Discontinued operations

12 Months Ended

Oct. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

Note 3 – Discontinued operations:

On August 29, 2012, FREIT sold its Heights Manor Apartments in Spring Lake Heights, New Jersey and recognized a gain of $9.5 million from the sale ($7.5 million after-tax, see Note 9). In addition, FREIT paid off the related mortgage loan on the Heights Manor property in the amount of approximately $2.8 million from the proceeds of the sale. In compliance with current accounting guidance, the gain on the sale, as well as the earnings of the Heights Manor operation are classified as discontinued operations in the accompanying income statements for all periods presented. Revenue attributable to discontinued operations was $853,000, $1,011,000 and $938,000 for Fiscal 2012, 2011 and 2010, respectively.