Subsequent events	12 Months Ended
Oct. 31, 2012
Subsequent Events [Abstract]
Subsequent events	Note 14- Subsequent events: On December 26, 2012, Damascus Centre, LLC (“Damascus”) refinanced its $15.0 million construction loan with a new long-term mortgage loan with People’s United Bank. The amount of the new loan is $25 million, of which $20 million has been drawn. The balance, up to an additional $5 million, will be available as a one-time draw over the next 36 month period, and the amount available will depend on future leasing at the shopping center. The loan bears a floating interest rate equal to 210 basis points over the BBA LIBOR and the loan will mature on January 3, 2023. In order to minimize interest rate volatility during the term of the loan, Damascus entered into an interest rate swap agreement with People’s United Bank. In effect, the interest rate swap will convert the floating interest rate on the loan to a fixed interest rate over the term of the loan. The interest rate swap is considered a derivative financial instrument that will be used only to reduce interest rate risk, and not held or used for trading purposes. FREIT renegotiated the interest rate on its Patchogue loan from a fixed rate of 6.125% to a fixed rate of 4.5%. The new rate will take effect on January 1, 2013. The loan will mature on March 1, 2018. FREIT is in the process of refinancing its Westwood Plaza $8.0 million mortgage loan with a $22 million loan.

Subsequent events

12 Months Ended

Oct. 31, 2012

Note 14- Subsequent events:

On December 26, 2012, Damascus Centre, LLC (“Damascus”) refinanced its $15.0 million construction loan with a new long-term mortgage loan with People’s United Bank. The amount of the new loan is $25 million, of which $20 million has been drawn. The balance, up to an additional $5 million, will be available as a one-time draw over the next 36 month period, and the amount available will depend on future leasing at the shopping center. The loan bears a floating interest rate equal to 210 basis points over the BBA LIBOR and the loan will mature on January 3, 2023. In order to minimize interest rate volatility during the term of the loan, Damascus entered into an interest rate swap agreement with People’s United Bank. In effect, the interest rate swap will convert the floating interest rate on the loan to a fixed interest rate over the term of the loan. The interest rate swap is considered a derivative financial instrument that will be used only to reduce interest rate risk, and not held or used for trading purposes.

FREIT renegotiated the interest rate on its Patchogue loan from a fixed rate of 6.125% to a fixed rate of 4.5%. The new rate will take effect on January 1, 2013. The loan will mature on March 1, 2018.

FREIT is in the process of refinancing its Westwood Plaza $8.0 million mortgage loan with a $22 million loan.