First Real Estate Investment Trust of New Jersey (FREVS) 10-Q 14 Sep 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jul. 31, 2022	Sep. 14, 2022
Cover [Abstract]
Entity Central Index Key	0000036840
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2022
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2022
Document Transition Report	false
Entity File Number	000-25043
Entity Registrant Name	FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	22-1697095
Entity Address, Address Line One	505 Main Street
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
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	FREVS
Name of Exchange on which Security is Registered	NONE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,863,744

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2022	Oct. 31, 2021
ASSETS
Real estate, at cost, net of accumulated depreciation	$ 95,986	$ 270,634
Construction in progress	687	665
Cash and cash equivalents	98,307	35,891
Investment in tenancy-in-common	18,927	19,383
Tenants' security accounts	1,038	1,340
Receivables arising from straight-lining of rents	747	3,747
Accounts receivable, net of allowance for doubtful accounts of $1,148 and $966 as of July 31, 2022 and October 31, 2021, respectively	571	1,622
Secured loans receivable (related party)		5,292
Funds held in post closing escrow	6,251
Prepaid expenses and other assets	3,960	5,493
Deferred charges, net	213	2,038
Interest rate swap contract	116
Total Assets	226,803	346,105
Liabilities:
Mortgages payable, including deferred interest of $222 and $358 as of July 31, 2022 and October 31, 2021, respectively	139,604	301,276
Less unamortized debt issuance costs	1,304	1,400
Mortgages payable, net	138,300	299,876
Due to affiliate		3,252
Deferred director compensation payable	2,317	2,475
Accounts payable and accrued expenses	1,534	2,375
Dividends payable		686
Tenants' security deposits	1,294	2,039
Deferred revenue	373	1,143
Interest rate cap and swap contracts	16	2,308
Total Liabilities	143,834	314,154
Common Equity:
Preferred stock with par value of $0.01 per share 5,000,000 and 0 shares authorized and issued, respectively, at July 31, 2022 and October 31, 2021
Common stock with par value of $0.01 per share 20,000,000 shares authorized at July 31, 2022 and October 31, 2021 6,863,744 and 6,860,048 shares issued plus 177,390 and 175,923 vested share units granted to Directors at July 31, 2022 and October 31, 2021, respectively	71	71
Additional paid-in-capital	25,697	25,556
Retained earnings	58,102	12,963
Accumulated other comprehensive income (loss)	99	(2,017)
Total Common Equity	83,969	36,573
Noncontrolling interests in subsidiaries	(1,000)	(4,622)
Total Equity	82,969	31,951
Total Liabilities and Equity	$ 226,803	$ 346,105

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2022	Oct. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,148	$ 966
Deferred interest	$ 222	$ 358
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	6,863,744	6,860,048
Common vested share units to Directors	177,390	175,923
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	0
Preferred stock, shares issued	5,000,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Revenue:
Rental income	$ 6,317	$ 10,956	$ 22,095	$ 32,871
Reimbursements	558	1,470	1,813	4,667
Sundry income	84	116	315	562
Total revenue	6,959	12,542	24,223	38,100
Expenses:
Operating expenses	2,489	4,193	9,185	13,078
Management fees	318	538	1,129	1,625
Real estate taxes	1,432	2,059	4,727	6,018
Depreciation	723	2,315	3,257	6,948
Total expenses	4,962	9,105	18,298	27,669
Operating income	1,997	3,437	5,925	10,431
Investment income	119	29	183	88
(Loss) Gain on investment in tenancy-in-common	57	(100)	(99)	(245)
Net gain on sale of Maryland properties			68,771
Net realized gain on Wayne PSC interest rate swap termination	1,415		1,415
Interest expense including amortization of deferred financing costs	(1,774)	(3,050)	(6,229)	(9,242)
Net income	1,814	316	69,966	1,032
Net income attributable to noncontrolling interests in subsidiaries	(693)	(107)	(23,420)	(256)
Net income attributable to common equity	$ 1,121	$ 209	$ 46,546	$ 776
Earnings per share:
Basic	$ 0.16	$ 0.03	$ 6.61	$ 0.11
Diluted	$ 0.16	$ 0.03	$ 6.56	$ 0.11
Weighted average shares outstanding:
Basic	7,040	7,022	7,038	7,016
Diluted	7,114	7,026	7,110	7,018

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1,814	$ 316	$ 69,966	$ 1,032
Other comprehensive income :
Unrealized gain (loss) on interest rate cap and swap contracts before reclassifications	(87)	(551)	2,994	501
Amount reclassified from accumulated other comprehensive income to realized gain on termination of interest rate swap	(1,415)		(1,415)
Amount reclassified from accumulated other comprehensive income to interest expense	109	317	829	940
Net unrealized gain (loss) on interest rate cap and swap contracts	(1,393)	(234)	2,408	1,441
Comprehensive income	421	82	72,374	2,473
Net income attributable to noncontrolling interests in subsidiaries	(693)	(107)	(23,420)	(256)
Other comprehensive (income) loss:
Unrealized (gain) loss on interest rate cap and swap contracts attributable to noncontrolling interests in subsidiaries	723	91	(292)	(340)
Comprehensive (income) loss attributable to noncontrolling interests in subsidiaries	30	(16)	(23,712)	(596)
Comprehensive income attributable to common equity	$ 451	$ 66	$ 48,662	$ 1,877

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands		Beneficial Interest [Member]	Treasury Shares at Cost [Member]	Common Stock [Member]	Additional Paid-In-Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Loss [Member]	Total Common Equity [Member]	Noncontrolling Interests in Subsidiaries [Member]	Total
Balance at Oct. 31, 2020		$ 27,960	$ (2,863)			$ 13,791	$ (3,986)	$ 34,902	$ (4,039)	$ 30,863
Balance, shares at Oct. 31, 2020		7,145,000	137,000
Stock based compensation expense		$ 12						12		12
Vested share units granted to Directors, including dividends declared payable in share units (per share)		$ 118						118		118
Vested share units granted to Directors, including dividends declared payable in share units (per share), shares		7,000
Net income (loss)						558		558	221	779
Dividends declared, including payable in share units (per share)						(350)		(350)		(350)
Net unrealized gain on interest rate cap and swap contracts							387	387	111	498
Balance at Jan. 31, 2021		$ 28,090	$ (2,863)			13,999	(3,599)	35,627	(3,707)	31,920
Balance, shares at Jan. 31, 2021		7,152,000	137,000
Balance at Oct. 31, 2020		$ 27,960	$ (2,863)			13,791	(3,986)	34,902	(4,039)	30,863
Balance, shares at Oct. 31, 2020		7,145,000	137,000
Vested share units issued to consultant and retired Director										72
Net income (loss)										1,032
Balance at Jul. 31, 2021				$ 71	25,417	13,516	(2,885)	36,119	(4,403)	31,716
Balance, shares at Jul. 31, 2021				7,029,000
Balance at Jan. 31, 2021		$ 28,090	$ (2,863)			13,999	(3,599)	35,627	(3,707)	31,920
Balance, shares at Jan. 31, 2021		7,152,000	137,000
Stock based compensation expense		$ 12						12		12
Vested share units granted to Directors, including dividends declared payable in share units (per share)		$ 113						113		113
Vested share units granted to Directors, including dividends declared payable in share units (per share), shares		7,000
Vested share units issued to retired Director	[1]	$ (72)	$ 72
Vested share units issued to retired Director, shares	[1]	(4,000)	(4,000)
Distributions to noncontrolling interests in subsidiaries									(510)	(510)
Net income (loss)						9		9	(72)	(63)
Dividends declared, including payable in share units (per share)						(350)		(350)		(350)
Net unrealized gain on interest rate cap and swap contracts							857	857	320	1,177
Balance at Apr. 30, 2021		$ 28,143	$ (2,791)			13,658	(2,742)	36,268	(3,969)	32,299
Balance, shares at Apr. 30, 2021		7,155,000	133,000
Stock based compensation expense		$ 7			4			11		11
Vested share units granted to Directors, including dividends declared payable in share units (per share)				$ 1	124			125		125
Vested share units granted to Directors, including dividends declared payable in share units (per share), shares				7,000
Distributions to noncontrolling interests in subsidiaries									(450)	(450)
Net income (loss)						209		209	107	316
Dividends declared, including payable in share units (per share)						(351)		(351)		(351)
Reincorporation of FREIT with and into FREIT Maryland		$ (28,150)	$ 2,791	$ 70	25,289
Reincorporation of FREIT with and into FREIT Maryland, shares		(7,155,000)	(133,000)	7,022,000
Net unrealized gain on interest rate cap and swap contracts							(143)	(143)	(91)	(234)
Balance at Jul. 31, 2021				$ 71	25,417	13,516	(2,885)	36,119	(4,403)	31,716
Balance, shares at Jul. 31, 2021				7,029,000
Balance at Oct. 31, 2021				$ 71	25,556	12,963	(2,017)	36,573	(4,622)	31,951
Balance, shares at Oct. 31, 2021				7,036
Stock based compensation expense					5			5		5
Vested share units granted to Directors, including dividends declared payable in share units (per share)					61			61		61
Vested share units granted to Directors, including dividends declared payable in share units (per share), shares				2,000
Distributions to noncontrolling interests in subsidiaries									(19,700)	(19,700)
Net income (loss)						45,777		(45,777)	23,376	(69,153)
Dividends declared, including payable in share units (per share)						(703)		(703)		(703)
Net unrealized gain on interest rate cap and swap contracts							928	928	334	1,262
Balance at Jan. 31, 2022				$ 71	25,622	58,037	(1,089)	82,641	(612)	82,029
Balance, shares at Jan. 31, 2022				7,038
Balance at Oct. 31, 2021				$ 71	25,556	12,963	(2,017)	36,573	(4,622)	31,951
Balance, shares at Oct. 31, 2021				7,036
Vested share units issued to consultant and retired Director
Net income (loss)										69,966
Balance at Jul. 31, 2022				$ 71	25,697	58,102	99	83,969	(1,000)	82,969
Balance, shares at Jul. 31, 2022				7,041
Balance at Jan. 31, 2022				$ 71	25,622	58,037	(1,089)	82,641	(612)	82,029
Balance, shares at Jan. 31, 2022				7,038
Stock based compensation expense					5			5		5
Vested share units granted to Directors, including dividends declared payable in share units (per share)					39			39		39
Vested share units granted to Directors, including dividends declared payable in share units (per share), shares				2,000
Distributions to noncontrolling interests in subsidiaries									(180)	(180)
Net income (loss)						(352)		(352)	(649)	1,001
Dividends declared, including payable in share units (per share)						(704)		(704)		(704)
Net unrealized gain on interest rate cap and swap contracts							1,858	1,858	681	2,539
Balance at Apr. 30, 2022				$ 71	25,666	56,981	769	83,487	(760)	82,727
Balance, shares at Apr. 30, 2022				7,040
Stock based compensation expense					5			5		5
Vested share units granted to Directors, including dividends declared payable in share units (per share)					26			26		26
Vested share units granted to Directors, including dividends declared payable in share units (per share), shares				1,000
Distributions to noncontrolling interests in subsidiaries									(210)	(210)
Net income (loss)						1,121		1,121	693	1,814
Net unrealized gain on interest rate cap and swap contracts							(670)	(670)	(723)	(1,393)
Balance at Jul. 31, 2022				$ 71	$ 25,697	$ 58,102	$ 99	$ 83,969	$ (1,000)	$ 82,969
Balance, shares at Jul. 31, 2022				7,041
[1] Represents the issuance of treasury shares to retired Director for share units earned.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021
Stock dividends payable	$ 8	$ 8	$ 8
Dividends declared, per share	$ 0.05	$ 0.05	$ 0.05
Directors [Member]
Stock dividends payable	$ 8	$ 8	$ 8
Dividends declared, per share	$ 0.05	$ 0.05	$ 0.05

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Operating activities:
Net income	$ 69,966	$ 1,032
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net gain on sale of Maryland properties	(68,771)
Depreciation	3,257	6,948
Amortization	920	1,201
Stock based compensation expense	15	35
Director fees, and related interest paid in stock units	91	332
Loss on investment in tenancy-in-common	99	245
Deferred rents - straight line rent	25	225
Deferred real estate tax appeal fees	35	192
Bad debt expense	363	264
Changes in operating assets and liabilities:
Tenants' security accounts	(745)	(84)
Accounts receivable, prepaid expenses and other assets	2,420	(402)
Accounts payable, accrued expenses and deferred director compensation payable	(925)	249
Deferred revenue	(770)	(148)
Due to affiliate - accrued interest	(47)	108
Deferred interest on mortgages	(136)	(2)
Net cash provided by (used in) operating activities	5,797	10,195
Investing activities:
Proceeds from sale of Maryland properties, net	245,763
Proceeds from payment of secured loans receivable inclusive of accrued interest	5,316
Capital improvements - existing properties	(948)	(1,299)
Deferred leasing costs	(116)	(104)
Distribution from investment in tenancy-in-common	357	423
Net cash provided by (used in) investing activities	250,372	(980)
Financing activities:
Repayment of mortgages	(194,036)	(4,464)
Proceeds from mortgage loan refinancing	32,500
Deferred financing costs	(692)	(640)
Due to affiliate - loan proceeds	(300)
Due to affiliate - loan repayment	(3,505)	(2,800)
Dividends paid	(2,058)	(684)
Distributions to noncontrolling interests in subsidiaries	(20,090)	(960)
Net cash used in financing activities	(187,581)	(9,548)
Net increase (decrease) in cash, cash equivalents and restricted cash	68,588	(333)
Cash, cash equivalents and restricted cash, beginning of period	39,045	39,517
Cash, cash equivalents and restricted cash, end of period	107,633	39,184
Supplemental disclosure of cash flow data:
Interest paid	5,485	8,245
Operating activities:
Commercial tenant security deposits applied to accounts receivable		10
Investing activities:
Accrued capital expenditures, construction costs and pre-development costs	26	116
Financing activities:
Retirement of treasury stock		2,791
Dividends declared but not paid		343
Dividends paid in share units	35	24
Vested share units issued to consultant and retired director		$ 72

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Reconciliation of Cash Reported in Balance Sheet) - USD ($)	Jul. 31, 2022	Jul. 31, 2021
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
Cash and cash equivalents	$ 98,307,000	$ 36,359,000
Tenants' security accounts	1,038,000	1,343,000
Funds held in post-closing escrow	6,251,000
Mortgage escrows (included in prepaid expenses and other assets)	2,037,000	1,482,000
Total cash, cash equivalents and restricted cash	$ 107,633,000	$ 39,184,000

Basis of presentation

Basis of presentation	9 Months Ended
	Jul. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [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 (the “Reincorporation”) which was approved by its stockholders at the annual meeting of stockholders held on May 6, 2021. The Reincorporation changed the law applicable to First Real Estate Investment Trust of New Jersey’s affairs from New Jersey law to Maryland law and was accomplished by the merger of First Real Estate Investment Trust of New Jersey with and into its wholly owned subsidiary, First Real Estate Investment Trust of New Jersey, Inc. (“FREIT”, “Trust”, “us”, “we”, “our” or the “Company”), a Maryland corporation. As a result of the Reincorporation, the separate existence of First Real Estate Investment Trust of New Jersey ceased and FREIT succeeded to all the business, properties, assets and liabilities of First Real Estate Investment Trust of New Jersey. Holders of shares of beneficial interest in First Real Estate Investment Trust of New Jersey received one newly issued share of common stock of FREIT for each share of First Real Estate Investment Trust of New Jersey owned by them, without any action of stockholders required and all treasury stock held by First Real Estate Investment Trust of New Jersey was retired. FREIT is organized and will continue to operate in such a manner as to qualify for taxation as a REIT under the Internal Revenue Code of 1986, as amended, and its stock is traded on the over-the-counter market under the trading symbol FREVS. The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the rules of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnotes required by GAAP for complete financial statements have been omitted. It is the opinion of management that all adjustments considered necessary for a fair presentation have been included, and that all such adjustments are of a normal recurring nature. The consolidated results of operations for the nine and three-month periods ended July 31, 2022 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, 2021. Reclassification: Certain prior year cash flow line items have been reclassified to conform to the current year presentation.

Recently issued accounting stan

Recently issued accounting standard	9 Months Ended
	Jul. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently issued accounting standard	Note 2 - Recently issued accounting standard: In March 2020 and January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04 “ Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (ASC 848): Scope

Dividends and earnings (loss) p

Dividends and earnings (loss) per share	9 Months Ended
	Jul. 31, 2022
Earnings per share:
Dividends and earnings (loss) per share	Note 3 – Dividends and earnings per share: The FREIT Board of Directors (“Board”) did not declare a dividend in the third quarter of Fiscal 2022. Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares and vested share units (See Note 14) outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributable to future services, are used to repurchase FREIT’s stock at the average market price during the period, thereby increasing the number of shares to be added in computing diluted earnings per share. For the nine and three months ended July 31, 2022, the outstanding stock options increased the average dilutive shares outstanding by approximately 72,000 74,000 0.05 0.00 2,000 4,000 268,000

Interest rate cap and swap cont

Interest rate cap and swap contracts	9 Months Ended
	Jul. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate cap and swap contracts	Note 4 - Interest rate cap and swap contracts: In accordance with “Accounting Standards Codification Topic 815, Derivatives and Hedging ("ASC 815")” 116.5 18.2 213,000 1.4 Index Page 11 For the nine and three months ended July 31, 2022, FREIT recorded an unrealized gain of approximately $ 2,408,000 1,393,000 1,441,000 234,000 116,000 16,000 278,000 348,000 750,000 932,000 0 The fair values are based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

Investment in tenancy-in-common

Investment in tenancy-in-common	9 Months Ended
	Jul. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment in tenancy-in-common	Note 5 – Investment in tenancy-in-common: On February 28, 2020, FREIT reorganized its subsidiary S and A Commercial Associates Limited Partnership (“S&A”) from a partnership into a tenancy-in-common form of ownership (“TIC”). Prior to this reorganization, FREIT owned a 65 100 100 65 Consolidation FREIT’s investment in the TIC was approximately $ 18.9 19.4 99,000 57,000 245,000 100,000 Hekemian & Co., Inc. (“Hekemian & Co.”) manages the Pierre Towers property based on a management agreement between the owners of the TIC and Hekemian & Co. dated as of February 28, 2020 and will expire on February 28, 2023. The management agreement is for a term of one year and will renew for successive one (1) year terms upon the unanimous approval of the TIC owners prior to the expiration of the then-current term unless Hekemian & Co. delivers written notice of termination of this management agreement, which notice must be delivered at least sixty (60) days prior to the end of the then-current term. The management agreement requires the payment of management fees equal to 5 298,000 101,000 280,000 93,000 40,000 47,000 37,000 Index Page 12 The following table summarizes the balance sheets of the Pierre Towers property as of July 31, 2022 and October 31, 2021, accounted for by the equity method: July 31, October 31, 2022 2021 (In Thousands of Dollars) Real estate, net $ 76,525 $ 78,023 Cash and cash equivalents 1,801 1,338 Tenants' security accounts 456 484 Receivables and other assets 640 510 Total assets $ 79,422 $ 80,355 Mortgages payable, net of unamortized debt issuance costs $ 49,492 $ 49,691 Accounts payable and accrued expenses 221 261 Tenants' security deposits 461 484 Deferred revenue 129 99 Equity 29,119 29,820 Total liabilities & equity $ 79,422 $ 80,355 FREIT's investment in TIC (65% interest) $ 18,927 $ 19,383 The following table summarizes the statements of operations of the Pierre Towers property for the nine and three months ended July 31, 2022 and 2021, accounted for by the equity method: Nine Months Ended July 31, Three Months Ended July 31, 2022 2021 2022 2021 (In Thousands of Dollars) (In Thousands of Dollars) Revenue $ 5,990 $ 5,674 $ 2,067 $ 1,900 Operating expenses 3,307 3,225 1,032 1,111 Depreciation 1,634 1,623 547 542 Operating income 1,049 826 488 247 Interest expense including amortization of deferred financing costs 1,201 1,203 400 401 Net (loss) income $ ( 152 $ ( 377 $ 88 $ ( 154 FREIT's (loss) income on investment in TIC (65% interest) $ ( 99 $ ( 245 $ 57 $ ( 100

Termination of Purchase and Sal

Termination of Purchase and Sale Agreement	9 Months Ended
	Jul. 31, 2022
Business Combination, Consideration Transferred [Abstract]
Termination of Purchase and Sale Agreement	Note 6 – Termination of Purchase and Sale Agreement: On February 4, 2022, the Superior Court of New Jersey, Monmouth County (“Court”) entered an Order with respect to summary judgment motions filed by the parties in connection with litigation between certain affiliates of FREIT (the “Sellers” or “Defendant”) and Sinatra Properties, LLC (“Sinatra” or “Plaintiff”). The litigation relates to a Purchase and Sale Agreement entered into on January 14, 2020 (“PSA”) between the Sellers and Sinatra involving the sale by the Sellers of 100 The February 4, 2022 Order provided as follows: (1) The Court finds that the Plaintiff’s have breached the subject contract and the Court dismisses all claims for relief filed by the Plaintiff in this suit. The Court dismissed the Complaint and dismisses the Lis Pendens. (2) The Court finds that the liquidated damage provision of the contract is not enforceable and the Court Orders that the $ 15 (3) The Court dismisses the Counterclaims and Third Party Complaint. All pleadings are dismissed. On May 31, 2022, Sinatra filed a Motion for Reconsideration with the Court, requesting that the Court reconsider its February 4, 2022 Order and, among other things, (a) grant Sinatra’s motion for summary judgment, and (b) reverse the Court’s findings that (1) Sinatra breached the PSA, (2) the Sellers did not breach the PSA and (3) the Court’s dismissal of the Complaint and Lis Pendens. On July 8, 2022, the Court denied Sinatra’s Motion for Reconsideration. Through the quarter ended July 31, 2022, the $ 15 1,135,000 243,000 1,842,000 733,000 The Sellers have been evaluating the February 4, 2022 Order and their rights and remedies with respect thereto. The Sellers continue to believe that the allegations set forth in the Complaint filed by Sinatra and in the Answer to Counterclaims and Third-Party Complaint and Affirmative Defenses filed by Sinatra and Kushner Realty Acquisition LLC, are without merit.

Maryland property dispositions

Maryland property dispositions	9 Months Ended
	Jul. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Maryland property dispositions	Note 7 – Maryland property dispositions: On November 22, 2021, certain affiliates (the “Maryland Sellers”) of FREIT entered into a Purchase and Sale Agreement (the “Maryland Purchase and Sale Agreement”) with MCB Acquisition Company, LLC (the “Maryland Purchaser”), a third party, pursuant to which the Maryland Sellers agreed to sell three properties to the Maryland Purchaser. The properties consisted of retail and office space and a residential apartment community owned by Grande Rotunda, LLC (the “Rotunda Property”), a shopping center owned by Damascus Centre, LLC (the “Damascus Property”), and a shopping center owned by WestFREIT Corp. (the “Westridge Square Property”). FREIT owns 100 60 70 The original purchase price for the Rotunda Property, the Damascus Property and the Westridge Square Property (collectively the “Maryland Properties”) under the Maryland Purchase and Sale Agreement was reduced by $ 2,723,000 267,000,000 248,750,269 15,526,731 2,723,000 15,526,731 15,526,731 5 On December 30, 2021, the sale of the Rotunda Property, which had a net book value of approximately $ 136.1 191,080,598 36.5 0.7 116.5 60 40 31 27.7 4.8 14,026,401 710,000 1.2 6.3 21.4 60 50 7 1.8 1.1 5.3 On January 7, 2022, the sale of the Westridge Square Property, which had a net book value of approximately $ 11.5 20,984,604 0.1 0.8 21.1 0.5 1,015,396 821,000 8.7 0.8 0.5 0.3 On January 10, 2022, the sale of the Damascus Property, which had a net book value of approximately $ 24.6 36,685,067 17.3 0.4 18.2 213,000 0.9 484,934 415,000 11.8 70 10.1 0.4 0.6 0.3 Index Page 15 In summary, the sale of the Maryland Properties having a total net book value of $ 172.2 248,750,269 15,526,731 53.9 1.9 155.8 213,000 31 6.2 1,946,000 1.2 6.3 68.8 45.6 8.2 2.9 1.7 As the disposal of the Maryland Properties did not represent a strategic shift that would have a major impact on FREIT’s operations or financial results, the properties’ operations were not reflected as discontinued operations in the accompanying condensed consolidated financial statements.

Management agreement, fees and

Management agreement, fees and transactions with related party	9 Months Ended
	Jul. 31, 2022
Related Party Transactions [Abstract]
Management agreement, fees and transactions with related party	Note 8 - Management agreement, fees and transactions with related party: Hekemian & Co. currently manages all the properties owned by FREIT and its affiliates, except for the office building at the Rotunda Property, which was sold on December 30, 2021 and was formerly managed by an independent third party management company. The management agreement between FREIT and Hekemian & Co. dated as of November 1, 2001 (“Management Agreement”) expires on October 31, 2023 and is automatically renewed for successive periods of two years unless either party gives not less than six (6) months prior notice of non-renewal. The Management Agreement requires the payment of management fees equal to 4 5 1,108,000 1,587,000 318,000 525,000 515,000 385,000 167,000 130,000 164,000 181,000 105,000 110,000 From time to time, FREIT engages Hekemian & Co., or certain affiliates of Hekemian & Co., to provide additional services, such as consulting services related to development, property sales and financing activities of FREIT. Separate fee arrangements are negotiated between Hekemian & Co. and FREIT with respect to such additional services. Such fees incurred for the nine and three months ended July 31, 2022 were approximately $ 6,388,000 94,000 4,777,000 917,000 525,000 94,000 75,000 236,500 0 150,000 54,000 32,500 Robert S. Hekemian, Jr., Chief Executive Officer, President and a Director of FREIT, is the Chief Executive Officer of Hekemian & Co. David B. Hekemian, a Director of FREIT, is the President of Hekemian & Co. Allan Tubin, Chief Financial Officer and Treasurer of FREIT, is the Chief Financial Officer of Hekemian & Co. Director fee expense and/or executive compensation (including interest and dividends) incurred by FREIT for the nine months ended July 31, 2022 and 2021 was approximately $ 429,000 350,000 30,000 23,000 43,000 42,000 150,000 118,000 10,000 8,000 13,000 15,000 The equity owners of Rotunda 100, which owns a 40 50 4,000,000 1,292,000 Index Page 16 December 30, 2021, the Rotunda Property was sold and the net sales proceeds were distributed to the partners in Grande Rotunda. (See Note 7 for further details.) As of July 31, 2022, approximately $ 5.3 In Fiscal 2017, Grande Rotunda incurred substantial expenditures at the Rotunda Property related to retail tenant improvements, leasing costs and operating expenditures which, in the aggregate, exceeded revenues as the property was still in the rent up phase and the construction loan held with Wells Fargo at that time was at its maximum level, with no additional funding available to draw. Accordingly, during Fiscal 2017 the equity owners in Grande Rotunda contributed their respective pro-rata share of any cash needs through loans to Grande Rotunda. In Fiscal 2021, Grande Rotunda repaid $ 7 2.8 3.3 31 3.3 FREIT owns a 40 60 73 600,000 400,000 500,000 300,000 200,000

Mortgage financings and line of

Mortgage financings and line of credit	9 Months Ended
	Jul. 31, 2022
Debt Disclosure [Abstract]
Mortgage financings and line of credit	Note 9 – Mortgage financings and line of credit: On August 19, 2022, Westwood Hills, LLC, exercised its right, pursuant to the loan agreement, to extend the term of its $ 25 On July 22, 2022, Wayne PSC refinanced its $22.1 million loan (inclusive of deferred interest of approximately $ 136,000 3.625 5 1.1 1.4 On December 30, 2021, FREIT refinanced its $ 14.4 February 1, 2022 7,500,000 7,500,000 5.37 2.85 FREIT’s revolving line of credit provided by the Provident Bank was renewed for a three-year term ending on October 31, 2023 13 3.75

Fair value of long-term debt

Fair value of long-term debt	9 Months Ended
	Jul. 31, 2022
Fair Value Disclosures [Abstract]
Fair value of long-term debt	Note 10 – Fair value of long-term debt: The following table shows the estimated fair value and net carrying value of FREIT’s long-term debt at July 31, 2022 and October 31, 2021: ($ in Millions) July 31, 2022 October 31, 2021 Fair Value $ 136.8 $ 301.6 Carrying Value, Net $ 138.3 $ 299.9 Fair values are estimated based on market interest rates at July 31, 2022 and October 31, 2021 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).

Segment information

Segment information	9 Months Ended
	Jul. 31, 2022
Segment Reporting [Abstract]
Segment information	Note 11 – Segment information: 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, excluding the Rotunda Property, the Westridge Square Property and the Damascus Property, which were sold on December 30, 2021, January 7, 2022 and January 10, 2022, respectively. The residential segment is comprised of six (6) properties, excluding the Icon at the Rotunda Property, which was sold on December 30, 2021. (See Note 7 for further details.) 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, 2021. 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. Index Page 18 Real estate rental revenue, operating expenses, NOI and recurring capital improvements for the reportable segments are summarized below and reconciled to condensed consolidated net income attributable to common equity for the nine and three-month periods ended July 31, 2022 and 2021. Asset information is not reported since FREIT does not use this measure to assess performance. Nine Months Ended Three Months Ended July 31, July 31, 2022 2021 2022 2021 (In Thousands of Dollars) (In Thousands of Dollars) Real estate rental revenue: Commercial $ 8,445 $ 18,299 $ 2,179 $ 5,885 Residential 15,803 20,026 4,744 6,669 Total real estate rental revenue 24,248 38,325 6,923 12,554 Real estate operating expenses: Commercial 5,146 8,346 1,227 2,535 Residential 6,788 8,232 2,101 2,842 Total real estate operating expenses 11,934 16,578 3,328 5,377 Net operating income: Commercial 3,299 9,953 952 3,350 Residential 9,015 11,794 2,643 3,827 Total net operating income $ 12,314 $ 21,747 $ 3,595 $ 7,177 Recurring capital improvements - residential $ ( 401 ) $ ( 438 ) $ ( 195 ) $ ( 258 )

Income taxes

Income taxes	9 Months Ended
	Jul. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes	Note 12 – Income taxes: FREIT has elected to be treated as a REIT for federal income tax purposes and as such intends to distribute at least 90 100 99 As of July 31, 2022, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2019 remain open to examination by the major taxing jurisdictions.

Equity incentive plan

Equity incentive plan	9 Months Ended
	Jul. 31, 2022
Share-Based Payment Arrangement [Abstract]
Equity incentive plan	Note 13 – Equity Incentive Plan: As of July 31, 2022, 442,060 The following table summarizes stock option activity for the nine and three-month periods ended July 31, 2022 and 2021: Nine and Three Months Ended July 31, 2022 Nine and Three Months Ended July 31, 2021 No. of Options Weighted Average No. of Options Weighted Average Outstanding Price Outstanding Price Options outstanding at beginning of period 310,740 $ 18.35 310,740 $ 18.35 Options granted during period - - - - Options forfeited/cancelled during period - - - - Options outstanding at end of period 310,740 $ 18.35 310,740 $ 18.35 Options vested and expected to vest 309,450 308,310 Options exercisable at end of period 301,140 284,940 Index Page 19 For the nine and three month periods ended July 31, 2022, compensation expense related to stock options vested amounted to approximately $ 15,000 5,000 35,000 11,000 16,000 0.9 1,901,000 1,825,000

Deferred fee plan

Deferred fee plan	9 Months Ended
	Jul. 31, 2022
Deferred Compensation Arrangements [Abstract]
Deferred fee plan	Note 14 – Deferred fee plan: On September 4, 2014, the Board approved amendments, effective November 1, 2014, to the FREIT Deferred Fee Plan for its executive officers and directors, one of which provides for the issuance of share units payable in FREIT shares in respect of (i) deferred amounts of all director fees on a prospective basis; (ii) interest on director fees deferred prior to November 1, 2014 (payable at a floating rate, adjusted quarterly, based on the average 10 On November 4, 2021 (the “Adoption Date”), the Board approved the termination of the Deferred Fee Plan resulting in the termination of the deferral of fees on December 31, 2021 with any subsequent fees earned by a participant being paid in cash. Consistent with the termination of the Deferred Fee Plan, payment related to each participant’s cash account (in the form of a cash lump sum payment) and share unit account (in the form of the issuance of common stock) must be made to each participant no earlier than twelve (12) months and one day after, and no later than twenty-four (24) months, after the Adoption Date. Any interest earned on the participant’s cash account along with dividends (if any) earned on share units, will continue to accrue in share units on each participant’s account until final payment is made. For the nine-month periods ended July 31, 2022 and 2021, the aggregate amounts of deferred director fees together with related interest and dividends were approximately $ 126,600 356,000 5,163 20,328 For the nine-month periods ended July 31, 2022 and 2021, FREIT has charged as expense approximately $ 91,300 332,000 35,300 24,000 The Deferred Fee Plan, as amended, provides that cumulative fees together with accrued interest deferred as of November 1, 2014 would be paid in a lump sum or in annual installments over a period not to exceed 10 years, at the election of the participant. As of July 31, 2022 and October 31, 2021, approximately $ 1,366,000 1,454,000 951,000 1,021,000

Rental Income

Rental Income	9 Months Ended
	Jul. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Rental Income	Note 15 – 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. Index Page 20 Minimum fixed lease consideration (in thousands of dollars) under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration and rents from tenants for which collectability is deemed to be constrained, for the years ending October 31, as of July 31, 2022, is as follows: Year Ending October 31, Amount  2022* $ 5,723 2023 5,608 2024 4,556 2025 3,850 2026 3,081 Thereafter 4,583 Total $ 27,401 * Amount represents full fiscal year and excludes rents from the Rotunda Property, the Westridge Square Property and the Damascus Property, which were sold on December 30, 2021, January 7, 2022 and January 10, 2022, respectively. The above amounts assume that all leases which expire are not renewed and, accordingly, neither month-to-month nor rentals from replacement tenants are included. Minimum future rentals do not include contingent rentals, which may be received under certain leases on the basis of percentage of reported tenants' sales volume. Rental income that is contingent on future events is not included in income until the contingency is resolved. Contingent rentals included in income for the nine and three-month periods ended July 31, 2022 and 2021 were not material. Residential tenants: Lease terms for residential tenants are usually one two

COVID-19 Pandemic

COVID-19 Pandemic	9 Months Ended
	Jul. 31, 2022
Covid 19Pandemic Abstract
COVID-19 Pandemic	Note 16 – COVID-19 Pandemic: The Company continues to monitor changes in the collectability assessment of its tenant receivables resulting from the lingering effects that the COVID-19 pandemic and preventive measures taken to mitigate the spread had on some of its commercial tenants. For the nine and three months ended July 31, 2022, rental revenue deemed uncollectible of approximately $ 0.5 0.4 0.3 0.1 1.2 0.3 0.7 0.1 397,000 9,000 0 9,000 0 135,000 34,000 91,000 20,000

Subsequent Event

Subsequent Event	9 Months Ended
	Jul. 31, 2022
Subsequent Event
Subsequent Event	Note 17 – Subsequent Event: On August 4, 2022, FREIT’s Board declared a special, extraordinary, non-recurring cash distribution of approximately $ 51.5 7.50 7.50 18.68

Investment in tenancy-in-comm_2

Investment in tenancy-in-common (Tables)	9 Months Ended
	Jul. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Balance Sheet of Pierre Property	July 31, October 31, 2022 2021 (In Thousands of Dollars) Real estate, net $ 76,525 $ 78,023 Cash and cash equivalents 1,801 1,338 Tenants' security accounts 456 484 Receivables and other assets 640 510 Total assets $ 79,422 $ 80,355 Mortgages payable, net of unamortized debt issuance costs $ 49,492 $ 49,691 Accounts payable and accrued expenses 221 261 Tenants' security deposits 461 484 Deferred revenue 129 99 Equity 29,119 29,820 Total liabilities & equity $ 79,422 $ 80,355 FREIT's investment in TIC (65% interest) $ 18,927 $ 19,383
Schedule of Income Statement of Pierre Property	Nine Months Ended July 31, Three Months Ended July 31, 2022 2021 2022 2021 (In Thousands of Dollars) (In Thousands of Dollars) Revenue $ 5,990 $ 5,674 $ 2,067 $ 1,900 Operating expenses 3,307 3,225 1,032 1,111 Depreciation 1,634 1,623 547 542 Operating income 1,049 826 488 247 Interest expense including amortization of deferred financing costs 1,201 1,203 400 401 Net (loss) income $ ( 152 $ ( 377 $ 88 $ ( 154 FREIT's (loss) income on investment in TIC (65% interest) $ ( 99 $ ( 245 $ 57 $ ( 100

Fair value of long-term debt (T

Fair value of long-term debt (Tables)	9 Months Ended
	Jul. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of estimated fair value and carrying value of long-term debt	The following table shows the estimated fair value and net carrying value of FREIT’s long-term debt at July 31, 2022 and October 31, 2021: ($ in Millions) July 31, 2022 October 31, 2021 Fair Value $ 136.8 $ 301.6 Carrying Value, Net $ 138.3 $ 299.9

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Jul. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment and Related Information	Nine Months Ended Three Months Ended July 31, July 31, 2022 2021 2022 2021 (In Thousands of Dollars) (In Thousands of Dollars) Real estate rental revenue: Commercial $ 8,445 $ 18,299 $ 2,179 $ 5,885 Residential 15,803 20,026 4,744 6,669 Total real estate rental revenue 24,248 38,325 6,923 12,554 Real estate operating expenses: Commercial 5,146 8,346 1,227 2,535 Residential 6,788 8,232 2,101 2,842 Total real estate operating expenses 11,934 16,578 3,328 5,377 Net operating income: Commercial 3,299 9,953 952 3,350 Residential 9,015 11,794 2,643 3,827 Total net operating income $ 12,314 $ 21,747 $ 3,595 $ 7,177

Equity incentive plan (Tables)

Equity incentive plan (Tables)	9 Months Ended
	Jul. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	Nine and Three Months Ended July 31, 2022 Nine and Three Months Ended July 31, 2021 No. of Options Weighted Average No. of Options Weighted Average Outstanding Price Outstanding Price Options outstanding at beginning of period 310,740 $ 18.35 310,740 $ 18.35 Options granted during period - - - - Options forfeited/cancelled during period - - - - Options outstanding at end of period 310,740 $ 18.35 310,740 $ 18.35 Options vested and expected to vest 309,450 308,310 Options exercisable at end of period 301,140 284,940

Rental Income (Tables)

Rental Income (Tables)	9 Months Ended
	Jul. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Minimum Rental Income to be Received from Non-Cancelable Operating Leases	Minimum fixed lease consideration (in thousands of dollars) under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration and rents from tenants for which collectability is deemed to be constrained, for the years ending October 31, as of July 31, 2022, is as follows: Year Ending October 31, Amount  2022* $ 5,723 2023 5,608 2024 4,556 2025 3,850 2026 3,081 Thereafter 4,583 Total $ 27,401 * Amount represents full fiscal year and excludes rents from the Rotunda Property, the Westridge Square Property and the Damascus Property, which were sold on December 30, 2021, January 7, 2022 and January 10, 2022, respectively.

Dividends and earnings (loss)_2

Dividends and earnings (loss) per share (Details) - $ / shares	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Earnings per share:
Average dilutive shares outstanding	74,000	4,000	72,000	2,000
Impact of Earnings (loss) per share	$ 0		$ 0.05
Anti-dilutive shares excluded from the computation of diluted earnings per share		268,000		268,000

Interest rate cap and swap co_2

Interest rate cap and swap contracts (Details) - USD ($)	1 Months Ended	3 Months Ended		7 Months Ended	9 Months Ended
	Jun. 17, 2022	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2022	Jul. 31, 2021	Jan. 10, 2022	Dec. 30, 2021	Oct. 31, 2021
Derivative [Line Items]
Interest rate swap contract liability		$ 16,000		$ 16,000	$ 16,000				$ 2,308,000
Net unrealized gain (loss) on interest rate swap contracts		1,393,000	$ 234,000		2,408,000	$ 1,441,000
Breakage fees of approximately				213,000
Amount of approximately	$ 1,400,000
Damascus Centre Swap [Member]
Derivative [Line Items]
Interest rate swap contract liability							$ 18,200,000		278,000
Regency Swap [Member]
Derivative [Line Items]
Interest rate swap contract liability		116,000		116,000	116,000				750,000
Grande Rotunda [Member]
Derivative [Line Items]
Interest rate swap contract liability								$ 116,500,000	0
Station Place [Member]
Derivative [Line Items]
Interest rate swap contract liability		$ 16,000		$ 16,000	$ 16,000				932,000
Wayne PSC Swap [Member]
Derivative [Line Items]
Interest rate swap contract liability									$ 348,000

Investment in tenancy-in-comm_3

Investment in tenancy-in-common (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2020	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021	Oct. 31, 2021
Schedule of Equity Method Investments [Line Items]
Gain on investment in tenancy-in-common		$ 57,000		$ 57,000
Loss on investment in tenancy-in-common		99,000	$ 100,000	99,000	$ 245,000
Percentage of management fees of rent collected	5%
Management fees		101,000	93,000	298,000	280,000
Insurance commissions		40,000	$ 37,000	40,000	$ 47,000
Investment in tenancy-in-common		18,927,000		18,927,000		$ 19,383,000
FREIT's Investment [Member]
Schedule of Equity Method Investments [Line Items]
Investment in tenancy-in-common		$ 18,900,000		$ 18,900,000		$ 19,400,000
S And A Commercial Associates Limited Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	65%
Pierre Towers, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	100%
Pierre Towers [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	100%
TIC Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	65%

Investment in tenancy-in-comm_4

Investment in tenancy-in-common (Schedule of balance sheet of Pierre Property) (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Oct. 31, 2021	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020
Schedule of Equity Method Investments [Line Items]
Real estate, net	$ 95,986			$ 270,634
Cash and cash equivalents	98,307			35,891	$ 36,359
Tenants' security accounts	1,038			1,340
Receivables and other assets	571			1,622
Total assets	226,803			346,105
Mortgages payable, net of unamortized debt issuance costs	138,300			299,876
Accounts payable and accrued expenses	1,534			2,375
Tenants' security deposits	1,294			2,039
Deferred revenue	373			1,143
Equity	82,969	$ 82,727	$ 82,029	31,951	$ 31,716	$ 32,299	$ 31,920	$ 30,863
Total liabilities & equity	226,803			346,105
FREIT's investment in TIC (65% interest)	18,927			19,383
Pierre Property [Member]
Schedule of Equity Method Investments [Line Items]
Real estate, net	76,525			78,023
Cash and cash equivalents	1,801			1,338
Tenants' security accounts	456			484
Receivables and other assets	640			510
Total assets	79,422			80,355
Mortgages payable, net of unamortized debt issuance costs	49,492			49,691
Accounts payable and accrued expenses	221			261
Tenants' security deposits	461			484
Deferred revenue	129			99
Equity	29,119			29,820
Total liabilities & equity	$ 79,422			$ 80,355

Investment in tenancy-in-comm_5

Investment in tenancy-in-common (Schedule of Income Statement of Pierre Property) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Schedule of Equity Method Investments [Line Items]
Revenue	$ 6,959			$ 12,542			$ 24,223	$ 38,100
Operating expenses	4,962			9,105			18,298	27,669
Depreciation	723			2,315			3,257	6,948
Operating income	1,997			3,437			5,925	10,431
Interest expense including amortization of deferred financing costs	1,774			3,050			6,229	9,242
Net (loss) income	1,814	$ 1,001	$ (69,153)	316	$ (63)	$ 779	69,966	1,032
FREIT's (loss) income on investment in TIC (65% interest)	57			(100)			(99)	(245)
Pierre Property [Member]
Schedule of Equity Method Investments [Line Items]
Revenue	2,067			1,900			5,990	5,674
Operating expenses	1,032			1,111			3,307	3,225
Depreciation	547			542			1,634	1,623
Operating income	488			247			1,049	826
Interest expense including amortization of deferred financing costs	400			401			1,201	1,203
Net (loss) income	88			(154)			(152)	(377)
FREIT's (loss) income on investment in TIC (65% interest)	$ 57			$ (100)			$ (99)	$ (245)

Termination of Purchase and S_2

Termination of Purchase and Sale Agreement (Details) - USD ($)		3 Months Ended		9 Months Ended
	Feb. 04, 2022	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021	Jan. 14, 2020
Amount of liquidated damages		$ 15,000,000
Legal costs		$ 243,000	$ 733,000	$ 1,135,000	$ 1,842,000
Summary Judgment Motions [Member]
Amount of liquidated damages	$ 15,000,000
Purchase and Sale Agreement [Member] | Six Apartment Properties [Member]
Percentage of ownership interest						100%

Maryland property dispositions

Maryland property dispositions (Details) - USD ($)			1 Months Ended		6 Months Ended	9 Months Ended
	Jan. 10, 2022	Jan. 07, 2022	Dec. 30, 2021	Nov. 22, 2021	Jul. 31, 2022	Jul. 31, 2022	Jul. 31, 2021	Oct. 31, 2021	Jan. 07, 2021
Escrow deposit amount				$ 15,526,731	$ 2,037,000	$ 2,037,000	$ 1,482,000
Repayment of secured loans receivable						194,036,000	$ 4,464,000
Maryland Purchaser Escrow Payment [Member]
Escrow deposit amount				15,526,731
Debt Instrument fund payment			$ 700,000
FREIT Maryland [Member]
Fixed rate mortgage loans			$ 14,400,000
Membership interest percentage			60%
Maryland Purchaser Escrow Payment [Member]
Escrow deposit amount	$ 484,934
Debt Instrument fund payment	400,000	$ 800,000				1,900,000
Mortgages [Member] | FREIT Maryland [Member]
Debt Instrument, collateral amount classified as construction in progress			$ 27,700,000
Grande Rotunda, LLC [Member]
Principal amount on notes paid off			31,000,000					$ 7,000,000
Purchase and Sale Agreement of Maryland Properties [Member]
Purchase price	248,750,269
Escrow deposit amount	15,526,731
Debt Instrument, collateral amount	172,200,000
Repayments of mortgage debt	155,800,000
Proceeds from anticipated to be released from held in escrow	8,200,000					1,946,000
Swap breakage fees	213,000
Expense incurred	6,200,000
Net proceeds from refinancing of debt	53,900,000
Gain from sale	68,800,000
Straight-line rent receivable					2,900,000	2,900,000
Increase in expense for reserve of uncollectible rents with consolidated impact						1,700,000
Funds held in post-closing escrow	6,300,000
Purchase and Sale Agreement of Maryland Properties [Member] | Grande Rotunda [Member]
Swap breakage fees	213,000
Net proceeds from refinancing of debt	31,000,000
Gain from sale	45,600,000
Purchase and Sale Agreement of Damascus Property [Member]
Purchase price	36,685,067
Debt Instrument, collateral amount	24,600,000				821,000	821,000
Repayments of mortgage debt	18,200,000
Proceeds from anticipated to be released from held in escrow	400,000					415,000
Expense incurred	900,000
Net proceeds from refinancing of debt	17,300,000
Fixed rate mortgage loans	$ 11,800,000
Membership interest percentage	70%
Gain from sale	$ 10,100,000
Straight-line rent receivable					600,000	600,000
Increase in expense for reserve of uncollectible rents with consolidated impact						300,000
Purchase and Sale Agreement of Rotunda Property [Member]
Purchase price			191,080,598	2,723,000
Improvements and repairs sales price				2,723,000
Escrow deposit amount			14,026,401	$ 15,526,731					$ 1,015,396
Tenant lease agreements term				5 years
Debt Instrument, collateral amount			136,100,000
Debt Instrument fund payment						710,000
Repayments of mortgage debt			116,500,000
Proceeds from anticipated to be released from held in escrow			7,000,000
Expense incurred			$ 4,800,000
Gain from sale						50,000,000
Straight-line rent receivable					1,800,000	1,800,000
Increase in expense for reserve of uncollectible rents with consolidated impact						1,100,000
Funds held in post-closing escrow					6,300,000	$ 6,300,000
Purchase and Sale Agreement of Rotunda Property [Member] | Maximum [Member]
Purchase price				$ 267,000,000
Purchase and Sale Agreement of Rotunda Property [Member] | Minimum [Member]
Purchase price				$ 248,750,269
Purchase and Sale Agreement of Westridge Square Property [Member]
Purchase price		20,984,604
Debt Instrument, collateral amount		11,500,000
Proceeds from sale		100,000
Repayments of mortgage debt		21,100,000
Expense incurred		500,000
Gain from sale		8,700,000
Straight-line rent receivable		500,000
Increase in expense for reserve of uncollectible rents with consolidated impact		300,000
Paid net cash outlays from sale		$ 800,000
Purchase and Sale Agreement [Member] | Hekemian & Co [Member]
Gain from sale					1,200,000
Purchase and Sale Agreement [Member] | Grande Rotunda [Member]
Percentage of ownership interest				60%
Gain from sale					$ 1,200,000
Purchase and Sale Agreement [Member] | Rotunda 100 [Member]
Membership interest percentage			40%
Purchase and Sale Agreement [Member] | FREIT Maryland [Member]
Percentage of ownership interest			60%
Purchase and Sale Agreement [Member] | Damascus Centre [Member]
Percentage of ownership interest				70%
Purchase and Sale Agreement [Member] | FREIT Maryland owned 100% of its subsidiary [Member]
Percentage of ownership interest				100%
Grande Rotunda [Member]
Net proceeds from refinancing of debt			$ 36,500,000
Fixed rate mortgage loans			$ 21,400,000

Management agreement, fees an_2

Management agreement, fees and transactions with related party (Details) - USD ($)	3 Months Ended			9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Apr. 30, 2021	Jul. 31, 2022	Jul. 31, 2021	Mar. 10, 2022	Dec. 30, 2021	Oct. 31, 2021
Related Party Transaction [Line Items]
Insurance commissions	$ 40,000	$ 37,000		$ 40,000	$ 47,000
Asset management fees	318,000	538,000		1,129,000	1,625,000
Secured loans receivable								$ 5,292,000
Provident Bank [Member]
Related Party Transaction [Line Items]
Loan commission				32,500
Rotunda 100 members [Member]
Related Party Transaction [Line Items]
Secured loans receivable	$ 5,300,000			$ 5,300,000
Principal amount on notes paid off								4,000,000
Unpaid accrued interest								1,292,000
Grande Rotunda, LLC [Member]
Related Party Transaction [Line Items]
Ownership by noncontrolling owners (percentage)	40%			40%
Ownership by parent (percentage)	50%			50%
Due to affiliate							$ 3,300,000	3,300,000
Principal amount on notes paid off							$ 31,000,000	$ 7,000,000
FREIT [Member]
Related Party Transaction [Line Items]
Ownership by noncontrolling owners (percentage)	40%			40%
Pro-rata share based funding amount						$ 200,000
Promissory note						400,000
Rotunda [Member]
Related Party Transaction [Line Items]
Ownership by noncontrolling owners (percentage)	60%			60%
Ownership by parent (percentage)	73%			73%
Loan commission				$ 4,777,000
Pro-rata share based funding amount						300,000
H-TPKE [Member]
Related Party Transaction [Line Items]
Promissory note						600,000
Wayne PSC [Member]
Related Party Transaction [Line Items]
Pro-rata share based funding amount						$ 500,000
Damascus Property [Member]
Related Party Transaction [Line Items]
Loan commission				917,000
Westridge Square Property [Member]
Related Party Transaction [Line Items]
Loan commission				525,000
Boulders Property [Member]
Related Party Transaction [Line Items]
Loan commission				75,000
Preakness Shopping Center [Member]
Related Party Transaction [Line Items]
Loan commission				94,000
Grande Rotunda [Member]
Related Party Transaction [Line Items]
Loan commission					150,000
Repayment to affiliate					2,800,000
WestFREIT [Member]
Related Party Transaction [Line Items]
Loan commission					54,000
Managing Agent Hekemian & Co [Member]
Related Party Transaction [Line Items]
Leasing commissions and reimbursement of operating expenses	$ 167,000	130,000		515,000	385,000
Insurance commissions	105,000	110,000		164,000	181,000
Additional services	94,000	0		6,388,000	236,500
Asset management fees	318,000	525,000		1,108,000	1,587,000
Robert S. Hekemian, Jr. [Member]
Related Party Transaction [Line Items]
Trustee fees and related interest payable in stock units	150,000	118,000		429,000	350,000
Allan Tubin [Member]
Related Party Transaction [Line Items]
Trustee fees and related interest payable in stock units	10,000		$ 8,000	30,000	23,000
David Hekemian [Member]
Related Party Transaction [Line Items]
Trustee fees and related interest payable in stock units	$ 13,000	$ 15,000		$ 43,000	$ 42,000
Minimum [Member]
Related Party Transaction [Line Items]
Asset management fees percentage rate				4%
Maximum [Member]
Related Party Transaction [Line Items]
Asset management fees percentage rate				5%

Mortgage financings and line _2

Mortgage financings and line of credit (Details) - USD ($)	1 Months Ended		9 Months Ended
	Jul. 22, 2022	Dec. 30, 2021	Jul. 31, 2022	Jul. 31, 2021	Aug. 19, 2022	Oct. 31, 2021
Debt Instrument [Line Items]
Available to draw			$ 116,000	$ 104,000
Line of Credit [Member]
Debt Instrument [Line Items]
Maturity date of loan			Oct. 31, 2023
Line of Credit, available			$ 13,000,000			$ 13,000,000
Basis points, interest rate			3.75%
Wayne [Member]
Debt Instrument [Line Items]
Capital expenditures	$ 1,100,000
Realized gain	1,400,000
Deferred interest	$ 136,000
Wayne [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fixed interest rate on old loan	5%
Wayne [Member] | Maximum [Member]
Debt Instrument [Line Items]
Fixed interest rate on old loan	3.625%
Westwood Hills LLC [Member]
Debt Instrument [Line Items]
Loan amount					$ 25,000,000
FREIT Maryland [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans		$ 14,400,000
Maturity date of loan		Feb. 01, 2022
Available to draw		$ 7,500,000
Loan amount		$ 7,500,000
FREIT Maryland [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fixed interest rate on old loan		2.85%
FREIT Maryland [Member] | Maximum [Member]
Debt Instrument [Line Items]
Fixed interest rate on old loan		5.37%

Fair value of long-term debt (D

Fair value of long-term debt (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Oct. 31, 2021
Carrying value of long-term debt	$ 138,300	$ 299,876
FREIT's Long-term Debt [Member]
Fair value of long-term debt	136,800	301,600
Carrying value of long-term debt	$ 138,300	$ 299,900

Segment information (Schedule o

Segment information (Schedule of Segment and Related Information) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Reportable Segments
Real estate rental revenue	$ 6,959			$ 12,542			$ 24,223	$ 38,100
Real estate operating expenses	4,962			9,105			18,298	27,669
Operating income	1,997			3,437			5,925	10,431
Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Segment NOI	3,595			7,177			12,314	21,747
Deferred rents - straight lining	36			(12)			(25)	(225)
Investment income	119			29			183	88
General and administrative expenses	(911)			(1,413)			(3,107)	(4,143)
(Loss) Gain on investment in tenancy-in-common	57			(100)			(99)	(245)
Depreciation	(723)			(2,315)			(3,257)	(6,948)
Net gain on sale of Maryland properties							68,771
Net realized gain on Wayne PSC interest rate swap termination	1,415						1,415
Financing costs	(1,774)			(3,050)			(6,229)	(9,242)
Net income (loss)	1,814	$ 1,001	$ (69,153)	316	$ (63)	$ 779	69,966	1,032
Net (income) loss attributable to noncontrolling interests in subsidiaries	(693)			(107)			(23,420)	(256)
Net income (loss) attributable to common equity	1,121			209			46,546	776
Residential [Member]
Reportable Segments
Recurring capital improvements	(195)			(258)			(401)	(438)
Operating Segments [Member]
Reportable Segments
Real estate rental revenue	6,923			12,554			24,248	38,325
Real estate operating expenses	3,328			5,377			11,934	16,578
Operating income	3,595			7,177			12,314	21,747
Operating Segments [Member] | Commercial [Member]
Reportable Segments
Real estate rental revenue	2,179			5,885			8,445	18,299
Real estate operating expenses	1,227			2,535			5,146	8,346
Operating income	952			3,350			3,299	9,953
Operating Segments [Member] | Residential [Member]
Reportable Segments
Real estate rental revenue	4,744			6,669			15,803	20,026
Real estate operating expenses	2,101			2,842			6,788	8,232
Operating income	$ 9,015			$ 3,827			$ 2,643	$ 11,794

Income taxes (Details)

Income taxes (Details)	12 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Capital gain from sale of property as dividends (percentage)		100%
Forecast [Member]
Ordinary taxable income distributed as dividends (percentage)	99%
Percentage of federal income tax rate	90%

Equity incentive plan (Narrativ

Equity incentive plan (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted during period
Options granted during period, price per share
Compensation expense related to stock options	$ 15,000	$ 35,000	$ 5,000	$ 11,000
Unrecognized compensation cost	16,000		16,000
Unrecognized compensation cost, recognition period				10 months 24 days
Aggregate intrinsic value of options expected to vest	1,901,000		1,901,000
Aggregate intrinsic value of options exercisable	$ 1,825,000		$ 1,825,000
Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance	442,060		442,060

Equity incentive plan (Schedule

Equity incentive plan (Schedule of Stock Option Activity) (Details) - Employee Stock Option [Member] - $ / shares	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
No. of Options Outstanding
Options outstanding at beginning of period	310,740	310,740
Options granted during period
Options forfeited/cancelled during period
Options outstanding at end of period	310,740	310,740
Options vested and expected to vest	309,450	308,310
Options exercisable at end of period	301,140	284,940
Weighted Average Price
Options outstanding beginning of period	$ 18.35	$ 18.35
Options granted during period
Options forfeited/cancelled during period
Options outstanding end of period	$ 18.35	$ 18.35

Deferred fee plan (Details)

Deferred fee plan (Details) - USD ($)	9 Months Ended		12 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Oct. 31, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Dividends payable		$ 343,000	$ 686,000
Deferred Fee Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Trustee fee expense	126,600	356,000
Deferred trustee fees	91,300	$ 332,000
Deferred accrued interest	$ 951,000		1,021,000
Term of distribution to participants	10 years
Shares issued	5,163	20,328
Dividends payable	$ 35,300	$ 24,000
Cumulative fees	$ 1,366,000		$ 1,454,000

Rental Income (Narrative) (Deta

Rental Income (Narrative) (Details)	9 Months Ended
	Jul. 31, 2022
Minimum [Member]
Lease terms for residential tenants, periods	1 year
Maximum [Member]
Lease terms for residential tenants, periods	2 years

Rental Income (Schedule of Mini

Rental Income (Schedule of Minimum Rental Income) (Details) $ in Thousands	Jul. 31, 2022 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2022	$ 5,723	[1]
2023	5,608
2024	4,556
2025	3,850
2026	3,081
Thereafter	4,583
Total	$ 27,401
[1]Amount represents full fiscal year and excludes rents from the Rotunda Property, the Westridge Square Property and the Damascus Property, which were sold on December 30, 2021, January 7, 2022 and January 10, 2022, respectively.

COVID-19 Pandemic (Details)

COVID-19 Pandemic (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Rental revenue deemed uncollectible	$ 400,000	$ 300,000	$ 500,000	$ 1,200,000
Security deposit as commercial outstanding receivables due	1,038,000	1,343,000	1,038,000	1,343,000
Rent abatements	0	34,000	9,000	135,000
Positive cash flow from operations			5,797,000	10,195,000
Available to draw			116,000	104,000
Commercial Properties [Member]
Security deposit as commercial outstanding receivables due	397,000		397,000
FREIT Maryland's [Member]
Rental revenue deemed uncollectible	100,000	100,000	300,000	700,000
Rent abatements	$ 0	$ 20,000	$ 9,000	$ 91,000

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Aug. 04, 2022	Aug. 30, 2022	Sep. 09, 2022
Non-recurring cash distribution	$ 51.5
Per shares cash distribution		$ 7.50
Exercise price for options outstanding			$ 7.50
Share price			$ 18.68