Income Taxes

12 Months Ended

Oct. 31, 2012

Income Tax Disclosure [Abstract]

Income Taxes

Note 9 – Income taxes:

FREIT distributed as dividends to its shareholders 100% of its ordinary taxable income for each of the fiscal years ended October 31, 2012, 2011 and 2010. In addition, FREIT distributed approximately $5 million of the $9.5 million capital gain realized in Fiscal 2012 from the sale of its Heights Manor Apartments (see Note 3). Accordingly, no provision for federal or state income taxes related to such ordinary and capital gain income was recorded on the Company’s financial statements. Since FREIT does not intend to distribute to its shareholders the remaining $4.5 million of capital gain realized on the Heights Manor sale, FREIT provided approximately $1.5 million federal and $400,000 state income taxes on such undistributed gain, which has been charged to discontinued operations in the fiscal year ended October 31, 2012.