First Real Estate Investment Trust of New Jersey (FREVS) 10-Q 14 Jun 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Apr. 30, 2023	Jun. 14, 2023
Document Information Line Items
Entity Registrant Name	FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
Trading Symbol	FREVS
Document Type	10-Q
Current Fiscal Year End Date	--10-31
Entity Common Stock, Shares Outstanding		7,449,583
Amendment Flag	false
Entity Central Index Key	0000036840
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Apr. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-25043
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
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
ASSETS
Real estate, at cost, net of accumulated depreciation	$ 94,804	$ 95,875
Construction in progress	692	688
Cash and cash equivalents	35,717	49,578
Investment in tenancy-in-common	18,610	18,798
Tenants' security accounts	1,000	1,038
Receivables arising from straight-lining of rents	714	790
Accounts receivable, net of allowance for doubtful accounts of $1,046 and $1,126 as of April 30, 2023 and October 31, 2022, respectively	638	802
Funds held in post-closing escrow	4,651	6,251
Prepaid expenses and other assets	4,740	3,176
Deferred charges, net	282	244
Interest rate swap contracts	852	1,409
Total Assets	162,700	178,649
Liabilities:
Mortgages payable, including deferred interest of $222 as of April 30, 2023 and October 31, 2022	138,453	139,217
Less unamortized debt issuance costs	1,225	1,145
Mortgages payable, net	137,228	138,072
Deferred director compensation payable		2,317
Accounts payable and accrued expenses	959	1,306
Dividends payable	372	10,573
Tenants' security deposits	1,290	1,285
Deferred revenue	467	357
Total Liabilities	140,316	153,910
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 at April 30, 2023 and October 31, 2022; 7,445,783 and 7,048,344 shares issued plus 0 and 272,882 vested share units granted to directors at April 30, 2023 and October 31, 2022, respectively	74	73
Additional paid-in-capital	32,043	30,635
Accumulated deficit	(6,605)	(6,208)
Accumulated other comprehensive income	852	1,409
Total Common Equity	26,364	25,909
Noncontrolling interests in subsidiaries	(3,980)	(1,170)
Total Equity	22,384	24,739
Total Liabilities and Equity	$ 162,700	$ 178,649

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts (in Dollars)	$ 1,046	$ 1,126
Deferred interest (in Dollars)	$ 222	$ 222
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	0
Preferred stock, shares issued	5,000,000	0
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	7,445,783	7,048,344
Common vested share units to directors	0	272,882

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Revenue:
Rental income	$ 6,345	$ 6,015	$ 12,567	$ 15,778
Reimbursements	491	498	1,137	1,255
Sundry income	80	102	191	231
Total revenue	6,916	6,615	13,895	17,264
Expenses:
Operating expenses	2,625	2,403	5,075	6,696
Management fees	333	314	659	811
Real estate taxes	1,455	1,432	2,893	3,295
Depreciation	732	714	1,454	2,534
Total expenses	5,145	4,863	10,081	13,336
Investment income	218	38	407	64
Net (loss) gain on sale of Maryland properties	(203)	(1,232)	(446)	68,771
Loss on investment in tenancy-in-common	(121)	(32)	(188)	(156)
Interest expense including amortization of deferred financing costs	(1,951)	(1,527)	(3,827)	(4,455)
Net (loss) income	(286)	(1,001)	(240)	68,152
Net loss (income) attributable to noncontrolling interests in subsidiaries	383	649	756	(22,727)
Net income (loss) attributable to common equity	$ 97	$ (352)	$ 516	$ 45,425
Earnings (Loss) per share:
Basic (in Dollars per share)	$ 0.01	$ (0.05)	$ 0.07	$ 6.46
Diluted (in Dollars per share)	$ 0.01	$ (0.05)	$ 0.07	$ 6.4
Weighted average shares outstanding:
Basic (in Shares)	7,441	7,038	7,433	7,037
Diluted (in Shares)	7,446	7,038	7,440	7,108

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (286)	$ (1,001)	$ (240)	$ 68,152
Other comprehensive (loss) income:
Unrealized (loss) gain on interest rate swap contracts before reclassifications	30	2,325	(304)	3,081
Amount reclassified from accumulated other comprehensive income to interest expense	(137)	214	(253)	720
Net unrealized (loss) gain on interest rate swap contracts	(107)	2,539	(557)	3,801
Comprehensive (loss) income	(393)	1,538	(797)	71,953
Net loss (income) attributable to noncontrolling interests in subsidiaries	383	649	756	(22,727)
Other comprehensive loss (income):
Unrealized gain on interest rate swap contracts attributable to noncontrolling interests in subsidiaries		(681)		(1,015)
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries	383	(32)	756	(23,742)
Comprehensive (loss) income attributable to common equity	$ (10)	$ 1,506	$ (41)	$ 48,211

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In- Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Total Common Equity	Noncontrolling Interests in Subsidiaries
Balance at Oct. 31, 2021	$ 31,951	$ 71	$ 25,556	$ 12,963	$ (2,017)	$ 36,573	$ (4,622)
Balance (in Shares) at Oct. 31, 2021		7,036
Stock based compensation expense	5		5			5
Vested share units granted to Directors	61		61			61
Vested share units granted to Directors (in Shares)		2
Distributions to noncontrolling interests in subsidiaries	(19,700)						(19,700)
Net income (loss)	69,153			45,777		45,777	23,376
Dividends declared	(703)			(703)		(703)
Net unrealized loss on interest rate swap contracts	1,262				928	928	334
Balance at Jan. 31, 2022	82,029	$ 71	25,622	58,037	(1,089)	82,641	(612)
Balance (in Shares) at Jan. 31, 2022		7,038
Balance at Oct. 31, 2021	31,951	$ 71	25,556	12,963	(2,017)	36,573	(4,622)
Balance (in Shares) at Oct. 31, 2021		7,036
Net income (loss)	68,152
Balance at Apr. 30, 2022	82,727	$ 71	25,666	56,981	769	83,487	(760)
Balance (in Shares) at Apr. 30, 2022		7,040
Balance at Jan. 31, 2022	82,029	$ 71	25,622	58,037	(1,089)	82,641	(612)
Balance (in Shares) at Jan. 31, 2022		7,038
Stock based compensation expense	5		5			5
Vested share units granted to Directors	39		39			39
Vested share units granted to Directors (in Shares)		2
Distributions to noncontrolling interests in subsidiaries	(180)						(180)
Net income (loss)	(1,001)			(352)		(352)	(649)
Dividends declared	(704)			(704)		(704)
Net unrealized loss on interest rate swap contracts	2,539				1,858	1,858	681
Balance at Apr. 30, 2022	82,727	$ 71	25,666	56,981	769	83,487	(760)
Balance (in Shares) at Apr. 30, 2022		7,040
Balance at Oct. 31, 2022	24,739	$ 73	30,635	(6,208)	1,409	25,909	(1,170)
Balance (in Shares) at Oct. 31, 2022		7,321
Stock based compensation expense	5		5			5
Vested share units granted to Directors	26		26			26
Vested share units granted to Directors (in Shares)		2
Stock options exercised	1,226	$ 1	1,225			1,226
Stock options exercised (in Shares)		113
Distributions to noncontrolling interests in subsidiaries	(1,850)						(1,850)
Net income (loss)	46			419		419	(373)
Dividends declared	(541)			(541)		(541)
Net unrealized loss on interest rate swap contracts	(450)				(450)	(450)
Balance at Jan. 31, 2023	23,201	$ 74	31,891	(6,330)	959	26,594	(3,393)
Balance (in Shares) at Jan. 31, 2023		7,436
Balance at Oct. 31, 2022	24,739	$ 73	30,635	(6,208)	1,409	25,909	(1,170)
Balance (in Shares) at Oct. 31, 2022		7,321
Net income (loss)	(240)
Balance at Apr. 30, 2023	22,384	$ 74	32,043	(6,605)	852	26,364	(3,980)
Balance (in Shares) at Apr. 30, 2023		7,446
Balance at Jan. 31, 2023	23,201	$ 74	31,891	(6,330)	959	26,594	(3,393)
Balance (in Shares) at Jan. 31, 2023		7,436
Stock based compensation expense	5		5			5
Stock awards granted to Directors	140		140			140
Stock awards granted to Directors (in Shares)		9
Stock options exercised	7		7			7
Stock options exercised (in Shares)		1
Distributions to noncontrolling interests in subsidiaries	(204)						(204)
Net income (loss)	(286)			97		97	(383)
Dividends declared	(372)			(372)		(372)
Net unrealized loss on interest rate swap contracts	(107)				(107)	(107)
Balance at Apr. 30, 2023	$ 22,384	$ 74	$ 32,043	$ (6,605)	$ 852	$ 26,364	$ (3,980)
Balance (in Shares) at Apr. 30, 2023		7,446

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	Jan. 31, 2022
Stock dividends payable	$ 18	$ 17
Dividends declared, per share	$ 0.1	$ 0.1
Directors
Stock dividends payable	$ 18	$ 17
Dividends declared, per share	$ 0.1	$ 0.1

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Operating activities:
Net (loss) income	$ (240)	$ 68,152
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Net loss (gain) on sale of Maryland properties	446	(68,771)
Depreciation	1,454	2,534
Amortization	286	602
Stock based compensation expense	10	10
Director fees and related interest paid in stock units	26	65
Stock award granted to Directors	140
Loss on investment in tenancy-in-common	188	156
Deferred rents - straight line rent	76	61
Deferred real estate tax appeal fees		35
Bad debt (recovery) expense	(30)	377
Changes in operating assets and liabilities:
Tenants' security accounts	5	(736)
Accounts receivable, prepaid expenses and other assets	(20)	2,377
Accounts payable, accrued expenses and deferred director compensation payable	(2,143)	(1,214)
Deferred revenue	110	(681)
Due to affiliate - accrued interest		(47)
Net cash provided by operating activities	308	2,920
Investing activities:
(Cash outlays) proceeds from sale of Maryland properties, net	(446)	246,089
Proceeds from payment of secured loans receivable inclusive of accrued interest		5,094
Capital improvements - existing properties	(908)	(676)
Deferred leasing costs	(78)	(88)
Distribution from investment in tenancy-in-common		357
Net cash (used in) provided by investing activities	(1,432)	250,776
Financing activities:
Repayment of mortgages	(764)	(171,586)
Proceeds from mortgage loan refinancing		7,500
Proceeds from exercise of stock options	1,233
Deferred financing costs	(326)	(246)
Due to affiliate - loan repayment		(3,205)
Dividends paid	(11,114)	(1,372)
Distributions to noncontrolling interests in subsidiaries	(2,054)	(19,880)
Net cash used in financing activities	(13,025)	(188,789)
Net (decrease) increase in cash, cash equivalents and restricted cash	(14,149)	64,907
Cash, cash equivalents and restricted cash, beginning of period	58,500	39,045
Cash, cash equivalents and restricted cash, end of period	44,351	103,952
Supplemental disclosure of cash flow data:
Interest paid	3,555	3,900
Investing activities:
Accrued transactional costs for sale of Maryland properties		326
Accrued capital expenditures, construction costs and pre-development costs	82	93
Financing activities:
Dividends declared but not paid	372	686
Dividends paid in share units		35
Cash and cash equivalents	35,717	95,748
Tenants' security accounts	1,000	1,030
Funds held in post-closing escrow	4,651	6,251
Mortgage escrows (included in prepaid expenses and other assets)	2,983	923
Total cash, cash equivalents and restricted cash	$ 44,351	$ 103,952

Basis of presentation

Basis of presentation	6 Months Ended
	Apr. 30, 2023
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 (the “Reincorporation”) which was approved by its stockholders at the annual meeting of stockholders held on May 6, 2021. The Reincorporation changed the law applicable to First Real Estate Investment Trust of New Jersey’s affairs from New Jersey law to Maryland law and was accomplished by the merger of First Real Estate Investment Trust of New Jersey with and into its wholly owned subsidiary, First Real Estate Investment Trust of New Jersey, Inc. (“FREIT”, “Trust”, “us”, “we”, “our” or the “Company”), a Maryland corporation. As a result of the Reincorporation, the separate existence of First Real Estate Investment Trust of New Jersey has ceased and FREIT has succeeded to all the business, properties, assets and liabilities of First Real Estate Investment Trust of New Jersey. Holders of shares of beneficial interest in First Real Estate Investment Trust of New Jersey have received one newly issued share of common stock of FREIT for each share of First Real Estate Investment Trust of New Jersey that they own, without any action of stockholders required and all treasury stock held by First Real Estate Investment Trust of New Jersey was retired. FREIT is 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, 2023 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, 2022.

Recently issued accounting stan

Recently issued accounting standard	6 Months Ended
	Apr. 30, 2023
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	6 Months Ended
	Apr. 30, 2023
Earnings Per Share [Abstract]
Dividends and earnings (loss) per share	Note 3 – Dividends and earnings (loss) per share: The FREIT Board of Directors (“Board”) declared a dividend of approximately $372,000 ($0.05 per share) in the second quarter of Fiscal 2023, which will be paid on June 15, 2023 to stockholders of record on June 1, 2023. The Board will continue to evaluate the dividend on a quarterly basis. Basic earnings (loss) 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 six and three months ended April 30, 2023, the outstanding stock options increased the average dilutive shares outstanding by approximately 7,000 and 5,000 shares with no impact on earnings per share. For the six and three months ended April 30, 2022, the outstanding stock options increased the average dilutive shares outstanding by approximately 71,000 and 0 shares, respectively, with an impact of approximately $0.06 and $0.00, respectively, on earnings (loss) per share. There were no anti-dilutive shares for the six and three months ended April 30, 2023. There were approximately 0 and 311,000 anti-dilutive shares for the six and three months ended April 30, 2022, respectively. Anti-dilutive shares consist of out-of-the money stock options under the Equity Incentive Plan (See Note 13).

Interest rate cap and swap cont

Interest rate cap and swap contracts	6 Months Ended
	Apr. 30, 2023
Interest Rate Cap and Swap Contracts [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")” For the six and three months ended April 30, 2023, FREIT recorded an unrealized loss of approximately $557,000 and $107,000, respectively, in the condensed consolidated statements of comprehensive loss representing the change in the fair value of these cash flow hedges during such periods. For the six and three months ended April 30, 2022, FREIT recorded an unrealized gain of approximately $3,801,000 and $2,539,000, 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, 2023, there was an asset of approximately $423,000 for the Regency swap and $429,000 for the Station Place swap. As of October 31, 2022, there was an asset of approximately $611,000 for the Regency swap and $798,000 for the Station Place swap. The fair values are based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

Investment in tenancy-in-common

Investment in tenancy-in-common	6 Months Ended
	Apr. 30, 2023
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% partnership interest in S&A, which owned 100% of the Pierre Towers property located in Hackensack, New Jersey through its 100% interest in Pierre Towers, LLC. Pursuant to the TIC agreement, FREIT ultimately acquired a 65% undivided interest in the Pierre Towers property, which was formerly owned by S&A. Based on the guidance of Accounting Standards Codification 810, “ Consolidation FREIT’s investment in the TIC was approximately $18.6 million and $18.8 million at April 30, 2023 and October 31, 2022, respectively. For the six and three months ended April 30, 2023, FREIT recognized a loss on investment in TIC of approximately $188,000 and $121,000, respectively, in the accompanying condensed consolidated statements of income. For the six and three months ended April 30, 2022, FREIT recognized a loss on investment in TIC of approximately $156,000 and $32,000, in the accompanying condensed consolidated statements of operations. 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 was for an initial term of one (1) year and 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 renewed for a successive one (1) year term on February 28, 2023 and will expire on February 28, 2024. The management agreement requires the payment of management fees equal to 5% of rents collected. Management fees, charged to operations, were approximately $208,000 and $106,000 for the six and three months ended April 30, 2023, respectively, and $197,000 and $99,000 for the six and three months ended April 30, 2022, 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, 2023 and 2022. The following table summarizes the balance sheets of the Pierre Towers property as of April 30, 2023 and October 31, 2022, accounted for by the equity method: April 30, October 31, 2023 2022 (In Thousands of Dollars) Real estate, net $ 75,065 $ 76,042 Cash and cash equivalents 2,360 2,051 Tenants' security accounts 485 454 Receivables and other assets 648 583 Total assets $ 78,558 $ 79,130 Mortgages payable, net of unamortized debt issuance costs $ 49,080 $ 49,425 Accounts payable and accrued expenses 211 178 Tenants' security deposits 489 462 Deferred revenue 147 145 Equity 28,631 28,920 Total liabilities & equity $ 78,558 $ 79,130 FREIT's investment in TIC (65% interest) $ 18,610 $ 18,798 The following table summarizes the statements of operations of the Pierre Towers property for the six and three months ended April 30, 2023 and 2022, accounted for by the equity method: Six Months Ended April 30, Three Months Ended April 30, 2023 2022 2023 2022 (In Thousands of Dollars) (In Thousands of Dollars) Revenue $ 4,096 $ 3,923 $ 2,027 $ 1,969 Operating expenses 2,485 2,275 1,263 1,074 Depreciation 1,101 1,087 551 545 Operating income 510 561 213 350 Interest expense including amortization of deferred financing costs 799 801 399 400 Net loss $ (289 ) $ (240 ) $ (186 ) $ (50 ) FREIT's loss on investment in TIC (65% interest) $ (188 ) $ (156 ) $ (121 ) $ (32 )

Termination of Purchase and Sal

Termination of Purchase and Sale Agreement	6 Months Ended
	Apr. 30, 2023
Termination of Purchase and Sale Agreement [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% of their ownership interests in six (6) real properties held by the Sellers. The Court Order entered on February 4, 2022 (the “February 4 Order”) with respect to the summary judgment motions provides 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 million held in escrow be returned to the Plaintiff. (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 Purchase and Sale Agreement, (2) the Sellers did not breach the Purchase and Sale Agreement and (3) the Court’s dismissal of the Complaint and Lis Pendens. On July 8, 2022, the Court denied Sinatra’s Motion for Reconsideration. Following the February 4 Order, the Sellers and the Purchaser each filed a motion for an award of attorney’s fees and costs pursuant to the applicable provisions of the Purchase and Sale Agreement. On December 8, 2022 the Court entered an Order awarding Sellers $3,420,422.88 in attorneys’ fees and denying the Plaintiff’s request for attorneys’ fees (the “December 8 Order”). Upon entering the December 8 Order, the Court had adjudicated all unresolved issues in the action. On December 8, 2022, the Sellers filed a Notice of Appeal, appealing from that portion of the February 4 Order which declined to enforce the liquidated damages provision in the Purchase and Sale Agreement. As a result of such appeal by the Sellers, the liquidated damage amount of $15 million remains in escrow and has not been returned to Sinatra. On December 22, 2022, the Purchaser filed a Notice of Cross Appeal appealing from all determinations by the Court adverse to the Purchaser, including (i) that portion of the February 4 Order holding that the Purchaser breached the contract; (ii) the denial of the Purchaser’s motion for reconsideration of the February 4 Order; and (iii) the December 8 Order awarding the Sellers $3,420,422.88 in attorneys’ fees and denying the Purchaser’s request for attorneys’ fees. 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. Through the quarter ended April 30, 2023, the $15 million deposit and the $3,420,422.88 award of attorney’s fee have not been included in income in the accompanying condensed consolidated statements of operations. Legal costs attributed to the legal proceeding between FREIT and certain of its affiliates and Sinatra Properties, LLC have been incurred in the amount of approximately $391,000 and $195,000 for the six and three months ended April 30, 2023, respectively, and $892,000 and $279,000 for the six and three months ended April 30, 2022, respectively, and are included in operating expenses on the condensed consolidated statements of operations.

Maryland property dispositions

Maryland property dispositions	6 Months Ended
	Apr. 30, 2023
Maryland Property Dispositions [Abstract]
Maryland property dispositions	Note 7 – Maryland property dispositions: On November 22, 2021, certain affiliates (the “Maryland Sellers”) of FREIT entered into a Purchase and Sale Agreement (the “Maryland Purchase and Sale Agreement”) with MCB Acquisition Company, LLC (the “Maryland Purchaser”), a third party, pursuant to which the Maryland Sellers agreed to sell three properties to the Maryland Purchaser. The properties consisted of retail and office space and a residential apartment community owned by Grande Rotunda, LLC (the “Rotunda Property”), a shopping center owned by Damascus Centre, LLC (the “Damascus Property”), and a shopping center owned by WestFREIT Corp. (the “Westridge Square Property”). FREIT owns 100% of its subsidiary, WestFREIT Corp. (“WestFREIT”), a 60% interest in Grande Rotunda, LLC (“Grande Rotunda”), the joint venture that owned the Rotunda Property, and a 70% interest in Damascus Centre, LLC (“Damascus Centre”), the joint venture that owned the Damascus Property. The sale of the Maryland Properties having a total net book value of $172.3 million (as adjusted) was consummated by the Maryland Sellers and the Maryland Purchaser for a purchase price of $248,750,269, after giving effect to the $15,526,731 escrow deposit (the “Maryland Purchaser Escrow Payment”). This sale resulted in net proceeds of approximately $55 million (inclusive of approximately $1.1 million in funds released during the second quarter of Fiscal 2023, $0.1 million in funds released during the first quarter of Fiscal 2023 and $1.9 million in funds released in Fiscal 2022 from the Maryland Purchaser Escrow Payment), after payment of related mortgage debt in the amount of $155.8 million and the corresponding swap breakage fees of approximately $213,000 related to the early termination of the interest rate swap contracts on the Damascus Property loan, payment of loans (including interest) to each of the equity owners in Grande Rotunda in the amount of approximately $31 million and certain transactional expenses and transfer taxes including brokerage fees due to Hekemian & Co. of approximately $6.2 million. As of April 30, 2023, approximately $3,176,000 of the Maryland Purchaser Escrow Payment has been released from escrow to the Maryland Sellers. The escrow and related gain on sale were reduced by approximately $446,000 and $203,000 for the six and three months ended April 30, 2023, respectively, and $1.2 million for the six and three months ended April 30, 2022 due to a change in estimate related to a change in the timing of anticipated rent commencement dates for certain tenants, which will reduce the escrowed funds available to be released to Grande Rotunda. Approximately $4.7 million and $6.3 million of remaining funds are held in a post-closing escrow for rents and are included in “Funds held in post-closing escrow” on the accompanying condensed consolidated balance sheets as of April 30, 2023 and October 31, 2022, respectively. Approximately $3.7 million of these funds held in post-closing escrow are anticipated to be released in Fiscal 2023 and the remaining balance is anticipated to be released in Fiscal 2024. The sale of the Maryland Properties resulted in a net gain of approximately $68.3 million (as adjusted) (with a consolidated impact to FREIT of approximately $45.3 million) which includes approximately $7.8 million of proceeds released and anticipated to be released from funds held in escrow, a write-off of the straight-line rent receivable of approximately $2.9 million and a write-off of unamortized lease commissions of approximately $1.7 million. On August 4, 2022, FREIT’s Board declared a special, extraordinary, non-recurring cash distribution of approximately $51.5 million, or $7.50 per share, which was paid on August 30, 2022, to stockholders of record on August 16, 2022 (with an ex-dividend date of August 31, 2022). This distribution represented most of the net proceeds of FREIT’s sale of its portfolio of Maryland Properties. 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	6 Months Ended
	Apr. 30, 2023
Management agreement, fees and transactions with related party [Abstract]
Management agreement, fees and transactions with related party	Note 8 - Management agreement, fees and transactions with related party: Hekemian & Co. currently manages all of the properties owned by FREIT and its affiliates, 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% to 5% of rents collected. Such fees charged to operations were approximately $659,000 and $790,000 for the six months ended April 30, 2023 and 2022, respectively, and $332,000 and $306,000 for the three months ended April 30, 2023 and 2022, 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 $322,000 and $348,000 for the six months ended April 30, 2023 and 2022, respectively, and $182,000 and $164,000 for the three months ended April 30, 2023 and 2022, 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 $65,000 and $59,000 for the six months ended April 30, 2023 and 2022, respectively, and $16,000 and $7,000 for the three months ended April 30, 2023 and 2022, respectively. From time to time, FREIT engages Hekemian & Co., or certain affiliates of Hekemian & Co., to provide additional services, such as consulting services related to development, property sales and financing activities of FREIT. Separate fee arrangements are negotiated between Hekemian & Co. and FREIT with respect to such additional services. Such fees incurred for the six and three months ended April 30, 2023 were approximately $21,000 and $21,000, respectively, and for the six and three months ended April 30, 2022 were approximately $6,294,000 and $0, respectively. Fees incurred during Fiscal 2023 related to commissions to Hekemian & Co. for the modification and extension of the loan on the Westwood Plaza property. Fees incurred during Fiscal 2022 related to commissions to Hekemian & Co. for the following: $4,777,000 for the sale of the Rotunda Property; $917,000 for the sale of the Damascus Property; $525,000 for the sale of the Westridge Square Property; and $75,000 for the refinancing of the loan on the Boulders property. The commissions related to the sale of the Rotunda Property, the Damascus Property and the Westridge Square Property were charged against the gain on sale of the Maryland Properties (See Note 7) in the accompanying condensed consolidated statement of operations for the six months ended April 30, 2022. The commission for the refinancing of the loan on the Boulders property and the modification and extension of the loan on the Westwood Plaza property was accounted for as a deferred mortgage cost included in the unamortized debt issuance costs in the accompanying condensed consolidated balance sheets as of April 30, 2023 and October 31, 2022. The Management Agreement provides for a termination fee (“Termination Fee”) in the event of a termination by FREIT without cause and a termination fee of 1.25 times the Termination Fee if the Management Agreement terminates following a merger or acquisition of FREIT (the “M&A Termination Fee”). On March 9, 2023, the Board approved an amendment to the Management Agreement (the “Second Amendment”) which provides, among other things, that the M&A Termination Fee shall be increased from 1.25 times the Termination Fee to 2.5 times the Termination Fee. 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, dividends and stock awards) incurred by FREIT for the six months ended April 30, 2023 and 2022 was approximately $314,000 and $279,000, respectively, for Robert S. Hekemian, Jr., $21,000 and $20,000, respectively, for Allan Tubin and $46,000 and $29,000, respectively, for David Hekemian. Director fee expense and/or executive compensation (including interest, dividends and stock awards) incurred by FREIT for the three months ended April 30, 2023 and 2022 was approximately $173,000 and $144,000, respectively, for Robert S. Hekemian, Jr., $11,000 and $10,000, respectively, for Allan Tubin and $33,000 and $14,000, respectively, for David Hekemian (See Notes 13 and 14). Such costs are included within operating expenses on the accompanying condensed consolidated statements of operations.

Mortgage financings and line of

Mortgage financings and line of credit	6 Months Ended
	Apr. 30, 2023
Mortgage Financings and Line of Credit [Abstract]
Mortgage financings and line of credit	Note 9 – Mortgage financings and line of credit: On August 19, 2022, Westwood Hills, LLC (“Westwood Hills”) exercised its right, pursuant to the loan agreement, to extend the term of its $25 million loan on its property located in Westwood, New Jersey, for an additional six (6) months from an initial maturity date of October 1, 2022 to a new maturity date of April 1, 2023. On March 1, 2023, Westwood Hills exercised its right, pursuant to the loan agreement, to extend the term of its loan, for an additional six (6) months to a new maturity date of October 1, 2023 on the same terms and conditions as stated in the loan agreement. As of April 30, 2023, $25,000,000 of this loan was drawn and outstanding and the interest rate was 8.84%. Westwood Hills is in the process of refinancing this loan with a new lender in the amount of $25,500,000 for a term of three (3) years and based on a fixed rate of interest of 6.05%. This financing is expected to close by August 2023. Until such time as a definitive agreement is entered into, there can be no assurance this loan will be entered into. Effective February 1, 2023, FREIT entered into a loan extension and modification agreement with Valley National Bank on its loan secured by the Westwood Plaza shopping center in Westwood, New Jersey with a then outstanding balance of approximately $16,864,361. Under the terms and conditions of this loan extension and modification, the maturity date of the loan was extended for a term of one (1) year from February 1, 2023 to February 1, 2024 with the option of FREIT to extend for one additional year from the extended maturity date, subject to certain provisions of the loan agreement. The loan is payable based on monthly installments of approximately $157,347 based on a fixed rate of interest of 7.5%. Additionally, FREIT funded an interest reserve escrow account (“Escrow”) at closing representing the annualized principal and interest payments for one (1) year, amounting to approximately $1,888,166. 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 account to make monthly debt service payments on the loan. On July 22, 2022, Wayne PSC, LLC (“Wayne PSC”) refinanced its $22.1 million loan (inclusive of deferred interest of approximately $136,000), which would have matured on October 1, 2026, on its Preakness Shopping center located in Wayne, New Jersey with a new loan held by ConnectOne Bank in the amount of $25,000,000. This loan is interest-only based on a fixed interest rate of 5% and has a term of three years with a maturity date of August 1, 2025. Additionally, an interest reserve escrow was established at closing representing twelve months of interest of $1,250,000, which can be used to pay monthly interest on this loan with a requirement to replenish the escrow account back to $1,250,000 when the balance in the escrow account is reduced to three months of interest. This refinancing resulted in (i) annual debt service savings of approximately $340,000 due to interest-only payments; (ii) an increase in the interest rate from a fixed interest rate of 3.625% to a fixed interest rate of 5%; and (iii) net refinancing proceeds of approximately $1.1 million which can be used for capital expenditures and general corporate purposes. As part of the refinancing, Wayne PSC terminated the interest rate swap contract on the underlying loan resulting in a realized gain on the swap breakage of approximately $1.4 million (See Note 4 for additional details.) As of April 30, 2023, the interest reserve escrow account has a balance of approximately $302,000. In May 2023, Wayne PSC funded the escrow account in the amount of $950,000 to replenish the balance in the account back to $1,250,000. On December 30, 2021, FREIT refinanced its $14.4 million loan secured by its Boulders property located in Rockaway, New Jersey (which would have matured on February 1, 2022) with a new loan held by ConnectOne Bank in the amount of $7,500,000, with additional funding available to be drawn upon in the amount of $7,500,000 for corporate needs. This loan is interest-only and has a maturity date of January 1, 2024 with the option of FREIT to extend for one year from the maturity date, subject to certain provisions of the loan agreement. This refinancing will provide annual debt service savings of approximately $1,173,000 as a result of the reduction in the principal amount, a reduction in the annual interest rate from a fixed rate of 5.37% to a fixed rate of 2.85% and interest-only payments being required under this new loan. As of April 30, 2023, $7,500,000 of this loan was drawn and outstanding. FREIT’s revolving line of credit provided by the Provident Bank was renewed for a three-year term ending on October 31, 2023. Draws against the credit line can be used for working capital needs and standby letters of credit. Draws against the credit line are secured by mortgages on FREIT’s Franklin Crossing Shopping Center in Franklin Lakes, New Jersey and retail space in Glen Rock, New Jersey. The total line of credit is $13 million and the interest rate on the amount outstanding is based on a floating interest rate of prime minus 25 basis points with a floor of 3.75%. As of April 30, 2023 and October 31, 2022, there was no While FREIT intends to renew or refinance its debt obligations as they become due, there can be no assurance that it will be successful or, if successful, that the new terms will be similar to the terms of its existing debt obligations or as favorable.

Fair value of long-term debt

Fair value of long-term debt	6 Months Ended
	Apr. 30, 2023
Fair Value of Long-Term Debt [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 April 30, 2023 and October 31, 2022: ($ in Millions) April 30, 2023 October 31, 2022 Fair Value $134.1 $132.2 Carrying Value, Net $137.2 $138.1 Fair values are estimated based on market interest rates at April 30, 2023 and October 31, 2022 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	6 Months Ended
	Apr. 30, 2023
Segment Reporting [Abstract]
Segment information	Note 11 - Segment information: ASC 280-10, " Disclosures about Segments of an Enterprise and Related Information 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, 2022. The chief operating and decision-making group responsible for oversight and strategic decisions of FREIT's commercial segment, residential segment and corporate/other is comprised of FREIT’s Board. FREIT, through its chief operating and decision making group, assesses and measures segment operating results based on net operating income ("NOI"). NOI, a standard used by real estate professionals, is based on operating revenue and expenses directly associated with the operations of the real estate properties, but excludes: deferred rents (straight lining), depreciation, financing costs and other items. NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP, and is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Real estate rental revenue, operating expenses, NOI and recurring capital improvements for the reportable segments are summarized below and reconciled to condensed consolidated net income (loss) attributable to common equity for the six and three months ended April 30, 2023 and 2022. 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, 2023 2022 2023 2022 (In Thousands of Dollars) (In Thousands of Dollars) Real estate rental revenue: Commercial $ 4,338 $ 6,266 $ 2,084 $ 1,945 Residential 9,633 11,059 4,880 4,721 Total real estate rental revenue 13,971 17,325 6,964 6,666 Real estate operating expenses: Commercial 2,488 3,919 1,241 1,234 Residential 4,337 4,687 2,197 2,046 Total real estate operating expenses 6,825 8,606 3,438 3,280 Net operating income: Commercial 1,850 2,347 843 711 Residential 5,296 6,372 2,683 2,675 Total net operating income $ 7,146 $ 8,719 $ 3,526 $ 3,386 Recurring capital improvements - residential $ (290 ) $ (206 ) $ (145 ) $ (158 ) Reconciliation to condensed consolidated net income (loss) attributable to common equity: Segment NOI $ 7,146 $ 8,719 $ 3,526 $ 3,386 Deferred rents - straight lining (76 ) (61 ) (48 ) (51 ) Investment income 407 64 218 38 General and administrative expenses (1,802 ) (2,196 ) (975 ) (869 ) Loss on investment in tenancy-in-common (188 ) (156 ) (121 ) (32 ) Depreciation (1,454 ) (2,534 ) (732 ) (714 ) Net (loss) gain on sale of Maryland properties (446 ) 68,771 (203 ) (1,232 ) Financing costs (3,827 ) (4,455 ) (1,951 ) (1,527 ) Net (loss) income (240 ) 68,152 (286 ) (1,001 ) Net loss (income) attributable to noncontrolling interests in subsidiaries 756 (22,727 ) 383 649 Net income (loss) attributable to common equity $ 516 $ 45,425 $ 97 $ (352 )

Income taxes

Income taxes	6 Months Ended
	Apr. 30, 2023
Income Taxes [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% of its ordinary taxable income (to maintain its status as a REIT) to its stockholders as dividends for the fiscal year ending October 31, 2023. FREIT distributed approximately 143.8% of its ordinary taxable income and 100% of its capital gains from the sale of the Maryland Properties to its stockholders as dividends for the fiscal year ended October 31, 2022. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income and such gains were recorded in FREIT’s condensed consolidated financial statements for the six and three months ended April 30, 2023 and 2022. As of April 30, 2023, 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	6 Months Ended
	Apr. 30, 2023
Equity Incentive Plan [Abstract]
Equity incentive plan	Note 13 – Equity Incentive Plan: On March 9, 2023, in accordance with FREIT’s Equity Incentive Plan, the Compensation Committee of the FREIT Board of Directors (the “Board”) recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2023, in lieu of cash compensation in the amount of $20,000, each director was awarded shares of Common Stock, $0.01 par value, (the “Shares”) in FREIT. Based on the closing price of FREIT’s Shares on March 9, 2023 of $15.50 per Share, the Board has approved an award of 1,290 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,290 Shares were issued to each director on March 9, 2023 and upon issuance were deemed fully paid and non-assessable. Additionally, the Compensation Committee recommended to the Board and the Board approved other adjustments to the compensation to be paid to directors and the executive officers of FREIT. As of April 30, 2023, 433,030 shares are available for issuance under the FREIT Equity Incentive Plan (the “Plan”). The following table summarizes stock option activity for the six and three months ended April 30, 2023 and 2022: Six Months Ended April 30, Three Months Ended April 30, 2023 2023 No. of Options Weighted Average No. of Options Weighted Average Outstanding Price Outstanding Price Options outstanding at beginning of period 126,140 $ 10.64 13,240 $ 8.74 Options granted during period — — — — Options forfeited/cancelled during period — — — — Options exercised during period (113,900 ) (10.83 ) (1,000 ) (7.50 ) Options outstanding at end of period 12,240 $ 8.84 12,240 $ 8.84 Options vested and expected to vest 11,100 11,100 Options exercisable at end of period 3,640 3,640 Six and Three Months Ended April 30, 2022 No. of Options Weighted Average Outstanding Price Options outstanding at beginning of period 310,740 $ 18.35 Options granted during period — — Options forfeited/cancelled during period — — Options exercised during period — — Options outstanding at end of period 310,740 $ 18.35 Options vested and expected to vest 309,450 Options exercisable at end of period 293,540 For the six and three months ended April 30, 2023, compensation expense related to stock options vested amounted to approximately $10,000 and $5,000, respectively. For the six and three month periods ended April 30, 2022, compensation expense related to stock options vested amounted to approximately $10,000 and $5,000, respectively. At April 30, 2023, there was approximately $2,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over the remaining weighted average vesting period of approximately 0.1 years. The aggregate intrinsic value of options vested and expected to vest and options exercisable at April 30, 2023 was approximately $62,700 and $13,200, respectively. For the six and three months ended April 30, 2023, 113,900 and 1,000 options, respectively, were exercised for an aggregate amount of approximately $1.2 million and $7,500, respectively. There were no options exercised for the six and three months ended April 30, 2022.

Deferred fee plan

Deferred fee plan	6 Months Ended
	Apr. 30, 2023
Deferred fee plan [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-year Treasury Bond interest rate plus 150 basis points); and (iii) dividends payable in respect of share units allocated to participants in the Deferred Fee Plan as a result of deferrals described above. The number of share units credited to a participant’s account was determined by the closing price of FREIT shares on the date as set forth in the Deferred Fee Plan. For the six months ended April 30, 2023 and 2022, the aggregate amounts of deferred director fees together with related interest and dividends were approximately $26,500 and $100,500, respectively, which have been paid through the issuance of 1,630 and 4,080 vested FREIT share units, respectively, based on the closing price of FREIT shares on the dates as set forth in the Deferred Fee Plan. For the six months ended April 30, 2023 and 2022, FREIT has charged as expense approximately $26,500 and $65,200, respectively, representing deferred director fees and interest, and the balance of approximately $0 and $35,300, respectively, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity. On November 4, 2021 (the “Adoption Date”), the Board approved the termination of the Deferred Fee Plan resulting in the termination of the deferral of fees on December 31, 2021 with any subsequent fees earned by a participant being paid in cash. Consistent with the termination of the Deferred Fee Plan, payment related to each participant’s cash account (in the form of a cash lump sum payment) and share unit account (in the form of the issuance of common stock) (collectively “the Deferred Fee Plan Termination Payment”) 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. On November 3, 2022, the Board determined that the Deferred Fee Plan Termination Payment would be made to the participants in the Deferred Fee Plan on January 20, 2023. As of October 31, 2022, the total payment related to each participant’s cash account was approximately $2,317,000 (consisting of approximately $1,366,000 of cumulative fees and approximately $951,000 of accrued interest) which had been deferred as of November 1, 2014 and was included in the “Deferred director compensation payable” in the condensed consolidated balance sheet as of October 31, 2022. On January 20, 2023, in accordance with the Deferred Fee Plan Termination Payment, this amount was paid in full to each respective participant with no remaining balance due. Additionally, payment related to each participant’s share unit account was made in the form of the issuance of stock to each respective participant resulting in the issuance of 274,509 shares of common stock for each of the 274,509 vested share units. As of April 30, 2023, there were no remaining vested share units to be paid in the form of the issuance of stock.

Rental Income

Rental Income	6 Months Ended
	Apr. 30, 2023
Rental Income [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. 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 April 30, 2023, is as follows: Year Ending October 31, Amount 2023 $ 5,639 2024 5,019 2025 4,327 2026 3,493 2027 2,353 Thereafter 4,221 Total $ 25,052 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 six and three months ended April 30, 2023 and 2022 were not material. Residential tenants Lease terms for residential tenants are usually one to two years.

Investment in tenancy-in-comm_2

Investment in tenancy-in-common (Tables)	6 Months Ended
	Apr. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Balance Sheet of Pierre Property	April 30, October 31, 2023 2022 (In Thousands of Dollars) Real estate, net $ 75,065 $ 76,042 Cash and cash equivalents 2,360 2,051 Tenants' security accounts 485 454 Receivables and other assets 648 583 Total assets $ 78,558 $ 79,130 Mortgages payable, net of unamortized debt issuance costs $ 49,080 $ 49,425 Accounts payable and accrued expenses 211 178 Tenants' security deposits 489 462 Deferred revenue 147 145 Equity 28,631 28,920 Total liabilities & equity $ 78,558 $ 79,130 FREIT's investment in TIC (65% interest) $ 18,610 $ 18,798
Schedule of Income Statement of Pierre Property	Six Months Ended April 30, Three Months Ended April 30, 2023 2022 2023 2022 (In Thousands of Dollars) (In Thousands of Dollars) Revenue $ 4,096 $ 3,923 $ 2,027 $ 1,969 Operating expenses 2,485 2,275 1,263 1,074 Depreciation 1,101 1,087 551 545 Operating income 510 561 213 350 Interest expense including amortization of deferred financing costs 799 801 399 400 Net loss $ (289 ) $ (240 ) $ (186 ) $ (50 ) FREIT's loss on investment in TIC (65% interest) $ (188 ) $ (156 ) $ (121 ) $ (32 )

Fair value of long-term debt (T

Fair value of long-term debt (Tables)	6 Months Ended
	Apr. 30, 2023
Fair Value of Long-Term Debt [Abstract]
Schedule of estimated fair value and carrying value of long-term debt	($ in Millions) April 30, 2023 October 31, 2022 Fair Value $134.1 $132.2 Carrying Value, Net $137.2 $138.1

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Apr. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment and Related Information	Six Months Ended Three Months Ended April 30, April 30, 2023 2022 2023 2022 (In Thousands of Dollars) (In Thousands of Dollars) Real estate rental revenue: Commercial $ 4,338 $ 6,266 $ 2,084 $ 1,945 Residential 9,633 11,059 4,880 4,721 Total real estate rental revenue 13,971 17,325 6,964 6,666 Real estate operating expenses: Commercial 2,488 3,919 1,241 1,234 Residential 4,337 4,687 2,197 2,046 Total real estate operating expenses 6,825 8,606 3,438 3,280 Net operating income: Commercial 1,850 2,347 843 711 Residential 5,296 6,372 2,683 2,675 Total net operating income $ 7,146 $ 8,719 $ 3,526 $ 3,386 Recurring capital improvements - residential $ (290 ) $ (206 ) $ (145 ) $ (158 ) Reconciliation to condensed consolidated net income (loss) attributable to common equity: Segment NOI $ 7,146 $ 8,719 $ 3,526 $ 3,386 Deferred rents - straight lining (76 ) (61 ) (48 ) (51 ) Investment income 407 64 218 38 General and administrative expenses (1,802 ) (2,196 ) (975 ) (869 ) Loss on investment in tenancy-in-common (188 ) (156 ) (121 ) (32 ) Depreciation (1,454 ) (2,534 ) (732 ) (714 ) Net (loss) gain on sale of Maryland properties (446 ) 68,771 (203 ) (1,232 ) Financing costs (3,827 ) (4,455 ) (1,951 ) (1,527 ) Net (loss) income (240 ) 68,152 (286 ) (1,001 ) Net loss (income) attributable to noncontrolling interests in subsidiaries 756 (22,727 ) 383 649 Net income (loss) attributable to common equity $ 516 $ 45,425 $ 97 $ (352 )

Equity incentive plan (Tables)

Equity incentive plan (Tables)	6 Months Ended
	Apr. 30, 2023
Equity Incentive Plan [Abstract]
Schedule of Stock Option Activity	Six Months Ended April 30, Three Months Ended April 30, 2023 2023 No. of Options Weighted Average No. of Options Weighted Average Outstanding Price Outstanding Price Options outstanding at beginning of period 126,140 $ 10.64 13,240 $ 8.74 Options granted during period — — — — Options forfeited/cancelled during period — — — — Options exercised during period (113,900 ) (10.83 ) (1,000 ) (7.50 ) Options outstanding at end of period 12,240 $ 8.84 12,240 $ 8.84 Options vested and expected to vest 11,100 11,100 Options exercisable at end of period 3,640 3,640 Six and Three Months Ended April 30, 2022 No. of Options Weighted Average Outstanding Price Options outstanding at beginning of period 310,740 $ 18.35 Options granted during period — — Options forfeited/cancelled during period — — Options exercised during period — — Options outstanding at end of period 310,740 $ 18.35 Options vested and expected to vest 309,450 Options exercisable at end of period 293,540

Rental Income (Tables)

Rental Income (Tables)	6 Months Ended
	Apr. 30, 2023
Rental Income [Abstract]
Schedule of Minimum Rental Income to be Received from Non-Cancelable Operating Leases	Year Ending October 31, Amount 2023 $ 5,639 2024 5,019 2025 4,327 2026 3,493 2027 2,353 Thereafter 4,221 Total $ 25,052

Dividends and earnings (loss)_2

Dividends and earnings (loss) per share (Details) - USD ($)	3 Months Ended			6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Jan. 31, 2022	Apr. 30, 2023	Apr. 30, 2022
Dividends and earnings (loss) per share (Details) [Line Items]
Dividends declared per share (in Dollars per share)		$ 0.1	$ 0.1
Average dilutive shares outstanding	5,000	0		7,000	71,000
Earnings per share (in Dollars per share)		$ 0			$ 0.06
Anti-dilutive shares		311,000			0
FREIT Maryland [Member]
Dividends and earnings (loss) per share (Details) [Line Items]
Dividends declared (in Dollars)				$ 372,000
Dividends declared per share (in Dollars per share)				$ 0.05

Interest rate cap and swap co_2

Interest rate cap and swap contracts (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 17, 2022	Jan. 10, 2022	Dec. 30, 2021	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022	Oct. 31, 2022
Interest rate cap and swap contracts (Details) [Line Items]
Proceeds from sale		$ 18,200,000	$ 116,500,000
Breakage fees							$ 213,000
Maturity date	October 2026
Settlement amount	$ 1,400,000
Unrealized loss				$ 107,000		$ 557,000
Unrealized gain					$ 2,539,000		$ 3,801,000
Regency Swap [Member]
Interest rate cap and swap contracts (Details) [Line Items]
Unrealized gain						423,000
Interest rate swap contract liabilities								$ 611,000
Station Place Swap [Member]
Interest rate cap and swap contracts (Details) [Line Items]
Unrealized gain						$ 429,000
Interest rate swap contract liabilities								$ 798,000

Investment in tenancy-in-comm_3

Investment in tenancy-in-common (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022	Oct. 31, 2022	Feb. 28, 2020
Investment in tenancy-in-common (Details) [Line Items]
Investment in tenancy-in-common	$ 18,610,000		$ 18,610,000		$ 18,798,000
Loss on investment	(121,000)	$ (32,000)	$ (188,000)	$ (156,000)
Percentage of management fees of rent collected			5%
Management fees	106,000	99,000	$ 208,000	197,000
F R E I Ts Investment [Member]
Investment in tenancy-in-common (Details) [Line Items]
Investment in tenancy-in-common	18,600,000		18,600,000		$ 18,800,000
Loss on investment	$ 121,000	$ 32,000	$ 188,000	$ 156,000
S And A Commercial Associates Limited Partnership [Member]
Investment in tenancy-in-common (Details) [Line Items]
Percentage of ownership interest						65%
Pierre Towers [Member]
Investment in tenancy-in-common (Details) [Line Items]
Percentage of ownership interest						100%
Pierre Towers, LLC [Member]
Investment in tenancy-in-common (Details) [Line Items]
Percentage of ownership interest						100%
TIC Agreement [Member]
Investment in tenancy-in-common (Details) [Line Items]
Percentage of ownership interest						65%

Investment in tenancy-in-comm_4

Investment in tenancy-in-common (Details) - Schedule of Balance Sheet of Pierre Property - Pierre Towers property [Member] - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Investment in tenancy-in-common (Details) - Schedule of Balance Sheet of Pierre Property [Line Items]
Real estate, net	$ 75,065	$ 76,042
Cash and cash equivalents	2,360	2,051
Tenants' security accounts	485	454
Receivables and other assets	648	583
Total assets	78,558	79,130
Mortgages payable, net of unamortized debt issuance costs	49,080	49,425
Accounts payable and accrued expenses	211	178
Tenants' security deposits	489	462
Deferred revenue	147	145
Equity	28,631	28,920
Total liabilities & equity	78,558	79,130
FREIT's investment in TIC (65% interest)	$ 18,610	$ 18,798

Investment in tenancy-in-comm_5

Investment in tenancy-in-common (Details) - Schedule of Income Statement of Pierre Property - Pierre Towers property [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Investment in tenancy-in-common (Details) - Schedule of Income Statement of Pierre Property [Line Items]
Revenue	$ 2,027	$ 1,969	$ 4,096	$ 3,923
Operating expenses	1,263	1,074	2,485	2,275
Depreciation	551	545	1,101	1,087
Operating income	213	350	510	561
Interest expense including amortization of deferred financing costs	399	400	799	801
Net loss	(186)	(50)	(289)	(240)
FREIT's loss on investment in TIC (65% interest)	$ (121)	$ (32)	$ (188)	$ (156)

Termination of Purchase and S_2

Termination of Purchase and Sale Agreement (Details) - USD ($)				3 Months Ended		6 Months Ended
	Dec. 22, 2022	Dec. 08, 2022	Feb. 04, 2022	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Termination of Purchase and Sale Agreement (Details) [Line Items]
Loss contingency damages awarded value held in escrow			$ 15,000,000
Fee amount	$ 3,420,422.88	$ 3,420,422.88
Liquidated damage amount		$ 15,000,000
Attorney’s fees						$ 3,420,422.88
Legal costs				$ 195,000	$ 279,000	391,000	$ 892,000
Purchase and Sale Agreement [Member]
Termination of Purchase and Sale Agreement (Details) [Line Items]
Percentage of ownership interest			100%
Escrow deposit amount				$ 15,000,000		$ 15,000,000

Maryland property dispositions

Maryland property dispositions (Details) - USD ($)		6 Months Ended
	Aug. 04, 2022	Apr. 30, 2023	Nov. 22, 2021
Maryland property dispositions (Details) [Line Items]
Purchase description		This sale resulted in net proceeds of approximately $55 million (inclusive of approximately $1.1 million in funds released during the second quarter of Fiscal 2023, $0.1 million in funds released during the first quarter of Fiscal 2023 and $1.9 million in funds released in Fiscal 2022 from the Maryland Purchaser Escrow Payment), after payment of related mortgage debt in the amount of $155.8 million and the corresponding swap breakage fees of approximately $213,000 related to the early termination of the interest rate swap contracts on the Damascus Property loan, payment of loans (including interest) to each of the equity owners in Grande Rotunda in the amount of approximately $31 million and certain transactional expenses and transfer taxes including brokerage fees due to Hekemian & Co. of approximately $6.2 million. As of April 30, 2023, approximately $3,176,000 of the Maryland Purchaser Escrow Payment has been released from escrow to the Maryland Sellers. The escrow and related gain on sale were reduced by approximately $446,000 and $203,000 for the six and three months ended April 30, 2023, respectively, and $1.2 million for the six and three months ended April 30, 2022 due to a change in estimate related to a change in the timing of anticipated rent commencement dates for certain tenants, which will reduce the escrowed funds available to be released to Grande Rotunda. Approximately $4.7 million and $6.3 million of remaining funds are held in a post-closing escrow for rents and are included in “Funds held in post-closing escrow” on the accompanying condensed consolidated balance sheets as of April 30, 2023 and October 31, 2022, respectively. Approximately $3.7 million of these funds held in post-closing escrow are anticipated to be released in Fiscal 2023 and the remaining balance is anticipated to be released in Fiscal 2024. The sale of the Maryland Properties resulted in a net gain of approximately $68.3 million (as adjusted) (with a consolidated impact to FREIT of approximately $45.3 million) which includes approximately $7.8 million of proceeds released and anticipated to be released from funds held in escrow, a write-off of the straight-line rent receivable of approximately $2.9 million and a write-off of unamortized lease commissions of approximately $1.7 million.
Cash distribution, per share (in Dollars per share)	$ 7.5
FREIT [Member]
Maryland property dispositions (Details) [Line Items]
Cash distribution	$ 51,500,000
Purchase and Sale Agreement [Member] | FREIT [Member]
Maryland property dispositions (Details) [Line Items]
Percentage of ownership interest			100%
Purchase and Sale Agreement [Member] | Grande Rotunda, LLC [Member]
Maryland property dispositions (Details) [Line Items]
Percentage of ownership interest			60%
Purchase and Sale Agreement [Member] | Damascus Centre, LLC [Member]
Maryland property dispositions (Details) [Line Items]
Percentage of ownership interest			70%
Purchase and Sale Agreement of Mary land Properties [Member]
Maryland property dispositions (Details) [Line Items]
Purchase price		$ 172,300,000
Purchase and Sale Agreement of Rotunda Property [Member]
Maryland property dispositions (Details) [Line Items]
Purchase price		248,750,269
Escrow deposit amount		$ 15,526,731

Management agreement, fees an_2

Management agreement, fees and transactions with related party (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Management agreement, fees and transactions with related party (Details) [Line Items]
Fees charged to operation	$ 332,000	$ 306,000	$ 659,000	$ 790,000
Commissions and reimbursements	182,000	164,000	322,000	348,000
Commissions, charged to operations	16,000	7,000	65,000	59,000
Fees incurred	21,000	0	21,000	6,294,000
Director fee expense			314,000
Executive compensation				279,000
Rotunda Property [Member]
Management agreement, fees and transactions with related party (Details) [Line Items]
Loan commission			4,777,000
Damascus Property [Member]
Management agreement, fees and transactions with related party (Details) [Line Items]
Loan commission			917,000
Westridge Square Property [Member]
Management agreement, fees and transactions with related party (Details) [Line Items]
Loan commission			525,000
Boulders Property [Member]
Management agreement, fees and transactions with related party (Details) [Line Items]
Loan commission			75,000
Robert S. Hekemian, Jr. [Member]
Management agreement, fees and transactions with related party (Details) [Line Items]
Director fee expense	11,000		21,000
Executive compensation		10,000		20,000
Allan Tubin [Member]
Management agreement, fees and transactions with related party (Details) [Line Items]
Director fee expense	33,000		$ 46,000
Executive compensation		14,000		$ 29,000
FREIT [Member]
Management agreement, fees and transactions with related party (Details) [Line Items]
Director fee expense	$ 173,000
Executive compensation		$ 144,000
Minimum [Member]
Management agreement, fees and transactions with related party (Details) [Line Items]
Management fees equal percentage			4%
Maximum [Member]
Management agreement, fees and transactions with related party (Details) [Line Items]
Management fees equal percentage			5%

Mortgage financings and line _2

Mortgage financings and line of credit (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jun. 22, 2022	Apr. 30, 2023	May 31, 2023	Feb. 01, 2023	Oct. 31, 2022	Aug. 19, 2022	Dec. 30, 2021
Mortgage financings and line of credit (Details) [Line Items]
Loan amount		$ 25,500,000				$ 25,000,000
Loan term years		3 years
Fixed interest rate on old loan		6.05%
Installment amount		$ 157,347
Interest rate		7.5
Principal amount		1,888,166
Loan agreement, Description	Wayne PSC, LLC (“Wayne PSC”) refinanced its $22.1 million loan (inclusive of deferred interest of approximately $136,000), which would have matured on October 1, 2026, on its Preakness Shopping center located in Wayne, New Jersey with a new loan held by ConnectOne Bank in the amount of $25,000,000. This loan is interest-only based on a fixed interest rate of 5% and has a term of three years with a maturity date of August 1, 2025. Additionally, an interest reserve escrow was established at closing representing twelve months of interest of $1,250,000, which can be used to pay monthly interest on this loan with a requirement to replenish the escrow account back to $1,250,000 when the balance in the escrow account is reduced to three months of interest. This refinancing resulted in (i) annual debt service savings of approximately $340,000 due to interest-only payments; (ii) an increase in the interest rate from a fixed interest rate of 3.625% to a fixed interest rate of 5%; and (iii) net refinancing proceeds of approximately $1.1 million which can be used for capital expenditures and general corporate purposes. As part of the refinancing, Wayne PSC terminated the interest rate swap contract on the underlying loan resulting in a realized gain on the swap breakage of approximately $1.4 million (See Note 4 for additional details.) As of April 30, 2023, the interest reserve escrow account has a balance of approximately $302,000
Available to draw		7,500,000
Annual debt service savings		1,173,000
Line of Credit, available					$ 13,000,000
Westwood Hills, LLC [Member]
Mortgage financings and line of credit (Details) [Line Items]
Interest rate		8.84%
FREIT [Member]
Mortgage financings and line of credit (Details) [Line Items]
Loan amount, new							$ 14,400,000
FREIT Maryland [Member]
Mortgage financings and line of credit (Details) [Line Items]
Loan amount, new		$ 25,000,000					$ 7,500,000
Available to draw		$ 7,500,000
FREIT Maryland [Member] | Maximum [Member]
Mortgage financings and line of credit (Details) [Line Items]
Fixed interest rate on old loan		5.37%
FREIT Maryland [Member] | Minimum [Member]
Mortgage financings and line of credit (Details) [Line Items]
Fixed interest rate on old loan		2.85%
FREIT [Member]
Mortgage financings and line of credit (Details) [Line Items]
Maturity date of loan		Jan. 01, 2024
Subsequent Event [Member]
Mortgage financings and line of credit (Details) [Line Items]
Escrow amount			$ 950,000
Replenish balance amount			$ 1,250,000
New Jersey Division of Taxation [Member]
Mortgage financings and line of credit (Details) [Line Items]
Outstanding balance				$ 16,864,361
Line of Credit [Member]
Mortgage financings and line of credit (Details) [Line Items]
Interest rate		$ 13,000,000
Basis points, interest rate		3.75%

Fair value of long-term debt (D

Fair value of long-term debt (Details) - Schedule of estimated fair value and carrying value of long-term debt - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Schedule of Estimated Fair Value and Carrying Value of Long Term Debt [Abstract]
Fair Value	$ 134,100	$ 132,200
Carrying Value, Net	$ 137,228	$ 138,072

Segment information (Details) -

Segment information (Details) - Schedule of Segment and Related Information - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Real estate rental revenue:
Real estate rental revenue	$ 6,964	$ 6,666	$ 13,971	$ 17,325
Real estate operating expenses:
Real estate operating expenses	3,438	3,280	6,825	8,606
Net operating income:
Net operating income	3,526	3,386	7,146	8,719
Recurring capital improvements - residential	(145)	(158)	(290)	(206)
Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Segment NOI	3,526	3,386	7,146	8,719
Deferred rents - straight lining	(48)	(51)	(76)	(61)
Investment income	218	38	407	64
General and administrative expenses	(975)	(869)	(1,802)	(2,196)
Loss on investment in tenancy-in-common	(121)	(32)	(188)	(156)
Depreciation	(732)	(714)	(1,454)	(2,534)
Net (loss) gain on sale of Maryland properties	(203)	(1,232)	(446)	68,771
Financing costs	(1,951)	(1,527)	(3,827)	(4,455)
Net income	(286)	(1,001)	(240)	68,152
Net loss (income) attributable to noncontrolling interests in subsidiaries	383	649	756	(22,727)
Net income attributable to common equity	97	(352)	516	45,425
Commercial [Member]
Real estate rental revenue:
Real estate rental revenue	2,084	1,945	4,338	6,266
Real estate operating expenses:
Real estate operating expenses	1,241	1,234	2,488	3,919
Net operating income:
Net operating income	843	711	1,850	2,347
Residential [Member]
Real estate rental revenue:
Real estate rental revenue	4,880	4,721	9,633	11,059
Real estate operating expenses:
Real estate operating expenses	2,197	2,046	4,337	4,687
Net operating income:
Net operating income	$ 2,683	$ 2,675	$ 5,296	$ 6,372

Income taxes (Details)

Income taxes (Details)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Income Tax Disclosure [Abstract]
Ordinary taxable income percentage	90%
Federal income tax percentage		143.80%
Capital gain percentage		100%

Equity incentive plan (Details)

Equity incentive plan (Details) - USD ($)		3 Months Ended		6 Months Ended
	Mar. 09, 2023	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022	Oct. 31, 2022
Equity incentive plan (Details) [Line Items]
Cash compensation	$ 20,000
Common stock par value (in Dollars per share)		$ 0.01		$ 0.01		$ 0.01
Per share (in Dollars per share)	$ 15.5
Award of shares (in Shares)	1,290
Shares issued (in Shares)	1,290
Compensation expense		$ 5,000	$ 5,000	$ 10,000	$ 10,000
Aggregate intrinsic value of options expected to vest		1,000		1,000
Aggregate intrinsic value of options exercisable		7,500		$ 7,500
Equity Incentive Plan [Member]
Equity incentive plan (Details) [Line Items]
Common stock par value (in Dollars per share)	$ 0.01
Shares issuance (in Shares)				433,030
Aggregate intrinsic value of options expected to vest		113,900		$ 113,900
Aggregate intrinsic value of options exercisable		1,200,000		1,200,000
Employee Stock Option [Member]
Equity incentive plan (Details) [Line Items]
Unrecognized compensation cost		2,000		$ 2,000
Unrecognized compensation cost, recognition period				1 month 6 days
Aggregate intrinsic value of options expected to vest		62,700		$ 62,700
Aggregate intrinsic value of options exercisable		$ 13,200		$ 13,200

Equity incentive plan (Detail_2

Equity incentive plan (Details) - Schedule of Stock Option Activity - $ / shares	3 Months Ended	6 Months Ended
	Apr. 30, 2023	Apr. 30, 2023	Apr. 30, 2022
Equity incentive plan (Details) - Schedule of Stock Option Activity [Line Items]
No. of Options Outstanding, Options outstanding at beginning of year			310,740
Weighted Average Exercise price beginning of year (in Dollars per share)			$ 18.35
No. of Options Outstanding, Options granted during year
Weighted Average Exercise price options granted during year (in Dollars per share)
No. of Options Outstanding, Options forfeited/cancelled during year
Weighted Average Exercise price forfeited/cancelled during year (in Dollars per share)
No. of Options Outstanding, Options exercised during year
Weighted Average options exercised during year (in Dollars per share)
No. of Options Outstanding, Options outstanding at end of year			310,740
Weighted Average Exercise price at end of year (in Dollars per share)			$ 18.35
No. of Options Outstanding, Options vested and expected to vest			309,450
No. of Options Outstanding, Options exercisable at end of year			293,540
Share-Based Payment Arrangement, Option [Member]
Equity incentive plan (Details) - Schedule of Stock Option Activity [Line Items]
No. of Options Outstanding, Options outstanding at beginning of year	13,240	126,140
Weighted Average Exercise price beginning of year (in Dollars per share)	$ 8.74	$ 10.64
No. of Options Outstanding, Options granted during year
Weighted Average Exercise price options granted during year (in Dollars per share)
No. of Options Outstanding, Options forfeited/cancelled during year
Weighted Average Exercise price forfeited/cancelled during year (in Dollars per share)
No. of Options Outstanding, Options exercised during year	(1,000)	(113,900)
Weighted Average options exercised during year (in Dollars per share)	$ (7.5)	$ (10.83)
No. of Options Outstanding, Options outstanding at end of year	12,240	12,240
Weighted Average Exercise price at end of year (in Dollars per share)	$ 8.84	$ 8.84
No. of Options Outstanding, Options vested and expected to vest	11,100	11,100
No. of Options Outstanding, Options exercisable at end of year	3,640	3,640

Deferred fee plan (Details)

Deferred fee plan (Details) - USD ($)			6 Months Ended
	Oct. 31, 2022	Sep. 04, 2014	Apr. 30, 2023	Apr. 30, 2022
Deferred fee plan (Details) [Line Items]
Average period		10 years
Shares issued (in Shares)			1,630	4,080
Issuance of shares (in Shares)			274,509
Common stock vested shares (in Shares)			274,509
Deferred Fee Plan [Member]
Deferred fee plan (Details) [Line Items]
Basis spread on any deferred fee			150%
Trustee fee expense			$ 26,500
Shares issued (in Shares)				100,500
Deferred trustee fees			26,500	$ 65,200
Dividends payable			$ 0	$ 35,300
Total payment to each participant’s	$ 2,317,000
Cumulative fees	1,366,000
Deferred accrued interest	$ 951,000

Rental Income (Details)

Rental Income (Details)	6 Months Ended
	Apr. 30, 2023
Rental Income (Details) [Line Items]
Lease terms for residential tenants, periods	5 years
Minimum [Member]
Rental Income (Details) [Line Items]
Lease terms for residential tenants, periods	1 year
Maximum [Member]
Rental Income (Details) [Line Items]
Lease terms for residential tenants, periods	2 years

Rental Income (Details) - Sched

Rental Income (Details) - Schedule of Minimum Rental Income to be Received from Non-Cancelable Operating Leases $ in Thousands	Apr. 30, 2023 USD ($)
Schedule Of Minimum Rental Income To Be Received From Non Cancelable Operating Leases Abstract
2023	$ 5,639
2024	5,019
2025	4,327
2026	3,493
2027	2,353
Thereafter	4,221
Total	$ 25,052