2023 Q1 Form 10-Q Financial Statement

#000117494723000365 Filed on March 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1
Revenue $6.979M
YoY Change -34.46%
Cost Of Revenue $3.888M
YoY Change -36.84%
Gross Profit $3.091M
YoY Change -31.2%
Gross Profit Margin 44.29%
Selling, General & Admin $326.0K
YoY Change -34.41%
% of Gross Profit 10.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $722.0K
YoY Change -60.33%
% of Gross Profit 23.36%
Operating Expenses $4.936M
YoY Change -41.74%
Operating Profit $3.620M
YoY Change 66.36%
Interest Expense $1.876M
YoY Change -35.93%
% of Operating Profit 51.82%
Other Income/Expense, Net
YoY Change
Pretax Income $3.620M
YoY Change -32.12%
Income Tax
% Of Pretax Income
Net Earnings $419.0K
YoY Change -99.08%
Net Earnings / Revenue 6.0%
Basic Earnings Per Share $0.06
Diluted Earnings Per Share $0.06
COMMON SHARES
Basic Shares Outstanding 7.436M shares
Diluted Shares Outstanding 7.433K shares

Balance Sheet

Concept 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.19M
YoY Change -61.04%
Cash & Equivalents $37.19M
Short-Term Investments
Other Short-Term Assets $3.018M
YoY Change -1.34%
Inventory
Prepaid Expenses
Receivables $1.383M
Other Receivables $0.00
Total Short-Term Assets $41.59M
YoY Change -58.42%
LONG-TERM ASSETS
Property, Plant & Equipment $96.03M
YoY Change -1.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $18.73M
YoY Change -0.9%
Other Assets $233.0K
YoY Change 20.73%
Total Long-Term Assets $122.9M
YoY Change -3.54%
TOTAL ASSETS
Total Short-Term Assets $41.59M
Total Long-Term Assets $122.9M
Total Assets $164.5M
YoY Change -27.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.426M
YoY Change -49.14%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.083M
YoY Change -57.59%
LONG-TERM LIABILITIES
Long-Term Debt $137.8M
YoY Change 0.95%
Other Long-Term Liabilities $451.0K
YoY Change -73.09%
Total Long-Term Liabilities $138.2M
YoY Change 0.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.083M
Total Long-Term Liabilities $138.2M
Total Liabilities $141.3M
YoY Change -2.41%
SHAREHOLDERS EQUITY
Retained Earnings -$6.330M
YoY Change -110.91%
Common Stock $74.00K
YoY Change 4.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.59M
YoY Change
Total Liabilities & Shareholders Equity $164.5M
YoY Change -27.67%

Cashflow Statement

Concept 2023 Q1
OPERATING ACTIVITIES
Net Income $419.0K
YoY Change -99.08%
Depreciation, Depletion And Amortization $722.0K
YoY Change -60.33%
Cash From Operating Activities -$862.0K
YoY Change -129.78%
INVESTING ACTIVITIES
Capital Expenditures -$330.0K
YoY Change -31.96%
Acquisitions
YoY Change
Other Investing Activities -$251.5M
YoY Change -199.47%
Cash From Investing Activities -$354.0K
YoY Change -100.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$11.77M
YoY Change -93.72%
NET CHANGE
Cash From Operating Activities -$862.0K
Cash From Investing Activities -$354.0K
Cash From Financing Activities -$11.77M
Net Change In Cash -$12.98M
YoY Change -119.13%
FREE CASH FLOW
Cash From Operating Activities -$862.0K
Capital Expenditures -$330.0K
Free Cash Flow -$532.0K
YoY Change -115.74%

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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2895000 usd
CY2023Q1 frevsob Cash Outlays Proceeds From Sale Of Maryland Properties Net
CashOutlaysProceedsFromSaleOfMarylandPropertiesNet
-165000 usd
CY2022Q1 frevsob Cash Outlays Proceeds From Sale Of Maryland Properties Net
CashOutlaysProceedsFromSaleOfMarylandPropertiesNet
247412000 usd
CY2022Q1 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
5094000 usd
CY2023Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
181000 usd
CY2022Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
485000 usd
CY2023Q1 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
8000 usd
CY2022Q1 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
60000 usd
CY2022Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
357000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-354000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
252318000 usd
CY2023Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
393000 usd
CY2022Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
171002000 usd
CY2022Q1 frevsob Mortgage Payable
MortgagePayable
7500000 usd
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1226000 usd
CY2023Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
6000 usd
CY2022Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
246000 usd
CY2022Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
3205000 usd
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
10742000 usd
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
686000 usd
CY2023Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1850000 usd
CY2022Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
19700000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11765000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-187339000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-12981000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
67874000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
58500000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
39045000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
45519000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
106919000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
1728000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
2525000 usd
CY2023Q1 us-gaap Stock Issued1
StockIssued1
78000 usd
CY2022Q1 us-gaap Stock Issued1
StockIssued1
407000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
42000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
58000 usd
CY2023Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
372000 usd
CY2022Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
686000 usd
CY2022Q1 us-gaap Dividends Paidinkind
DividendsPaidinkind
17000 usd
CY2023Q1 frevsob Cash And Cash Equivalents
CashAndCashEquivalents
37187000 usd
CY2022Q1 frevsob Cash And Cash Equivalents
CashAndCashEquivalents
95438000 usd
CY2023Q1 frevsob Tenants Security Accounts
TenantsSecurityAccounts
1024000 usd
CY2022Q1 frevsob Tenants Security Accounts
TenantsSecurityAccounts
1062000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
45777000 usd
CY2023Q1 frevsob Funds Held In Postclosing Escrow
FundsHeldInPostclosingEscrow
-5962000 usd
CY2022Q1 frevsob Funds Held In Postclosing Escrow
FundsHeldInPostclosingEscrow
-9337000 usd
CY2023Q1 frevsob Mortgage Escrowsincluded In Prepaid Expenses And Other Assets
MortgageEscrowsincludedInPrepaidExpensesAndOtherAssets
1346000 usd
CY2022Q1 frevsob Mortgage Escrowsincluded In Prepaid Expenses And Other Assets
MortgageEscrowsincludedInPrepaidExpensesAndOtherAssets
1082000 usd
CY2023Q1 frevsob Total Cash Cash Equivalents And Restricted Cash
TotalCashCashEquivalentsAndRestrictedCash
45519000 usd
CY2022Q1 frevsob Total Cash Cash Equivalents And Restricted Cash
TotalCashCashEquivalentsAndRestrictedCash
106919000 usd
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
63000 shares
CY2022Q1 us-gaap Earnings Per Share Basic Distributed
EarningsPerShareBasicDistributed
0.06
CY2023Q1 us-gaap Derivative Underlying
DerivativeUnderlying
On December 30, 2021, the property owned by Grande Rotunda was sold, a portion of the proceeds from the sale was used to pay off the $116.5 million then outstanding balance of the underlying loan and the corresponding interest rate cap on this loan matured with no settlement due at maturity. On January 10, 2022, the property owned by Damascus Centre was sold and a portion of the proceeds from the sale was used to pay off the $18.2 million then outstanding balance of the underlying loan and the corresponding swap breakage fees of approximately $213,000 related to the early termination of the interest rate swap contracts on this loan which was included as interest expense on the accompanying condensed consolidated statement of income for the three months ended January 31, 2022. (See Note 7 for further details on the sales of these properties.) On June 17, 2022, Wayne PSC terminated its interest rate swap contract on its underlying loan held with People’s United Bank, which had a maturity date of October 2026, for a settlement amount of approximately $1.4 million.
CY2023Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
450000 usd
CY2022Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1262000 usd
CY2023Q1 frevsob Percentage Of Management Fees Of Rent Collected
PercentageOfManagementFeesOfRentCollected
0.05 pure
CY2023Q1 us-gaap Management Fee Expense
ManagementFeeExpense
103000 usd
CY2022Q1 us-gaap Management Fee Expense
ManagementFeeExpense
98000 usd
CY2022Q1 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
15000000 usd
CY2022Q4 frevsob Project Fee Amount
ProjectFeeAmount
3420422.88 usd
CY2022Q4 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
15000000 usd
CY2022Q4 frevsob Project Fee Amount
ProjectFeeAmount
3420422.88 usd
CY2023Q1 us-gaap Custody Fees
CustodyFees
3420422.88 usd
CY2023Q1 us-gaap Legal Fees
LegalFees
196000 usd
CY2022Q1 us-gaap Legal Fees
LegalFees
613000 usd
CY2023Q1 us-gaap Significant Purchase Commitment Description
SignificantPurchaseCommitmentDescription
This sale resulted in net proceeds of approximately $53.9 million (inclusive of approximately $0.1 million in funds released during the first quarter of Fiscal 2023 and $1.9 million in funds released from the Maryland Purchaser Escrow Payment during Fiscal 2022), 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 January 31, 2023, approximately $2,070,000 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 $0.4 million in the first quarter of Fiscal 2023 and $1.2 million in the second quarter of Fiscal 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 $6 million and $6.3 million of remaining funds are held in a post-closing escrow for rents anticipated to be fully released in Fiscal 2023 and are included in “Funds held in post-closing escrow” on the accompanying condensed consolidated balance sheets as of January 31, 2023 and October 31, 2022, respectively. The sale of the Maryland Properties resulted in a net gain of approximately $68.5 million (as adjusted by $0.3 million in the first quarter of Fiscal 2023) (with a consolidated impact to FREIT of approximately $45.6 million) which includes approximately $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.
CY2022Q3 frevsob Non Recurring Cash Distribution Per Share
NonRecurringCashDistributionPerShare
7.5
CY2023Q1 frevsob Fees Charged To Operation
FeesChargedToOperation
326000 usd
CY2023Q1 frevsob Insurance Commissions Paid
InsuranceCommissionsPaid
50000 usd
CY2022Q1 frevsob Insurance Commissions Paid
InsuranceCommissionsPaid
52000 usd
CY2023Q1 frevsob Additional Services
AdditionalServices
0 usd
CY2022Q1 frevsob Additional Services
AdditionalServices
6294000 usd
CY2023Q1 us-gaap Termination Loans Description
TerminationLoansDescription
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.
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
25000000 usd
CY2023Q1 frevsob Loan Agreement Description
LoanAgreementDescription
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 January 31, 2023, the interest reserve escrow account has a balance of approximately $611,000
CY2023Q1 frevsob Annual Debt Service Savings
AnnualDebtServiceSavings
1173000 usd
CY2023Q1 frevsob Available To Draw
AvailableToDraw
7500000 usd
CY2022Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
13000000 usd
CY2023Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
133800000 usd
CY2022Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
132200000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
137800000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
138100000 usd
CY2023Q1 frevsob Real Estate Rental Revenue
RealEstateRentalRevenue
7007000 usd
CY2022Q1 frevsob Real Estate Rental Revenue
RealEstateRentalRevenue
10659000 usd
CY2023Q1 us-gaap Other Expense From Real Estate Partnership Operations
OtherExpenseFromRealEstatePartnershipOperations
3387000 usd
CY2022Q1 us-gaap Other Expense From Real Estate Partnership Operations
OtherExpenseFromRealEstatePartnershipOperations
5326000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3620000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
5333000 usd
CY2023Q1 frevsob Recurring Capital Improvements
RecurringCapitalImprovements
145000 usd
CY2022Q1 frevsob Recurring Capital Improvements
RecurringCapitalImprovements
48000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3620000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5333000 usd
CY2023Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
28000 usd
CY2022Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
10000 usd
CY2023Q1 us-gaap Investment Income Net
InvestmentIncomeNet
189000 usd
CY2022Q1 us-gaap Investment Income Net
InvestmentIncomeNet
26000 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
827000 usd
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1327000 usd
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-67000 usd
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-124000 usd
CY2023Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
722000 usd
CY2022Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
1820000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-243000 usd
CY2022Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
70003000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
1876000 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
2928000 usd
CY2023Q1 frevsob Net Income1
NetIncome1
46000 usd
CY2022Q1 frevsob Net Income1
NetIncome1
69153000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-373000 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
23376000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
419000 usd
CY2023 frevsob Distributed Earnings Percentage
DistributedEarningsPercentage
0.90 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
1.438 pure
CY2023 frevsob Percentage Of Capital Gain From Sale Of Property Distributed As Dividends
PercentageOfCapitalGainFromSaleOfPropertyDistributedAsDividends
1 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5000 usd
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5000 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1200000 usd
CY2014Q3 frevsob Average Period
AveragePeriod
P10Y
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1630 shares
CY2022Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2496 shares
CY2023Q1 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
274509 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
274509 shares
CY2023Q1 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
usd
CY2023Q1 frevsob Years Minimum Term Range Of Residentiall Leases
YearsMinimumTermRangeOfResidentiallLeases
P5Y
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
5685000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
4886000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
4175000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
3406000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
2248000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
4125000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
24525000 usd
CY2023Q1 us-gaap Loans Payable
LoansPayable
157347 usd
CY2023Q1 frevsob Interest Percentage
InterestPercentage
0.075 pure
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7048344 shares
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7435753 shares
CY2022Q4 frevsob Common Vested Share Units To Directors
CommonVestedShareUnitsToDirectors
272882 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 frevsob Common Vested Share Units To Directors
CommonVestedShareUnitsToDirectors
0 shares
CY2023Q1 frevsob Unrealized Loss Gain On Interest Rate Swap Contracts Attributable To Noncontrolling Interests In Subsidiaries
UnrealizedLossGainOnInterestRateSwapContractsAttributableToNoncontrollingInterestsInSubsidiaries
usd
CY2023Q1 frevsob Deferred Interest On Mortgages
DeferredInterestOnMortgages
usd
CY2023Q1 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
usd
CY2023Q1 frevsob Mortgage Payable
MortgagePayable
usd
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
CY2023Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--10-31
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000036840

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