other comprehensive income to interest expense (97) (191)
Net unrealized loss on interest rate swap contracts (42) (530)
Unrealized gain (loss) on U.S. Treasury securities available-for-sale before reclassifications 12 (6)
Amount reclassified from accumulated other comprehensive income to investment income 1 (1)
Net unrealized gain (loss) on U.S. Treasury securities available-for-sale 13 (7)
Comprehensive income (loss) 472 (1,203)
Comprehensive loss attributable to noncontrolling interests in subsidiaries 113 154
Comprehensive income (loss) attributable to common equity $ 585 $ (1,049)
v3.25.0.1
Condensed Consolidated Statement of Stockholder's Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock
Additional Paid-In- Capital
Retained Earnings
Accumulated Other Comprehensive Income
Total Common Equity
Noncontrolling Interests in Subsidiaries
Total
Balance at Oct. 31, 2023 $ 74 $ 32,074 $ (8,968) $ 1,336 $ 24,516 $ (6,040) $ 18,476
Balance (in Shares) at Oct. 31, 2023 7,450            
Stock based compensation expense 1 1 1
Distributions to noncontrolling interests in subsidiaries (180) (180)
Net income (loss)     (512)   (512) (154) (666)
Dividends declared (372) (372) (372)
Net unrealized loss on interest rate swap contracts (530) (530) (530)
Net unrealized gain (loss) on investment in U.S. Treasury securities available-for-sale (7) (7) (7)
Balance at Jan. 31, 2024 $ 74 32,075 (9,852) 799 23,096 (6,374) 16,722
Balance (in Shares) at Jan. 31, 2024 7,450            
Balance at Oct. 31, 2024 $ 75 32,253 541 494 33,363 (7,179) 26,184
Balance (in Shares) at Oct. 31, 2024 7,463            
Distributions to noncontrolling interests in subsidiaries (440) (440)
Net income (loss) 614 614 (113) 501
Dividends declared (597) (597) (597)
Net unrealized loss on interest rate swap contracts (42) (42) (42)
Net unrealized gain (loss) on investment in U.S. Treasury securities available-for-sale       13 13 13
Balance at Jan. 31, 2025 $ 75 $ 32,253 $ 558 $ 465 $ 33,351 $ (7,732) $ 25,619
Balance (in Shares) at Jan. 31, 2025 7,463            
v3.25.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Operating activities:    
Net income (loss) $ 501 $ (666)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net loss on sale of Maryland properties 79
Depreciation 723 725
Amortization 148 181
Stock based compensation expense 1
(Gain) loss on investment in tenancy-in-common (9) 109
Deferred rents - straight line rent 28 29
Bad debt expense 26 45
Accreted interest on investment in U.S. Treasury securities (257) (242)
Changes in operating assets and liabilities:    
Tenants' security accounts (21) (1)
Accounts receivable, prepaid expenses and other assets (122) 271
Accounts payable, accrued expenses and deferred director compensation payable 463 271
Deferred revenue 39 132
Net cash provided by operating activities 1,519 934
Investing activities:    
Cash outlays from sale of Maryland properties, net (66)
Purchase of U.S. Treasury securities (11,511) (10,596)
Proceeds from maturities of U.S. Treasury securities 13,543 17,939
Capital improvements - existing properties (299) (303)
Deferred leasing costs (12) (20)
Distribution from investment in tenancy-in-common 130 455
Net cash provided by investing activities 1,851 7,409
Financing activities:    
Repayment of mortgages (494) (7,944)
Deferred financing costs (88) (89)
Dividends paid (5,224) (372)
Distributions to noncontrolling interests in subsidiaries (440) (180)
Net cash used in financing activities (6,246) (8,585)
Net decrease in cash, cash equivalents and restricted cash (2,876) (242)
Cash, cash equivalents and restricted cash, beginning of period 19,223 18,356
Cash, cash equivalents and restricted cash, end of period 16,347 18,114
Supplemental disclosure of cash flow data:    
Interest paid 1,751 1,687
Investing activities:    
Accrued transactional costs for sale of the Maryland properties 13
Accrued capital expenditures, construction costs and pre-development costs 30 13
Financing activities:    
Dividends declared but not paid 597 372
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:    
Cash and cash equivalents 11,900 13,679
Tenants' security accounts 902 950
Funds held in post-closing escrow 281
Mortgage escrows (included in prepaid expenses and other assets) 3,545 3,204
Total cash, cash equivalents and restricted cash $ 16,347 $ 18,114
v3.25.0.1
Basis of Presentation
 3 Months Ended
Jan. 31, 2025
Basis of Presentation [Abstract]  
Basis of presentation

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”) is a Maryland corporation.

 

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 three-month period ended January 31, 2025 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, 2024.
v3.25.0.1
Recently Issued Accounting Standards
 3 Months Ended
Jan. 31, 2025
Recently Issued Accounting Standard [Abstract]  
Recently issued accounting standards

Note 2 – Recently issued accounting standards:

 

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) to improve reportable segment disclosure requirements, primarily through enhanced disclosure about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosure.

 

In December 2023, the 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. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our 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.
v3.25.0.1
Dividends and Earnings (Loss) Per Share
 3 Months Ended
Jan. 31, 2025
Dividends and Earnings (Loss) Per Share [Abstract]  
Dividends and earnings (loss) per share

Note 3 – Dividends and earnings (loss) per share:

 

The FREIT Board of Directors (“Board”) declared a dividend of approximately $597,000 ($0.08 per share) in the first quarter of Fiscal 2025, which will be paid on March 14, 2025 to stockholders of record on February 28, 2025.

 

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

 

For the three months ended January 31, 2025, only basic earnings per share is presented since there are no outstanding stock options or other diluted securities. For the three months ended January 31, 2024, the outstanding stock options were anti-dilutive with no

impact on loss per share. There were approximately 8,440 anti-dilutive shares for the three months ended January 31, 2024. Anti-dilutive shares consisted of out-of-the money stock options under the Equity Incentive Plan (See Note 12).
v3.25.0.1
Fair Value Measurements
 3 Months Ended
Jan. 31, 2025
Fair Value Measurements [Abstract]  
Fair Value Measurements

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) interest rate swap contracts.

 

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 $27,497,000 and $29,259,000, as of January 31, 2025 and October 31, 2024, 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 statement of operations and reflected as accreted interest in the condensed consolidated statement of cash flows. For the three months ended January 31, 2025 and 2024, this amounted to approximately $257,000 and $242,000, respectively. Any changes in the value of these securities are recorded as an unrealized gain or loss in other comprehensive income (loss). Upon sale, the realized gain or loss related to these investments is recognized in investment income in the condensed consolidated statements of operations. For the three months ended January 31, 2025 and 2024, FREIT recorded an unrealized gain of approximately $13,000 and unrealized loss of approximately $7,000, respectively, in the condensed consolidated statements of comprehensive income (loss) 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 (loss). On December 15, 2024, the Regency loan and its corresponding interest rate swap contract matured with no settlement due at maturity. (See Note 9 for further details.) For the three months ended January 31, 2025 and 2024, FREIT recorded an unrealized loss of approximately $42,000 and $530,000, respectively, in the condensed consolidated statements of comprehensive income (loss) representing the change in the fair value of these cash flow hedges during such periods. As of January 31, 2025, there was an asset of approximately $464,000 for the Station Place swap. As of October 31, 2024, there was an asset of approximately $54,000 for the Regency swap and $452,000 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).
v3.25.0.1
Investment in Tenancy-in-Common
 3 Months Ended
Jan. 31, 2025
Investment in Tenancy-in-Common [Abstract]  
Investment in tenancy-in-common

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 ultimately acquired a 65% undivided interest in the Pierre Towers property, which was formerly owned by S&A. While FREIT’s effective ownership percentage in the Pierre Towers property remained unchanged after the reorganization to a TIC, FREIT no longer has a controlling interest in the TIC as the TIC is now 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 the TIC was approximately $17.4 million and $17.5 million at January 31, 2025 and October 31, 2024, respectively. For the three months ended January 31, 2025 and 2024, FREIT recognized income from the investment in TIC of approximately $9,000 and a loss of approximately $109,000, respectively, in the accompanying condensed consolidated statements of operations.

 

Hekemian & Co., Inc. (“Hekemian & Co.”) manages the Pierre Towers property pursuant to a management agreement 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, 2026.

 

The management agreement requires the payment of management fees equal to 5% of rents collected. Management fees, charged to operations, were approximately $122,000 and $106,000 for the three months ended January 31, 2025 and 2024, 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. There were no such commissions charged to operations for the three months ended January 31, 2025 and 2024.

The following table summarizes the balance sheets of the Pierre Towers property as of January 31, 2025 and October 31, 2024, accounted for by the equity method:

 

   January 31,   October 31, 
   2025   2024 
   (In Thousands of Dollars) 
         
Real estate, net  $72,326   $72,707 
Cash and cash equivalents   1,492    1,442 
Tenants' security accounts   524    528 
Receivables and other assets   435    556 
Total assets  $74,777   $75,233 
           
Mortgages payable, net of unamortized debt issuance costs  $47,068   $47,362 
Accounts payable and accrued expenses   292    229 
Tenants' security deposits   530    529 
Deferred revenue   132    172 
Equity   26,755    26,941 
Total liabilities & equity  $74,777   $75,233 
           
FREIT's investment in TIC (65% interest)  $17,391   $17,512 

 

The following table summarizes the statements of operations of the Pierre Towers property for the three months ended January 31, 2025 and 2024, accounted for by the equity method:

 

   Three Months Ended January 31, 
   2025   2024 
   (In Thousands of Dollars) 
         
Revenue  $2,177   $2,115 
Operating expenses   1,237    1,358 
Depreciation   562    557 
Operating income   378    200 
           
Interest income   19    25 
Interest expense including amortization of deferred financing costs   (383)   (392)
           
Net income (loss)  $14   $(167)
           
FREIT's share of income (loss) on investment in TIC (65% interest)  $9   $(109)
v3.25.0.1
Termination of Purchase and Sale Agreement
 3 Months Ended
Jan. 31, 2025
Termination of Purchase And Sale Agreement [Abstract]  
Termination of Purchase and Sale Agreement

Note 6 – Termination of Purchase and Sale Agreement:

 

As FREIT previously reported, on June 26, 2024, a settlement was reached between FREIT and certain of its affiliates and Sinatra Properties, LLC (“Sinatra”) and Kushner Companies, LLC, (collectively the “Kushner Parties”) regarding previously reported ongoing litigation. The litigation involved a dispute between the parties related to a purchase and sale agreement entered into on January 14, 2020. All settlement payments have been received by FREIT and its affiliates.

 

Legal costs attributed to the legal proceeding between FREIT and certain of its affiliates and Sinatra have been incurred in the amount of approximately $1,000 and $314,000 for the three months ended January 31, 2025 and 2024, respectively, and are included in operating expenses on the condensed consolidated statements of operations.
v3.25.0.1
Maryland Property Dispositions
 3 Months Ended
Jan. 31, 2025
Maryland Property Dispositions [Abstract]  
Maryland property dispositions

Note 7 – Maryland property dispositions:

 

On November 22, 2021, certain affiliates (the “Maryland Sellers”) of FREIT entered into a Purchase and Sale Agreement (the “Maryland Purchase and Sale Agreement”) with MCB Acquisition Company, LLC (the “Maryland Purchaser”), a third party, pursuant to which the Maryland Sellers agreed to sell three properties to the Maryland Purchaser. The properties consisted of retail and office space and a residential apartment community owned by Grande Rotunda, LLC (the “Rotunda Property”), a shopping center owned by Damascus Centre, LLC (the “Damascus Property”), and a shopping center owned by WestFREIT Corp. (the

“Westridge Square Property”). FREIT owns 100% of its subsidiary, WestFREIT Corp. (“WestFREIT”), a 60% interest in Grande Rotunda, LLC (“Grande Rotunda”), the joint venture that owned the Rotunda Property, and a 70% interest in Damascus Centre, LLC (“Damascus Centre”), the joint venture that owned the Damascus Property.

 

The sale of the Maryland Properties having a total net book value of $172.3 million (as adjusted) was consummated by the Maryland Sellers and the Maryland Purchaser for a purchase price of $248,750,269, after giving effect to the $15,526,731 escrow deposit (the “Maryland Purchaser Escrow Payment”). This sale resulted in net proceeds of approximately $58.7 million, after payment of related mortgage debt in the amount of $155.8 million and the corresponding swap breakage fees of approximately $213,000 related to the early termination of the interest rate swap contracts on the Damascus Property loan, payment of loans (including interest) to each of the equity owners in Grande Rotunda in the amount of approximately $31 million and certain transactional expenses and transfer taxes including brokerage fees due to Hekemian & Co. of approximately $6.4 million (see Note 8 for additional details). As of January 31, 2025, approximately $7,084,000 of the Maryland Purchaser Escrow Payment has been released from escrow to the Maryland Sellers with no remaining funds held in post-closing escrow for rents anticipated to be released. The escrow and related gain on sale were reduced by approximately $79,000 for the three months ended January 31, 2024 due to a change in estimate related to a change in the timing of anticipated rent commencement dates for certain tenants, which reduced the escrowed funds released to Grande Rotunda. The sale of the Maryland Properties resulted in a net gain of approximately $67.4 million (as adjusted) (FREIT’s share is approximately $44.8 million) which includes approximately $7.1 million of proceeds released from funds held in escrow, a write-off of the straight-line rent receivable of approximately $2.9 million and a write-off of unamortized lease commissions of approximately $1.7 million.

 

On August 4, 2022, FREIT’s Board declared a special, extraordinary, non-recurring cash distribution of approximately $51.5 million, or $7.50 per share, which was paid on August 30, 2022, to stockholders of record on August 16, 2022 (with an ex-dividend date of August 31, 2022). This distribution represented most of the net proceeds of FREIT’s sale of its portfolio of Maryland Properties.

 

On July 12, 2023, FREIT’s Board declared an ordinary dividend of $0.05 per share and a special dividend of $0.25 per share to distribute funds released in Fiscal 2023 from the post-closing rent escrow established in connection with the sale of its portfolio of Maryland Properties. The total dividend of $0.30 per share was paid on September 15, 2023 to holders of record of said shares at the close of business on September 1, 2023.

 

As the disposal of the Maryland Properties did not represent a strategic shift that would have a major impact on FREIT’s operations or financial results, the properties’ operations were not reflected as discontinued operations in the accompanying condensed consolidated financial statements.
v3.25.0.1
Management Agreement, Fees and Transactions with Related Party
 3 Months Ended
Jan. 31, 2025
Management Agreement, Fees and Transactions with Related Party [Abstract]  
Management Agreement, Fees and Transactions with Related Party

Note 8 - Management agreement, fees and transactions with related party:

 

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, 2025 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.

 

The Management Agreement requires the payment of management fees equal to 4% to 5% of rents collected. Such fees charged to operations were approximately $368,000 and $336,000 for the three months ended January 31, 2025 and 2024, 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 $93,000 and $147,000 for the three months ended January 31, 2025 and 2024, 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 $9,000 and $56,000 for the three months ended January 31, 2025 and 2024, 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 for the three months ended January 31, 2025 and 2024 were approximately $35,000 and $13,400, respectively. Fees incurred during Fiscal 2025 related to commission to Hekemian & Co. for the modification and extension of the loan on the Regency property which was accounted for as a deferred mortgage cost and included in the unamortized debt issuance costs in the accompanying condensed consolidated balance sheet as of January 31, 2025. Fees incurred during Fiscal 2024 related to commission to Hekemian & Co. for the additional proceeds received from the post-closing rent escrow for the sale of the Rotunda Property, which was charged against the gain on sale of the Maryland Properties (See Note 7) in the accompanying condensed consolidated statement of operations for the three months ended January 31, 2024.

 

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) incurred by FREIT for the three months ended January 31, 2025 and 2024 was approximately $165,000 and $165,000, respectively, for Robert S. Hekemian, Jr., $11,000 and $11,000, respectively, for Allan Tubin and $15,000 and

$15,000, respectively, for David B. Hekemian (See Note 12). Such costs are included within operating expenses on the accompanying condensed consolidated statements of operations.
v3.25.0.1
Mortgages Payable and Line of Credit
 3 Months Ended
Jan. 31, 2025
Mortgages Payable and Line of Credit [Abstract]  
Mortgages payable and line of credit

Note 9 – Mortgages payable and line of credit:

 

The following table is a summary of mortgages payable as of January 31, 2025 and October 31, 2024:

 

      Interest Rate at   Mortgages Payable as of 
Mortgages Secured By:  Maturity  January 31, 2025   January 31, 2025   October 31, 2024 
          (In Thousands of Dollars) 
Steuben Arms - River Edge, NJ (A)  5/31/2027   6.75%   $8,789   $8,811 
Berdan Court - Wayne, NJ  8/31/2029   3.54%    28,597    28,728 
Westwood Hills - Westwood, NJ  9/1/2026   6.05%    25,055    25,136 
Regency Club - Middletown, NY (B)  12/15/2027   6.05%    13,880    13,920 
Station Place - Red Bank, NJ  12/15/2027   4.35%    11,220    11,281 
Westwood Plaza - Westwood, NJ (C)  5/1/2025   8.50%    15,836    15,995 
Preakness S/C - Wayne, NJ  8/1/2025   5.00%    25,000    25,000 
Total fixed rate mortgages payable           128,377    128,871 
Total unamortized debt issuance costs           (765)   (799)
Total mortgages payable, net          $127,612   $128,072 

 

(A)On December 1, 2023, the mortgage secured by an apartment building located in River Edge, New Jersey came due. Provident Bank extended the initial maturity date of this loan for a 90-day period with a maturity date of March 1, 2024 and further extended this loan for another 60-day period with a maturity date of June 1, 2024, based on the same terms and conditions of the existing loan agreement. On May 1, 2024, FREIT entered into a loan extension and modification agreement with Provident Bank, effective June 1, 2024, with a then outstanding loan balance of approximately $8.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to May 31, 2027, requires monthly installments of principal and interest of approximately $58,016 and is based on a fixed interest rate of 6.75%.
(B)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.
(C)Effective February 1, 2023, FREIT entered into a loan extension and modification agreement with Valley National Bank on its loan secured by the Westwood Plaza shopping center located in Westwood, New Jersey with a then outstanding balance of approximately $16,864,361. Under the terms and conditions of this loan extension and modification, the maturity date of the loan was extended for a term of one (1) year from February 1, 2023 to February 1, 2024 with the option of FREIT to extend for one additional year from the extended maturity date, subject to certain provisions of the loan agreement. The loan was based on a fixed interest rate of 7.5% and was payable based on monthly installments of principal and interest of approximately $157,347. Additionally, FREIT funded an interest reserve escrow account for this loan (“Escrow”) at closing representing the annualized principal and interest payments for one (1) year, amounting to approximately $1,888,166. On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement, to extend the term of this loan 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 is based on a fixed interest rate of 8.5% and is payable based on monthly installments of principal and interest of approximately $166,727. Additionally, FREIT funded the Escrow with an additional $112,556, increasing the Escrow balance to $2,000,722, which represents the annualized principal and interest payments for one (1) year under this loan extension. 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. 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. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for an extension of this loan is entered into, there can be no assurance this loan will be extended.

 

FREIT’s revolving line of credit provided by Provident Bank was renewed for a three-year term ending on October 31, 2026. Draws against the credit line can be used for working capital needs and standby letters of credit. Draws against the credit line are secured

by mortgages on FREIT’s Franklin Crossing Shopping Center in Franklin Lakes, New Jersey and retail space in Glen Rock, New Jersey. The total line of credit is $13 million and the interest rate on the amount outstanding is based on a floating interest rate of prime minus 25 basis points with a floor of 6.75%. As of January 31, 2025 and October 31, 2024, there was no amount outstanding and $13 million was available under the line of credit.

 

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.

 

Principal amounts (in thousands of dollars) due under the above obligations in each of the next five years ending October 31, is as follows:

 

Year Ending
October 31,		  Amount 
2025  $42,264(a)
2026  $25,926 
2027  $9,655 
2028  $24,521 
2029  $26,506 

 

(a)Includes the following:

 

(1)The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $15.7 million which had a maturity date of 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. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for an extension of this loan is entered into, there can be no assurance this loan will be extended.

 

(2)The loan on the Preakness shopping center located in Wayne, New Jersey, in the amount of approximately $25 million which has a maturity date of August 1, 2025. Management expects this loan to be extended, however, until such time as a definitive agreement providing for an extension of this loan is entered into, there can be no assurance this loan will be extended.

 

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 January 31, 2025 and October 31, 2024:

 

($ in Millions)  January 31, 2025   October 31, 2024 
         
Fair Value  $123.8   $124.7 
           
Carrying Value, Net  $127.6   $128.1 

 

Fair values are estimated based on market interest rates at January 31, 2025 and October 31, 2024 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).
v3.25.0.1
Segment Information
 3 Months Ended
Jan. 31, 2025
Segment Information [Abstract]  
Segment information

Note 10 - 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 five (5) properties and 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, 2024. 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 (loss) attributable to common equity for the three months ended January 31, 2025 and 2024. Asset information is not reported since FREIT does not use this measure to assess performance.

 

   Three Months Ended 
   January 31, 
   2025   2024 
   (In Thousands of Dollars) 
Real estate rental revenue:          
Commercial  $1,934   $1,981 
Residential   5,363    5,047 
Total real estate rental revenue   7,297    7,028 
           
Real estate operating expenses:          
Commercial   1,367    1,327 
Residential   2,369    2,182 
Total real estate operating expenses   3,736    3,509 
           
Net operating income:          
Commercial   567    654 
Residential   2,994    2,865 
Total net operating income  $3,561   $3,519 
           
           
Recurring capital improvements - residential  $(77)  $(96)
           
           
Reconciliation to condensed consolidated net income (loss) attributable to common equity:      
Segment NOI  $3,561   $3,519 
Deferred rents - straight lining   (28)   (29)
Investment income   400    407 
General and administrative expenses   (845)   (1,808)
Income (loss) on investment in tenancy-in-common   9    (109)
Depreciation   (723)   (725)
Net loss on sale of Maryland properties   
—
    (79)
Financing costs   (1,873)   (1,842)
Net income (loss)   501    (666)
Net loss attributable to noncontrolling interests in subsidiaries   113    154 
Net income (loss) attributable to common equity  $614   $(512)
v3.25.0.1
Income Taxes
 3 Months Ended
Jan. 31, 2025
Income Taxes [Abstract]  
Income taxes

Note 11 – 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) to its stockholders as dividends for the fiscal year ending October 31, 2025. For the fiscal year ended October 31, 2024, FREIT has distributed 100% of its ordinary taxable income and 100% of its capital gain 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 three months ended January 31, 2025 and 2024.

 

As of January 31, 2025, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2021 remain open to examination by the major taxing jurisdictions.
v3.25.0.1
Equity Incentive Plan
 3 Months Ended
Jan. 31, 2025
Equity Incentive Plan [Abstract]  
Equity Incentive Plan

Note 12 – 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 22, 2024, 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 2024, 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 22, 2024 of $16.25 per Share, the Board approved an award of 1,230 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,230 Shares were issued to each director on March 22, 2024 and upon issuance were deemed fully paid and non-assessable.

 

As of January 31, 2025, 428,060 shares are available for issuance under the Plan.

 

As of January 31, 2025, all options have been fully vested and exercised with no remaining compensation cost to be recognized. For the three months ended January 31, 2025 and 2024, compensation expense related to stock options vested amounted to approximately $0 and $1,000, respectively.

 

The following table summarizes stock option activity for the three months ended January 31, 2024:

 

   Three Months Ended January 31, 
   2024 
   No. of Options   Weighted Average 
   Outstanding   Price 
Options outstanding at beginning of period   8,440   $9.21 
Options granted during period   
—
    
—
 
Options forfeited/cancelled during period   
—
    
—
 
Options exercised during period   
—
    
—
 
Options outstanding at end of period   8,440   $9.21 
Options vested   8,290      
Options exercisable at end of period   7,440      
v3.25.0.1
Rental Income
 3 Months Ended
Jan. 31, 2025
Rental Income [Abstract]  
Rental Income

Note 13 – 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 years ending October 31, as of January 31, 2025, is as follows:

 

Year Ending October 31,  Amount 
2025  $4,406 
2026   3,663 
2027   2,491 
2028   1,523 
2029   1,320 
Thereafter   3,282 
Total  $16,685 

 

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 three months ended January 31, 2025 and 2024 were not material.

 

Residential tenants:

 

Lease terms for residential tenants are usually one to two years.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 614 $ (512)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Jan. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Investment in Tenancy-in-Common (Tables)
 3 Months Ended
Jan. 31, 2025
Investment in Tenancy-in-Common [Abstract]  
Schedule of Balance Sheets of the Pierre Towers Property

The following table summarizes the balance sheets of the Pierre Towers property as of January 31, 2025 and October 31, 2024, accounted for by the equity method:

 

   January 31,   October 31, 
   2025   2024 
   (In Thousands of Dollars) 
         
Real estate, net  $72,326   $72,707 
Cash and cash equivalents   1,492    1,442 
Tenants' security accounts   524    528 
Receivables and other assets   435    556 
Total assets  $74,777   $75,233 
           
Mortgages payable, net of unamortized debt issuance costs  $47,068   $47,362 
Accounts payable and accrued expenses   292    229 
Tenants' security deposits   530    529 
Deferred revenue   132    172 
Equity   26,755    26,941 
Total liabilities & equity  $74,777   $75,233 
           
FREIT's investment in TIC (65% interest)  $17,391   $17,512 
Schedule of Statements of Operations of the Pierre Towers Property

The following table summarizes the statements of operations of the Pierre Towers property for the three months ended January 31, 2025 and 2024, accounted for by the equity method:

 

   Three Months Ended January 31, 
   2025   2024 
   (In Thousands of Dollars) 
         
Revenue  $2,177   $2,115 
Operating expenses   1,237    1,358 
Depreciation   562    557 
Operating income   378    200 
           
Interest income   19    25 
Interest expense including amortization of deferred financing costs   (383)   (392)
           
Net income (loss)  $14   $(167)
           
FREIT's share of income (loss) on investment in TIC (65% interest)  $9   $(109)
v3.25.0.1
Mortgages Payable and Line of Credit (Tables)
 3 Months Ended
Jan. 31, 2025
Mortgages Payable and Line of Credit [Abstract]  
Schedule of Summary of Mortgages Payable

The following table is a summary of mortgages payable as of January 31, 2025 and October 31, 2024:

 

      Interest Rate at   Mortgages Payable as of 
Mortgages Secured By:  Maturity  January 31, 2025   January 31, 2025   October 31, 2024 
          (In Thousands of Dollars) 
Steuben Arms - River Edge, NJ (A)  5/31/2027   6.75%   $8,789   $8,811 
Berdan Court - Wayne, NJ  8/31/2029   3.54%    28,597    28,728 
Westwood Hills - Westwood, NJ  9/1/2026   6.05%    25,055    25,136 
Regency Club - Middletown, NY (B)  12/15/2027   6.05%    13,880    13,920 
Station Place - Red Bank, NJ  12/15/2027   4.35%    11,220    11,281 
Westwood Plaza - Westwood, NJ (C)  5/1/2025   8.50%    15,836    15,995 
Preakness S/C - Wayne, NJ  8/1/2025   5.00%    25,000    25,000 
Total fixed rate mortgages payable           128,377    128,871 
Total unamortized debt issuance costs           (765)   (799)
Total mortgages payable, net          $127,612   $128,072 

 

(A)On December 1, 2023, the mortgage secured by an apartment building located in River Edge, New Jersey came due. Provident Bank extended the initial maturity date of this loan for a 90-day period with a maturity date of March 1, 2024 and further extended this loan for another 60-day period with a maturity date of June 1, 2024, based on the same terms and conditions of the existing loan agreement. On May 1, 2024, FREIT entered into a loan extension and modification agreement with Provident Bank, effective June 1, 2024, with a then outstanding loan balance of approximately $8.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to May 31, 2027, requires monthly installments of principal and interest of approximately $58,016 and is based on a fixed interest rate of 6.75%.
(B)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.
(C)Effective February 1, 2023, FREIT entered into a loan extension and modification agreement with Valley National Bank on its loan secured by the Westwood Plaza shopping center located in Westwood, New Jersey with a then outstanding balance of approximately $16,864,361. Under the terms and conditions of this loan extension and modification, the maturity date of the loan was extended for a term of one (1) year from February 1, 2023 to February 1, 2024 with the option of FREIT to extend for one additional year from the extended maturity date, subject to certain provisions of the loan agreement. The loan was based on a fixed interest rate of 7.5% and was payable based on monthly installments of principal and interest of approximately $157,347. Additionally, FREIT funded an interest reserve escrow account for this loan (“Escrow”) at closing representing the annualized principal and interest payments for one (1) year, amounting to approximately $1,888,166. On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement, to extend the term of this loan 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 is based on a fixed interest rate of 8.5% and is payable based on monthly installments of principal and interest of approximately $166,727. Additionally, FREIT funded the Escrow with an additional $112,556, increasing the Escrow balance to $2,000,722, which represents the annualized principal and interest payments for one (1) year under this loan extension. 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. 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. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for an extension of this loan is entered into, there can be no assurance this loan will be extended.
Schedule of Principal Amounts

Principal amounts (in thousands of dollars) due under the above obligations in each of the next five years ending October 31, is as follows:

 

Year Ending
October 31,		  Amount 
2025  $42,264(a)
2026  $25,926 
2027  $9,655 
2028  $24,521 
2029  $26,506 

 

(a)Includes the following:

 

(1)The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $15.7 million which had a maturity date of 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. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for an extension of this loan is entered into, there can be no assurance this loan will be extended.

 

(2)The loan on the Preakness shopping center located in Wayne, New Jersey, in the amount of approximately $25 million which has a maturity date of August 1, 2025. Management expects this loan to be extended, however, until such time as a definitive agreement providing for an extension of this loan is entered into, there can be no assurance this loan will be extended.
Schedule of Estimated Fair Value and Net Carrying Value of Long-Term Debt

The following table shows the estimated fair value and net carrying value of FREIT’s long-term debt at January 31, 2025 and October 31, 2024:

 

($ in Millions)  January 31, 2025   October 31, 2024 
         
Fair Value  $123.8   $124.7 
           
Carrying Value, Net  $127.6   $128.1 
v3.25.0.1
Segment Information (Tables)
 3 Months Ended
Jan. 31, 2025
Segment Information [Abstract]  
Schedule of Condensed Consolidated Net Income (loss) Attributable to Common Equity Asset information is not reported since FREIT does not use this measure to assess performance.
   Three Months Ended 
   January 31, 
   2025   2024 
   (In Thousands of Dollars) 
Real estate rental revenue:          
Commercial  $1,934   $1,981 
Residential   5,363    5,047 
Total real estate rental revenue   7,297    7,028 
           
Real estate operating expenses:          
Commercial   1,367    1,327 
Residential   2,369    2,182 
Total real estate operating expenses   3,736    3,509 
           
Net operating income:          
Commercial   567    654 
Residential   2,994    2,865 
Total net operating income  $3,561   $3,519 
           
           
Recurring capital improvements - residential  $(77)  $(96)
           
           
Reconciliation to condensed consolidated net income (loss) attributable to common equity:      
Segment NOI  $3,561   $3,519 
Deferred rents - straight lining   (28)   (29)
Investment income   400    407 
General and administrative expenses   (845)   (1,808)
Income (loss) on investment in tenancy-in-common   9    (109)
Depreciation   (723)   (725)
Net loss on sale of Maryland properties   
—
    (79)
Financing costs   (1,873)   (1,842)
Net income (loss)   501    (666)
Net loss attributable to noncontrolling interests in subsidiaries   113    154 
Net income (loss) attributable to common equity  $614   $(512)
v3.25.0.1
Equity Incentive Plan (Tables)
 3 Months Ended
Jan. 31, 2025
Equity Incentive Plan [Abstract]  
Schedule of Stock Option Activity

The following table summarizes stock option activity for the three months ended January 31, 2024:

 

   Three Months Ended January 31, 
   2024 
   No. of Options   Weighted Average 
   Outstanding   Price 
Options outstanding at beginning of period   8,440   $9.21 
Options granted during period   
—
    
—
 
Options forfeited/cancelled during period   
—
    
—
 
Options exercised during period   
—
    
—
 
Options outstanding at end of period   8,440   $9.21 
Options vested   8,290      
Options exercisable at end of period   7,440      
v3.25.0.1
Rental Income (Tables)
 3 Months Ended
Jan. 31, 2025
Rental Income [Abstract]  
Schedule of Minimum Fixed Lease Consideration Under Non-Cancelable Tenant Operating Leases

Minimum fixed lease consideration (in thousands of dollars) under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration and rents from tenants for which collectability is deemed to be constrained, for the years ending October 31, as of January 31, 2025, is as follows:

 

Year Ending October 31,  Amount 
2025  $4,406 
2026   3,663 
2027   2,491 
2028   1,523 
2029   1,320 
Thereafter   3,282 
Total  $16,685 
v3.25.0.1
Dividends and Earnings (Loss) Per Share (Details) - USD ($)
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Dividends and Earnings Per Share [Line Items]    
Dividends price per share $ 0.08  
Anti-dilutive shares   8,440
Board of Directors [Member]    
Dividends and Earnings Per Share [Line Items]    
Dividends declared $ 597,000  
v3.25.0.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Oct. 31, 2024
Fair Value Measurements [Line Items]      
Available for sale $ 27,497   $ 29,259
Accreted interest on investment in U.S. Treasury securities 257 $ 242  
Net unrealized loss on U.S. Treasury securities available-for-sale 13 (7)  
Net unrealized (loss) gain on interest rate swap contracts (42) $ (530)  
Fair value asset     452
Station Place swap [Member]      
Fair Value Measurements [Line Items]      
Fair value asset $ 464    
Regency Swap [Member]      
Fair Value Measurements [Line Items]      
Fair value asset     $ 54
v3.25.0.1
Investment in Tenancy-in-Common (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 28, 2020
Jan. 31, 2025
Jan. 31, 2024
Oct. 31, 2024
Investment in Tenancy-in-Common [Line Items]        
Investment in tenancy-in-common   $ 17,391   $ 17,512
Loss on investment in TIC   $ 9 $ (109)  
Percentage of management fees of rent collected   5.00%    
Management fees   $ 368 336  
TIC Agreement [Member]        
Investment in Tenancy-in-Common [Line Items]        
Undivided interest 65.00%      
S and A Commercial Associates Limited Partnership [Member]        
Investment in Tenancy-in-Common [Line Items]        
Percentage of ownership interest 65.00%      
Pierre Towers Property [Member]        
Investment in Tenancy-in-Common [Line Items]        
Percentage of ownership interest 100.00%      
Pierre Towers, LLC [Member]        
Investment in Tenancy-in-Common [Line Items]        
Percentage of ownership interest 100.00%      
Pierre Towers [Member]        
Investment in Tenancy-in-Common [Line Items]        
Management fees   $ 122 $ 106  
v3.25.0.1
Investment in Tenancy-in-Common - Schedule of Balance Sheets of the Pierre Towers Property (Details) - Pierre Towers [Member] - USD ($)
$ in Thousands
Jan. 31, 2025
Oct. 31, 2024
Balance Sheets of the Pierre Towers Property [Line Items]    
Real estate, net $ 72,326 $ 72,707
Cash and cash equivalents 1,492 1,442
Tenants' security accounts 524 528
Receivables and other assets 435 556
Total Assets 74,777 75,233
Mortgages payable, net of unamortized debt issuance costs 47,068 47,362
Accounts payable and accrued expenses 292 229
Tenants' security deposits 530 529
Deferred revenue 132 172
Equity 26,755 26,941
Total Liabilities and Equity 74,777 75,233
FREIT's investment in TIC (65% interest) $ 17,391 $ 17,512
v3.25.0.1
Investment in Tenancy-in-Common - Schedule of Balance Sheets of the Pierre Towers Property (Parentheticals) (Details)
Jan. 31, 2025
Oct. 31, 2024
Jan. 31, 2024
Pierre Towers [Member]      
Balance Sheets of the Pierre Towers Property [Line Items]      
FREIT's investment in TIC 65.00% 65.00% 65.00%
v3.25.0.1
Investment in Tenancy-in-Common - Schedule of Statements of Operations of the Pierre Towers Property (Details) - Pierre Towers [Member] - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Statements of Operations of the Pierre Towers Property [Line Items]    
Revenue $ 2,177 $ 2,115
Operating expenses 1,237 1,358
Depreciation 562 557
Operating income 378 200
Interest income 19 25
Interest expense including amortization of deferred financing costs (383) (392)
Net income (loss) 14 (167)
FREIT's share of income (loss) on investment in TIC (65% interest) $ 9 $ (109)
v3.25.0.1
Investment in Tenancy-in-Common - Schedule of Statements of Operations of the Pierre Towers Property (Parentheticals) (Details)
Jan. 31, 2025
Oct. 31, 2024
Jan. 31, 2024
Pierre Towers [Member]      
Statements of Operations of the Pierre Towers Property [Line Items]      
FREIT's loss on investment in TIC interest 65.00% 65.00% 65.00%
v3.25.0.1
Termination of Purchase and Sale Agreement (Details) - USD ($)
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Termination of Purchase And Sale Agreement [Abstract]    
Incurred amount $ 1,000 $ 314,000
v3.25.0.1
Maryland Property Dispositions (Details) - USD ($)
 3 Months Ended
Aug. 04, 2022
Jan. 31, 2025
Oct. 31, 2023
Sep. 15, 2023
Jul. 12, 2023
Nov. 22, 2021
Maryland Property Dispositions [Line Items]            
Net book value   $ 172,300,000        
Escrow deposit   67,400,000        
Net proceeds   58,700,000        
Mortgage debt amount   155,800,000        
Breakage fees   213,000        
Grande rotunda amount   31,000,000        
Brokerage fees   6,400,000        
Purchase of escrow payment   7,084,000        
Escrow gain on sale   44,800,000        
Straight line rent receivable   2,900,000        
Unamortized lease commissions   $ 1,700,000        
Dividend per share (in Dollars per share)   $ 0.08        
Maryland Purchaser Escrow Payment [Member]            
Maryland Property Dispositions [Line Items]            
Escrow gain on sale   $ 79,000        
Purchase and Sale Agreement of Rotunda Property [Member]            
Maryland Property Dispositions [Line Items]            
Purchase price   248,750,269        
Escrow deposit   15,526,731        
First Real Estate Investment Trust [Member]            
Maryland Property Dispositions [Line Items]            
Ownership percentage           100.00%
Escrow gain on sale   $ 7,100,000        
Cash distribution $ 51,500,000          
Cash distribution, per share (in Dollars per share) $ 7.5          
Dividend per share (in Dollars per share)     $ 0.25 $ 0.3 $ 0.05  
Grande Rotunda, LLC [Member]            
Maryland Property Dispositions [Line Items]            
Ownership percentage           60.00%
Damascus Centre, LLC [Member]            
Maryland Property Dispositions [Line Items]            
Ownership percentage           70.00%
v3.25.0.1
Management Agreement, Fees and Transactions with Related Party (Details) - USD ($)
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Management Agreement, Fees and Transactions with Related Party [Line Items]    
Fees charged to operation $ 368,000 $ 336,000
Commissions and reimbursements amount 93,000 147,000
Incurred fees 35,000,000 13,400
Hekemian & Co [Member]    
Management Agreement, Fees and Transactions with Related Party [Line Items]    
Commissions and reimbursements amount 9,000 56,000
Director fee expense 165,000 165,000
Robert S. Hekemian, Jr. [Member]    
Management Agreement, Fees and Transactions with Related Party [Line Items]    
Director fee expense 11,000 $ 11,000
Allan Tubin [Member]    
Management Agreement, Fees and Transactions with Related Party [Line Items]    
Director fee expense 15,000  
David Hekemian [Member]    
Management Agreement, Fees and Transactions with Related Party [Line Items]    
Director fee expense $ 15,000  
Minimum [Member] | Hekemian & Co [Member]    
Management Agreement, Fees and Transactions with Related Party [Line Items]    
Management fee percentage 4.00%  
Maximum [Member] | Hekemian & Co [Member]    
Management Agreement, Fees and Transactions with Related Party [Line Items]    
Management fee percentage 5.00%  
v3.25.0.1
Mortgages Payable and Line of Credit (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 15, 2024
May 01, 2024
Oct. 31, 2023
Feb. 01, 2023
Jan. 31, 2025
Oct. 31, 2024
Mortgages Payable and Credit Line [Line Items]            
Outstanding loan balance   $ 8,900,000        
Repayment of loan $ 13,900,000          
Outstanding balance       $ 16,864,361    
Future periodic payment including principal         $ 157,347  
New maturity date     Feb. 01, 2025      
FREIT additional funded         112,556  
Increasing the escrow balance         2,000,722  
Line of credit, available         13,000,000  
Outstanding balance on line of credit         0 $ 13,000,000
Loan amount         25,000,000  
Provident Bank [Member]            
Mortgages Payable and Credit Line [Line Items]            
Monthly installments of principal   $ 58,016        
Fixed interest rate   6.75%        
FREIT [Member]            
Mortgages Payable and Credit Line [Line Items]            
Monthly installments of principal $ 84,521       $ 166,727  
Fixed interest rate 6.05%          
Maturity date of loan         Oct. 31, 2026  
Basis points, interest rate         6.75%  
Loan Agreement [Member]            
Mortgages Payable and Credit Line [Line Items]            
Fixed interest rate         7.50%  
Valley National Bank [Member]            
Mortgages Payable and Credit Line [Line Items]            
Monthly installments of principal         $ 1,888,166  
Fixed interest rate         8.50%  
Initial maturity date     Feb. 01, 2024      
Westwood Plaza [Member]            
Mortgages Payable and Credit Line [Line Items]            
Loan amount         $ 15,700,000  
v3.25.0.1
Mortgages Payable and Line of Credit - Schedule of Summary of Mortgages Payable (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Oct. 31, 2024
Schedule of Summary of Mortgages Payable [Line Items]    
Total unamortized debt issuance costs $ (765) $ (799)
Total mortgages payable, net $ 127,612 128,072
Mortgages [Member] | Steuben Arms - River Edge, NJ [Member]    
Schedule of Summary of Mortgages Payable [Line Items]    
Maturity [1] May 31, 2027  
Interest Rate [1] 6.75%  
Mortgages Payable [1] $ 8,789 8,811
Mortgages [Member] | Berdan Court - Wayne, NJ [Member]    
Schedule of Summary of Mortgages Payable [Line Items]    
Maturity Aug. 31, 2029  
Interest Rate 3.54%  
Mortgages Payable $ 28,597 28,728
Mortgages [Member] | Westwood Hills - Westwood, NJ [Member]    
Schedule of Summary of Mortgages Payable [Line Items]    
Maturity Sep. 01, 2026  
Interest Rate 6.05%  
Mortgages Payable $ 25,055 25,136
Mortgages [Member] | Regency Club - Middletown, NY [Member]    
Schedule of Summary of Mortgages Payable [Line Items]    
Maturity [2] Dec. 15, 2027  
Interest Rate [2] 6.05%  
Mortgages Payable [2] $ 13,880 13,920
Mortgages [Member] | Station Place - Red Bank, NJ [Member]    
Schedule of Summary of Mortgages Payable [Line Items]    
Maturity Dec. 15, 2027  
Interest Rate 4.35%  
Mortgages Payable $ 11,220 11,281
Mortgages [Member] | Westwood Plaza - Westwood, NJ [Member]    
Schedule of Summary of Mortgages Payable [Line Items]    
Maturity [3] May 01, 2025  
Interest Rate [3] 8.50%  
Mortgages Payable [3] $ 15,836 15,995
Mortgages [Member] | Preakness S/C - Wayne, NJ [Member]    
Schedule of Summary of Mortgages Payable [Line Items]    
Maturity Aug. 01, 2025  
Interest Rate 5.00%  
Mortgages Payable $ 25,000 25,000
Mortgages [Member] | Total fixed rate mortgages payable [Member]    
Schedule of Summary of Mortgages Payable [Line Items]    
Mortgages Payable $ 128,377 $ 128,871
[1] On December 1, 2023, the mortgage secured by an apartment building located in River Edge, New Jersey came due. Provident Bank extended the initial maturity date of this loan for a 90-day period with a maturity date of March 1, 2024 and further extended this loan for another 60-day period with a maturity date of June 1, 2024, based on the same terms and conditions of the existing loan agreement. On May 1, 2024, FREIT entered into a loan extension and modification agreement with Provident Bank, effective June 1, 2024, with a then outstanding loan balance of approximately $8.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to May 31, 2027, requires monthly installments of principal and interest of approximately $58,016 and is based on a fixed interest rate of 6.75%.
[2] 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.
[3] Effective February 1, 2023, FREIT entered into a loan extension and modification agreement with Valley National Bank on its loan secured by the Westwood Plaza shopping center located in Westwood, New Jersey with a then outstanding balance of approximately $16,864,361. Under the terms and conditions of this loan extension and modification, the maturity date of the loan was extended for a term of one (1) year from February 1, 2023 to February 1, 2024 with the option of FREIT to extend for one additional year from the extended maturity date, subject to certain provisions of the loan agreement. The loan was based on a fixed interest rate of 7.5% and was payable based on monthly installments of principal and interest of approximately $157,347. Additionally, FREIT funded an interest reserve escrow account for this loan (“Escrow”) at closing representing the annualized principal and interest payments for one (1) year, amounting to approximately $1,888,166. On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement, to extend the term of this loan 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 is based on a fixed interest rate of 8.5% and is payable based on monthly installments of principal and interest of approximately $166,727. Additionally, FREIT funded the Escrow with an additional $112,556, increasing the Escrow balance to $2,000,722, which represents the annualized principal and interest payments for one (1) year under this loan extension. 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. 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. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for an extension of this loan is entered into, there can be no assurance this loan will be extended.
v3.25.0.1
Mortgages Payable and Line of Credit - Schedule of Principal Amounts (Details)
$ in Thousands
Jan. 31, 2025
USD ($)
Schedule of Principal Amounts of Long-Term Debt [Abstract]  
2025 $ 42,264 [1]
2026 25,926
2027 9,655
2028 24,521
2029 $ 26,506
[1] The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $15.7 million which had a maturity date of 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. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for an extension of this loan is entered into, there can be no assurance this loan will be extended. (2) The loan on the Preakness shopping center located in Wayne, New Jersey, in the amount of approximately $25 million which has a maturity date of August 1, 2025. Management expects this loan to be extended, however, until such time as a definitive agreement providing for an extension of this loan is entered into, there can be no assurance this loan will be extended.
v3.25.0.1
Mortgages Payable and Line of Credit - Schedule of Estimated Fair Value and Net Carrying Value of Long-Term Debt (Details) - USD ($)
$ in Millions
Jan. 31, 2025
Oct. 31, 2024
Schedule of Estimated Fair Value and Net Carrying Value of Long-Term Debt [Abstract]    
Fair Value $ 123.8 $ 124.7
Carrying Value, Net $ 127.6 $ 128.1
v3.25.0.1
Segment Information (Details)
 3 Months Ended
Jan. 31, 2025
Segment Information [Abstract]  
Number of segments 2
v3.25.0.1
Segment Information - Schedule of Condensed Consolidated Net Income (loss) Attributable to Common Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Real estate rental revenue:    
Real estate rental revenue $ 7,297 $ 7,028
Real estate operating expenses:    
Real estate operating expenses 3,736 3,509
Net operating income:    
Net operating income 3,561 3,519
Recurring capital improvements - residential (77) (96)
Reconciliation to condensed consolidated net income (loss) attributable to common equity:    
Segment NOI 3,561 3,519
Deferred rents - straight lining (28) (29)
Investment income 400 407
General and administrative expenses (845) (1,808)
Income (loss) on investment in tenancy-in-common 9 (109)
Depreciation (723) (725)
Net loss on sale of Maryland properties (79)
Financing costs (1,873) (1,842)
Net income (loss) 501 (666)
Net loss attributable to noncontrolling interests in subsidiaries 113 154
Net income (loss) attributable to common equity 614 (512)
Commercial [Member]    
Real estate rental revenue:    
Real estate rental revenue 1,934 1,981
Real estate operating expenses:    
Real estate operating expenses 1,367 1,327
Net operating income:    
Net operating income 567 654
Residential [Member]    
Real estate rental revenue:    
Real estate rental revenue 5,363 5,047
Real estate operating expenses:    
Real estate operating expenses 2,369 2,182
Net operating income:    
Net operating income $ 2,994 $ 2,865
v3.25.0.1
Income Taxes (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Oct. 31, 2024
Income Taxes [Abstract]      
Percentage of ordinary taxable income 90.00%    
Percentage of ordinary taxable income distributed     100.00%
Capital gain percentage     100.00%
Provision for federal or state income taxes (in Dollars)  
v3.25.0.1
Equity Incentive Plan (Details) - USD ($)
 3 Months Ended
Feb. 21, 2025
Feb. 20, 2025
Mar. 22, 2024
Jan. 31, 2025
Jan. 31, 2024
Oct. 31, 2024
Equity Incentive Plan [Line Items]            
Common stock, par value (in Dollars per share)       $ 0.01   $ 0.01
Compensation expense related to stock options vested amount (in Dollars)       $ 0 $ 1,000  
Subsequent Event [Member]            
Equity Incentive Plan [Line Items]            
Common stock, par value (in Dollars per share)   $ 0.01        
Board approved issued shares   1,193        
Equity Incentive Plan [Member]            
Equity Incentive Plan [Line Items]            
Cash compensation (in Dollars)     $ 20,000      
Board approved issued shares     1,230      
Available for issuance shares       428,060    
Equity Incentive Plan [Member] | FREIT [Member]            
Equity Incentive Plan [Line Items]            
Closing price per share (in Dollars per share)     $ 16.25      
Board approved issued shares     1,230      
Equity Incentive Plan [Member] | Subsequent Event [Member]            
Equity Incentive Plan [Line Items]            
Cash compensation (in Dollars)   $ 20,000        
Closing price per share (in Dollars per share) $ 16.76          
Board approved issued shares 1,193          
v3.25.0.1
Equity Incentive Plan - Schedule of Stock Option Activity (Details) - Stock Option [Member]
 3 Months Ended
Jan. 31, 2024
$ / shares
shares
Schedule of Stock Option Activity [Line Items]  
No. of Options Outstanding, beginning of year 8,440
Weighted Average price, beginning of year (in Dollars per share) | $ / shares $ 9.21
No. of Options Outstanding, Options granted during period
Weighted Average price, Options granted during period (in Dollars per share) | $ / shares
No. of Options Outstanding, Options forfeited/cancelled during period
Weighted Average price, Options forfeited/cancelled during period (in Dollars per share) | $ / shares
No. of Options Outstanding, Options exercised during period
Weighted Average Price, Options exercised during period (in Dollars per share) | $ / shares
No. of Options Outstanding, end of year 8,440
Weighted Average price at end of year (in Dollars per share) | $ / shares $ 9.21
No. of Options Outstanding, Options vested 8,290
No. of Options Outstanding, exercisable at end of period 7,440
v3.25.0.1
Rental Income (Details)
 3 Months Ended
Jan. 31, 2025
Rental Income [Line Items]  
Lease terms for residential tenants, periods 5 years
Minimum [Member]  
Rental Income [Line Items]  
Lease terms for residential tenants, periods 1 year
Maximum [Member]  
Rental Income [Line Items]  
Lease terms for residential tenants, periods 2 years
v3.25.0.1
Rental Income - Schedule of Minimum Fixed Lease Consideration Under Non-Cancelable Tenant Operating Leases (Details)
$ in Thousands
Jan. 31, 2025
USD ($)
Schedule of Minimum Fixed Lease Consideration Under Non-Cancelable Tenant Operating Leases [Abstract]  
2025 $ 4,406
2026 3,663
2027 2,491
2028 1,523
2029 1,320
Thereafter 3,282
Total $ 16,685