	October 31,
	2014		2013
	(In Thousands of Dollars)

Frederick, MD (A)	$	22,000	$	22,000
Rockaway, NJ (B)		18,030		18,440
Westwood, NJ (C)		21,884		22,388
Patchogue, NY (D)		5,376		5,503
Wayne, NJ (E)		18,686		18,976
River Edge, NJ (F):
First mortgage		—		3,952
Second mortgage		—		1,494
River Edge, NJ (G)		11,037		—
Maywood, NJ (H):
First mortgage		—		2,868
Second mortgage		—		1,060
Maywood, NJ (I)		8,374		—
Westwood, NJ (J)		21,974		22,383
Wayne, NJ (K)		25,978		26,863
Hackensack, NJ (L)		31,198		31,797
Damascus, MD (M)		19,326		19,699
Total fixed rate mortgage loans		203,863		197,423
Baltimore, MD (N)		42,689		—
Line of credit - Provident Bank (O)		5,000		2,000
Total mortgages, notes payable and credit line	$	251,552	$	199,423

(A)

Payable in monthly installments of interest only computed over the actual number of days in the elapsed monthly interest period at the rate of 5.55% through May 2017 at which time the outstanding balance is due. The mortgage is secured by a retail building in Frederick, MD having a net book value of approximately $17,197,000 as of October 31, 2014.

(B)

Payable in monthly installments of $115,850 including interest at 5.37% through February 2022 at which time the outstanding balance is due. The mortgage is secured by a residential building in Rockaway, NJ having a net book value of approximately $17,080,000 as of October 31, 2014.

(C)

On January 14, 2013, FREIT refinanced its Westwood Plaza mortgage loan in the amount of $8.0 million, with a new mortgage loan in the amount of $22,750,000, which is payable in monthly installments of $129,702 including interest at 4.75% through January 2023 at which time the outstanding balance is due. The new mortgage is secured by a retail building in Westwood, NJ having a net book value of approximately $8,375,000 as of October 31, 2014.

(D)

The loan, modified effective January 31, 2013, is payable in monthly installments of $31,046 including interest at 4.5%, through March 2018 at which time the outstanding balance is due. Under the terms of the mortgage loan agreement, FREIT can request, during the term of the loan, additional fundings that will bring the outstanding principal balance up to 75% of loan-to-value (percentage of mortgage loan to total appraised value of property securing the loan). The mortgage is secured by a retail building in Patchogue, NY having a net book value of approximately $7,152,000 as of October 31, 2014.

(E)

Payable in monthly installments of $121,100 including interest at 6.09%, through September 1, 2019 at which time the outstanding balance is due. The mortgage is secured by an apartment building in Wayne, NJ having a net book value of approximately $1,653,000 as of October 31, 2014.

(F)

The first mortgage was payable in monthly installments of $34,862 including interest at 6.75% through December 2013 at which time the outstanding balance was due. The second mortgage is payable in monthly installments of $12,318 including interest at 5.53% through December 2013 at which time the outstanding balance was due (see G).

(G)

On November 19, 2013, FREIT refinanced these mortgage loans, which were scheduled to mature on December 1, 2013. The amount of the new loan is $11,200,000 at a fixed interest rate of 4.54%, with a scheduled maturity of December 1, 2023. The mortgages are secured by an apartment building in River Edge, NJ having a net book value of approximately $942,000 as of October 31, 2014.

(H)

The first mortgage was payable in monthly installments of $25,295 including interest at 6.75% through December 2013 at which time the outstanding balance was due. The second mortgage is payable in monthly installments of $8,739 including interest at 5.53% through December 2013 at which time the outstanding balance was due (see I).

(I)

On November 19, 2013, FREIT refinanced these mortgage loans, which were scheduled to mature on December 1, 2013. The amount of the new loan is $8,500,000 at a fixed interest rate of 4.54%, with a scheduled maturity of December 1, 2023. The mortgages are secured by an apartment building in Maywood, NJ having a net book value of approximately $748,000 as of October 31, 2014.

(J)

Payable in monthly installments of $120,752 including interest of 4.62%, through November 1, 2020, at which time the outstanding balance is due. The mortgage is secured by an apartment building in Westwood, NJ having a net book value of approximately $10,398,000 as of October 31, 2014.

(K)

Payable in monthly installments of $206,960 including interest of 6.04% until June 2016 at which time the unpaid balance is due. The mortgage is secured by a shopping center in Wayne, NJ having a net book value of approximately $26,945,000 as of October 31, 2014.

(L)

Payable in monthly installments of $191,197 including interest of 5.38% until May 2019 at which time the unpaid balance is due. The mortgage is secured by an apartment building in Hackensack, NJ having a net book value of approximately $41,546,000 as of October 31, 2014.

(M)

On December 26, 2012, Damascus Centre, LLC refinanced its $15 million construction loan with long-term financing provided by People's United Bank. The amount of the new loan is $25 million, of which $20 million has been drawn as of October 31, 2014. The balance, up to an additional $5 million, will be available as a one-time draw over the 36 month period ending December 26, 2015, and the amount available will depend on future leasing at the shopping center. The new 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 Centre, LLC entered into an interest rate swap agreement that in effect, converted the floating interest rate to a fixed interest rate of 3.81% over the term of the loan (see Note 6 for additional information relating to the interest rate swap). The shopping center securing the loan has a net book value of approximately $29,644,000 as of October 31, 2014.

(N)

On February 1, 2010, a principal payment of $3 million was made reducing the original loan amount of $22.5 million to $19.5 million and the due date was extended until February 1, 2013. As part of the terms of the loan extension agreement, the loan was further collateralized by a first mortgage lien and the assignment of the ground lease on FREIT's Rochelle Park, NJ land parcel. Under the restructured terms, the interest rate is now 350 basis points above the BBA LIBOR with a floor of 4%, and monthly principal payments of $10,000 are required. An additional principal payment of $110,000 was required on February 1, 2012 in order to reduce the loan to achieve the stipulated debt service coverage ratio. Under the agreement with the equity owners of Grande Rotunda, LLC, FREIT would be responsible for 60% of any cash required by Grande Rotunda, LLC, and 40% would be the responsibility of the minority interest. The due date of the loan was further extended to May 1, 2013 from February 1, 2013. While the bank agreed to an additional extension of ninety-days (90) from May 1, 2013, FREIT elected to purchase the Rotunda loan from the bank and have all the bank's rights assigned to FREIT. The purchase of this loan by FREIT was completed on May 28, 2013. FREIT subsequently sold this loan to Wells Fargo Bank, the lender providing the construction financing for the expansion of the Rotunda project. On December 9, 2013, Grande Rotunda, LLC closed with Wells Fargo Bank on a construction loan of up to $120 million to be used for the purpose of funding the major redevelopment and expansion project in progress at the Rotunda. The construction loan is for a term of four (4) years, with one 12-month extension, at a rate of 225 basis points over the monthly LIBOR. Interest on the loan is accrued and applied to principal. Such interest will be due and payable at maturity. The loan is secured by the Rotunda property in Baltimore, MD, which has a net book value of approximately $79,268,000 as of October 31, 2014, including $48.8 million classified as construction in progress. As of October 31, 2014, $42.7 million was drawn on the construction loan with Wells Fargo Bank, of which $19 million was used to pay off the loan from FREIT, and $23.7 million was used towards the construction at the Rotunda.

(O)

Credit Line: FREIT has a line of credit provided by the Provident Bank in the amount of $13 million. The line of credit is for a two year term ending on November 1, 2016, but can be cancelled by the bank, at its will, within 60 days before or after each anniversary date. The credit line will automatically be extended at the termination date of the current term and each subsequent term for an additional period of 24 months, provided there is no default and the credit line has not been cancelled. Draws against the credit line can be used for general corporate purposes, for property acquisitions, construction activities, and letters of credit. Draws against the credit line are secured by mortgages on FREIT's Franklin Crossing Shopping Center, in Franklin Lakes, NJ, and retail space in Glen Rock, NJ. Interest rates on draws will be set at the time of each draw for 30, 60, or 90-day periods, based on our choice of the prime rate or at 175 basis points over the 30, 60, or 90-day LIBOR rates at the time of the draws. The interest rate on the line of credit has a floor of 3.5%. The Palisades Manor and the Grandview Apartment properties had been part of the collateral for the line of credit prior to FREIT's sales of these properties in April 2013 and August 2013, respectively. Provident Bank released these properties as collateral for the credit line in connection with these dispositions, and as a result, the credit line was reduced from $18 million to approximately $13 million as of July 2013. As of October 31, 2014, approximately $8 million was available under the line of credit, and $5 million was outstanding.