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Deferred fee plan
9 Months Ended
Jul. 31, 2015
Deferred fee plan [Abstract]  
Deferred fee plan

Note 15Deferred 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.