FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC., 10-K filed on 29 Jan 26
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v3.25.4
Cover - USD ($)
$ in Millions
 12 Months Ended
Oct. 31, 2025
Jan. 29, 2026
Apr. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Transition Report false    
Document Financial Statement Error Correction [Flag] false    
Entity Interactive Data Current Yes    
ICFR Auditor Attestation Flag false    
Amendment Flag false    
Document Period End Date Oct. 31, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
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 Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
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 Public Float     $ 100.1
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    
v3.25.4
Audit Information
 12 Months Ended
Oct. 31, 2025
Auditor [Table]  
Auditor Name EISNERAMPER LLP
Auditor Firm ID 274
Auditor Location New York, New York
Auditor Opinion [Text Block]

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of First Real Estate Investment Trust of New Jersey, Inc. and Subsidiaries (the “Company”) as of October 31, 2025 and 2024, and the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the years in the three-year period ended October 31, 2025, and the related notes and the financial statement schedule identified in Item 15 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of October 31, 2025 and 2024, and the consolidated results of their operations and their cash flows for each of the years in the three-year period ended October 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Oct. 31, 2025
Oct. 31, 2024
ASSETS    
Real estate, at cost, net of accumulated depreciation $ 89,419 $ 91,862
Construction in progress 968 944
Cash and cash equivalents 17,926 14,914
Investment in U.S. Treasury securities available-for-sale 18,174 29,259
Investment in tenancy-in-common 16,922 17,512
Tenants' security accounts 833 913
Receivables arising from straight-lining of rents 472 572
Accounts receivable, net of allowance for doubtful accounts of $258 and $272 as of October 31, 2025 and 2024, respectively 201 498
Prepaid expenses and other assets 4,511 5,007
Deferred charges, net 238 277
Interest rate swap contracts 210 506
Total Assets 149,874 162,264
Liabilities:    
Mortgages payable, including deferred interest of $0 and $222 as of October 31, 2025 and 2024, respectively 121,300 128,871
Less unamortized debt issuance costs 516 799
Mortgages payable, net 120,784 128,072
Accounts payable and accrued expenses 665 857
Dividends payable 747 5,224
Tenants' security deposits 1,132 1,205
Deferred revenue 843 722
Total Liabilities 124,171 136,080
Commitments and contingencies (Note 7)
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 issued at October 31, 2025 and 2024, respectively 75 75
Additional paid-in-capital 32,393 32,253
Retained earnings 1,360 541
Accumulated other comprehensive income 211 494
Total Common Equity 34,039 33,363
Noncontrolling interests in subsidiaries (8,336) (7,179)
Total Equity 25,703 26,184
Total Liabilities and Equity $ 149,874 $ 162,264
v3.25.4
Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Oct. 31, 2025
Oct. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 258 $ 272
Deferred interest $ 0 $ 222
Preferred stock, par value (in Dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in Shares) 5,000,000 5,000,000
Preferred stock, shares issued (in Shares) 0 0
Common stock par value (in Dollars per share) $ 0.01 $ 0.01
Common stock shares authorized (in Shares) 20,000,000 20,000,000
Common stock shares issued (in Shares) 7,471,344 7,462,993
v3.25.4
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Revenue:      
Rental income $ 26,911 $ 26,191 $ 25,522
Reimbursements 1,877 1,887 2,357
Sundry income 529 600 465
Total revenue 29,317 28,678 28,344
Expenses:      
Operating expenses 9,782 10,821 10,764
Management fees 1,427 1,351 1,342
Real estate taxes 5,933 5,992 5,891
Depreciation 2,965 2,981 2,944
Total expenses 20,107 21,145 20,941
Investment income 1,351 1,560 1,013
Net loss on sale of Maryland properties (356) (1,003)
Litigation settlement, net of fees 15,673
Loss on investment in tenancy-in-common (135) (170) (271)
Interest expense including amortization of deferred financing costs (7,280) (7,307) (7,717)
Net income (loss) 3,146 16,933 (575)
Net loss (income) attributable to noncontrolling interests in subsidiaries 363 (1,081) 1,335
Net income attributable to common equity $ 3,509 $ 15,852 $ 760
Earnings per share:      
Basic (in Dollars per share) $ 0.47 $ 2.13 $ 0.1
Diluted (in Dollars per share) $ 0.47 $ 2.13 $ 0.1
Weighted average shares outstanding:      
Basic (in Shares) 7,469 7,455 7,441
Diluted (in Shares) 7,469 7,459 7,447
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 3,146 $ 16,933 $ (575)
Other comprehensive income (loss) :      
Unrealized (loss) gain on interest swap contracts before reclassifications (41) (82) 547
Amount reclassified from accumulated other comprehensive income to interest expense (255) (748) (620)
Net unrealized loss on interest rate swap contracts (296) (830) (73)
Unrealized gain (loss) on U.S. Treasury securities available-for-sale before reclassifications 13 (15)
Amount reclassified from accumulated other comprehensive income to investment income 3
Net unrealized gain (loss) on U.S. Treasury securities available-for-sale 13 (12)
Comprehensive income (loss) 2,863 16,091 (648)
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries 363 (1,081) 1,335
Comprehensive income attributable to common equity $ 3,226 $ 15,010 $ 687
v3.25.4
Consolidated Statements of Equity - USD ($)
$ in Thousands
Common Stock
Additional Paid-In-Capital
(Accumulated Deficit) Retained Earnings
Accumulated Other Comprehensive Income
Total Common Equity
Noncontrolling Interests in Subsidiaries
Total
Balance at Oct. 31, 2022 $ 73 $ 30,635 $ (6,208) $ 1,409 $ 25,909 $ (1,170) $ 24,739
Balance (in Shares) at Oct. 31, 2022 7,321            
Stock based compensation expense 11 11 11
Vested share units granted to directors 26 26 26
Vested share units granted to directors (in Shares) 2            
Stock awards granted to directors 140 140 140
Stock awards granted to directors (in Shares) 9            
Stock options exercised $ 1 1,262 1,263 1,263
Stock options exercised (in Shares) 118            
Distributions to noncontrolling interests in subsidiaries (3,535) (3,535)
Net income (loss) 760 760 (1,335) (575)
Dividends declared (3,520) (3,520) (3,520)
Net unrealized loss on interest rate swap contracts (73) (73) (73)
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
Stock awards granted to directors $ 1 140 141 141
Stock awards granted to directors (in Shares) 8            
Stock options exercised 38 38 38
Stock options exercised (in Shares) 5            
Distributions to noncontrolling interests in subsidiaries (2,220) (2,220)
Net income (loss) 15,852 15,852 1,081 16,933
Dividends declared (6,343) (6,343) (6,343)
Net unrealized loss on interest rate swap contracts (830) (830) (830)
Net unrealized gain (loss) on investment in U.S. treasury securities available-for-sale (12) (12) (12)
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            
Stock awards granted to directors 140 140 140
Stock awards granted to directors (in Shares) 8            
Distributions to noncontrolling interests in subsidiaries (794) (794)
Net income (loss) 3,509 3,509 (363) 3,146
Dividends declared (2,690) (2,690) (2,690)
Net unrealized loss on interest rate swap contracts (296) (296) (296)
Net unrealized gain (loss) on investment in U.S. treasury securities available-for-sale 13 13 13
Balance at Oct. 31, 2025 $ 75 $ 32,393 $ 1,360 $ 211 $ 34,039 $ (8,336) $ 25,703
Balance (in Shares) at Oct. 31, 2025 7,471            
v3.25.4
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Oct. 31, 2025
USD ($)
Oct. 31, 2024
USD ($)
Oct. 31, 2023
USD ($)
Operating activities:      
Net income (loss) $ 3,146 $ 16,933 $ (575)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Net loss on sale of Maryland properties 356 1,003
Depreciation 2,965 2,981 2,944
Amortization 549 647 612
Stock based compensation expense 1 11
Directors fees and related interest paid in stock units 26
Stock awards granted to directors 140 141 140
Loss on investment in tenancy-in-common 135 170 271
Deferred rents - straight line rent 100 118 100
Bad debt expense 107 116 16
Accreted interest on investment in U.S. Treasury securities (800) (801) (353)
Changes in operating assets and liabilities:      
Tenants' security accounts (73) (57) (23)
Accounts receivable, prepaid expenses and other assets 59 (48) 152
Accounts payable, accrued expenses and deferred director compensation payable 21 (448) (1,954)
Deferred revenue 121 54 311
Deferred interest on mortgage (222)
Net cash provided by operating activities 6,248 20,163 2,681
Investing activities:      
Cash outlays from sale of Maryland properties, net (356) (1,003)
Purchase of U.S. Treasury securities (48,184) (45,663) (38,444)
Proceeds from maturities of U.S. Treasury securities 60,082 40,786 15,204
Capital improvements - existing properties (759) (1,242) (1,290)
Deferred leasing costs (51) (89) (170)
Distribution from investment in tenancy-in-common 455 455 390
Net cash provided by(used in) investing activities 11,543 (6,109) (25,313)
Financing activities:      
Repayment of mortgages (7,349) (9,308) (26,538)
Proceeds from mortgage loan refinancings 25,500
Proceeds from exercise of stock options 38 1,263
Deferred financing costs (176) (206) (481)
Dividends paid (7,167) (1,491) (13,721)
Distributions to noncontrolling interests in subsidiaries (794) (2,220) (3,535)
Net cash used in financing activities (15,486) (13,187) (17,512)
Net increase (decrease) in cash, cash equivalents and restricted cash 2,305 867 (40,144)
Cash, cash equivalents and restricted cash, beginning of year 19,223 18,356 58,500
Cash, cash equivalents and restricted cash, end of year 21,528 19,223 18,356
Supplemental disclosure of cash flow data:      
Interest paid 7,044 6,783 7,182
Investing activities:      
Accrued capital expenditures, construction costs and pre-development costs 27 237 210
Financing activities:      
Dividends declared but not paid 747 5,224 372
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:      
Cash and cash equivalents 17,926 14,914 13,217
Tenants' security accounts 833 913 962
Funds held in post-closing escrow 883
Mortgage escrows (included in prepaid expenses and other assets) 2,769 3,396 3,294
Total cash, cash equivalents and restricted cash $ 21,528 $ 19,223 $ 18,356
v3.25.4
Organization and Significant Accounting Policies
 12 Months Ended
Oct. 31, 2025
Organization and Significant Accounting Policies [Abstract]  
Organization and significant accounting policies

Note 1 - Organization and significant accounting policies:

 

Organization:

 

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 (the “Reincorporation”) which was approved by its stockholders at the annual meeting of stockholders held on May 6, 2021. The Reincorporation changed the law applicable to First Real Estate Investment Trust of New Jersey’s affairs from New Jersey law to Maryland law and was accomplished by the merger of First Real Estate Investment Trust of New Jersey with and into its wholly owned subsidiary, First Real Estate Investment Trust of New Jersey, Inc. (“FREIT”, “Trust”, “us”, “we”, “our” or the “Company”), a Maryland corporation. As a result of the Reincorporation, the separate existence of First Real Estate Investment Trust of New Jersey has ceased and FREIT has succeeded to all the business, properties, assets and liabilities of First Real Estate Investment Trust of New Jersey. Holders of shares of beneficial interest in First Real Estate Investment Trust of New Jersey have received one newly issued share of common stock of FREIT for each share of First Real Estate Investment Trust of New Jersey that they own, without any action of stockholders required and all treasury stock held by First Real Estate Investment Trust of New Jersey was retired.

 

FREIT is engaged in owning residential and commercial income producing properties located in New Jersey and New York. FREIT has elected to be taxed as a Real Estate Investment Trust for federal income tax purposes under the provisions of Sections 856-860 of the Internal Revenue Code, as amended. Accordingly, FREIT intends to distribute at least 90% of its ordinary taxable income (to maintain its status as a REIT) to its stockholders as dividends. Further, FREIT pays no federal income tax on capital gains and ordinary income distributed to stockholders. FREIT is subject to federal income tax on undistributed taxable income and capital gains. FREIT may make an annual election under Section 858 of the Internal Revenue Code to apply part of the regular dividends paid in each respective subsequent year as a distribution for the immediately preceding year.

 

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. The Company adopted this standard in Fiscal 2025 with no significant impact on its financial statement disclosures.

 

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. 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.

 

Principles of consolidation:

 

The consolidated financial statements include the accounts of FREIT and the following subsidiaries in which FREIT has a controlling financial interest, including two LLCs in which FREIT is the managing member with a 40% ownership interest and is considered the primary beneficiary:

 

Subsidiary    % Ownership   Year
Acquired/Organized		  
Westwood Hills, LLC      40%     1994  
Wayne PSC, LLC      40%     2002  
Grande Rotunda, LLC      60%     2005  
FREIT Regency, LLC      100%     2014  
Station Place on Monmouth, LLC     100%     2017  
Berdan Court, LLC     100%     2019  

The consolidated financial statements include 100% of each subsidiary’s assets, liabilities, operations and cash flows, with the interests not owned by FREIT reflected as "noncontrolling interests in subsidiaries”. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

Investment in tenancy-in-common:

 

On February 28, 2020, FREIT reorganized its subsidiary 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. Accordingly, FREIT consolidated the financial statements of S&A and its subsidiary to include 100% of the subsidiary’s assets, liabilities, operations and cash flows with the interest not owned by FREIT reflected as “noncontrolling interests in subsidiary” and all significant intercompany accounts and transactions were eliminated in consolidation.

 

Pursuant to the TIC agreement, FREIT has a 65% undivided interest in the Pierre Towers property. Based on the guidance of Accounting Standards Codification (“ASC”) 810, “Consolidation”, FREIT’s investment in the TIC is accounted for under the equity method of accounting. FREIT does not have a controlling interest as the TIC is under joint control. (See Note 3)

 

Use of estimates:

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and cash equivalents:

 

Financial instruments that potentially subject FREIT to concentrations of credit risk consist primarily of cash and cash equivalents. FREIT considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. FREIT maintains its cash and cash equivalents in bank and other accounts, the balances of which, at times, may exceed federally insured limits.

 

Investments in U.S. Treasury securities:

 

FREIT invests in short-term Treasury bills and Treasury notes (collectively “Treasury securities”) issued by the U.S. Treasury Department and backed by the U.S. Government. Treasury bills yield no interest, are issued at a discount to the redemption price and pay interest at maturity based on the discount to the redemption price. Treasury notes are similar to Treasury bills except they generally have a longer maturity (between two and ten years) and pay interest semi-annually. We classify investments in the U.S. Treasury securities with maturities greater than 90 days as available-for-sale investments. We use quoted market prices to determine the fair value of these investments. (See Note 6)

 

Real estate development costs:

 

It is FREIT’s policy to capitalize pre-development costs, which generally include legal and other professional fees and other directly related third-party costs. Real estate taxes and interest costs incurred during the development and construction phases are also capitalized. FREIT ceases capitalization of these costs when the project or portion thereof becomes operational, or when construction has been postponed. In the event of a postponement, capitalization of these costs will recommence once construction on the project resumes.

 

Depreciation:

 

Real estate and equipment are depreciated on the straight-line method by annual charges to operations calculated to absorb costs of assets over their estimated useful lives.

 

Impairment of long-lived assets:

 

Impairment losses on long-lived assets, such as real estate and equipment, are recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts. There were no impairments of long-lived assets for the fiscal years ended October 31, 2025, 2024 and 2023.

 

Deferred charges:

 

Deferred charges consist primarily of leasing commissions, which are amortized on the straight-line method over the terms of the applicable leases.

 

Debt issuance costs:

 

Debt issuance costs are amortized on the straight-line method (which approximates the effective interest method) by annual charges to income over the terms of the mortgages. Amortization of such costs is included in interest expense and approximated $459,000, $524,000 and $509,000 in the fiscal year ended October 31, 2025 (“Fiscal 2025”), 2024

(“Fiscal 2024”) and 2023 (“Fiscal 2023”), respectively. Unamortized debt issuance costs are a direct deduction from mortgages payable on the consolidated balance sheets.

 

Revenue recognition:

 

Income from leases is recognized on a straight-line basis regardless of when payment is due. Lease agreements between FREIT and commercial tenants generally provide for additional rentals and reimbursements for their proportionate share of real estate taxes, insurance, common area maintenance charges and may include percentage of tenants' sales in excess of specified volumes. Percentage rents are generally included in income when reported to FREIT when earned, or ratably over the appropriate period.

 

Interest rate swap contracts:

 

FREIT utilizes derivative financial instruments to reduce interest rate risk. FREIT does not hold or issue derivative financial instruments for trading purposes. FREIT recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Changes in fair value of those instruments, which qualify as cash flow hedges, are reported in other comprehensive income. (See Note 6)

 

Advertising:

 

FREIT expenses the cost of advertising and promotions as incurred. Advertising costs charged to operations amounted to approximately $281,000, $308,000 and $287,000 in Fiscal 2025, 2024 and 2023, respectively.

 

Stock-based compensation:

 

FREIT has a stock-based compensation plan that was approved by FREIT’s Board of Directors (the “Board”), and ratified by FREIT’s stockholders. Stock based awards are accounted for based on their grant-date fair value. (See Note 10)
v3.25.4
Maryland Property Dispositions
 12 Months Ended
Oct. 31, 2025
Maryland Property Dispositions [Abstract]  
Maryland property dispositions

Note 2 – 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 owned 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 October 31, 2025, approximately $7,087,000 of the Maryland Purchaser Escrow Payment was 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 $0.4 million and $1 million for the fiscal years ended October 31, 2024 and 2023, 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. 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 included 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.

 

As the disposal of the Maryland Properties did not represent a strategic shift that would have a major impact on FREIT’s operations or financial results, the properties’ operations were not reflected as discontinued operations in the accompanying consolidated financial statements.
v3.25.4
Investment in Tenancy-in-Common
 12 Months Ended
Oct. 31, 2025
Investment in Tenancy-in-Common [Abstract]  
Investment in tenancy-in-common

Note 3 – Investment in tenancy-in-common:

 

Pursuant to the TIC agreement, FREIT has a 65% undivided interest in the Pierre Towers property. 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 $16.9 million and $17.5 million at October 31, 2025 and 2024, respectively. For the fiscal years ended October 31, 2025, 2024 and 2023, FREIT recognized a loss on investment in TIC of approximately $135,000, $170,000 and $271,000, respectively, in the accompanying consolidated statements of income. Additionally, because the Pierre Towers property was part of the original portfolio sale to Sinatra Properties, LLC (“Sinatra”), approximately $166,000 in expenses were reimbursed to FREIT in the fiscal year ended October 31, 2024 in connection with the terminated Sinatra transaction (See Note 14).

 

Hekemian & Co., Inc. (“Hekemian & Co.”) manages the Pierre Towers property pursuant to a management agreement between the owners of the TIC and Hekemian & Co. dated as of February 28, 2020, which renews for successive one (1) year terms unless either party gives written notice of termination to the other party at least sixty (60) days prior to the end of the then-current term. The management agreement was renewed for a one (1) year term expiring on February 28, 2027.

 

The management agreement requires the payment of management fees equal to 5% of rents collected. Management fees, charged to operations, were approximately $446,000, $425,000 and $418,000 for the fiscal years ended October 31, 2025, 2024 and 2023, respectively. Hekemian & Co. management fees outstanding at October 31, 2025 and 2024 were approximately $49,600 and $35,700, 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 $67,000, $55,000 and $51,000 for the fiscal years ended October 31, 2025, 2024 and 2023, respectively.

 

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

 

   October 31,  October 31,
   2025  2024
   (In Thousands of Dollars)
       
Real estate, net  $71,928   $72,707 
Cash and cash equivalents   335    1,442 
Tenants' security accounts   563    528 
Receivables and other assets   575    556 
Total assets  $73,401   $75,233 
           
Mortgages payable, net of unamortized debt issuance costs  $46,173   $47,362 
Accounts payable and accrued expenses   480    229 
Tenants' security deposits   562    529 
Deferred revenue   152    172 
Equity   26,034    26,941 
Total liabilities & equity  $73,401   $75,233 
           
FREIT's investment in TIC (65% interest)  $16,922   $17,512 

 

 

The following table summarizes the statements of operations of the Pierre Towers property for the fiscal years ended October 31, 2025, 2024 and 2023, accounted for by the equity method:

 

   Years Ended October 31, 
   2025   2024   2023 
   (In Thousands of Dollars) 
             
Revenue  $8,669   $8,591   $8,278 
Operating expenses   (5,141)   (4,977)   (4,893)
Depreciation   (2,270)   (2,235)   (2,212)
Operating income   1,258    1,379    1,173 
                
Interest income   56    82    
—
 
Sinatra expenses due to FREIT   
—
    (166)   
—
 
Interest expense including amortization of deferred financing costs   (1,521)   (1,556)   (1,590)
                
Net loss  $(207)  $(261)  $(417)
                
FREIT's loss on investment in TIC (65% interest)  $(135)  $(170)  $(271)
v3.25.4
Real Estate
 12 Months Ended
Oct. 31, 2025
Real Estate [Abstract]  
Real Estate

Note 4 - Real estate:

 

Real estate consists of the following:

 

   Range of        
   Estimated  October 31, 
   Useful Lives  2025   2024 
      (In Thousands of Dollars) 
Land     $40,813   $40,813 
Unimproved land      405    405 
Apartment buildings  7-40 years   70,928    70,686 
Commercial buildings/shopping centers  5-40 years   42,633    42,695 
Equipment/furniture  5-15 years   2,388    2,311 
Total real estate, gross      157,167    156,910 
Less: accumulated depreciation      67,748    65,048 
Total real estate, net     $89,419   $91,862 
v3.25.4
Mortgages Payable and Line of Credit
 12 Months Ended
Oct. 31, 2025
Mortgages Payable and Line of Credit [Abstract]  
Mortgages payable and line of credit

Note 5 – Mortgages payable and line of credit:

 

   October 31, 2025  October 31, 2024
   Principal (Including
Deferred Interest)		  Unamortized
Debt Issuance
Costs		  Principal (Including
Deferred Interest)		  Unamortized
Debt Issuance
Costs
   (In Thousands of Dollars)  (In Thousands of Dollars)
Westwood, NJ (A)  $9,808   $31   $15,995   $9 
Wayne, NJ (B)   28,190    185    28,728    234 
River Edge, NJ (C)   8,715    33    8,811    55 
Red Bank, NJ (D)   11,030    33    11,281    48 
Wayne, NJ (E)   25,000    10    25,000    118 
Middletown, NY (F)   13,754    64    13,920    5 
Westwood, NJ (G)   24,803    120    25,136    263 
Total fixed rate   121,300    476    128,871    732 
Line of credit - Provident Bank (H)   
—
    40    
—
    67 
Total variable rate   
—
    40    
—
    67 
Total  $121,300   $516   $128,871   $799 

 

(A)On January 14, 2013, FREIT refinanced its Westwood Plaza mortgage loan in the amount of $8 million, with a new mortgage loan held by Valley National Bank in the amount of $22,750,000, which was payable in monthly installments of $129,702 including interest at 4.75% through February 1, 2023 at which time the outstanding balance was due.

 

Effective February 1, 2023, FREIT entered into a loan extension and modification agreement with Valley National Bank on this loan with a then outstanding balance of $16,864,361. Under the terms and conditions of this loan extension and modification, the maturity date of the loan was extended for a term of one (1) year from February 1, 2023 to February 1, 2024 with the option of FREIT to extend for one additional year from the extended maturity date, subject to certain provisions of the loan agreement. The loan was based on a fixed interest rate of 7.5% and was payable based on monthly installments of principal and interest of approximately $157,347. Additionally, FREIT funded an interest reserve escrow account (“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. The outstanding balance of this loan as of February 1, 2024 was approximately $16,458,000, payable based on monthly installments of principal and interest of approximately $166,727, and bearing interest at a fixed rate of 8.5%. 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 then 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.

 

The mortgage is secured by a retail building located in Westwood, New Jersey having a net book value of approximately $7,217,000 as of October 31, 2025 including approximately $246,000 classified as construction in progress.

 

As a result of the negative impact of the COVID-19 pandemic at this property, FREIT was granted debt payment relief from the lender in the form of deferral of principal and interest payments for a three-month period which ended June 30, 2020, resulting in total deferred payments of approximately $390,000, of which approximately $222,000 related to deferred interest. These deferred payments were included in the mortgages payable on the consolidated balance sheet as of October 31, 2024 and was paid in full in May 2025 as part of the loan extension and modification agreement with Valley National Bank.

 

(B)On August 26, 2019, Berdan Court, LLC (“Berdan Court”), refinanced its $17 million loan with a new lender in the amount of $28,815,000. This refinancing resulted in: (i) a reduction in the annual interest rate from a fixed rate of 6.09% to a fixed rate of 3.54% and (ii) net refinancing proceeds of approximately $11.6 million, which could be used for capital expenditures and general corporate purposes. The loan was interest-only for the first five years of the term with monthly installments of approximately $85,004 each month through September 1, 2024. Thereafter, monthly installments of principal plus interest totaling approximately $130,036 are required each month until September 1, 2029 at which time the unpaid balance is due.

 

The mortgage is secured by an apartment building located in Wayne, New Jersey having a net book value of approximately $1,310,000 as of October 31, 2025.

 

(C)On November 19, 2013, FREIT refinanced mortgage loans with a new mortgage loan in the amount of $11,200,000 payable in monthly installments of $57,456 including interest at 4.54% through December 1, 2023 at which time the outstanding balance was due. Provident Bank extended the initial maturity date of this loan for a 90-day period from December 1, 2023 to March 1, 2024 and further extended this loan for another 60-day period with a new 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.

 

The mortgage is secured by an apartment building located in River Edge, New Jersey having a net book value of approximately $821,000 as of October 31, 2025.

 

(D)On December 7, 2017, Station Place on Monmouth, LLC (“Station Place”) closed on a mortgage loan in the amount of $12,350,000 held by Provident Bank to purchase the Station Place property located in Red Bank, New Jersey. Interest-only payments were required each month for the first two years of the term and thereafter, principal payments plus accrued interest were required each month through maturity. The loan bears a floating interest rate equal to 180 basis points over the one-month SOFR with a maturity date of December 15, 2027. In order to minimize interest rate volatility during the term of the loan, Station Place entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 4.35% over the term of the loan. (See Note 6 for additional information relating to the interest rate swap contract.)

 

The mortgage is secured by an apartment building located in Red Bank, New Jersey having a net book value of approximately $17,488,000 as of October 31, 2025.

 

(E)On July 22, 2022, Wayne PSC, LLC (“Wayne PSC”) refinanced its $22.1 million loan (inclusive of deferred interest of approximately $136,000), which would have matured on October 1, 2026, with a new loan held by ConnectOne Bank in the amount of $25,000,000. This loan was interest-only based on a fixed interest rate of 5% and had a term of three years with a maturity date of August 1, 2025. Additionally, an interest reserve escrow was established at closing representing twelve months of interest of $1,250,000, which could be used to pay monthly interest on this loan with a requirement to replenish the escrow account back to $1,250,000 when the balance in the escrow account was reduced to three months of interest. This refinancing resulted in (i) annual debt service savings of approximately $340,000 due to interest-only payments; (ii) an increase in the interest rate from a fixed interest rate of 3.625% to a fixed interest rate of 5%; and (iii) net refinancing proceeds of approximately $1.1 million which can be used for capital expenditures and general corporate purposes. As part of the refinancing, Wayne PSC terminated the interest rate swap contract on the underlying loan resulting in a realized gain on the swap breakage of approximately $1.4 million, which was recorded as a realized gain on the accompanying consolidated statement of income for the fiscal year ended October 31, 2022.

On August 1, 2025, the mortgage in the amount of $25,000,000, secured by the Preakness Shopping Center located in Wayne, New Jersey, reached its maturity date. Wayne PSC, LLC is working with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date while discussions are ongoing, with each extension made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

 

The mortgage is secured by a shopping center located in Wayne, New Jersey having a net book value of approximately $20,591,000 as of October 31, 2025 including approximately $722,000 classified as construction in progress. As of October 31, 2025, the interest reserve escrow account has a balance of approximately $405,000.

 

(F)On December 29, 2014, FREIT Regency, LLC (“Regency”) closed on a $16.2 million mortgage loan with Provident Bank. The loan was based on a floating interest rate equal to 125 basis points over the one-month SOFR and had a maturity date of December 15, 2024. Interest-only payments were required each month through December 15, 2017 and thereafter, principal payments of $27,807 (plus accrued interest) were required each month through maturity. In order to minimize interest rate volatility during the term of the loan, Regency entered into an interest rate swap contract that, in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. (See Note 6 for additional information relating to the interest rate swap contract.)

 

On December 15, 2024, the mortgage 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.

 

The mortgage is secured by an apartment complex located in Middletown, New York having a net book value of $16,315,000 as of October 31, 2025.

 

(G)On August 3, 2023, Westwood Hills refinanced its $25,000,000 loan (which would have matured on October 1, 2023) with a new loan held by Minnesota Life Insurance Company in the amount of $25,500,000. This loan is based on a fixed interest rate of 6.05%, provides for monthly payments of principal and interest of $153,706 and has a term of three years with a maturity date of September 1, 2026. This refinancing resulted in a decrease in the interest rate from a variable interest rate of approximately 9.21% (at the time of the refinancing) to a fixed interest rate of 6.05% and annual debt service savings of approximately $535,000.

 

The mortgage is secured by an apartment building located in Westwood, New Jersey having a net book value of approximately $7,567,000 as of October 31, 2025.

 

(H)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 located 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 will be based on a floating interest rate of prime minus 25 basis points with a floor of 6.75%. As of October 31, 2025 and 2024, there was no amount outstanding and $13 million was available under the line of credit.

 

Certain of the Company’s mortgage loans and the line of credit contain financial covenants. The Company was in compliance with all of its financial covenants as of October 31, 2025.

 

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.

Fair value of long-term debt:

 

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

 

    October 31,   October 31,
($ in Millions)   2025   2024
Fair Value   $118.4   $124.7
         
Carrying Value, Net $120.8   $128.1

 

Fair values are estimated based on market interest rates at the end of each fiscal year 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).

 

Principal amounts (in thousands of dollars) due under the above obligations in each of the five years subsequent to October 31, 2025 are as follows: 

 

Year Ending  October 31,   Amount  
2026   $ 60,618 (a) 
2027   $ 9,655  
2028   $ 24,521  
2029   $ 26,506  
2030   $
  -
  

 

 

(a)This includes 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 is working with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of this loan’s maturity date while discussions are ongoing, with each extension made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.
v3.25.4
Fair Value Measurements
 12 Months Ended
Oct. 31, 2025
Fair Value Measurements [Abstract]  
Fair value measurements

Note 6 – Fair value measurements: 

 

Financial assets that are measured at fair value on our 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 $18,174,000 and $29,259,000 as of October 31, 2025 and 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 consolidated statements of income and reflected as accreted interest in the consolidated statements of cash flows. For the fiscal years ended October 31, 2025, 2024, and 2023 this amounted to approximately $800,000, $801,000, and $353,000, respectively. Any changes in the value of these securities are recorded as an unrealized gain or loss in other comprehensive income (loss). Upon sale, the realized gain or loss related to these investments is recognized in investment income in the consolidated statements of income. For the fiscal years ended October 31, 2025 and 2024, FREIT recorded an unrealized gain of approximately $13,000 and loss of approximately $12,000, respectively, in the consolidated statement of comprehensive income representing the change in the fair value of these available for sale investments in U.S. Treasury securities during such period. For the fiscal year ended October 31, 2023, there was no unrealized gain or loss recorded for the available for sale investments in U.S. Treasury securities. 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 Regency and 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 5 for further details.)

 

For the fiscal years ended October 31, 2025, 2024 and 2023, FREIT recorded an unrealized loss of approximately $296,000, $830,000 and $73,000, respectively, in the consolidated statement of comprehensive income representing the change in the fair value of these cash flow hedges during such period. As of October 31, 2025, there was an asset of approximately $210,000 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).
v3.25.4
Commitments and contingencies
 12 Months Ended
Oct. 31, 2025
Commitments and Contingencies [Abstract]  
Commitments and contingencies

Note 7 - Commitments and contingencies:

 

Leases

 

Commercial tenants:

 

FREIT leases commercial space having a net book value of approximately $33.7 million at October 31, 2025 to tenants for periods of up to twenty-five years. Most of the leases contain clauses for reimbursement of real estate taxes, maintenance, insurance and certain other operating expenses of the properties. 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-cancellable 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, subsequent to October 31, 2025, is as follows:

 

Year Ending October 31,   Amount  
2026   $  5,189  
2027     4,178  
2028     3,116  
2029     2,875  
2030     2,693  
Thereafter     2,795  
Total   $ 20,846  

 

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 based on the 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 each of the years in the three-year period ended October 31, 2025 were not material.

 

Residential tenants:

 

Lease terms for residential tenants are usually one to two years.

 

Environmental concerns

 

The Westwood Plaza Shopping Center property is in a Flood Hazard Zone. FREIT maintains flood insurance in the amount of $500,000 for the subject property, which is the maximum available under the Flood Program for the property. Any reconstruction of that portion of the property situated in the flood hazard zone is subject to regulations promulgated by the New Jersey Department of Environmental Protection ("NJDEP"), which could require extraordinary construction methods. FREIT acquired the Westwood Plaza property in 1988, and the property has not experienced any flooding that gave rise to any claims under FREIT’s flood insurance in this time period.
v3.25.4
Management Agreement, Fees and Transactions with Related Party
 12 Months Ended
Oct. 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:

 

On April 10, 2002, FREIT and Hekemian & Co. executed a management agreement dated as of November 1, 2001 (“Management Agreement”) whereby Hekemian & Co. would continue as the managing agent for FREIT. The Management Agreement expires on October 31, 2027 and is automatically renewed for successive periods of two years unless either party gives not less than six (6) months prior notice of non-renewal.

 

Hekemian & Co. currently manages all of the properties owned by FREIT and its affiliates. However, FREIT may retain other managing agents to manage properties acquired after April 10, 2002 and to perform various other duties such as sales, acquisitions, and development with respect to any or all properties. Hekemian & Co. does not serve as the exclusive property acquisition advisor to FREIT and is not required to offer potential acquisition properties

exclusively to FREIT before acquiring those properties for its own account. The Management Agreement includes a detailed schedule of fees for those services, which Hekemian & Co. may be called upon to perform.

 

The Management Agreement provides for a termination fee (“Termination Fee”) in the event of a termination by FREIT without cause and a termination fee of 2.5 times the Termination Fee if the Management Agreement terminates following a merger or acquisition of FREIT.

 

The Management Agreement requires the payment of management fees equal to 4% to 5% of rents collected. Such fees charged to operations were approximately $1,427,000, $1,351,000, and $1,342,000 in Fiscal 2025, 2024 and 2023, 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 $418,000, $563,000 and $825,000 in Fiscal 2025, 2024 and 2023, respectively. Total Hekemian & Co. management fees outstanding at October 31, 2025 and 2024 were approximately $152,000 and $116,000, respectively, and included in accounts payable on the accompanying consolidated balance sheets. 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 $212,000, $177,000 and $166,000 in Fiscal 2025, 2024 and 2023, 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 during Fiscal 2025, 2024 and 2023 were approximately $60,000, $89,000 and $307,000, 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; $21,100 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. Fees incurred during Fiscal 2023 related to commissions to Hekemian & Co. for the following: $129,000 for the additional proceeds received from the post-closing rent escrow for the sale of the Rotunda Property; $20,000 for the additional proceeds received from the post-closing rent escrow for the sale of the Westridge Square Property; $10,000 for the additional proceeds received from the post-closing rent escrow for the sale of the Damascus Property; $127,500 for refinancing of the loan on the Westwood Hills property; and $21,000 for the modification and extension of the loan on the Westwood Plaza property. The commissions related to the sale of the Rotunda Property, the Damascus Property and the Westridge Square Property were charged against the gain on sale of the Maryland Properties (see Note 2) in the accompanying consolidated statements of income for the fiscal years ended October 31, 2025, 2024 and 2023. The commissions for the renewal of FREIT’s line of credit and the modification/extension/refinancing of loans were accounted for as deferred mortgage costs and included in the unamortized debt issuance costs in the accompanying consolidated balance sheets as of October 31, 2025 and 2024.

 

In connection with the litigation settlement proceeds 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 interest and stock awards) incurred by FREIT for Fiscal 2025, 2024 and 2023 was approximately $680,000, $680,000 and $644,000, respectively, for Robert S. Hekemian, Jr., $45,000, $45,000 and $43,000, respectively, for Allan Tubin and $80,000, $80,000 and $76,000, respectively, for David Hekemian. (See Notes 10 and 11 to FREIT’s consolidated financial statements). Such costs are included within operating expenses on the accompanying consolidated statements of income.
v3.25.4
Income Taxes
 12 Months Ended
Oct. 31, 2025
Income Taxes [Abstract]  
Income taxes

Note 9 - Income taxes:

 

FREIT has elected to be treated as a REIT for federal income tax purposes and as such intends to distribute at least 90% of its ordinary taxable income (to maintain its status as a REIT) to its stockholders as dividends for the fiscal year ended 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. For the fiscal year ended October 31,

2023, there was no taxable income and FREIT distributed 100% of its capital gain to its stockholders as dividends. Accordingly, no provision for federal or state income taxes was recorded in FREIT’s consolidated financial statements for the fiscal years ended October 31, 2025, 2024 and 2023.

 

As of October 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.
v3.25.4
Equity Incentive Plan
 12 Months Ended
Oct. 31, 2025
Equity Incentive Plan [Abstract]  
Equity Incentive Plan

Note 10 - Equity Incentive Plan:

 

On September 10, 1998, the Board approved FREIT's Equity Incentive Plan (the "Plan") which was ratified by FREIT's stockholders on April 7, 1999, whereby up to 920,000 of FREIT's shares (adjusted for stock splits) may be granted to key personnel in the form of stock options, restricted share awards and other share-based awards. In connection therewith, the Board approved an increase of 920,000 shares in FREIT's number of authorized shares. Key personnel eligible for these awards include directors, executive officers and other persons or entities including, without limitation, employees, consultants and employees of consultants, who are in a position to make significant contributions to the success of FREIT. Under the Plan, the exercise price of all options will be the fair market value of the shares on the date of grant. The consideration to be paid for restricted share and other share-based awards shall be determined by the Board, with the amount not to exceed the fair market value of the shares on the date of grant. The maximum term of any award granted may not exceed ten years. The Board will determine the actual terms of each award.

 

On April 4, 2007, FREIT stockholders approved amendments to the Plan as follows: (a) reserving an additional 300,000 shares for issuance under the Plan; and (b) extending the term of the Plan until September 10, 2018. On April 5, 2018, FREIT stockholders approved amendments to the Plan to (a) increase the number of shares reserved for issuance thereunder by an additional 300,000 shares and (b) further extended the term of the Plan from September 10, 2018 to September 10, 2028.

 

On March 9, 2023, in accordance with the Plan, the Compensation Committee recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2023, in lieu of cash compensation in the amount of $20,000, each director was awarded shares of Common Stock, $0.01 par value, (the “Shares”) in FREIT. Based on the closing price of FREIT’s Shares on March 9, 2023 of $15.50 per Share, the Board approved an award of 1,290 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,290 Shares were issued to each director on March 9, 2023 and upon issuance were deemed fully paid and non-assessable.

 

On March 22, 2024, in accordance with the Plan, the Compensation Committee 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. 

 

On February 20, 2025, in accordance with the Plan, the Compensation Committee 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 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.

 

As of October 31, 2025, 419,709 shares are available for issuance under the Plan.

 

For Fiscal 2025, 2024 and 2023, compensation expense related to stock options vested amounted to approximately $0, $1,000 and $11,000, respectively. On September 3, 2024, the 3,640 options granted on September 4, 2014 expired unexercised. In Fiscal 2024 and 2023, 4,800 and 117,700, respectively, options were exercised for an aggregate amount of approximately $37,900 and $1.3 million, respectively. As of October 31, 2025, all options have been fully vested and exercised with no remaining compensation cost to be recognized.

The following table summarizes stock option activity for Fiscal 2024 and 2023:

 

   Year Ended October 31,  Year Ended October 31,
   2024  2023
   No. of Options  Weighted Average  No. of Options  Weighted Average
   Outstanding  Exercise Price  Outstanding  Exercise Price
Options outstanding at beginning of year   8,440   $9.21    126,140   $10.64 
Options granted during year   
—
    
—
    
—
    
—
 
Options forfeited/cancelled during year   (3,640)   (10.95)   
—
    
—
 
Options exercised during year   (4,800)   (7.90)   (117,700)   (10.74)
Options outstanding at end of year   
—
   $
—
    8,440   $9.21 
Options vested and expected to vest   
—
         8,290      
Options exercisable at end of year   
—
         7,440      
v3.25.4
Termination of Deferred Fee Plan
 12 Months Ended
Oct. 31, 2025
Termination of Deferred Fee Plan [Abstract]  
Termination of Deferred Fee Plan

Note 11 – Termination of Deferred Fee Plan:

 

During Fiscal 2001, the Board adopted a deferred fee plan for its officers and directors, which was amended and restated in Fiscal 2009 to make the deferred fee plan compliant with Section 409A of the Internal Revenue Code and the regulations promulgated thereunder (the "Deferred Fee Plan"). Pursuant to the Deferred Fee Plan, any officer or director might elect to defer receipt of any fees that would be due to them. These fees included annual retainer and meeting attendance fees as determined by the Board. Prior to the amendments to the Deferred Fee Plan that went into effect November 1, 2014 (described in the following paragraph), amounts deferred under the Deferred Fee Plan accrued interest at a rate of 9% per annum, compounded quarterly. Any such deferred fee was to be paid to the participants at the later of: (i) the retirement age specified in the deferral election; (ii) actual retirement; or (iii) upon cessation of a participant's duties as an officer or director.

 

On September 4, 2014, the Board approved amendments, effective November 1, 2014, to the FREIT Deferred Fee Plan for its executive officers and directors, one of which provided for the issuance of share units payable in FREIT shares in respect of (i) deferred amounts of all director fees on a prospective basis; (ii) interest on director fees deferred prior to November 1, 2014 (payable at a floating rate, adjusted quarterly, based on the average 10-year Treasury Bond interest rate plus 150 basis points); and (iii) dividends payable in respect of share units allocated to participants in the Deferred Fee Plan as a result of deferrals described above. The number of share units credited to a participant’s account was determined by the closing price of FREIT shares on the date as set forth in the Deferred Fee Plan. The Deferred Fee Plan, as amended, provided that cumulative fees together with accrued interest deferred as of November 1, 2014 would be paid in a lump sum or in annual installments over a period not to exceed 10 years, at the election of the participant.

 

On November 4, 2021 (the “Adoption Date”), the Board approved the termination of the Deferred Fee Plan resulting in the termination of the deferral of fees on December 31, 2021 with any subsequent fees earned by a participant being paid in cash. Consistent with the termination of the Deferred Fee Plan, payment related to each participant’s cash account (in the form of a cash lump sum payment) and share unit account (in the form of the issuance of common stock) (collectively “the Deferred Fee Plan Termination Payment”), was made to each participant no earlier than twelve (12) months and one day after, and no later than twenty-four (24) months, after the Adoption Date. Any interest earned on the participant’s cash account along with dividends (if any) earned on share units, continued to accrue in share units on each participant’s account until final payment was made.

 

On January 20, 2023, in accordance with the Deferred Fee Plan Termination Payment, total payments related to the cash accounts of all participants of approximately $2,317,000 (consisting of approximately $1,366,000 of cumulative fees and approximately $951,000 of accrued interest) which had been deferred as of November 1, 2014, was paid in full to each respective participant with no remaining balance due. Additionally, payment related to each participant’s share unit account was made in the form of the issuance of stock to each respective participant resulting in the issuance of 274,509 shares of common stock for each of the 274,509 vested share units. There were no remaining vested share units to be paid in the form of the issuance of stock.

 

For the fiscal year ended October 31, 2023, the aggregate amounts of deferred director fees together with related interest and dividends were approximately $26,500, which have been paid through the issuance of 1,630 vested FREIT share units based on the closing price of FREIT shares on the dates as set forth in the Deferred Fee Plan. For the fiscal year ended October 31, 2023, FREIT has charged as expense approximately $26,500, representing deferred director fees and interest, and the balance of approximately $0, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity.
v3.25.4
Dividends and Earnings Per Share
 12 Months Ended
Oct. 31, 2025
Dividends and Earnings Per Share [Abstract]  
Dividends and earnings per share

Note 12 - Dividends and earnings per share:

 

The Board declared dividends of approximately $2,690,000 ($0.36 per share), $6,343,000 ($0.85 per share) and $3,520,000 ($0.45 per share), respectively, to stockholders of record during Fiscal 2025, 2024 and 2023.

 

Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares and vested share units (See Note 11) 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 Fiscal 2025, only basic earnings per share is presented since there are no outstanding stock options or other diluted securities. For Fiscal 2024, the outstanding stock options increased the average dilutive shares outstanding by approximately 4,000 shares with no impact on earnings per share. For Fiscal 2023, the outstanding stock options increased the average dilutive shares outstanding by approximately 6,000 shares with no impact on earnings per share. There were no anti-dilutive shares for the fiscal years ended October 31, 2024 and 2023. Anti-dilutive shares consisted of out-of-the money stock options under the Equity Incentive Plan (see Note 10).
v3.25.4
Segment Information
 12 Months Ended
Oct. 31, 2025
Segment Information [Abstract]  
Segment information

Note 13 - 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 during the fiscal years ended October 31, 2025, 2024 and 2023.

 

The accounting policies of the segments are the same as those described in Note 1. 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 U.S. 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 consolidated net income attributable to common equity for each of the years in the three-year period ended October 31, 2025. Asset information is not reported since FREIT does not use this measure to assess performance.

       
  Years Ended October 31,
   2025  2024  2023
   (In Thousands of Dollars)
Real estate rental revenue:               
Commercial  $7,641   $7,895   $8,789 
Residential   21,776    20,901    19,655 
Total real estate rental revenue   29,417    28,796    28,444 
                
Real estate operating expenses:               
Commercial   5,095    4,826    5,080 
Residential   9,155    8,919    8,674 
Total real estate operating expenses   14,250    13,745    13,754 
                
Net operating income:               
Commercial   2,546    3,069    3,709 
Residential   12,621    11,982    10,981 
Total net operating income  $15,167   $15,051   $14,690 
                
                
Recurring capital improvements - residential  $(502)  $(1,154)  $(532)
                
                
Reconciliation to consolidated net income attributable to common equity:               
Segment NOI  $15,167   $15,051   $14,690 
Deferred rents - straight lining   (100)   (118)   (100)
Investment income   1,351    1,560    1,013 
Net loss on sale of Maryland properties   
—
    (356)   (1,003)
Litigation settlement, net of fees   
—
    15,673    
—
 
Loss on investment in tenancy-in-common   (135)   (170)   (271)
General and administrative expenses   (2,892)   (4,419)   (4,243)
Depreciation   (2,965)   (2,981)   (2,944)
Financing costs   (7,280)   (7,307)   (7,717)
Net income (loss)   3,146    16,933    (575)
Net loss (income) attributable to  noncontrolling interests in subsidiaries   363    (1,081)   1,335 
Net income attributable to common equity  $3,509   $15,852   $760 
v3.25.4
Termination of Purchase and Sale Agreement
 12 Months Ended
Oct. 31, 2025
Termination of Purchase and Sale Agreement [Abstract]  
Termination of Purchase and Sale Agreement

Note 14 - 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, $883,000 and $966,000 for the fiscal years ended October 31, 2025, 2024 and 2023, respectively. These costs are included in operating expenses on the 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 consolidated statements of income for the fiscal year ended October 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.
v3.25.4
Stockholder Rights Plan
 12 Months Ended
Oct. 31, 2025
Stockholder Rights Plan [Abstract]  
Stockholder Rights Plan

Note 15 – Stockholder Rights Plan:

 

On July 28, 2023, FREIT’s Board adopted a stockholder rights plan, as set forth in the Stockholder Rights Agreement, dated July 31, 2023, between the Company and Computershare Trust Company, N.A., as Rights Agent (the “Rights Agreement”). Pursuant to the terms of the Rights Agreement, the Board declared a dividend distribution of one Preferred Stock Purchase Right (a “Right”) for each outstanding share of common stock, par value $0.01 per share, of the Company (the “Common Stock”) to stockholders of record as of the close of business on August 11, 2023 (the “Record Date”). In addition, one Right will automatically attach to each share of Common Stock issued between the Record Date and the Distribution Date (as hereinafter defined). Each Right entitles the registered holder thereof to purchase from the Company a unit consisting of one ten-thousandth of a share (a “Unit”) of Series A Junior Participating Cumulative Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Stock”) at a cash exercise price of $95.00 per Unit (the “Exercise Price”), subject to adjustment, under certain conditions specified in the Rights Agreement.

 

Initially, the Rights are not exercisable and are attached to and trade with all shares of Common Stock outstanding as of, and issued subsequent to, the Record Date. The Rights will separate from the Common Stock and will become exercisable upon the earlier of (i) the close of business on the tenth calendar day following the first public announcement that a person or group of affiliated or associated persons (an “Acquiring Person”) has acquired beneficial ownership of 10% or more of the outstanding shares of Common Stock, other than as a result of repurchases of stock by the Company or certain inadvertent actions by a stockholder (the date of said announcement being referred to as the “Stock Acquisition Date”), or (ii) the close of business on the tenth business day (or such later day as the Board of Directors may determine) following the commencement of a tender offer or exchange offer that could result upon its consummation in a person or group becoming an Acquiring Person (the earlier of such dates being herein referred to as the “Distribution Date”). The Rights are not exercisable until the Distribution Date and will expire at the close of business on July 31, 2026, unless previously redeemed or exchanged by the Company.
v3.25.4
Kmart Lease Termination
 12 Months Ended
Oct. 31, 2025
Kmart Lease Termination [Abstract]  
Kmart lease termination

Note 16 – Kmart lease termination:

 

On June 24, 2023, the owner/operator of the 84,254 square foot Kmart store at our Westwood Plaza shopping center located in Westwood, New Jersey informed FREIT of its intent to sublet its space to three unidentified retail tenants. The term of the lease for Kmart was due to expire on October 31, 2027 with two 5-year renewal options remaining. The lease agreement provided that base rent payments were fixed at $4.00 per square foot ($336,720 annually) and additional rent for common area maintenance and insurance costs were based on an amount less than Kmart’s pro rata share of the shopping center. While significant tenant and/or capital improvements will be necessary to fit-up this space for a new tenant or tenants, FREIT believes potentially higher rent amounts, if achieved, will more than offset lost rent from Kmart and other tenants with co-tenancy clauses and will only increase the overall value of the shopping center. Accordingly, on July 24, 2023, FREIT denied Kmart’s request and elected pursuant to the lease to terminate the Kmart lease effective October 19, 2023. Thus, FREIT now has full control of this space instead of waiting another 14 years to renegotiate or re-lease this space at a higher market rent. In Fiscal 2025 and 2024, Westwood Plaza’s losses of base rent from Kmart’s lease (including rents paid per co-tenancy clause) were approximately $474,000 and 570,000, respectively.
v3.25.4
Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Oct. 31, 2025
Selected Quarterly Financial Data (Unaudited) [Abstract]  
Selected quarterly financial data (unaudited)

Note 17- Selected quarterly financial data (unaudited):

 

The following summary represents the results of operations for each quarter for the fiscal years ended October 31, 2025 and 2024 (in thousands, except per share amounts):

 

2025:  Quarter Ended   Year Ended 
   January 31,   April 30,   July 31,   October 31,   October 31, 
                     
Revenue  $7,269   $7,258   $7,244   $7,546   $29,317 
Expenses, net   6,768    6,477    6,505    6,421    26,171 
Net income   501    781    739    1,125    3,146 
                          
Net loss (income) attributable to noncontrolling interests in subsidiaries   113    113    140    (3)   363 
Net income attributable to common equity  $614   $894   $879   $1,122   $3,509 
                          
Earnings per share - basic and diluted  $0.08   $0.12   $0.12   $0.15   $0.47 
                          
Dividends declared per share  $0.08   $0.08   $0.10   $0.10   $0.36 

 

 

2024:  Quarter Ended   Year Ended 
   January 31,   April 30,   July 31,   October 31,   October 31, 
                     
Revenue  $6,999   $7,275   $7,147   $7,257   $28,678 
Expenses, net   7,665    6,876    (9,188)(a)   6,392    11,745 
Net (loss) income   (666)   399    16,335    865    16,933 
                          
Net loss (income) attributable to noncontrolling interests in subsidiaries   154    134    (1,544)   175    (1,081)
Net (loss) income attributable to common equity  $(512)  $533   $14,791   $1,040   $15,852 
                          
(Loss) earnings per share - basic and diluted  $(0.07)  $0.07   $1.98(a)  $0.15   $2.13 
                          
Dividends declared per share  $0.05   $0.05   $0.05   $0.70   $0.85 

 

(a) Includes $15.7 million in litigation settlement, net of fees (FREIT's share is approximately $14.1 million - $1.89 per share basic and diluted).  

v3.25.4
Schedule III – Real Estate and Accumulated Depreciation
 12 Months Ended
Oct. 31, 2025
Schedule iii – Real Estate and Accumulated Depreciation [Abstract]  
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION
Column A  Column B   Column C   Column D   Column E   Column F   Column G  Column H  Column I
       Initial Cost   Costs Capitalized   Gross Amount at Which              
       to Company   Subsequent to Acquisition   Carried at Close of Period              
                                                 Life on
           Buildings                   Buildings                 Which
   Encum-       and       Improve-   Carrying       and       Accumulated   Date of  Date  Depreciation
Description  brances   Land   Improvements   Land   ments   Costs   Land   Improvements   Total (1)   Depreciation   Construction  Acquired  is Computed
                                                  
Residential Properties:                                                           
Steuben Arms - River Edge, NJ  $8,715   $364   $1,773   $
—
   $1,867        $364   $3,640   $4,004   $3,183   1966  1975   7-40 years
Berdan Court - Wayne, NJ   28,190    250    2,206    
—
    5,356         250    7,562    7,812    6,502   1964  1965   7-40 years
Westwood Hills - Westwood, NJ   24,803    3,849    11,546    
—
    3,999         3,849    15,545    19,394    11,827   1965-70  1994   7-39 years
Boulders - Rockaway, NJ   
—
    1,632    
—
    3,386    16,543         5,018    16,543    21,561    8,418   2005-2006  1963/1964   7-40 years
Regency Club - Middletown, NY   13,754    2,833    17,792    
—
    1,369         2,833    19,161    21,994    5,679   2003  2014   7-40 years
Station Place - Red Bank, NJ   11,030    8,793    10,757    
—
    83         8,793    10,840    19,633    2,145   2015  2017   7-40 years
                                                            
Commercial Properties:                                                           
Franklin Crossing - Franklin Lakes, NJ   
—
    29    
—
    3,382    7,647         3,411    7,647    11,058    5,395   1963/75/97  1966   5-39.5 years
Glen Rock, NJ   
—
    12    36    
—
    164         12    200    212    173   1940  1962   5-25 years
Westwood Plaza - Westwood, NJ   9,808    6,889    6,416    
—
    2,543         6,889    8,959    15,848    8,631   1981  1988   5-31.5 years
Preakness S/C - Wayne, NJ   25,000    9,280    24,217    
—
    2,603         9,280    26,820    36,100    15,795   1955/89/00  2002   5-39.5 years
                                                            
Land Leased:                                                           
Rockaway, NJ   
—
    114    —    
—
    
—
         114    
—
    114    
—
      1963/1964   
Vacant Land:                   `                                         
Franklin Lakes, NJ   
—
    224    
—
    (156)   
—
         68    
—
    68    
—
      1966/93   
Wayne, NJ   
—
    286    
—
    
—
    
—
         286    
—
    286    
—
      2002   
Rockaway, NJ   
—
    51    
—
    
—
    
—
         51    
—
    51    
—
      1963/1964   
   $121,300   $34,606   $74,743   $6,612   $42,174   $
—
   $41,218   $116,917   $158,135   $67,748          
                                                            

 

(1) Total cost for each property is the same for federal income tax purposes, with the exception of the Regency Club and Station Place whose cost for federal income tax purposes is approximately $13.9 million and $4.2 million, respectively.

Reconciliation of Real Estate and Accumulated Depreciation:

 

   2025   2024   2023 
             
Real estate:               
Balance, Beginning of year  $157,854   $156,859   $156,223 
                
Additions - Buildings and improvements   546    1,272    896 
                
Disposals - Buildings and improvements   (265)   (277)   (260)
                
Balance, end of year  $158,135   $157,854   $156,859 
                
Accumulated depreciation:               
Balance, Beginning of year  $65,048   $62,344   $59,660 
                
Additions - Charged to operating expenses   2,965    2,981    2,944 
                
Disposals - Buildings and improvements   (265)   (277)   (260)
                
Balance, end of year  $67,748   $65,048   $62,344 
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Oct. 31, 2025
Jul. 31, 2025
Apr. 30, 2025
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Pay vs Performance Disclosure                      
Net Income (Loss) $ 1,122 $ 879 $ 894 $ 614 $ 1,040 $ 14,791 $ 533 $ (512) $ 3,509 $ 15,852 $ 760
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Oct. 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
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Oct. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Cybersecurity Risk Management, Strategy and Governance

As a company externally managed by Hekemian & Co., we rely on Hekemian & Co.’s information technology (“IT”) systems. Hekemian & Co.’s IT, communication networks, system applications, accounting and financial reporting platforms and related systems are integral to the operation of FREIT’s business. In its role as FREIT’s management company, Hekemian & Co. utilizes IT systems for financial analysis, management and reporting, facilitation of operations, including monitoring and optimization of various building management systems, and for initiation, generation and completion of residential and commercial leasing, internal communications, and various other aspects of FREIT’s business.

Hekemian & Co.’s cybersecurity strategy is focused on detection, protection, incident response, security risk management and mitigation, and resiliency of the cybersecurity infrastructure. Hekemian & Co. evaluates, tests and updates various information security processes and policies designed to identify, assess and manage material risks from cybersecurity threats to its critical computer networks, third-party hosted services, communications systems, hardware and software, critical data, including confidential information that is proprietary, strategic or competitive in nature, as well as any personally identifiable information related to FREIT’s residents’, tenants’ and employees’ personal data.

Hekemian & Co.’s cybersecurity risk management relies on a multidisciplinary team, including its information technology team, legal advisors, executive management, and third-party service providers to identify, assess, and manage cybersecurity threats and risks. Hekemian & Co.’s Chief Technology Officer (“CTO”) is responsible for managing the internal and external resources dedicated to cybersecurity. The CTO has been an integral part of the implementation of resources used and the security around the technology implemented.

Hekemian & Co. identifies and assesses risks from cybersecurity threats by monitoring and evaluating the cybersecurity threat environment and the risk profile of Hekemian & Co. and FREIT. This multi-faceted approach to cybersecurity includes physical, administrative, and technical safeguards.

To operate its IT systems, Hekemian & Co. engages certain third-party vendors to perform a variety of functions. Hekemian & Co. seeks to engage reliable, reputable service providers. Depending upon the nature of the services and the sensitivity of the data that a third-party service provider processes, Hekemian & Co.’s vendor management procedures may include reviewing certain aspects of a vendor’s operations where possible.

Hekemian & Co.’s IT Security Incident Management Policy details the process and procedures to be followed in the event of a potential breach or a breach that occurred at a third-party provider. Additionally, Hekemian & Co. maintains a cybersecurity insurance policy to mitigate certain risks associated with cybersecurity incidents.

FREIT and Hekemian & Co. are not currently aware of any risks from cybersecurity threats nor in the last fiscal year has FREIT or Hekemian & Co. had a previous cybersecurity incident that in either case has materially affected or is reasonably likely to materially affect FREIT, its business strategy, results of operations or financial condition. Any failure in or breach of operational or information security systems or those of our vendors as a result of cyber attacks or other security incidents, could materially adversely impact our operations and financial position, including disruption of our operations caused by an inability to access network systems, disclosure or misuse of confidential or proprietary information, damage to our reputation, and/or potentially significant legal and/or financial liabilities and penalties.

FREIT’s Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight responsibility over the cybersecurity strategy and risk management. The Audit Committee engages in regular discussions with executive management, including Hekemian & Co.’s CTO, regarding FREIT’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats. The Audit Committee reports to FREIT’s Board of Directors regarding its activities and cybersecurity matters as needed.

Refer to Part 1, Item 1A, “Risk Factors” of this Form 10-K for a discussion of the risks to FREIT related to cybersecurity.
Cybersecurity Risk Management Processes Integrated [Text Block]

Hekemian & Co.’s cybersecurity risk management relies on a multidisciplinary team, including its information technology team, legal advisors, executive management, and third-party service providers to identify, assess, and manage cybersecurity threats and risks. Hekemian & Co.’s Chief Technology Officer (“CTO”) is responsible for managing the internal and external resources dedicated to cybersecurity. The CTO has been an integral part of the implementation of resources used and the security around the technology implemented.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]

FREIT and Hekemian & Co. are not currently aware of any risks from cybersecurity threats nor in the last fiscal year has FREIT or Hekemian & Co. had a previous cybersecurity incident that in either case has materially affected or is reasonably likely to materially affect FREIT, its business strategy, results of operations or financial condition. Any failure in or breach of operational or information security systems or those of our vendors as a result of cyber attacks or other security incidents, could materially adversely impact our operations and financial position, including disruption of our operations caused by an inability to access network systems, disclosure or misuse of confidential or proprietary information, damage to our reputation, and/or potentially significant legal and/or financial liabilities and penalties.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

FREIT’s Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight responsibility over the cybersecurity strategy and risk management. The Audit Committee engages in regular discussions with executive management, including Hekemian & Co.’s CTO, regarding FREIT’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats. The Audit Committee reports to FREIT’s Board of Directors regarding its activities and cybersecurity matters as needed.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee engages in regular discussions with executive management, including Hekemian & Co.’s CTO, regarding FREIT’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats.
v3.25.4
Accounting Policies, by Policy (Policies)
 12 Months Ended
Oct. 31, 2025
Organization and Significant Accounting Policies [Abstract]  
Organization

Organization:

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 (the “Reincorporation”) which was approved by its stockholders at the annual meeting of stockholders held on May 6, 2021. The Reincorporation changed the law applicable to First Real Estate Investment Trust of New Jersey’s affairs from New Jersey law to Maryland law and was accomplished by the merger of First Real Estate Investment Trust of New Jersey with and into its wholly owned subsidiary, First Real Estate Investment Trust of New Jersey, Inc. (“FREIT”, “Trust”, “us”, “we”, “our” or the “Company”), a Maryland corporation. As a result of the Reincorporation, the separate existence of First Real Estate Investment Trust of New Jersey has ceased and FREIT has succeeded to all the business, properties, assets and liabilities of First Real Estate Investment Trust of New Jersey. Holders of shares of beneficial interest in First Real Estate Investment Trust of New Jersey have received one newly issued share of common stock of FREIT for each share of First Real Estate Investment Trust of New Jersey that they own, without any action of stockholders required and all treasury stock held by First Real Estate Investment Trust of New Jersey was retired.

FREIT is engaged in owning residential and commercial income producing properties located in New Jersey and New York. FREIT has elected to be taxed as a Real Estate Investment Trust for federal income tax purposes under the provisions of Sections 856-860 of the Internal Revenue Code, as amended. Accordingly, FREIT intends to distribute at least 90% of its ordinary taxable income (to maintain its status as a REIT) to its stockholders as dividends. Further, FREIT pays no federal income tax on capital gains and ordinary income distributed to stockholders. FREIT is subject to federal income tax on undistributed taxable income and capital gains. FREIT may make an annual election under Section 858 of the Internal Revenue Code to apply part of the regular dividends paid in each respective subsequent year as a distribution for the immediately preceding year.
Recently issued accounting standards

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. The Company adopted this standard in Fiscal 2025 with no significant impact on its financial statement disclosures.

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. 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.
Principles of consolidation

Principles of consolidation:

The consolidated financial statements include the accounts of FREIT and the following subsidiaries in which FREIT has a controlling financial interest, including two LLCs in which FREIT is the managing member with a 40% ownership interest and is considered the primary beneficiary:

Subsidiary    % Ownership   Year
Acquired/Organized		  
Westwood Hills, LLC      40%     1994  
Wayne PSC, LLC      40%     2002  
Grande Rotunda, LLC      60%     2005  
FREIT Regency, LLC      100%     2014  
Station Place on Monmouth, LLC     100%     2017  
Berdan Court, LLC     100%     2019  

The consolidated financial statements include 100% of each subsidiary’s assets, liabilities, operations and cash flows, with the interests not owned by FREIT reflected as "noncontrolling interests in subsidiaries”. All significant intercompany accounts and transactions have been eliminated in consolidation.
Investment in tenancy-in-common

Investment in tenancy-in-common:

On February 28, 2020, FREIT reorganized its subsidiary 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. Accordingly, FREIT consolidated the financial statements of S&A and its subsidiary to include 100% of the subsidiary’s assets, liabilities, operations and cash flows with the interest not owned by FREIT reflected as “noncontrolling interests in subsidiary” and all significant intercompany accounts and transactions were eliminated in consolidation.

Pursuant to the TIC agreement, FREIT has a 65% undivided interest in the Pierre Towers property. Based on the guidance of Accounting Standards Codification (“ASC”) 810, “Consolidation”, FREIT’s investment in the TIC is accounted for under the equity method of accounting. FREIT does not have a controlling interest as the TIC is under joint control. (See Note 3)
Use of estimates

Use of estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents

Cash and cash equivalents:

Financial instruments that potentially subject FREIT to concentrations of credit risk consist primarily of cash and cash equivalents. FREIT considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. FREIT maintains its cash and cash equivalents in bank and other accounts, the balances of which, at times, may exceed federally insured limits.
Investments in U.S. Treasury securities

Investments in U.S. Treasury securities:

FREIT invests in short-term Treasury bills and Treasury notes (collectively “Treasury securities”) issued by the U.S. Treasury Department and backed by the U.S. Government. Treasury bills yield no interest, are issued at a discount to the redemption price and pay interest at maturity based on the discount to the redemption price. Treasury notes are similar to Treasury bills except they generally have a longer maturity (between two and ten years) and pay interest semi-annually. We classify investments in the U.S. Treasury securities with maturities greater than 90 days as available-for-sale investments. We use quoted market prices to determine the fair value of these investments. (See Note 6)
Real estate development costs

Real estate development costs:

It is FREIT’s policy to capitalize pre-development costs, which generally include legal and other professional fees and other directly related third-party costs. Real estate taxes and interest costs incurred during the development and construction phases are also capitalized. FREIT ceases capitalization of these costs when the project or portion thereof becomes operational, or when construction has been postponed. In the event of a postponement, capitalization of these costs will recommence once construction on the project resumes.
Depreciation

Depreciation:

Real estate and equipment are depreciated on the straight-line method by annual charges to operations calculated to absorb costs of assets over their estimated useful lives.
Impairment of long-lived assets

Impairment of long-lived assets:

Impairment losses on long-lived assets, such as real estate and equipment, are recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts. There were no impairments of long-lived assets for the fiscal years ended October 31, 2025, 2024 and 2023.
Deferred charges

Deferred charges:

Deferred charges consist primarily of leasing commissions, which are amortized on the straight-line method over the terms of the applicable leases.
Debt issuance costs

Debt issuance costs:

Debt issuance costs are amortized on the straight-line method (which approximates the effective interest method) by annual charges to income over the terms of the mortgages. Amortization of such costs is included in interest expense and approximated $459,000, $524,000 and $509,000 in the fiscal year ended October 31, 2025 (“Fiscal 2025”), 2024

(“Fiscal 2024”) and 2023 (“Fiscal 2023”), respectively. Unamortized debt issuance costs are a direct deduction from mortgages payable on the consolidated balance sheets.
Revenue recognition

Revenue recognition:

Income from leases is recognized on a straight-line basis regardless of when payment is due. Lease agreements between FREIT and commercial tenants generally provide for additional rentals and reimbursements for their proportionate share of real estate taxes, insurance, common area maintenance charges and may include percentage of tenants' sales in excess of specified volumes. Percentage rents are generally included in income when reported to FREIT when earned, or ratably over the appropriate period.
Interest rate swap contracts

Interest rate swap contracts:

FREIT utilizes derivative financial instruments to reduce interest rate risk. FREIT does not hold or issue derivative financial instruments for trading purposes. FREIT recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Changes in fair value of those instruments, which qualify as cash flow hedges, are reported in other comprehensive income. (See Note 6)
Advertising

Advertising:

FREIT expenses the cost of advertising and promotions as incurred. Advertising costs charged to operations amounted to approximately $281,000, $308,000 and $287,000 in Fiscal 2025, 2024 and 2023, respectively.
Stock-based compensation

Stock-based compensation:

FREIT has a stock-based compensation plan that was approved by FREIT’s Board of Directors (the “Board”), and ratified by FREIT’s stockholders. Stock based awards are accounted for based on their grant-date fair value. (See Note 10)
v3.25.4
Organization and Significant Accounting Policies (Tables)
 12 Months Ended
Oct. 31, 2025
Organization and Significant Accounting Policies [Abstract]  
Schedule of Subsidiaries in which FREIT has a Controlling Financial Interest

The consolidated financial statements include the accounts of FREIT and the following subsidiaries in which FREIT has a controlling financial interest, including two LLCs in which FREIT is the managing member with a 40% ownership interest and is considered the primary beneficiary:

 

Subsidiary    % Ownership   Year
Acquired/Organized		  
Westwood Hills, LLC      40%     1994  
Wayne PSC, LLC      40%     2002  
Grande Rotunda, LLC      60%     2005  
FREIT Regency, LLC      100%     2014  
Station Place on Monmouth, LLC     100%     2017  
Berdan Court, LLC     100%     2019  
v3.25.4
Investment in Tenancy-in-Common (Tables)
 12 Months Ended
Oct. 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 October 31, 2025 and 2024, accounted for by the equity method:

 

   October 31,  October 31,
   2025  2024
   (In Thousands of Dollars)
       
Real estate, net  $71,928   $72,707 
Cash and cash equivalents   335    1,442 
Tenants' security accounts   563    528 
Receivables and other assets   575    556 
Total assets  $73,401   $75,233 
           
Mortgages payable, net of unamortized debt issuance costs  $46,173   $47,362 
Accounts payable and accrued expenses   480    229 
Tenants' security deposits   562    529 
Deferred revenue   152    172 
Equity   26,034    26,941 
Total liabilities & equity  $73,401   $75,233 
           
FREIT's investment in TIC (65% interest)  $16,922   $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 fiscal years ended October 31, 2025, 2024 and 2023, accounted for by the equity method:

 

   Years Ended October 31, 
   2025   2024   2023 
   (In Thousands of Dollars) 
             
Revenue  $8,669   $8,591   $8,278 
Operating expenses   (5,141)   (4,977)   (4,893)
Depreciation   (2,270)   (2,235)   (2,212)
Operating income   1,258    1,379    1,173 
                
Interest income   56    82    
—
 
Sinatra expenses due to FREIT   
—
    (166)   
—
 
Interest expense including amortization of deferred financing costs   (1,521)   (1,556)   (1,590)
                
Net loss  $(207)  $(261)  $(417)
                
FREIT's loss on investment in TIC (65% interest)  $(135)  $(170)  $(271)
v3.25.4
Real Estate (Tables)
 12 Months Ended
Oct. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate

Real estate consists of the following:

 

   Range of        
   Estimated  October 31, 
   Useful Lives  2025   2024 
      (In Thousands of Dollars) 
Land     $40,813   $40,813 
Unimproved land      405    405 
Apartment buildings  7-40 years   70,928    70,686 
Commercial buildings/shopping centers  5-40 years   42,633    42,695 
Equipment/furniture  5-15 years   2,388    2,311 
Total real estate, gross      157,167    156,910 
Less: accumulated depreciation      67,748    65,048 
Total real estate, net     $89,419   $91,862 
v3.25.4
Mortgages Payable and Line of Credit (Tables)
 12 Months Ended
Oct. 31, 2025
Mortgages Payable and Line of Credit [Abstract]  
Schedule of Mortgages Payable and Line of Credit Mortgages payable and line of credit:
   October 31, 2025  October 31, 2024
   Principal (Including
Deferred Interest)		  Unamortized
Debt Issuance
Costs		  Principal (Including
Deferred Interest)		  Unamortized
Debt Issuance
Costs
   (In Thousands of Dollars)  (In Thousands of Dollars)
Westwood, NJ (A)  $9,808   $31   $15,995   $9 
Wayne, NJ (B)   28,190    185    28,728    234 
River Edge, NJ (C)   8,715    33    8,811    55 
Red Bank, NJ (D)   11,030    33    11,281    48 
Wayne, NJ (E)   25,000    10    25,000    118 
Middletown, NY (F)   13,754    64    13,920    5 
Westwood, NJ (G)   24,803    120    25,136    263 
Total fixed rate   121,300    476    128,871    732 
Line of credit - Provident Bank (H)   
—
    40    
—
    67 
Total variable rate   
—
    40    
—
    67 
Total  $121,300   $516   $128,871   $799 

 

(A)On January 14, 2013, FREIT refinanced its Westwood Plaza mortgage loan in the amount of $8 million, with a new mortgage loan held by Valley National Bank in the amount of $22,750,000, which was payable in monthly installments of $129,702 including interest at 4.75% through February 1, 2023 at which time the outstanding balance was due.

 

Effective February 1, 2023, FREIT entered into a loan extension and modification agreement with Valley National Bank on this loan with a then outstanding balance of $16,864,361. Under the terms and conditions of this loan extension and modification, the maturity date of the loan was extended for a term of one (1) year from February 1, 2023 to February 1, 2024 with the option of FREIT to extend for one additional year from the extended maturity date, subject to certain provisions of the loan agreement. The loan was based on a fixed interest rate of 7.5% and was payable based on monthly installments of principal and interest of approximately $157,347. Additionally, FREIT funded an interest reserve escrow account (“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. The outstanding balance of this loan as of February 1, 2024 was approximately $16,458,000, payable based on monthly installments of principal and interest of approximately $166,727, and bearing interest at a fixed rate of 8.5%. 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 then 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.

 

The mortgage is secured by a retail building located in Westwood, New Jersey having a net book value of approximately $7,217,000 as of October 31, 2025 including approximately $246,000 classified as construction in progress.

 

As a result of the negative impact of the COVID-19 pandemic at this property, FREIT was granted debt payment relief from the lender in the form of deferral of principal and interest payments for a three-month period which ended June 30, 2020, resulting in total deferred payments of approximately $390,000, of which approximately $222,000 related to deferred interest. These deferred payments were included in the mortgages payable on the consolidated balance sheet as of October 31, 2024 and was paid in full in May 2025 as part of the loan extension and modification agreement with Valley National Bank.

 

(B)On August 26, 2019, Berdan Court, LLC (“Berdan Court”), refinanced its $17 million loan with a new lender in the amount of $28,815,000. This refinancing resulted in: (i) a reduction in the annual interest rate from a fixed rate of 6.09% to a fixed rate of 3.54% and (ii) net refinancing proceeds of approximately $11.6 million, which could be used for capital expenditures and general corporate purposes. The loan was interest-only for the first five years of the term with monthly installments of approximately $85,004 each month through September 1, 2024. Thereafter, monthly installments of principal plus interest totaling approximately $130,036 are required each month until September 1, 2029 at which time the unpaid balance is due.

 

The mortgage is secured by an apartment building located in Wayne, New Jersey having a net book value of approximately $1,310,000 as of October 31, 2025.

 

(C)On November 19, 2013, FREIT refinanced mortgage loans with a new mortgage loan in the amount of $11,200,000 payable in monthly installments of $57,456 including interest at 4.54% through December 1, 2023 at which time the outstanding balance was due. Provident Bank extended the initial maturity date of this loan for a 90-day period from December 1, 2023 to March 1, 2024 and further extended this loan for another 60-day period with a new 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.

 

The mortgage is secured by an apartment building located in River Edge, New Jersey having a net book value of approximately $821,000 as of October 31, 2025.

 

(D)On December 7, 2017, Station Place on Monmouth, LLC (“Station Place”) closed on a mortgage loan in the amount of $12,350,000 held by Provident Bank to purchase the Station Place property located in Red Bank, New Jersey. Interest-only payments were required each month for the first two years of the term and thereafter, principal payments plus accrued interest were required each month through maturity. The loan bears a floating interest rate equal to 180 basis points over the one-month SOFR with a maturity date of December 15, 2027. In order to minimize interest rate volatility during the term of the loan, Station Place entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 4.35% over the term of the loan. (See Note 6 for additional information relating to the interest rate swap contract.)

 

The mortgage is secured by an apartment building located in Red Bank, New Jersey having a net book value of approximately $17,488,000 as of October 31, 2025.

 

(E)On July 22, 2022, Wayne PSC, LLC (“Wayne PSC”) refinanced its $22.1 million loan (inclusive of deferred interest of approximately $136,000), which would have matured on October 1, 2026, with a new loan held by ConnectOne Bank in the amount of $25,000,000. This loan was interest-only based on a fixed interest rate of 5% and had a term of three years with a maturity date of August 1, 2025. Additionally, an interest reserve escrow was established at closing representing twelve months of interest of $1,250,000, which could be used to pay monthly interest on this loan with a requirement to replenish the escrow account back to $1,250,000 when the balance in the escrow account was reduced to three months of interest. This refinancing resulted in (i) annual debt service savings of approximately $340,000 due to interest-only payments; (ii) an increase in the interest rate from a fixed interest rate of 3.625% to a fixed interest rate of 5%; and (iii) net refinancing proceeds of approximately $1.1 million which can be used for capital expenditures and general corporate purposes. As part of the refinancing, Wayne PSC terminated the interest rate swap contract on the underlying loan resulting in a realized gain on the swap breakage of approximately $1.4 million, which was recorded as a realized gain on the accompanying consolidated statement of income for the fiscal year ended October 31, 2022.

On August 1, 2025, the mortgage in the amount of $25,000,000, secured by the Preakness Shopping Center located in Wayne, New Jersey, reached its maturity date. Wayne PSC, LLC is working with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date while discussions are ongoing, with each extension made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

 

The mortgage is secured by a shopping center located in Wayne, New Jersey having a net book value of approximately $20,591,000 as of October 31, 2025 including approximately $722,000 classified as construction in progress. As of October 31, 2025, the interest reserve escrow account has a balance of approximately $405,000.

 

(F)On December 29, 2014, FREIT Regency, LLC (“Regency”) closed on a $16.2 million mortgage loan with Provident Bank. The loan was based on a floating interest rate equal to 125 basis points over the one-month SOFR and had a maturity date of December 15, 2024. Interest-only payments were required each month through December 15, 2017 and thereafter, principal payments of $27,807 (plus accrued interest) were required each month through maturity. In order to minimize interest rate volatility during the term of the loan, Regency entered into an interest rate swap contract that, in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. (See Note 6 for additional information relating to the interest rate swap contract.)

 

On December 15, 2024, the mortgage 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.

 

The mortgage is secured by an apartment complex located in Middletown, New York having a net book value of $16,315,000 as of October 31, 2025.

 

(G)On August 3, 2023, Westwood Hills refinanced its $25,000,000 loan (which would have matured on October 1, 2023) with a new loan held by Minnesota Life Insurance Company in the amount of $25,500,000. This loan is based on a fixed interest rate of 6.05%, provides for monthly payments of principal and interest of $153,706 and has a term of three years with a maturity date of September 1, 2026. This refinancing resulted in a decrease in the interest rate from a variable interest rate of approximately 9.21% (at the time of the refinancing) to a fixed interest rate of 6.05% and annual debt service savings of approximately $535,000.

 

The mortgage is secured by an apartment building located in Westwood, New Jersey having a net book value of approximately $7,567,000 as of October 31, 2025.

 

(H)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 located 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 will be based on a floating interest rate of prime minus 25 basis points with a floor of 6.75%. As of October 31, 2025 and 2024, there was no amount outstanding and $13 million was available under the line of credit.
Schedule of Estimated Fair Value and Carrying Value of Freit’s Long-Term Debt

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

 

    October 31,   October 31,
($ in Millions)   2025   2024
Fair Value   $118.4   $124.7
         
Carrying Value, Net $120.8   $128.1
Schedule of Principal Amounts

Principal amounts (in thousands of dollars) due under the above obligations in each of the five years subsequent to October 31, 2025 are as follows: 

 

Year Ending  October 31,   Amount  
2026   $ 60,618 (a) 
2027   $ 9,655  
2028   $ 24,521  
2029   $ 26,506  
2030   $
  -
  

 

 

(a)This includes 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 is working with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of this loan’s maturity date while discussions are ongoing, with each extension made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.
v3.25.4
Commitments and contingencies (Tables)
 12 Months Ended
Oct. 31, 2025
Commitments and Contingencies [Abstract]  
Schedule of Minimum fixed lease consideration

Minimum fixed lease consideration (in thousands of dollars) under non-cancellable 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, subsequent to October 31, 2025, is as follows:

 

Year Ending October 31,   Amount  
2026   $  5,189  
2027     4,178  
2028     3,116  
2029     2,875  
2030     2,693  
Thereafter     2,795  
Total   $ 20,846  
v3.25.4
Equity Incentive Plan (Tables)
 12 Months Ended
Oct. 31, 2025
Equity Incentive Plan [Abstract]  
Schedule of Stock Option Activity

The following table summarizes stock option activity for Fiscal 2024 and 2023:

 

   Year Ended October 31,  Year Ended October 31,
   2024  2023
   No. of Options  Weighted Average  No. of Options  Weighted Average
   Outstanding  Exercise Price  Outstanding  Exercise Price
Options outstanding at beginning of year   8,440   $9.21    126,140   $10.64 
Options granted during year   
—
    
—
    
—
    
—
 
Options forfeited/cancelled during year   (3,640)   (10.95)   
—
    
—
 
Options exercised during year   (4,800)   (7.90)   (117,700)   (10.74)
Options outstanding at end of year   
—
   $
—
    8,440   $9.21 
Options vested and expected to vest   
—
         8,290      
Options exercisable at end of year   
—
         7,440      
v3.25.4
Segment Information (Tables)
 12 Months Ended
Oct. 31, 2025
Segment Information [Abstract]  
Schedule of Consolidated Net Income Attributable to Common Equity Asset information is not reported since FREIT does not use this measure to assess performance.
       
  Years Ended October 31,
   2025  2024  2023
   (In Thousands of Dollars)
Real estate rental revenue:               
Commercial  $7,641   $7,895   $8,789 
Residential   21,776    20,901    19,655 
Total real estate rental revenue   29,417    28,796    28,444 
                
Real estate operating expenses:               
Commercial   5,095    4,826    5,080 
Residential   9,155    8,919    8,674 
Total real estate operating expenses   14,250    13,745    13,754 
                
Net operating income:               
Commercial   2,546    3,069    3,709 
Residential   12,621    11,982    10,981 
Total net operating income  $15,167   $15,051   $14,690 
                
                
Recurring capital improvements - residential  $(502)  $(1,154)  $(532)
                
                
Reconciliation to consolidated net income attributable to common equity:               
Segment NOI  $15,167   $15,051   $14,690 
Deferred rents - straight lining   (100)   (118)   (100)
Investment income   1,351    1,560    1,013 
Net loss on sale of Maryland properties   
—
    (356)   (1,003)
Litigation settlement, net of fees   
—
    15,673    
—
 
Loss on investment in tenancy-in-common   (135)   (170)   (271)
General and administrative expenses   (2,892)   (4,419)   (4,243)
Depreciation   (2,965)   (2,981)   (2,944)
Financing costs   (7,280)   (7,307)   (7,717)
Net income (loss)   3,146    16,933    (575)
Net loss (income) attributable to  noncontrolling interests in subsidiaries   363    (1,081)   1,335 
Net income attributable to common equity  $3,509   $15,852   $760 
v3.25.4
Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Oct. 31, 2025
Selected Quarterly Financial Data (Unaudited) [Abstract]  
Schedule of Quarterly Results of Operations

The following summary represents the results of operations for each quarter for the fiscal years ended October 31, 2025 and 2024 (in thousands, except per share amounts):

 

2025:  Quarter Ended   Year Ended 
   January 31,   April 30,   July 31,   October 31,   October 31, 
                     
Revenue  $7,269   $7,258   $7,244   $7,546   $29,317 
Expenses, net   6,768    6,477    6,505    6,421    26,171 
Net income   501    781    739    1,125    3,146 
                          
Net loss (income) attributable to noncontrolling interests in subsidiaries   113    113    140    (3)   363 
Net income attributable to common equity  $614   $894   $879   $1,122   $3,509 
                          
Earnings per share - basic and diluted  $0.08   $0.12   $0.12   $0.15   $0.47 
                          
Dividends declared per share  $0.08   $0.08   $0.10   $0.10   $0.36 

 

 

2024:  Quarter Ended   Year Ended 
   January 31,   April 30,   July 31,   October 31,   October 31, 
                     
Revenue  $6,999   $7,275   $7,147   $7,257   $28,678 
Expenses, net   7,665    6,876    (9,188)(a)   6,392    11,745 
Net (loss) income   (666)   399    16,335    865    16,933 
                          
Net loss (income) attributable to noncontrolling interests in subsidiaries   154    134    (1,544)   175    (1,081)
Net (loss) income attributable to common equity  $(512)  $533   $14,791   $1,040   $15,852 
                          
(Loss) earnings per share - basic and diluted  $(0.07)  $0.07   $1.98(a)  $0.15   $2.13 
                          
Dividends declared per share  $0.05   $0.05   $0.05   $0.70   $0.85 

 

(a) Includes $15.7 million in litigation settlement, net of fees (FREIT's share is approximately $14.1 million - $1.89 per share basic and diluted).  

v3.25.4
Schedule III – Real Estate and Accumulated Depreciation (Tables)
 12 Months Ended
Oct. 31, 2025
Schedule iii – Real Estate and Accumulated Depreciation [Abstract]  
Schedule of Real Estate and Accumulated Depreciation
Column A  Column B   Column C   Column D   Column E   Column F   Column G  Column H  Column I
       Initial Cost   Costs Capitalized   Gross Amount at Which              
       to Company   Subsequent to Acquisition   Carried at Close of Period              
                                                 Life on
           Buildings                   Buildings                 Which
   Encum-       and       Improve-   Carrying       and       Accumulated   Date of  Date  Depreciation
Description  brances   Land   Improvements   Land   ments   Costs   Land   Improvements   Total (1)   Depreciation   Construction  Acquired  is Computed
                                                  
Residential Properties:                                                           
Steuben Arms - River Edge, NJ  $8,715   $364   $1,773   $
—
   $1,867        $364   $3,640   $4,004   $3,183   1966  1975   7-40 years
Berdan Court - Wayne, NJ   28,190    250    2,206    
—
    5,356         250    7,562    7,812    6,502   1964  1965   7-40 years
Westwood Hills - Westwood, NJ   24,803    3,849    11,546    
—
    3,999         3,849    15,545    19,394    11,827   1965-70  1994   7-39 years
Boulders - Rockaway, NJ   
—
    1,632    
—
    3,386    16,543         5,018    16,543    21,561    8,418   2005-2006  1963/1964   7-40 years
Regency Club - Middletown, NY   13,754    2,833    17,792    
—
    1,369         2,833    19,161    21,994    5,679   2003  2014   7-40 years
Station Place - Red Bank, NJ   11,030    8,793    10,757    
—
    83         8,793    10,840    19,633    2,145   2015  2017   7-40 years
                                                            
Commercial Properties:                                                           
Franklin Crossing - Franklin Lakes, NJ   
—
    29    
—
    3,382    7,647         3,411    7,647    11,058    5,395   1963/75/97  1966   5-39.5 years
Glen Rock, NJ   
—
    12    36    
—
    164         12    200    212    173   1940  1962   5-25 years
Westwood Plaza - Westwood, NJ   9,808    6,889    6,416    
—
    2,543         6,889    8,959    15,848    8,631   1981  1988   5-31.5 years
Preakness S/C - Wayne, NJ   25,000    9,280    24,217    
—
    2,603         9,280    26,820    36,100    15,795   1955/89/00  2002   5-39.5 years
                                                            
Land Leased:                                                           
Rockaway, NJ   
—
    114    —    
—
    
—
         114    
—
    114    
—
      1963/1964   
Vacant Land:                   `                                         
Franklin Lakes, NJ   
—
    224    
—
    (156)   
—
         68    
—
    68    
—
      1966/93   
Wayne, NJ   
—
    286    
—
    
—
    
—
         286    
—
    286    
—
      2002   
Rockaway, NJ   
—
    51    
—
    
—
    
—
         51    
—
    51    
—
      1963/1964   
   $121,300   $34,606   $74,743   $6,612   $42,174   $
—
   $41,218   $116,917   $158,135   $67,748          
                                                            

 

(1) Total cost for each property is the same for federal income tax purposes, with the exception of the Regency Club and Station Place whose cost for federal income tax purposes is approximately $13.9 million and $4.2 million, respectively.
Schedule of Reconciliation of Real Estate and Accumulated Depreciation

Reconciliation of Real Estate and Accumulated Depreciation:

 

   2025   2024   2023 
             
Real estate:               
Balance, Beginning of year  $157,854   $156,859   $156,223 
                
Additions - Buildings and improvements   546    1,272    896 
                
Disposals - Buildings and improvements   (265)   (277)   (260)
                
Balance, end of year  $158,135   $157,854   $156,859 
                
Accumulated depreciation:               
Balance, Beginning of year  $65,048   $62,344   $59,660 
                
Additions - Charged to operating expenses   2,965    2,981    2,944 
                
Disposals - Buildings and improvements   (265)   (277)   (260)
                
Balance, end of year  $67,748   $65,048   $62,344 
v3.25.4
Organization and Significant Accounting Policies (Details) - USD ($)
 12 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Feb. 28, 2020
Organization and Significant Accounting Policies [Line Items]        
Investment trust, percentage 90.00%      
Noncontrolling interests in subsidiaries, percentage 100.00%      
Amortization of debt issuance costs (in Dollars) $ 459,000 $ 524,000 $ 509,000  
Advertising expense (in Dollars) $ 281,000 $ 308,000 $ 287,000  
Pierre Towers, LLC [Member]        
Organization and Significant Accounting Policies [Line Items]        
Noncontrolling interests in subsidiaries, percentage       100.00%
Percentage of ownership interest       100.00%
FREIT [Member]        
Organization and Significant Accounting Policies [Line Items]        
Ownership interest, percentage 40.00%      
FREIT [Member] | Pierre Towers, LLC [Member]        
Organization and Significant Accounting Policies [Line Items]        
Percentage of ownership interest       100.00%
FREIT [Member] | TIC Agreement [Member]        
Organization and Significant Accounting Policies [Line Items]        
Percentage of ownership interest       65.00%
S and A Commercial Associates Limited Partnership [Member] | Pierre Towers, LLC [Member]        
Organization and Significant Accounting Policies [Line Items]        
Percentage of ownership interest       65.00%
v3.25.4
Organization and Significant Accounting Policies - Schedule of Subsidiaries in which FREIT has a Controlling Financial Interest (Details)
 12 Months Ended
Oct. 31, 2025
Westwood Hills, LLC [Member]  
Schedule of Subsidiaries in which FREIT has a Controlling Financial Interest [Line Items]  
% Ownership 40.00%
Year Acquired/Organized 1994
Wayne PSC, LLC [Member]  
Schedule of Subsidiaries in which FREIT has a Controlling Financial Interest [Line Items]  
% Ownership 40.00%
Year Acquired/Organized 2002
Grande Rotunda, LLC [Member]  
Schedule of Subsidiaries in which FREIT has a Controlling Financial Interest [Line Items]  
% Ownership 60.00%
Year Acquired/Organized 2005
FREIT Regency, LLC [Member]  
Schedule of Subsidiaries in which FREIT has a Controlling Financial Interest [Line Items]  
% Ownership 100.00%
Year Acquired/Organized 2014
Station Place on Monmouth, LLC [Member]  
Schedule of Subsidiaries in which FREIT has a Controlling Financial Interest [Line Items]  
% Ownership 100.00%
Year Acquired/Organized 2017
Berdan Court, LLC [Member]  
Schedule of Subsidiaries in which FREIT has a Controlling Financial Interest [Line Items]  
% Ownership 100.00%
Year Acquired/Organized 2019
v3.25.4
Maryland Property Dispositions (Details) - USD ($)
 12 Months Ended
Oct. 31, 2025
Oct. 31, 2025
Oct. 31, 2024
Jul. 22, 2022
Nov. 22, 2021
Maryland Property Dispositions [Line Items]          
Net book value $ 172,300,000 $ 172,300,000      
Proceeds from escrow deposit       $ 1,250,000  
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   67,400,000      
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   400,000 $ 1,000,000    
WestFREIT Corp. [Member]          
Maryland Property Dispositions [Line Items]          
Escrow gain on sale   44,800,000      
First Real Estate Investment Trust [Member]          
Maryland Property Dispositions [Line Items]          
Proceeds from escrow deposit 7,100,000 7,100,000      
Purchase and Sale Agreement of Rotunda Property [Member]          
Maryland Property Dispositions [Line Items]          
Purchase price   248,750,269      
Proceeds from 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%
v3.25.4
Investment in Tenancy-in-Common (Details) - USD ($)
 12 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Investment in Tenancy-in-Common [Line Items]      
Investment in tenancy-in-common $ 16,922,000 $ 17,512,000  
Loss on investment (135,000) (170,000) $ (271,000)
Reimbursed expenses $ 166    
Percentage of management fees of rent collected 5.00%    
Management fees $ 1,427,000 1,351,000 1,342,000
TIC Agreement [Member]      
Investment in Tenancy-in-Common [Line Items]      
Undivided interest 65.00%    
Pierre Towers [Member]      
Investment in Tenancy-in-Common [Line Items]      
Management fees $ 446,000 425,000 418,000
Pierre Towers [Member] | Hekemian & Co [Member]      
Investment in Tenancy-in-Common [Line Items]      
Commissions charged to operations $ 67,000 $ 55,000 $ 51,000
v3.25.4
Investment in Tenancy-in-Common - Schedule of Balance Sheets of the Pierre Towers Property (Details) - Pierre Towers [Member] - USD ($)
$ in Thousands
Oct. 31, 2025
Oct. 31, 2024
Schedule of Balance Sheets of the Pierre Towers Property [Line Items]    
Real estate, net $ 71,928 $ 72,707
Cash and cash equivalents 335 1,442
Tenants' security accounts 563 528
Receivables and other assets 575 556
Total assets 73,401 75,233
Mortgages payable, net of unamortized debt issuance costs 46,173 47,362
Accounts payable and accrued expenses 480 229
Tenants' security deposits 562 529
Deferred revenue 152 172
Equity 26,034 26,941
Total liabilities & equity 73,401 75,233
FREIT's investment in TIC (65% interest) $ 16,922 $ 17,512
v3.25.4
Investment in Tenancy-in-Common - Schedule of Balance Sheets of the Pierre Towers Property (Parentheticals) (Details)
Oct. 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%
v3.25.4
Investment in Tenancy-in-Common - Schedule of Statements of Operations of the Pierre Towers Property (Details) - Pierre Towers [Member] - USD ($)
$ in Thousands
 12 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Schedule of Statements of Operations of the Pierre Towers Property [Line Items]      
Revenue $ 8,669 $ 8,591 $ 8,278
Operating expenses (5,141) (4,977) (4,893)
Depreciation (2,270) (2,235) (2,212)
Operating income 1,258 1,379 1,173
Interest income 56 82
Sinatra expenses due to FREIT (166)
Interest expense including amortization of deferred financing costs (1,521) (1,556) (1,590)
Net loss (207) (261) (417)
FREIT's loss on investment in TIC (65% interest) $ (135) $ (170) $ (271)
v3.25.4
Investment in Tenancy-in-Common - Schedule of Statements of Operations of the Pierre Towers Property (Parentheticals) (Details)
 12 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
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%
v3.25.4
Real Estate - Schedule of Real Estate (Details) - USD ($)
$ in Thousands
Oct. 31, 2025
Oct. 31, 2024
Schedule of Real Estate [Line Items]    
Total real estate, gross $ 157,167 $ 156,910
Less: accumulated depreciation 67,748 65,048
Total real estate, net 89,419 91,862
Land [Member]    
Schedule of Real Estate [Line Items]    
Total real estate, gross 40,813 40,813
Unimproved Land [Member]    
Schedule of Real Estate [Line Items]    
Total real estate, gross 405 405
Apartment Buildings [Member]    
Schedule of Real Estate [Line Items]    
Total real estate, gross 70,928 70,686
Commercial Buildings/Shopping Centers [Member]    
Schedule of Real Estate [Line Items]    
Total real estate, gross 42,633 42,695
Equipment/Furniture [Member]    
Schedule of Real Estate [Line Items]    
Total real estate, gross $ 2,388 $ 2,311
Minimum [Member] | Apartment Buildings [Member]    
Schedule of Real Estate [Line Items]    
Total real estate 7 years  
Minimum [Member] | Commercial Buildings/Shopping Centers [Member]    
Schedule of Real Estate [Line Items]    
Total real estate 5 years  
Minimum [Member] | Equipment/Furniture [Member]    
Schedule of Real Estate [Line Items]    
Total real estate 5 years  
Maximum [Member] | Apartment Buildings [Member]    
Schedule of Real Estate [Line Items]    
Total real estate 40 years  
Maximum [Member] | Commercial Buildings/Shopping Centers [Member]    
Schedule of Real Estate [Line Items]    
Total real estate 40 years  
Maximum [Member] | Equipment/Furniture [Member]    
Schedule of Real Estate [Line Items]    
Total real estate 15 years  
v3.25.4
Mortgages Payable and Line of Credit (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 15, 2024
Oct. 31, 2024
May 01, 2024
Aug. 03, 2023
Feb. 01, 2023
Jul. 22, 2022
Aug. 26, 2019
Dec. 07, 2017
Dec. 29, 2014
Nov. 19, 2013
Jan. 14, 2013
Aug. 26, 2019
Jun. 30, 2020
Oct. 31, 2025
Aug. 01, 2025
May 01, 2025
Mortgages Payable and Credit Line [Line Items]                                
Refinanced loan amount           $ 22,100,000         $ 8,000,000 $ 17,000,000        
Loan amount             $ 28,815,000       22,750,000 28,815,000        
Outstanding balance         $ 16,864,361                      
Future periodic payment including principal                       130,036   $ 157,347    
New maturity date                           Feb. 01, 2025    
FREIT additional funded                           $ 112,556    
Increasing the escrow balance                           2,000,722    
Deferred interest           136,000                   $ 200,000
Loan balance                               $ 10,000,000
Fixed interest rate percentage                               8.50%
Principal and interest amount                               $ 107,978
Escrow balance           1,250,000                    
Refund amount                               704,983
Construction progress amount                           722,000    
Net proceeds from refinancing of debt           $ 1,100,000 11,600,000                  
Outstanding loan balance     $ 8,900,000                          
Fixed interest rate tranche one           5.00%                    
Annual debt service savings           $ 340,000                    
Total deferred payments           $ 1,400,000                    
Repayment of loan $ 13,900,000                              
Net book value                           16,315,000    
Insurance amount       $ 25,500,000                        
Percentage of fixed interest rate for monthly payments       6.05%                        
Principal interest amount       $ 153,706                        
Percentage of variable interest rate       9.21%                        
Debt service savings amount       $ 535,000                        
Line of credit, available                           13,000,000    
Outstanding balance on line of credit   $ 13,000,000                          
Valley National Bank [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Monthly principal payments                     $ 129,702          
Fixed interest rate                     4.75%     8.50%    
Monthly installments of principal                           $ 1,888,166    
Initial maturity date                           Feb. 01, 2024    
Loan Agreement [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Fixed interest rate                           7.50%    
FREIT [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Fixed interest rate 6.05%                              
Monthly installments of principal $ 84,521                         $ 16,458,000    
Maturity date of loan                           Oct. 31, 2026    
Basis points, interest rate                           6.75%    
Westwood, New Jersey [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Monthly principal payments                         $ 390,000      
Monthly installments of principal                           $ 166,727    
Net book value                           7,217,000    
Construction progress amount                           246,000    
Deferred Interest                         $ 222,000      
Wayne, New Jersey [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Monthly principal payments                       85,004        
Escrow balance                           405,000    
Net book value             $ 1,310,000         $ 1,310,000   $ 20,591,000    
Term of the loan           3 years           5 years        
Mortgage [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Loan amount                   $ 11,200,000            
Monthly principal payments                   $ 57,456            
Fixed interest rate                   4.54%            
Maturity date of loan                           Jun. 01, 2024    
Provident Bank [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Loan amount               $ 12,350,000                
Fixed interest rate     6.75%                          
Monthly installments of principal     $ 58,016                          
River Edge, NJ Refinanced Mortgage [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Net book value                           $ 821,000    
Red Bank, New Jersey [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Fixed interest rate               4.35%                
Net book value                           17,488,000    
Term of the loan               2 years                
Maturity date of loan               Dec. 15, 2027                
Wayne, PSC LLC [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Loan amount           $ 25,000,000                 $ 25,000,000  
Monthly principal payments           $ 1,250,000                    
FREIT Regency, LLC [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Fixed interest rate                 3.75%              
Monthly installments of principal                 $ 27,807              
Westwood Hills [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Loan amount       $ 25,000,000                        
Preakness shopping center [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Loan amount                           $ 25,000,000    
Maturity date of loan                           Aug. 01, 2025    
Secured Debt [Member] | Westwood, New Jersey [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Net book value                           $ 7,567,000    
Valley National Bank [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Deferred interest                               5,700,000
Line of Credit [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Refinanced loan amount                 $ 16,200,000              
Line of Credit [Member] | Middletown, NY Mortgage [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Maturity date of loan                 Dec. 15, 2024              
Maximum [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Fixed interest rate             6.09%         6.09%        
Maximum [Member] | Wayne, PSC LLC [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Fixed interest rate           3.625%                    
Maximum [Member] | Valley National Bank [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Escrow balance                               2,000,722
Minimum [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Fixed interest rate             3.54%         3.54%        
Minimum [Member] | Wayne, PSC LLC [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Fixed interest rate           5.00%                    
Minimum [Member] | Valley National Bank [Member]                                
Mortgages Payable and Credit Line [Line Items]                                
Escrow balance                               $ 1,295,739
v3.25.4
Mortgages Payable and Line of Credit - Schedule of Mortgages Payable and Line of Credit (Details) - USD ($)
$ in Thousands
Oct. 31, 2025
Oct. 31, 2024
Schedule of Mortgages Payable [Line Items]    
Fixed rate mortgage loans $ 121,300 $ 128,871
Unamortized debt issuance costs 516 799
Mortgages [Member]    
Schedule of Mortgages Payable [Line Items]    
Fixed rate mortgage loans 121,300 128,871
Unamortized debt issuance costs 476 732
Mortgages [Member] | Westwood, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Fixed rate mortgage loans [1] 9,808 15,995
Unamortized debt issuance costs [1] 31 9
Mortgages [Member] | Wayne, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Fixed rate mortgage loans [2] 28,190 28,728
Unamortized debt issuance costs [2] 185 234
Mortgages [Member] | River Edge, NJ First Mortgage [Member]    
Schedule of Mortgages Payable [Line Items]    
Fixed rate mortgage loans [3] 8,715 8,811
Unamortized debt issuance costs [3] 33 55
Mortgages [Member] | Red Bank, NJ Mortgage [Member]    
Schedule of Mortgages Payable [Line Items]    
Fixed rate mortgage loans [4] 11,030 11,281
Unamortized debt issuance costs [4] 33 48
Mortgages [Member] | Wayne PSC, LLC [Member]    
Schedule of Mortgages Payable [Line Items]    
Fixed rate mortgage loans [5] 25,000 25,000
Unamortized debt issuance costs [5] 10 118
Mortgages [Member] | Middletown, NY Mortgage [Member]    
Schedule of Mortgages Payable [Line Items]    
Fixed rate mortgage loans [6] 13,754 13,920
Unamortized debt issuance costs [6] 64 5
Mortgages [Member] | Westwood, NJ Two [Member]    
Schedule of Mortgages Payable [Line Items]    
Fixed rate mortgage loans [7] 24,803 25,136
Unamortized debt issuance costs [7] 120 263
Line of Credit [Member]    
Schedule of Mortgages Payable [Line Items]    
Fixed rate mortgage loans [8]
Unamortized debt issuance costs [8] 40 67
Notes Payable, Other Payables [Member]    
Schedule of Mortgages Payable [Line Items]    
Fixed rate mortgage loans
Unamortized debt issuance costs $ 40 $ 67
[1] On January 14, 2013, FREIT refinanced its Westwood Plaza mortgage loan in the amount of $8 million, with a new mortgage loan held by Valley National Bank in the amount of $22,750,000, which was payable in monthly installments of $129,702 including interest at 4.75% through February 1, 2023 at which time the outstanding balance was due. Effective February 1, 2023, FREIT entered into a loan extension and modification agreement with Valley National Bank on this loan with a then outstanding balance of $16,864,361. Under the terms and conditions of this loan extension and modification, the maturity date of the loan was extended for a term of one (1) year from February 1, 2023 to February 1, 2024 with the option of FREIT to extend for one additional year from the extended maturity date, subject to certain provisions of the loan agreement. The loan was based on a fixed interest rate of 7.5% and was payable based on monthly installments of principal and interest of approximately $157,347. Additionally, FREIT funded an interest reserve escrow account (“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. The outstanding balance of this loan as of February 1, 2024 was approximately $16,458,000, payable based on monthly installments of principal and interest of approximately $166,727, and bearing interest at a fixed rate of 8.5%. 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 then 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. The mortgage is secured by a retail building located in Westwood, New Jersey having a net book value of approximately $7,217,000 as of October 31, 2025 including approximately $246,000 classified as construction in progress. As a result of the negative impact of the COVID-19 pandemic at this property, FREIT was granted debt payment relief from the lender in the form of deferral of principal and interest payments for a three-month period which ended June 30, 2020, resulting in total deferred payments of approximately $390,000, of which approximately $222,000 related to deferred interest. These deferred payments were included in the mortgages payable on the consolidated balance sheet as of October 31, 2024 and was paid in full in May 2025 as part of the loan extension and modification agreement with Valley National Bank.
[2] On August 26, 2019, Berdan Court, LLC (“Berdan Court”), refinanced its $17 million loan with a new lender in the amount of $28,815,000. This refinancing resulted in: (i) a reduction in the annual interest rate from a fixed rate of 6.09% to a fixed rate of 3.54% and (ii) net refinancing proceeds of approximately $11.6 million, which could be used for capital expenditures and general corporate purposes. The loan was interest-only for the first five years of the term with monthly installments of approximately $85,004 each month through September 1, 2024. Thereafter, monthly installments of principal plus interest totaling approximately $130,036 are required each month until September 1, 2029 at which time the unpaid balance is due. The mortgage is secured by an apartment building located in Wayne, New Jersey having a net book value of approximately $1,310,000 as of October 31, 2025.
[3] On November 19, 2013, FREIT refinanced mortgage loans with a new mortgage loan in the amount of $11,200,000 payable in monthly installments of $57,456 including interest at 4.54% through December 1, 2023 at which time the outstanding balance was due. Provident Bank extended the initial maturity date of this loan for a 90-day period from December 1, 2023 to March 1, 2024 and further extended this loan for another 60-day period with a new 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. The mortgage is secured by an apartment building located in River Edge, New Jersey having a net book value of approximately $821,000 as of October 31, 2025.
[4] On December 7, 2017, Station Place on Monmouth, LLC (“Station Place”) closed on a mortgage loan in the amount of $12,350,000 held by Provident Bank to purchase the Station Place property located in Red Bank, New Jersey. Interest-only payments were required each month for the first two years of the term and thereafter, principal payments plus accrued interest were required each month through maturity. The loan bears a floating interest rate equal to 180 basis points over the one-month SOFR with a maturity date of December 15, 2027. In order to minimize interest rate volatility during the term of the loan, Station Place entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 4.35% over the term of the loan. (See Note 6 for additional information relating to the interest rate swap contract.) The mortgage is secured by an apartment building located in Red Bank, New Jersey having a net book value of approximately $17,488,000 as of October 31, 2025.
[5] On July 22, 2022, Wayne PSC, LLC (“Wayne PSC”) refinanced its $22.1 million loan (inclusive of deferred interest of approximately $136,000), which would have matured on October 1, 2026, with a new loan held by ConnectOne Bank in the amount of $25,000,000. This loan was interest-only based on a fixed interest rate of 5% and had a term of three years with a maturity date of August 1, 2025. Additionally, an interest reserve escrow was established at closing representing twelve months of interest of $1,250,000, which could be used to pay monthly interest on this loan with a requirement to replenish the escrow account back to $1,250,000 when the balance in the escrow account was reduced to three months of interest. This refinancing resulted in (i) annual debt service savings of approximately $340,000 due to interest-only payments; (ii) an increase in the interest rate from a fixed interest rate of 3.625% to a fixed interest rate of 5%; and (iii) net refinancing proceeds of approximately $1.1 million which can be used for capital expenditures and general corporate purposes. As part of the refinancing, Wayne PSC terminated the interest rate swap contract on the underlying loan resulting in a realized gain on the swap breakage of approximately $1.4 million, which was recorded as a realized gain on the accompanying consolidated statement of income for the fiscal year ended October 31, 2022. On August 1, 2025, the mortgage in the amount of $25,000,000, secured by the Preakness Shopping Center located in Wayne, New Jersey, reached its maturity date. Wayne PSC, LLC is working with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date while discussions are ongoing, with each extension made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached. The mortgage is secured by a shopping center located in Wayne, New Jersey having a net book value of approximately $20,591,000 as of October 31, 2025 including approximately $722,000 classified as construction in progress. As of October 31, 2025, the interest reserve escrow account has a balance of approximately $405,000.
[6] On December 29, 2014, FREIT Regency, LLC (“Regency”) closed on a $16.2 million mortgage loan with Provident Bank. The loan was based on a floating interest rate equal to 125 basis points over the one-month SOFR and had a maturity date of December 15, 2024. Interest-only payments were required each month through December 15, 2017 and thereafter, principal payments of $27,807 (plus accrued interest) were required each month through maturity. In order to minimize interest rate volatility during the term of the loan, Regency entered into an interest rate swap contract that, in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. (See Note 6 for additional information relating to the interest rate swap contract.) On December 15, 2024, the mortgage 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. The mortgage is secured by an apartment complex located in Middletown, New York having a net book value of $16,315,000 as of October 31, 2025.
[7] On August 3, 2023, Westwood Hills refinanced its $25,000,000 loan (which would have matured on October 1, 2023) with a new loan held by Minnesota Life Insurance Company in the amount of $25,500,000. This loan is based on a fixed interest rate of 6.05%, provides for monthly payments of principal and interest of $153,706 and has a term of three years with a maturity date of September 1, 2026. This refinancing resulted in a decrease in the interest rate from a variable interest rate of approximately 9.21% (at the time of the refinancing) to a fixed interest rate of 6.05% and annual debt service savings of approximately $535,000. The mortgage is secured by an apartment building located in Westwood, New Jersey having a net book value of approximately $7,567,000 as of October 31, 2025.
[8] 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 located 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 will be based on a floating interest rate of prime minus 25 basis points with a floor of 6.75%. As of October 31, 2025 and 2024, there was no amount outstanding and $13 million was available under the line of credit.
v3.25.4
Mortgages Payable and Line of Credit - Schedule of Estimated Fair Value and Carrying Value of Freit’s Long-Term Debt (Details) - USD ($)
$ in Millions
Oct. 31, 2025
Oct. 31, 2024
Schedule of Estimated Fair Value and Net Carrying Value of Long-Term Debt [Abstract]    
Fair Value $ 118.4 $ 124.7
Carrying Value, Net $ 120.8 $ 128.1
v3.25.4
Mortgages Payable and Line of Credit - Schedule of Principal Amounts (Details)
$ in Thousands
Oct. 31, 2025
USD ($)
Schedule of Principal Amounts [Abstract]  
2026 $ 60,618 [1]
2027 9,655
2028 24,521
2029 26,506
2030
[1] This includes the loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025. Wayne PSC is working with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of this loan’s maturity date while discussions are ongoing, with each extension made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.
v3.25.4
Fair Value Measurements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Fair Value Measurements [Line Items]      
Available for sale $ 18,174 $ 29,259  
Accreted interest on investment in U.S. Treasury securities 800 801 $ 353
Net unrealized loss on U.S. Treasury securities available-for-sale 13 (12)
FREIT recorded an unrealized loss (296) (830) $ (73)
Station Place swap [Member]      
Fair Value Measurements [Line Items]      
Fair value asset $ 210 452  
Regency Swap [Member]      
Fair Value Measurements [Line Items]      
Fair value asset   $ 54  
v3.25.4
Commitments and contingencies (Details)
 12 Months Ended
Oct. 31, 2025
USD ($)
Commitments and Contingencies [Line Items]  
Commercial space leases, net book value $ 33,700,000
Minimum [Member]  
Commitments and Contingencies [Line Items]  
Lease terms for residential tenants, periods 1 year
Maximum [Member]  
Commitments and Contingencies [Line Items]  
Lease terms for residential tenants, periods 2 years
Westwood Plaza Shopping Center [Member]  
Commitments and Contingencies [Line Items]  
Flood insurance, amount per incident $ 500,000
v3.25.4
Commitments and contingencies - Schedule of Minimum Fixed Lease Consideration (Details)
$ in Thousands
Oct. 31, 2025
USD ($)
Schedule of Minimum fixed lease consideration [Abstract]  
2026 $ 5,189
2027 4,178
2028 3,116
2029 2,875
2030 2,693
Thereafter 2,795
Total $ 20,846
v3.25.4
Management Agreement, Fees and Transactions with Related Party (Details) - USD ($)
 9 Months Ended 12 Months Ended
Jul. 31, 2024
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Management agreement, fees and transactions with related party [Line Items]        
Fees charged to operation   $ 1,427,000 $ 1,351,000 $ 1,342,000
Commissions and reimbursements   418,000 563,000 825,000
Management fees outstanding   1,427,000 1,351,000 1,342,000
Fees incurred   60,000 89,000 307,000
Loan on the regency property   35,000    
Renewal of FREIT’s line of credit   25,000    
Litigation expenses $ 2,600,000 2,600,000    
Settlement income less litigation 4,500,000      
Transaction expenses $ 1,900,000 1,900,000    
Investments   16,922,000 17,512,000  
Director fee expense   680,000 680,000 644,000
Robert S. Hekemian, Jr. [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Director fee expense   45,000 45,000 43,000
Allan Tubin [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Director fee expense   80,000 80,000 76,000
FREIT’s [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Renewal of FREIT’s line of credit     32,500  
Westwood Hills, LLC [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Ownership of westwood hills 40.00%      
Steuben Arms Property [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Renewal of FREIT’s line of credit     22,400  
Westwood Plaza Property [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Extension loan     21,100 21,000
Rotunda Property [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Additional proceeds received from the post-closing rent escrow     13,400  
Westridge Square Property [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Additional proceeds received from the post-closing rent escrow       20,000
Damascus Property [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Additional proceeds received from the post-closing rent escrow       10,000
Westwood Hills Property [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Refinancing of the loan on the Westwood Hills property       127,500
Westwood Hills, LLC [Member] | Ownership [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Investments $ 1,000,000      
Hekemian & Co [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Commissions and reimbursements   212,000 177,000 166,000
Management fees outstanding   $ 152,000 $ 116,000  
Hekemian & Co [Member] | Board of Directors Chairman [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Litigation management fee $ 750,000      
Hekemian & Co [Member] | Rotunda Property [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Additional proceeds received from the post-closing rent escrow       $ 129,000
Minimum [Member] | Hekemian & Co [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Management fees   4.00%    
Maximum [Member] | Hekemian & Co [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Management fees   5.00%    
v3.25.4
Income Taxes (Details) - USD ($)
 12 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Income Taxes [Abstract]      
Percentage of ordinary taxable income 90.00%    
Percentage of ordinary taxable income distributed   100.00%
Capital gain percentage   100.00% 100.00%
Provision for federal or state income taxes (in Dollars)
v3.25.4
Equity Incentive Plan (Details) - USD ($)
 12 Months Ended
Feb. 20, 2025
Feb. 02, 2025
Sep. 03, 2024
Mar. 22, 2024
Mar. 09, 2023
Apr. 05, 2018
Apr. 04, 2007
Sep. 10, 1998
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Equity Incentive Plan [Line Items]                      
Cash compensation (in Dollars)   $ 20,000                  
Common stock, par value (in Dollars per share)                 $ 0.01 $ 0.01  
Exercised of aggregate amount (in Dollars)                 $ 38,000 $ 1,263,000
FREIT [Member]                      
Equity Incentive Plan [Line Items]                      
Board approved an award shares 1,193                    
Exercised of aggregate amount (in Dollars)                   37,900 1,300,000
Equity Incentive Plan [Member]                      
Equity Incentive Plan [Line Items]                      
Number of shares adjusted for stock splits               920,000      
Number of authorized shares               920,000      
Cash compensation (in Dollars)       $ 20,000 $ 20,000            
Common stock, par value (in Dollars per share)         $ 0.01            
Closing price per share (in Dollars per share)         $ 15.5            
Board approved an award shares 1,193     1,230 1,290            
Shares available for issuance                 419,709    
Compensation expense related to stock options vested (in Dollars)                 $ 0 $ 1,000 $ 11,000
Options granted unexercised     3,640                
Options exercisable                   4,800 117,700
Equity Incentive Plan [Member] | FREIT [Member]                      
Equity Incentive Plan [Line Items]                      
Number of authorized shares           300,000 300,000        
Closing price per share (in Dollars per share) $ 16.76     $ 16.25              
Board approved an award shares       1,230 1,290            
v3.25.4
Equity Incentive Plan - Schedule of Stock Option Activity (Details) - Stock Option [Member] - $ / shares
 12 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Schedule of Stock Option Activity [Line Items]    
No. of Options Outstanding, beginning of year 8,440 126,140
Weighted Average Exercise price, beginning of year (in Dollars per share) $ 9.21 $ 10.64
No. of Options Outstanding, Options granted during year
Weighted Average Exercise price, Options granted during year (in Dollars per share)
No. of Options Outstanding, Options forfeited/cancelled during year (3,640)
Weighted Average Exercise price, Options forfeited/cancelled during year (in Dollars per share) $ (10.95)
No. of Options Outstanding, Options exercised during year (4,800) (117,700)
Weighted Average Price, Options exercised during year (in Dollars per share) $ (7.9) $ (10.74)
No. of Options Outstanding, end of year 8,440
Weighted Average Exercise price at end of year (in Dollars per share) $ 9.21
No. of Options Outstanding, vested and expected to vest 8,290
No. of Options Outstanding, Options exercisable at end of year 7,440
v3.25.4
Termination of Deferred Fee Plan (Details) - USD ($)
 12 Months Ended
Jan. 20, 2023
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Termination of Deferred Fee Plan [Line Items]        
Dividends   $ 2,690,000 $ 6,343,000 $ 3,520,000
Deferred Fee Plan [Member]        
Termination of Deferred Fee Plan [Line Items]        
Deferred fee accrued interest rate   9.00%    
Deferred Fee [Member]        
Termination of Deferred Fee Plan [Line Items]        
Total payment to each participant’s $ 2,317,000      
Cumulative fees 1,366,000      
Deferred accrued interest $ 951,000      
Vested shares (in Shares)       1,630
Dividends       $ 26,500
Deferred trustee fees       26,500
Dividends payable       $ 0
Common Stock [Member]        
Termination of Deferred Fee Plan [Line Items]        
Number of share issued (in Shares) 274,509      
Vested shares (in Shares) 274,509      
v3.25.4
Dividends and Earnings Per Share (Details) - USD ($)
 12 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Dividends and Earnings Per Share [Line Items]      
Dividends declared $ 2,690,000 $ 6,343,000 $ 3,520,000
Dividends price per share (in Dollars per share) $ 0.36 $ 0.85 $ 0.45
Stock options dilutive shares outstandin (in Shares)   4,000 6,000
Anti-dilutive shares  
v3.25.4
Segment Information (Details)
 12 Months Ended
Oct. 31, 2025
segment
Segment Information [Abstract]  
Number of reportable segments 2
v3.25.4
Segment Information - Schedule of Consolidated Net Income Attributable to Common Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Oct. 31, 2025
Jul. 31, 2025
Apr. 30, 2025
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Real estate rental revenue:                      
Real estate rental revenue                 $ 29,417 $ 28,796 $ 28,444
Real estate operating expenses:                      
Real estate operating expenses                 14,250 13,745 13,754
Net operating income:                      
Net operating income                 15,167 15,051 14,690
Recurring capital improvements - residential                 (502) (1,154) (532)
Reconciliation to consolidated net income attributable to common equity:                      
Segment NOI                 15,167 15,051 14,690
Deferred rents - straight lining                 (100) (118) (100)
Investment income                 1,351 1,560 1,013
Net loss on sale of Maryland properties                 (356) (1,003)
Litigation settlement, net of fees                 15,673
Loss on investment in tenancy-in-common                 (135) (170) (271)
General and administrative expenses                 (2,892) (4,419) (4,243)
Depreciation                 (2,965) (2,981) (2,944)
Financing costs                 (7,280) (7,307) (7,717)
Net income (loss) $ 1,125 $ 739 $ 781 $ 501 $ 865 $ 16,335 $ 399 $ (666) 3,146 16,933 (575)
Net loss (income) attributable to noncontrolling interests in subsidiaries (3) 140 113 113 175 (1,544) 134 154 363 (1,081) 1,335
Net income attributable to common equity $ 1,122 $ 879 $ 894 $ 614 $ 1,040 $ 14,791 $ 533 $ (512) 3,509 15,852 760
Commercial [Member]                      
Real estate rental revenue:                      
Real estate rental revenue                 7,641 7,895 8,789
Real estate operating expenses:                      
Real estate operating expenses                 5,095 4,826 5,080
Net operating income:                      
Net operating income                 2,546 3,069 3,709
Residential [Member]                      
Real estate rental revenue:                      
Real estate rental revenue                 21,776 20,901 19,655
Real estate operating expenses:                      
Real estate operating expenses                 9,155 8,919 8,674
Net operating income:                      
Net operating income                 $ 12,621 $ 11,982 $ 10,981
v3.25.4
Termination of Purchase and Sale Agreement (Details) - USD ($)
 9 Months Ended 12 Months Ended
Jul. 31, 2024
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Termination of Purchase and Sale Agreement [Line Items]        
Incurred amount   $ 1,000 $ 883,000 $ 966,000
Transaction break-up fee   605,000    
Management fee   1,427,000 1,351,000 $ 1,342,000
Litigation settlement amount $ 2,600,000 2,600,000    
Gross settlement income   4,500,000    
Total transaction expenses amount $ 1,900,000 1,900,000    
Net amount   16,922,000 $ 17,512,000  
Westwood Hills, LLC. [Member]        
Termination of Purchase and Sale Agreement [Line Items]        
Net amount   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%    
v3.25.4
Stockholder Rights Plan (Details) - $ / shares
Jul. 28, 2023
Oct. 31, 2025
Oct. 31, 2024
Stockholder Rights Plan [Line Items]      
Preferred stock purchase right one    
Common stock, par value   $ 0.01 $ 0.01
Common stock right one    
Preferred stock, par value   $ 0.01 $ 0.01
Exercise price $ 95    
Acquiring Person [Member]      
Stockholder Rights Plan [Line Items]      
Beneficial ownership 10.00%    
Common Stock [Member]      
Stockholder Rights Plan [Line Items]      
Common stock, par value $ 0.01    
Preferred Stock [Member]      
Stockholder Rights Plan [Line Items]      
Preferred stock, par value $ 0.01    
v3.25.4
Kmart Lease Termination (Details)
 12 Months Ended
Jun. 24, 2023
USD ($)
ft²
$ / ft²
Oct. 31, 2025
USD ($)
Oct. 31, 2024
USD ($)
Kmart Lease Termination [Abstract]      
Square foot (in Square Feet) | ft² 84,254    
Renewal term 5 years    
Rent payments per square foot (in Dollars per Square Foot) | $ / ft² 4    
Annual rent payment | $ $ 336,720 $ 474,000 $ 570,000
Re-lease years   14 years  
v3.25.4
Selected Quarterly Financial Data (Unaudited) (Details) - FREIT [Member]
$ / shares in Units, $ in Millions
 12 Months Ended
Oct. 31, 2025
USD ($)
$ / shares
Selected Quarterly Financial Data [Line Items]  
Litigation settlement, net of fees | $ $ 15.7
Litigation settlement, net of fees | $ $ 14.1
Basic per share | $ / shares $ 1.89
Diluted per share | $ / shares $ 1.89
v3.25.4
Selected Quarterly Financial Data (Unaudited) - Schedule of Quarterly Results of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Oct. 31, 2025
Jul. 31, 2025
Apr. 30, 2025
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Selected Quarterly Financial Data (Unaudited) [Abstract]                      
Revenue $ 7,546 $ 7,244 $ 7,258 $ 7,269 $ 7,257 $ 7,147 $ 7,275 $ 6,999 $ 29,317 $ 28,678 $ 28,344
Expenses, net 6,421 6,505 6,477 6,768 6,392 (9,188) [1] 6,876 7,665 26,171 11,745  
Net (loss) income 1,125 739 781 501 865 16,335 399 (666) 3,146 16,933 (575)
Net loss (income) attributable to noncontrolling interests in subsidiaries (3) 140 113 113 175 (1,544) 134 154 363 (1,081) 1,335
Net (loss) income attributable to common equity $ 1,122 $ 879 $ 894 $ 614 $ 1,040 $ 14,791 $ 533 $ (512) $ 3,509 $ 15,852 $ 760
Earnings (loss) per share (in Dollars per share) $ 0.15 $ 0.12 $ 0.12 $ 0.08 $ 0.15 $ 1.98 [1] $ 0.07 $ (0.07) $ 0.47 $ 2.13 $ 0.1
Earnings (loss) per share - diluted (in Dollars per share) 0.15 0.12 0.12 0.08 0.15 1.98 [1] 0.07 (0.07) 0.47 2.13 $ 0.1
Dividends declared per share (in Dollars per share) $ 0.1 $ 0.1 $ 0.08 $ 0.08 $ 0.7 $ 0.05 $ 0.05 $ 0.05 $ 0.36 $ 0.85  
[1] Includes $15.7 million in litigation settlement, net of fees (FREIT's share is approximately $14.1 million - $1.89 per share basic and diluted).
v3.25.4
Schedule III – Real Estate and Accumulated Depreciation (Details)
$ in Millions
Oct. 31, 2025
USD ($)
Regency Club [Member]  
Schedule III – Real Estate and Accumulated Depreciation [Line Items]  
Federal income tax $ 13.9
Station Place [Member]  
Schedule III – Real Estate and Accumulated Depreciation [Line Items]  
Federal income tax $ 4.2
v3.25.4
Schedule III – Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details)
$ in Thousands
 12 Months Ended
Oct. 31, 2025
USD ($)
Residential Properties:  
Encum-brances $ 121,300
Accumulated Depreciation 67,748
Column C [Member]  
Residential Properties:  
Land 34,606
Buildings and Improvements 74,743
Column D [Member]  
Residential Properties:  
Land 6,612
Improve-ments 42,174
Carrying Costs
Column E [Member]  
Residential Properties:  
Land 41,218
Buildings and Improvements 116,917
Total 158,135 [1]
Steuben Arms, River Edge, NJ [Member]  
Residential Properties:  
Encum-brances 8,715
Accumulated Depreciation $ 3,183
Date of Construction 1966
Date Acquired 1975
Steuben Arms, River Edge, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 364
Buildings and Improvements 1,773
Steuben Arms, River Edge, NJ [Member] | Column D [Member]  
Residential Properties:  
Land
Improve-ments 1,867
Steuben Arms, River Edge, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 364
Buildings and Improvements 3,640
Total 4,004 [1]
Berdan Court, Wayne, NJ [Member]  
Residential Properties:  
Encum-brances 28,190
Accumulated Depreciation $ 6,502
Date of Construction 1964
Date Acquired 1965
Berdan Court, Wayne, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 250
Buildings and Improvements 2,206
Berdan Court, Wayne, NJ [Member] | Column D [Member]  
Residential Properties:  
Land
Improve-ments 5,356
Berdan Court, Wayne, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 250
Buildings and Improvements 7,562
Total 7,812 [1]
Westwood Hills, Westwood, NJ [Member]  
Residential Properties:  
Encum-brances 24,803
Accumulated Depreciation $ 11,827
Date of Construction  
Date Acquired 1994
Westwood Hills, Westwood, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 3,849
Buildings and Improvements 11,546
Westwood Hills, Westwood, NJ [Member] | Column D [Member]  
Residential Properties:  
Land
Improve-ments 3,999
Westwood Hills, Westwood, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 3,849
Buildings and Improvements 15,545
Total 19,394 [1]
Boulders - Rockaway, NJ [Member]  
Residential Properties:  
Encum-brances
Accumulated Depreciation $ 8,418
Date of Construction  
Date Acquired  
Boulders - Rockaway, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 1,632
Buildings and Improvements
Boulders - Rockaway, NJ [Member] | Column D [Member]  
Residential Properties:  
Land 3,386
Improve-ments 16,543
Boulders - Rockaway, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 5,018
Buildings and Improvements 16,543
Total 21,561 [1]
Regency Club - Middletown, NY [Member]  
Residential Properties:  
Encum-brances 13,754
Accumulated Depreciation $ 5,679
Date of Construction 2003
Date Acquired 2014
Regency Club - Middletown, NY [Member] | Column C [Member]  
Residential Properties:  
Land $ 2,833
Buildings and Improvements 17,792
Regency Club - Middletown, NY [Member] | Column D [Member]  
Residential Properties:  
Land
Improve-ments 1,369
Regency Club - Middletown, NY [Member] | Column E [Member]  
Residential Properties:  
Land 2,833
Buildings and Improvements 19,161
Total 21,994 [1]
Station Place - Red Bank, NJ [Member]  
Residential Properties:  
Encum-brances 11,030
Accumulated Depreciation $ 2,145
Date of Construction 2015
Date Acquired 2017
Station Place - Red Bank, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 8,793
Buildings and Improvements 10,757
Station Place - Red Bank, NJ [Member] | Column D [Member]  
Residential Properties:  
Land
Improve-ments 83
Station Place - Red Bank, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 8,793
Buildings and Improvements 10,840
Total 19,633 [1]
Franklin Crossing, Franklin Lakes, NJ [Member]  
Residential Properties:  
Encum-brances
Accumulated Depreciation $ 5,395
Date of Construction 1963/75/97
Date Acquired 1966
Franklin Crossing, Franklin Lakes, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 29
Buildings and Improvements
Franklin Crossing, Franklin Lakes, NJ [Member] | Column D [Member]  
Residential Properties:  
Land 3,382
Improve-ments 7,647
Franklin Crossing, Franklin Lakes, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 3,411
Buildings and Improvements 7,647
Total 11,058 [1]
Glen Rock, NJ [Member]  
Residential Properties:  
Encum-brances
Accumulated Depreciation $ 173
Date of Construction 1940
Date Acquired 1962
Glen Rock, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 12
Buildings and Improvements 36
Glen Rock, NJ [Member] | Column D [Member]  
Residential Properties:  
Land
Improve-ments 164
Glen Rock, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 12
Buildings and Improvements 200
Total 212 [1]
Westwood Plaza, Westwood, NJ [Member]  
Residential Properties:  
Encum-brances 9,808
Accumulated Depreciation $ 8,631
Date of Construction 1981
Date Acquired 1988
Westwood Plaza, Westwood, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 6,889
Buildings and Improvements 6,416
Westwood Plaza, Westwood, NJ [Member] | Column D [Member]  
Residential Properties:  
Land
Improve-ments 2,543
Westwood Plaza, Westwood, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 6,889
Buildings and Improvements 8,959
Total 15,848 [1]
Preakness S/C, Wayne, NJ [Member]  
Residential Properties:  
Encum-brances 25,000
Accumulated Depreciation $ 15,795
Date of Construction 1955/89/00
Date Acquired 2002
Preakness S/C, Wayne, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 9,280
Buildings and Improvements 24,217
Preakness S/C, Wayne, NJ [Member] | Column D [Member]  
Residential Properties:  
Land
Improve-ments 2,603
Preakness S/C, Wayne, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 9,280
Buildings and Improvements 26,820
Total 36,100 [1]
Rockaway, NJ [Member]  
Residential Properties:  
Encum-brances
Accumulated Depreciation
Date Acquired  
Rockaway, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 114
Rockaway, NJ [Member] | Column D [Member]  
Residential Properties:  
Land
Improve-ments
Rockaway, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 114
Buildings and Improvements
Total 114 [1]
Franklin Lakes, NJ [Member]  
Residential Properties:  
Encum-brances
Accumulated Depreciation
Date Acquired  
Franklin Lakes, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 224
Buildings and Improvements
Franklin Lakes, NJ [Member] | Column D [Member]  
Residential Properties:  
Land (156)
Improve-ments
Franklin Lakes, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 68
Buildings and Improvements
Total 68 [1]
Wayne, NJ [Member]  
Residential Properties:  
Encum-brances
Accumulated Depreciation
Date Acquired 2002
Wayne, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 286
Buildings and Improvements
Wayne, NJ [Member] | Column D [Member]  
Residential Properties:  
Land
Improve-ments
Wayne, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 286
Buildings and Improvements
Total 286 [1]
Rockaway, NJ [Member]  
Residential Properties:  
Encum-brances
Accumulated Depreciation
Date Acquired  
Rockaway, NJ [Member] | Column C [Member]  
Residential Properties:  
Land $ 51
Buildings and Improvements
Rockaway, NJ [Member] | Column D [Member]  
Residential Properties:  
Land
Improve-ments
Rockaway, NJ [Member] | Column E [Member]  
Residential Properties:  
Land 51
Buildings and Improvements
Total $ 51 [1]
Minimum [Member] | Steuben Arms, River Edge, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 7
Minimum [Member] | Berdan Court, Wayne, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 7
Minimum [Member] | Westwood Hills, Westwood, NJ [Member]  
Residential Properties:  
Date of Construction 1965
Date Acquired  
Life on Which Depreciation is Computed 7
Minimum [Member] | Boulders - Rockaway, NJ [Member]  
Residential Properties:  
Date of Construction 2005
Date Acquired 1963
Life on Which Depreciation is Computed 7
Minimum [Member] | Regency Club - Middletown, NY [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 7
Minimum [Member] | Station Place - Red Bank, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 7
Minimum [Member] | Franklin Crossing, Franklin Lakes, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 5
Minimum [Member] | Glen Rock, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 5
Minimum [Member] | Westwood Plaza, Westwood, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 5
Minimum [Member] | Preakness S/C, Wayne, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 5
Minimum [Member] | Rockaway, NJ [Member]  
Residential Properties:  
Date Acquired 1963
Minimum [Member] | Franklin Lakes, NJ [Member]  
Residential Properties:  
Date Acquired 1966
Minimum [Member] | Wayne, NJ [Member]  
Residential Properties:  
Date Acquired  
Minimum [Member] | Rockaway, NJ [Member]  
Residential Properties:  
Date Acquired 1963
Maximum [Member] | Steuben Arms, River Edge, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 40
Maximum [Member] | Berdan Court, Wayne, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 40
Maximum [Member] | Westwood Hills, Westwood, NJ [Member]  
Residential Properties:  
Date of Construction 70
Date Acquired  
Life on Which Depreciation is Computed 39
Maximum [Member] | Boulders - Rockaway, NJ [Member]  
Residential Properties:  
Date of Construction 2006
Date Acquired 1964
Life on Which Depreciation is Computed 40
Maximum [Member] | Regency Club - Middletown, NY [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 40
Maximum [Member] | Station Place - Red Bank, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 40
Maximum [Member] | Franklin Crossing, Franklin Lakes, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 39.5
Maximum [Member] | Glen Rock, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 25
Maximum [Member] | Westwood Plaza, Westwood, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 31.5
Maximum [Member] | Preakness S/C, Wayne, NJ [Member]  
Residential Properties:  
Date of Construction  
Date Acquired  
Life on Which Depreciation is Computed 39.5
Maximum [Member] | Rockaway, NJ [Member]  
Residential Properties:  
Date Acquired 1964
Maximum [Member] | Franklin Lakes, NJ [Member]  
Residential Properties:  
Date Acquired 93
Maximum [Member] | Wayne, NJ [Member]  
Residential Properties:  
Date Acquired  
Maximum [Member] | Rockaway, NJ [Member]  
Residential Properties:  
Date Acquired 1964
[1] Total cost for each property is the same for federal income tax purposes, with the exception of the Regency Club and Station Place whose cost for federal income tax purposes is approximately $13.9 million and $4.2 million, respectively.
v3.25.4
Schedule III – Real Estate and Accumulated Depreciation - Schedule of Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2023
Real Estate [Member]      
Real estate:      
Balance, Beginning of year $ 157,854 $ 156,859 $ 156,223
Additions - Buildings and improvements 546 1,272 896
Disposals - Buildings and improvements (265) (277) (260)
Balance, end of year 158,135 157,854 156,859
Accumulated Depreciation [Member]      
Real estate:      
Balance, Beginning of year 65,048 62,344 59,660
Additions - Charged to operating expenses 2,965 2,981 2,944
Disposals - Buildings and improvements (265) (277) (260)
Balance, end of year $ 67,748 $ 65,048 $ 62,344