FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC., 10-Q filed on 12 Jun 26
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v3.26.1
Cover Page - shares
 6 Months Ended
Apr. 30, 2026
Jun. 12, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Amendment Flag false  
Document Period End Date Apr. 30, 2026  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Entity Registrant Name FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.  
Entity Central Index Key 0000036840  
Entity File Number 000-25043  
Entity Tax Identification Number 22-1697095  
Entity Incorporation, State or Country Code MD  
Current Fiscal Year End Date --10-31  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity 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  
City Area Code (201)  
Local Phone Number 488-6400  
Entity Common Stock, Shares Outstanding   7,482,432
Common stock, par value $0.01 per share    
Document Information [Line Items]    
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol FREVS  
Security Exchange Name NONE  
Preferred Stock Purchase Rights    
Document Information [Line Items]    
Title of 12(b) Security Preferred Stock Purchase Rights (1)  
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Apr. 30, 2026
Oct. 31, 2025
ASSETS    
Real estate, at cost, net of accumulated depreciation $ 88,264 $ 89,419
Construction in progress 982 968
Cash and cash equivalents 14,168 17,926
Investment in U.S. Treasury securities available-for-sale 21,317 18,174
Investment in tenancy-in-common 16,853 16,922
Tenants' security accounts 812 833
Receivables arising from straight-lining of rents 462 472
Accounts receivable, net of allowance for doubtful accounts of $163 and $258 as of April 30, 2026 and October 31, 2025, respectively 468 201
Prepaid expenses and other assets 4,837 4,511
Deferred charges, net 270 238
Interest rate swap contract 215 210
Total Assets 148,648 149,874
Liabilities:    
Mortgages payable 120,342 121,300
Less unamortized debt issuance costs 402 516
Mortgages payable, net 119,940 120,784
Accounts payable and accrued expenses 866 665
Dividends payable 748 747
Tenants' security deposits 1,145 1,132
Deferred revenue 923 843
Total Liabilities 123,622 124,171
Commitments and contingencies
Common Equity:    
Preferred stock with par value of $0.01 per share: 5,000,000 and 0 shares authorized and issued, respectively
Common stock with par value of $0.01 per share: 20,000,000 shares authorized; 7,482,432 and 7,471,344 shares issued at April 30, 2026 and October 31, 2025, respectively 75 75
Additional paid-in-capital 32,533 32,393
Retained earnings 1,424 1,360
Accumulated other comprehensive income 208 211
Total Common Equity 34,240 34,039
Noncontrolling interests in subsidiaries (9,214) (8,336)
Total Equity 25,026 25,703
Total Liabilities and Equity $ 148,648 $ 149,874
v3.26.1
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Apr. 30, 2026
Oct. 31, 2025
Statement of Financial Position [Abstract]    
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) 7,482,432 7,471,344
Allowance for doubtful accounts $ 163 $ 258
v3.26.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Apr. 30, 2026
Apr. 30, 2025
Revenue:        
Rental income $ 6,980 $ 6,735 $ 13,831 $ 13,327
Reimbursements 567 421 1,120 986
Sundry income 87 102 187 214
Total revenue 7,634 7,258 15,138 14,527
Expenses:        
Operating expenses 3,045 2,457 5,605 5,222
Management fees 317 310 662 678
Real estate taxes 1,511 1,489 3,009 2,937
Depreciation 724 734 1,445 1,457
Total expenses 5,597 4,990 10,721 10,294
Investment income 265 350 549 750
(Loss) income on investment in tenancy-in-common (68) 14 (69) 23
Interest expense including amortization of deferred financing costs (1,800) (1,851) (3,661) (3,724)
Net income 434 781 1,236 1,282
Net loss attributable to noncontrolling interests in subsidiaries 182 113 323 226
Net income attributable to common equity $ 616 $ 894 $ 1,559 $ 1,508
Earnings per share:        
Basic (in Dollars per share) $ 0.08 $ 0.12 $ 0.21 $ 0.2
Diluted (in Dollars per share) $ 0.08 $ 0.12 $ 0.21 $ 0.2
Weighted average shares outstanding:        
Basic (in Shares) 7,477 7,469 7,474 7,466
Diluted (in Shares) 7,477 7,469 7,474 7,466
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Apr. 30, 2026
Apr. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 434 $ 781 $ 1,236 $ 1,282
Other comprehensive income:        
Unrealized gain (loss) on interest rate swap contract before reclassifications 57 (174) 68 (119)
Amount reclassified from accumulated other comprehensive incometo interest expense 8 (53) (33) (150)
Net unrealized gain (loss) on interest rate swap contract 65 (227) 35 (269)
Unrealized loss on U.S. Treasury securities available-for-sale before reclassifications (1) (15) (3)
Amount reclassified from accumulated other comprehensive income to investment income (7) (4) (8) (3)
Net unrealized loss on U.S. Treasury securities available-for-sale (8) (19) (8) (6)
Comprehensive income 491 535 1,263 1,007
Comprehensive loss attributable to noncontrolling interests in subsidiaries 182 113 323 226
Comprehensive income attributable to common equity $ 673 $ 648 $ 1,586 $ 1,233
v3.26.1
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock
Additional Paid-In-Capital
Retained Earnings
Accumulated Other Comprehensive Income
Total Common Equity
Noncontrolling Interests in Subsidiaries
Total
Balance at Oct. 31, 2024 $ 75 $ 32,253 $ 541 $ 494 $ 33,363 $ (7,179) $ 26,184
Balance (in Shares) at Oct. 31, 2024 7,463            
Distributions to noncontrolling interests in subsidiaries         (440) (440)
Net income     614   614 (113) 501
Dividends declared     (597)   (597) (597)
Net unrealized loss on interest rate swap contract       (42) (42) (42)
Net unrealized loss on investment in U.S. Treasury securities available-for-sale       13 13 13
Balance at Jan. 31, 2025 $ 75 32,253 558 465 33,351 (7,732) 25,619
Balance (in Shares) at Jan. 31, 2025 7,463            
Balance at Oct. 31, 2024 $ 75 32,253 541 494 33,363 (7,179) 26,184
Balance (in Shares) at Oct. 31, 2024 7,463            
Net income             1,282
Balance at Apr. 30, 2025 $ 75 32,393 854 219 33,541 (8,047) 25,494
Balance (in Shares) at Apr. 30, 2025 7,471            
Balance at Jan. 31, 2025 $ 75 32,253 558 465 33,351 (7,732) 25,619
Balance (in Shares) at Jan. 31, 2025 7,463            
Stock awards granted to directors 140     140 140
Stock awards granted to directors (in Shares) 8            
Distributions to noncontrolling interests in subsidiaries         (202) (202)
Net income     894   894 (113) 781
Dividends declared     (598)   (598) (598)
Net unrealized loss on interest rate swap contract       (227) (227) (227)
Net unrealized loss on investment in U.S. Treasury securities available-for-sale       (19) (19) (19)
Balance at Apr. 30, 2025 $ 75 32,393 854 219 33,541 (8,047) 25,494
Balance (in Shares) at Apr. 30, 2025 7,471            
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            
Distributions to noncontrolling interests in subsidiaries         (360) (360)
Net income     943   943 (141) 802
Dividends declared     (747)   (747) (747)
Net unrealized loss on interest rate swap contract       (30) (30) (30)
Balance at Jan. 31, 2026 $ 75 32,393 1,556 181 34,205 (8,837) 25,368
Balance (in Shares) at Jan. 31, 2026 7,471            
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            
Net income             1,236
Balance at Apr. 30, 2026 $ 75 32,533 1,424 208 34,240 (9,214) 25,026
Balance (in Shares) at Apr. 30, 2026 7,482            
Balance at Jan. 31, 2026 $ 75 32,393 1,556 181 34,205 (8,837) 25,368
Balance (in Shares) at Jan. 31, 2026 7,471            
Stock awards granted to directors   140     140   140
Stock awards granted to directors (in Shares) 11            
Distributions to noncontrolling interests in subsidiaries         (195) (195)
Net income     616   616 (182) 434
Dividends declared     (748)   (748) (748)
Net unrealized loss on interest rate swap contract       35 35 35
Net unrealized loss on investment in U.S. Treasury securities available-for-sale       (8) (8) (8)
Balance at Apr. 30, 2026 $ 75 $ 32,533 $ 1,424 $ 208 $ 34,240 $ (9,214) $ 25,026
Balance (in Shares) at Apr. 30, 2026 7,482            
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Operating activities:    
Net income $ 1,236 $ 1,282
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,445 1,457
Amortization 349 280
Stock awards granted to directors 140 140
Loss (income) on investment in tenancy-in-common 69 (23)
Deferred rents - straight line rent 10 56
Bad debt expense 15 72
Accreted interest on investment in U.S. Treasury securities (266) (487)
Changes in operating assets and liabilities:    
Tenants' security accounts 13 (39)
Accounts receivable, prepaid expenses and other assets (619) (785)
Accounts payable and accrued expenses 146 61
Deferred revenue 80 248
Net cash provided by operating activities 2,618 2,262
Investing activities:    
Purchase of U.S. Treasury securities (26,843) (28,247)
Proceeds from maturities of U.S. Treasury securities 23,958 30,205
Capital improvements (249) (383)
Deferred leasing costs (76) (15)
Distribution from investment in tenancy-in-common 455
Net cash (used in) provided by investing activities (3,210) 2,015
Financing activities:    
Repayment of mortgages (958) (968)
Deferred financing costs (191) (104)
Dividends paid (1,494) (5,821)
Distributions to noncontrolling interests in subsidiaries (555) (642)
Net cash used in financing activities (3,198) (7,535)
Net decrease in cash, cash equivalents and restricted cash (3,790) (3,258)
Cash, cash equivalents and restricted cash, beginning of period 21,528 19,223
Cash, cash equivalents and restricted cash, end of period 17,738 15,965
Supplemental disclosure of cash flow data:    
Interest paid 3,356 3,379
Investing activities:    
Accrued capital expenditures, construction costs and pre-development costs 82 72
Financing activities:    
Dividends declared but not paid 748 598
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:    
Cash and cash equivalents 14,168 11,435
Tenants' security accounts 812 888
Mortgage escrows (included in prepaid expenses and other assets) 2,758 3,642
Total cash, cash equivalents and restricted cash $ 17,738 $ 15,965
v3.26.1
Basis of Presentation
 6 Months Ended
Apr. 30, 2026
Basis of Presentation [Abstract]  
Basis of presentation

Note 1 - Basis of presentation:

 

First Real Estate Investment Trust of New Jersey was organized on November 1, 1961 as a New Jersey Business Trust. On July 1, 2021, First Real Estate Investment Trust of New Jersey completed the change of its form of organization from a New Jersey real estate investment trust to a Maryland corporation. First Real Estate Investment Trust of New Jersey, Inc. (“FREIT”, “Trust”, “us”, “we”, “our” or the “Company”) is a Maryland corporation.

 

FREIT is organized and will continue to operate in such a manner as to qualify for taxation as a REIT under the Internal Revenue Code of 1986, as amended, and its stock is traded on the over-the-counter market under the trading symbol FREVS.

 

The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the rules of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnotes required by GAAP for complete financial statements have been omitted. It is the opinion of management that all adjustments considered necessary for a fair presentation have been included, and that all such adjustments are of a normal recurring nature.

 

The consolidated results of operations for the six and three-month periods ended April 30, 2026 are not necessarily indicative of the results to be expected for the full year or any other period. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in FREIT’s Annual Report on Form 10-K for the year ended October 31, 2025.
v3.26.1
Recently Issued Accounting Standards
 6 Months Ended
Apr. 30, 2026
Recently issued accounting standards [Abstract]  
Recently issued accounting standards

Note 2 – Recently issued accounting standards:

 

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. This update is effective for annual periods beginning after December 15, 2024. The adoption of this standard will only impact disclosures and will have no material impact on the Company’s consolidated financial statements.

 

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, “Income Statement – Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements.
v3.26.1
Dividends and Earnings Per Share
 6 Months Ended
Apr. 30, 2026
Dividends and Earnings Per Share [Abstract]  
Dividends and earnings per share

Note 3 – Dividends and earnings per share:

 

On April 9, 2026, FREIT’s Board of Directors (“Board”) declared a dividend of approximately $748,000 ($0.10 per share on the common stock of FREIT) for the second quarter of Fiscal 2026, which will be paid on June 12, 2026 to stockholders of record at the close of business on May 29, 2026.

 

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

 

For the six and three months ended April 30, 2026 and 2025, only basic earnings per share is presented since there are no outstanding stock options or other dilutive securities.
v3.26.1
Fair Value Measurements
 6 Months Ended
Apr. 30, 2026
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note 4 – Fair Value Measurements:

 

Financial assets that are measured at fair value on our condensed consolidated balance sheets consist of (i) investments in U.S. Treasury securities (classified as available for sale) and (ii) an interest rate swap contract.

 

In accordance with ASC Topic 320, “Investments – Debt Securities”, FREIT is accounting for the investments in U.S. Treasury securities classified as available for sale in the amount of approximately $21,317,000 and $18,174,000, as of April 30, 2026 and October 31, 2025, respectively, at fair value. Since these available for sale securities are being issued at a discount, the discount is being accreted over the term of the U.S. Treasury securities and recognized as investment income on the condensed consolidated statements of income and reflected as accreted interest in the condensed consolidated statements of cash flows. For the six months ended April 30, 2026 and 2025, this amounted to approximately $266,000 and $487,000, respectively. Any changes in the value of these securities are recorded as an unrealized gain or loss in other comprehensive income. Upon sale, the realized gain or loss related to these investments is recognized in investment income in the condensed consolidated statements of income. For the six and three months ended April 30, 2026, FREIT recorded an unrealized loss of approximately $8,000 and $8,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair value of these available for sale investments in U.S. Treasury securities during such periods. For the six and three months ended April 30, 2025, FREIT recorded an unrealized loss of approximately $6,000 and $19,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair value of these available for sale investments in U.S. Treasury securities during such periods. The fair values are based on quoted market prices (level 1 in the fair value hierarchy as provided by authoritative guidance).

 

In accordance with “Accounting Standards Codification Topic 815, Derivatives and Hedging ("ASC 815")”, FREIT has been accounting for the FREIT Regency, LLC (“Regency”) and Station Place on Monmouth (“Station Place”) interest rate swap contracts as cash flow hedges marking these contracts to market, taking into account present interest rates compared to the contracted fixed rate over the life of the contract and recording the unrealized gain or loss on the swaps in comprehensive income. On December 15, 2024, the Regency loan and its corresponding interest rate swap contract matured with no settlement due at maturity. (See Note 7 for further details.) For the six and three months ended April 30, 2026, FREIT recorded an unrealized gain of approximately $35,000 and $65,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair value of these cash flow hedges during such periods. For the six and three months ended April 30, 2025, FREIT recorded an unrealized loss of approximately $269,000 and $227,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair value of these cash flow hedges during such periods. As of April 30, 2026 and October 31, 2025, there was an asset of approximately $215,000 and $210,000, respectively, for the Station Place swap. The fair values are based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

v3.26.1
Investment in Tenancy-In-Common
 6 Months Ended
Apr. 30, 2026
Investment in Tenancy-in-Common [Abstract]  
Investment in tenancy-in-common

Note 5 – Investment in tenancy-in-common:

 

On February 28, 2020, FREIT reorganized S and A Commercial Associates Limited Partnership (“S&A”) from a partnership into a tenancy-in-common form of ownership (“TIC”). Prior to this reorganization, FREIT owned a 65% partnership interest in S&A, which owned 100% of the Pierre Towers property located in Hackensack, New Jersey through its 100% interest in Pierre Towers, LLC. Pursuant to the TIC agreement, FREIT has a 65% undivided interest in the Pierre Towers property. FREIT does not have a controlling interest as the TIC is under joint control. Based on the guidance of ASC 810, “Consolidation”, FREIT’s investment in the TIC is accounted for under the equity method of accounting.

 

FREIT’s investment in TIC was approximately $16,853,000 and $16,922,000 as of April 30, 2026 and October 31, 2025, respectively. For the six and three months ended April 30, 2026, FREIT recognized a loss on investment in TIC of approximately $69,000 and $68,000, respectively, in the accompanying condensed consolidated statements of income. For the six and three months ended April 30, 2025, FREIT recognized income from the investment in TIC of approximately $23,000 and $14,000, respectively, in the accompanying condensed consolidated statements of income.

 

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

 

The management agreement requires the payment of management fees equal to 5% of rents collected. Management fees, charged to operations, were approximately $196,000 and $89,000 for the six and three months ended April 30, 2026, respectively, and $216,000 and $94,000 for the six and three months ended April 30, 2025, respectively. The Pierre Towers property also uses the resources of the Hekemian & Co. insurance department to secure various insurance coverages for its property. Hekemian & Co. is paid a commission for these services. There were no such commissions charged to operations for the six and three months ended April 30, 2026 and 2025.

 

The following table summarizes the balance sheets of the Pierre Towers property as of April 30, 2026 and October 31, 2025, accounted for by the equity method:

 

    April 30,     October 31,  
    2026     2025  
    (In Thousands of Dollars)  
             
Real estate, net   $ 71,347     $ 71,928  
Cash and cash equivalents     517       335  
Tenants' security accounts     598       563  
Receivables and other assets     577       575  
Total assets   $ 73,039     $ 73,401  
                 
Mortgages payable, net of unamortized debt issuance costs   $ 45,565     $ 46,173  
Accounts payable and accrued expenses     747       480  
Tenants' security deposits     594       562  
Deferred revenue     205       152  
Equity     25,928       26,034  
Total liabilities & equity   $ 73,039     $ 73,401  
                 
FREIT's investment in TIC (65% interest)   $ 16,853     $ 16,922  

 

The following table summarizes the statements of operations of the Pierre Towers property for the six and three months ended April 30, 2026 and 2025, accounted for by the equity method:

 

    Six Months Ended April 30,     Three Months Ended April 30,  
    2026     2025     2026     2025  
    (In Thousands of Dollars)     (In Thousands of Dollars)  
                         
Revenue   $ 4,470     $ 4,369     $ 2,253     $ 2,192  
Operating expenses     2,634       2,478       1,386       1,241  
Depreciation     1,208       1,126       605       564  
Operating income     628       765       262       387  
                                 
Interest income     13       36       7       17  
Interest expense including amortization                                
  of deferred financing costs     (747 )     (765 )     (373 )     (382 )
                                 
Net (loss) income   $ (106 )   $ 36     $ (104 )   $ 22  
                                 
FREIT's share of (loss) income on investment in TIC (65% interest)   $ (69 )   $ 23     $ (68 )   $ 14  
v3.26.1
Management Agreement, Fees and Transactions with Related Party
 6 Months Ended
Apr. 30, 2026
Management Agreement, Fees and Transactions with Related Party [Abstract]  
Management agreement, fees and transactions with related party

Note 6 - Management agreement, fees and transactions with related party:

 

Hekemian & Co. currently manages all of the properties owned by FREIT and its affiliates. The management agreement between FREIT and Hekemian & Co. dated as of November 1, 2001 (“Management Agreement”) will expire on October 31, 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. See Note 13 for additional details on the Third Amendment to the Management Agreement entered into on May 13, 2026).

 

The Management Agreement requires the payment of management fees equal to 4% to 5% of rents collected. Such fees charged to operations were approximately $662,000 and $678,000 for the six months ended April 30, 2026 and 2025, respectively, and $317,000 and $310,000 for three months ended April 30, 2026 and 2025, respectively. In addition, the Management Agreement provides for the payment to Hekemian & Co. of leasing commissions, as well as the reimbursement of certain operating expenses, such as payroll and insurance costs, incurred on behalf of FREIT. Such commissions and reimbursements amounted to approximately $236,000 and $202,000 for the six months ended April 30, 2026 and 2025, respectively, and $106,000 and $109,000 for the three months ended April 30, 2026 and 2025, respectively. FREIT also uses the resources of the Hekemian & Co. insurance department to secure various insurance coverages for its properties and subsidiaries. Hekemian & Co. is paid a commission for these services. Such commissions charged to operations were approximately $37,000 and $13,000 for the six months ended April 30, 2026 and 2025, respectively, and $3,000 and $4,000 for the three months ended April 30, 2026 and 2025, respectively.

 

From time to time, FREIT engages Hekemian & Co., or certain affiliates of Hekemian & Co., to provide additional services, such as consulting services related to development, property sales and financing activities of FREIT. Separate fee arrangements are negotiated between Hekemian & Co. and FREIT with respect to such additional services. Such fees incurred were approximately $0 and $35,000 for the six months ended April 30, 2026 and 2025, respectively. There were no such fees incurred for the three months ended April 30, 2026 and 2025, respectively. Fees incurred during the six months ended April 30, 2025 related to a commission to Hekemian & Co. for the modification and extension of the loan on the Regency which was included in the unamortized debt issuance costs in the accompanying condensed consolidated balance sheets as of April 30, 2026 and October 31, 2025.

 

Robert S. Hekemian, Jr., Chief Executive Officer, President and a Director of FREIT, is the Chief Executive Officer of Hekemian & Co. David B. Hekemian, a Director of FREIT, is the President of Hekemian & Co. Allan Tubin, Chief Financial Officer and Treasurer of FREIT, is the Chief Financial Officer of Hekemian & Co. Director fee expense and/or executive compensation (including stock awards – See Note 10 for additional details) incurred by FREIT for the six months ended April 30, 2026 and 2025 was approximately $350,000 and $350,000, respectively, for Robert S. Hekemian, Jr., $22,000 and $22,000, respectively, for Allan Tubin and $50,000 and $50,000, respectively, for David B. Hekemian. Director fee expense and/or executive compensation (including stock awards) incurred by FREIT for the three months ended April 30, 2026 and 2025 was approximately $185,000 and $185,000, respectively, for Robert S. Hekemian, Jr., $11,000 and $11,000, respectively, for Allan Tubin and $35,000 and $35,000, respectively, for David B. Hekemian. Such costs are included within operating expenses on the accompanying condensed consolidated statements of income.

v3.26.1
Mortgages Payable and Line of Credit
 6 Months Ended
Apr. 30, 2026
Mortgages Payable and Line of Credit [Abstract]  
Mortgages payable and line of credit

Note 7 – Mortgages payable and line of credit:

 

The following table is a summary of mortgages payable as of April 30, 2026 and October 31, 2025:

 

        Interest Rate at     Mortgages Payable as of  
Mortgages Secured By:   Maturity   April 30, 2026     April 30, 2026     October 31, 2025  
              (In Thousands of Dollars)  
Steuben Arms - River Edge, NJ   5/31/2027     6.75%     $ 8,662     $ 8,715  
Berdan Court - Wayne, NJ   9/1/2029     3.54%       27,909       28,190  
Westwood Hills - Westwood, NJ   9/1/2026     6.05%       24,629       24,803  
Regency Club - Middletown, NY (A)   12/15/2027     6.05%       13,666       13,754  
Station Place - Red Bank, NJ   12/15/2027     4.35%       10,900       11,030  
Westwood Plaza - Westwood, NJ (B)   8/1/2026     8.50%       9,576       9,808  
Preakness S/C - Wayne, NJ (C)   8/1/2026     5.00%       25,000       25,000  
Total fixed rate mortgages payable                 120,342       121,300  
Total unamortized debt issuance costs                 (402 )     (516 )
Total mortgages payable, net               $ 119,940     $ 120,784  

 

(A) On December 15, 2024, the mortgage secured by an apartment building located in Middletown, New York and the corresponding interest rate swap contract on its underlying loan came due with no settlement of the swap contract due at maturity. Effective December 15, 2024, FREIT Regency, LLC entered into a loan extension and modification agreement with the lender of this loan, Provident Bank, with a then outstanding loan balance of approximately $13.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to December 15, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.05% and monthly installments of principal and interest of approximately $84,521 are required.
(B) On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement held with Valley National Bank, to extend the term of its loan with a then outstanding balance of approximately $16.6 million and secured by the Westwood Plaza shopping center located in Westwood, New Jersey for one additional year from an initial maturity date of February 1, 2024 to a new maturity date of February 1, 2025. This loan extension was based on a fixed interest rate of 8.5% and was payable based on monthly installments of principal and interest of approximately $166,727. Additionally, FREIT funded the interest reserve escrow account for this loan (“Escrow”) with an additional $112,556, increasing the Escrow balance to $2,000,722, which represented the annualized principal and interest payments for one (1) year under this loan extension. Effective February 1, 2025, Valley National Bank extended this loan for 90 days from a maturity date of February 1, 2025 to a maturity date of May 1, 2025 under the same terms and conditions of the existing loan agreement.

Effective May 1, 2025, FREIT entered into a loan extension and modification agreement with Valley National Bank and paid down this loan by approximately $5.7 million (including deferred interest of approximately $0.2 million) bringing the loan balance to $10 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan was extended for one year to May 1, 2026, the interest rate on the outstanding debt was based on a fixed interest

rate of 8.5% and monthly installments of principal and interest of approximately $107,978 were required. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of $704,983. This Escrow is held at Valley National Bank and in the event of a default on this loan, the bank shall be permitted to use the proceeds from the Escrow to make monthly debt service payments on the loan. This loan has been further extended by Valley National Bank for an additional 90 days with a new maturity date of August 1, 2026 based on the same terms and conditions of the existing loan agreement.

 

(C) On August 1, 2025, the mortgage secured by the Preakness Shopping center located in Wayne, New Jersey, reached its maturity date. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through August 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Management expects this loan to be modified and 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.

 

FREIT’s revolving line of credit in the amount of $13 million, provided by Provident Bank, was set to expire on October 31, 2026. Draws against the $13 million credit line were secured by mortgages on FREIT’s Franklin Crossing Shopping center in Franklin Lakes, New Jersey and retail space in Glen Rock, New Jersey. As of April 30, 2026 and October 31, 2025, there was no amount outstanding and $13 million was available under this line of credit.

 

On May 26, 2026, FREIT’s $13 million line of credit has been replaced with a $20 million line of credit provided by Provident Bank secured by a mortgage on FREIT’s Boulders property in Rockaway, New Jersey. Draws against this credit line can be used for working capital needs and standby letters of credit. The line of credit will expire on October 31, 2029 and the interest rate on any amount outstanding will be based on a floating interest rate of prime minus 25 basis points with a floor of 6.75%.

 

While FREIT intends to renew or refinance its debt obligations as they become due, there can be no assurance that it will be successful or, if successful, that the new terms will be similar to the terms of its existing debt obligations or as favorable.

 

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

 

Year Ending
October 31,		   Amount  
2026   $ 59,660 (a)
2027     9,655  
2028     24,521  
2029     26,506  
2030     —  

 

(a) Includes the following:
(1) The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025 and was further extended. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through August 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Management expects this loan to be further modified and extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

 

(2) The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $9.6 million which has a maturity date of August 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

 

(3) The loan on the Westwood Hills property located in Westwood, New Jersey, in the amount of approximately $24.6 million which has a maturity date of September 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

 

Fair value of long-term debt:

 

The following table shows the estimated fair value and net carrying value of FREIT’s long-term debt at April 30, 2026 and October 31, 2025:

 

($ in Millions)   April 30, 2026   October 31, 2025
         
Fair Value   $117.4   $118.4
Carrying Value, Net   $119.9   $120.8

 

Fair values are estimated based on market interest rates at April 30, 2026 and October 31, 2025 and on a discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value is based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).
v3.26.1
Segment Information
 6 Months Ended
Apr. 30, 2026
Segment Information [Abstract]  
Segment information

Note 8 - Segment information:

 

ASC 280-10, "Disclosures about Segments of an Enterprise and Related Information", establishes standards for reporting financial information about operating segments in interim and annual financial reports and provides for a "management approach" in identifying the reportable segments. FREIT has determined that it has two reportable segments: commercial properties and residential properties. These reportable segments offer different types of space, have different types of tenants, and are managed separately because each requires different operating strategies and management expertise. The commercial segment is comprised of five (5) properties and the residential segment is comprised of six (6) properties.

 

The accounting policies of the segments are the same as those described in Note 1 in FREIT’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025. The chief operating and decision-making group responsible for oversight and strategic decisions of FREIT's commercial segment, residential segment and corporate/other is comprised of FREIT’s Board.

 

FREIT, through its chief operating and decision-making group, assesses and measures segment operating results based on net operating income ("NOI"). NOI, a standard used by real estate professionals, is based on operating revenue and expenses directly associated with the operations of the real estate properties, but excludes: deferred rents (straight lining), depreciation, financing costs and other items. NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP, and is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity.

 

Real estate rental revenue, operating expenses, NOI and recurring capital improvements for the reportable segments are summarized below and reconciled to condensed consolidated net income attributable to common equity for the six and three months ended April 30, 2026 and 2025. Asset information is not reported since FREIT does not use this measure to assess performance.

 

    Six Months Ended     Three Months Ended  
    April 30,     April 30,  
    2026     2025     2026     2025  
    (In Thousands of Dollars)     (In Thousands of Dollars)  
Real estate rental revenue:                                
Commercial   $ 4,042     $ 3,780     $ 2,084     $ 1,846  
Residential     11,106       10,803       5,551       5,440  
Total real estate rental revenue     15,148       14,583       7,635       7,286  
                                 
Real estate operating expenses:                                
Commercial     2,828       2,650       1,479       1,283  
Residential     4,683       4,551       2,342       2,182  
Total real estate operating expenses     7,511       7,201       3,821       3,465  
                                 
Net operating income:                                
Commercial     1,214       1,130       605       563  
Residential     6,423       6,252       3,209       3,258  
Total net operating income   $ 7,637     $ 7,382     $ 3,814     $ 3,821  
                                 
                                 
 Recurring capital improvements - residential   $ (248 )   $ (203 )   $ (186 )   $ (126 )
                                 
                                 
Reconciliation to condensed consolidated net income attributable to common equity:                                
Segment NOI   $ 7,637     $ 7,382     $ 3,814     $ 3,821  
Deferred rents - straight lining     (10 )     (56 )     (1 )     (28 )
Investment income     549       750       265       350  
General and administrative expenses     (1,765 )     (1,636 )     (1,052 )     (791 )
(Loss) income on investment in tenancy-in-common     (69 )     23       (68 )     14  
Depreciation     (1,445 )     (1,457 )     (724 )     (734 )
Financing costs     (3,661 )     (3,724 )     (1,800 )     (1,851 )
Net income     1,236       1,282       434       781  
Net loss attributable to noncontrolling interests in subsidiaries     323       226       182       113  
Net income attributable to common equity   $ 1,559     $ 1,508     $ 616     $ 894  
v3.26.1
Income Taxes
 6 Months Ended
Apr. 30, 2026
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 ending October 31, 2026. For the fiscal year ended October 31, 2025, FREIT has distributed 100% of its ordinary taxable income to its stockholders as dividends. Accordingly, no provision for federal or state income taxes was recorded in FREIT’s condensed consolidated financial statements for the six and three months ended April 30, 2026 and 2025.

 

As of April 30, 2026, 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.

v3.26.1
Equity Incentive Plan
 6 Months Ended
Apr. 30, 2026
Equity Incentive Plan [Abstract]  
Equity Incentive Plan

Note 10 – Equity Incentive Plan:

 

On February 20, 2025, in accordance with FREIT’s Equity Incentive Plan (the “Plan”), the Compensation Committee of FREIT’s Board recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2025, in lieu of cash compensation in the amount of $20,000, each director was awarded shares of Common Stock, $0.01 par value, (the “Shares”) in FREIT. Based on the closing price of FREIT’s Shares on February 21, 2025 of $16.76 per Share, the Board approved an award of 1,193 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,193 Shares were issued to each director on February 20, 2025 and upon issuance were deemed fully paid and non-assessable.

 

On March 12, 2026, in accordance with the Plan, the Compensation Committee of FREIT’s Board recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2026, in lieu of cash compensation in the amount of $20,000, each director was awarded shares of Common Stock, $0.01 par value, (the “Shares”) in FREIT. Based on the closing price of FREIT’s Shares on March 12, 2026 of $12.62 per Share, the Board approved an award of 1,584 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,584 Shares were issued to each director on March 12, 2026 and upon issuance were deemed fully paid and non-assessable.

 

As of April 30, 2026, 408,621 shares are available for issuance under the Plan.

v3.26.1
Rental Income
 6 Months Ended
Apr. 30, 2026
Rental Income [Abstract]  
Rental Income

Note 11 – Rental Income:

 

Commercial tenants:

 

Fixed lease income under our commercial operating leases generally includes fixed minimum lease consideration, which is accrued on a straight-line basis over the terms of the leases. Variable lease income includes consideration based on sales, as well as reimbursements for real estate taxes, maintenance, insurance and certain other operating expenses of the properties.

 

Minimum fixed lease consideration (in thousands of dollars) under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration and rents from tenants for which collectability is deemed to be constrained, for the twelve months ending October 31, as of April 30, 2026, is as follows:

 

Year Ending October 31,   Amount  
2026   $ 5,389  
2027     4,590  
2028     3,401  
2029     3,083  
2030     2,903  
Thereafter     3,731  
Total   $ 23,097  

 

The above amounts assume that all leases that expire are not renewed and, accordingly, neither month-to-month nor rentals from replacement tenants are included.

 

Minimum future rentals do not include contingent rentals, which may be received under certain leases on the basis of percentage of reported tenants' sales volume. Rental income that is contingent on future events is not included in income until the contingency is resolved. Contingent rentals included in income for the six and three months ended April 30, 2026 and 2025 were not material.

 

Residential tenants:

 

Lease terms for residential tenants are generally for one to two years in term.

v3.26.1
Franklin Crossing Purchase and Sale Agreement
 6 Months Ended
Apr. 30, 2026
Franklin Crossing Purchase and Sale Agreement [Abstract]  
Franklin Crossing Purchase and Sale Agreement

Note 12 – Franklin Crossing Purchase and Sale Agreement:

 

On April 8, 2026, FREIT (the “Seller”) entered into a Purchase and Sale Agreement (the “Franklin Crossing Agreement”) with an affiliate of Regency Centers Corporation (the “Purchaser”), pursuant to which the Seller will sell to the Purchaser 100% of Seller’s ownership interests in the Franklin Crossing shopping center located in Franklin Lakes, New Jersey, (“Franklin Crossing”) in exchange for the purchase price of $27,000,000, subject to the terms and conditions of the Franklin Crossing Agreement. Upon signing the Franklin Crossing Agreement, the Purchaser delivered into escrow held by the title company a deposit in the amount of $1,000,000 (the “Initial Franklin Crossing Deposit”), which was only refundable during the 30-day due diligence period immediately following the signing. After the expiration of this period on May 8, 2026, the Initial Franklin Crossing Deposit became non-refundable except in connection with certain rights to terminate the Agreement, and the Purchaser deposited into escrow held by the title company an additional amount of $1,000,000, which is non-refundable except in connection with certain rights to terminate the Franklin Crossing Agreement.

 

The Franklin Crossing Agreement contains customary representations, warranties and indemnity provisions. The parties’ respective obligations under the Franklin Crossing Agreement are subject to certain customary conditions and termination rights, including the right of either the Seller or the Purchaser to terminate the Agreement if the closing has not occurred on or before August 15, 2026. There is no financing contingency under the Franklin Crossing Agreement.

 

The Board unanimously approved the Franklin Crossing Agreement and the transaction contemplated thereby which is expected to close in the third quarter of 2026.
v3.26.1
Subsequent Events
 6 Months Ended
Apr. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events

Note 13 – Subsequent Events:

 

Approval of Plan of Voluntary Liquidation

 

On May 12, 2026, FREIT’s Board unanimously determined advisable and approved a Plan of Voluntary Liquidation (the “Plan of Voluntary Liquidation”). The Plan of Voluntary Liquidation provides for the Company’s complete liquidation and dissolution in accordance with Section 331, Section 336 and Section 346(a) of the Internal Revenue Code of 1986, as amended, and the Maryland General Corporation Law. Effectiveness of the Plan of Voluntary Liquidation is subject to approval by the affirmative vote of the holders of Common Stock entitled to cast a majority of all the votes entitled to be cast on the matter. FREIT currently anticipates that the Plan of Voluntary Liquidation will be submitted for stockholder approval at a special meeting of the stockholders, expected to occur in the Fall of 2026.

 

Upon the effectiveness of the Plan of Voluntary Liquidation and pursuant thereto, the Company is authorized to sell, convey, transfer and deliver or otherwise dispose of, or cause its subsidiaries to sell, convey, transfer and deliver or otherwise dispose of, all of their remaining assets, without further approval of the stockholders. The Plan of Voluntary Liquidation further provides that upon a determination of the Board, the Company may transfer and assign any remaining assets of the Company and its subsidiaries to a liquidating trust (a “Liquidating Trust”), subject to the terms of the Plan of Voluntary Liquidation, and the Board may cause the Company to make the final distribution to the Company’s stockholders as a distribution in kind of beneficial interests in the Liquidating Trust, at such time as the Board deems appropriate or advantageous in its discretion.

 

Upon the adoption of the Plan of Liquidation, FREIT will cease reporting on the going concern basis of accounting and reporting, and thereafter will report on the liquidation basis of accounting and reporting.

 

Third Amendment to Management Agreement

 

On May 13, 2026, FREIT entered into a Third Amendment to the Management Agreement dated November 1, 2001 between the Company and Hekemian & Co. The Third Amendment provides that upon the closing of any sale or other disposition of the Company’s entire direct or indirect interest in each property managed by Hekemian & Co, including sales or dispositions of a managed property in furtherance of the Plan of Voluntary Liquidation, the Management Agreement shall automatically terminate with respect to such property and the Company shall pay to Hekemian & Co. (a) any and all commissions and fees for management services and reimbursement required to be paid by the Company pursuant to the Management Agreement in respect of the applicable property up to the termination date, calculated on a pro rata basis plus (b) a termination fee in respect to such property equal to the product of (x) the Company’s direct or indirect percentage ownership interest in such property times (y) 2.5 times (z) one (1) year’s Base Management Fee in respect of such property. The Base Management Fee is computed by dividing the annual base management fee allocable to the applicable property paid by the Company to Hekemian & Co. over the immediately prior three (3) fiscal years prior to such termination by three (3).

 

Upon the closing of any sale or other disposition of the Company’s entire direct or indirect interest in a managed property, including sales or dispositions in furtherance of the Plan of Voluntary Liquidation, the Company is required to pay to Hekemian & Co. a fee equal to 1.65% of the sales price for the property. In the event a property is not wholly owned, directly or indirectly, by the Company, the sales fee payable to Hekemian & Co. shall only be payable in respect of the Company’s percentage ownership share of the applicable property.

 

Incentive Compensation Arrangement

 

To provide an incentive to Robert S. Hekemian, Jr., Chief Executive Officer, President and a director of the Trust, to facilitate the timely sale of FREIT’s properties, the Board has approved an incentive compensation arrangement that will entitle Mr. Hekemian to a $1,000,000 cash bonus if the Company sells and/or enters into contracts to sell all of its real properties within 18 months after the approval of the Plan of Voluntary Liquidation by FREIT’s stockholders and receives aggregate gross proceeds from such sales in excess of $319.9 million. To receive the bonus, the sale of all of the Company’s properties must close.

 

In addition, in recognition of the increased time commitment and effort anticipated to be required of members of the Board to oversee, implement and administer the Plan of Voluntary Liquidation, including the sale of properties pursuant to the Plan of Voluntary Liquidation, the Board approved an increase effective May 1, 2026 in the annual cash retainer fee payable to each director from $60,000 to $120,000.

 

Westwood Plaza Purchase and Sale Agreement

 

On May 26, 2026, FREIT (the “Seller”) entered into a Purchase and Sale Agreement (the “Westwood Plaza Agreement”) with an affiliate of Regency Centers Corporation (the “Purchaser”), pursuant to which the Seller will sell to the Purchaser 100% of Seller’s ownership interests in the Westwood Plaza shopping center located at 700 Broadway in Westwood, New Jersey (“Westwood Plaza”) in exchange for the purchase price of $28,800,000, subject to the terms and conditions of the Westwood Plaza Agreement.

 

Upon signing the Westwood Plaza Agreement, the Purchaser delivered into escrow held by the title company a deposit in the amount of $1,200,000 (the “Initial Westwood Plaza Deposit”), which is refundable during a 120-day due diligence period immediately following the signing. After the expiration of this period on September 23, 2026, the Initial Westwood Plaza Deposit becomes non-refundable except in connection with certain rights to terminate the Westwood Plaza Agreement. If the Purchaser elects to proceed with the transaction after the expiration of the initial 120-day due diligence period, the Purchaser is obligated to deposit into escrow an additional amount of $1,000,000, which is non-refundable except in connection with certain rights to terminate the Westwood Plaza Agreement. Upon expiration of the initial 120-day due diligence period, the Purchaser has the option of entering into a second due diligence period for up to an additional nine months. The Purchaser is obligated to pay to the Seller $50,000 for each month that it elects to engage in due diligence during the second due diligence period. Payments made by the Purchaser to extend the due diligence period are non-refundable except in the event of a breach by Seller and are not applied to the purchase price at closing.

 

The Westwood Plaza Agreement contains customary representations, warranties and indemnity provisions. The parties’ respective obligations under the Westwood Plaza Agreement are subject to certain customary conditions and termination rights, including the right of either the Seller or the Purchaser to terminate the Westwood Plaza Agreement if the closing has not occurred on or before August 15, 2027. There is no financing contingency under the Westwood Plaza Agreement.

 

The Board unanimously approved the Westwood Plaza Agreement and the transaction contemplated thereby.

 

Stockholder Rights Agreement Extension

 

On May 13, 2026, FREIT’s Board entered into a First Amendment to the Stockholder Rights Agreement dated July 31, 2023, between the Company and Computershare Trust Company, N.A., as Rights Agent. Pursuant to the terms of the First Amendment to the Stockholder Rights Agreement, the expiration term of the stockholder rights will be extended from July 31, 2026 to July 31, 2029.
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Apr. 30, 2026
Apr. 30, 2025
Pay vs Performance Disclosure        
Net Income (Loss) $ 616 $ 894 $ 1,559 $ 1,508
v3.26.1
Insider Trading Arrangements
 6 Months Ended
Apr. 30, 2026
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
v3.26.1
Investment in Tenancy-in-Common (Tables)
 6 Months Ended
Apr. 30, 2026
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 April 30, 2026 and October 31, 2025, accounted for by the equity method:

 

    April 30,     October 31,  
    2026     2025  
    (In Thousands of Dollars)  
             
Real estate, net   $ 71,347     $ 71,928  
Cash and cash equivalents     517       335  
Tenants' security accounts     598       563  
Receivables and other assets     577       575  
Total assets   $ 73,039     $ 73,401  
                 
Mortgages payable, net of unamortized debt issuance costs   $ 45,565     $ 46,173  
Accounts payable and accrued expenses     747       480  
Tenants' security deposits     594       562  
Deferred revenue     205       152  
Equity     25,928       26,034  
Total liabilities & equity   $ 73,039     $ 73,401  
                 
FREIT's investment in TIC (65% interest)   $ 16,853     $ 16,922  
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 six and three months ended April 30, 2026 and 2025, accounted for by the equity method:

 

    Six Months Ended April 30,     Three Months Ended April 30,  
    2026     2025     2026     2025  
    (In Thousands of Dollars)     (In Thousands of Dollars)  
                         
Revenue   $ 4,470     $ 4,369     $ 2,253     $ 2,192  
Operating expenses     2,634       2,478       1,386       1,241  
Depreciation     1,208       1,126       605       564  
Operating income     628       765       262       387  
                                 
Interest income     13       36       7       17  
Interest expense including amortization                                
  of deferred financing costs     (747 )     (765 )     (373 )     (382 )
                                 
Net (loss) income   $ (106 )   $ 36     $ (104 )   $ 22  
                                 
FREIT's share of (loss) income on investment in TIC (65% interest)   $ (69 )   $ 23     $ (68 )   $ 14  
v3.26.1
Mortgages Payable and Line of Credit (Tables)
 6 Months Ended
Apr. 30, 2026
Mortgages Payable and Line of Credit [Abstract]  
Schedule of Mortgages Payable

The following table is a summary of mortgages payable as of April 30, 2026 and October 31, 2025:

 

        Interest Rate at     Mortgages Payable as of  
Mortgages Secured By:   Maturity   April 30, 2026     April 30, 2026     October 31, 2025  
              (In Thousands of Dollars)  
Steuben Arms - River Edge, NJ   5/31/2027     6.75%     $ 8,662     $ 8,715  
Berdan Court - Wayne, NJ   9/1/2029     3.54%       27,909       28,190  
Westwood Hills - Westwood, NJ   9/1/2026     6.05%       24,629       24,803  
Regency Club - Middletown, NY (A)   12/15/2027     6.05%       13,666       13,754  
Station Place - Red Bank, NJ   12/15/2027     4.35%       10,900       11,030  
Westwood Plaza - Westwood, NJ (B)   8/1/2026     8.50%       9,576       9,808  
Preakness S/C - Wayne, NJ (C)   8/1/2026     5.00%       25,000       25,000  
Total fixed rate mortgages payable                 120,342       121,300  
Total unamortized debt issuance costs                 (402 )     (516 )
Total mortgages payable, net               $ 119,940     $ 120,784  

 

(A) On December 15, 2024, the mortgage secured by an apartment building located in Middletown, New York and the corresponding interest rate swap contract on its underlying loan came due with no settlement of the swap contract due at maturity. Effective December 15, 2024, FREIT Regency, LLC entered into a loan extension and modification agreement with the lender of this loan, Provident Bank, with a then outstanding loan balance of approximately $13.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to December 15, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.05% and monthly installments of principal and interest of approximately $84,521 are required.
(B) On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement held with Valley National Bank, to extend the term of its loan with a then outstanding balance of approximately $16.6 million and secured by the Westwood Plaza shopping center located in Westwood, New Jersey for one additional year from an initial maturity date of February 1, 2024 to a new maturity date of February 1, 2025. This loan extension was based on a fixed interest rate of 8.5% and was payable based on monthly installments of principal and interest of approximately $166,727. Additionally, FREIT funded the interest reserve escrow account for this loan (“Escrow”) with an additional $112,556, increasing the Escrow balance to $2,000,722, which represented the annualized principal and interest payments for one (1) year under this loan extension. Effective February 1, 2025, Valley National Bank extended this loan for 90 days from a maturity date of February 1, 2025 to a maturity date of May 1, 2025 under the same terms and conditions of the existing loan agreement.

Effective May 1, 2025, FREIT entered into a loan extension and modification agreement with Valley National Bank and paid down this loan by approximately $5.7 million (including deferred interest of approximately $0.2 million) bringing the loan balance to $10 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan was extended for one year to May 1, 2026, the interest rate on the outstanding debt was based on a fixed interest

rate of 8.5% and monthly installments of principal and interest of approximately $107,978 were required. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of $704,983. This Escrow is held at Valley National Bank and in the event of a default on this loan, the bank shall be permitted to use the proceeds from the Escrow to make monthly debt service payments on the loan. This loan has been further extended by Valley National Bank for an additional 90 days with a new maturity date of August 1, 2026 based on the same terms and conditions of the existing loan agreement.

 

(C) On August 1, 2025, the mortgage secured by the Preakness Shopping center located in Wayne, New Jersey, reached its maturity date. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through August 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Management expects this loan to be modified and 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.
Schedule of Remaining Principal Amounts

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

 

Year Ending
October 31,		   Amount  
2026   $ 59,660 (a)
2027     9,655  
2028     24,521  
2029     26,506  
2030     —  

 

(a) Includes the following:
(1) The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025 and was further extended. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through August 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Management expects this loan to be further modified and extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

 

(2) The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $9.6 million which has a maturity date of August 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

 

(3) The loan on the Westwood Hills property located in Westwood, New Jersey, in the amount of approximately $24.6 million which has a maturity date of September 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.
Schedule of Estimated Fair Value and Net Carrying Value of Freit’s Long-Term Debt

The following table shows the estimated fair value and net carrying value of FREIT’s long-term debt at April 30, 2026 and October 31, 2025:

 

($ in Millions)   April 30, 2026   October 31, 2025
         
Fair Value   $117.4   $118.4
Carrying Value, Net   $119.9   $120.8
v3.26.1
Segment Information (Tables)
 6 Months Ended
Apr. 30, 2026
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.
    Six Months Ended     Three Months Ended  
    April 30,     April 30,  
    2026     2025     2026     2025  
    (In Thousands of Dollars)     (In Thousands of Dollars)  
Real estate rental revenue:                                
Commercial   $ 4,042     $ 3,780     $ 2,084     $ 1,846  
Residential     11,106       10,803       5,551       5,440  
Total real estate rental revenue     15,148       14,583       7,635       7,286  
                                 
Real estate operating expenses:                                
Commercial     2,828       2,650       1,479       1,283  
Residential     4,683       4,551       2,342       2,182  
Total real estate operating expenses     7,511       7,201       3,821       3,465  
                                 
Net operating income:                                
Commercial     1,214       1,130       605       563  
Residential     6,423       6,252       3,209       3,258  
Total net operating income   $ 7,637     $ 7,382     $ 3,814     $ 3,821  
                                 
                                 
 Recurring capital improvements - residential   $ (248 )   $ (203 )   $ (186 )   $ (126 )
                                 
                                 
Reconciliation to condensed consolidated net income attributable to common equity:                                
Segment NOI   $ 7,637     $ 7,382     $ 3,814     $ 3,821  
Deferred rents - straight lining     (10 )     (56 )     (1 )     (28 )
Investment income     549       750       265       350  
General and administrative expenses     (1,765 )     (1,636 )     (1,052 )     (791 )
(Loss) income on investment in tenancy-in-common     (69 )     23       (68 )     14  
Depreciation     (1,445 )     (1,457 )     (724 )     (734 )
Financing costs     (3,661 )     (3,724 )     (1,800 )     (1,851 )
Net income     1,236       1,282       434       781  
Net loss attributable to noncontrolling interests in subsidiaries     323       226       182       113  
Net income attributable to common equity   $ 1,559     $ 1,508     $ 616     $ 894  
v3.26.1
Rental Income (Tables)
 6 Months Ended
Apr. 30, 2026
Rental Income [Abstract]  
Schedule of Minimum Fixed Lease Consideration Under Non-Cancelable Tenant Operating Leases

Minimum fixed lease consideration (in thousands of dollars) under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration and rents from tenants for which collectability is deemed to be constrained, for the twelve months ending October 31, as of April 30, 2026, is as follows:

 

Year Ending October 31,   Amount  
2026   $ 5,389  
2027     4,590  
2028     3,401  
2029     3,083  
2030     2,903  
Thereafter     3,731  
Total   $ 23,097  
v3.26.1
Dividends and Earnings Per Share (Details)
Apr. 09, 2026
USD ($)
$ / shares
Dividends and Earnings Per Share [Line Items]  
Dividends declared | $ $ 748,000
Dividends price per share (in Dollars per share) | $ / shares $ 0.1
v3.26.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Apr. 30, 2026
Apr. 30, 2025
Oct. 31, 2025
Fair Value Measurements [Line Items]          
Available for sale $ 21,317   $ 21,317   $ 18,174
Accreted interest on investment in U.S. Treasury securities     266 $ 487  
Net unrealized loss on U.S. Treasury securities available-for-sale (8) $ (19) (8) (6)  
FREIT recorded an unrealized loss 65 (227) 35 (269)  
unrealized loss 8   8    
Station Place swap [Member]          
Fair Value Measurements [Line Items]          
Fair value asset 215   215   $ 210
Regency Swap [Member]          
Fair Value Measurements [Line Items]          
Net unrealized loss on U.S. Treasury securities available-for-sale   19   6  
FREIT [Member]          
Fair Value Measurements [Line Items]          
Net unrealized loss on U.S. Treasury securities available-for-sale   $ 227   $ 269  
FREIT recorded an unrealized loss $ 35   $ 65    
v3.26.1
Investment in Tenancy-in-Common (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Feb. 28, 2020
Apr. 30, 2026
Apr. 30, 2025
Apr. 30, 2026
Apr. 30, 2025
Oct. 31, 2025
Investment in Tenancy-In-Common [Line Items]            
Investment in tenancy-in-common   $ 16,853   $ 16,853   $ 16,922
Recognized income from investment   68 $ (14) $ 69 $ (23)  
Percentage of management fees of rent collected       5.00%    
Management fees   317 310 $ 662 678  
Recognized a loss on investment   68   69    
Pierre Towers [Member]            
Investment in Tenancy-In-Common [Line Items]            
Management fees   89 94 196 $ 216  
TIC Agreement [Member]            
Investment in Tenancy-In-Common [Line Items]            
Undivided interest 65.00%          
Investment in tenancy-in-common   $ 16,853   $ 16,853   $ 16,922
FREIT [Member]            
Investment in Tenancy-In-Common [Line Items]            
Recognized income from investment     $ 14      
S and A Commercial Associates Limited Partnership [Member]            
Investment in Tenancy-In-Common [Line Items]            
Percentage of ownership interest 65.00%          
Pierre Towers, LLC [Member]            
Investment in Tenancy-In-Common [Line Items]            
Percentage of ownership interest 100.00%          
Pierre Towers Property [Member]            
Investment in Tenancy-In-Common [Line Items]            
Percentage of ownership interest 100.00%          
v3.26.1
Investment in Tenancy-in-Common - Schedule of Balance Sheets of the Pierre Towers Property (Details) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Oct. 31, 2025
Apr. 30, 2025
Jan. 31, 2025
Oct. 31, 2024
Schedule of Balance Sheets of the Pierre Towers Property [Line Items]            
Real estate, net $ 88,264   $ 89,419      
Cash and cash equivalents 14,168   17,926 $ 11,435    
Tenants' security accounts 812   833      
Total Assets 148,648   149,874      
Mortgages payable, net of unamortized debt issuance costs 120,342   121,300      
Accounts payable and accrued expenses 866   665      
Tenants' security deposits 1,145   1,132      
Equity 25,026 $ 25,368 25,703 $ 25,494 $ 25,619 $ 26,184
Total Liabilities and Equity 148,648   149,874      
FREIT's investment in TIC (65% interest) 16,853   16,922      
Pierre Towers [Member]            
Schedule of Balance Sheets of the Pierre Towers Property [Line Items]            
Real estate, net 71,347   71,928      
Cash and cash equivalents 517   335      
Tenants' security accounts 598   563      
Receivables and other assets 577   575      
Total Assets 73,039   73,401      
Mortgages payable, net of unamortized debt issuance costs 45,565   46,173      
Accounts payable and accrued expenses 747   480      
Tenants' security deposits 594   562      
Deferred revenue 205   152      
Equity 25,928   26,034      
Total Liabilities and Equity 73,039   73,401      
FREIT's investment in TIC (65% interest) $ 16,853   $ 16,922      
v3.26.1
Investment in Tenancy-in-Common - Schedule of Balance Sheets of the Pierre Towers Property (Parentheticals) (Details)
Apr. 30, 2026
Oct. 31, 2025
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%
v3.26.1
Investment in Tenancy-in-Common - Schedule of Statements of Operations of the Pierre Towers Property (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Apr. 30, 2026
Jan. 31, 2026
Apr. 30, 2025
Jan. 31, 2025
Apr. 30, 2026
Apr. 30, 2025
Schedule of Statements of Operations of the Pierre Towers Property [Line Items]            
Revenue $ 7,634   $ 7,258   $ 15,138 $ 14,527
Operating expenses 5,597   4,990   10,721 10,294
Depreciation 724   734   1,445 1,457
Operating income 3,814   3,821   7,637 7,382
Interest income 265   350   549 750
Interest expense including amortization of deferred financing costs (1,800)   (1,851)   (3,661) (3,724)
Net income 434 $ 802 781 $ 501 1,236 1,282
FREIT's share of (loss) income on investment in TIC (65% interest) (68)   14   (69) 23
Pierre Towers [Member]            
Schedule of Statements of Operations of the Pierre Towers Property [Line Items]            
Revenue 2,253   2,192   4,470 4,369
Operating expenses 1,386   1,241   2,634 2,478
Depreciation 605   564   1,208 1,126
Operating income 262   387   628 765
Interest income 7   17   13 36
Interest expense including amortization of deferred financing costs (373)   (382)   (747) (765)
Net income (104)   22   (106) 36
FREIT's share of (loss) income on investment in TIC (65% interest) $ (68)   $ 14   $ (69) $ 23
v3.26.1
Investment in Tenancy-in-Common - Schedule of Statements of Operations of the Pierre Towers Property (Parentheticals) (Details)
 6 Months Ended
Apr. 30, 2026
Apr. 30, 2025
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%
v3.26.1
Management Agreement, Fees and Transactions with Related Party (Details) - USD ($)
 3 Months Ended 6 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Apr. 30, 2026
Apr. 30, 2025
Management agreement, fees and transactions with related party [Line Items]        
Fees charged to operation $ 317,000 $ 310,000 $ 662,000 $ 678,000
Commissions and reimbursements 106,000 109,000 236,000  
Fees incurred 0 35,000
Robert S. Hekemian, Jr. [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Director fee expense 185,000 185,000 350,000 350,000
Allan Tubin [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Director fee expense 11,000 11,000 22,000 22,000
David B. Hekemian [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Director fee expense 35,000 35,000 50,000 50,000
FREIT’s [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Commissions and reimbursements     $ 37,000 202,000
Hekemian & Co [Member]        
Management agreement, fees and transactions with related party [Line Items]        
Commissions and reimbursements $ 3,000 $ 4,000   $ 13,000
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%  
v3.26.1
Mortgages Payable and Line of Credit (Details) - USD ($)
 6 Months Ended 12 Months Ended
May 26, 2026
May 01, 2025
Dec. 15, 2024
Oct. 31, 2023
Apr. 30, 2026
Oct. 31, 2025
Mortgages Payable and Line of Credit [Line Items]            
Outstanding balance   $ 5,700,000        
Increasing the escrow balance       $ 2,000,722    
Deferred interest   200,000        
Loan balance   $ 10,000,000        
Fixed interest rate percentage   8.50%        
Principal and interest amount   $ 107,978        
Refund amount   704,983        
Outstanding loan balance     $ 13,900,000      
Outstanding balance on line of credit         $ 13,000,000
Valley National Bank [Member]            
Mortgages Payable and Line of Credit [Line Items]            
Fixed interest rate       8.50%    
Monthly installments of principal       $ 166,727    
Repayment of loan       16,600,000    
FREIT [Member]            
Mortgages Payable and Line of Credit [Line Items]            
FREIT additional funded       $ 112,556    
Term of the loan       1 year    
Maturity date of loan         Oct. 31, 2026  
Middletown, NY Mortgage [Member]            
Mortgages Payable and Line of Credit [Line Items]            
Fixed interest rate     6.05%      
Monthly installments of principal     $ 84,521      
Westwood Hills [Member]            
Mortgages Payable and Line of Credit [Line Items]            
Loan amount         $ 24,600,000  
Preakness shopping center [Member]            
Mortgages Payable and Line of Credit [Line Items]            
Loan amount         25,000,000  
Westwood Plaza shopping center [Member]            
Mortgages Payable and Line of Credit [Line Items]            
Loan amount         9,600,000  
Secured Debt [Member]            
Mortgages Payable and Line of Credit [Line Items]            
Line of credit         13,000,000  
Revolving Credit Facility [Member]            
Mortgages Payable and Line of Credit [Line Items]            
Line of credit         $ 13,000,000  
Subsequent Event [Member] | FREIT [Member]            
Mortgages Payable and Line of Credit [Line Items]            
Basis points, interest rate 6.75%          
Line of credit $ 13,000,000          
Subsequent Event [Member] | Provident Bank [Member]            
Mortgages Payable and Line of Credit [Line Items]            
Line of credit $ 20,000,000          
Maximum [Member] | Valley National Bank [Member]            
Mortgages Payable and Line of Credit [Line Items]            
Escrow balance   2,000,722        
Minimum [Member] | Valley National Bank [Member]            
Mortgages Payable and Line of Credit [Line Items]            
Escrow balance   $ 1,295,739        
v3.26.1
Mortgages Payable and Line of Credit - Schedule of Mortgages Payable (Details) - Mortgages [Member] - USD ($)
$ in Thousands
Apr. 30, 2026
Oct. 31, 2025
Schedule of Mortgages Payable [Line Items]    
Total unamortized debt issuance costs $ (402) $ (516)
Total mortgages payable, net $ 119,940 120,784
Steuben Arms - River Edge, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity May 31, 2027  
Interest Rate 6.75%  
Total fixed rate mortgages payable $ 8,662 8,715
Berdan Court - Wayne, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity Sep. 01, 2029  
Interest Rate 3.54%  
Total fixed rate mortgages payable $ 27,909 28,190
Westwood Hills - Westwood, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity Sep. 01, 2026  
Interest Rate 6.05%  
Total fixed rate mortgages payable $ 24,629 24,803
Regency Club - Middletown, NY [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity [1] Dec. 15, 2027  
Interest Rate [1] 6.05%  
Total fixed rate mortgages payable [1] $ 13,666 13,754
Station Place - Red Bank, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity Dec. 15, 2027  
Interest Rate 4.35%  
Total fixed rate mortgages payable $ 10,900 11,030
Westwood Plaza - Westwood, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity [2] Aug. 01, 2026  
Interest Rate [2] 8.50%  
Total fixed rate mortgages payable [2] $ 9,576 9,808
Preakness S/C - Wayne, NJ[Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity [3] Aug. 01, 2026  
Interest Rate [3] 5.00%  
Total fixed rate mortgages payable [3] $ 25,000 25,000
Fixed Rate Mortgages Payable [Member]    
Schedule of Mortgages Payable [Line Items]    
Total fixed rate mortgages payable $ 120,342 $ 121,300
[1] On December 15, 2024, the mortgage secured by an apartment building located in Middletown, New York and the corresponding interest rate swap contract on its underlying loan came due with no settlement of the swap contract due at maturity. Effective December 15, 2024, FREIT Regency, LLC entered into a loan extension and modification agreement with the lender of this loan, Provident Bank, with a then outstanding loan balance of approximately $13.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to December 15, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.05% and monthly installments of principal and interest of approximately $84,521 are required.
[2] On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement held with Valley National Bank, to extend the term of its loan with a then outstanding balance of approximately $16.6 million and secured by the Westwood Plaza shopping center located in Westwood, New Jersey for one additional year from an initial maturity date of February 1, 2024 to a new maturity date of February 1, 2025. This loan extension was based on a fixed interest rate of 8.5% and was payable based on monthly installments of principal and interest of approximately $166,727. Additionally, FREIT funded the interest reserve escrow account for this loan (“Escrow”) with an additional $112,556, increasing the Escrow balance to $2,000,722, which represented the annualized principal and interest payments for one (1) year under this loan extension. Effective February 1, 2025, Valley National Bank extended this loan for 90 days from a maturity date of February 1, 2025 to a maturity date of May 1, 2025 under the same terms and conditions of the existing loan agreement. Effective May 1, 2025, FREIT entered into a loan extension and modification agreement with Valley National Bank and paid down this loan by approximately $5.7 million (including deferred interest of approximately $0.2 million) bringing the loan balance to $10 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan was extended for one year to May 1, 2026, the interest rate on the outstanding debt was based on a fixed interest Page 14 rate of 8.5% and monthly installments of principal and interest of approximately $107,978 were required. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of $704,983. This Escrow is held at Valley National Bank and in the event of a default on this loan, the bank shall be permitted to use the proceeds from the Escrow to make monthly debt service payments on the loan. This loan has been further extended by Valley National Bank for an additional 90 days with a new maturity date of August 1, 2026 based on the same terms and conditions of the existing loan agreement.
[3] On August 1, 2025, the mortgage secured by the Preakness Shopping center located in Wayne, New Jersey, reached its maturity date. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through August 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Management expects this loan to be modified and 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.
v3.26.1
Mortgages Payable and Line of Credit - Schedule of Remaining Principal Amounts (Details)
$ in Thousands
Apr. 30, 2026
USD ($)
Schedule of Remaining Principal Amounts [Abstract]  
2026 $ 59,660 [1]
2027 9,655
2028 24,521
2029 26,506
2030
[1] Includes the following:
(1) The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025 and was further extended. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through August 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Management expects this loan to be further modified and extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

 

(2) The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $9.6 million which has a maturity date of August 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

 

(3) The loan on the Westwood Hills property located in Westwood, New Jersey, in the amount of approximately $24.6 million which has a maturity date of September 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.
v3.26.1
Mortgages Payable and Line of Credit - Schedule of Estimated Fair Value and Net Carrying Value of Freit’s Long-Term Debt (Details) - USD ($)
$ in Millions
Apr. 30, 2026
Oct. 31, 2025
Schedule of Estimated Fair Value and Net Carrying Value of Freit’s Long-Term Debt [Abstract]    
Fair Value $ 117.4 $ 118.4
Carrying Value, Net $ 119.9 $ 120.8
v3.26.1
Segment Information (Details)
 6 Months Ended
Apr. 30, 2026
Segment
Segment Information [Abstract]  
Number of reportable segments 2
v3.26.1
Segment Information - Schedule of Consolidated Net Income Attributable to Common Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Apr. 30, 2026
Jan. 31, 2026
Apr. 30, 2025
Jan. 31, 2025
Apr. 30, 2026
Apr. 30, 2025
Real estate rental revenue:            
Total real estate rental revenue $ 7,635   $ 7,286   $ 15,148 $ 14,583
Real estate operating expenses:            
Total real estate operating expenses 3,821   3,465   7,511 7,201
Net operating income:            
Total net operating income 3,814   3,821   7,637 7,382
Recurring capital improvements - residential (186)   (126)   (248) (203)
Reconciliation to condensed consolidated net income attributable to common equity:            
Segment NOI 3,814   3,821   7,637 7,382
Deferred rents - straight lining (1)   (28)   (10) (56)
Investment income 265   350   549 750
General and administrative expenses (1,052)   (791)   (1,765) (1,636)
(Loss) income on investment in tenancy-in-common (68)   14   (69) 23
Depreciation (724)   (734)   (1,445) (1,457)
Financing costs (1,800)   (1,851)   (3,661) (3,724)
Net income 434 $ 802 781 $ 501 1,236 1,282
Net loss attributable to noncontrolling interests in subsidiaries 182   113   323 226
Net income attributable to common equity 616   894   1,559 1,508
Commercial [Member]            
Real estate rental revenue:            
Total real estate rental revenue 2,084   1,846   4,042 3,780
Real estate operating expenses:            
Total real estate operating expenses 1,479   1,283   2,828 2,650
Net operating income:            
Total net operating income 605   563   1,214 1,130
Residential [Member]            
Real estate rental revenue:            
Total real estate rental revenue 5,551   5,440   11,106 10,803
Real estate operating expenses:            
Total real estate operating expenses 2,342   2,182   4,683 4,551
Net operating income:            
Total net operating income $ 3,209   $ 3,258   $ 6,423 $ 6,252
v3.26.1
Income Taxes (Details) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Apr. 30, 2026
Apr. 30, 2025
Oct. 31, 2025
Income Taxes [Abstract]          
Percentage of ordinary taxable income     90.00%    
Percentage of ordinary taxable income distributed         100.00%
Provision for federal or state income taxes (in Dollars)  
Income tax positions        
v3.26.1
Equity Incentive Plan (Details) - USD ($)
Mar. 12, 2026
Feb. 21, 2025
Feb. 20, 2025
Apr. 30, 2026
Oct. 31, 2025
Equity Incentive Plan [Line Items]          
Common stock, par value     $ 0.01 $ 0.01 $ 0.01
Board approved issued shares     1,193    
Equity Incentive Plan [Member]          
Equity Incentive Plan [Line Items]          
Cash compensation $ 20,000   $ 20,000    
Common stock, par value $ 0.01        
Closing price per share   $ 16.76      
Board approved issued shares   1,193      
Available for issuance shares 1,584     408,621  
Equity Incentive Plan [Member] | FREIT’s Equity Incentive Plan [Member]          
Equity Incentive Plan [Line Items]          
Closing price per share $ 12.62        
Board approved issued shares 1,584        
v3.26.1
Rental Income (Details)
 6 Months Ended
Apr. 30, 2026
Rental Income [Line Items]  
Lease terms for residential tenants 5 years
Maximum [Member]  
Rental Income [Line Items]  
Lease terms for residential tenants 2 years
Minimum [Member]  
Rental Income [Line Items]  
Lease terms for residential tenants 1 year
v3.26.1
Rental Income - Schedule of Minimum Fixed Lease Consideration Under Non-Cancelable Tenant Operating Leases (Details)
$ in Thousands
Apr. 30, 2026
USD ($)
Schedule of Minimum Fixed Lease Consideration Under Non-Cancelable Tenant Operating Leases [Abstract]  
2026 $ 5,389
2027 4,590
2028 3,401
2029 3,083
2030 2,903
Thereafter 3,731
Total $ 23,097
v3.26.1
Franklin Crossing Purchase and Sale Agreement (Details) - USD ($)
May 08, 2026
Apr. 08, 2026
Franklin Crossing Purchase and Sale Agreement [Line Items]    
Ownership percentage   100.00%
Franklin Crossing Agreement [Member]    
Franklin Crossing Purchase and Sale Agreement [Line Items]    
Purchase price   $ 27,000,000
Deposit amount   $ 1,000,000
Non refundable additional amount $ 1,000,000  
v3.26.1
Subsequent Events (Details) - USD ($)
 6 Months Ended
May 26, 2026
Apr. 30, 2026
May 13, 2026
Incentive Compensation Arrangement [Member]      
Subsequent Event [Line Items]      
Gross proceeds from sales of properties   $ 319,900,000  
Selling period of real properties   18 months  
Incentive Compensation Arrangement [Member] | Minimum [Member]      
Subsequent Event [Line Items]      
Annual cash retainer fee payable   $ 60,000  
Incentive Compensation Arrangement [Member] | Maximum [Member]      
Subsequent Event [Line Items]      
Annual cash retainer fee payable   120,000  
Subsequent Event [Member]      
Subsequent Event [Line Items]      
Percentage of sales     1.65%
Additional amount of escrow $ 1,000,000    
Payments to suppliers $ 50,000    
Subsequent Event [Member] | Westwood Plaza Agreement [Member]      
Subsequent Event [Line Items]      
Percentage of sales 100.00%    
Purchase price $ 28,800,000    
Amount of escrow deposit $ 1,200,000    
Chief Executive Officer [Member] | Incentive Compensation Arrangement [Member]      
Subsequent Event [Line Items]      
Cash bonus   $ 1,000,000