Management agreement, fees and transactions with related party	3 Months Ended
Jan. 31, 2014
Related Party Transactions [Abstract]
Management agreement, fees and transactions with related party	Note 6 - Management agreement, fees and transactions with related party: Hekemian & Co., Inc. (“Hekemian”) currently manages all the properties owned by FREIT and its affiliates, except for The Rotunda, a mixed-use office and retail facility located in Baltimore, Maryland, which is managed by an independent third party management company. The management agreement with Hekemian, effective November 1, 2001, requires the payment of management fees equal to a percentage of rents collected. Such fees were approximately $444,000 and $468,000 for the three-month periods ended January 31, 2014 and 2013, respectively. In addition, the management agreement provides for the payment to Hekemian of leasing commissions, as well as the reimbursement of operating expenses incurred on behalf of FREIT. Such items amounted to approximately $69,000 and $128,000 for the three-months ended January 31, 2014 and 2013, respectively. The management agreement expires on October 31, 2015, and is automatically renewed for periods of two years unless either party gives notice of non-renewal. FREIT also uses the resources of the Hekemian insurance department to secure various insurance coverages for its properties and subsidiaries. Hekemian is paid a commission for these services. Such commissions amounted to approximately $30,000 and $30,000 for the three-months ended January 31, 2014 and 2013, respectively. From time to time, FREIT engages Hekemian to provide certain additional services, such as consulting services related to development, property sales and financing activities of FREIT. Separate fee arrangements are negotiated between Hekemian and FREIT with respect to such additional services. In connection with the development activities at the Rotunda, which is owned and operated by Grande Rotunda, LLC, a definitive agreement for the development services to be provided by Hekemian Development Resources LLC (“Resources”), a wholly owned subsidiary of Hekemian, has been approved and executed. Such fees incurred to Hekemian and Resources during the three-months ended January 31, 2014 and 2013 were $429,000 and $239,000, respectively. Fees paid in the current three-month period relate to $330,000 in commissions paid to Hekemian relative to the South Brunswick sale and $99,000 related to services performed with regard to the Hammel Gardens and Steuben Arms mortgage loan refinancings. Fees paid in the prior year’s three-month period relate to services performed relative to the Westwood Plaza and Damascus shopping center mortgage loan refinancings. Mr. Robert S. Hekemian, Chairman of the Board, Chief Executive Officer and a Trustee of FREIT, is the Chairman of the Board and Chief Executive Officer of Hekemian. Mr. Robert S. Hekemian, Jr, a Trustee of FREIT, is the President of Hekemian. Trustee fee expense (including interest) incurred by FREIT for the three-months ended January 31, 2014 and 2013 was approximately $156,000 and $143,000, respectively, for Mr. Robert S. Hekemian, and $11,000 and $9,000, respectively, for Mr. Robert S. Hekemian, Jr.

Management agreement, fees and transactions with related party

3 Months Ended

Jan. 31, 2014

Management agreement, fees and transactions with related party

Note 6 - Management agreement, fees and transactions with related party:

Hekemian & Co., Inc. (“Hekemian”) currently manages all the properties owned by FREIT and its affiliates, except for The Rotunda, a mixed-use office and retail facility located in Baltimore, Maryland, which is managed by an independent third party management company. The management agreement with Hekemian, effective November 1, 2001, requires the payment of management fees equal to a percentage of rents collected. Such fees were approximately $444,000 and $468,000 for the three-month periods ended January 31, 2014 and 2013, respectively. In addition, the management agreement provides for the payment to Hekemian of leasing commissions, as well as the reimbursement of operating expenses incurred on behalf of FREIT. Such items amounted to approximately $69,000 and $128,000 for the three-months ended January 31, 2014 and 2013, respectively. The management agreement expires on October 31, 2015, and is automatically renewed for periods of two years unless either party gives notice of non-renewal.

FREIT also uses the resources of the Hekemian insurance department to secure various insurance coverages for its properties and subsidiaries. Hekemian is paid a commission for these services. Such commissions amounted to approximately $30,000 and $30,000 for the three-months ended January 31, 2014 and 2013, respectively.

From time to time, FREIT engages Hekemian to provide certain additional services, such as consulting services related to development, property sales and financing activities of FREIT. Separate fee arrangements are negotiated between Hekemian and FREIT with respect to such additional services. In connection with the development activities at the Rotunda, which is owned and operated by Grande Rotunda, LLC, a definitive agreement for the development services to be provided by Hekemian Development Resources LLC (“Resources”), a wholly owned subsidiary of Hekemian, has been approved and executed. Such fees incurred to Hekemian and Resources during the three-months ended January 31, 2014 and 2013 were $429,000 and $239,000, respectively. Fees paid in the current three-month period relate to $330,000 in commissions paid to Hekemian relative to the South Brunswick sale and $99,000 related to services performed with regard to the Hammel Gardens and Steuben Arms mortgage loan refinancings. Fees paid in the prior year’s three-month period relate to services performed relative to the Westwood Plaza and Damascus shopping center mortgage loan refinancings.

Mr. Robert S. Hekemian, Chairman of the Board, Chief Executive Officer and a Trustee of FREIT, is the Chairman of the Board and Chief Executive Officer of Hekemian. Mr. Robert S. Hekemian, Jr, a Trustee of FREIT, is the President of Hekemian. Trustee fee expense (including interest) incurred by FREIT for the three-months ended January 31, 2014 and 2013 was approximately $156,000 and $143,000, respectively, for Mr. Robert S. Hekemian, and $11,000 and $9,000, respectively, for Mr. Robert S. Hekemian, Jr.