2022 Q2 Form 10-Q Financial Statement

#000117494722000753 Filed on June 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $6.615M $10.65M $12.19M
YoY Change -48.34% -16.5% 7.91%
Cost Of Revenue $3.835M $6.156M $6.215M
YoY Change -43.76% 2.17% 16.32%
Gross Profit $2.780M $4.493M $5.976M
YoY Change -53.55% -33.23% 0.37%
Gross Profit Margin 42.03% 42.19% 49.02%
Selling, General & Admin $314.0K $497.0K $553.0K
YoY Change -44.03% -5.51% 3.95%
% of Gross Profit 11.29% 11.06% 9.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $714.0K $1.820M $2.352M
YoY Change -69.46% -20.7% -4.16%
% of Gross Profit 25.68% 40.51% 39.36%
Operating Expenses $4.863M $8.473M $2.905M
YoY Change -49.96% -4.22% -2.71%
Operating Profit $1.752M $2.176M $3.071M
YoY Change -43.23% -44.32% 3.47%
Interest Expense $1.527M $2.928M -$3.056M
YoY Change -50.1% -6.51% -3.47%
% of Operating Profit 87.16% 134.56% -99.51%
Other Income/Expense, Net
YoY Change
Pretax Income $3.386M $5.333M $15.00K
YoY Change -50.93% -30.46% -100.2%
Income Tax
% Of Pretax Income
Net Earnings -$352.0K $45.78M $151.0K
YoY Change -4011.11% 8103.76% -103.57%
Net Earnings / Revenue -5.32% 429.87% 1.24%
Basic Earnings Per Share -$0.05 $6.51 $0.02
Diluted Earnings Per Share -$0.05 $6.45 $21.47K
COMMON SHARES
Basic Shares Outstanding 7.038M shares 7.036M shares
Diluted Shares Outstanding 7.038M shares 7.099M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.75M $95.44M $35.89M
YoY Change 147.88% 139.87% -2.63%
Cash & Equivalents $95.75M $95.44M $35.89M
Short-Term Investments
Other Short-Term Assets $2.710M $3.059M $5.493M
YoY Change -47.06% -38.2% 10.19%
Inventory
Prepaid Expenses
Receivables $1.447M $1.516M $5.369M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $99.91M $100.0M $46.75M
YoY Change 105.24% 99.14% -1.85%
LONG-TERM ASSETS
Property, Plant & Equipment $97.19M $97.67M $271.3M
YoY Change -64.64% -64.71% -2.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $18.87M $18.90M $19.38M
YoY Change -3.39% -5.84% -3.57%
Other Assets $204.0K $193.0K $2.038M
YoY Change -90.0% -91.07% -5.78%
Total Long-Term Assets $125.3M $127.5M $299.4M
YoY Change -58.67% -58.3% -2.68%
TOTAL ASSETS
Total Short-Term Assets $99.91M $100.0M $46.75M
Total Long-Term Assets $125.3M $127.5M $299.4M
Total Assets $225.2M $227.5M $346.1M
YoY Change -35.99% -36.08% -2.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.613M $2.804M $2.375M
YoY Change -43.14% 4.3%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.919M $7.270M $10.83M
YoY Change -54.21% -33.91% -16.43%
LONG-TERM LIABILITIES
Long-Term Debt $136.1M $136.5M $299.9M
YoY Change -55.0% -55.2% -1.82%
Other Long-Term Liabilities $462.0K $1.676M $3.451M
YoY Change -88.89% -68.7% -42.17%
Total Long-Term Liabilities $136.5M $138.2M $303.3M
YoY Change -55.46% -55.43% -2.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.919M $7.270M $10.83M
Total Long-Term Liabilities $136.5M $138.2M $303.3M
Total Liabilities $142.4M $144.8M $314.2M
YoY Change -55.41% -54.77% -3.14%
SHAREHOLDERS EQUITY
Retained Earnings $56.98M $58.04M $12.96M
YoY Change -6.0%
Common Stock $71.00K $71.00K $71.00K
YoY Change -99.75% -99.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.49M $82.64M $36.57M
YoY Change
Total Liabilities & Shareholders Equity $225.2M $227.5M $346.1M
YoY Change -35.99% -36.08% -2.56%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$352.0K $45.78M $151.0K
YoY Change -4011.11% 8103.76% -103.57%
Depreciation, Depletion And Amortization $714.0K $1.820M $2.352M
YoY Change -69.46% -20.7% -4.16%
Cash From Operating Activities $25.00K $2.895M $2.024M
YoY Change -99.32% -43.91% -47.06%
INVESTING ACTIVITIES
Capital Expenditures -$191.0K -$485.0K -$637.0K
YoY Change -8.17% 18.58% 105.48%
Acquisitions
YoY Change
Other Investing Activities -$1.351M $252.8M -$175.0K
YoY Change -582.5% -138.46%
Cash From Investing Activities -$1.542M $252.3M -$812.0K
YoY Change -2241.67% -53331.65% -660.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.450M -$187.3M -1.351M
YoY Change -65.66% 17878.79% -210.38%
NET CHANGE
Cash From Operating Activities 25.00K $2.895M 2.024M
Cash From Investing Activities -1.542M $252.3M -812.0K
Cash From Financing Activities -1.450M -$187.3M -1.351M
Net Change In Cash -2.967M $67.87M -139.0K
YoY Change 523.32% 1762.11% -102.68%
FREE CASH FLOW
Cash From Operating Activities $25.00K $2.895M $2.024M
Capital Expenditures -$191.0K -$485.0K -$637.0K
Free Cash Flow $216.0K $3.380M $2.661M
YoY Change -94.44% -39.32% -35.62%

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24000 USD
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DeferredRealEstateTaxAppealFees
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DeferredInterestOnMortgages
USD
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ProceedsFromSaleOfPropertyPlantAndEquipment
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PaymentsForLeasingCosts
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PaymentsForLeasingCosts
143000 USD
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357000 USD
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423000 USD
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ProceedsFromIssuanceOfSecuredDebt
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RepaymentsOfRelatedPartyDebt
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PaymentsOfDividendsCommonStock
342000 USD
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PaymentsToMinorityShareholders
19880000 USD
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510000 USD
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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InterestPaidNet
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us-gaap Interest Paid Net
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frevsob Commercial Tenant Security Deposits Applied To Accounts Receivable
CommercialTenantSecurityDepositsAppliedToAccountsReceivable
USD
frevsob Commercial Tenant Security Deposits Applied To Accounts Receivable
CommercialTenantSecurityDepositsAppliedToAccountsReceivable
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frevsob Accrued Transactional Costs For Sales Of Maryland Properties
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326000 USD
frevsob Accrued Transactional Costs For Sales Of Maryland Properties
AccruedTransactionalCostsForSalesOfMarylandProperties
USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
93000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
345000 USD
CY2022Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
686000 USD
CY2021Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
342000 USD
us-gaap Dividends Paidinkind
DividendsPaidinkind
35000 USD
us-gaap Dividends Paidinkind
DividendsPaidinkind
16000 USD
frevsob Vested Share Units Issued To Consultant And Retired Trustee
VestedShareUnitsIssuedToConsultantAndRetiredTrustee
USD
frevsob Vested Share Units Issued To Consultant And Retired Trustee
VestedShareUnitsIssuedToConsultantAndRetiredTrustee
72000 USD
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
38627000 USD
CY2022Q2 us-gaap Security Deposit
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1030000 USD
CY2021Q2 us-gaap Security Deposit
SecurityDeposit
1395000 USD
CY2022Q2 us-gaap Funds Held For Clients
FundsHeldForClients
6251000 USD
CY2021Q2 us-gaap Funds Held For Clients
FundsHeldForClients
USD
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EscrowDeposit
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CY2021Q2 us-gaap Escrow Deposit
EscrowDeposit
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
103952000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42686000 USD
CY2022Q2 us-gaap Dividends Payable Amount Per Share
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0.10
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
71000 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
frevsob Impact Of Earnings Per Share
ImpactOfEarningsPerShare
0.06
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ImpactOfEarningsPerShare
0.00
CY2021Q2 frevsob Impact Of Earnings Per Share
ImpactOfEarningsPerShare
0
frevsob Impact Of Earnings Per Share
ImpactOfEarningsPerShare
0
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000 shares
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0 shares
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
311000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
311000 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
268000 shares
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
3801000 USD
CY2022Q2 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
2539000 USD
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
1675000 USD
CY2021Q2 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
1177000 USD
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
156000 USD
CY2022Q2 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
32000 USD
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
145000 USD
CY2021Q2 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
118000 USD
CY2020Q1 frevsob Percentage Of Management Fees Of Rent Collected
PercentageOfManagementFeesOfRentCollected
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us-gaap Management Fee Expense
ManagementFeeExpense
197000 USD
CY2022Q2 us-gaap Management Fee Expense
ManagementFeeExpense
99000 USD
us-gaap Management Fee Expense
ManagementFeeExpense
187000 USD
CY2021Q2 us-gaap Management Fee Expense
ManagementFeeExpense
95000 USD
frevsob Insurance Commissions Paid
InsuranceCommissionsPaid
0 USD
CY2022Q2 frevsob Insurance Commissions Paid
InsuranceCommissionsPaid
0 USD
frevsob Insurance Commissions Paid
InsuranceCommissionsPaid
10000 USD
CY2021Q2 frevsob Insurance Commissions Paid
InsuranceCommissionsPaid
0 USD
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15000000 USD
us-gaap Legal Fees
LegalFees
892000 USD
CY2022Q2 us-gaap Legal Fees
LegalFees
279000 USD
us-gaap Legal Fees
LegalFees
1108000 USD
CY2021Q2 us-gaap Legal Fees
LegalFees
628000 USD
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13000000 USD
CY2022Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
13000000 USD
CY2022Q2 us-gaap Debt Instrument Face Amount
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25000000 USD
CY2022Q2 frevsob Debt Instrument Interest Rate Stated Percentage Previous Loan
DebtInstrumentInterestRateStatedPercentagePreviousLoan
0.05 pure
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8719000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
14570000 USD
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3386000 USD
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6901000 USD
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
61000 USD
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
213000 USD
CY2022Q2 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
51000 USD
CY2021Q2 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
7000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
64000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
59000 USD
CY2022Q2 us-gaap Investment Income Net
InvestmentIncomeNet
38000 USD
CY2021Q2 us-gaap Investment Income Net
InvestmentIncomeNet
29000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2196000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2730000 USD
CY2022Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
869000 USD
CY2021Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1470000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-156000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-145000 USD
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-32000 USD
us-gaap Depreciation Nonproduction
DepreciationNonproduction
2534000 USD
us-gaap Depreciation Nonproduction
DepreciationNonproduction
4633000 USD
CY2022Q2 us-gaap Depreciation Nonproduction
DepreciationNonproduction
714000 USD
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-118000 USD
CY2021Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-72000 USD
us-gaap Net Income Loss
NetIncomeLoss
45425000 USD
us-gaap Net Income Loss
NetIncomeLoss
567000 USD
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-352000 USD
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
9000 USD
CY2021Q2 us-gaap Depreciation Nonproduction
DepreciationNonproduction
2338000 USD
frevsob Net Gain On Sale Of Maryland Properties
NetGainOnSaleOfMarylandProperties
68771000 USD
frevsob Net Gain On Sale Of Maryland Properties
NetGainOnSaleOfMarylandProperties
USD
CY2022Q2 frevsob Net Gain On Sale Of Maryland Properties
NetGainOnSaleOfMarylandProperties
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CY2021Q2 frevsob Net Gain On Sale Of Maryland Properties
NetGainOnSaleOfMarylandProperties
USD
us-gaap Interest Expense
InterestExpense
4455000 USD
us-gaap Interest Expense
InterestExpense
6192000 USD
CY2022Q2 us-gaap Interest Expense
InterestExpense
1527000 USD
CY2021Q2 us-gaap Interest Expense
InterestExpense
3060000 USD
us-gaap Profit Loss
ProfitLoss
68152000 USD
us-gaap Profit Loss
ProfitLoss
716000 USD
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ProfitLoss
-1001000 USD
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ProfitLoss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
22727000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
149000 USD
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NetIncomeLossAttributableToNoncontrollingInterest
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CY2021 frevsob Distributed Earnings Percentage
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0.99 pure
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
442060 shares
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10000 USD
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12000 USD
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
20000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y1M6D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1978000 USD
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1830000 USD
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
5740000 USD
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
5647000 USD
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
4541000 USD
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
3827000 USD
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
3077000 USD
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
4526000 USD
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
27358000 USD
frevsob Rental Revenue Deemed Uncollectible
RentalRevenueDeemedUncollectible
400000 USD
CY2022Q2 frevsob Rental Revenue Deemed Uncollectible
RentalRevenueDeemedUncollectible
300000 USD
frevsob Rental Revenue Deemed Uncollectible
RentalRevenueDeemedUncollectible
900000 USD
CY2021Q2 frevsob Rental Revenue Deemed Uncollectible
RentalRevenueDeemedUncollectible
300000 USD
frevsob Rent Abatements
RentAbatements
9000 USD
CY2022Q2 frevsob Rent Abatements
RentAbatements
0 USD
frevsob Additional Rent Abatements
AdditionalRentAbatements
101000 USD
CY2022Q2 frevsob Additional Rent Abatements
AdditionalRentAbatements
51000 USD
CY2022Q2 us-gaap Cash
Cash
95700000 USD
CY2022Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
13000000 USD

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