Property held for sale and discontinued operations	6 Months Ended
Apr. 30, 2013
Property Held For Sale And Discontinued Operations
Property held for sale and discontinued operations	Note 6 – Property held for sale & discontinued operations: On August 29, 2012, FREIT sold its Heights Manor Apartments in Spring Lake Heights, NJ. The operating results of Heights Manor for the six and three-month periods ended April 30, 2012 have been classified as “Income from discontinued operations” in FREIT’s income statement. In connection with the Heights Manor sale, FREIT recognized a capital gain of approximately $9.5 million of which it distributed approximately $5 million to its shareholders during the fiscal year ended October 31, 2012. As FREIT did not intend to distribute to its shareholders the remaining $4.5 million of capital gain, FREIT provided approximately $1.5 million federal and $400,000 state income taxes on such undistributed gain, which was charged to discontinued operations. In the quarter ended January 31, 2013, FREIT elected, under Section 858 of the Internal Revenue Code, to treat the $1.4 million dividend paid during such period as a distribution of the prior year’s capital gain and, accordingly, reversed $720,000 of the income tax liability, which has been credited to income from discontinued operations for the six-month period ended April 30, 2013. On April 26, 2013, FREIT sold its Palisades Manor Apartments in Palisades Park, New Jersey and recognized a gain of $1.4 million from the sale. It is FREIT’s intent to structure this sale in a manner that would qualify as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code, which would result in a deferral for income tax purposes of the $1.4 million gain of the Palisades Manor sale. In connection therewith, the proceeds of $1.4 million have been placed in escrow and are included in other assets in the accompanying balance sheet at April 30, 2013.The gain on the sale, as well as the earnings of the Palisades Manor operation are classified as discontinued operations in the accompanying income statements for all periods presented. Revenue attributable to discontinued operations for the six and three-month periods ended April 30, 2013 was $83,000 and $41,000, respectively, and $599,000 and $297,000 for the six and three-month periods ended April 30, 2012, respectively.

Property held for sale and discontinued operations

6 Months Ended

Apr. 30, 2013

Property Held For Sale And Discontinued Operations

Property held for sale and discontinued operations

Note 6 – Property held for sale & discontinued operations:

On August 29, 2012, FREIT sold its Heights Manor Apartments in Spring Lake Heights, NJ. The operating results of Heights Manor for the six and three-month periods ended April 30, 2012 have been classified as “Income from discontinued operations” in FREIT’s income statement.

In connection with the Heights Manor sale, FREIT recognized a capital gain of approximately $9.5 million of which it distributed approximately $5 million to its shareholders during the fiscal year ended October 31, 2012. As FREIT did not intend to distribute to its shareholders the remaining $4.5 million of capital gain, FREIT provided approximately $1.5 million federal and $400,000 state income taxes on such undistributed gain, which was charged to discontinued operations. In the quarter ended January 31, 2013, FREIT elected, under Section 858 of the Internal Revenue Code, to treat the $1.4 million dividend paid during such period as a distribution of the prior year’s capital gain and, accordingly, reversed $720,000 of the income tax liability, which has been credited to income from discontinued operations for the six-month period ended April 30, 2013.

On April 26, 2013, FREIT sold its Palisades Manor Apartments in Palisades Park, New Jersey and recognized a gain of $1.4 million from the sale. It is FREIT’s intent to structure this sale in a manner that would qualify as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code, which would result in a deferral for income tax purposes of the $1.4 million gain of the Palisades Manor sale. In connection therewith, the proceeds of $1.4 million have been placed in escrow and are included in other assets in the accompanying balance sheet at April 30, 2013.The gain on the sale, as well as the earnings of the Palisades Manor operation are classified as discontinued operations in the accompanying income statements for all periods presented.

Revenue attributable to discontinued operations for the six and three-month periods ended April 30, 2013 was $83,000 and $41,000, respectively, and $599,000 and $297,000 for the six and three-month periods ended April 30, 2012, respectively.