FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC., 10-Q filed on 12 Sep 25
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v3.25.2
Cover - shares
 9 Months Ended
Jul. 31, 2025
Sep. 12, 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 Jul. 31, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
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, par value $0.01 per share    
Entity Listings [Line Items]    
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol FREVS  
Security Exchange Name NONE  
Preferred Stock Purchase Rights    
Entity Listings [Line Items]    
Title of 12(b) Security Preferred Stock Purchase Rights  
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jul. 31, 2025
Oct. 31, 2024
ASSETS    
Real estate, at cost, net of accumulated depreciation $ 90,034 $ 91,862
Construction in progress 958 944
Cash and cash equivalents 14,604 14,914
Investment in U.S. Treasury securities available-for-sale 20,478 29,259
Investment in tenancy-in-common 17,044 17,512
Tenants' security accounts 867 913
Receivables arising from straight-lining of rents 489 572
Accounts receivable, net of allowance for doubtful accounts of $253 and $272 as of July 31, 2025 and October 31, 2024, respectively 307 498
Prepaid expenses and other assets 4,895 5,007
Deferred charges, net 256 277
Interest rate swap contracts 299 506
Total Assets 150,231 162,264
Liabilities:    
Mortgages payable, including deferred interest of $0 and $222 as of July 31, 2025 and October 31, 2024, respectively 121,755 128,871
Less unamortized debt issuance costs 605 799
Mortgages payable, net 121,150 128,072
Accounts payable and accrued expenses 665 857
Dividends payable 748 5,224
Tenants' security deposits 1,138 1,205
Deferred revenue 979 722
Total Liabilities 124,680 136,080
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; 7,471,344 and 7,462,993 shares issuedat July 31, 2025 and October 31, 2024, respectively 75 75
Additional paid-in-capital 32,393 32,253
Retained earnings 985 541
Accumulated other comprehensive income 287 494
Total Common Equity 33,740 33,363
Noncontrolling interests in subsidiaries (8,189) (7,179)
Total Equity 25,551 26,184
Total Liabilities and Equity $ 150,231 $ 162,264
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Jul. 31, 2025
Oct. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts (in Dollars) $ 253 $ 272
Deferred interest (in Dollars) $ 0 $ 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 7,471,344 7,462,993
v3.25.2
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
Revenue:        
Rental income $ 6,758 $ 6,568 $ 20,085 $ 19,608
Reimbursements 397 405 1,383 1,439
Sundry income 89 174 303 374
Total revenue 7,244 7,147 21,771 21,421
Expenses:        
Operating expenses 2,390 2,405 7,612 8,608
Management fees 358 344 1,036 1,011
Real estate taxes 1,478 1,500 4,415 4,501
Depreciation 738 735 2,195 2,249
Total expenses 4,964 4,984 15,258 16,369
Investment income 303 396 1,053 1,082
Litigation settlement, net of fees 15,711 15,711
Net loss on sale of Maryland properties (171)
Loss on investment in tenancy-in-common (36) (96) (13) (143)
Interest expense including amortization of deferred financing costs (1,808) (1,839) (5,532) (5,463)
Net income 739 16,335 2,021 16,068
Net loss (income) attributable to noncontrolling interests in subsidiaries 140 (1,544) 366 (1,256)
Net income attributable to common equity $ 879 $ 14,791 $ 2,387 $ 14,812
Earnings per share:        
Basic (in Dollars per share) $ 0.12 $ 1.98 $ 0.32 $ 1.99
Diluted (in Dollars per share) $ 0.12 $ 1.98 $ 0.32 $ 1.99
Weighted average shares outstanding:        
Basic (in Shares) 7,471 7,458 7,468 7,454
Diluted (in Shares) 7,471 7,462 7,468 7,457
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 739 $ 16,335 $ 2,021 $ 16,068
Other comprehensive income:        
Unrealized (loss) gain on interest rate swap contracts before reclassifications 115 (241) (4) (134)
Amount reclassified from accumulated other comprehensive income to interest expense (53) (186) (203) (566)
Net unrealized (loss) gain on interest rate swap contracts 62 (427) (207) (700)
Unrealized loss (gain) on U.S. Treasury securities available-for-sale before reclassifications 5 (1) 2 (20)
Amount reclassified from accumulated other comprehensive income to investment income 1 (5) (2) (6)
Net unrealized (loss) gain on U.S. Treasury securities available-for-sale 6 (6) (26)
Comprehensive income 807 15,902 1,814 15,342
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries 140 (1,544) 366 (1,256)
Comprehensive income attributable to common equity $ 947 $ 14,358 $ 2,180 $ 14,086
v3.25.2
Condensed Consolidated Statements of 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 gain (loss) on interest rate swap contract (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, 2023 $ 74 32,074 (8,968) 1,336 24,516 (6,040) 18,476
Balance (in Shares) at Oct. 31, 2023 7,450            
Net income (loss)             16,068
Balance at Jul. 31, 2024 $ 75 32,215 4,726 610 37,626 (5,804) 31,822
Balance (in Shares) at Jul. 31, 2024 7,458            
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            
Stock awards granted to directors $ 1 140     141 141
Stock awards granted to directors (in Shares) 8            
Distributions to noncontrolling interests in subsidiaries         (600) (600)
Net income (loss)     533   533 (134) 399
Dividends declared     (373)   (373) (373)
Net unrealized gain (loss) on interest rate swap contract       257 257 257
Net unrealized gain (loss) on investment in U.S. Treasury securities available-for-sale       (13) (13) (13)
Balance at Apr. 30, 2024 $ 75 32,215 (9,692) 1,043 23,641 (7,108) 16,533
Balance (in Shares) at Apr. 30, 2024 7,458            
Distributions to noncontrolling interests in subsidiaries         (240) (240)
Net income (loss)     14,791   14,791 1,544 16,335
Dividends declared     (373)   (373)   (373)
Net unrealized gain (loss) on interest rate swap contract       (427) (427) (427)
Net unrealized gain (loss) on investment in U.S. Treasury securities available-for-sale       (6) (6) (6)
Balance at Jul. 31, 2024 $ 75 32,215 4,726 610 37,626 (5,804) 31,822
Balance (in Shares) at Jul. 31, 2024 7,458            
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 gain (loss) on interest rate swap contract (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            
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            
Net income (loss)             2,021
Balance at Jul. 31, 2025 $ 75 32,393 985 287 33,740 (8,189) 25,551
Balance (in Shares) at Jul. 31, 2025 7,471            
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            
Stock awards granted to directors 140     140 140
Stock awards granted to directors (in Shares) 8            
Distributions to noncontrolling interests in subsidiaries         (202) (202)
Net income (loss)     894   894 (113) 781
Dividends declared     (598)   (598) (598)
Net unrealized gain (loss) on interest rate swap contract       (227) (227) (227)
Net unrealized gain (loss) on investment in U.S. Treasury securities available-for-sale       (19) (19) (19)
Balance at Apr. 30, 2025 $ 75 32,393 854 219 33,541 (8,047) 25,494
Balance (in Shares) at Apr. 30, 2025 7,471            
Distributions to noncontrolling interests in subsidiaries         (2) (2)
Net income (loss)     879   879 (140) 739
Dividends declared     (748)   (748) (748)
Net unrealized gain (loss) on interest rate swap contract       62 62 62
Net unrealized gain (loss) on investment in U.S. Treasury securities available-for-sale       6 6 6
Balance at Jul. 31, 2025 $ 75 $ 32,393 $ 985 $ 287 $ 33,740 $ (8,189) $ 25,551
Balance (in Shares) at Jul. 31, 2025 7,471            
v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Operating activities:    
Net income $ 2,021 $ 16,068
Adjustments to reconcile net income to net cash provided by operating activities:    
Net loss on sale of Maryland properties 171
Depreciation 2,195 2,249
Amortization 431 492
Stock based compensation expense 1
Stock awards granted to directors 140 141
Loss on investment in tenancy-in-common 13 143
Deferred rents - straight line rent 83 88
Bad debt expense 119 116
Accreted interest on investment in U.S. Treasury securities (666) (595)
Changes in operating assets and liabilities:    
Tenants' security accounts (67) (40)
Accounts receivable, prepaid expenses and other assets (360) (191)
Accounts payable and accrued expenses (16) 1,318
Deferred interest on mortgage (222)
Deferred revenue 257 21
Net cash provided by operating activities 3,928 19,982
Investing activities:    
Cash outlays from sale of Maryland properties, net (171)
Purchase of U.S. Treasury securities (37,414) (26,759)
Proceeds from maturities of U.S. Treasury securities 46,861 34,002
Capital improvements - existing properties (557) (697)
Deferred leasing costs (46) (88)
Due from Pierre TIC for reimbursement of costs (166)
Distribution from investment in tenancy-in-common 455 455
Net cash provided by investing activities 9,299 6,576
Financing activities:    
Repayment of mortgages (6,894) (8,819)
Deferred financing costs (170) (207)
Dividends paid (6,419) (1,117)
Distributions to noncontrolling interests in subsidiaries (644) (1,020)
Net cash used in financing activities (14,127) (11,163)
Net (decrease) increase in cash, cash equivalents and restricted cash (900) 15,395
Cash, cash equivalents and restricted cash, beginning of period 19,223 18,356
Cash, cash equivalents and restricted cash, end of period 18,323 33,751
Supplemental disclosure of cash flow data:    
Interest paid 5,390 5,061
Investing activities:    
Accrued capital expenditures, construction costs and pre-development costs 64 107
Financing activities:    
Dividends declared but not paid 748 373
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:    
Cash and cash equivalents 14,604 29,429
Tenants' security accounts 867 921
Funds held in post-closing escrow 189
Mortgage escrows (included in prepaid expenses and other assets) 2,852 3,212
Total cash, cash equivalents and restricted cash $ 18,323 $ 33,751
v3.25.2
Basis of Presentation
 9 Months Ended
Jul. 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 nine and three-month periods ended July 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.
v3.25.2
Recently Issued Accounting Standards
 9 Months Ended
Jul. 31, 2025
Recently Issued Accounting Standards [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.
v3.25.2
Dividends and Earnings Per Share
 9 Months Ended
Jul. 31, 2025
Dividends and Earnings Per Share [Abstract]  
Dividends and earnings per share

Note 3 – Dividends and earnings per share:

 

The FREIT Board of Directors (“Board”) declared a dividend of approximately $748,000 ($0.10 per share) in the third quarter of Fiscal 2025, which will be paid on September 12, 2025 to stockholders of record on August 29, 2025.

 

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, 2025, only basic earnings per share is presented since there are no outstanding stock options or other diluted securities. For the nine and three months ended July 31, 2024, the outstanding stock options increased the average dilutive shares outstanding by approximately 3,000 and 4,000 shares, respectively, with no impact on earnings per share.

There were no anti-dilutive shares for the nine and three months ended July 31, 2024. Anti-dilutive shares consisted of out-of-the money stock options under the Equity Incentive Plan (See Note 12).
v3.25.2
Fair Value Measurements
 9 Months Ended
Jul. 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 $20,478,000 and $29,259,000, as of July 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 statements of income and reflected as accreted interest in the condensed consolidated statements of cash flows. For the nine months ended July 31, 2025 and 2024, this amounted to approximately $666,000 and $595,000, 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, 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. For the nine and three months ended July 31, 2024, FREIT recorded an unrealized loss of approximately $26,000 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 9 for further details.) For the nine and three months ended July 31, 2025, FREIT recorded an unrealized loss of approximately $207,000 and unrealized gain of $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. For the nine and three months ended July 31, 2024, FREIT recorded an unrealized loss of approximately $700,000 and $427,000, 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, 2025, there was an asset of approximately $299,000 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).
v3.25.2
Investment in Tenancy-in-Common
 9 Months Ended
Jul. 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 million and $17.5 million at July 31, 2025 and October 31, 2024, respectively. 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. For the nine and three months ended July 31, 2024, FREIT recognized a loss on investment in TIC of approximately $143,000 and $96,000, respectively, in the accompanying condensed consolidated statements of income.

 

Hekemian & Co., Inc. (“Hekemian & Co.”) manages the Pierre Towers property pursuant to a management agreement 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 $324,000 and $108,000 for the nine and three months ended July 31, 2025, respectively, and $318,000 and $108,000 for the nine and three months ended July 31, 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. Such commissions were charged to operations and amounted to approximately $62,000 for both the nine and three months ended July 31, 2025 and $55,000 for both the nine and three months ended July 31, 2024.

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

 

   July 31,   October 31, 
   2025   2024 
   (In Thousands of Dollars) 
         
Real estate, net  $72,201   $72,707 
Cash and cash equivalents   532    1,442 
Tenants' security accounts   548    528 
Receivables and other assets   719    556 
Total assets  $74,000   $75,233 
           
Mortgages payable, net of unamortized debt issuance costs  $46,473   $47,362 
Accounts payable and accrued expenses   570    229 
Tenants' security deposits   547    529 
Deferred revenue   189    172 
Equity   26,221    26,941 
Total liabilities & equity  $74,000   $75,233 
           
FREIT's investment in TIC (65% interest)  $17,044   $17,512 

 

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

 

   Nine Months Ended July 31,   Three Months Ended July 31, 
   2025   2024   2025   2024 
   (In Thousands of Dollars)   (In Thousands of Dollars) 
                 
Revenue  $6,537   $6,416   $2,168   $2,173 
Operating expenses   3,770    3,685    1,292    1,230 
Depreciation   1,691    1,674    565    559 
Operating income   1,076    1,057    311    384 
                     
Interest income   48    59    12    22 
Sinatra expenses due to FREIT   
—
    (166)   
—
    (166)
Interest expense including amortization of deferred financing costs   (1,144)   (1,170)   (379)   (388)
                     
Net loss  $(20)  $(220)  $(56)  $(148)
                     
FREIT's share of loss on investment in TIC (65% interest)  $(13)  $(143)  $(36)  $(96)
v3.25.2
Termination of Purchase and Sale Agreement
 9 Months Ended
Jul. 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 $0 for the nine and three months ended July 31, 2025, respectively, and $881,000 and $369,000 for the nine and three months ended July 31, 2024, respectively. These costs are included in operating expenses on the condensed consolidated statements of income.

 

The litigation settlement, offset by certain adjustments and additional expenses, was included as income in “Litigation settlement, net of fees” on the accompanying condensed consolidated statements of income for the nine and three months ended July 31, 2024. The settlement triggered the following items:

 

●A transaction break-up fee due to the originating third party broker of approximately $605,000 and a four-year litigation management fee of $750,000 due to Hekemian & Co., Inc.
●Reimbursement of costs in connection with this transaction of $166,000 due to FREIT from the Pierre TIC.
   
●Approximately $2.6 million of the litigation settlement, net of fees, comprising $4.5 million of the gross settlement income, less litigation and certain transaction expenses totaling approximately $1.9 million, was allocated to Westwood Hills, LLC. This allocation was based on the pro-rata share of the contracted sales prices among the selling companies. Of the net amount, approximately $1 million was FREIT’s share based on its 40% ownership of Westwood Hills, LLC.
v3.25.2
Maryland Property Dispositions
 9 Months Ended
Jul. 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 July 31, 2025, approximately $7,087,000 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 $171,000 and $0 for the nine and three months ended July 31, 2024, respectively, 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 was 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.
v3.25.2
Management Agreement, Fees and Transactions with Related Party
 9 Months Ended
Jul. 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”) has been renewed and will expire on October 31, 2027. The Management Agreement is automatically renewed for successive periods of two years unless either party gives not less than six (6) months prior notice of non-renewal.

 

The Management Agreement requires the payment of management fees equal to 4% to 5% of rents collected. Such fees charged to operations were approximately $1,036,000 and $1,011,000 for the nine months ended July 31, 2025 and 2024, respectively, and $358,000 and $344,000 for the three months ended July 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 $312,000 and $449,000 for the nine months ended July 31, 2025 and 2024, respectively, and $110,000 and $133,000 for the three months ended July 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 $181,000 and $177,000 for the nine months ended July 31, 2025 and 2024, respectively, and $168,000 and $117,000 for the three months ended July 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 were approximately $60,000 and $89,000, for the nine months ended July 31, 2025 and 2024, respectively, and $25,000 and $0, for the three months ended July 31, 2025 and 2024, respectively. 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. Fees incurred during Fiscal 2024 related to commissions to Hekemian & Co. for the following: $32,500 for the renewal of FREIT’s line of credit; $22,400 for the modification and extension of the loan on the Steuben Arms property; $21,000 for the extension of the loan on the Westwood Plaza property; and $13,400 for the additional proceeds received

from the post-closing rent escrow for the sale of the Rotunda Property. The commissions for the renewal of FREIT’s line of credit and the modification and extension of the loans were accounted for as a deferred mortgage cost and included in the unamortized debt issuance costs in the accompanying condensed consolidated balance sheets as of July 31, 2025 and October 31, 2024. The commission related to the sale of the Rotunda Property was charged against the gain on sale of the Maryland Properties (See Note 7) in the accompanying condensed consolidated statement of income for the nine months ended July 31, 2024.

 

In connection with the litigation settlement received in the third quarter of Fiscal 2024, FREIT’s Board of Directors approved payment of a litigation management fee in the amount of $750,000 to Hekemian & Co. for its work performed related to this litigation over the past four years. Additionally, approximately $2.6 million, comprising $4.5 million of the settlement income less litigation and certain transaction expenses totaling approximately $1.9 million, was allocated to Westwood Hills, LLC. This allocation was based on the pro-rata share of the contracted sales prices between the companies. Of the net amount, approximately $1 million is FREIT’s share based on its 40% ownership of Westwood Hills, LLC. See Note 6 for additional details.

 

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 12 for additional details) incurred by FREIT for the nine months ended July 31, 2025 and 2024 was approximately $515,000 and $515,000, respectively, for Robert S. Hekemian, Jr., $34,000 and $34,000, respectively, for Allan Tubin and $65,000 and $65,000, respectively, for David B. Hekemian. Director fee expense and/or executive compensation incurred by FREIT for the three months ended July 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. Such costs are included within operating expenses on the accompanying condensed consolidated statements of income.
v3.25.2
Mortgages Payable and Line of Credit
 9 Months Ended
Jul. 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 July 31, 2025 and October 31, 2024:

 

       Interest Rate at   Mortgages Payable as of 
Mortgages Secured By:  Maturity   July 31, 2025   July 31, 2025   October 31, 2024 
           (In Thousands of Dollars) 
Steuben Arms - River Edge, NJ (A)   5/31/2027    6.75%   $8,739   $8,811 
Berdan Court - Wayne, NJ   8/31/2029    3.54%    28,324    28,728 
Westwood Hills - Westwood, NJ   9/1/2026    6.05%    24,887    25,136 
Regency Club - Middletown, NY (B)   12/15/2027    6.05%    13,794    13,920 
Station Place - Red Bank, NJ   12/15/2027    4.35%    11,094    11,281 
Westwood Plaza - Westwood, NJ (C)   5/1/2026    8.50%    9,917    15,995 
Preakness S/C - Wayne, NJ (D)   11/1/2025    5.00%    25,000    25,000 
Total fixed rate mortgages payable             121,755    128,871 
Total unamortized debt issuance costs             (605)   (799)
Total mortgages payable, net            $121,150   $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, the interest rate on the outstanding debt is based on a fixed interest rate of 6.75% and monthly installments of principal and interest of approximately $58,016 are required.

 

(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 $16.9 million. 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 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 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 is extended for one year to May 1, 2026, the interest rate on the outstanding debt is based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 are required. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of $704,983. This Escrow is held at Valley National Bank and in the event of a default on this loan, the bank shall be permitted to use the proceeds from the Escrow to make monthly debt service payments on the loan.

 

(D)On August 1, 2025, the mortgage secured by the Preakness Shopping Center located in Wayne, New Jersey came due. Wayne PSC, LLC is working with the current lender of this loan, ConnectOne Bank, on a modification and extension of this loan for five (5) years with a potential pay down of approximately $5 million. While the bank is completing its due diligence, the bank has extended this loan for a 90-day period from a maturity date of August 1, 2025 to a maturity date of November 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 a modification and extension of this loan is entered into, there can be no assurance this loan will be modified and 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 July 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   $7,198 
 2026    60,770(a)
 2027    9,655 
 2028    24,521 
 2029    26,505 

 

Includes the following:

 

(a)The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025. Wayne PSC, LLC is working with the current lender of this loan, ConnectOne Bank, on a modification and extension of this loan for five (5) years with a potential pay down of approximately $5 million. While the bank is completing its due diligence around this modification and extension, the bank has extended this loan for a 90-day period from a maturity date of August 1, 2025 to a maturity date of November 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 a modification and extension of this loan is entered into, there can be no assurance this loan will be modified and 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 July 31, 2025 and October 31, 2024:

 

($ in Millions)   July 31, 2025   October 31, 2024
         
Fair Value   $118.2   $124.7
Carrying Value, Net   $121.2   $128.1

 

Fair values are estimated based on market interest rates at July 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).
v3.25.2
Segment Information
 9 Months Ended
Jul. 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 attributable to common equity for the nine and three months ended July 31, 2025 and 2024. Asset information is not reported since FREIT does not use this measure to assess performance.

 

   Nine Months Ended   Three Months Ended 
   July 31,   July 31, 
   2025   2024   2025   2024 
   (In Thousands of Dollars)   (In Thousands of Dollars) 
Real estate rental revenue:                    
Commercial  $5,585   $5,921   $1,805   $1,857 
Residential   16,269    15,588    5,466    5,320 
Total real estate rental revenue   21,854    21,509    7,271    7,177 
                     
Real estate operating expenses:                    
Commercial   3,923    3,694    1,273    1,101 
Residential   6,880    6,674    2,329    2,219 
Total real estate operating expenses   10,803    10,368    3,602    3,320 
                     
Net operating income:                    
Commercial   1,662    2,227    532    756 
Residential   9,389    8,914    3,137    3,101 
Total net operating income  $11,051   $11,141   $3,669   $3,857 
                     
                     
Recurring capital improvements - residential  $(357)  $(483)  $(154)  $(218)
                     
                     
Reconciliation to condensed consolidated net income attributable to common equity:                    
Segment NOI  $11,051   $11,141   $3,669   $3,857 
Deferred rents - straight lining   (83)   (88)   (27)   (30)
Investment income   1,053    1,082    303    396 
General and administrative expenses   (2,260)   (3,752)   (624)   (929)
Loss on investment in tenancy-in-common   (13)   (143)   (36)   (96)
Depreciation   (2,195)   (2,249)   (738)   (735)
Litigation settlement, net of fees   
—
    15,711    
—
    15,711 
Net loss on sale of Maryland properties   
—
    (171)   
—
    
—
 
Financing costs   (5,532)   (5,463)   (1,808)   (1,839)
Net income   2,021    16,068    739    16,335 
Net loss (income) attributable to noncontrolling interests in subsidiaries   366    (1,256)   140    (1,544)
Net income attributable to common equity  $2,387   $14,812   $879   $14,791 
v3.25.2
Income Taxes
 9 Months Ended
Jul. 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 nine and three months ended July 31, 2025 and 2024.

 

As of July 31, 2025, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2022 remain open to examination by the major taxing jurisdictions.
v3.25.2
Equity Incentive Plan
 9 Months Ended
Jul. 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 July 31, 2025, 419,709 shares are available for issuance under the Plan.

 

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

 

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

 

   Nine and Three Months Ended July 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   8,440      
Options exercisable at end of period   8,440      
v3.25.2
Rental Income
 9 Months Ended
Jul. 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 July 31, 2025, is as follows:

 

Year Ending October 31,  Amount 
2025  $4,982 
2026   5,136 
2027   4,071 
2028   2,984 
2029   2,759 
Thereafter   5,359 
Total  $25,291 

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, 2025 and 2024 were not material.

 

Residential tenants:

 

Lease terms for residential tenants are usually one to two years.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 879 $ 14,791 $ 2,387 $ 14,812
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jul. 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
v3.25.2
Investment in Tenancy-in-Common (Tables)
 9 Months Ended
Jul. 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 July 31, 2025 and October 31, 2024, accounted for by the equity method:

 

   July 31,   October 31, 
   2025   2024 
   (In Thousands of Dollars) 
         
Real estate, net  $72,201   $72,707 
Cash and cash equivalents   532    1,442 
Tenants' security accounts   548    528 
Receivables and other assets   719    556 
Total assets  $74,000   $75,233 
           
Mortgages payable, net of unamortized debt issuance costs  $46,473   $47,362 
Accounts payable and accrued expenses   570    229 
Tenants' security deposits   547    529 
Deferred revenue   189    172 
Equity   26,221    26,941 
Total liabilities & equity  $74,000   $75,233 
           
FREIT's investment in TIC (65% interest)  $17,044   $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 nine and three months ended July 31, 2025 and 2024, accounted for by the equity method:

 

   Nine Months Ended July 31,   Three Months Ended July 31, 
   2025   2024   2025   2024 
   (In Thousands of Dollars)   (In Thousands of Dollars) 
                 
Revenue  $6,537   $6,416   $2,168   $2,173 
Operating expenses   3,770    3,685    1,292    1,230 
Depreciation   1,691    1,674    565    559 
Operating income   1,076    1,057    311    384 
                     
Interest income   48    59    12    22 
Sinatra expenses due to FREIT   
—
    (166)   
—
    (166)
Interest expense including amortization of deferred financing costs   (1,144)   (1,170)   (379)   (388)
                     
Net loss  $(20)  $(220)  $(56)  $(148)
                     
FREIT's share of loss on investment in TIC (65% interest)  $(13)  $(143)  $(36)  $(96)
v3.25.2
Mortgages Payable and Line of Credit (Tables)
 9 Months Ended
Jul. 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 July 31, 2025 and October 31, 2024:

 

       Interest Rate at   Mortgages Payable as of 
Mortgages Secured By:  Maturity   July 31, 2025   July 31, 2025   October 31, 2024 
           (In Thousands of Dollars) 
Steuben Arms - River Edge, NJ (A)   5/31/2027    6.75%   $8,739   $8,811 
Berdan Court - Wayne, NJ   8/31/2029    3.54%    28,324    28,728 
Westwood Hills - Westwood, NJ   9/1/2026    6.05%    24,887    25,136 
Regency Club - Middletown, NY (B)   12/15/2027    6.05%    13,794    13,920 
Station Place - Red Bank, NJ   12/15/2027    4.35%    11,094    11,281 
Westwood Plaza - Westwood, NJ (C)   5/1/2026    8.50%    9,917    15,995 
Preakness S/C - Wayne, NJ (D)   11/1/2025    5.00%    25,000    25,000 
Total fixed rate mortgages payable             121,755    128,871 
Total unamortized debt issuance costs             (605)   (799)
Total mortgages payable, net            $121,150   $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, the interest rate on the outstanding debt is based on a fixed interest rate of 6.75% and monthly installments of principal and interest of approximately $58,016 are required.

 

(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 $16.9 million. 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 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 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 is extended for one year to May 1, 2026, the interest rate on the outstanding debt is based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 are required. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of $704,983. This Escrow is held at Valley National Bank and in the event of a default on this loan, the bank shall be permitted to use the proceeds from the Escrow to make monthly debt service payments on the loan.

 

(D)On August 1, 2025, the mortgage secured by the Preakness Shopping Center located in Wayne, New Jersey came due. Wayne PSC, LLC is working with the current lender of this loan, ConnectOne Bank, on a modification and extension of this loan for five (5) years with a potential pay down of approximately $5 million. While the bank is completing its due diligence, the bank has extended this loan for a 90-day period from a maturity date of August 1, 2025 to a maturity date of November 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 a modification and extension of this loan is entered into, there can be no assurance this loan will be modified and 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   $7,198 
 2026    60,770(a)
 2027    9,655 
 2028    24,521 
 2029    26,505 
(a)The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025. Wayne PSC, LLC is working with the current lender of this loan, ConnectOne Bank, on a modification and extension of this loan for five (5) years with a potential pay down of approximately $5 million. While the bank is completing its due diligence around this modification and extension, the bank has extended this loan for a 90-day period from a maturity date of August 1, 2025 to a maturity date of November 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 a modification and extension of this loan is entered into, there can be no assurance this loan will be modified and 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 July 31, 2025 and October 31, 2024:

 

($ in Millions)   July 31, 2025   October 31, 2024
         
Fair Value   $118.2   $124.7
Carrying Value, Net   $121.2   $128.1
v3.25.2
Segment Information (Tables)
 9 Months Ended
Jul. 31, 2025
Segment Information [Abstract]  
Schedule of Asset Information is not Reported since FREIT Asset information is not reported since FREIT does not use this measure to assess performance.
   Nine Months Ended   Three Months Ended 
   July 31,   July 31, 
   2025   2024   2025   2024 
   (In Thousands of Dollars)   (In Thousands of Dollars) 
Real estate rental revenue:                    
Commercial  $5,585   $5,921   $1,805   $1,857 
Residential   16,269    15,588    5,466    5,320 
Total real estate rental revenue   21,854    21,509    7,271    7,177 
                     
Real estate operating expenses:                    
Commercial   3,923    3,694    1,273    1,101 
Residential   6,880    6,674    2,329    2,219 
Total real estate operating expenses   10,803    10,368    3,602    3,320 
                     
Net operating income:                    
Commercial   1,662    2,227    532    756 
Residential   9,389    8,914    3,137    3,101 
Total net operating income  $11,051   $11,141   $3,669   $3,857 
                     
                     
Recurring capital improvements - residential  $(357)  $(483)  $(154)  $(218)
                     
                     
Reconciliation to condensed consolidated net income attributable to common equity:                    
Segment NOI  $11,051   $11,141   $3,669   $3,857 
Deferred rents - straight lining   (83)   (88)   (27)   (30)
Investment income   1,053    1,082    303    396 
General and administrative expenses   (2,260)   (3,752)   (624)   (929)
Loss on investment in tenancy-in-common   (13)   (143)   (36)   (96)
Depreciation   (2,195)   (2,249)   (738)   (735)
Litigation settlement, net of fees   
—
    15,711    
—
    15,711 
Net loss on sale of Maryland properties   
—
    (171)   
—
    
—
 
Financing costs   (5,532)   (5,463)   (1,808)   (1,839)
Net income   2,021    16,068    739    16,335 
Net loss (income) attributable to noncontrolling interests in subsidiaries   366    (1,256)   140    (1,544)
Net income attributable to common equity  $2,387   $14,812   $879   $14,791 
v3.25.2
Equity Incentive Plan (Tables)
 9 Months Ended
Jul. 31, 2025
Equity Incentive Plan [Abstract]  
Schedule of Stock Option Activity

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

 

   Nine and Three Months Ended July 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   8,440      
Options exercisable at end of period   8,440      
v3.25.2
Rental Income (Tables)
 9 Months Ended
Jul. 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 July 31, 2025, is as follows:

 

Year Ending October 31,  Amount 
2025  $4,982 
2026   5,136 
2027   4,071 
2028   2,984 
2029   2,759 
Thereafter   5,359 
Total  $25,291 
v3.25.2
Dividends and Earnings Per Share (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jul. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
Dividends and Earnings Per Share [Line Items]      
Dividends declared (in Dollars)   $ 748,000  
Dividends price per share (in Dollars per share)   $ 0.1  
Anti-dilutive shares 4,000   3,000
v3.25.2
Fair Value Measurements (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
Oct. 31, 2024
Fair Value Measurements [Line Items]          
Available for sale $ 20,478 $ 20,478 $ 20,478 $ 20,478 $ 29,259
Accreted interest on investment in U.S. Treasury securities     666 595  
Net unrealized loss on U.S. Treasury securities available-for-sale 6 (6) (26)  
Net unrealized (loss) gain on interest rate swap contracts 62 (427) (207) $ (700)  
Regency Swap [Member]          
Fair Value Measurements [Line Items]          
Net unrealized loss on U.S. Treasury securities available-for-sale   $ (6)      
Fair value asset         54
Station Place Swap [Member]          
Fair Value Measurements [Line Items]          
Fair value asset $ 299   $ 299   $ 452
v3.25.2
Investment in Tenancy-in-Common (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Feb. 28, 2020
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
Oct. 31, 2024
Investment in Tenancy-in-Common [Line Items]            
Investment in tenancy-in-common   $ 17,044   $ 17,044   $ 17,512
Loss on investment   (36) $ (96) $ (13) $ (143)  
Percentage of management fees of rent collected       5.00%    
Management fees   358 344 $ 1,036 1,011  
Payment for commision   62 55 62 55  
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   $ 108 $ 108 $ 324 $ 318  
v3.25.2
Investment in Tenancy-in-Common - Schedule of Balance Sheets of the Pierre Towers Property (Details) - Pierre Towers [Member] - USD ($)
$ in Thousands
Jul. 31, 2025
Oct. 31, 2024
Schedule of Balance Sheets of the Pierre Towers Property [Line Items]    
Real estate, net $ 72,201 $ 72,707
Cash and cash equivalents 532 1,442
Tenants' security accounts 548 528
Receivables and other assets 719 556
Total Assets 74,000 75,233
Mortgages payable, net of unamortized debt issuance costs 46,473 47,362
Accounts payable and accrued expenses 570 229
Tenants' security deposits 547 529
Deferred revenue 189 172
Equity 26,221 26,941
Total Liabilities and Equity 74,000 75,233
FREIT's investment in TIC (65% interest) $ 17,044 $ 17,512
v3.25.2
Investment in Tenancy-in-Common - Schedule of Balance Sheets of the Pierre Towers Property (Parentheticals) (Details)
Jul. 31, 2025
Oct. 31, 2024
Pierre Towers [Member]    
Schedule of Balance Sheets of the Pierre Towers Property [Line Items]    
Percentage of FREIT's investment in TIC 65.00% 65.00%
v3.25.2
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 9 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
Schedule of Statements of Operations of the Pierre Towers Property [Line Items]        
Revenue $ 2,168 $ 2,173 $ 6,537 $ 6,416
Operating expenses 1,292 1,230 3,770 3,685
Depreciation 565 559 1,691 1,674
Operating income 311 384 1,076 1,057
Interest income 12 22 48 59
Sinatra expenses due to FREIT (166) (166)
Interest expense including amortization of deferred financing costs (379) (388) (1,144) (1,170)
Net Loss (56) (148) (20) (220)
FREIT's share of loss on investment in TIC (65% interest) $ (36) $ (96) $ (13) $ (143)
v3.25.2
Investment in Tenancy-in-Common - Schedule of Statements of Operations of the Pierre Towers Property (Parentheticals) (Details)
 3 Months Ended 9 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
Pierre Towers [Member]        
Schedule of Statements of Operations of the Pierre Towers Property [Line Items]        
Percentage of FREIT's share of loss on investment in TIC 65.00% 65.00% 65.00% 65.00%
v3.25.2
Termination of Purchase and Sale Agreement (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
Oct. 31, 2024
Termination of Purchase and Sale Agreement [Line Items]          
Incurred amount $ 0 $ 369,000 $ 1,000 $ 881,000  
Transaction break-up fee     605,000    
Management fee 358,000 $ 344,000 1,036,000 $ 1,011,000  
Litigation settlement amount     2,600,000    
Gross settlement income     4,500,000    
Total transaction expenses amount     1,900,000    
Net amount 17,044,000   17,044,000   $ 17,512,000
Westwood Hills, LLC. [Member]          
Termination of Purchase and Sale Agreement [Line Items]          
Net amount $ 1,000,000   1,000,000    
Hekemian & Co., Inc. [Member]          
Termination of Purchase and Sale Agreement [Line Items]          
Management fee     750,000    
Pierre TIC [Member]          
Termination of Purchase and Sale Agreement [Line Items]          
Reimbursement costs     $ 166,000    
Westwood Hills, LLC. [Member]          
Termination of Purchase and Sale Agreement [Line Items]          
Percentage of ownership 40.00%   40.00%    
v3.25.2
Maryland Property Dispositions (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
May 01, 2025
Nov. 22, 2021
Maryland Property Dispositions [Line Items]            
Net book value $ 172,300,000   $ 172,300,000      
Escrow deposit 67,400,000   67,400,000   $ 2,000,722  
Net proceeds     58,700,000      
Mortgage debt amount 155,800,000   155,800,000      
Breakage fees     213,000      
Grande rotunda amount     31,000,000      
Brokerage fees     6,400,000      
Purchase of escrow payment 7,087,000          
Escrow gain on sale     44,800,000      
Straight line rent receivable     2,900,000      
Unamortized lease commissions     1,700,000      
Maryland Purchaser Escrow Payment [Member]            
Maryland Property Dispositions [Line Items]            
Escrow gain on sale   $ 0   $ 171,000    
Purchase and Sale Agreement of Rotunda Property [Member]            
Maryland Property Dispositions [Line Items]            
Purchase price     248,750,269      
Escrow deposit $ 15,526,731   15,526,731      
WestFREIT Corp. [Member]            
Maryland Property Dispositions [Line Items]            
Ownership percentage           100.00%
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%
First Real Estate Investment Trust [Member]            
Maryland Property Dispositions [Line Items]            
Escrow gain on sale     $ 7,100,000      
v3.25.2
Management Agreement, Fees and Transactions with Related Party (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
Oct. 31, 2025
Oct. 31, 2024
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Fees charged to operation $ 358,000 $ 344,000 $ 1,036,000 $ 1,011,000    
Commissions and reimbursements amount 62,000 55,000 62,000 55,000    
Incurred fees 25,000 0 60,000 89,000    
Litigation settlement     2,600,000      
Income less litigation     4,500,000      
Transaction expenses     1,900,000      
Net amount 17,044,000   17,044,000     $ 17,512,000
Forecast [Member]            
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Related to commissions         $ 35,000  
Extension loan amount         $ 25,000  
FREIT’s [Member]            
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Line of credit           32,500
Steuben Arms Property [Member]            
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Line of credit           22,400
Westwood Plaza Property [Member]            
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Line of credit           21,000
Westwood Hills, LLC [Member] | Ownership [Member]            
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Net amount $ 1,000,000   $ 1,000,000      
Equity interest 40.00%   40.00%      
Hekemian & Co [Member]            
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Commissions and reimbursements amount $ 110,000 133,000 $ 312,000 449,000    
Hekemian & Co [Member]            
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Commissions and reimbursements amount 168,000 117,000 181,000 177,000    
Director fee expense 165,000 165,000 515,000 515,000    
Hekemian & Co [Member] | Board of Directors [Member]            
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Incurred fees     750,000      
Hekemian & Co [Member] | Rotunda Property [Member]            
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Proceeds from rent received           $ 13,400
Robert Hekemian Jr [Member]            
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Director fee expense 11,000 11,000 $ 34,000 34,000    
Allan Tubin [Member]            
Management Agreement, Fees and Transactions with Related Party [Line Items]            
Director fee expense $ 15,000 $ 15,000   $ 65,000    
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%      
v3.25.2
Mortgages Payable and Line of Credit (Details) - USD ($)
 9 Months Ended
Dec. 15, 2024
Oct. 31, 2024
May 01, 2024
Dec. 01, 2023
Oct. 31, 2023
Feb. 01, 2023
Jul. 31, 2025
Aug. 01, 2025
May 01, 2025
Mortgages Payable and Credit Line [Line Items]                  
Outstanding loan balance     $ 8,900,000            
Repayment of loan $ 13,900,000                
Outstanding balance           $ 16,900,000      
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    
Deferred interest                 $ 200,000
Loan balance                 $ 10,000,000
Fixed interest rate percentage                 8.50%
Principal and interest amount                 $ 107,978
Escrow balance             67,400,000   2,000,722
Escrow balance reduced                 1,295,739
Refund amount                 704,983
Line of credit, available             13,000,000    
Outstanding balance on line of credit   $ 13,000,000            
Mortgage [Member]                  
Mortgages Payable and Credit Line [Line Items]                  
Maturity date of loan       Jun. 01, 2024          
Provident Bank [Member]                  
Mortgages Payable and Credit Line [Line Items]                  
Fixed interest rate     6.75%            
Monthly installments of principal     $ 58,016            
FREIT [Member]                  
Mortgages Payable and Credit Line [Line Items]                  
Maturity date of loan             Oct. 31, 2026    
Fixed interest rate 6.05%                
Monthly installments of principal $ 84,521           $ 166,727    
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]                  
Fixed interest rate             8.50%    
Monthly installments of principal             $ 1,888,166    
Initial maturity date         Feb. 01, 2024        
Deferred interest                 $ 5.7
ConnectOne Bank [Member]                  
Mortgages Payable and Credit Line [Line Items]                  
Loan balance             $ 5,000,000 $ 5,000,000  
Preakness shopping center [Member]                  
Mortgages Payable and Credit Line [Line Items]                  
Maturity date of loan             Aug. 01, 2025    
Loan amount             $ 25,000,000    
v3.25.2
Mortgages Payable and Line of Credit - Schedule of Mortgages Payable (Details) - USD ($)
$ in Thousands
Jul. 31, 2025
Oct. 31, 2024
Schedule of Mortgages Payable [Line Items]    
Total unamortized debt issuance costs $ (605) $ (799)
Total mortgages payable, net $ 121,150 128,072
Mortgages [Member] | Steuben Arms - River Edge, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity [1] May 31, 2027  
Interest Rate [1] 6.75%  
Mortgages Payable [1] $ 8,739 8,811
Mortgages [Member] | Berdan Court - Wayne, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity Aug. 31, 2029  
Interest Rate 3.54%  
Mortgages Payable $ 28,324 28,728
Mortgages [Member] | Westwood Hills - Westwood, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity Sep. 01, 2026  
Interest Rate 6.05%  
Mortgages Payable $ 24,887 25,136
Mortgages [Member] | Regency Club - Middletown, NY [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity [2] Dec. 15, 2027  
Interest Rate [2] 6.05%  
Mortgages Payable [2] $ 13,794 13,920
Mortgages [Member] | Station Place - Red Bank, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity Dec. 15, 2027  
Interest Rate 4.35%  
Mortgages Payable $ 11,094 11,281
Mortgages [Member] | Westwood Plaza - Westwood, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity [3] May 01, 2026  
Interest Rate [3] 8.50%  
Mortgages Payable [3] $ 9,917 15,995
Mortgages [Member] | Preakness S/C - Wayne, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity [4] Nov. 01, 2025  
Interest Rate [4] 5.00%  
Mortgages Payable [4] $ 25,000 25,000
Mortgages [Member] | Total fixed rate mortgages payable [Member]    
Schedule of Mortgages Payable [Line Items]    
Mortgages Payable $ 121,755 $ 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, the interest rate on the outstanding debt is based on a fixed interest rate of 6.75% and monthly installments of principal and interest of approximately $58,016 are required.
[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 $16.9 million. 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 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 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 is extended for one year to May 1, 2026, the interest rate on the outstanding debt is based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 are required. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of $704,983. This Escrow is held at Valley National Bank and in the event of a default on this loan, the bank shall be permitted to use the proceeds from the Escrow to make monthly debt service payments on the loan.
[4] On August 1, 2025, the mortgage secured by the Preakness Shopping Center located in Wayne, New Jersey came due. Wayne PSC, LLC is working with the current lender of this loan, ConnectOne Bank, on a modification and extension of this loan for five (5) years with a potential pay down of approximately $5 million. While the bank is completing its due diligence, the bank has extended this loan for a 90-day period from a maturity date of August 1, 2025 to a maturity date of November 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 a modification and extension of this loan is entered into, there can be no assurance this loan will be modified and extended.
v3.25.2
Mortgages Payable and Line of Credit - Schedule of Principal Amounts (Details)
$ in Thousands
Jul. 31, 2025
USD ($)
Schedule of Principal Amounts [Abstract]  
2025 $ 7,198
2026 60,770 [1]
2027 9,655
2028 24,521
2029 $ 26,505
[1] The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025. Wayne PSC, LLC is working with the current lender of this loan, ConnectOne Bank on a modification and extension of this loan for five (5) years with a potential pay down of approximately $5 million. While the bank is completing its due diligence around this modification and extension, the bank has extended this loan for a 90-day period from a maturity date of August 1, 2025 to a maturity date of November 1, 2025 under the same terms and conditions of the existing loan agreement. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification and extension of this loan is entered into, there can be no assurance this loan will be modified and extended.
v3.25.2
Mortgages Payable and Line of Credit - Schedule of Estimated Fair Value and Net Carrying Value of Long-Term Debt (Details) - USD ($)
$ in Millions
Jul. 31, 2025
Oct. 31, 2024
Schedule of Estimated Fair Value and Net Carrying Value of Long-Term Debt [Abstract]    
Fair Value $ 118.2 $ 124.7
Carrying Value, Net $ 121.2 $ 128.1
v3.25.2
Segment Information (Details)
 9 Months Ended
Jul. 31, 2025
segment
Segment Information [Abstract]  
Number of reportable segments 2
v3.25.2
Segment Information - Schedule of Asset Information is Not Reported since FREIT (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 31, 2025
Apr. 30, 2025
Jan. 31, 2025
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Jul. 31, 2025
Jul. 31, 2024
Real estate rental revenue:                
Real estate rental revenue $ 7,271     $ 7,177     $ 21,854 $ 21,509
Real estate operating expenses:                
Real estate operating expenses 3,602     3,320     10,803 10,368
Net operating income:                
Net operating income 3,669     3,857     11,051 11,141
Recurring capital improvements - residential (154)     (218)     (357) (483)
Reconciliation to condensed consolidated net income attributable to common equity:                
Segment NOI 3,669     3,857     11,051 11,141
Deferred rents - straight lining (27)     (30)     (83) (88)
Investment income 303     396     1,053 1,082
General and administrative expenses (624)     (929)     (2,260) (3,752)
Loss on investment in tenancy-in-common (36)     (96)     (13) (143)
Depreciation (738)     (735)     (2,195) (2,249)
Litigation settlement, net of fees     15,711     15,711
Net loss on sale of Maryland properties         (171)
Financing costs (1,808)     (1,839)     (5,532) (5,463)
Net income 739 $ 781 $ 501 16,335 $ 399 $ (666) 2,021 16,068
Net loss (income) attributable to noncontrolling interests in subsidiaries 140     (1,544)     366 (1,256)
Net income attributable to common equity 879     14,791     2,387 14,812
Commercial [Member]                
Real estate rental revenue:                
Real estate rental revenue 1,805     1,857     5,585 5,921
Real estate operating expenses:                
Real estate operating expenses 1,273     1,101     3,923 3,694
Net operating income:                
Net operating income 532     756     1,662 2,227
Residential [Member]                
Real estate rental revenue:                
Real estate rental revenue 5,466     5,320     16,269 15,588
Real estate operating expenses:                
Real estate operating expenses 2,329     2,219     6,880 6,674
Net operating income:                
Net operating income $ 3,137     $ 3,101     $ 9,389 $ 8,914
v3.25.2
Income Taxes (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Jul. 31, 2025
Jul. 31, 2025
Oct. 31, 2025
Oct. 31, 2024
Income Taxes [Abstract]        
Percentage of ordinary taxable income     90.00%  
Percentage of ordinary taxable income distributed       100.00%
Capital gain percentage       100.00%
Provision for federal or state income taxes (in Dollars)    
v3.25.2
Equity Incentive Plan (Details) - USD ($)
 9 Months Ended
Feb. 21, 2025
Feb. 20, 2025
Mar. 22, 2024
Jul. 31, 2025
Jul. 31, 2024
Oct. 31, 2024
Equity Incentive Plan [Line Items]            
Common stock, par value (in Dollars per share)   $ 0.01   $ 0.01   $ 0.01
Board approved issued shares   1,193        
Compensation expense related to stock options vested amount (in Dollars)       $ 0 $ 1,000  
Equity Incentive Plan [Member]            
Equity Incentive Plan [Line Items]            
Cash compensation (in Dollars)   $ 20,000 $ 20,000      
Closing price per share (in Dollars per share) $ 16.76          
Board approved issued shares 1,193   1,230      
Available for issuance shares       419,709    
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      
v3.25.2
Equity Incentive Plan - Schedule of Stock Option Activity (Details) - Stock Option [Member]
 9 Months Ended
Jul. 31, 2025
$ / shares
shares
Schedule of Stock Option Activity [Line Items]  
No. of Options Outstanding, beginning of period 8,440
Weighted Average price, beginning of period (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 period 8,440
Weighted Average price at end of period (in Dollars per share) | $ / shares $ 9.21
No. of Options Outstanding, end of period 8,440
No. of Options Outstanding, exercisable at end of period 8,440
v3.25.2
Rental Income (Details)
 9 Months Ended
Jul. 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
v3.25.2
Rental Income - Schedule of Minimum Fixed Lease Consideration Under Non-Cancelable Tenant Operating Leases (Details)
$ in Thousands
Jul. 31, 2025
USD ($)
Schedule of Minimum Fixed Lease Consideration Under Non-Cancelable Tenant Operating Leases [Abstract]  
2025 $ 4,982
2026 5,136
2027 4,071
2028 2,984
2029 2,759
Thereafter 5,359
Total $ 25,291