Property held for sale and discontinued operations

9 Months Ended

Jul. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Property held for sale and discontinued operations

Note 6 – Property held for sale & discontinued operations:

In July 2012, FREIT entered into a contract for the sale of the Heights Manor Apartments in Spring Lake Heights, New Jersey, which closed in August 2012. (See Note 10 for a further discussion of the sale.) As the property was under contract for sale as of July 31, 2012, the assets and liabilities of the Heights Manor Apartments have been reclassified to assets related to property held for sale and liabilities related to property held for sale on FREIT’s condensed consolidated balance sheet as of such date. In addition, the operating results of the Heights Manor apartments have been classified as discontinued operations in the income statements for all periods presented. Revenue attributable to discontinued operations was $776,000 and $262,000 for the current nine month and three month periods ended July 31, 2012, respectively. For the prior year’s nine month and three month periods ended July 31, 2011, revenue from discontinued operations was $746,000 and $255,000, respectively.