FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

SCHEDULE XI – REAL ESTATE AND ACCUMULATED DEPRECIATION

OCTOBER 31, 2015

(In Thousands of Dollars)

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

Residential Properties:
Hammel Gardens, Maywood, NJ	$	8,234		312		728		-			1,293					312		2,021		2,333		1,615	1949	1972	7-40 years
Steuben Arms, River Edge, NJ		10,852		364		1,773		-			1,637					364		3,410		3,774		2,877	1966	1975	7-40 years
Berdan Court, Wayne, NJ		18,378		250		2,206		-			4,484					250		6,690		6,940		5,200	1964	1965	7-40 years
Westwood Hills, Westwood, NJ		21,545		3,849		11,546		-			2,780					3,849		14,326		18,175		8,081	1965-70	1994	7-40 years
Pierre Towers, Hackensack, NJ		30,567		8,390		37,486		19			8,912					8,409		46,398		54,807		13,606	1970	2004	7-40 years
Boulders - Rockaway, NJ		17,596		1,632		-		3,386			16,313					5,018		16,313		21,331		4,628	2005-2006	1963/1964	7-40 years
Regency Club - Middletown, NY		16,200		2,833		17,792		-			409					2,833		18,201		21,034		613	2003	2014	7-40 years

Retail Properties:
Damascus Shopping Center,
Damascus, MD		18,938		2,950		6,987		6,296			17,490					9,246		24,477		33,723		4,872	1960's	2003	15-39 years
Franklin Crossing, Franklin Lakes, NJ		-		29		-		3,382			8,003					3,411		8,003		11,414		4,010	1963/75/97	1966	10-50 years
Glen Rock, NJ		-		12		36		-			214					12		250		262		211	1940	1962	10-31.5 years
Pathmark Super Center,
Patchogue, NY		5,243		2,128		8,818		-			(21	)				2,128		8,797		10,925		3,997	1997	1997	39 years
Westridge Square S/C, Frederick, MD		22,000		9,135		19,159		(1	)		4,269					9,134		23,428		32,562		16,191	1986	1992	15-31.5 years
Westwood Plaza, Westwood, NJ		21,355		6,889		6,416		-			2,469					6,889		8,885		15,774		7,700	1981	1988	15-31.5 years
Preakness S/C, Wayne, NJ		25,038		9,280		24,217		-			1,769					9,280		25,986		35,266		9,235	1955/89/00	2002	15-31.5 years
The Rotunda, Baltimore, MD		91,953		16,263		14,634		232			106,784					16,495		121,418		137,913		5,344	1920	2005	40 years

Land Leased:
Rockaway, NJ		-		114		-		-			-					114		-		114		-		1963/1964
Rochelle Park, NJ		-		1,640		905		-			-					1,640		905		2,545		272		2007
Vacant Land:
Franklin Lakes, NJ		-		224		-		(156	)		-					68		-		68		-		1966/93
Wayne, NJ		-		286		-		-			-					286		-		286		-		2002
Rockaway, NJ		-		51		-		-			-					51		-		51		-		1963/1964
	$	307,899	$	66,631	$	152,703	$	13,158		$	176,805		$	—	$	79,789	$	329,508	$	409,297	$	88,452

(1)	Total cost for each property is the same for federal income tax purposes, with the exception of Pierre Towers, Preakness S/C, The Rotunda and the Regency Club whose cost for federal income tax purposes is approximately $41.9 million, $35.5 million, $129.1 million and $12.9 million, respectively.

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION

(In Thousands of Dollars)

Reconciliation of Real Estate and Accumulated Depreciation:

	2015		2014			2013

Real estate:
Balance, Beginning of year	$	354,032	$	292,769		$	283,703

Additions:
Buildings and improvements		55,265		62,340			9,903

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

Balance, end of year	$	409,297	$	354,032		$	292,769

Accumulated depreciation:
Balance, beginning of year	$	81,569	$	75,226		$	69,619

Additions - Charged to operating expenses		6,883		6,346			6,244

Sale of discontinued operation		-		-			(631	)

Adjustments/Deletions		-		(3	)		(6	)

Balance, end of year	$	88,452	$	81,569		$	75,226