FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

SCHEDULE XI – REAL ESTATE AND ACCUMULATED DEPRECIATION

OCTOBER 31, 2014

(In Thousands of Dollars)

Column A	Column B		Column C				Column D								Column E						Column F		Column G	Column H	Column I
			Initial Cost				Costs Capitalized								Gross Amount at Which
			to Company				Subsequent to Acquisition								Carried at Close of Period
																									Life on
					Buildings												Buildings								Which De-
	Encum-				and					Improve-			Carrying				and				Accumulated		Date of	Date	preciation
Description	brances		Land		Improvements		Land			ments			Costs		Land		Improvements		Total (1)		Depreciation		Construction	Acquired	is Computed

Residential Properties:
Hammel Gardens, Maywood, NJ	$	8,374		312		728		—			1,272					312		2,000		2,312		1,564	1949	1972	7-40 years
Steuben Arms, River Edge, NJ		11,037		364		1,773		—			1,573					364		3,346		3,710		2,768	1966	1975	7-40 years
Berdan Court, Wayne, NJ		18,686		250		2,206		—			4,221					250		6,427		6,677		5,024	1964	1965	7-40 years
Westwood Hills, Westwood, NJ		21,974		3,849		11,546		—			2,674					3,849		14,220		18,069		7,671	1965-70	1994	7-40 years
Pierre Towers, Hackensack, NJ		31,198		8,390		37,486		19			7,932					8,409		45,418		53,827		12,281	1970	2004	7-40 years
Boulders - Rockaway, NJ		18,030		1,683		—		3,335			16,274					5,018		16,274		21,292		4,212	2005-2006	1963/1964	7-40 years
Regency Club - Middletown, NY		—		2,833		17,792		—			85					2,833		17,877		20,710		149	2003	2014	7-40 years

Retail Properties:
Damascus Shopping Center,
Damascus, MD		19,326		2,950		6,987		6,296			17,425					9,246		24,412		33,658		4,014	1960's	2003	15-39 years
Franklin Crossing, Franklin Lakes, NJ		—		29		—		3,382			7,999					3,411		7,999		11,410		3,756	1963/75/97	1966	10-50 years
Glen Rock, NJ		—		12		36		—			213					12		249		261		204	1940	1962	10-31.5 years
Pathmark Super Center,
Patchogue, NY		5,376		2,128		8,818		—			(21	)				2,128		8,797		10,925		3,773	1997	1997	39 years
Westridge Square S/C, Frederick, MD		22,000		9,135		19,159		(1	)		4,196					9,134		23,355		32,489		15,292	1986	1992	15-31.5 years
Westwood Plaza, Westwood, NJ		21,884		6,889		6,416		—			2,487					6,889		8,903		15,792		7,417	1981	1988	15-31.5 years
Preakness S/C, Wayne, NJ		25,978		9,280		24,217		—			1,685					9,280		25,902		35,182		8,524	1955/89/00	2002	15-31.5 years
The Rotunda, Baltimore, MD		42,689		16,263		14,634		232			53,525					16,495		68,159		84,654		4,682	1920	2005	40 years

Land Leased:
Rockaway, NJ		—		114		—		51			—					165		—		165		—		1963/1964
Rochelle Park, NJ		—		1,640		905		—			—					1,640		905		2,545		238		2007
Vacant Land:								`
Franklin Lakes, NJ		—		224		—		(156	)		—					68		—		68		—		1966/93
Wayne, NJ		—		286		—					—					286		—		286		—		2002

	$	246,552	$	66,631	$	152,703	$	13,158		$	121,540		$	—	$	79,789	$	274,243	$	354,032	$	81,569

(1)	Total cost for each property is the same for Federal income tax purposes, with the exception of Pierre Towers, Preakness S/C, The Rotunda and the Regency Club whose cost for Federal income tax purposes is approximately $40.9 million, $35.4 million, $71.6 million and $12.6 million, respectively.

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION

(In Thousands of Dollars)

Reconciliation of Real Estate and Accumulated Depreciation:

	2014			2013			2012

Real estate:
Balance, Beginning of year	$	292,769		$	283,703		$	285,137

Additions:
Buildings and improvements		62,340			9,903			4,267

Deferred project cost write-off		—			—			(3,726	)

Sale of discontinued operation		(1,077	)		(837	)		(1,975	)

Balance, end of year	$	354,032		$	292,769		$	283,703

Accumulated depreciation:
Balance, beginning of year	$	75,226		$	69,619		$	64,976

Additions - Charged to operating expenses		6,346			6,244			6,215

Sale of discontinued operation		—			(631	)		(1,561	)

Adjustments/Deletions		(3	)		(6	)		(11	)

Balance, end of year	$	81,569		$	75,226		$	69,619