0001174947-15-001418.txt : 20150909 0001174947-15-001418.hdr.sgml : 20150909 20150909131427 ACCESSION NUMBER: 0001174947-15-001418 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20150731 FILED AS OF DATE: 20150909 DATE AS OF CHANGE: 20150909 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY CENTRAL INDEX KEY: 0000036840 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 221697095 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-25043 FILM NUMBER: 151098505 BUSINESS ADDRESS: STREET 1: 505 MAIN ST STREET 2: P O BOX 667 CITY: HACKENSACK STATE: NJ ZIP: 07602 BUSINESS PHONE: 2014886400 MAIL ADDRESS: STREET 1: P O BOX 667 STREET 2: 505 MAIN STREET CITY: HACKENSACK STATE: NJ ZIP: 07602 10-Q 1 form10q-14273_frev.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended July 31, 2015

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to ____________________

Commission File No. 000-25043

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

(Exact name of registrant as specified in its charter)

New Jersey		22-1697095
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

505 Main Street, Hackensack, New Jersey		07601
(Address of principal executive offices)		(Zip Code)

201-488-6400

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer o

Accelerated Filer x

Non-Accelerated Filer o

Smaller Reporting Company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

As of September 9, 2015, the number of shares of beneficial interest outstanding was 6,726,869

	Page 2

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

INDEX

Part I:	Financial Information
				Page

	Item 1:	Unaudited Condensed Consolidated Financial Statements

		a.)	Condensed Consolidated Balance Sheets as at July 31, 2015 and October 31, 2014;	3

		b.)	Condensed Consolidated Statements of Income for the Nine and Three Months Ended July 31, 2015 and 2014;	4

		c.)	Condensed Consolidated Statements of Comprehensive Income for the Nine and Three Months Ended July 31, 2015 and 2014;	5

		d.)	Condensed Consolidated Statement of Equity for the Nine Months Ended July 31, 2015;	6

		e.)	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended July 31, 2015 and 2014;	7

		f.)	Notes to Condensed Consolidated Financial Statements.	8

	Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations		16

	Item 3:	Quantitative and Qualitative Disclosures About Market Risk		28

	Item 4:	Controls and Procedures		28


Part II:	Other Information

	Item 1:	Legal Proceedings		28

	Item 1A:	Risk Factors		28

	Item 6:	Exhibits		29

	Signatures			29

Index	Page 3

Part I: Financial Information

Item 1: Unaudited Condensed Consolidated Financial Statements

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	July 31,			October 31,
	2015			2014
	(In Thousands of Dollars)
ASSETS

Real estate, at cost, net of accumulated depreciation	$	220,257		$	222,317
Construction in progress		89,906			50,146
Cash and cash equivalents		14,631			10,554
Tenants' security accounts		1,652			1,590
Receivables arising from straight-lining of rents		3,648			3,869
Accounts receivable, net of allowance for doubtful accounts		1,613			1,673
Secured loans receivable		5,451			5,451
Prepaid expenses and other assets		4,285			4,059
Deferred charges, net		4,650			5,143
Interest rate swap contract		145			515
Total Assets	$	346,238		$	305,317


LIABILITIES AND EQUITY

Liabilities:
Mortgages payable	$	299,005		$	251,552
Deferred trustee compensation payable		9,078			9,017
Accounts payable and accrued expenses		8,681			9,495
Dividends payable		2,018			2,046
Tenants' security deposits		2,526			2,319
Deferred revenue		664			1,042
Interest rate swap contract		556			—
Total Liabilities		322,528			275,471

Commitments and contingencies


Equity:
Common equity:
Shares of beneficial interest without par value:
8,000,000 shares authorized; 6,993,152 shares issued		25,644			24,985
Treasury stock, at cost: 266,283 shares at July 31, 2015
and 171,981 at October 31, 2014		(5,517	)		(3,348	)
Dividends in excess of net income		(9,827	)		(6,270	)
Accumulated other comprehensive (loss) income		(455	)		360
Total Common Equity		9,845			15,727
Noncontrolling interests in subsidiaries		13,865			14,119
Total Equity		23,710			29,846
Total Liabilities and Equity	$	346,238		$	305,317

See Notes to Condensed Consolidated Financial Statements.

Index	Page 4

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

NINE AND THREE MONTHS ENDED JULY 31, 2015 AND 2014

(Unaudited)

	Nine Months Ended July 31,						Three Months Ended July 31,
	2015			2014			2015			2014
	(In Thousands of Dollars, Except Per Share Amounts)						(In Thousands of Dollars, Except Per Share Amounts)
Revenue:
Rental income	$	28,992		$	27,435		$	9,781		$	9,342
Reimbursements		4,280			3,798			1,290			1,051
Sundry income		403			404			72			40
		33,675			31,637			11,143			10,433

Expenses:
Operating expenses		10,192			8,366			3,118			2,635
Management fees		1,489			1,453			504			495
Real estate taxes		5,921			5,490			1,994			1,762
Depreciation		4,985			4,654			1,690			1,614
		22,587			19,963			7,306			6,506

Operating income		11,088			11,674			3,837			3,927

Investment income		113			133			37			50
Interest expense including amortization
of deferred financing costs		(8,370	)		(8,434	)		(2,817	)		(2,613	)
Regency acquisition costs		—			(648	)		—			(648	)
Income from continuing operations		2,831			2,725			1,057			716

Income from discontinued operations		—			7			—			—
Gain on sale of discontinued operation		—			8,734			—			—
Net income		2,831			11,466			1,057			716

Net income attributable to
noncontrolling interest in subsidiaries		(283	)		(453	)		(89	)		(162	)

Net income attributable to
common equity	$	2,548		$	11,013		$	968		$	554

Earnings per share - basic and diluted:
Continuing operations	$	0.38		$	0.33		$	0.14		$	0.08
Discontinued operations		—			1.26			—			—
Net income attributable to common equity	$	0.38		$	1.59		$	0.14		$	0.08

Weighted average shares outstanding:
Basic		6,785			6,925			6,747			6,922
Diluted		6,786			6,925			6,755			6,922

Amounts attributable to common equity:
Income from continuing operations	$	2,548		$	2,272		$	968		$	554
Income from discontinued operations		—			8,741			—			—
Net income attributable to common equity	$	2,548		$	11,013		$	968		$	554

See Notes to Condensed Consolidated Financial Statements.

Index	Page 5

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

NINE AND THREE MONTHS ENDED JULY 31, 2015 AND 2014

(Unaudited)

	Nine Months Ended July 31,						Three Months Ended July 31,
	2015			2014			2015			2014
	(In Thousands of Dollars)						(In Thousands of Dollars)

Net income	$	2,831		$	11,466		$	1,057		$	716

Other comprehensive income (loss):
Unrealized (gain) loss on interest rate swap contracts
before reclassifications		(1,373	)		(373	)		244			(210	)
Amount reclassed from accumulated other
comprehensive income to interest expense		447			230			171			78
Net unrealized (loss) gain on interest rate swap contracts		(926	)		(143	)		415			(132	)
Comprehensive income		1,905			11,323			1,472			584
Net income attributable to noncontrolling interests		(283	)		(453	)		(89	)		(162	)
Other comprehensive income (loss):
Unrealized (gain) loss on interest rate swap contract
attributable to noncontrolling interests		111			43			(38	)		40
Comprehensive income attributable to noncontrolling interests		(172	)		(410	)		(127	)		(122	)
Comprehensive income attributable to common equity	$	1,733		$	10,913		$	1,345		$	462

See Notes to Condensed Consolidated Financial Statements.

Index	Page 6

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

NINE MONTHS ENDED JULY 31, 2015

(Unaudited)

	Common Equity
	Shares of Beneficial Interest		Treasury Shares at Cost			Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (Loss)			Total Common Equity			Noncontrolling Interests			Total Equity
	(In Thousands of Dollars)

Balance at October 31, 2014	$	24,985	$	(3,348	)	$	(6,270	)	$	360		$	15,727		$	14,119		$	29,846

Repurchase of 94,302 shares of beneficial interest				(2,169	)								(2,169	)					(2,169	)

Stock based compensation expense		71											71						71

Vested share units granted to Trustees		588											588						588

Distributions to noncontrolling interests																(426	)		(426	)

Net income							2,548						2,548			283			2,831

Dividends declared, including $17 payable in share units ($0.90 per share)							(6,105	)					(6,105	)					(6,105	)

Unrealized loss on interest rate swap										(815	)		(815	)		(111	)		(926	)

Balance at July 31, 2015	$	25,644	$	(5,517	)	$	(9,827	)	$	(455	)	$	9,845		$	13,865		$	23,710

See Notes to Condensed Consolidated Financial Statements.

Index	Page 7

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED JULY 31, 2015 AND 2014

(Unaudited)

	Nine Months Ended
	July 31,
	2015			2014
	(In Thousands of Dollars)
Operating activities:
Net income	$	2,831		$	11,466
Adjustments to reconcile net income to net cash provided by
operating activities (including discontinued operations):
Depreciation		4,985			4,654
Amortization		548			494
Stock based compensation expense		71			—
Trustee fees and related interest payable in stock units		571			—
Net amortization of acquired leases		1			16
Gain on sale of discontinued operation		—			(8,734	)
Changes in operating assets and liabilities:
Tenants' security accounts		145			28
Accounts and straight-line rents receivable,
prepaid expenses and other assets		(78	)		(904	)
Accounts payable, accrued expenses and deferred
trustee compensation		(1,096	)		993
Deferred revenue		(321	)		(85	)
Net cash provided by operating activities		7,657			7,928
Investing activities:
Capital improvements - existing properties		(2,997	)		(3,236	)
Regency acquisition - net of proceeds held in escrow		—			(10,855	)
Construction and pre-development costs		(37,806	)		(22,244	)
Secured loans receivable to noncontrolling interest		—			(2,128	)
Net cash used in investing activities		(40,803	)		(38,463	)
Financing activities:
Repayment of mortgages and construction loan		(3,075	)		(12,268	)
Repayment of credit line		(5,000	)		(2,000	)
Proceeds from mortgage loan refinancings		16,200			19,700
Proceeds from construction loan		38,170			31,928
Proceeds from credit line		—			10,000
Deferred financing costs		(361	)		(2,582	)
Dividends paid		(6,116	)		(8,734	)
Repurchase of Company stock-Treasury shares		(2,169	)		(357	)
Additional investment by noncontrolling interest		—			2,128
Distributions to noncontrolling interests		(426	)		(765	)
Net cash provided by financing activities		37,223			37,050
Net increase in cash and cash equivalents		4,077			6,515
Cash and cash equivalents, beginning of period		10,554			7,801
Cash and cash equivalents, end of period	$	14,631		$	14,316

Supplemental disclosure of cash flow data:
Interest paid, net of amounts capitalized	$	7,684		$	7,503

Supplemental schedule of non cash activities:
Investing activities:
Proceeds from sale of discontinued operation, held in
escrow applied to 1031 replacement property	$	—		$	9,768
Accrued capital expenditures, construction costs, pre-development costs and interest	$	6,371		$	4,986
Financing activities:
Dividends declared but not paid	$	2,018		$	2,077

See Notes to Condensed Consolidated Financial Statements.

Index	Page 8

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 - Basis of presentation:

The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the rules of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnotes required by GAAP for complete financial statements have been omitted. It is the opinion of management that all adjustments considered necessary for a fair presentation have been included, and that all such adjustments are of a normal recurring nature.

The consolidated results of operations for the nine and three-month periods ended July 31, 2015 are not necessarily indicative of the results to be expected for the full year or any other period. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10-K for the year ended October 31, 2014 of First Real Estate Investment Trust of New Jersey (“FREIT”).

Note 2 –Recently issued accounting standards:

In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which amends the definition of a discontinued operation. The new guidance requires discontinued operation treatment for disposals of a component or group of components that represent a strategic shift that has, or will have, a major impact on an entity’s operations or financial results. The ASU is effective prospectively for all disposals that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014, with early adoption permitted. The Company has adopted this guidance effective with its 1st quarter ended January 31, 2015. The adoption of this guidance did not have any impact on our financial statements.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. In August 2015, the FASB extended the effective date by one year to years beginning on and after December 15, 2017. Early adoption is not permitted. ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. FREIT is currently assessing the impact this new accounting guidance will have on its consolidated financial statements and footnote disclosures.

In February 2015, the FASB issued Accounting Standards Update No. 2015-02, "Amendments to the Consolidation Analysis," ("ASU 2015-02"), which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 with early adoption permitted. ASU 2015-02 amends: the assessment of whether a limited partnership or an LLC is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity's related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships or LLCs, clarifies how to determine whether the equity holders as a group have power over an entity. The adoption of ASU 2015-02 is not expected to have any effect on our consolidated financial statements or footnote disclosures.

In April 2015, the FASB issued ASU 2015-03, "Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years with early adoption permitted. The adoption of this guidance, which is required to be applied on a retrospective basis, will not have a material effect on our financial statements.

Note 3 - Earnings per share:

Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares and vested share units (see Note 15) outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributed to future services, are used to repurchase FREIT’s stock at the average market price during the period, thereby reducing the number of shares to be added in computing diluted earnings per share. For the nine and three months ended July 31, 2015, the outstanding stock options increased the average dilutive shares outstanding by approximately 1,000 and 8,000 shares, respectively, with no impact on earnings per share. For the nine and three months ended July 31, 2014, no options or other potentially dilutive securities were outstanding.

Index	Page 9

Note 4 - Interest rate swap contracts:

On December 26, 2012, Damascus Centre, LLC refinanced its $15 million construction loan with a variable rate $25 million mortgage loan of which $19 million was outstanding as of July 31, 2015. The new loan will mature on January 3, 2023. In connection therewith, on December 26, 2012, FREIT entered into an interest rate swap contract to reduce the impact of interest rate fluctuations on the LIBOR based variable rate mortgage. At July 31, 2015, the derivative financial instrument had a notional amount of approximately $19.1 million and a current maturity date of January 2023. The contract effectively converts the LIBOR based variable rate to a fixed rate of 3.81%.

On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The new loan bears a floating interest rate equal to 125 basis points over the BBA LIBOR and the loan will mature on December 15, 2024. In order to minimize interest rate volatility during the term of the loan, FREIT Regency, LLC entered into an interest rate swap agreement that in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. At July 31, 2015, the derivative financial instrument has a notional amount of approximately $16.2 million and a current maturity date of December 2024.

In accordance with ASC 815, “Accounting for Derivative Instruments and Hedging Activities”, FREIT is accounting for the Damascus Centre, LLC and the FREIT Regency, LLC interest rate swaps as cash flow hedges and marks to market its fixed pay interest rate swaps, taking into account present interest rates compared to the contracted fixed rate over the life of the contract. For the nine and three months ended July 31, 2015, FREIT recorded an unrealized loss of $926,000 and an unrealized gain of $415,000, respectively, in comprehensive income representing the change in the fair value of the swaps which resulted in a corresponding liability of $556,000 for the Regency swap and an asset of $145,000 for the Damascus Center swap as of July 31, 2015. As of July 31, 2014, FREIT recorded an asset of $837,000 representing the fair value of the swap, along with a corresponding decrease to accumulated other comprehensive income of $143,000 and $132,000 for the nine and three months ended July 31, 2014, respectively. During the year ended October 31, 2014, FREIT recorded an unrealized loss of $465,000 in comprehensive income representing the reduction in the fair value of the swap, which resulted in a $515,000 corresponding asset as of October 31, 2014. The fair values are based on observable inputs (level 2 in the fair value hierarchy).

Note 5 – Discontinued operations:

On December 20, 2013, FREIT’s South Brunswick property, which consisted of vacant land, was sold for $11 million resulting in a capital gain of approximately $8.7 million net of sales fees and commissions. FREIT structured this sale in a manner that qualified it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. The 1031 Exchange transaction resulted in a deferral for income tax purposes of the $8.7 million capital gain. The net proceeds from this sale, which were approximately $9.8 million, were held in escrow until a replacement property was purchased. A replacement property related to this like-kind exchange was acquired on June 18, 2014, and the sale proceeds held in escrow were applied to the purchase price of such property (See Note 6).

The gain from the sale of the South Brunswick property described above has been classified as discontinued operations in the accompanying statements of income for the nine months ended July 31, 2014.

Note 6 – Property acquisition:

On June 18, 2014, FREIT completed the acquisition of the Regency Club (“Regency”), a residential apartment complex located in Middletown, New York. The Regency complex consists of 132 units in 11 buildings and a clubhouse. The acquisition cost was $20,625,000 (exclusive of $648,000 of transaction costs charged to expense), which was funded in part with $9.8 million in net proceeds from the sale of the South Brunswick land, and the remaining balance of $11.5 million (inclusive of the $648,000 of transaction costs) was funded utilizing $10 million of FREIT’s credit line with Provident Bank, and FREIT's available cash. On December 29, 2014, FREIT secured long-term financing for this property in the amount of $16.2 million from Provident Bank.

Index	Page 10

The acquisition price of $20,625,000 has been allocated as follows: $18.5 million to the buildings and $2.1 million to the land.

FREIT identified the Regency as a replacement property for the vacant land located in South Brunswick, New Jersey that FREIT sold on December 20, 2013 (see Note 5). The Regency is part of FREIT’s Residential segment.

The following unaudited pro forma information shows the results of operations for the nine and three-month periods ended July 31, 2014 for FREIT and Subsidiaries as though the Regency had been acquired at the beginning of fiscal 2014:

	Nine Months Ended			Three Months Ended
	July 31, 2014			July 31, 2014
	Pro Forma			Pro Forma


Revenues	$	33,039		$	10,754

Net expenses		29,608			9,413

Income from continuing operations		3,431			1,341

Income from discontinued operations		7			—
Gain on sale of discontinued operation		8,734			—

Net income		12,172			1,341

Net income attributable to noncontrolling interest in subsidiaries		(453	)		(162	)

Net income attributable to common equity	$	11,719		$	1,179

Earnings per share - basic and diluted:
Continuing operations	$	0.43		$	0.17
Discontinued operations		1.26			—
Net income attributable to common equity	$	1.69		$	0.17

Weighted average shares outstanding - basic and diluted		6,925			6,922

The pro forma results reflect the following adjustments: (a) additional depreciation expense based on the purchase price allocated to the buildings and a depreciable life of 40 years, and (b) additional interest expense based on the $10 million loan used towards the purchase of the property at acquisition date.

The pro forma results of operations set forth above are not necessarily indicative of the results that would have occurred had the acquisition been made at the beginning of fiscal 2014, or of future results of operations of FREIT’s combined properties.

Note 7 – Capitalized interest

Interest costs associated with amounts expended at the Grande Rotunda development are capitalized and included in the cost of the project. Interest capitalized during the nine-month periods ended July 31, 2015 and 2014, respectively, amounted to $1,600,000 and $744,000, and for the three-month periods ended July 31, 2015 and 2014, respectively, amounted to $667,000 and $524,000.

Note 8 - 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 4% to 5% of rents collected. Such fees were approximately $1,412,000 and $1,377,000, for the nine-month period ended July 31, 2015 and 2014, respectively, and $479,000 and $470,000, for the three-month period ended July 31, 2015 and 2014, 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 $213,000 and $603,000, for the nine-month period ended July 31, 2015 and 2014, respectively, and $77,000 and $69,000, for the three-month period ended July 31, 2015 and 2014, respectively. Fees for the prior year’s nine month period include $396,000 in leasing commissions paid to Hekemian relative to the Safeway lease at the Damascus shopping center. The management agreement expires on October 31, 2015, and is automatically renewed for periods of two years unless either party gives not less than six (6) months prior notice of non-renewal.

Index	Page 11

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 $155,000 and $121,000, for the nine months ended July 31, 2015 and 2014, respectively, and $98,000 and $87,000, for the three months ended July 31, 2015 and 2014, 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. Fees incurred to Hekemian and Resources during the nine months ended July 31, 2015 and 2014 were $1,133,000 and $979,000, respectively, and $340,000 and $550,000 for the three months ended July 31, 2015 and 2014, respectively. Fees paid in the current nine-month period relate to the Rotunda development project. Fees paid in the prior year’s nine-month period include: (a) $550,000 in commissions paid to Hekemian relative to the Regency acquisition, (b) $330,000 in commissions paid to Hekemian relative to the sale of FREIT’s South Brunswick, NJ property, and (c) $99,000 in fees related to services performed with regard to the Hammel Gardens and Steuben Arms 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 nine months ended July 31, 2015 and 2014 was approximately $403,000 and $476,000, respectively, for Mr. Robert S. Hekemian, and $49,000 and $34,000, respectively, for Mr. Robert S. Hekemian, Jr.

Rotunda 100, LLC and Damascus 100, LLC own the minority interests in Grande Rotunda, LLC and Damascus Centre, LLC, respectively. Rotunda 100, LLC owns a 40% equity interest in Grande Rotunda, LLC and Damascus 100, LLC owns a 30% equity interest in Damascus Centre, LLC. The equity owners of Rotunda 100, LLC and Damascus 100, LLC are principally employees of Hekemian. To incentivize the employees of Hekemian, FREIT advanced, only to employees of Hekemian, up to 50% of the amount of the equity contributions that the Hekemian employees were required to invest in Rotunda 100, LLC and Damascus 100, LLC. These advances were in the form of secured loans that bear interest that will float at 225 basis points over the ninety (90) day LIBOR, as adjusted each November 1, February 1, May 1 and August 1. These loans were secured by the Hekemian employees’ interests in Rotunda 100 and Damascus 100, and were full recourse loans. The notes had maturity dates at the earlier of (a) ten (10) years after issue (Grande– 6/19/2015, Damascus Centre, LLC – 9/30/2016), or, (b) at the election of FREIT, ninety (90) days after the borrower terminates employment with Hekemian, at which time all outstanding unpaid principal is due. On June 4, 2015, the Board approved an extension of the maturity date of the secured loans to occur the earlier of (a) June 19, 2018 or (b) five days after the closing of a permanent mortgage loan secured by the Rotunda property.

Note 9 – Mortgage refinancings:

On May 28, 2013, the balance of the Grande Rotunda LLC acquisition loan amounting to $19 million was purchased from the bank by FREIT. The due date of the loan was May 1, 2013. While the bank agreed to an additional extension of ninety (90) days from May 1, 2013, FREIT elected to purchase the Rotunda loan from the bank and have all the bank’s rights assigned to FREIT. It was FREIT’s intention to sell this loan to the lender providing the construction financing for the expansion of the Rotunda project. On December 9, 2013, FREIT’s 60% owned affiliate, Grande Rotunda, LLC, closed with Wells Fargo Bank on a construction loan of up to $120 million to be used to reconfigure and expand its Rotunda property in Baltimore, MD. 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. As of July 31, 2015, $82.0 million of this loan was drawn down, of which $19 million was used to pay off the loan from FREIT, and $63.0 million was used toward the construction at the Rotunda.

On November 19, 2013, FREIT refinanced the mortgages on its Hammel Gardens and Steuben Arms properties that were scheduled to mature on December 1, 2013. The mortgages, aggregating $9.4 million, were refinanced for $19.7 million. The new mortgage amounts reflect, in part, the appreciated value of those assets. This refinancing resulted in: (i) a reduction of annual interest costs from 6.4% to 4.54%, and (ii) net refinancing proceeds of approximately $10 million that were available for capital expenditures and general corporate purposes.

On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The new loan bears a floating interest rate equal to 125 basis points over the one-month BBA LIBOR and the loan will mature on December 15, 2024. Interest-only payments are required each month through December 15, 2017. Thereafter, principal payments of $27,807 (plus accrued interest) are required each month through maturity. In order to minimize interest rate volatility during the term of the loan, FREIT Regency, LLC entered into an interest rate swap agreement that in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. Proceeds from the loan were used to pay off the $5 million outstanding balance on FREIT’s credit line, and the remainder of the proceeds will be available to fund future capital expenditures and for general corporate purposes.

Index	Page 12

Note 10 – Fair value of long-term debt:

The following table shows the estimated fair value and carrying value of FREIT’s long-term debt at July 31, 2015 and October 31, 2014:

	July 31,		October 31,
($ In Millions)	2015		2014

Fair Value	$	304.3	$	256.0

Carrying Value	$	299.0	$	251.6

Fair values are estimated based on market interest rates at July 31, 2015 and October 31, 2014 and on discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value is based on observable inputs (level 2 in the fair value hierarchy).

Note 11 - Segment information:

FREIT has determined that it has two reportable segments: commercial properties and residential properties. These reportable segments offer different types of space, have different types of tenants, and are managed separately because each requires different operating strategies and management expertise. The commercial segment contains ten (10) separate properties and the residential segment contains seven (7) properties. The accounting policies of the segments are the same as those described in Note 1 in FREIT’s Annual Report on Form 10-K for the fiscal year ended October 31, 2014.

The chief operating and decision-making group of FREIT's commercial segment, residential segment and corporate/other is comprised of FREIT’s Board of Trustees (“Board”).

FREIT assesses and measures segment operating results based on net operating income ("NOI"). NOI, a standard used by real estate professionals, is based on operating revenue and expenses directly associated with the operations of the real estate properties, but excludes deferred rents (straight lining), lease amortization, depreciation, financing costs and other items. NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP, and is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity.

Continuing real estate rental revenue, operating expenses, NOI and recurring capital improvements for the reportable segments are summarized below and reconciled to condensed consolidated net income-common equity for the nine and three-month periods ended July 31, 2015 and 2014. Asset information is not reported since FREIT does not use this measure to assess performance.

Index	Page 13

	Nine Months Ended						Three Months Ended
	July 31,						July 31,
	2015			2014			2015			2014
	(In Thousands)						(In Thousands)
Real estate rental revenue:
Commercial	$	17,439		$	16,830		$	5,751		$	5,318
Residential		16,456			14,946			5,463			5,157
Total real estate revenue		33,895			31,776			11,214			10,475

Real estate operating expenses:
Commercial		7,997			7,070			2,582			2,103
Residential		7,952			7,017			2,525			2,370
Total real estate operating expenses		15,949			14,087			5,107			4,473

Net operating income:
Commercial		9,442			9,760			3,169			3,215
Residential		8,504			7,929			2,938			2,787
Total net operating income	$	17,946		$	17,689		$	6,107		$	6,002

Recurring capital improvements-residential	$	(275	)	$	(351	)	$	(21	)	$	(210	)

Reconciliation to consolidated net income:
Segment NOI	$	17,946		$	17,689		$	6,107		$	6,002
Deferred rents - straight lining		(219	)		(123	)		(71	)		(37	)
Amortization of acquired leases		(1	)		(16	)		—			(5	)
Investment income		113			133			37			50
General and administrative expenses		(1,653	)		(1,222	)		(509	)		(419	)
Acquisition costs - Regency		—			(648	)		—			(648	)
Depreciation		(4,985	)		(4,654	)		(1,690	)		(1,614	)
Financing costs		(8,370	)		(8,434	)		(2,817	)		(2,613	)
Income from continuing operations		2,831			2,725			1,057			716

Income from discontinued operations		—			7			—			—
Gain on sale of discontinued operation		—			8,734			—			—

Net income		2,831			11,466			1,057			716

Net income attributable to noncontrolling
interests		(283	)		(453	)		(89	)		(162	)

Net income attributable to common equity	$	2,548		$	11,013		$	968		$	554

Note 12 – Income taxes:

FREIT distributed as dividends to its shareholders 100% of its ordinary taxable income for the fiscal year ended October 31, 2014 and intends to distribute as dividends 100% of its ordinary taxable income for the fiscal year ending October 31, 2015. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded in FREIT’s financial statements. As described in Note 5, FREIT completed a like-kind exchange with respect to the sale of the South Brunswick, NJ property, which was sold on December 20, 2013 at a gain of approximately $8.7 million. Accordingly, no provision for federal or state income taxes related to such gain was recorded in FREIT’s financial statements. The tax basis of Regency, which was the replacement property in the like-kind exchange, is approximately $8 million lower than the acquisition cost of approximately $20.6 million recorded for financial reporting purposes. In December 2013, FREIT distributed as dividends the entire capital gain of approximately $3.5 million realized on the sale of its Palisades Manor and Grandview properties in Fiscal 2013. With regard to such capital gain dividend distribution for Fiscal 2013, no provision for federal or state income taxes related to such capital gain income was recorded in FREIT’s financial statements.

As of July 31, 2015, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2011 remain open to examination by the major taxing jurisdictions to which FREIT is subject.

Index	Page 14

Note 13 – Share repurchases:

On February 17, 2015, FREIT announced a tender offer to purchase up to 100,000 shares of FREIT’s beneficial interest at a price of $23.00 per share. The tender offer expired on March 20, 2015, and in connection therewith FREIT repurchased 94,302 shares of beneficial interest at $23.00 per share, for an aggregate purchase price of $2,168,946 which it funded principally from cash and cash equivalents. FREIT’s Trustees and executive officers did not tender their shares of beneficial interest in FREIT in the tender offer.

On September 4, 2014, the Board authorized the repurchase of 100,572 FREIT shares held by the pension plan of Hekemian, for an aggregate cash purchase of $1,855,553 or $18.45 per share, which was the closing price of FREIT shares on September 3, 2014. The repurchase which occurred in September 2014 was undertaken in connection with the termination of the pension plan. Mr. Robert S. Hekemian, Chairman and Chief Executive Officer of FREIT, and Mr. Robert S. Hekemian, Jr., a Trustee of FREIT, and members of their family were participants in the pension plan.

On December 4, 2013, the Board authorized the repurchase of up to 24,400 FREIT shares. On December 17, 2013, FREIT repurchased 20,400 shares in a privately-negotiated transaction with an unaffiliated party for an aggregate purchase price of $357,000, or $17.50 per share.

Note 14 – Stock option plan:

On September 4, 2014, the Board approved the grant of a total of 246,000 non-qualified share options under FREIT’s Equity Incentive Plan to certain FREIT Executive Officers, the members of the Board and certain employees of Hekemian & Co., Inc. The options have an exercise price of $18.45 per share, will vest over a 5 year period at 20% per year, and will expire 10 years from the date of grant, which will be September 3, 2024.

The following table summarizes stock option activity for the nine-month period ended July 31, 2015:

	Nine Months Ended July 31,
	2015
	No. of Options			Exercise
	Outstanding			Price
Options outstanding beginning of period		246,000		$	18.45
Options granted during period		—			—
Options forfeited/cancelled during period		(2,100	)		18.45
Options outstanding end of period		243,900		$	18.45
Options expected to vest		238,620
Options exercisable at end of period		—

For the nine and three-month periods ended July 31, 2015, compensation expense related to stock options granted amounted to $71,000 and $24,000, respectively. At July 31, 2015, there was approximately $384,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over a vesting period of approximately five years.

The aggregate intrinsic value of options outstanding at July 31, 2015 was $439,020.

Note 15 – Deferred fee plan:

On September 4, 2014, the Board approved amendments, effective November 1, 2014, to the FREIT Deferred Fee Plan for its Executive Officers and Trustees, one of which provides for the issuance of share units payable in FREIT shares in respect of (i) deferred amounts of all Trustee fees on a prospective basis; (ii) interest on Trustee fees deferred prior to November 1, 2014 (payable at a floating rate, adjusted quarterly, based on the average 10-year Treasury Bond interest rate plus 150 basis points); and (iii) dividends payable in respect of share units allocated to participants in the Deferred Fee Plan as a result of deferrals described above. The number of share units will be determined by the closing price of FREIT shares on the date as set forth in the Deferred Fee Plan. As a result of the plan amendment described above, all Trustee fees together with related interest and dividends described above for the nine-month period ended July 31, 2015, which amounted to approximately $588,300, have been paid through the issuance of 29,385 vested FREIT share units based on the closing price of FREIT shares on the dates as set forth in the Deferred Fee Plan. The dollar amount of vested units is reflected in “Shares of beneficial interest” in FREIT’s Condensed Consolidated Balance Sheet as of July 31, 2015.

Index	Page 15

For the nine-month period ended July 31, 2015, FREIT has charged $570,900 of this amount, representing Trustee fees and interest, to expense and the balance of $17,400, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity.

Note 16 – Subsequent event:

On August 24, 2015, FREIT issued a press release announcing that FREIT has entered into an agreement to purchase a 124 unit garden apartment community in Maywood, New Jersey. The acquisition is subject to FREIT’s conclusion of its due diligence/feasibility study period. If FREIT is satisfied with the results of the due diligence review, the acquisition is expected to close in October 2015.

Index	Page 16

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Identifying Important Factors That Could Cause First Real Estate Investment Trust of
New Jersey’s (“FREIT”) Actual Results to Differ From Those Projected in Forward Looking Statements.

Readers of this discussion are advised that the discussion should be read in conjunction with the unaudited condensed consolidated financial statements of FREIT (including related notes thereto) appearing elsewhere in this Form 10-Q, and the consolidated financial statements included in FREIT’s most recently filed Form 10-K. Certain statements in this discussion may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect FREIT’s current expectations regarding future results of operations, economic performance, financial condition and achievements of FREIT, and do not relate strictly to historical or current facts. FREIT has tried, wherever possible, to identify these forward-looking statements by using words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning.

Although FREIT believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties, which may cause the actual results to differ materially from those projected. Such factors include, but are not limited to the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability of prospective tenants, lease rents, the financial condition of tenants and the default rate on leases, operating and administrative expenses and the availability of financing; adverse changes in FREIT’s real estate markets, including, among other things, competition with other real estate owners, competition confronted by tenants at FREIT’s commercial properties; governmental actions and initiatives; environmental/safety requirements; and risks of real estate development and acquisitions. The risks with respect to the development of real estate include: increased construction costs, inability to obtain construction financing, or unfavorable terms of financing that may be available, unforeseen construction delays and the failure to complete construction within budget.

OVERVIEW

FREIT is an equity real estate investment trust ("REIT") that is self-administered and externally managed. FREIT owns a portfolio of residential apartment and commercial properties. Our revenues consist primarily of rental income and other related revenues from our residential and commercial properties and additional rent in the form of expense reimbursements derived from our operating commercial properties. Our properties are primarily located in northern New Jersey, Maryland and New York. We acquire existing properties for investment. We also acquire properties that we feel have redevelopment potential, and we make changes and capital improvements to these properties. We develop and construct properties on our vacant land. Our policy is to acquire and develop real property for long-term investment.

The economic and financial environment: After a crawling first quarter, the U.S. economy grew at a healthy pace of 3.7% in the second quarter. Additionally, drops in unemployment claims provide further evidence that the job market is on the mend. These positive trends will continue to impact favorably on the housing market and consumer spending.

Residential Properties: We have aggressively increased rental rates. As a result, our rental rates continue to show year-over-year increases. We expect increases in rental rates to taper; however, the increased rental rates that are in place should positively impact future revenues.

Commercial Properties: The retail outlook has shown improvement because of increases in consumer spending over the past year and this improvement is expected to continue over the next couple of years.

Development Projects and Capital Expenditures: We continue to make only those capital expenditures that are absolutely necessary. On July 24, 2012, the Board approved revisions to the scope of the Rotunda redevelopment project, thereby reducing the complexity and projected cost of the project. Rotunda began construction in September 2013, and is moving forward toward the completion of this construction project.

Index	Page 17

Debt Financing Availability: Financing for development projects has become more available. As a result, 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 at the Rotunda. On November 19, 2013, FREIT refinanced the first mortgages on its Hammel Gardens and Steuben Arms properties that were scheduled to mature on December 1, 2013. The mortgages, aggregating $9.4 million, were refinanced for $19.7 million.

Operating Cash Flow and Dividend Distributions: We expect that cash provided by net operating income will be adequate to cover mandatory debt service payments (excluding balloon payments), necessary capital improvements and dividends necessary to retain qualification as a REIT (90% of taxable income). Until the economic climate indicates that a change is appropriate, it is FREIT’s intention to maintain its quarterly dividend at a level not less than that required to maintain its REIT status for Federal income tax purposes.

SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES

Pursuant to the SEC disclosure guidance for "Critical Accounting Policies," the SEC defines Critical Accounting Policies as those that require the application of management's most difficult, subjective, or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods.

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, the preparation of which takes into account estimates based on judgments and assumptions that affect certain amounts and disclosures. Accordingly, actual results could differ from these estimates. The accounting policies and estimates used, which are outlined in Note 1 to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2014, have been applied consistently as at July 31, 2015, and for the nine and three months ended July 31, 2015 and 2014. We believe that the following accounting policies or estimates require the application of management's most difficult, subjective, or complex judgments:

Revenue Recognition: Base rents, additional rents based on tenants' sales volume and reimbursement of the tenants' share of certain operating expenses are generally recognized when due from tenants. The straight-line basis is used to recognize base rents under leases if they provide for varying rents over the lease terms. Straight-line rents represent unbilled rents receivable to the extent straight-line rents exceed current rents billed in accordance with lease agreements. Before FREIT can recognize revenue, it is required to assess, among other things, its collectibility.

Valuation of Long-Lived Assets: We assess the carrying value of long-lived assets periodically, or whenever events or changes in circumstances indicate that the carrying amounts of certain assets may not be recoverable. When FREIT determines that the carrying value of long-lived assets may be impaired, the measurement of any impairment is based on a projected discounted cash flow method determined by FREIT's management. While we believe that our discounted cash flow methods are reasonable, different assumptions regarding such cash flows may significantly affect the measurement of impairment.

Recently issued accounting standards: See Note 2 to the Condensed Consolidated Financial Statements.

RESULTS OF OPERATIONS

Real estate revenue for the nine months ended July 31, 2015 (“Current Nine Months”) increased 6.4% to $33,675,000, compared to $31,637,000 for the nine months ended July 31, 2014 (“Prior Nine Months”). For the three months ended July 31, 2015 (“Current Quarter”) real estate revenue increased 6.8% to $11,143,000, compared to $10,433,000 for the three months ended July 31, 2014 (“Prior Year’s Quarter”). Income from continuing operations for the Current Nine Months and Current Quarter was $2,831,000 and $1,057,000, respectively, compared to $2,725,000 and $716,000 for the prior year’s comparable periods, respectively. The increase in income from continuing operations for the Current Nine Months and Current Quarter was primarily attributable to income generated from the Regency acquisition and the one time acquisition costs of $648,000 expensed in the prior year’s periods.

Net income attributable to common equity (“net income-common equity”) for the Current Nine Months was $2,548,000 ($0.38 per share basic and diluted), compared to $11,013,000 ($1.59 per share basic and diluted) for the Prior Nine Months. Net income-common equity for the Current Quarter was $968,000 ($0.14 per share basic and diluted), compared to $554,000 ($0.08 per share basic and diluted) for the Prior Year’s Quarter. Included in net income-common equity for the Prior Nine Months was a gain of approximately $8.7 million relating to the sale of the South Brunswick property in December 2013. The schedule below provides a detailed analysis of the major changes that impacted net income-common equity for the nine and three months ended July 31, 2015 and 2014:

Index	Page 18

NET INCOME COMPONENTS
	Nine Months Ended									Three Months Ended
	July 31,									July 31,
	2015			2014			Change			2015			2014			Change
	(In thousands)									(In thousands)
Income from real estate operations:
Commercial properties	$	9,222		$	9,621		$	(399	)	$	3,098		$	3,173		$	(75	)

Residential properties		8,504			7,929			575			2,938			2,787			151
Total income from real estate operations		17,726			17,550			176			6,036			5,960			76

Financing costs:
Fixed rate mortgages		(8,216	)		(7,986	)		(230	)		(2,777	)		(2,672	)		(105	)
Floating rate - Rotunda		(1,158	)		(411	)		(747	)		(481	)		(146	)		(335	)
Credit line		(35	)		(48	)		13			—			(48	)		48
Other- Corporate interest		(246	)		(460	)		214			(84	)		(182	)		98
Mortgage cost amortization		(315	)		(273	)		(42	)		(142	)		(89	)		(53	)
Less amounts capitalized		1,600			744			856			667			524			143
Total financing costs		(8,370	)		(8,434	)		64			(2,817	)		(2,613	)		(204	)

Investment income		113			133			(20	)		37			50			(13	)

General & administrative expenses:
Accounting fees		(413	)		(388	)		(25	)		(124	)		(125	)		1
Legal & professional fees		(95	)		(76	)		(19	)		(18	)		(39	)		21
Trustee fees		(654	)		(383	)		(271	)		(222	)		(129	)		(93	)
Stock option expense		(71	)		—			(71	)		(24	)		—			(24	)
Corporate expenses		(420	)		(375	)		(45	)		(121	)		(126	)		5
Total general & administrative expenses		(1,653	)		(1,222	)		(431	)		(509	)		(419	)		(90	)

Depreciation		(4,985	)		(4,654	)		(331	)		(1,690	)		(1,614	)		(76	)
Acquisition costs - Regency		—			(648	)		648			—			(648	)		648

Income from continuing operations		2,831			2,725			106			1,057			716			341

Income from discontinued operations		—			7			(7	)		—			—			—
Gain on sale of discontinued operation		—			8,734			(8,734	)		—			—			—

Net income		2,831			11,466			(8,635	)		1,057			716			341
Net income attributable to noncontrolling
interest in subsidiaries		(283	)		(453	)		170			(89	)		(162	)		73

Net income attributable to common equity	$	2,548		$	11,013		$	(8,465	)	$	968		$	554		$	414

The consolidated results of operations for the Current Nine Months and Current Quarter are not necessarily indicative of the results to be expected for the full year or any other period.

SEGMENT INFORMATION

The following tables set forth comparative net operating income ("NOI") data for FREIT’s real estate segments and reconciles the NOI to consolidated net income-common equity for the Current Nine Months and Current Quarter as compared to the Prior Year’s comparable periods (See below for definition of NOI):

Index	Page 19

	Commercial									Residential									Combined
	Nine Months Ended									Nine Months Ended									Nine Months Ended
	July 31,				Increase (Decrease)					July 31,				Increase (Decrease)					July 31,
	2015		2014		$			%		2015		2014		$			%		2015		2014
	(In thousands)									(In thousands)									(In thousands)
Rental income	$	13,131	$	13,017	$	114			0.9%	$	16,081	$	14,557	$	1,524			10.5%	$	29,212	$	27,574
Reimbursements		4,280		3,798		482			12.7%		—		—		—			0.0%		4,280		3,798
Other		28		15		13			86.7%		375		389		(14	)		-3.6%		403		404
Total revenue		17,439		16,830		609			3.6%		16,456		14,946		1,510			10.1%		33,895		31,776

Operating expenses		7,997		7,070		927			13.1%		7,952		7,017		935			13.3%		15,949		14,087
Net operating income	$	9,442	$	9,760	$	(318	)		-3.3%	$	8,504	$	7,929	$	575			7.3%		17,946		17,689
Average
Occupancy %		83.9%		82.7%					1.2%		94.6%		95.4%					-0.8%

Reconciliation to consolidated net income:
Deferred rents - straight lining		(219	)		(123	)
Amortization of acquired leases		(1	)		(16	)
Investment income		113			133
General and administrative expenses		(1,653	)		(1,222	)
Acquisition costs - Regency		—			(648	)
Depreciation		(4,985	)		(4,654	)
Financing costs		(8,370	)		(8,434	)
Income from continuing operations		2,831			2,725
Income from discontinued operations		—			7
Gain on sale of discontinued operation		—			8,734
Net income		2,831			11,466
Net income attributable to noncontrolling interests		(283	)		(453	)
Net income attributable to common equity	$	2,548		$	11,013

	Commercial										Residential								Combined
	Three Months Ended										Three Months Ended								Three Months Ended
	July 31,					Increase (Decrease)					July 31,				Increase (Decrease)				July 31,
	2015		2014			$			%		2015		2014		$		%		2015		2014
	(In thousands)										(In thousands)								(In thousands)
Rental income	$	4,454	$	4,288		$	166			3.9%	$	5,398	$	5,096	$	302		5.9%	$	9,852	$	9,384
Reimbursements		1,290		1,051			239			22.7%		—		—		—		0.0%		1,290		1,051
Other		7		(21	)		28			-133.3%		65		61		4		6.6%		72		40
Total revenue		5,751		5,318			433			8.1%		5,463		5,157		306		5.9%		11,214		10,475

Operating expenses		2,582		2,103			479			22.8%		2,525		2,370		155		6.5%		5,107		4,473
Net operating income	$	3,169	$	3,215		$	(46	)		-1.4%	$	2,938	$	2,787	$	151		5.4%		6,107		6,002
Average
Occupancy %		86.3%		82.3%						4.0%		94.6%		96.7%				-2.1%

Reconciliation to consolidated net income:
Deferred rents - straight lining		(71	)		(37	)
Amortization of acquired leases		—			(5	)
Investment income		37			50
General and administrative expenses		(509	)		(419	)
Acquisition costs - Regency		—			(648	)
Depreciation		(1,690	)		(1,614	)
Financing costs		(2,817	)		(2,613	)
Income from continuing operations		1,057			716
Income from discontinued operations		—			—
Gain on sale of discontinued operation		—			—
Net income		1,057			716
Net income attributable to noncontrolling interests		(89	)		(162	)
Net income attributable to common equity	$	968		$	554

NOI is based on operating revenue and expenses directly associated with the operations of the real estate properties, but excludes deferred rents (straight lining), lease amortization, depreciation, financing costs and other items. FREIT assesses and measures segment operating results based on NOI.

Same Property NOI: FREIT considers same property net operating income (“Same Property NOI”) to be a useful supplemental non-GAAP measure of our operating performance. We define same property within both our commercial and residential segments to be those properties that we have owned and operated for both the current and prior periods presented, excluding those properties that we acquired, redeveloped or classified as discontinued operations during those periods. Any newly acquired property that has been in operation for less than a year, any property that is undergoing a major redevelopment, but may still be in operation at less than full capacity, and/or any property that is under contract for sale are not considered same property.

Index	Page 20

NOI and Same Property NOI are non-GAAP financial measures and are not measures of operating results or cash flow as measured by generally accepted accounting principles, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity.

COMMERCIAL SEGMENT

The commercial segment contains ten (10) separate properties. Seven are multi-tenanted retail or office centers, and three are single tenanted – a supermarket and two bank branches. As indicated in the table above under the caption Segment Information, total revenue from FREIT’s commercial segment for the Current Nine Months and Current Quarter increased by 3.6% and 8.1%, respectively, from the prior year’s comparable periods. The increase in total revenue for the Current Year’s periods was primarily attributable to increased rental income from increased rents and increases in the occupancy percentage over last year’s comparable periods. NOI for the Current Year’s periods decreased by 3.3% and 1.4%, respectively, from the prior year’s comparable periods. The decrease in NOI for the Current Year’s periods was primarily attributable to increases in non-reimbursable operating expenses, principally repairs and maintenance and tenant’s bad debts.

Same Property Operating Results: FREIT’s commercial segment currently contains nine (9) same properties. (See definition of same property under Segment Information above.) Since The Rotunda property is currently undergoing a major redevelopment and is operating at less than full capacity, it has been excluded from same property results for all periods presented. For the Current Year’s periods, same property revenue for the commercial segment increased by 3.4% and 6.9%, respectively, from the prior year’s comparable periods. For the Current Year’s periods, same property NOI decreased by 1.9% and increased by 2.1%, respectively, from the prior year’s comparable periods. The reasons for the changes mirror the discussion in the previous paragraph.

Index	Page 21

Leasing: The following table reflects leasing activity at our commercial properties for comparable leases (leases executed for spaces in which there was a tenant at some point during the previous twelve-month period) and non-comparable leases for the Current Nine Months:

	Number of Leases		Lease Area (Sq Ft)		Weighted Average Lease Rate (Sq Ft)		Weighted Average Prior Lease Rate (Sq Ft)		% Increase (Decrease)		Tenant Improvement Allowance (Sq Ft) (a)		Lease Commissions (Sq Ft) (a)

Comparable leases		12		76,833	$	17.80	$	14.53		22.5%	$	—	$	0.36
Non-comparable leases		5		10,026	$	37.22		N/A		N/A	$	1.33	$	1.50
Total leasing activity		17		86,859

(a) These leasing costs are presented as annualized costs per square foot and are allocated uniformly over the initial lease term.

For the Current Quarter, average occupancy showed an increase of 4.0%, as compared to the Prior Year’s Quarter. Excluding the impact of the Rotunda property, which is currently undergoing a major redevelopment project that began in September 2013, average occupancy rates for the Current Nine Months decreased 2.2% over last year’s comparable period, which was primarily due to the G-Mart vacancy at Westridge Square as of November 1, 2014.

Construction related to the expansion and renovation of the Damascus Center was completed in November 2011. We are currently in the negotiation process with potential tenants for the new, currently available space constructed in the final phase (Phase III) of this project. As of July 31, 2015, approximately 86.0% of the space at the Damascus Center is leased and 81.3% is occupied.

On July 27, 2012, FREIT signed a lease agreement with G-Mart for a significant portion (40,000 square feet) of the space at the Westridge Square shopping center that was previously occupied by Giant of Maryland, LLC (“Giant”). G-Mart managed an international grocery store chain. FREIT incurred approximately $940,000 in tenant improvement costs associated with the lease to G-Mart, which began operations at the center in September 2013. Effective November 1, 2014, G-Mart notified FREIT that it had vacated its space at the Westridge Square shopping center and would be terminating its lease. A new lease for this 40,000 square foot space was signed by H-Mart, an international grocery store chain, in November 2014. H-Mart is currently renovating their space but began paying rent in May 2015. All of the tenant improvements related to G-Mart will be utilized for H-Mart.

DEVELOPMENT ACTIVITIES

The Rotunda property in Baltimore, MD (owned by our 60% owned affiliate Grande Rotunda, LLC) is an 11.5 acre site containing a 138,000 sq. ft. office building and approximately 78,000 sq. ft. of retail space on the lower level of the office building. The redevelopment and expansion plans include a modernization of the office building and smaller adjacent buildings, construction of 379 residential apartment rental units, an additional 75,000 square feet of new retail space, and 864 above level parking spaces. With regard to the Rotunda’s redevelopment project, approximately $91.8 million has been incurred through July 31, 2015, of which $3.7 million was written-off in Fiscal 2012 as a result of revisions to the scope of the redevelopment project. All planning and feasibility study costs, as well as ongoing construction costs related to the project are being capitalized to Construction In Progress (“CIP”) until the project is completed and becomes operational. On December 9, 2013, Grande Rotunda, LLC, closed with Wells Fargo Bank on a construction loan of up to $120 million to be used to reconfigure and expand its Rotunda property in Baltimore, MD. 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. FREIT started construction in September 2013.

Through July 31, 2015, funding for the construction at the Rotunda was provided by: (a) the Grande Rotunda, LLC members, FREIT and Rotunda 100, LLC, who contributed approximately $14.5 million in accordance with the loan agreement with Wells Fargo Bank; and (b) $82.0 million in draws on the construction line with Wells Fargo Bank, of which $19 million of the draw was used to pay off the loan from FREIT, and $63.0 million was used towards the construction at the Rotunda. (See discussion under Liquidity and Capital resources for further details regarding the Rotunda financing.)

RESIDENTIAL SEGMENT

FREIT currently operates seven (7) multi-family apartment communities totaling 1,093 apartment units. As indicated in the table above under the caption Segment Information, total revenue and NOI from FREIT’s residential segment for the Current Nine Months increased by 10.1% and 7.3%, respectively, as compared to the Prior Nine Months. For the Current Quarter, total revenue and NOI increased by 5.9% and 5.4%, respectively, as compared to the Prior Year’s Quarter. The increase in total revenue and NOI for the Current Nine Months and Current Quarter was primarily attributable to: (a) the addition of the operating results of the Regency (see discussion below), and (b) increased base rent at all of our residential properties.

Index	Page 22

Same Property Operating Results: FREIT’s residential segment currently contains six (6) same properties. (See definition of same property under Segment Information above.) The Regency property is not included as same property, since it was acquired in June 2014 and was not in operation for the full 2014 fiscal year. For the Current Quarter, same property revenue for the residential segment decreased by 0.1% and same property NOI increased by 1.0% as compared to last year’s comparable period. For the Current Nine Months, same property revenue for the residential segment increased by 0.5% and same property NOI decreased by 0.5% from last year’s comparable period. Despite the overall increase in base rent for the current year, higher vacancies at several of FREIT’s residential properties for the Current Quarter, along with higher operating expenses were the primary contributors to the decrease in same property NOI for the Current Nine Months.

Our residential revenue is principally composed of monthly apartment rental income. Total rental income is a factor of occupancy and monthly apartment rents. Monthly average residential rents at the end of the Current Quarter and the Prior Year’s Quarter were $1,735 and $1,723, respectively. A 1% decline in annual average occupancy, or a 1% decline in average rents from current levels, results in an annual revenue decline of approximately $228,000 and $216,000, respectively.

On June 18, 2014, FREIT completed the acquisition of the Regency, a residential apartment complex located in Middletown, New York. The Regency complex consists of 132 units in 11 buildings and a clubhouse. The acquisition cost was $20,625,000 (exclusive of $648,000 of transaction costs), which was funded in part with the $9.8 million in net proceeds from the sale of the South Brunswick land, and the remaining balance of $11.5 million was funded utilizing $10 million of FREIT’s credit line with Provident Bank, and FREIT’s available cash. On December 29, 2014, FREIT Regency, LLC secured long-term financing for the Regency property in the amount of $16.2 million from Provident Bank (see discussion under Liquidity and Capital Resources). A portion of the loan proceeds was used to replace the funds borrowed from FREIT’s credit line, and the remainder are available to fund FREIT’s future capital expenditures and for general corporate purposes.

Capital expenditures: Since all of our apartment communities, with the exception of The Boulders and the Regency, were constructed more than 25 years ago, we tend to spend more in any given year on maintenance and capital improvements than may be spent on newer properties. Major renovation programs (apartment renovations, parking structure restoration, air conditioning system replacement, and heating/cooling riser pipe replacement) have been undertaken at The Pierre. The parking structure restoration project, as well as, the replacement of the A/C system, was completed in Fiscal 2014 at a cost of approximately $750,000 and $1 million, respectively. We have substantially completed modernizing, where required, all apartments. The remaining apartments will be renovated as they become vacant. In addition, we have completed the major project to replace the heating and cooling riser pipe system at The Pierre in the current quarter for a cost of approximately $1.4 million. Funds for these capital projects will be available from cash flow from the property's operations and cash reserves.

Index	Page 23

FINANCING COSTS

	Nine Months Ended						Three Months Ended
	July 31,						July 31,
	2015			2014			2015			2014
	(In thousands)						(In thousands)
Fixed rate mortgages:
1st Mortgages
Existing	$	7,855		$	7,373		$	2,623		$	2,445
New		361			601			154			227
2nd Mortgages
Existing		—			12			—			—
Variable rate mortgages:
Construction loan-Rotunda		1,158			329			481			146
Credit line		35			48			—			48
Other		246			542			84			182
		9,655			8,905			3,342			3,048
Amortization of Mortgage Costs		315			273			142			89
Total Financing Costs		9,970			9,178			3,484			3,137
Less Amounts capitalized		(1,600	)		(744	)		(667	)		(524	)
Total Financing Costs Expensed	$	8,370		$	8,434		$	2,817		$	2,613

Total financing costs for the Current Nine Months and Current Quarter increased 8.6% and 11.1%, respectively, compared to the prior year’s comparable periods. The increase for both the Current Nine Months and Current Quarter was primarily attributable to the Rotunda construction loan of $82.0 million, and the Regency loan of $16.2 million. (See discussions under Liquidity and Capital Resources below).

GENERAL AND ADMINISTRATIVE EXPENSES (“G & A”)

G&A expense for the Current Nine Months and Current Quarter was $1,653,000 and $509,000, respectively, compared to $1,222,000 and $419,000, respectively, for the prior year’s comparable periods. The primary components of G&A are accounting fees, legal & professional fees and Trustees’ fees. The primary reason for the increase in G&A for the Current Nine Months and Current Quarter is the increase in Trustee fees, as a result of a change in the Deferred Fee Plan, along with increases in Trustee meeting attendance fees and annual retainer fees effective November 1, 2014.

DEPRECIATION

Depreciation expense from operations for the Current Nine Months and Current Quarter was $4,985,000 and $1,690,000, respectively, as compared to $4,654,000 and $1,614,000 for the prior year’s comparable periods. The increase in depreciation was primarily attributable to depreciation related to the Regency acquisition and certain assets becoming operational as of the end of Fiscal 2014.

LIQUIDITY AND CAPITAL RESOURCES

Net cash provided by operating activities was $7.7 million for the Current Nine Months compared to $7.9 million for the Prior Nine Months. We expect that cash provided by operating activities and cash reserves will be adequate to cover mandatory debt service payments (including payments of interest, but excluding balloon payments), real estate taxes, recurring capital improvements and dividends necessary to retain qualification as a REIT (90% of taxable income).

As at July 31, 2015, FREIT had cash and cash equivalents totaling $14.6 million, compared to $10.6 million at October 31, 2014. The increase in cash for the Current Nine Months is primarily attributable to net proceeds of approximately $15.8 million related to the securing of long-term financing for the Regency property, offset by the repayment of $5 million related to FREIT’s outstanding credit line balance and $6 million in dividend payments. (See discussion below for additional information relating to this loan.)

Index	Page 24

Credit Line: FREIT has a line of credit provided by the Provident Bank in the amount of approximately $12.8 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, 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 $5 million that was outstanding as of October 31, 2014, was repaid to the bank in January 2015. As of July 31, 2015, approximately $12.8 million was available under the line of credit, and no amount was outstanding.

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 July 31, 2015. The balance, up to an additional $5 million, will be available as a one-time draw over a 36 month period from the closing date, and the amount available will depend on future leasing at the shopping center. The new loan will mature on January 3, 2023. The loan bears a floating interest rate equal to 210 basis points over the BBA LIBOR. 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. 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. (See Note 4 for additional information relating to the interest rate swap.)

At July 31, 2015, FREIT’s aggregate outstanding mortgage debt was $299.0 million, which bears a weighted average interest rate of 4.21% and an average life of approximately 5.2 years. FREIT’s fixed rate mortgages are subject to amortization schedules that are longer than the term of the mortgages. As such, balloon payments (unpaid principal amounts at mortgage due date) for all mortgage debt will be required as follows:

Fiscal Year	2016	2017	2018	2019	2021	2022	2023	2024	2025
(In millions)
Mortgage "Balloon" Payments	$24.5	$22.0	$4.9	$127.0	$19.1	$14.4	$32.5	$15.9	$13.9

The following table shows the estimated fair value and carrying value of our long-term debt at July 31, 2015 and October 31, 2014:

	July 31,		October 31,
($ in Millions)	2015		2014

Fair Value	$	304.3	$	256.0

Carrying Value	$	299.0	$	251.6

FREIT expects to refinance the individual mortgages with new mortgages when their terms expire. To this extent we have exposure to interest rate risk. If interest rates, at the time any individual mortgage note is due, are higher than the current fixed interest rate, higher debt service may be required, and/or refinancing proceeds may be less than the amount of mortgage debt being retired. For example, at July 31, 2015, a 1% interest rate increase would reduce the fair value of our debt by $9.0 million, and a 1% decrease would increase the fair value by $9.6 million.

On November 19, 2013, FREIT refinanced the first mortgages on its Hammel Gardens and Steuben Arms properties that were scheduled to mature on December 1, 2013. The mortgages, aggregating $9.4 million, were refinanced for $19.7 million. The new mortgage amounts reflect, in part, the appreciated value of those assets. This refinancing resulted in: (i) a reduction of annual interest costs from 6.4% to 4.54%, and (ii) net refinancing proceeds of approximately $10 million that were available for capital expenditures and general corporate purposes.

Index	Page 25

On December 9, 2013, FREIT’s 60% owned affiliate, Grande Rotunda, LLC, closed with Wells Fargo Bank on a construction loan of up to $120 million to be used to reconfigure and expand its Rotunda property in Baltimore, MD. 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. As of July 31, 2015, $82.0 million of this loan was drawn down, of which $19 million was used to pay off the loan from FREIT, and $63.0 million was used towards the construction at the Rotunda.

Interest rate swap contracts: To reduce interest rate volatility, FREIT uses a “pay fixed, receive floating” interest rate swap to convert floating interest rates to fixed interest rates over the term of a certain loan. We enter into these swap contracts with a counterparty that is usually a high-quality commercial bank.

In essence, we agree to pay our counterparties a fixed rate of interest on a dollar amount of notional principal (which corresponds to our mortgage debt) over a term equal to the term of the mortgage notes. Our counterparties, in return, agree to pay us a short-term rate of interest - generally LIBOR - on that same notional amount over the same term as our mortgage notes.

Current GAAP requires us to mark-to-market fixed pay interest rate swaps. As the floating interest rate varies from time-to-time over the term of the contract, the value of the contract will change upward or downward. If the floating rate is higher than the fixed rate, the value of the contract goes up and there is a gain and an asset. If the floating rate is less than the fixed rate, there is a loss and a liability. These gains or losses will not affect our income statement. Changes in the fair value of these swap contracts will be reported in other comprehensive income and appear in the equity section of our balance sheet. This gain or loss represents the economic consequence of liquidating our fixed rate swap contracts and replacing them with like-duration funding at current market rates, something we would likely never do. Periodic cash settlements of the swap contract will be accounted for as an adjustment to interest expense.

FREIT had variable interest rate mortgages securing its Damascus Center and Regency properties. To reduce interest rate fluctuations FREIT entered into interest rate swap contracts for each of these loans. These interest rate swap contracts effectively converted variable interest rate payments to fixed interest rate payments. The contracts were initially based on a notional amount of approximately $20,000,000 ($19,066,000 at July 31, 2015) for the Damascus Center swap, and a notional amount of approximately $16,200,000 at July 31, 2015 for the Regency swap. FREIT has the following derivative-related risks with its swap contracts: 1) early termination risk, and 2) counterparty credit risk.

Early Termination Risk: If FREIT wants to terminate its swap contract before maturity, it would be bought out or terminated at market value; i.e., the difference in the present value of the anticipated net cash flows from each of the swap’s parties. If current variable interest rates are significantly below FREIT’s fixed interest rate payments, this could be costly. Conversely, if interest rates rise above FREIT’s fixed interest payments and FREIT elected early termination, FREIT would realize a gain on termination. At July 31, 2015, the Damascus Center’s swap contract was in our favor and the Regency’s swap contract was in the counterparties’ favor. If FREIT had terminated its contracts at that date it would have realized a gain of approximately $145,000 for the Damascus Center swap, and a loss of approximately $556,000 for the Regency swap which have been included as an asset and a liability, respectively, in FREIT’s balance sheet as at July 31, 2015, and the change (gain or loss) between reporting periods included in comprehensive income. At October 31, 2014, FREIT’s Damascus Center swap contract was in-the-money. If FREIT had terminated its contract at that date it would have realized a gain of approximately $515,000. This amount has been included as an asset in FREIT’s balance sheet as at October 31, 2014.

Counterparty Credit Risk: Each party to a swap contract bears the risk that its Counterparty will default on its obligation to make a periodic payment. FREIT reduces this risk by entering into swap contracts only with major financial institutions that are experienced market makers in the derivatives market.

Index	Page 26

We believe that the values of our properties will be adequate to command refinancing proceeds equal to or higher than the mortgage debt to be refinanced. We continually review our debt levels to determine if additional debt can prudently be utilized for property acquisition additions to our real estate portfolio that will increase income and cash flow to our shareholders.

SHARE REPURCHASES

On February 17, 2015, FREIT announced a tender offer to purchase up to 100,000 shares of beneficial interest at a price of $23.00 per share, which it funded principally from cash and cash equivalents. The tender offer expired on March 20, 2015. The number of shares proposed to be purchased in the tender offer represents approximately 1.5% of FREIT’s currently outstanding shares. As a result of the tender offer, FREIT repurchased 94,302 shares of beneficial interest at $23.00 per share, for an aggregate purchase price of $2,168,946. FREIT’s Trustees and executive officers did not tender any of their shares of beneficial interest in FREIT in the tender offer. (See Note 13 for further details.)

On September 4, 2014, the Board authorized the repurchase of 100,572 FREIT shares held by the pension plan of Hekemian & Co., Inc., FREIT’s managing agent, for an aggregate cash purchase of $1,855,553 or $18.45 per share, which was the closing price of FREIT shares on September 3, 2014. The repurchase occurred in September 2014 in connection with the termination of the pension plan. Mr. Robert S. Hekemian, Chairman and Chief Executive Officer of FREIT, and Mr. Robert S. Hekemian, Jr., a Trustee of FREIT, and members of their family were participants in the pension plan.

STOCK OPTION PLAN

DEFERRED FEE PLAN

ADJUSTED FUNDS FROM OPERATIONS

Funds From Operations (“FFO”) is a non-GAAP measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”). Effective with the 3^rd Quarter of Fiscal 2013, FREIT revised its FFO calculation to be in conformance with the NAREIT definition. Although many consider FFO as the standard measurement of a REIT’s performance, FREIT modified the NAREIT computation of FFO to include other adjustments to GAAP net income that are not considered by management to be the primary drivers of their decision making process. These adjustments to GAAP net income are amortization of acquired leases, straight-line rents, FFO from discontinued operations and recurring capital improvements on our residential apartments. The modified FFO computation is referred to as Adjusted Funds From Operations (“AFFO”). FREIT believes that AFFO is useful to investors as a supplemental gauge of our operating performance. We compute FFO and AFFO as follows:

Index	Page 27

	Nine Months Ended July 31,						Three Months Ended July 31,
	2015			2014			2015			2014
	(in thousands, except per share amounts)						(in thousands, except per share amounts)
Funds From Operations ("FFO") (a)

Net income	$	2,831		$	11,466		$	1,057		$	716
Depreciation of consolidated properties		4,985			4,654			1,690			1,614
Amortization of deferred leasing costs		233			221			82			89
Gain on sale of discontinued operation		—			(8,734	)		—			—
Distributions to minority interests		(426	)		(765	)		(30	)		(300	)
FFO	$	7,623		$	6,842		$	2,799		$	2,119

*Per Share - Basic and Diluted*	$	1.12		$	0.99		$	0.41		$	0.31

(a) As prescribed by NAREIT.

Adjusted Funds From Operations ("AFFO")

FFO	$	7,623		$	6,842		$	2,799		$	2,119
Amortization of acquired leases		1			16			—			5
Deferred rents (Straight lining)		219			123			71			37
Acquisition expenses - Regency apartments		—			648			—			648
Less: FFO from discontinued operations		—			(7	)		—			—
Capital Improvements - Apartments		(275	)		(351	)		(21	)		(210	)
AFFO	$	7,568		$	7,271		$	2,849		$	2,599

*Per Share - Basic and Diluted*	$	1.12		$	1.05		$	0.42		$	0.38

Weighted Average Shares Outstanding:
*Basic*		6,785			6,925			6,747			6,922
*Diluted*		6,786			6,925			6,755			6,922

FFO and AFFO do not represent cash generated from operating activities in accordance with accounting principles generally accepted in the United States of America, and therefore should not be considered a substitute for net income as a measure of results of operations or for cash flow from operations as a measure of liquidity. Additionally, the application and calculation of FFO and AFFO by certain other REITs may vary materially from that of FREIT’s, and therefore FREIT’s FFO and AFFO may not be directly comparable to those of other REITs.

INFLATION

Inflation can impact the financial performance of FREIT in various ways. Our commercial tenant leases normally provide that the tenants bear all or a portion of most operating expenses, which can reduce the impact of inflationary increases on FREIT. Apartment leases are normally for a one-year term, which may allow us to seek increased rents as leases renew or when new tenants are obtained, subject to prevailing market conditions.

Index	Page 28

Item 3: Quantitative and Qualitative Disclosures About Market Risk

See “Commercial Segment”, “Residential Segment” and “Liquidity and Capital Resources” under Item 2 above for a detailed discussion of FREIT’s quantitative and qualitative market risk disclosures.

Item 4: Controls and Procedures

At the end of the period covered by this report, we carried out an evaluation of the effectiveness of the design and operation of FREIT’s disclosure controls and procedures. This evaluation was carried out under the supervision and with participation of FREIT’s management, including FREIT’s Chairman and Chief Executive Officer and Chief Financial Officer, who concluded that FREIT’s disclosure controls and procedures are effective as of July 31, 2015. There has been no change in FREIT’s internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, FREIT’s internal control over financial reporting.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in FREIT’s reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in FREIT’s reports filed under the Exchange Act is accumulated and communicated to management, including FREIT’s Chief Executive Officer and Chief Financial Officer as appropriate, to allow timely decisions regarding required disclosure.

Part II: Other Information

Item 1: Legal Proceedings

None.

Item 1A: Risk Factors

There were no material changes in any risk factors previously disclosed in FREIT’s Annual Report on Form 10-K for the year ended October 31, 2014, that was filed with the Securities and Exchange Commission on January 14, 2015.

Index	Page 29

Item 6: Exhibits

Exhibit Index

Exhibit 10.1 - Amendment No 2. to Amended and Restated Deferred Fee Plan, adopted May 7, 2015

Exhibit 31.1 - Section 302 Certification of Chief Executive Officer

Exhibit 31.2 - Section 302 Certification of Chief Financial Officer

Exhibit 32.1 - Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350

Exhibit 32.2 - Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350

Exhibit 101 - The following materials from FREIT’s quarterly report on Form 10-Q for the period ended July 31, 2015, formatted in Extensible Business Reporting Language (“XBRL”): (i) condensed consolidated balance sheets; (ii) condensed consolidated statements of income; (iii) condensed consolidated statements of comprehensive income; (iv) condensed consolidated statement of equity; (v) condensed consolidated statements of cash flows; and (vi) notes to condensed consolidated financial statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	FIRST REAL ESTATE INVESTMENT
	TRUST OF NEW JERSEY
	(Registrant)

Date: September 9, 2015
	/s/ Robert S. Hekemian
	(Signature)
	Robert S. Hekemian
	Chairman of the Board and Chief Executive Officer
	(Principal Executive Officer)


	/s/ Donald W. Barney
	(Signature)
	Donald W. Barney
	President, Treasurer and Chief Financial Officer
	(Principal Financial/Accounting Officer)

EX-10.1 2 ex10-1.htm EX-10.1

Page 30

EXHIBIT 10.1

AMENDMENT NO. 2

TO AMENDED AND RESTATED DEFERRED FEE PLAN

The Amended and Restated Deferred Fee Plan of First Real Estate Investment Trust of New Jersey, as amended (the “Plan”), is hereby amended as follows:

Section 3.1(b) of the Plan is hereby deleted in its entirety and the following is substituted in its stead:

“Share Unit Account. From and after the Effective Date, on the last day of each calendar month, the aggregate amount of deferred fees pursuant to Section 2.1, but not the amount of a Participant’s Transferred Balance, and the interest accrued on each Cash Account (the “Conversion Balance”), shall be converted into share units (“Share Units”) equivalent to Common Shares. A Participant’s Transferred Balance shall not be converted into Share Units and shall remain in cash in the Participant’s Cash Account. Such conversion of the Conversion Balance shall be determined by dividing the aggregate amount to be converted on the last day of each calendar month by the Fair Market Value of one Common Share on the immediately preceding trading day. The Trust shall maintain for each Participant an account to which the Trust shall allocate the number of Share Units for full Common Shares so determined (the “Share Unit Account”), and the aggregate Fair Market Value of the Share Units so allocated shall be charged to such Participant’s Cash Account to reduce the balance thereof, but not below the Participant’s Transferred Balance.”

Amended on: May 7, 2015

EX-31.1 3 ex31-1.htm EX-31.1

Page 31

EXHIBIT 31.1

CERTIFICATION

I, Robert S. Hekemian, certify that:

I have reviewed this report on Form 10-Q of First Real Estate Investment Trust of New Jersey;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 9, 2015	/s/ Robert S. Hekemian
	Robert S. Hekemian
	Chairman of the Board and Chief Executive Officer

EX-31.2 4 ex31-2.htm EX-31.2

Page 32

EXHIBIT 31.2

CERTIFICATION

I, Donald W. Barney, certify that:

I have reviewed this report on Form 10-Q of First Real Estate Investment Trust of New Jersey;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 9, 2015	/s/ Donald W. Barney
	Donald W. Barney
	President, Treasurer and Chief Financial Officer

EX-32.1 5 ex32-1.htm EX-32.1

Page 33

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of First Real Estate Investment Trust of New Jersey (the “Company”) on Form 10-Q for the quarter ended July 31, 2015 (the “Report”), I, Robert S. Hekemian, Chairman of the Board and Chief Executive Officer of the Company, do hereby certify, pursuant to 18 U.S.C.§ 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)

the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, 15 U.S.C. § 78m(a) or 78o(d), and,

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: September 9, 2015	/s/ Robert S. Hekemian
	Robert S. Hekemian
	Chairman of the Board and Chief Executive Officer

EX-32.2 6 ex32-2.htm EX-32.2

Page 34

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of First Real Estate Investment Trust of New Jersey (the “Company”) on Form 10-Q for the quarter ended July 31, 2015 (the “Report”), I, Donald W. Barney, President, Treasurer and Chief Financial Officer of the Company, do hereby certify, pursuant to 18 U.S.C.§ 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)

the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, 15 U.S.C. § 78m(a) or 78o(d), and,

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: September 9, 2015	/s/ Donald W. Barney
	Donald W. Barney
	President, Treasurer and Chief Financial Officer

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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Note 1 - Basis of presentation: The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial statements and pursuant to the rules of the Securities and Exchange Commission (SEC). Accordingly, certain information and footnotes required by GAAP for complete financial statements have been omitted. It is the opinion of management that all adjustments considered necessary for a fair presentation have been included, and that all such adjustments are of a normal recurring nature. <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 6pt 0px 0px; text-align: justify;">The consolidated results of operations for the nine and three-month periods ended July 31, 2015 are not necessarily indicative of the results to be expected for the full year or any other period. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10-K for the year ended October 31, 2014 of First Real Estate Investment Trust of New Jersey (FREIT). </div>

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Note 2 Recently issued accounting standards: In April 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the definition of a discontinued operation. The new guidance requires discontinued operation treatment for disposals of a component or group of components that represent a strategic shift that has, or will have, a major impact on an entity's operations or financial results. The ASU is effective prospectively for all disposals that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014, with early adoption permitted. The Company has adopted this guidance effective with its 1st quarter ended January 31, 2015. The adoption of this guidance did not have any impact on our financial statements. <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 6pt 0px 0px; text-align: justify;">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. In August 2015, the FASB extended the effective date by one year to years beginning on and after December 15, 2017. Early adoption is not permitted. ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. FREIT is currently assessing the impact this new accounting guidance will have on its consolidated financial statements and footnote disclosures. <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 6pt 0px 0px; text-align: justify;">In February 2015, the FASB issued Accounting Standards Update No. 2015-02, "Amendments to the Consolidation Analysis," ("ASU 2015-02"), which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 with early adoption permitted. ASU 2015-02 amends: the assessment of whether a limited partnership or an LLC is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity's related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships or LLCs, clarifies how to determine whether the equity holders as a group have power over an entity. The adoption of ASU 2015-02 is not expected to have any effect on our consolidated financial statements or footnote disclosures. <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 6pt 0px 0px; text-align: justify;">In April 2015, the FASB issued ASU 2015-03, "Interest- Imputation of Interest (Subtopic 835-30): <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">Simplifying the Presentation of Debt Issuance Costs" which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years with early adoption permitted. The adoption of this guidance, which is required to be applied on a retrospective basis, will not have a material effect on our financial statements. </div>

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12172000 453000

11719000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Note 4 - Interest rate swap contracts:  On December 26, 2012, Damascus Centre, LLC refinanced its $15 million construction loan with a variable rate $25 million mortgage loan of which $19 million was outstanding as of July 31, 2015. The new loan will mature on January 3, 2023. In connection therewith, on December 26, 2012, FREIT entered into an interest rate swap contract to reduce the impact of interest rate fluctuations on the LIBOR based variable rate mortgage. At July 31, 2015, the derivative financial instrument had a notional amount of approximately $19.1 million and a current maturity date of January 2023. The contract effectively converts the LIBOR based variable rate to a fixed rate of 3.81%. On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The new loan bears a floating interest rate equal to 125 basis points over the BBA LIBOR and the loan will mature on December 15, 2024. In order to minimize interest rate volatility during the term of the loan, FREIT Regency, LLC entered into an interest rate swap agreement that in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. At July 31, 2015, the derivative financial instrument has a notional amount of approximately $16.2 million and a current maturity date of December 2024. In accordance with ASC 815, Accounting for Derivative Instruments and Hedging Activities, FREIT is accounting for the Damascus Centre, LLC and the FREIT Regency, LLC  interest rate swaps as cash flow hedges and marks to market its fixed pay interest rate swaps, taking into account present interest rates compared to the contracted fixed rate over the life of the contract. For the nine and three months ended July 31, 2015, FREIT recorded an unrealized loss of $926,000 and an unrealized gain of $415,000, respectively, in comprehensive income representing the change in the fair value of the swaps which resulted in a corresponding liability of $556,000 for the Regency swap <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">and an asset of $145,000 for the Damascus Center swap as of July 31, 2015. As of July 31, 2014, FREIT recorded an asset of $837,000 representing the fair value of the swap, along with a corresponding decrease to accumulated other comprehensive income of $143,000 and $132,000 for the nine and three months ended July 31, 2014, respectively. During the year ended October 31, 2014, FREIT recorded an unrealized loss of $465,000 in comprehensive income representing the reduction in the fair value of the swap, which resulted in a $515,000 corresponding asset as of October 31, 2014. The fair values are based on observable inputs (level 2 in the fair value hierarchy). </div>

19000000

0.0381

-465000

16200000

-143000

0.0125

415000

-132000

25000000

132 11

20625000

648000

9800000

11500000

10000000

16200000

18500000

2100000

P40Y

33039000

29608000

3431000

7000 8734000

0.43

1.26

1.69

6925000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Note 6 Property acquisition: On June 18, 2014, FREIT completed the acquisition of the Regency Club (Regency), a residential apartment complex located in Middletown, New York. The Regency complex consists of 132 units in 11 buildings and a clubhouse. The acquisition cost was $20,625,000 (exclusive of $648,000 of transaction costs charged to expense), which was funded in part with $9.8 million in net proceeds from the sale of the South Brunswick land, and the remaining balance of $11.5 million (inclusive of the $648,000 of transaction costs) was funded utilizing $10 million of FREIT's credit line with Provident Bank, and FREIT's available cash. On December 29, 2014, FREIT secured long-term financing for this property in the amount of $16.2 million from Provident Bank. The acquisition price of $20,625,000 has been allocated as follows: $18.5 million to the buildings and $2.1 million to the land.  FREIT identified the Regency as a replacement property for the vacant land located in South Brunswick, New Jersey that FREIT sold on December 20, 2013 (see Note 5). The Regency is part of FREIT's Residential segment. The following unaudited pro forma information shows the results of operations for the nine and three-month periods ended July 31, 2014 for FREIT and Subsidiaries as though the Regency had been acquired at the beginning of fiscal 2014: <div align="center"> <div> <div style="display: block;"> <div style="display: block;"> <div class="CursorPointer"> <table style="border-collapse: collapse; width: 100%; margin-right: 0.100000001490116px;" cellspacing="0" cellpadding="0"> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="8"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="8">   </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;" align="center"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" colspan="7" align="center"></td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">   </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left" colspan="2">Nine Months Ended</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left" colspan="2">Three Months Ended</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">   </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left" colspan="2">July 31, 2014</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left" colspan="2">July 31, 2014</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">   </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left" colspan="2">Pro Forma</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left" colspan="2">Pro Forma</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">   </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70%;">   </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 5%;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 6%;" align="right"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 5%;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 6%;" align="left"> </td> <td align="left" style="width: 1%;"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Revenues </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 33,039 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$ </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 10,754 </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; width: 70%;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 5%;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 5%;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 5%;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; width: 5%;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Net expenses </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;" align="right"> 29,608 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;" align="left"> 9,413 </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Income from continuing operations </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 3,431 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 1,341 </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Income from discontinued operations </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 7 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Gain on sale of discontinued operation </td> <td style="border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="right"> 8,734 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Net income </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="right"> 12,172 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 1,341 </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Net income attributable to noncontrolling interest in subsidiaries </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; white-space: nowrap; vertical-align: bottom;" align="right" valign="bottom"> (453 </td> <td align="left" valign="bottom" style="vertical-align: bottom;">)</td> <td align="left" valign="bottom" style="vertical-align: bottom;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; white-space: nowrap; vertical-align: bottom;" align="left" valign="bottom"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; white-space: nowrap; text-align: right; vertical-align: bottom;" align="left" valign="bottom"> (162 </td> <td align="left" valign="bottom" style="vertical-align: bottom;">)</td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Net income attributable to common equity </td> <td style="border-bottom: #000000 2.80pt double !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">$</td> <td style="border-bottom: #000000 2.80pt double !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="right"> 11,719 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left">$ </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left"> 1,179 </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Earnings per share - basic and diluted: </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Continuing operations </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 0.43 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 0.17 </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Discontinued operations </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="right"> 1.26 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 30px; background-color: #cceeff;"> Net income attributable to common equity </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"> 1.69 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> 0.17 </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Weighted average shares outstanding - basic and diluted </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 6,925 </td> <td align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 6,922 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> </tr> </table> </div> </div> </div> </div> </div> The pro forma results reflect the following adjustments: (a) additional depreciation expense based on the purchase price allocated to the buildings and a depreciable life of 40 years, and (b) additional interest expense based on the $10 million loan used towards the purchase of the property at acquisition date. The pro forma results of operations set forth above are not necessarily indicative of the results that would have occurred had the acquisition been made at the beginning of fiscal 2014, or of future results of operations of FREIT's combined properties. </div>

744000000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Note 7 Capitalized interest Interest costs associated with amounts expended at the Grande Rotunda development are capitalized and included in the cost of the project. Interest capitalized during the nine-month periods ended July 31, 2015 and 2014, respectively, amounted to $1,600,000 and $744,000, and for the three-month periods ended July 31, 2015 and 2014, respectively, amounted to $667,000 and $524,000. </div>

667000000

524000000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <div style="display: block;"> <div class="CursorPointer"> <table style="border-collapse: collapse; width: 100%; margin-right: 0.100000001490116px;" cellspacing="0" cellpadding="0"> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="8"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="8">   </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;" align="center"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" colspan="7" align="center"></td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">   </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left" colspan="2">Nine Months Ended</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left" colspan="2">Three Months Ended</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">   </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left" colspan="2">July 31, 2014</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left" colspan="2">July 31, 2014</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">   </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left" colspan="2">Pro Forma</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left" colspan="2">Pro Forma</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">   </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70%;">   </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 5%;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 6%;" align="right"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 1%;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 5%;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; width: 6%;" align="left"> </td> <td align="left" style="width: 1%;"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Revenues </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 33,039 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$ </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 10,754 </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; width: 70%;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 5%;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 5%;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 5%;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; width: 5%;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Net expenses </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;" align="right"> 29,608 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;" align="left"> 9,413 </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Income from continuing operations </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 3,431 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 1,341 </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Income from discontinued operations </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 7 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Gain on sale of discontinued operation </td> <td style="border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="right"> 8,734 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Net income </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="right"> 12,172 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 1,341 </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Net income attributable to noncontrolling interest in subsidiaries </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; white-space: nowrap; vertical-align: bottom;" align="right" valign="bottom"> (453 </td> <td align="left" valign="bottom" style="vertical-align: bottom;">)</td> <td align="left" valign="bottom" style="vertical-align: bottom;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; white-space: nowrap; vertical-align: bottom;" align="left" valign="bottom"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; white-space: nowrap; text-align: right; vertical-align: bottom;" align="left" valign="bottom"> (162 </td> <td align="left" valign="bottom" style="vertical-align: bottom;">)</td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Net income attributable to common equity </td> <td style="border-bottom: #000000 2.80pt double !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">$</td> <td style="border-bottom: #000000 2.80pt double !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="right"> 11,719 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left">$ </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left"> 1,179 </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Earnings per share - basic and diluted: </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Continuing operations </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 0.43 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 0.17 </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Discontinued operations </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="right"> 1.26 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; text-indent: 30px; background-color: #cceeff;"> Net income attributable to common equity </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"> 1.69 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> 0.17 </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Weighted average shares outstanding - basic and diluted </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 6,925 </td> <td align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 6,922 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 12pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> </tr> </table> </div> </div> </div> </div>

10754000

9413000

1341000

1341000 162000

1179000

0.17

6922000

1600000000

479000

470000

98000 87000 340000 550000

330000

99000

403000

476000

49000

34000

1412000

1377000

213000 603000 77000 69000 155000 121000 1133000 979000

396000

395850

120000000

P4Y

82000000

19000000

63000000

9400000

19700000

0.064

0.0454

10000000

16200000

27807

0.0375

5000000

0.0225

0.0125

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Note 10 Fair value of long-term debt: The following table shows the estimated fair value and carrying value of FREIT's long-term debt at July 31, 2015 and October 31, 2014:   <div align="center"> <div> <div> <div class="CursorPointer"> <table style="border-collapse: collapse; width: 70%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"> <tr> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> July 31, </td> <td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"> </td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> October 31, </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';"> ($ In Millions) </td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> 2015 </td> <td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"> </td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> 2014 </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center"></td> <td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"> </td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 60%; background-color: #cceeff;"> Fair Value </td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 5%; background-color: #cceeff;"> </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 15%; background-color: #cceeff;">304.3</td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 5%; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 15%; background-color: #cceeff;" align="right">256.0</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Carrying Value </td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">299.0</td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">251.6</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> </tr> </table> </div> </div> </div> </div>   Fair values are estimated based on market interest rates at July 31, 2015 and October 31, 2014 and on discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value is based on observable inputs (level 2 in the fair value hierarchy). </div>

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div> <div class="CursorPointer"> <table style="border-collapse: collapse; width: 70%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"> <tr> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> July 31, </td> <td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"> </td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> October 31, </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';"> ($ In Millions) </td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> 2015 </td> <td style="vertical-align: bottom; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';" align="center"> </td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> 2014 </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center"></td> <td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;" align="center"> </td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px;" colspan="3" align="center"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 60%; background-color: #cceeff;"> Fair Value </td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 5%; background-color: #cceeff;"> </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 15%; background-color: #cceeff;">304.3</td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 5%; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 15%; background-color: #cceeff;" align="right">256.0</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="vertical-align: top; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Carrying Value </td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">299.0</td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; text-align: center; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right">251.6</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> </tr> </table> </div> </div> </div>

304300000

256000000

17439000

16830000

16456000

14946000

33895000

31776000

7997000

7070000

7952000

7017000

15949000

14087000

9442000

9760000

8504000

7929000

17946000

17689000

275000 351000

17946000

17689000

219000

123000

1653000

1222000

4473000

3169000

3215000

2938000

2787000

6107000

6002000

21000 210000

6107000

6002000

71000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Note 11 - Segment information:              FREIT has determined that it has two reportable segments: commercial properties and residential properties. These reportable segments offer different types of space, have different types of tenants, and are managed separately because each requires different operating strategies and management expertise. The commercial segment contains ten (10) separate properties and the residential segment contains seven (7) properties. The accounting policies of the segments are the same as those described in Note 1 in FREIT's Annual Report on Form 10-K for the fiscal year ended October 31, 2014.              The chief operating and decision-making group of FREIT's commercial segment, residential segment and corporate/other is comprised of FREIT's Board of Trustees (Board). FREIT assesses and measures segment operating results based on net operating income ("NOI"). NOI, a standard used by real estate professionals, is based on operating revenue and expenses directly associated with the operations of the real estate properties, but excludes deferred rents (straight lining), lease amortization, depreciation, financing costs and other items. NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP, and is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Continuing real estate rental revenue, operating expenses, NOI and recurring capital improvements for the reportable segments are summarized below and reconciled to condensed consolidated net income-common equity for the nine and three-month periods ended July 31, 2015 and 2014. Asset information is not reported since FREIT does not use this measure to assess performance.    <div align="center"> <div> <table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="vertical-align: bottom; padding: 0px; width: 48px;">   </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;"> </td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px;"> </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;"> </td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px;" align="right"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td align="left" style="width: 1px;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 48px;">   </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center;" colspan="6">Nine Months Ended </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center;" align="left" colspan="6">Three Months Ended </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td align="left" style="width: 1px;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 48px;">   </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="6">July 31, </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left" colspan="6">July 31, </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td align="left" style="width: 1px;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 48px;">   </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">2015</td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">2014</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left">2015 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left">2014</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td align="left" style="width: 1px;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 48px;">   </td> <td align="left" colspan="6" style="text-align: center;">(In Thousands) </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center;" align="left" colspan="6">(In Thousands) </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td align="left" style="width: 1px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; width: 48%; background-color: #cceeff;"> Real estate rental revenue: </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"> </td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; text-align: center; background-color: #cceeff;"></td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; text-align: center; background-color: #cceeff;" align="right"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"> </td> <td align="left" style="width: 1%; background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Commercial </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 17,439 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 16,830 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 5,751 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 5,318 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Residential </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> 16,456 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 14,946 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 5,463 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 5,157 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Total real estate revenue </td> <td align="left" style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td align="right" style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 33,895 </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 31,776 </td> <td align="left"></td> <td align="left"> </td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 11,214 </td> <td align="left"> </td> <td align="left"> </td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; text-align: right;" align="left"> 10,475 </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Real estate operating expenses: </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Commercial </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> 7,997 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 7,070 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 2,582 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 2,103 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Residential </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 7,952 </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 7,017 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 2,525 </td> <td align="left"> </td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 2,370 </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Total real estate operating expenses </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"> 15,949 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"> 14,087 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> 5,107 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> 4,473 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Net operating income: </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Commercial </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 9,442 </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 9,760 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 3,169 </td> <td align="left"> </td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 3,215 </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Residential </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> 8,504 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 7,929 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 2,938 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 2,787 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Total net operating income </td> <td align="left" style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">$</td> <td align="right" style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 17,946 </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">$</td> <td style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 17,689 </td> <td align="left"></td> <td align="left"> </td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 6,107 </td> <td align="left"> </td> <td align="left"> </td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; text-align: right;" align="left"> 6,002 </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Recurring capital improvements-residential </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> (275 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> (351 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$ </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> (21 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> (210 </td> <td align="left">)</td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Reconciliation to consolidated net income: </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">     Segment NOI </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> 17,946 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 17,689 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 6,107 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$ </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 6,002 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">     Deferred rents - straight lining </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> (219 </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">)</td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> (123 </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> (71 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> (37 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">     Amortization of acquired leases </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> (1 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> (16 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (5 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">     Investment income </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 113 </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 133 </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 37 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 50 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">     General and administrative expenses </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> (1,653 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> (1,222 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (509 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (419 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 20px;">     Acquisition costs - Regency </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;"> </td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;"> </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;"> </td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="right">(648</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">)</td> <td align="left" style="width: 20px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 20px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td align="left" style="width: 20px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 20px;" align="left">(648</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">)</td> <td align="left" style="width: 20px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">     Depreciation </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> (4,985 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> (4,654 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (1,690 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (1,614 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">     Financing costs </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"> (8,370 </td> <td align="left">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="right"> (8,434 </td> <td align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> (2,817 </td> <td align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> (2,613 </td> <td align="left">)</td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Income from continuing operations </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> 2,831 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 2,725 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 1,057 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 716 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Income from discontinued operations </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 7 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Gain on sale of discontinued operation </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"> </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="right"> 8,734 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Net income </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 2,831 </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 11,466 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 1,057 </td> <td align="left"> </td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 716 </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Net income attributable to noncontrolling </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">        interests </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> (283 </td> <td align="left" style="background-color: #cceeff;">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> (453 </td> <td align="left" style="background-color: #cceeff;">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (89 </td> <td align="left" style="background-color: #cceeff;">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (162 </td> <td align="left" style="background-color: #cceeff;">)</td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Net income attributable to common equity </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"> 2,548 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"> 11,013 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> 968 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left">$ </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> 554 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> </table> </div> </div> </div>

5751000

5318000

5463000

5157000

11214000

10475000

2582000

2103000

2525000

2370000

5107000

37000

5000

509000

419000

1.00

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; margin-left: 0.1px;" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="vertical-align: bottom; padding: 0px; width: 48px;">   </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;"> </td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px;"> </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;"> </td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px;" align="right"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td align="left" style="width: 1px;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 48px;">   </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center;" colspan="6">Nine Months Ended </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center;" align="left" colspan="6">Three Months Ended </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td align="left" style="width: 1px;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 48px;">   </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="6">July 31, </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left" colspan="6">July 31, </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td align="left" style="width: 1px;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 48px;">   </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">2015</td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">2014</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left">2015 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="left">2014</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td align="left" style="width: 1px;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 48px;">   </td> <td align="left" colspan="6" style="text-align: center;">(In Thousands) </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px; text-align: center;" align="left" colspan="6">(In Thousands) </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1px;" align="left"> </td> <td align="left" style="width: 1px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; width: 48%; background-color: #cceeff;"> Real estate rental revenue: </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"> </td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; text-align: center; background-color: #cceeff;"></td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 1%; background-color: #cceeff;"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; text-align: center; background-color: #cceeff;" align="right"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"> </td> <td align="left" style="width: 1%; background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Commercial </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 17,439 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 16,830 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 5,751 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 5,318 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Residential </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> 16,456 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 14,946 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 5,463 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 5,157 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Total real estate revenue </td> <td align="left" style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td align="right" style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 33,895 </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 31,776 </td> <td align="left"></td> <td align="left"> </td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 11,214 </td> <td align="left"> </td> <td align="left"> </td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; text-align: right;" align="left"> 10,475 </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Real estate operating expenses: </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Commercial </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> 7,997 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 7,070 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 2,582 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 2,103 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Residential </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 7,952 </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 7,017 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 2,525 </td> <td align="left"> </td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 2,370 </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Total real estate operating expenses </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"> 15,949 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"> 14,087 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> 5,107 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> 4,473 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Net operating income: </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Commercial </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 9,442 </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 9,760 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 3,169 </td> <td align="left"> </td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 3,215 </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Residential </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> 8,504 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 7,929 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 2,938 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 2,787 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Total net operating income </td> <td align="left" style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">$</td> <td align="right" style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 17,946 </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">$</td> <td style="border-bottom: #000000 1pt solid !important; border-top: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 17,689 </td> <td align="left"></td> <td align="left"> </td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 6,107 </td> <td align="left"> </td> <td align="left"> </td> <td style="border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; text-align: right;" align="left"> 6,002 </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Recurring capital improvements-residential </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> (275 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> (351 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$ </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> (21 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> (210 </td> <td align="left">)</td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Reconciliation to consolidated net income: </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">     Segment NOI </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> 17,946 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 17,689 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 6,107 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">$ </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 6,002 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">     Deferred rents - straight lining </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> (219 </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">)</td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> (123 </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> (71 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> (37 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left">)</td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">     Amortization of acquired leases </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> (1 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> (16 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (5 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">     Investment income </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 113 </td> <td align="left" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 133 </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 37 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 50 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">     General and administrative expenses </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> (1,653 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> (1,222 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (509 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (419 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 20px;">     Acquisition costs - Regency </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;"> </td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;"> </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;"> </td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; width: 20px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="right">(648</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">)</td> <td align="left" style="width: 20px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 20px;" align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td align="left" style="width: 20px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 20px;" align="left">(648</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left">)</td> <td align="left" style="width: 20px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">     Depreciation </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> (4,985 </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> (4,654 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (1,690 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (1,614 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left">)</td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';">     Financing costs </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"> (8,370 </td> <td align="left">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="right"> (8,434 </td> <td align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> (2,817 </td> <td align="left">)</td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> (2,613 </td> <td align="left">)</td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Income from continuing operations </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> 2,831 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 2,725 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 1,057 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> 716 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Income from discontinued operations </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> 7 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Gain on sale of discontinued operation </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"> </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="right"> 8,734 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Net income </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;"> 2,831 </td> <td align="left"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="right"> 11,466 </td> <td align="left"></td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 1,057 </td> <td align="left"> </td> <td align="left"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> 716 </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left; background-color: #cceeff;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Net income attributable to noncontrolling </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;">        interests </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"></td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"> (283 </td> <td align="left" style="background-color: #cceeff;">)</td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"> (453 </td> <td align="left" style="background-color: #cceeff;">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (89 </td> <td align="left" style="background-color: #cceeff;">)</td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;" align="left"> (162 </td> <td align="left" style="background-color: #cceeff;">)</td> <td align="left" style="background-color: #cceeff;"> </td> </tr> <tr> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px; text-align: left;"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td style="vertical-align: top; font-family: 'times new roman'; padding: 0px 5px; text-align: left; white-space: nowrap;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"> </td> <td align="left"></td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"> </td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;" align="left"> </td> <td align="left"> </td> <td align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Net income attributable to common equity </td> <td align="left" style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;">$</td> <td align="right" style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;"> 2,548 </td> <td align="left" style="background-color: #cceeff;"></td> <td style="vertical-align: bottom; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="right"> 11,013 </td> <td align="left" style="background-color: #cceeff;"></td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> 968 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left">$ </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important; background-color: #cceeff;" align="left"> 554 </td> <td align="left" style="background-color: #cceeff;"> </td> <td align="left" style="background-color: #cceeff;"> </td> </tr> </table> </div>

1.00 8000000

3500000

24400

20400

357000

17.50

100572

1855553

18.45

100000

94302

23.00

2168946

0.20

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Note 14 Stock option plan: On September 4, 2014, the Board approved the grant of a total of 246,000 non-qualified share options under FREIT's Equity Incentive Plan to certain FREIT Executive Officers, the members of the Board and certain employees of Hekemian & Co., Inc. The options have an exercise price of $18.45 per share, will vest over a 5 year period at 20% per year, and will expire 10 years from the date of grant, which will be September 3, 2024. The following table summarizes stock option activity for the nine-month period ended July 31, 2015: <div align="center"> <div> <div class="CursorPointer"> <table style="border-collapse: collapse; width: 100%; margin-left: 0.100000001490116px;" cellspacing="0" cellpadding="0"> <tr> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="7" align="center"> Nine Months Ended July 31, </td> </tr> <tr> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="7" align="center"> 2015 </td> </tr> <tr> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> No. of Options </td> <td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> Exercise </td> </tr> <tr> <td style="vertical-align: bottom; font-family: 'times new roman'; padding-top: 0px; padding-right: 0px; padding-bottom: 0px;" align="center"></td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> Outstanding </td> <td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> Price </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70%; background-color: #cceeff;"> Options outstanding beginning of period </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 15%; background-color: #cceeff;" align="right"> 246,000 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 5%; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right">18.45</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 70px;"> Options granted during period </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 15px;" align="right"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 5px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px;" align="right"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70px; background-color: #cceeff;"> Options forfeited/cancelled during period  </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 15px; background-color: #cceeff;" align="right">(2,100</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left">)</td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 5px; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;" align="right">18.45</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Options outstanding end of period </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="right"> 243,900 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="right">18.45</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left"></td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Options expected to vest </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;" align="right"> 238,620 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;" align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Options exercisable at end of period </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;" align="right"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;" align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> </tr> </table> </div> </div> </div>   For the nine and three-month periods ended July 31, 2015, compensation expense related to stock options granted amounted to $71,000 and $24,000, respectively. At July 31, 2015, there was approximately $384,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over a vesting period of approximately five years. The aggregate intrinsic value of options outstanding at July 31, 2015 was $439,020. </div>

246000

243900

238620

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div class="CursorPointer"> <table style="border-collapse: collapse; width: 100%; margin-left: 0.100000001490116px;" cellspacing="0" cellpadding="0"> <tr> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="7" align="center"> Nine Months Ended July 31, </td> </tr> <tr> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="7" align="center"> 2015 </td> </tr> <tr> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> No. of Options </td> <td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> Exercise </td> </tr> <tr> <td style="vertical-align: bottom; font-family: 'times new roman'; padding-top: 0px; padding-right: 0px; padding-bottom: 0px;" align="center"></td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> Outstanding </td> <td style="vertical-align: bottom; text-align: center; font-family: 'times new roman'; padding: 0px;" align="center"></td> <td style="vertical-align: bottom; border-bottom: #000000 1pt solid !important; padding: 0px; font-family: 'Times New Roman';" colspan="3" align="center"> Price </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70%; background-color: #cceeff;"> Options outstanding beginning of period </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 15%; background-color: #cceeff;" align="right"> 246,000 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 5%; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" align="right">18.45</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 0%; background-color: #cceeff;" align="left"></td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; width: 70px;"> Options granted during period </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 15px;" align="right"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 5px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px;" align="right"></td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px;" align="left"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; width: 70px; background-color: #cceeff;"> Options forfeited/cancelled during period  </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 15px; background-color: #cceeff;" align="right">(2,100</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left">)</td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; width: 5px; background-color: #cceeff;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;" align="right">18.45</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;" align="left"> </td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Options outstanding end of period </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="right"> 243,900 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="right">18.45</td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-color: #000000 !important; border-top-width: 1pt !important; border-top-style: solid !important;" align="left"></td> </tr> <tr style="background-color: #cceeff;"> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"> Options expected to vest </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;" align="right"> 238,620 </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;" align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="right"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td> </tr> <tr> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman';"> Options exercisable at end of period </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;" align="left"></td> <td style="padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;" align="right"> </td> <td style="padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;" align="left"></td> <td style="vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"> </td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> <td style="font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;" align="right"></td> <td style="font-family: 'times new roman'; padding: 0px 5px 0px 0px; vertical-align: bottom; white-space: nowrap;" align="left"></td> </tr> </table> </div> </div>

246000

18.45

P5Y

P10Y

18.45

71000

384000

P5Y

439020

24000

P10Y

588300

29385

570900

17400

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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">Note 16 Subsequent event: On August 24, 2015, FREIT issued a press release announcing that FREIT has entered into an agreement to purchase a 124 unit garden apartment community in Maywood, New Jersey. The acquisition is subject to FREIT's conclusion of its due diligence/feasibility study period. If FREIT is satisfied with the results of the due diligence review, the acquisition is expected to close in October 2015.</div>

0.40

0.30

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Heights Manor Apartments [Member] Names of the entity's disposal group(s), including those classified as components of the entity (discontinued operations), that have either been sold or are classified as held-for-sale. Palisades Manor Apartments [Member] Names of the entity's disposal group(s), including those classified as components of the entity (discontinued operations), that have either been sold or are classified as held-for-sale. Grandview Apartments [Member] Names of the entity's disposal group(s), including those classified as components of the entity (discontinued operations), that have either been sold or are classified as held-for-sale. South Brunswick property [Member] Person serving on the board of directors (who collectively have responsibility for governing the entity). Robert S. Hekemian [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. Frederick, MD [Member] Information pertaining to The Regency Club like-kind exchange. Regency Club Acquisition [Member] Document and Entity Information [Abstract] Deferred charges consist of mortgage costs and leasing commissions. Deferred mortgage costs are amortized on the straight-line method by annual charges to operations over the terms of the mortgages. Deferred charges, net Common equity: Expenses: Amendment Flag Amendment Flag Generally recurring costs associated with normal operations which includes selling, general and administrative expense. Operating expenses InvestingActivitiesAbstract Investing activities: FinancingActivitiesAbstract Financing activities: Capitalized interest [Abstract] Capitalized Interest Details Narrative The entire disclosure regarding capitalization of interest costs, including but not limited to: (i) capitalizing to inventory the interest costs incurred on land development, home construction, and building construction projects, (ii) charging such capitalized costs against earnings, including identification of the line item captions reflecting such expense (typically cost of sales), and (iii) allocating such costs to projects. Capitalized interest [Text Block] Capitalized interest The number of residential units acquired during the period. Number of units acquired The number of residential buildings acquired during the period. Number of buildings acquired Amount of consideration of liabilities incurred by the acquirer (line of credit), and available cash in property acquisition. Remaining balance in acquisition, after net proceeds from sale Percentage of acquisition purchase price allocated to buildings. Percentage allocation to buildings Percentage of acquisition purchase price allocated to land. Percentage allocation to land The pro forma net expenses for a period as if the business combination or combinations had been completed at the beginning of the period. Net expenses The pro forma income from discontinued operations for the period as if the business combination or combinations had been completed at the beginning of a period. BusinessAcquisitionsProFormaIncomeLossFromDiscontinuedOperations Income from discontinued operations The pro forma amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component for the period as if the business combination or combinations had been completed at the beginning of a period. BusinessAcquisitionsProFormaIncomeGainLossFromSaleOfDiscontinuedOperations Gain on sale of discontinued operation The pro forma net income or loss, inclusive of amounts attributable to noncontrolling interests, for the period as if the business combination or combinations had been completed at the beginning of a period. BusinessAcquisitionsProFormaProfitLoss Net income The pro forma net income or loss attributable to noncontrolling interests for the period as if the business combination or combinations had been completed at the beginning of a period. BusinessAcquisitionsProFormaIncomeNetIncomeLossAttributableToNoncontrollingInterest Net income attributable to noncontrolling interest in subsidiaries BusinessAcquisitionProFormaIncomeLossNetOfTaxPerShareBasicAbstract Earnings per share - basic and diluted Current Fiscal Year End Date Current Fiscal Year End Date The pro forma income from discontinued operations, net of tax effect per basic share of common stock for a period as if the business combination or combinations had been completed at the beginning of a period. BusinessAcquisitionProFormaIncomeLossFromDiscontinuedOperationsNetOfTaxPerShareBasic Discontinued operations Number of shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Specifically calculated for a period as if the business combination or combinations had been completed at the beginning of a period. Weighted average shares outstanding - basic and diluted Weighted average shares outstanding - basic and diluted Amount of commissions expense incurred because the lessor of real estate obtained a lessee for a rental property through a real estate agent and generally recurring costs associated with operations. Leasing commissions and reimbursement of operating expenses The expense incurred to persons or entities for securing insurance coverage for properties and subsidiaries. Insurance commissions The amount of fees paid to related entity for refinancing services. Other fees - refinancing The total amount of construction financing to be provided for the Rotunda Development project. Total construction financing, including other members The amount of capital committed by members but not yet paid. Amount of the capital call The amount by which the tax basis of the acquisition is lower than the acquisition price. Amount tax basis is lower than the acquisition price The total percentage of ordinary taxable income declared as dividends in the period. Ordinary taxable income distributed as dividends (percentage) Reportable Segments Area of Real Estate Property Area of property Area of property The amount of recurring capital improvements to properties. Recurring capital improvements Recurring capital improvements Document Period End Date Document Period End Date The amount of expense related to deferred project write off. Deferred Project Cost Write-off 1 Deferred project cost write-off Deferred project cost write-off The revenues associated with the early termination of a lease. Income Relating To Early Lease Termination Income relating to early lease termination Building designed primarily for the conduct of business. Commercial Buildings/Shopping Centers [Member] Apartment Buildings [Member] Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree. S and A Commercial Associates Limited Partnership ("S and A") [Member] Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree. Westwood Hills, LLC [Member] Description of swap Award Type [Axis] Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree. Damascus Centre, LLC [Member] Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree. Damascus Second, LLC [Member] Notional amount of interest rate swap Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree. Wayne PSC, LLC [Member] Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree. Pierre Towers, LLC [Member] dei_Entity [Domain] Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree. Grande Rotunda, LLC [Member] Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree. WestFREIT Corp [Member] Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree. WestFredic LLC [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. Rockaway, NJ Mortgage [Member] Rockaway, NJ [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. Westwood, NJ#1 [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. Patchogue, NY [Member] Wayne, NJ Mortgage 1 [Member] Wayne, NJ [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. River Edge, NJ First Mortgage [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. River Edge, NJ Second Mortgage [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. Maywood, NJ First Mortgage [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. Maywood, NJ Second Mortgage [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. Westwood, NJ #3 [Member] River Edge, NJ Refinanced Mortgage [Member] River Edge, NJ Refinanced Mortgage [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. Hackensack, NJ [Member] Collateralized debt obligation backed by, for example, but not limited to, pledge, mortgage or other lien on the entity's assets. Baltimore, MD [Member] Income producing properties held for rental. Westwood Plaza Shopping Center [Member] Plan name pertaining to equity-based compensation arrangements. Equity Incentive Plan [Member] An contractual arrangement whereby an employee is entitled to receive in the future, subject to vesting and other restrictions, a fee, as defined in the agreement, of the entity or portion thereof. Deferred Fee Plan [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. Westwood, NJ #2 [Member] Giant lease termination; Rotunda project cost write-off [Abstract] The entire disclosure for lease termination and deferred project cost write-off. Giant lease termination; Rotunda project cost write-off Giant lease termination; Rotunda project cost write-off Schedule of subsidairy disclosure which includes the name of the subsidiary, the ownership percentage held by the parent. Schedule of subsidiaries in which FREIT has a controlling financial interest Tabular disclosure of future minimum rental income required in the aggregate and for each of the five succeeding fiscal years. Schedule of minimum rental income to be received from non-cancelable operating leases Year the subsidiary was acquired/organized, in CCYY format. Year acquired/organized Year Acquired/Organized Years term range of commercial leases. Lease terms for tenants, periods Maximum coverage per flood claim provided by the insurance arrangement. Flood insurance, amount per incident Represents maximum ceiling on space that can be given on lease for use as a food supermarket. Maximum ceiling on space that can be given on lease for use as a food supermarket (in square feet) The amount paid for a lease termination fee. Lease termination fee Interest rate related to deferred fee plan. Interest rate on any deferred fee Interest rate on any deferred fee The percentage of loan to value. Loan To Value Loan-to-value (percentage) The amount of deferred project write-off, net of income from early lease terminations. DeferredProjectWriteoffNetOfIncomeFromEarlyLeaseTermination Deferred project write-off, net of income from early lease termination Discontinued Operation, Tax Effect Of Adjustment To Prior Period Gain (Loss) On Disposal, Per Share Effect Discontinued Operation, Tax Effect Of Adjustment To Prior Period Gain (Loss) On Disposal Per Share Effect Per share effect of adjustment Hammel Gardens, Maywood, NJ [Member] Hammel Gardens, Maywood, NJ [Member] Steuben Arms, River Edge, NJ [Member] Steuben Arms, River Edge, NJ [Member] Berdan Court, Wayne, NJ [Member] Berdan Court, Wayne, NJ [Member] Westwood Hills, Westwood, NJ [Member] Westwood Hills, Westwood, NJ [Member] Pierre Towers, Hackensack, NJ [Member] Pierre Towers, Hackensack, NJ [Member] Boulders - Rockaway, NJ [Member] Boulders - Rockaway, NJ [Member] Residential Properties [Member] Residential Properties [Member] Damascus Shopping Center, Damascus, MD [Member] Damascus Shopping Center, Damascus, MD [Member] Franklin Crossing, Franklin Lakes, NJ [Member] Franklin Crossing, Franklin Lakes, NJ [Member] Glen Rock, NJ [Member] Glen Rock, NJ [Member] Pathmark Super Center, Patchogue, NY [Member] Pathmark Super Center, Patchogue, NY [Member] Westridge Square S/C, Frederick, MD [Member] Westridge Square S/C, Frederick, MD [Member] Is Entity a Well-known Seasoned Issuer? Is Entity a Well-known Seasoned Issuer? Westwood Plaza, Westwood, NJ [Member] Westwood Plaza, Westwood, NJ [Member] Entity Voluntary Filer Is Entity a Voluntary Filer? Preakness S/C, Wayne, NJ [Member] Preakness S/C, Wayne, NJ [Member] Entity Current Reporting Status The Rotunda, Baltimore, MD [Member] The Rotunda, Baltimore, MD [Member] Entity Filer Category Entity Filer Category Land Leased [Member] Land Leased [Member] Entity Public Float Rockaway, NJ [Member] Rockaway, NJ [Member] Entity Registrant Name Rochelle Park, NJ [Member] Rochelle Park, NJ [Member] Entity Central Index Key Entity Central Index Key Vacant Land [Member] Vacant Land [Member] Franklin Lakes, NJ [Member] Franklin Lakes, NJ [Member] Wayne, NJ [Member] Wayne, NJ [Member] FREIT Regency, LLC [Member] FREIT Regency, LLC [Member] Entity Common Stock, Shares Outstanding Total receivable of financed transaction. Sale Of Interest Amount Financed Sale of interest, amount financed Rotunda 100 [Member] Rotunda 100 [Member] The percentage charged for developing real estate properties. Development fee (as percentage) Development fee (as percentage) The maximum fee expense that may be charged for real estate development. Development Costs Maximum Amount Development costs, maximum amount The cash outflow associated with development fees. Payments For Development Fees Development fees paid The project fee that may be charged for real estate project. Project Fee Amount Fee amount The monthly project fee that may be charged during the design phase. Project Fee Monthly Amount During Design Phase Fee, monthly amount during design phase EX-101.PRE 12 frevsob-20150731_pre.xml XBRL PRESENTATION FILE XML 13 R39.htm IDEA: XBRL DOCUMENT

Segment information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment information (Details) $ in Thousands	Jul. 31, 2015 USD ($) properties	Jul. 31, 2014 USD ($)	Jul. 31, 2015 USD ($) properties segments	Jul. 31, 2014 USD ($)
Reportable Segments
Real estate rental revenue	$ 11,143	$ 10,433	$ 33,675	$ 31,637
Real estate operating expenses	7,306	6,506	22,587	19,963
Operating income	3,837	3,927	11,088	11,674
Reconciliation to consolidated net income:
Deferred rents - straight lining	$ (71)	(37)	(219)	(123)
Amortization of acquired leases		(5)	(1)	(16)
Investment income	$ 37	50	113	133
General and administrative expenses	$ (509)	(419)	$ (1,653)	(1,222)
Acquisition costs - Regency		(648)		(648)
Depreciation	$ (1,690)	(1,614)	$ (4,985)	(4,654)
Financing costs	(2,817)	(2,613)	(8,370)	(8,434)
Income from continuing operations	$ 1,057	$ 716	$ 2,831	2,725
Income from discontinued operations				7
Gain on sale of discontinued operation				8,734
Net income	$ 1,057	$ 716	$ 2,831	11,466
Net income attributable to noncontrolling interests	(89)	(162)	(283)	(453)
Net income attributable to common equity	968	554	$ 2,548	11,013
Number of reportable segments \| segments			2
Operating Segments [Member]
Reportable Segments
Real estate rental revenue	11,214	10,475	$ 33,895	31,776
Real estate operating expenses	5,107	4,473	15,949	14,087
Operating income	6,107	6,002	17,946	17,689
Reconciliation to consolidated net income:
Segment NOI	$ 6,107	6,002	$ 17,946	17,689
Commercial [Member]
Reconciliation to consolidated net income:
Number of properties \| properties	10		10
Commercial [Member] \| Operating Segments [Member]
Reportable Segments
Real estate rental revenue	$ 5,751	5,318	$ 17,439	16,830
Real estate operating expenses	2,582	2,103	7,997	7,070
Operating income	3,169	3,215	9,442	9,760
Residential [Member]
Reportable Segments
Recurring capital improvements	$ (21)	(210)	$ (275)	(351)
Reconciliation to consolidated net income:
Number of properties \| properties	7		7
Residential [Member] \| Operating Segments [Member]
Reportable Segments
Real estate rental revenue	$ 5,463	5,157	$ 16,456	14,946
Real estate operating expenses	2,525	2,370	7,952	7,017
Operating income	$ 2,938	$ 2,787	$ 8,504	$ 7,929

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Property acquisition (Narrative) (Details)
3 Months Ended 9 Months Ended

Jun. 18, 2014

USD ($)

Number

Jul. 31, 2015

USD ($)

Jul. 31, 2014

USD ($)

Jul. 31, 2015

USD ($)

Jul. 31, 2014

USD ($)

Dec. 29, 2014

USD ($)

Business Acquisition [Line Items]

Regency acquisition costs $ 648,000 $ 648,000

Net operating income $ 3,837,000 $ 3,927,000 $ 11,088,000 11,674,000

Gain on sale of discontinued operations (net of tax of $1,965 in fiscal 2012) $ 8,734,000

Mortgages [Member] | Provident Bank Mortgage [Member]

Business Acquisition [Line Items]

Loan amount $ 16,200,000

South Brunswick property [Member]

Business Acquisition [Line Items]

Deferred gain utilized in acquisition $ 9,800,000

Regency Club Acquisition [Member]

Business Acquisition [Line Items]

Number of units acquired | Number 132

Number of buildings acquired | Number 11

Acquisition price $ 20,625,000

Regency acquisition costs 648,000

Remaining balance in acquisition, after net proceeds from sale 11,500,000

Cash used for acquisition 10,000,000

Acquisition price allocation to buildings 18,500,000

Acquisition price allocation to land $ 2,100,000

Estimated useful life 40 years

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Mortgages, notes payable and credit line (Tables)
9 Months Ended

Jul. 31, 2015

Mortgage refinancings [Abstract]

Schedule of estimated fair value and carrying value of long-term debt

July 31,

October 31,

($ In Millions)

2015

2014

Fair Value

$ 304.3 $ 256.0

Carrying Value

$ 299.0 $ 251.6

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Stock option plan (Details) - Employee Stock Option [Member] - USD ($)
3 Months Ended 9 Months Ended

Sep. 04, 2014

Jul. 31, 2015

Jul. 31, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Plan term 10 years

Vesting term 5 years

Vesting rate 20.00%

No. of Options Outstanding

Options outstanding beginning of period 246,000

Options granted during period 246,000

Options forfeited/cancelled during the period (2,100)

Options outstanding end of period 243,900 243,900

Options expected to vest 238,620 238,620

Options exercisable at end of period

Exercise Price

Options outstanding beginning of period $ 18.45

Options granted during period $ 18.45

Options forfeited/cancelled during period $ 18.45

Options outstanding end of period $ 18.45 $ 18.45

Such value was estimated on the grant date using a binomial lattice option pricing model using the following assumptions:

Compensation expense related to stock options $ 24,000 $ 71,000

Unrecognized compensation cost 384,000 $ 384,000

Unrecognized compensation cost, recognition period 5 years

Aggregate intrinsic value of options outstanding $ 439,020 $ 439,020

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Mortgage refinancings (Details) - USD ($)
9 Months Ended

Jul. 31, 2015

Jul. 31, 2014

Oct. 31, 2014

Nov. 19, 2013

Debt Instrument [Line Items]

Construction and pre-development costs $ 37,806,000 $ 22,244,000

Mortgages [Member] | Refinanced Maywood, NJ Mortgage [Member]

Debt Instrument [Line Items]

Refinanced loan amount 19,700,000

Loan amount $ 9,400,000

Annual interest costs 4.54% 6.40%

Net proceeds from refinancing of debt $ 10,000,000

Notes Payable, Other Payables [Member] | Baltimore, MD [Member]

Debt Instrument [Line Items]

Construction and pre-development costs 63,000,000

Line of credit 82,000,000

Repayments of debt to affiliate $ 19,000,000

Provident Bank [Member]

Debt Instrument [Line Items]

Basis points, interest rate 1.25%

Loan amount $ 16,200,000

Amount drawn on loan $ 5,000,000

Annual interest costs 3.75%

Monthly principal payment amount $ 27,807

Construction Loan [Member]

Debt Instrument [Line Items]

Refinanced loan amount $ 15,000,000

Loan amount 25,000,000 $ 25,000,000

Amount drawn on loan $ 19,000,000

Construction Loan [Member] | Baltimore, MD [Member]

Debt Instrument [Line Items]

Basis points, interest rate 2.25%

Loan amount $ 120,000,000

Term of the loan 4 years

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Basis of presentation
9 Months Ended

Jul. 31, 2015

Basis of presentation [Abstract]

Basis of presentation

Note 1 - Basis of presentation:

The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the rules of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnotes required by GAAP for complete financial statements have been omitted. It is the opinion of management that all adjustments considered necessary for a fair presentation have been included, and that all such adjustments are of a normal recurring nature.

The consolidated results of operations for the nine and three-month periods ended July 31, 2015 are not necessarily indicative of the results to be expected for the full year or any other period. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10-K for the year ended October 31, 2014 of First Real Estate Investment Trust of New Jersey (“FREIT”).

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Deferred fee plan (Details) - USD ($)
9 Months Ended

Jul. 31, 2015

Oct. 31, 2014

Jul. 31, 2014

Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]

Trustee fee expense $ 588,000

Dividends payable 2,018,000 $ 2,046,000 $ 2,077,000

Deferred Fee Plan [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]

Trustee fee expense 570,900

Deferred trustee fees $ 588,300

Basis spread on any deferred fee (percentage) 1.50%

Term of distribution to participants 10 years

Shares issued 29,385

Dividends payable $ 17,400

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Segment information (Tables)
9 Months Ended

Jul. 31, 2015

Segment information [Abstract]

Schedule of segment and related information

Nine Months Ended
Three Months Ended

July 31,
July 31,

2015 2014 2015
2014

(In Thousands)
(In Thousands)

Real estate rental revenue:

Commercial
$ 17,439
$ 16,830 $ 5,751 $ 5,318

Residential
16,456
14,946 5,463 5,157

Total real estate revenue
33,895
31,776 11,214 10,475

Real estate operating expenses:

Commercial
7,997 7,070 2,582 2,103

Residential
7,952 7,017 2,525 2,370

Total real estate operating expenses
15,949 14,087 5,107 4,473

Net operating income:

Commercial
9,442 9,760 3,169 3,215

Residential
8,504 7,929 2,938 2,787

Total net operating income
$ 17,946 $ 17,689 $ 6,107 $ 6,002

Recurring capital improvements-residential
$ (275 ) $ (351 ) $
(21 ) $ (210 )

Reconciliation to consolidated net income:

 Segment NOI
$ 17,946 $ 17,689 $ 6,107 $
6,002

 Deferred rents - straight lining
(219 ) (123 ) (71 ) (37 )

 Amortization of acquired leases
(1 ) (16 ) — (5 )

 Investment income
113 133 37 50

 General and administrative expenses
(1,653 ) (1,222 ) (509 ) (419 )

Acquisition costs - Regency
— (648 ) — (648 )

 Depreciation
(4,985 ) (4,654 ) (1,690 ) (1,614 )

 Financing costs
(8,370 ) (8,434 ) (2,817 ) (2,613 )

Income from continuing operations
2,831 2,725 1,057 716

Income from discontinued operations
— 7 — —

Gain on sale of discontinued operation
— 8,734 — —

Net income
2,831 11,466 1,057 716

Net income attributable to noncontrolling

 interests
(283 ) (453 ) (89 ) (162 )

Net income attributable to common equity
$ 2,548 $ 11,013 $ 968 $
554

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Stock option plan (Tables)
9 Months Ended

Jul. 31, 2015

Stock option plan [Abstract]

Schedule of Stock Option Activity

Nine Months Ended July 31,

2015

No. of Options

Exercise

Outstanding

Price

Options outstanding beginning of period
246,000 $ 18.45

Options granted during period
— —

Options forfeited/cancelled during period
(2,100 ) 18.45

Options outstanding end of period
243,900 $ 18.45

Options expected to vest
238,620

Options exercisable at end of period
—

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Earnings per share (Details) - Jul. 31, 2015 - shares

Total

Total

Earnings per share [Abstract]

Shares arising from assumed exercise of stock options 1,000 8,000

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Interest rate swap contracts (Details)) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended

Jul. 31, 2015

Jul. 31, 2014

Jul. 31, 2015

Jul. 31, 2014

Oct. 31, 2014

Interest rate swap contract assets $ 145,000 $ 837,000 $ 145,000 $ 837,000 $ 515,000

Unrealized Gain (Loss) on Derivatives 415,000 $ (132,000) (926,000) (143,000) $ (465,000)

Interest rate swap contract liabilities 556,000 556,000

Construction Loan [Member]

Refinanced loan amount $ 15,000,000

Loan amount 25,000,000 25,000,000 $ 25,000,000

Amount drawn on loan 19,000,000 19,000,000

Notional amount of interest rate swap $ 19,100,000 $ 19,100,000

Fixed interest rate 3.81% 3.81%

Mortgage Loans over $1,000,000 [Member]

Loan amount $ 16,200,000 $ 16,200,000

Notional amount of interest rate swap $ 16,200,000 $ 16,200,000

Fixed interest rate 3.75% 3.75%

Basis points, interest rate 1.25%

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended

Jul. 31, 2015

Jul. 31, 2014

Operating activities:

Net income $ 2,831 $ 11,466

Adjustments to reconcile net income to net cash provided by operating activities (including discontinued operations):

Depreciation 4,985 4,654

Amortization 548 $ 494

Stock based compensation expense 71

Trustee fees and related interest payable in stock units 571

Net amortization of acquired leases $ 1 $ 16

Gain on sale of discontinued operation (8,734)

Changes in operating assets and liabilities:

Tenants' security accounts $ 145 28

Accounts and straight-line rents receivable, prepaid expenses and other assets (78) (904)

Accounts payable, accrued expenses and deferred trustee compensation (1,096) 993

Deferred revenue (321) (85)

Net cash provided by operating activities 7,657 7,928

Investing activities:

Capital improvements - existing properties $ (2,997) (3,236)

Regency acquisition - net of proceeds held in escrow (10,855)

Construction and pre-development costs $ (37,806) (22,244)

Secured loans receivable to noncontrolling interest (2,128)

Net cash used in investing activities $ (40,803) (38,463)

Financing activities:

Repayment of mortgages and construction loan (3,075) (12,268)

Repayment of credit line (5,000) (2,000)

Proceeds from mortgage loan refinancings 16,200 19,700

Proceeds from construction loan $ 38,170 31,928

Proceeds from credit line 10,000

Deferred financing costs $ (361) (2,582)

Dividends paid (6,116) (8,734)

Repurchase of Company stock-Treasury shares $ (2,169) (357)

Additional investment by noncontrolling interest 2,128

Distributions to noncontrolling interests $ (426) (765)

Net cash provided by financing activities 37,223 37,050

Net increase in cash and cash equivalents 4,077 6,515

Cash and cash equivalents, beginning of period 10,554 7,801

Cash and cash equivalents, end of period 14,631 14,316

Supplemental disclosure of cash flow data:

Interest paid, net of amounts capitalized $ 7,684 7,503

Investing activities:

Proceeds from sale of discontinued operation, held in escrow applied to 1031 replacement property 9,768

Accrued capital expenditures, construction costs, pre-development costs and interest $ 6,371 4,986

Financing activities:

Dividends declared but not paid $ 2,018 $ 2,077

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Discontinued operations (Details) - USD ($)
$ in Millions
12 Months Ended

Dec. 20, 2013

Oct. 31, 2013

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Capital gain on sale of apartments $ 3.5

South Brunswick property [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Sale of property $ 11.0

Capital gain on sale of apartments 8.7

Deferred gain on sale 8.7

Net proceeds on sale of business $ 9.8

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Amount of gain on the sale of property that does not qualify for gain recognition as of the balance sheet date.
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Income taxes (Details) - USD ($)
9 Months Ended 12 Months Ended

Jun. 18, 2014

Dec. 20, 2013

Jul. 31, 2015

Oct. 31, 2015

Oct. 31, 2014

Oct. 31, 2013

Ordinary taxable income distributed as dividends (percentage) 100.00% 100.00%

Capital gain on sale of apartments $ 3,500,000

South Brunswick property [Member]

Capital gain on sale of apartments $ 8,700,000

Regency Club Acquisition [Member]

Acquisition price $ 20,625,000

Amount tax basis is lower than the acquisition price $ 8,000,000

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Jul. 31, 2015

Oct. 31, 2014

ASSETS

Real estate, at cost, net of accumulated depreciation $ 220,257,000 $ 222,317,000

Construction in progress 89,906,000 50,146,000

Cash and cash equivalents 14,631,000 10,554,000

Tenants' security accounts 1,652,000 1,590,000

Receivables arising from straight-lining of rents 3,648,000 3,869,000

Accounts receivable, net of allowance for doubtful accounts 1,613,000 1,673,000

Secured loans receivable 5,451,000 5,451,000

Prepaid expenses and other assets 4,285,000 4,059,000

Deferred charges, net 4,650,000 5,143,000

Interest rate swap contract 145,000 515,000

Total Assets 346,238,000 305,317,000

Liabilities:

Mortgages payable 299,005,000 251,552,000

Deferred trustee compensation payable 9,078,000 9,017,000

Accounts payable and accrued expenses 8,681,000 9,495,000

Dividends payable 2,018,000 2,046,000

Tenants' security deposits 2,526,000 2,319,000

Deferred revenue 664,000 $ 1,042,000

Interest rate swap contract 556,000

Total Liabilities $ 322,528,000 $ 275,471,000

Commitments and contingencies

Common equity:

Shares of beneficial interest without par value: 8,000,000 shares authorized; 6,993,152 shares issued $ 25,644,000 $ 24,985,000

Treasury stock, at cost: 266,283 shares at July 31, 2015 and 171,981 at October 31, 2014 (5,517,000) (3,348,000)

Dividends in excess of net income (9,827,000) (6,270,000)

Accumulated other comprehensive (loss) income (455,000) 360,000

Total Common Equity 9,845,000 15,727,000

Noncontrolling interests in subsidiaries 13,865,000 14,119,000

Total Equity 23,710,000 29,846,000

Total Liabilities and Equity $ 346,238,000 $ 305,317,000

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CONDENSED CONSOLIDATED STATEMENT OF EQUITY - 9 months ended Jul. 31, 2015 - USD ($)
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Total

Shares of Beneficial Interest [Member]

Treasury Shares at Cost [Member]

Dividends in Excess of Net Income [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

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Noncontrolling Interests [Member]

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Dividends declared, including $17 payable in share units ($0.90 per share) (6,105) (6,105) (6,105)

Unrealized loss on interest rate swap (926) (815) (815) $ (111)

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Jul. 31, 2014

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Stock option plan
9 Months Ended

Jul. 31, 2015

Stock option plan [Abstract]

Stock option plan

Note 14 – Stock option plan:

On September 4, 2014, the Board approved the grant of a total of 246,000 non-qualified share options under FREIT's Equity Incentive Plan to certain FREIT Executive Officers, the members of the Board and certain employees of Hekemian & Co., Inc. The options have an exercise price of $18.45 per share, will vest over a 5 year period at 20% per year, and will expire 10 years from the date of grant, which will be September 3, 2024.

The following table summarizes stock option activity for the nine-month period ended July 31, 2015:

Nine Months Ended July 31,

2015

No. of Options

Exercise

Outstanding

Price

Options outstanding beginning of period
246,000 $ 18.45

Options granted during period
— —

Options forfeited/cancelled during period
(2,100 ) 18.45

Options outstanding end of period
243,900 $ 18.45

Options expected to vest
238,620

Options exercisable at end of period
—

For the nine and three-month periods ended July 31, 2015, compensation expense related to stock options granted amounted to $71,000 and $24,000, respectively. At July 31, 2015, there was approximately $384,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over a vesting period of approximately five years.

The aggregate intrinsic value of options outstanding at July 31, 2015 was $439,020.

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Management agreement, fees and transactions with related party (Details) - USD ($)
3 Months Ended 9 Months Ended

Jul. 31, 2015

Jul. 31, 2014

Jul. 31, 2015

Jul. 31, 2014

Related Party Transaction [Line Items]

Asset management fees $ 504,000 $ 495,000 $ 1,489,000 $ 1,453,000

Secured loans receivable to noncontrolling interest (2,128,000)

Trustee fees and related interest payable in stock units $ 588,000

Damascus Centre, LLC [Member]

Related Party Transaction [Line Items]

Ownership by noncontrolling owners (percentage) 30.00% 30.00%

Grande Rotunda, LLC [Member]

Related Party Transaction [Line Items]

Ownership by noncontrolling owners (percentage) 40.00% 40.00%

Managing Agent Hekemian & Co [Member]

Related Party Transaction [Line Items]

Asset management fees $ 479,000 470,000 $ 1,412,000 1,377,000

Leasing commissions and reimbursement of operating expenses 77,000 69,000 213,000 603,000

Insurance commissions 98,000 87,000 155,000 121,000

Other fees - refinancing 99,000

Managing Agent Hekemian & Co [Member] | South Brunswick property [Member]

Related Party Transaction [Line Items]

Sales commissions 330,000

Managing Agent Hekemian & Co [Member] | Regency Club Acquisition [Member]

Related Party Transaction [Line Items]

Sales commissions 550,000

Managing Agent Hekemian & Co [Member] | Damascus Centre, LLC [Member]

Related Party Transaction [Line Items]

Leasing commissions 395,850 396,000

Robert S. Hekemian [Member]

Related Party Transaction [Line Items]

Trustee fees and related interest payable in stock units 403,000 476,000

Robert S. Hekemian, Jr. [Member]

Related Party Transaction [Line Items]

Trustee fees and related interest payable in stock units 49,000 34,000

Hekemian and Resources [Member]

Related Party Transaction [Line Items]

Redevelopment fees $ 340,000 $ 550,000 $ 1,133,000 $ 979,000

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Subsequent event
9 Months Ended

Jul. 31, 2015

Subsequent event [Abstract]

Subsequent event
Note 16 – Subsequent event:

On August 24, 2015, FREIT issued a press release announcing that FREIT has entered into an agreement to purchase a 124 unit garden apartment community in Maywood, New Jersey. The acquisition is subject to FREIT's conclusion of its due diligence/feasibility study period. If FREIT is satisfied with the results of the due diligence review, the acquisition is expected to close in October 2015.

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($)
$ in Thousands
9 Months Ended

Jul. 31, 2015

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY [Abstract]

Number of shares repurchased 94,302

Stock dividends payable $ 17

Dividends declared, per share $ 0.90

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
None in scaling factor is -9223372036854775296

Jul. 31, 2015

Oct. 31, 2014

CONSOLIDATED BALANCE SHEETS [Abstract]

Shares of benefical interest, no par value (in dollars per share)

Shares of benefical interest, authorized 8,000,000 8,000,000

Shares of benefical interest, issued 6,993,152 6,993,152

Treasury stock at cost, shares 266,283 171,981

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Mortgage refinancings
9 Months Ended

Jul. 31, 2015

Mortgage refinancings [Abstract]

Mortgage refinancings

Note 9 – Mortgage refinancings:

On May 28, 2013, the balance of the Grande Rotunda LLC acquisition loan amounting to $19 million was purchased from the bank by FREIT. The due date of the loan was May 1, 2013. While the bank agreed to an additional extension of ninety (90) days from May 1, 2013, FREIT elected to purchase the Rotunda loan from the bank and have all the bank's rights assigned to FREIT. It was FREIT's intention to sell this loan to the lender providing the construction financing for the expansion of the Rotunda project. On December 9, 2013, FREIT's 60% owned affiliate, Grande Rotunda, LLC, closed with Wells Fargo Bank on a construction loan of up to $120 million to be used to reconfigure and expand its Rotunda property in Baltimore, MD. 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. As of July 31, 2015, $82.0 million of this loan was drawn down, of which $19 million was used to pay off the loan from FREIT, and $63.0 million was used toward the construction at the Rotunda.

On November 19, 2013, FREIT refinanced the mortgages on its Hammel Gardens and Steuben Arms properties that were scheduled to mature on December 1, 2013. The mortgages, aggregating $9.4 million, were refinanced for $19.7 million. The new mortgage amounts reflect in part, the appreciated value of those assets. This refinancing resulted in: (i) a reduction of annual interest costs from 6.4% to 4.54%, and (ii) net refinancing proceeds of approximately $10 million that were available for capital expenditures and general corporate purposes.

On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The new loan bears a floating interest rate equal to 125 basis points over the one-month BBA LIBOR and the loan will mature on December 15, 2024. Interest-only payments are required each month through December 15, 2017. Thereafter, principal payments of $27,807 (plus accrued interest) are required each month through maturity. In order to minimize interest rate volatility during the term of the loan, FREIT Regency, LLC entered into an interest rate swap agreement that in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. Proceeds from the loan were used to pay off the $5 million outstanding balance on FREIT's credit line, and the remainder of the proceeds will be available to fund future capital expenditures and for general corporate purposes.

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Document and Entity Information - shares
9 Months Ended

Jul. 31, 2015

Sep. 09, 2015

Document and Entity Information [Abstract]

Entity Registrant Name FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

Entity Central Index Key 0000036840

Document Type 10-Q

Document Fiscal Year Focus 2015

Document Fiscal Period Focus Q3

Document Period End Date Jul. 31, 2015

Amendment Flag false

Current Fiscal Year End Date --10-31

Entity Filer Category Accelerated Filer

Entity Common Stock, Shares Outstanding 6,726,869

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XML 41 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair value of long-term debt
9 Months Ended

Jul. 31, 2015

Fair value of long-term debt [Abstract]

Fair value of long-term debt

Note 10 – Fair value of long-term debt:

The following table shows the estimated fair value and carrying value of FREIT's long-term debt at July 31, 2015 and October 31, 2014:

July 31,

October 31,

($ In Millions)

2015

2014

Fair Value

$ 304.3 $ 256.0

Carrying Value

$ 299.0 $ 251.6

Fair values are estimated based on market interest rates at July 31, 2015 and October 31, 2014 and on discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value is based on observable inputs (level 2 in the fair value hierarchy).

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended

Jul. 31, 2015

Jul. 31, 2014

Jul. 31, 2015

Jul. 31, 2014

Revenue:

Rental income $ 9,781 $ 9,342 $ 28,992 $ 27,435

Reimbursements 1,290 1,051 4,280 3,798

Sundry income 72 40 403 404

Revenue 11,143 10,433 33,675 31,637

Expenses:

Operating expenses 3,118 2,635 10,192 8,366

Management fees 504 495 1,489 1,453

Real estate taxes 1,994 1,762 5,921 5,490

Depreciation 1,690 1,614 4,985 4,654

Expenses 7,306 6,506 22,587 19,963

Operating income 3,837 3,927 11,088 11,674

Investment income 37 50 113 133

Interest expense including amortization of deferred financing costs $ (2,817) (2,613) $ (8,370) (8,434)

Regency acquisition costs (648) (648)

Income from continuing operations $ 1,057 $ 716 $ 2,831 2,725

Income from discontinued operations 7

Gain on sale of discontinued operation 8,734

Net income $ 1,057 $ 716 $ 2,831 11,466

Net income attributable to noncontrolling interest in subsidiaries (89) (162) (283) (453)

Net income attributable to common equity $ 968 $ 554 $ 2,548 $ 11,013

Earnings per share - basic and diluted:

Continuing operations $ 0.14 $ 0.08 $ 0.38 $ 0.33

Discontinued operations 1.26

Net income attributable to common equity $ 0.14 $ 0.08 $ 0.38 $ 1.59

Weighted average shares outstanding:

Basic 6,747 6,922 6,785 6,925

Diluted 6,755 6,922 6,786 6,925

Amounts attributable to common equity:

Income from continuing operations $ 968 $ 554 $ 2,548 $ 2,272

Income from discontinued operations 8,741

Net income attributable to common equity $ 968 $ 554 $ 2,548 $ 11,013

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Interest rate swap contracts
9 Months Ended

Jul. 31, 2015

Interest rate swap contracts [Abstract]

Interest rate swap contracts

Note 4 - Interest rate swap contracts:

On December 26, 2012, Damascus Centre, LLC refinanced its $15 million construction loan with a variable rate $25 million mortgage loan of which $19 million was outstanding as of July 31, 2015. The new loan will mature on January 3, 2023. In connection therewith, on December 26, 2012, FREIT entered into an interest rate swap contract to reduce the impact of interest rate fluctuations on the LIBOR based variable rate mortgage. At July 31, 2015, the derivative financial instrument had a notional amount of approximately $19.1 million and a current maturity date of January 2023. The contract effectively converts the LIBOR based variable rate to a fixed rate of 3.81%.

On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The new loan bears a floating interest rate equal to 125 basis points over the BBA LIBOR and the loan will mature on December 15, 2024. In order to minimize interest rate volatility during the term of the loan, FREIT Regency, LLC entered into an interest rate swap agreement that in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. At July 31, 2015, the derivative financial instrument has a notional amount of approximately $16.2 million and a current maturity date of December 2024.

In accordance with ASC 815, “Accounting for Derivative Instruments and Hedging Activities”, FREIT is accounting for the Damascus Centre, LLC and the FREIT Regency, LLC interest rate swaps as cash flow hedges and marks to market its fixed pay interest rate swaps, taking into account present interest rates compared to the contracted fixed rate over the life of the contract. For the nine and three months ended July 31, 2015, FREIT recorded an unrealized loss of $926,000 and an unrealized gain of $415,000, respectively, in comprehensive income representing the change in the fair value of the swaps which resulted in a corresponding liability of $556,000 for the Regency swap and an asset of $145,000 for the Damascus Center swap as of July 31, 2015. As of July 31, 2014, FREIT recorded an asset of $837,000 representing the fair value of the swap, along with a corresponding decrease to accumulated other comprehensive income of $143,000 and $132,000 for the nine and three months ended July 31, 2014, respectively. During the year ended October 31, 2014, FREIT recorded an unrealized loss of $465,000 in comprehensive income representing the reduction in the fair value of the swap, which resulted in a $515,000 corresponding asset as of October 31, 2014. The fair values are based on observable inputs (level 2 in the fair value hierarchy).

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Earnings per share
9 Months Ended

Jul. 31, 2015

Earnings per share [Abstract]

Earnings per share

Note 3 - Earnings per share:

Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares and vested share units (see Note 15) outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributed to future services, are used to repurchase FREIT's stock at the average market price during the period, thereby reducing the number of shares to be added in computing diluted earnings per share. For the nine and three months ended July 31, 2015, the outstanding stock options increased the average dilutive shares outstanding by approximately 1,000 and 8,000 shares, respectively, with no impact on earnings per share. For the nine and three months ended July 31, 2014, no options or other potentially dilutive securities were outstanding.

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Deferred fee plan
9 Months Ended

Jul. 31, 2015

Deferred fee plan [Abstract]

Deferred fee plan

Note 15 – Deferred fee plan:

On September 4, 2014, the Board approved amendments, effective November 1, 2014, to the FREIT Deferred Fee Plan for its Executive Officers and Trustees, one of which provides for the issuance of share units payable in FREIT shares in respect of (i) deferred amounts of all Trustee fees on a prospective basis; (ii) interest on Trustee fees deferred prior to November 1, 2014 (payable at a floating rate, adjusted quarterly, based on the average 10-year Treasury Bond interest rate plus 150 basis points); and (iii) dividends payable in respect of share units allocated to participants in the Deferred Fee Plan as a result of deferrals described above. The number of share units will be determined by the closing price of FREIT shares on the date as set forth in the Deferred Fee Plan. As a result of the plan amendment described above, all Trustee fees together with related interest and dividends described above for the nine-month period ended July 31, 2015, which amounted to approximately $588,300, have been paid through the issuance of 29,385 vested FREIT share units based on the closing price of FREIT shares on the dates as set forth in the Deferred Fee Plan. The dollar amount of vested units is reflected in “Shares of beneficial interest” in FREIT's Condensed Consolidated Balance Sheet as of July 31, 2015.

For the nine-month period ended July 31, 2015, FREIT has charged $570,900 of this amount, representing Trustee fees and interest, to expense and the balance of $17,400, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity.

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Segment information
9 Months Ended

Jul. 31, 2015

Segment information [Abstract]

Segment information

Note 11 - Segment information:

FREIT has determined that it has two reportable segments: commercial properties and residential properties. These reportable segments offer different types of space, have different types of tenants, and are managed separately because each requires different operating strategies and management expertise. The commercial segment contains ten (10) separate properties and the residential segment contains seven (7) properties. The accounting policies of the segments are the same as those described in Note 1 in FREIT's Annual Report on Form 10-K for the fiscal year ended October 31, 2014.

The chief operating and decision-making group of FREIT's commercial segment, residential segment and corporate/other is comprised of FREIT's Board of Trustees (“Board”).

FREIT assesses and measures segment operating results based on net operating income ("NOI"). NOI, a standard used by real estate professionals, is based on operating revenue and expenses directly associated with the operations of the real estate properties, but excludes deferred rents (straight lining), lease amortization, depreciation, financing costs and other items. NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP, and is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity.

Continuing real estate rental revenue, operating expenses, NOI and recurring capital improvements for the reportable segments are summarized below and reconciled to condensed consolidated net income-common equity for the nine and three-month periods ended July 31, 2015 and 2014. Asset information is not reported since FREIT does not use this measure to assess performance.



Nine Months Ended
Three Months Ended

July 31,
July 31,

2015 2014 2015
2014

(In Thousands)
(In Thousands)

Real estate rental revenue:

Commercial
$ 17,439
$ 16,830 $ 5,751 $ 5,318

Residential
16,456
14,946 5,463 5,157

Total real estate revenue
33,895
31,776 11,214 10,475

Real estate operating expenses:

Commercial
7,997 7,070 2,582 2,103

Residential
7,952 7,017 2,525 2,370

Total real estate operating expenses
15,949 14,087 5,107 4,473

Net operating income:

Commercial
9,442 9,760 3,169 3,215

Residential
8,504 7,929 2,938 2,787

Total net operating income
$ 17,946 $ 17,689 $ 6,107 $ 6,002

Recurring capital improvements-residential
$ (275 ) $ (351 ) $
(21 ) $ (210 )

Reconciliation to consolidated net income:

 Segment NOI
$ 17,946 $ 17,689 $ 6,107 $
6,002

 Deferred rents - straight lining
(219 ) (123 ) (71 ) (37 )

 Amortization of acquired leases
(1 ) (16 ) — (5 )

 Investment income
113 133 37 50

 General and administrative expenses
(1,653 ) (1,222 ) (509 ) (419 )

Acquisition costs - Regency
— (648 ) — (648 )

 Depreciation
(4,985 ) (4,654 ) (1,690 ) (1,614 )

 Financing costs
(8,370 ) (8,434 ) (2,817 ) (2,613 )

Income from continuing operations
2,831 2,725 1,057 716

Income from discontinued operations
— 7 — —

Gain on sale of discontinued operation
— 8,734 — —

Net income
2,831 11,466 1,057 716

Net income attributable to noncontrolling

 interests
(283 ) (453 ) (89 ) (162 )

Net income attributable to common equity
$ 2,548 $ 11,013 $ 968 $
554

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Capitalized interest
9 Months Ended

Jul. 31, 2015

Capitalized interest [Abstract]

Capitalized interest

Note 7 – Capitalized interest

Interest costs associated with amounts expended at the Grande Rotunda development are capitalized and included in the cost of the project. Interest capitalized during the nine-month periods ended July 31, 2015 and 2014, respectively, amounted to $1,600,000 and $744,000, and for the three-month periods ended July 31, 2015 and 2014, respectively, amounted to $667,000 and $524,000.

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Discontinued operations
9 Months Ended

Jul. 31, 2015

Discontinued operations [Abstract]

Discontinued operations

Note 5 – Discontinued operations:

On December 20, 2013, FREIT's South Brunswick property, which consisted of vacant land, was sold for $11 million resulting in a capital gain of approximately $8.7 million net of sales fees and commissions. FREIT structured this sale in a manner that qualified it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. The 1031 Exchange transaction resulted in a deferral for income tax purposes of the $8.7 million capital gain. The net proceeds from this sale, which were approximately $9.8 million, were held in escrow until a replacement property was purchased. A replacement property related to this like-kind exchange was acquired on June 18, 2014, and the sale proceeds held in escrow were applied to the purchase price of such property (See Note 6).

The gain from the sale of the South Brunswick property described above has been classified as discontinued operations in the accompanying statements of income for the nine months ended July 31, 2014.

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Property acquisition
9 Months Ended

Jul. 31, 2015

Property acquisition [Abstract]

Property acquisition

Note 6 – Property acquisition:

On June 18, 2014, FREIT completed the acquisition of the Regency Club (“Regency”), a residential apartment complex located in Middletown, New York. The Regency complex consists of 132 units in 11 buildings and a clubhouse. The acquisition cost was $20,625,000 (exclusive of $648,000 of transaction costs charged to expense), which was funded in part with $9.8 million in net proceeds from the sale of the South Brunswick land, and the remaining balance of $11.5 million (inclusive of the $648,000 of transaction costs) was funded utilizing $10 million of FREIT's credit line with Provident Bank, and FREIT's available cash. On December 29, 2014, FREIT secured long-term financing for this property in the amount of $16.2 million from Provident Bank.

The acquisition price of $20,625,000 has been allocated as follows: $18.5 million to the buildings and $2.1 million to the land.

FREIT identified the Regency as a replacement property for the vacant land located in South Brunswick, New Jersey that FREIT sold on December 20, 2013 (see Note 5). The Regency is part of FREIT's Residential segment.

The following unaudited pro forma information shows the results of operations for the nine and three-month periods ended July 31, 2014 for FREIT and Subsidiaries as though the Regency had been acquired at the beginning of fiscal 2014:

Nine Months Ended

Three Months Ended

July 31, 2014

July 31, 2014

Pro Forma

Pro Forma

Revenues
$ 33,039 $ 10,754

Net expenses
29,608 9,413

Income from continuing operations
3,431 1,341

Income from discontinued operations
7 —

Gain on sale of discontinued operation
8,734 —

Net income
12,172 1,341

Net income attributable to noncontrolling interest in subsidiaries
(453 ) (162 )

Net income attributable to common equity
$ 11,719 $ 1,179

Earnings per share - basic and diluted:

Continuing operations
$ 0.43 $ 0.17

Discontinued operations
1.26 —

Net income attributable to common equity
$ 1.69 $ 0.17

Weighted average shares outstanding - basic and diluted
6,925 6,922

The pro forma results reflect the following adjustments: (a) additional depreciation expense based on the purchase price allocated to the buildings and a depreciable life of 40 years, and (b) additional interest expense based on the $10 million loan used towards the purchase of the property at acquisition date.

The pro forma results of operations set forth above are not necessarily indicative of the results that would have occurred had the acquisition been made at the beginning of fiscal 2014, or of future results of operations of FREIT's combined properties.

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Management agreement, fees and transactions with related party
9 Months Ended

Jul. 31, 2015

Management agreement, fees and transactions with related party [Abstract]

Management agreement, fees and transactions with related party

Note 8 - 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 4% to 5% of rents collected. Such fees were approximately $1,412,000 and $1,377,000, for the nine-month period ended July 31, 2015 and 2014, respectively, and $479,000 and $470,000, for the three-month period ended July 31, 2015 and 2014, 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 $213,000 and $603,000, for the nine-month period ended July 31, 2015 and 2014, respectively, and $77,000 and $69,000, for the three-month period ended July 31, 2015 and 2014, respectively. Fees for the prior year's nine month period include $396,000 in leasing commissions paid to Hekemian relative to the Safeway lease at the Damascus shopping center. The management agreement expires on October 31, 2015, and is automatically renewed for periods of two years unless either party gives not less than six (6) months prior 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 $155,000 and $121,000, for the nine months ended July 31, 2015 and 2014, respectively, and $98,000 and $87,000, for the three months ended July 31, 2015 and 2014, 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. Fees incurred to Hekemian and Resources during the nine months ended July 31, 2015 and 2014 were $1,133,000 and $979,000, respectively, and $340,000 and $550,000 for the three months ended July 31, 2015 and 2014, respectively. Fees paid in the current nine-month period relate to the Rotunda development project. Fees paid in the prior year's nine-month period include: (a) $550,000 in commissions paid to Hekemian relative to the Regency acquisition, (b) $330,000 in commissions paid to Hekemian relative to the sale of FREIT's South Brunswick, NJ property, and (c) $99,000 in fees related to services performed with regard to the Hammel Gardens and Steuben Arms 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 nine months ended July 31, 2015 and 2014 was approximately $403,000 and $476,000, respectively, for Mr. Robert S. Hekemian, and $49,000 and $34,000, respectively, for Mr. Robert S. Hekemian, Jr.

Rotunda 100, LLC and Damascus 100, LLC own the minority interests in Grande Rotunda, LLC and Damascus Centre, LLC, respectively. Rotunda 100, LLC owns a 40% equity interest in Grande Rotunda, LLC and Damascus 100, LLC owns a 30% equity interest in Damascus Centre, LLC. The equity owners of Rotunda 100, LLC and Damascus 100, LLC are principally employees of Hekemian. To incentivize the employees of Hekemian, FREIT advanced, only to employees of Hekemian, up to 50% of the amount of the equity contributions that the Hekemian employees were required to invest in Rotunda 100, LLC and Damascus 100, LLC. These advances were in the form of secured loans that bear interest that will float at 225 basis points over the ninety (90) day LIBOR, as adjusted each November 1, February 1, May 1 and August 1. These loans were secured by the Hekemian employees' interests in Rotunda 100 and Damascus 100, and were full recourse loans. The notes had maturity dates at the earlier of (a) ten (10) years after issue (Grande– 6/19/2015, Damascus Centre, LLC – 9/30/2016), or, (b) at the election of FREIT, ninety (90) days after the borrower terminates employment with Hekemian, at which time all outstanding unpaid principal is due. On June 4, 2015, the Board approved an extension of the maturity date of the secured loans to occur the earlier of (a) June 19, 2018 or (b) five days after the closing of a permanent mortgage loan secured by the Rotunda property.

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Property acquisition (Schedule of Results of Operations) (Details) - Jul. 31, 2014 - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

Total

Total

Schedule of pro-forma information

Revenues $ 10,754 $ 33,039

Net expenses 9,413 29,608

Income from continuing operations $ 1,341 3,431

Income from discontinued operations 7

Gain on sale of discontinued operation 8,734

Net income $ 1,341 12,172

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Net income attributable to common equity $ 0.17 $ 1.69

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Share repurchases
9 Months Ended

Jul. 31, 2015

Share repurchases [Abstract]

Share repurchases

Note 13 – Share repurchases:

On February 17, 2015, FREIT announced a tender offer to purchase up to 100,000 shares of FREIT's beneficial interest at a price of $23.00 per share. The tender offer expired on March 20, 2015, and in connection therewith FREIT repurchased 94,302 shares of beneficial interest at $23.00 per share, for an aggregate purchase price of $2,168,946 which it funded principally from cash and cash equivalents. FREIT's Trustees and executive officers did not tender their shares of beneficial interest in FREIT in the tender offer.

On September 4, 2014, the Board authorized the repurchase of 100,572 FREIT shares held by the pension plan of Hekemian, for an aggregate cash purchase of $1,855,553 or $18.45 per share, which was the closing price of FREIT shares on September 3, 2014. The repurchase which occurred in September 2014 was undertaken in connection with the termination of the pension plan. Mr. Robert S. Hekemian, Chairman and Chief Executive Officer of FREIT, and Mr. Robert S. Hekemian, Jr., a Trustee of FREIT, and members of their family were participants in the pension plan.

On December 4, 2013, the Board authorized the repurchase of up to 24,400 FREIT shares. On December 17, 2013, FREIT repurchased 20,400 shares in a privately-negotiated transaction with an unaffiliated party for an aggregate purchase price of $357,000, or $17.50 per share.

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Property acquisition (Tables)
9 Months Ended

Jul. 31, 2014

Property acquisition [Abstract]

Schedule of unaudited pro forma information

Nine Months Ended

Three Months Ended

July 31, 2014

July 31, 2014

Pro Forma

Pro Forma

Revenues
$ 33,039 $ 10,754

Net expenses
29,608 9,413

Income from continuing operations
3,431 1,341

Income from discontinued operations
7 —

Gain on sale of discontinued operation
8,734 —

Net income
12,172 1,341

Net income attributable to noncontrolling interest in subsidiaries
(453 ) (162 )

Net income attributable to common equity
$ 11,719 $ 1,179

Earnings per share - basic and diluted:

Continuing operations
$ 0.43 $ 0.17

Discontinued operations
1.26 —

Net income attributable to common equity
$ 1.69 $ 0.17

Weighted average shares outstanding - basic and diluted
6,925 6,922

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9 Months Ended

Feb. 17, 2015

Sep. 04, 2014

Dec. 17, 2013

Jul. 31, 2015

Dec. 04, 2013

Share repurchases [Abstract]

Number of shares authorized to repurchase 100,000 100,572 24,400

Number of shares repurchased 94,302 20,400 94,302

Stock repurchased price (per share) $ 23.00 $ 18.45 $ 17.50

Shares repurchased, value $ 2,168,946 $ 1,855,553 $ 357,000 $ 2,169,000

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Jul. 31, 2015

Jul. 31, 2014

Jul. 31, 2015

Jul. 31, 2014

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]

Net income $ 1,057 $ 716 $ 2,831 $ 11,466

Other comprehensive income (loss):

Unrealized (gain) loss on interest rate swap contracts before reclassifications 244 (210) (1,373) (373)

Amount reclassed from accumulated other comprehensive income to interest expense 171 78 447 230

Net unrealized (loss) gain on interest rate swap contracts 415 (132) (926) (143)

Comprehensive income 1,472 584 1,905 11,323

Net income attributable to noncontrolling interests (89) (162) (283) (453)

Other comprehensive income (loss):

Unrealized (gain) loss on interest rate swap contract attributable to noncontrolling interests (38) 40 111 43

Comprehensive income attributable to noncontrolling interests (127) (122) (172) (410)

Comprehensive income attributable to common equity $ 1,345 $ 462 $ 1,733 $ 10,913

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Recently issued accounting standards
9 Months Ended

Jul. 31, 2015

Recently issued accounting standards [Abstract]

Recently issued accounting standards

Note 2 –Recently issued accounting standards:

In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which amends the definition of a discontinued operation. The new guidance requires discontinued operation treatment for disposals of a component or group of components that represent a strategic shift that has, or will have, a major impact on an entity's operations or financial results. The ASU is effective prospectively for all disposals that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014, with early adoption permitted. The Company has adopted this guidance effective with its 1st quarter ended January 31, 2015. The adoption of this guidance did not have any impact on our financial statements.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. In August 2015, the FASB extended the effective date by one year to years beginning on and after December 15, 2017. Early adoption is not permitted. ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. FREIT is currently assessing the impact this new accounting guidance will have on its consolidated financial statements and footnote disclosures.

In February 2015, the FASB issued Accounting Standards Update No. 2015-02, "Amendments to the Consolidation Analysis," ("ASU 2015-02"), which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 with early adoption permitted. ASU 2015-02 amends: the assessment of whether a limited partnership or an LLC is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity's related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships or LLCs, clarifies how to determine whether the equity holders as a group have power over an entity. The adoption of ASU 2015-02 is not expected to have any effect on our consolidated financial statements or footnote disclosures.

In April 2015, the FASB issued ASU 2015-03, "Interest- Imputation of Interest (Subtopic 835-30):

Simplifying the Presentation of Debt Issuance Costs" which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years with early adoption permitted. The adoption of this guidance, which is required to be applied on a retrospective basis, will not have a material effect on our financial statements.

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9 Months Ended

Jul. 31, 2015

Income taxes [Abstract]

Income taxes

Note 12 – Income taxes:

FREIT distributed as dividends to its shareholders 100% of its ordinary taxable income for the fiscal year ended October 31, 2014 and intends to distribute as dividends 100% of its ordinary taxable income for the fiscal year ending October 31, 2015. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded in FREIT's financial statements. As described in Note 5, FREIT completed a like-kind exchange with respect to the sale of the South Brunswick, NJ property, which was sold on December 20, 2013 at a gain of approximately $8.7 million. Accordingly, no provision for federal or state income taxes related to such gain was recorded in FREIT's financial statements. The tax basis of Regency, which was the replacement property in the like-kind exchange, is approximately $8 million lower than the acquisition cost of approximately $20.6 million recorded for financial reporting purposes. In December 2013, FREIT distributed as dividends the entire capital gain of approximately $3.5 million realized on the sale of its Palisades Manor and Grandview properties in Fiscal 2013. With regard to such capital gain dividend distribution for Fiscal 2013, no provision for federal or state income taxes related to such capital gain income was recorded in FREIT's financial statements.

As of July 31, 2015, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2011 remain open to examination by the major taxing jurisdictions to which FREIT is subject.

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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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Property acquisition (Narrative) (Details)		3 Months Ended		9 Months Ended
Property acquisition (Narrative) (Details)	Jun. 18, 2014 USD ($) Number	Jul. 31, 2015 USD ($)	Jul. 31, 2014 USD ($)	Jul. 31, 2015 USD ($)	Jul. 31, 2014 USD ($)	Dec. 29, 2014 USD ($)
Business Acquisition [Line Items]
Regency acquisition costs			$ 648,000		$ 648,000
Net operating income		$ 3,837,000	$ 3,927,000	$ 11,088,000	11,674,000
Gain on sale of discontinued operations (net of tax of $1,965 in fiscal 2012)					$ 8,734,000
Mortgages [Member] \| Provident Bank Mortgage [Member]
Business Acquisition [Line Items]
Loan amount						$ 16,200,000
South Brunswick property [Member]
Business Acquisition [Line Items]
Deferred gain utilized in acquisition	$ 9,800,000
Regency Club Acquisition [Member]
Business Acquisition [Line Items]
Number of units acquired \| Number	132
Number of buildings acquired \| Number	11
Acquisition price	$ 20,625,000
Regency acquisition costs	648,000
Remaining balance in acquisition, after net proceeds from sale	11,500,000
Cash used for acquisition	10,000,000
Acquisition price allocation to buildings	18,500,000
Acquisition price allocation to land	$ 2,100,000
Estimated useful life				40 years

Stock option plan (Details) - Employee Stock Option [Member] - USD ($)		3 Months Ended	9 Months Ended
	Sep. 04, 2014	Jul. 31, 2015	Jul. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan term	10 years
Vesting term	5 years
Vesting rate	20.00%
No. of Options Outstanding
Options outstanding beginning of period			246,000
Options granted during period	246,000
Options forfeited/cancelled during the period			(2,100)
Options outstanding end of period		243,900	243,900
Options expected to vest		238,620	238,620
Options exercisable at end of period
Exercise Price
Options outstanding beginning of period			$ 18.45
Options granted during period	$ 18.45
Options forfeited/cancelled during period			$ 18.45
Options outstanding end of period		$ 18.45	$ 18.45
Such value was estimated on the grant date using a binomial lattice option pricing model using the following assumptions:
Compensation expense related to stock options		$ 24,000	$ 71,000
Unrecognized compensation cost		384,000	$ 384,000
Unrecognized compensation cost, recognition period			5 years
Aggregate intrinsic value of options outstanding		$ 439,020	$ 439,020

Mortgage refinancings (Details) - USD ($)	9 Months Ended
Mortgage refinancings (Details) - USD ($)	Jul. 31, 2015	Jul. 31, 2014	Oct. 31, 2014	Nov. 19, 2013
Debt Instrument [Line Items]
Construction and pre-development costs	$ 37,806,000	$ 22,244,000
Mortgages [Member] \| Refinanced Maywood, NJ Mortgage [Member]
Debt Instrument [Line Items]
Refinanced loan amount	19,700,000
Loan amount	$ 9,400,000
Annual interest costs	4.54%			6.40%
Net proceeds from refinancing of debt	$ 10,000,000
Notes Payable, Other Payables [Member] \| Baltimore, MD [Member]
Debt Instrument [Line Items]
Construction and pre-development costs	63,000,000
Line of credit	82,000,000
Repayments of debt to affiliate	$ 19,000,000
Provident Bank [Member]
Debt Instrument [Line Items]
Basis points, interest rate	1.25%
Loan amount	$ 16,200,000
Amount drawn on loan	$ 5,000,000
Annual interest costs	3.75%
Monthly principal payment amount	$ 27,807
Construction Loan [Member]
Debt Instrument [Line Items]
Refinanced loan amount		$ 15,000,000
Loan amount	25,000,000		$ 25,000,000
Amount drawn on loan	$ 19,000,000
Construction Loan [Member] \| Baltimore, MD [Member]
Debt Instrument [Line Items]
Basis points, interest rate	2.25%
Loan amount	$ 120,000,000
Term of the loan	4 years

Basis of presentation	9 Months Ended
Basis of presentation	Jul. 31, 2015
Basis of presentation [Abstract]
Basis of presentation	Note 1 - Basis of presentation: The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the rules of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnotes required by GAAP for complete financial statements have been omitted. It is the opinion of management that all adjustments considered necessary for a fair presentation have been included, and that all such adjustments are of a normal recurring nature. The consolidated results of operations for the nine and three-month periods ended July 31, 2015 are not necessarily indicative of the results to be expected for the full year or any other period. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10-K for the year ended October 31, 2014 of First Real Estate Investment Trust of New Jersey (“FREIT”).

Deferred fee plan (Details) - USD ($)	9 Months Ended
Deferred fee plan (Details) - USD ($)	Jul. 31, 2015	Oct. 31, 2014	Jul. 31, 2014
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Trustee fee expense	$ 588,000
Dividends payable	2,018,000	$ 2,046,000	$ 2,077,000
Deferred Fee Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Trustee fee expense	570,900
Deferred trustee fees	$ 588,300
Basis spread on any deferred fee (percentage)	1.50%
Term of distribution to participants	10 years
Shares issued	29,385
Dividends payable	$ 17,400

Earnings per share (Details) - Jul. 31, 2015 - shares	Total	Total
Earnings per share [Abstract]
Shares arising from assumed exercise of stock options	1,000	8,000

Interest rate swap contracts (Details)) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Interest rate swap contracts (Details)) - USD ($)	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014	Oct. 31, 2014
Interest rate swap contract assets	$ 145,000	$ 837,000	$ 145,000	$ 837,000	$ 515,000
Unrealized Gain (Loss) on Derivatives	415,000	$ (132,000)	(926,000)	(143,000)	$ (465,000)
Interest rate swap contract liabilities	556,000		556,000
Construction Loan [Member]
Refinanced loan amount				$ 15,000,000
Loan amount	25,000,000		25,000,000		$ 25,000,000
Amount drawn on loan	19,000,000		19,000,000
Notional amount of interest rate swap	$ 19,100,000		$ 19,100,000
Fixed interest rate	3.81%		3.81%
Mortgage Loans over $1,000,000 [Member]
Loan amount	$ 16,200,000		$ 16,200,000
Notional amount of interest rate swap	$ 16,200,000		$ 16,200,000
Fixed interest rate	3.75%		3.75%
Basis points, interest rate			1.25%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Operating activities:
Net income	$ 2,831	$ 11,466
Adjustments to reconcile net income to net cash provided by operating activities (including discontinued operations):
Depreciation	4,985	4,654
Amortization	548	$ 494
Stock based compensation expense	71
Trustee fees and related interest payable in stock units	571
Net amortization of acquired leases	$ 1	$ 16
Gain on sale of discontinued operation		(8,734)
Changes in operating assets and liabilities:
Tenants' security accounts	$ 145	28
Accounts and straight-line rents receivable, prepaid expenses and other assets	(78)	(904)
Accounts payable, accrued expenses and deferred trustee compensation	(1,096)	993
Deferred revenue	(321)	(85)
Net cash provided by operating activities	7,657	7,928
Investing activities:
Capital improvements - existing properties	$ (2,997)	(3,236)
Regency acquisition - net of proceeds held in escrow		(10,855)
Construction and pre-development costs	$ (37,806)	(22,244)
Secured loans receivable to noncontrolling interest		(2,128)
Net cash used in investing activities	$ (40,803)	(38,463)
Financing activities:
Repayment of mortgages and construction loan	(3,075)	(12,268)
Repayment of credit line	(5,000)	(2,000)
Proceeds from mortgage loan refinancings	16,200	19,700
Proceeds from construction loan	$ 38,170	31,928
Proceeds from credit line		10,000
Deferred financing costs	$ (361)	(2,582)
Dividends paid	(6,116)	(8,734)
Repurchase of Company stock-Treasury shares	$ (2,169)	(357)
Additional investment by noncontrolling interest		2,128
Distributions to noncontrolling interests	$ (426)	(765)
Net cash provided by financing activities	37,223	37,050
Net increase in cash and cash equivalents	4,077	6,515
Cash and cash equivalents, beginning of period	10,554	7,801
Cash and cash equivalents, end of period	14,631	14,316
Supplemental disclosure of cash flow data:
Interest paid, net of amounts capitalized	$ 7,684	7,503
Investing activities:
Proceeds from sale of discontinued operation, held in escrow applied to 1031 replacement property		9,768
Accrued capital expenditures, construction costs, pre-development costs and interest	$ 6,371	4,986
Financing activities:
Dividends declared but not paid	$ 2,018	$ 2,077

Discontinued operations (Details) - USD ($) $ in Millions		12 Months Ended
Discontinued operations (Details) - USD ($) $ in Millions	Dec. 20, 2013	Oct. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital gain on sale of apartments		$ 3.5
South Brunswick property [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of property	$ 11.0
Capital gain on sale of apartments	8.7
Deferred gain on sale	8.7
Net proceeds on sale of business	$ 9.8

Income taxes (Details) - USD ($)			9 Months Ended	12 Months Ended
Income taxes (Details) - USD ($)	Jun. 18, 2014	Dec. 20, 2013	Jul. 31, 2015	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
Ordinary taxable income distributed as dividends (percentage)				100.00%	100.00%
Capital gain on sale of apartments						$ 3,500,000
South Brunswick property [Member]
Capital gain on sale of apartments		$ 8,700,000
Regency Club Acquisition [Member]
Acquisition price	$ 20,625,000
Amount tax basis is lower than the acquisition price			$ 8,000,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jul. 31, 2015	Oct. 31, 2014
ASSETS
Real estate, at cost, net of accumulated depreciation	$ 220,257,000	$ 222,317,000
Construction in progress	89,906,000	50,146,000
Cash and cash equivalents	14,631,000	10,554,000
Tenants' security accounts	1,652,000	1,590,000
Receivables arising from straight-lining of rents	3,648,000	3,869,000
Accounts receivable, net of allowance for doubtful accounts	1,613,000	1,673,000
Secured loans receivable	5,451,000	5,451,000
Prepaid expenses and other assets	4,285,000	4,059,000
Deferred charges, net	4,650,000	5,143,000
Interest rate swap contract	145,000	515,000
Total Assets	346,238,000	305,317,000
Liabilities:
Mortgages payable	299,005,000	251,552,000
Deferred trustee compensation payable	9,078,000	9,017,000
Accounts payable and accrued expenses	8,681,000	9,495,000
Dividends payable	2,018,000	2,046,000
Tenants' security deposits	2,526,000	2,319,000
Deferred revenue	664,000	$ 1,042,000
Interest rate swap contract	556,000
Total Liabilities	$ 322,528,000	$ 275,471,000
Commitments and contingencies
Common equity:
Shares of beneficial interest without par value: 8,000,000 shares authorized; 6,993,152 shares issued	$ 25,644,000	$ 24,985,000
Treasury stock, at cost: 266,283 shares at July 31, 2015 and 171,981 at October 31, 2014	(5,517,000)	(3,348,000)
Dividends in excess of net income	(9,827,000)	(6,270,000)
Accumulated other comprehensive (loss) income	(455,000)	360,000
Total Common Equity	9,845,000	15,727,000
Noncontrolling interests in subsidiaries	13,865,000	14,119,000
Total Equity	23,710,000	29,846,000
Total Liabilities and Equity	$ 346,238,000	$ 305,317,000

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - 9 months ended Jul. 31, 2015 - USD ($) $ in Thousands	Total	Shares of Beneficial Interest [Member]	Treasury Shares at Cost [Member]	Dividends in Excess of Net Income [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Common Equity [Member]	Noncontrolling Interests [Member]
Balance at Oct. 31, 2014	$ 29,846	$ 24,985	$ (3,348)	$ (6,270)	$ 360	$ 15,727	$ 14,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of 94,302 shares of beneficial interest	(2,169)		(2,169)			(2,169)
Stock based compensation expense	71	71				71
Vested share units granted to Trustees	588	588				$ 588
Distributions to noncontrolling interests	(426)						(426)
Net income	2,831			2,548		$ 2,548	$ 283
Dividends declared, including $17 payable in share units ($0.90 per share)	(6,105)			(6,105)		(6,105)
Unrealized loss on interest rate swap	(926)				(815)	(815)	$ (111)
Balance at Jul. 31, 2015	$ 23,710	$ 25,644	$ (5,517)	$ (9,827)	$ (455)	$ 9,845	$ 13,865

Capitalized interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Capitalized interest (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
Capitalized interest [Abstract]
Interest capitalized	$ 667,000	$ 524,000	$ 1,600,000	$ 744,000

Subsequent event	9 Months Ended
Subsequent event	Jul. 31, 2015
Subsequent event [Abstract]
Subsequent event	Note 16 – Subsequent event: On August 24, 2015, FREIT issued a press release announcing that FREIT has entered into an agreement to purchase a 124 unit garden apartment community in Maywood, New Jersey. The acquisition is subject to FREIT's conclusion of its due diligence/feasibility study period. If FREIT is satisfied with the results of the due diligence review, the acquisition is expected to close in October 2015.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2015
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY [Abstract]
Number of shares repurchased	94,302
Stock dividends payable	$ 17
Dividends declared, per share	$ 0.90

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares None in scaling factor is -9223372036854775296	Jul. 31, 2015	Oct. 31, 2014
CONSOLIDATED BALANCE SHEETS [Abstract]
Shares of benefical interest, no par value (in dollars per share)
Shares of benefical interest, authorized	8,000,000	8,000,000
Shares of benefical interest, issued	6,993,152	6,993,152
Treasury stock at cost, shares	266,283	171,981

Mortgage refinancings	9 Months Ended
Mortgage refinancings	Jul. 31, 2015
Mortgage refinancings [Abstract]
Mortgage refinancings	Note 9 – Mortgage refinancings: On May 28, 2013, the balance of the Grande Rotunda LLC acquisition loan amounting to $19 million was purchased from the bank by FREIT. The due date of the loan was May 1, 2013. While the bank agreed to an additional extension of ninety (90) days from May 1, 2013, FREIT elected to purchase the Rotunda loan from the bank and have all the bank's rights assigned to FREIT. It was FREIT's intention to sell this loan to the lender providing the construction financing for the expansion of the Rotunda project. On December 9, 2013, FREIT's 60% owned affiliate, Grande Rotunda, LLC, closed with Wells Fargo Bank on a construction loan of up to $120 million to be used to reconfigure and expand its Rotunda property in Baltimore, MD. 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. As of July 31, 2015, $82.0 million of this loan was drawn down, of which $19 million was used to pay off the loan from FREIT, and $63.0 million was used toward the construction at the Rotunda. On November 19, 2013, FREIT refinanced the mortgages on its Hammel Gardens and Steuben Arms properties that were scheduled to mature on December 1, 2013. The mortgages, aggregating $9.4 million, were refinanced for $19.7 million. The new mortgage amounts reflect in part, the appreciated value of those assets. This refinancing resulted in: (i) a reduction of annual interest costs from 6.4% to 4.54%, and (ii) net refinancing proceeds of approximately $10 million that were available for capital expenditures and general corporate purposes. On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The new loan bears a floating interest rate equal to 125 basis points over the one-month BBA LIBOR and the loan will mature on December 15, 2024. Interest-only payments are required each month through December 15, 2017. Thereafter, principal payments of $27,807 (plus accrued interest) are required each month through maturity. In order to minimize interest rate volatility during the term of the loan, FREIT Regency, LLC entered into an interest rate swap agreement that in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. Proceeds from the loan were used to pay off the $5 million outstanding balance on FREIT's credit line, and the remainder of the proceeds will be available to fund future capital expenditures and for general corporate purposes.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jul. 31, 2015	Sep. 09, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
Entity Central Index Key	0000036840
Document Type	10-Q
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Document Period End Date	Jul. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		6,726,869

Interest rate swap contracts	9 Months Ended
Interest rate swap contracts	Jul. 31, 2015
Interest rate swap contracts [Abstract]
Interest rate swap contracts	Note 4 - Interest rate swap contracts: On December 26, 2012, Damascus Centre, LLC refinanced its $15 million construction loan with a variable rate $25 million mortgage loan of which $19 million was outstanding as of July 31, 2015. The new loan will mature on January 3, 2023. In connection therewith, on December 26, 2012, FREIT entered into an interest rate swap contract to reduce the impact of interest rate fluctuations on the LIBOR based variable rate mortgage. At July 31, 2015, the derivative financial instrument had a notional amount of approximately $19.1 million and a current maturity date of January 2023. The contract effectively converts the LIBOR based variable rate to a fixed rate of 3.81%. On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The new loan bears a floating interest rate equal to 125 basis points over the BBA LIBOR and the loan will mature on December 15, 2024. In order to minimize interest rate volatility during the term of the loan, FREIT Regency, LLC entered into an interest rate swap agreement that in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. At July 31, 2015, the derivative financial instrument has a notional amount of approximately $16.2 million and a current maturity date of December 2024. In accordance with ASC 815, “Accounting for Derivative Instruments and Hedging Activities”, FREIT is accounting for the Damascus Centre, LLC and the FREIT Regency, LLC interest rate swaps as cash flow hedges and marks to market its fixed pay interest rate swaps, taking into account present interest rates compared to the contracted fixed rate over the life of the contract. For the nine and three months ended July 31, 2015, FREIT recorded an unrealized loss of $926,000 and an unrealized gain of $415,000, respectively, in comprehensive income representing the change in the fair value of the swaps which resulted in a corresponding liability of $556,000 for the Regency swap and an asset of $145,000 for the Damascus Center swap as of July 31, 2015. As of July 31, 2014, FREIT recorded an asset of $837,000 representing the fair value of the swap, along with a corresponding decrease to accumulated other comprehensive income of $143,000 and $132,000 for the nine and three months ended July 31, 2014, respectively. During the year ended October 31, 2014, FREIT recorded an unrealized loss of $465,000 in comprehensive income representing the reduction in the fair value of the swap, which resulted in a $515,000 corresponding asset as of October 31, 2014. The fair values are based on observable inputs (level 2 in the fair value hierarchy).

Earnings per share	9 Months Ended
Earnings per share	Jul. 31, 2015
Earnings per share [Abstract]
Earnings per share	Note 3 - Earnings per share: Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares and vested share units (see Note 15) outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributed to future services, are used to repurchase FREIT's stock at the average market price during the period, thereby reducing the number of shares to be added in computing diluted earnings per share. For the nine and three months ended July 31, 2015, the outstanding stock options increased the average dilutive shares outstanding by approximately 1,000 and 8,000 shares, respectively, with no impact on earnings per share. For the nine and three months ended July 31, 2014, no options or other potentially dilutive securities were outstanding.

Deferred fee plan	9 Months Ended
Deferred fee plan	Jul. 31, 2015
Deferred fee plan [Abstract]
Deferred fee plan	Note 15 – Deferred fee plan: On September 4, 2014, the Board approved amendments, effective November 1, 2014, to the FREIT Deferred Fee Plan for its Executive Officers and Trustees, one of which provides for the issuance of share units payable in FREIT shares in respect of (i) deferred amounts of all Trustee fees on a prospective basis; (ii) interest on Trustee fees deferred prior to November 1, 2014 (payable at a floating rate, adjusted quarterly, based on the average 10-year Treasury Bond interest rate plus 150 basis points); and (iii) dividends payable in respect of share units allocated to participants in the Deferred Fee Plan as a result of deferrals described above. The number of share units will be determined by the closing price of FREIT shares on the date as set forth in the Deferred Fee Plan. As a result of the plan amendment described above, all Trustee fees together with related interest and dividends described above for the nine-month period ended July 31, 2015, which amounted to approximately $588,300, have been paid through the issuance of 29,385 vested FREIT share units based on the closing price of FREIT shares on the dates as set forth in the Deferred Fee Plan. The dollar amount of vested units is reflected in “Shares of beneficial interest” in FREIT's Condensed Consolidated Balance Sheet as of July 31, 2015. For the nine-month period ended July 31, 2015, FREIT has charged $570,900 of this amount, representing Trustee fees and interest, to expense and the balance of $17,400, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity.

Capitalized interest	9 Months Ended
Capitalized interest	Jul. 31, 2015
Capitalized interest [Abstract]
Capitalized interest	Note 7 – Capitalized interest Interest costs associated with amounts expended at the Grande Rotunda development are capitalized and included in the cost of the project. Interest capitalized during the nine-month periods ended July 31, 2015 and 2014, respectively, amounted to $1,600,000 and $744,000, and for the three-month periods ended July 31, 2015 and 2014, respectively, amounted to $667,000 and $524,000.

Discontinued operations	9 Months Ended
Discontinued operations	Jul. 31, 2015
Discontinued operations [Abstract]
Discontinued operations	Note 5 – Discontinued operations: On December 20, 2013, FREIT's South Brunswick property, which consisted of vacant land, was sold for $11 million resulting in a capital gain of approximately $8.7 million net of sales fees and commissions. FREIT structured this sale in a manner that qualified it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. The 1031 Exchange transaction resulted in a deferral for income tax purposes of the $8.7 million capital gain. The net proceeds from this sale, which were approximately $9.8 million, were held in escrow until a replacement property was purchased. A replacement property related to this like-kind exchange was acquired on June 18, 2014, and the sale proceeds held in escrow were applied to the purchase price of such property (See Note 6). The gain from the sale of the South Brunswick property described above has been classified as discontinued operations in the accompanying statements of income for the nine months ended July 31, 2014.

Management agreement, fees and transactions with related party	9 Months Ended
	Jul. 31, 2015
Management agreement, fees and transactions with related party [Abstract]
Management agreement, fees and transactions with related party	Note 8 - 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 4% to 5% of rents collected. Such fees were approximately $1,412,000 and $1,377,000, for the nine-month period ended July 31, 2015 and 2014, respectively, and $479,000 and $470,000, for the three-month period ended July 31, 2015 and 2014, 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 $213,000 and $603,000, for the nine-month period ended July 31, 2015 and 2014, respectively, and $77,000 and $69,000, for the three-month period ended July 31, 2015 and 2014, respectively. Fees for the prior year's nine month period include $396,000 in leasing commissions paid to Hekemian relative to the Safeway lease at the Damascus shopping center. The management agreement expires on October 31, 2015, and is automatically renewed for periods of two years unless either party gives not less than six (6) months prior 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 $155,000 and $121,000, for the nine months ended July 31, 2015 and 2014, respectively, and $98,000 and $87,000, for the three months ended July 31, 2015 and 2014, 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. Fees incurred to Hekemian and Resources during the nine months ended July 31, 2015 and 2014 were $1,133,000 and $979,000, respectively, and $340,000 and $550,000 for the three months ended July 31, 2015 and 2014, respectively. Fees paid in the current nine-month period relate to the Rotunda development project. Fees paid in the prior year's nine-month period include: (a) $550,000 in commissions paid to Hekemian relative to the Regency acquisition, (b) $330,000 in commissions paid to Hekemian relative to the sale of FREIT's South Brunswick, NJ property, and (c) $99,000 in fees related to services performed with regard to the Hammel Gardens and Steuben Arms 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 nine months ended July 31, 2015 and 2014 was approximately $403,000 and $476,000, respectively, for Mr. Robert S. Hekemian, and $49,000 and $34,000, respectively, for Mr. Robert S. Hekemian, Jr. Rotunda 100, LLC and Damascus 100, LLC own the minority interests in Grande Rotunda, LLC and Damascus Centre, LLC, respectively. Rotunda 100, LLC owns a 40% equity interest in Grande Rotunda, LLC and Damascus 100, LLC owns a 30% equity interest in Damascus Centre, LLC. The equity owners of Rotunda 100, LLC and Damascus 100, LLC are principally employees of Hekemian. To incentivize the employees of Hekemian, FREIT advanced, only to employees of Hekemian, up to 50% of the amount of the equity contributions that the Hekemian employees were required to invest in Rotunda 100, LLC and Damascus 100, LLC. These advances were in the form of secured loans that bear interest that will float at 225 basis points over the ninety (90) day LIBOR, as adjusted each November 1, February 1, May 1 and August 1. These loans were secured by the Hekemian employees' interests in Rotunda 100 and Damascus 100, and were full recourse loans. The notes had maturity dates at the earlier of (a) ten (10) years after issue (Grande– 6/19/2015, Damascus Centre, LLC – 9/30/2016), or, (b) at the election of FREIT, ninety (90) days after the borrower terminates employment with Hekemian, at which time all outstanding unpaid principal is due. On June 4, 2015, the Board approved an extension of the maturity date of the secured loans to occur the earlier of (a) June 19, 2018 or (b) five days after the closing of a permanent mortgage loan secured by the Rotunda property.

Property acquisition (Schedule of Results of Operations) (Details) - Jul. 31, 2014 - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Total	Total
Schedule of pro-forma information
Revenues	$ 10,754	$ 33,039
Net expenses	9,413	29,608
Income from continuing operations	$ 1,341	3,431
Income from discontinued operations		7
Gain on sale of discontinued operation		8,734
Net income	$ 1,341	12,172
Net income attributable to noncontrolling interest in subsidiaries	(162)	(453)
Net income attributable to common equity	$ 1,179	$ 11,719
Earnings per share - basic and diluted
Continuing operations	$ 0.17	$ 0.43
Discontinued operations		1.26
Net income attributable to common equity	$ 0.17	$ 1.69
Weighted average shares outstanding - basic and diluted	6,922	6,925

Share repurchases	9 Months Ended
Share repurchases	Jul. 31, 2015
Share repurchases [Abstract]
Share repurchases	Note 13 – Share repurchases: On February 17, 2015, FREIT announced a tender offer to purchase up to 100,000 shares of FREIT's beneficial interest at a price of $23.00 per share. The tender offer expired on March 20, 2015, and in connection therewith FREIT repurchased 94,302 shares of beneficial interest at $23.00 per share, for an aggregate purchase price of $2,168,946 which it funded principally from cash and cash equivalents. FREIT's Trustees and executive officers did not tender their shares of beneficial interest in FREIT in the tender offer. On September 4, 2014, the Board authorized the repurchase of 100,572 FREIT shares held by the pension plan of Hekemian, for an aggregate cash purchase of $1,855,553 or $18.45 per share, which was the closing price of FREIT shares on September 3, 2014. The repurchase which occurred in September 2014 was undertaken in connection with the termination of the pension plan. Mr. Robert S. Hekemian, Chairman and Chief Executive Officer of FREIT, and Mr. Robert S. Hekemian, Jr., a Trustee of FREIT, and members of their family were participants in the pension plan. On December 4, 2013, the Board authorized the repurchase of up to 24,400 FREIT shares. On December 17, 2013, FREIT repurchased 20,400 shares in a privately-negotiated transaction with an unaffiliated party for an aggregate purchase price of $357,000, or $17.50 per share.

Share repurchases (Details) - USD ($)				9 Months Ended
Share repurchases (Details) - USD ($)	Feb. 17, 2015	Sep. 04, 2014	Dec. 17, 2013	Jul. 31, 2015	Dec. 04, 2013
Share repurchases [Abstract]
Number of shares authorized to repurchase	100,000	100,572			24,400
Number of shares repurchased	94,302		20,400	94,302
Stock repurchased price (per share)	$ 23.00	$ 18.45	$ 17.50
Shares repurchased, value	$ 2,168,946	$ 1,855,553	$ 357,000	$ 2,169,000

Recently issued accounting standards	9 Months Ended
Recently issued accounting standards	Jul. 31, 2015
Recently issued accounting standards [Abstract]
Recently issued accounting standards	Note 2 –Recently issued accounting standards: In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which amends the definition of a discontinued operation. The new guidance requires discontinued operation treatment for disposals of a component or group of components that represent a strategic shift that has, or will have, a major impact on an entity's operations or financial results. The ASU is effective prospectively for all disposals that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014, with early adoption permitted. The Company has adopted this guidance effective with its 1st quarter ended January 31, 2015. The adoption of this guidance did not have any impact on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. In August 2015, the FASB extended the effective date by one year to years beginning on and after December 15, 2017. Early adoption is not permitted. ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. FREIT is currently assessing the impact this new accounting guidance will have on its consolidated financial statements and footnote disclosures. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, "Amendments to the Consolidation Analysis," ("ASU 2015-02"), which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 with early adoption permitted. ASU 2015-02 amends: the assessment of whether a limited partnership or an LLC is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity's related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships or LLCs, clarifies how to determine whether the equity holders as a group have power over an entity. The adoption of ASU 2015-02 is not expected to have any effect on our consolidated financial statements or footnote disclosures. In April 2015, the FASB issued ASU 2015-03, "Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years with early adoption permitted. The adoption of this guidance, which is required to be applied on a retrospective basis, will not have a material effect on our financial statements.

Fair value of long-term debt (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Oct. 31, 2014
Fair value of long-term debt [Abstract]
Fair value of long-term debt	$ 304,300	$ 256,000
Carrying value of long-term debt	$ 299,005	$ 251,552

Income taxes	9 Months Ended
Income taxes	Jul. 31, 2015
Income taxes [Abstract]
Income taxes	Note 12 – Income taxes: FREIT distributed as dividends to its shareholders 100% of its ordinary taxable income for the fiscal year ended October 31, 2014 and intends to distribute as dividends 100% of its ordinary taxable income for the fiscal year ending October 31, 2015. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded in FREIT's financial statements. As described in Note 5, FREIT completed a like-kind exchange with respect to the sale of the South Brunswick, NJ property, which was sold on December 20, 2013 at a gain of approximately $8.7 million. Accordingly, no provision for federal or state income taxes related to such gain was recorded in FREIT's financial statements. The tax basis of Regency, which was the replacement property in the like-kind exchange, is approximately $8 million lower than the acquisition cost of approximately $20.6 million recorded for financial reporting purposes. In December 2013, FREIT distributed as dividends the entire capital gain of approximately $3.5 million realized on the sale of its Palisades Manor and Grandview properties in Fiscal 2013. With regard to such capital gain dividend distribution for Fiscal 2013, no provision for federal or state income taxes related to such capital gain income was recorded in FREIT's financial statements. As of July 31, 2015, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2011 remain open to examination by the major taxing jurisdictions to which FREIT is subject.