0001174947-16-003116.txt : 20160909 0001174947-16-003116.hdr.sgml : 20160909 20160909084015 ACCESSION NUMBER: 0001174947-16-003116 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20160731 FILED AS OF DATE: 20160909 DATE AS OF CHANGE: 20160909 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: 161877826 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-16336_freit.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended July 31, 2016

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, 2016, the number of shares of beneficial interest outstanding was 6,732,469.

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, 2016 and October 31, 2015;	3

		b.)	Condensed Consolidated Statements of Income for the Nine and Three Months Ended July 31, 2016 and 2015;	4

		c.)	Condensed Consolidated Statements of Comprehensive Income for the Nine and Three Months Ended July 31, 2016 and 2015;	5

		d.)	Condensed Consolidated Statement of Equity for the Nine Months Ended July 31, 2016;	6

		e.)	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended July 31, 2016 and 2015;	7

		f.)	Notes to Condensed Consolidated Financial Statements.	8

	Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations		15

	Item 3:	Quantitative and Qualitative Disclosures About Market Risk		26

	Item 4:	Controls and Procedures		26


Part II:	Other Information

	Item 1:	Legal Proceedings		26

	Item 1A:	Risk Factors		26

	Item 6:	Exhibits		27

	Signatures			27

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,
	2016			2015
	(In Thousands of Dollars)
ASSETS

Real estate, at cost, net of accumulated depreciation	$	213,997		$	219,430
Construction in progress		119,981			101,415
Cash and cash equivalents		11,871			13,500
Tenants' security accounts		1,819			1,728
Receivables arising from straight-lining of rents, net of allowance for loss in 2015		2,368			2,604
Accounts receivable, net of allowance for doubtful accounts		2,163			2,105
Secured loans receivable		5,451			5,451
Prepaid expenses and other assets		6,480			4,555
Deferred charges, net		1,641			1,327
Total Assets	$	365,771		$	352,115


LIABILITIES AND EQUITY

Liabilities:
Mortgages and construction loan payable	$	323,206		$	307,899
Less unamortized debt issuance costs		2,442			3,129
Mortgages payable, net		320,764			304,770

Deferred trustee compensation payable		9,078			9,078
Accounts payable and accrued expenses		9,948			10,305
Dividends payable		2,018			2,018
Tenants' security deposits		2,744			2,561
Deferred revenue		1,319			1,080
Interest rate swap contracts		2,681			1,066
Total Liabilities		348,552			330,878

Commitments and contingencies


Equity:
Common equity:
Shares of beneficial interest without par value:
8,000,000 shares authorized; 6,993,152 shares issued plus 68,823 and		26,505			25,860
39,350 vested share units granted to trustees at July 31, 2016 and
October 31, 2015, respectively
Treasury stock, at cost: 266,283 shares at July 31, 2016
and at October 31, 2015		(5,517	)		(5,517	)
Dividends in excess of net income		(14,819	)		(11,769	)
Accumulated other comprehensive loss		(2,415	)		(1,030	)
Total Common Equity		3,754			7,544
Noncontrolling interests in subsidiaries		13,465			13,693
Total Equity		17,219			21,237
Total Liabilities and Equity	$	365,771		$	352,115

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, 2016 AND 2015

(Unaudited)

	Nine Months Ended July 31,						Three Months Ended July 31,
	2016			2015			2016			2015
	(In Thousands of Dollars, Except Per Share Amounts)						(In Thousands of Dollars, Except Per Share Amounts)
Revenue:
Rental income	$	29,930		$	28,992		$	10,249		$	9,781
Reimbursements		3,896			4,280			1,255			1,290
Sundry income		252			403			86			72
		34,078			33,675			11,590			11,143

Expenses:
Operating expenses		10,198			10,192			3,460			3,118
Management fees		1,501			1,489			515			504
Real estate taxes		5,949			5,921			1,988			1,994
Depreciation		5,263			4,985			1,791			1,690
		22,911			22,587			7,754			7,306

Operating income		11,167			11,088			3,836			3,837

Investment income		106			113			44			37
Gain on sale of commercial property		314			—			314			—
Interest expense including amortization
of deferred financing costs		(8,153	)		(8,370	)		(2,737	)		(2,817	)
Net income		3,434			2,831			1,457			1,057

Net income attributable to noncontrolling
interests in subsidiaries		(377	)		(283	)		(211	)		(89	)

Net income attributable to common equity	$	3,057		$	2,548		$	1,246		$	968

Earnings per share - basic and diluted	$	0.45		$	0.38		$	0.18		$	0.14

Weighted average shares outstanding:
Basic		6,777			6,785			6,787			6,747
Diluted		6,777			6,786			6,800			6,755

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, 2016 AND 2015

(Unaudited)

	Nine Months Ended July 31,						Three Months Ended July 31,
	2016			2015			2016			2015
	(In Thousands of Dollars)						(In Thousands of Dollars)

Net income	$	3,434		$	2,831		$	1,457		$	1,057

Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swap contracts
before reclassifications		(2,070	)		(1,373	)		(924	)		244
Amount reclassified from accumulated other
comprehensive loss to interest expense		455			447			150			171
Net unrealized gain (loss) on interest rate swap contracts		(1,615	)		(926	)		(774	)		415
Comprehensive income		1,819			1,905			683			1,472
Net income attributable to noncontrolling interests		(377	)		(283	)		(211	)		(89	)
Other comprehensive income (loss):
Unrealized (gain) loss on interest rate swap contracts
attributable to noncontrolling interests		230			111			110			(38	)
Comprehensive income attributable to noncontrolling interests		(147	)		(172	)		(101	)		(127	)
Comprehensive income attributable to common equity	$	1,672		$	1,733		$	582		$	1,345

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, 2016

(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, Except Share and Per Share Amounts)

Balance at October 31, 2015	$	25,860	$	(5,517	)	$	(11,769	)	$	(1,030	)	$	7,544		$	13,693		$	21,237

Stock based compensation expense		71											71						71

Vested share units granted to Trustees		574											574						574

Distributions to noncontrolling interests													—			(375	)		(375	)

Net income							3,057						3,057			377			3,434

Dividends declared, including $53 payable in share units ($0.90 per share)							(6,107	)					(6,107	)					(6,107	)

Net unrealized loss on interest rate swaps										(1,385	)		(1,385	)		(230	)		(1,615	)

Balance at July 31, 2016	$	26,505	$	(5,517	)	$	(14,819	)	$	(2,415	)	$	3,754		$	13,465		$	17,219

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, 2016 AND 2015

(Unaudited)

	Nine Months Ended
	July 31,
	2016			2015
	(In Thousands of Dollars)
Operating activities:
Net income	$	3,434		$	2,831
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation		5,263			4,985
Amortization		572			548
Stock based compensation expense		71			71
Trustee fees and related interest paid in stock units		521			571
Gain on sale of commercial property		(314	)		—
Deferred rents - straight line rent		(251	)		219
Bad debt expense		156			559
Net amortization of acquired leases		—			1
Changes in operating assets and liabilities:
Tenants' security accounts		92			145
Accounts receivable, prepaid expenses and other assets		(870	)		(856	)
Accounts payable, accrued expenses and deferred
trustee compensation		(741	)		(1,096	)
Deferred revenue		239			(321	)
Net cash provided by operating activities		8,172			7,657
Investing activities:
Proceeds from sale of commercial property		3,059			—
Capital improvements - existing properties		(2,036	)		(2,997	)
Construction and pre-development costs		(16,871	)		(37,806	)
Net cash used in investing activities		(15,848	)		(40,803	)
Financing activities:
Repayment of mortgages and construction loan		(3,148	)		(3,075	)
Repayment of credit line		—			(5,000	)
Proceeds from mortgage loan refinancing		—			16,200
Proceeds from additional tranche of loan		2,320			—
Restricted loan proceeds held in escrow		(1,850	)		—
Proceeds from construction loan		15,214			38,170
Deferred financing costs		(60	)		(361	)
Dividends paid		(6,054	)		(6,116	)
Repurchase of Company stock - treasury shares		—			(2,169	)
Distributions to noncontrolling interests		(375	)		(426	)
Net cash provided by financing activities		6,047			37,223
Net increase (decrease) in cash and cash equivalents		(1,629	)		4,077
Cash and cash equivalents, beginning of period		13,500			10,554
Cash and cash equivalents, end of period	$	11,871		$	14,631

Supplemental disclosure of cash flow data:
Interest paid, net of amounts capitalized	$	7,625		$	7,684
Supplemental schedule of non cash activities:
Investing activities:
Accrued capital expenditures, construction costs,
pre-development costs and interest	$	6,717		$	6,371
Financing activities:
Dividends declared but not paid	$	2,018		$	2,018
Dividends paid in share units	$	53		$	17

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, 2016 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, 2015 of First Real Estate Investment Trust of New Jersey (“FREIT”).

Note 2 –Recently issued accounting standards:

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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. The standard may be adopted as early as the original effective date but early adoption prior to that date is not permitted. ASU No. 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 ASU No. 2015-02, "Amendments to the Consolidation Analysis", which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 with early adoption permitted. ASU No. 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 Company has early adopted this guidance effective with its first quarter ended January 31, 2016. The adoption of this guidance did not have any impact on FREIT’s financial statements or footnote disclosures.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which supersedes the existing guidance for lease accounting, “Leases (Topic 840)”. ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. FREIT is currently assessing the impact this new accounting guidance will have on its consolidated financial statements and footnote disclosures.

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 14) 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 months ended July 31, 2016, the outstanding stock options were anti-dilutive with no impact on earnings per share. For the three months ended July 31, 2016, the outstanding stock options increased the average dilutive shares outstanding by approximately 13,000 shares with no impact on 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.

Index

Page 9

Note 4 - Interest rate swap contracts:

On December 26, 2012, Damascus Centre, LLC refinanced its construction loan with long-term financing provided by People’s United Bank and the first tranche of the new loan was taken-down in the amount of $20 million. Based on leasing and net operating income at the shopping center, People’s United Bank agreed to a take-down of the second tranche of this loan on April 22, 2016 in the amount of $2,320,000, of which approximately $470,000 was readily available and the remaining $1,850,000 (included in prepaid expenses and other assets in the accompanying condensed consolidated balance sheet) is held in escrow and available to Damascus Centre, LLC once certain tenants open and begin paying rent. The total amount outstanding for both tranches of this loan held with People’s United Bank as of July 31, 2016 was approximately $21 million. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 points over the BBA LIBOR. In order to minimize interest rate volatility during the term of this loan, Damascus Centre, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate on each tranche of this loan, resulting in a fixed rate of 3.81% over the term of the first tranche of this loan and a fixed rate of 3.53% over the term of the second tranche of this loan. At July 31, 2016, the derivative financial instrument has a notional amount of approximately $21 million and a current maturity date of January 2023.

On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. At July 31, 2016, the total amount outstanding on this loan was $16.2 million. The 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, 2016, 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 months ended July 31, 2016, FREIT recorded an unrealized loss of $1,615,000 in comprehensive income representing the change in the fair value of the swaps during such period and a corresponding liability of approximately $1,792,000 for the Regency swap and $889,000 for the Damascus Center swap as of July 31, 2016. For the three months ended July 31, 2016 and 2015, FREIT recorded an unrealized loss of $774,000 and an unrealized gain of $415,000, respectively, in comprehensive income representing the change in the fair value of the swaps during such period. For the year ended October 31, 2015, FREIT recorded an unrealized loss of $1,581,000 in comprehensive income representing the change in the fair value of the swaps during such period and a corresponding liability of $945,000 for the Regency swap and $121,000 for the Damascus Center swap as of October 31, 2015. The fair values are based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

Note 5 – Sale of property:

On January 11, 2016, FREIT was notified by Lakeland Bank (as successor by merger to Pascack Community Bank) of its election and exercise of the option to purchase the property leased by FREIT to Lakeland Bank located in Rochelle Park, New Jersey. Pursuant to the Lease Agreement, Lakeland Bank had the right to exercise this option at a price equal to the greater of $3 million or the fair market value of the property as determined by mutual agreement between tenant and landlord. FREIT and Lakeland Bank agreed to a purchase price of $3.1 million. On June 17, 2016, FREIT sold this property, having a carrying amount of approximately $2.7 million (including a straight-line rent receivable in the amount of approximately $0.5 million), to Lakeland Bank for $3.1 million resulting in a gain of approximately $0.3 million net of sales fees. This sale results in FREIT’s loss of future annual rents of approximately $241,000, which would have increased periodically through September 2023. As the disposal of this property did not represent a strategic shift that would have a major impact on FREIT’s operations or financial results, the property’s operations were not reflected as discontinued operations in the accompanying financial statements.

Note 6 – 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 months ended July 31, 2016 and 2015 amounted to approximately $2,611,000 and $1,600,000, respectively, and $916,000 and $667,000 for the three months ended July 31, 2016 and 2015, respectively. Capitalization of interest ceased upon substantial completion of the project which occurred as of the end of the third quarter of Fiscal 2016.

Index

Page 10

Note 7 - 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 office building at The Rotunda 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, charged to operations, were approximately $1,419,000 and $1,412,000, for the nine-month periods ended July 31, 2016 and 2015, respectively, and $485,000 and $479,000 for the three-month periods ended July 31, 2016 and 2015, 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 commissions and reimbursements amounted to approximately $452,000 and $213,000, for the nine months ended July 31, 2016 and 2015, respectively, and $147,000 and $77,000 for the three months ended July 31, 2016 and 2015, respectively. The management agreement expires on October 31, 2017, and is automatically renewed for successive 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 were charged to operations and amounted to approximately $164,000 and $155,000 for the nine months ended July 31, 2016 and 2015, respectively, and $101,000 and $98,000 for the three months ended July 31, 2016 and 2015, 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. Grande Rotunda, LLC and Hekemian Development Resources, LLC, a wholly-owned subsidiary of Hekemian (“Resources”), entered into an agency agreement pursuant to which Resources is to provide development services in connection with the development activities at the Rotunda, which is owned and operated by Grande Rotunda, LLC. Fees incurred to Hekemian and Resources during the nine months ended July 31, 2016 and 2015 pursuant to such agreement were approximately $391,000 and $1,133,000, respectively, and $33,000 and $340,000 for the three months ended July 31, 2016 and 2015, respectively. Such fees were capitalized and were included in construction in progress on the accompanying condensed consolidated balance sheets.

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, 2016 and 2015 was approximately $401,000 and $403,000, respectively, for Mr. Robert S. Hekemian, and $49,000 and $49,000, respectively, for Mr. Robert S. Hekemian, Jr. and for the three months ended July 31, 2016 and 2015 was approximately $131,000 and $137,000, respectively, for Mr. Robert S. Hekemian, and $16,000 and $18,000, respectively, for Mr. Robert S. Hekemian, Jr. (See Note 14).

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, and FREIT owns a 60% equity interest in Grande Rotunda, LLC and a 70% 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, which amounted to $5,451,000 at both July 31, 2016 and October 31, 2015, 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 are secured by the Hekemian employees’ interests in Rotunda 100 and Damascus 100, and are full recourse loans. The notes had maturity dates at the earlier of (a) ten (10) years after issue (Grande Rotunda, LLC – 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.

Index

Page 11

Note 8 – Mortgage financings:

The original Rotunda acquisition loan for $22.5 million, which was subsequently reduced to $19.5 million on February 1, 2010, was acquired by FREIT on May 28, 2013. FREIT subsequently sold this loan to Wells Fargo Bank, the lender providing the construction financing for the expansion of the Rotunda project. On December 9, 2013, Grande Rotunda, LLC closed with Wells Fargo Bank on a construction loan of up to $120 million to be used to redevelop the Rotunda property in Baltimore, Maryland. The construction loan is for a term of four years, with one twelve-month extension, at a rate of 225 basis points over the monthly LIBOR. As of July 31, 2016, $108.1 million of this loan was drawn down (including approximately $15.2 million during Fiscal 2016), of which $19 million was used to pay off the loan from FREIT, and $89.1 million was used toward the construction at the Rotunda. The construction loan contains various covenants, including among others, leasing benchmarks pertaining to the Rotunda’s retail space to be achieved on or before a specified date. As of June 30, 2016, FREIT was not in compliance with this covenant, which, upon notice from the lender, would constitute an event of default. Upon such notice (which as of September 9, 2016, had not been given), FREIT would have 120 days in the aggregate to cure such default. If not cured, the lender could exercise its right to accelerate the loan’s maturity. FREIT is currently in discussions with the lender to waive the noncompliance and/or modify the related covenant. Although FREIT expects the lender to waive and/or modify the covenant, no assurances can be given regarding the outcome of such discussion.

On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The 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.

Wayne PSC, LLC entered into an agreement with Metropolitan Life Insurance Company to extend the maturity date on its loan secured by the shopping center owned by Wayne PSC, LLC located in Wayne, New Jersey from June 1, 2016 to October 1, 2016. Under the terms of this agreement, Wayne PSC, LLC will continue to make the monthly principal and interest payment of $206,960 until the month immediately preceding the maturity date and on the maturity date a final payment in the amount of approximately $24.2 million shall become due and payable in full. Wayne PSC, LLC expects to refinance this loan prior to its extended due date.

Note 9 – 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, 2016 and October 31, 2015:

($ in Millions)	July 31, 2016		October 31, 2015

Fair Value	$	329.8	$	313.5

Carrying Value	$	320.8	$	304.8

Fair values are estimated based on market interest rates at July 31, 2016 and October 31, 2015 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 as provided by authoritative guidance).

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Note 10 - 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 is comprised of nine (9) properties after giving effect to the sale of a property on June 17, 2016 (See Note 5), and the residential segment is comprised of 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, 2015. 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), depreciation, financing costs, amortization of acquired lease values 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.

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 attributable to common equity for the nine and three-month periods ended July 31, 2016 and 2015. 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,
	2016			2015			2016			2015
	(In Thousands of Dollars)						(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	16,952		$	17,439		$	5,534		$	5,751
Residential		16,875			16,456			5,780			5,463
Total real estate revenue		33,827			33,895			11,314			11,214

Real estate operating expenses:
Commercial		8,218			7,997			2,754			2,582
Residential		8,029			7,952			2,703			2,525
Total real estate operating expenses		16,247			15,949			5,457			5,107

Net operating income:
Commercial		8,734			9,442			2,780			3,169
Residential		8,846			8,504			3,077			2,938
Total net operating income	$	17,580		$	17,946		$	5,857		$	6,107

Recurring capital improvements-
residential	$	(659	)	$	(275	)	$	(170	)	$	(21	)


Reconciliation to consolidated net income attributable to common equity:
Segment NOI	$	17,580		$	17,946		$	5,857		$	6,107
Gain on sale of commercial property		314			—			314			—
Deferred rents - straight lining		251			(219	)		276			(71	)
Amortization of acquired leases		—			(1	)		—			—
Investment income		106			113			44			37
General and administrative expenses		(1,401	)		(1,653	)		(506	)		(509	)
Depreciation		(5,263	)		(4,985	)		(1,791	)		(1,690	)
Financing costs		(8,153	)		(8,370	)		(2,737	)		(2,817	)
Net income		3,434			2,831			1,457			1,057
Net income attributable to noncontrolling interests		(377	)		(283	)		(211	)		(89	)
Net income attributable to common equity	$	3,057		$	2,548		$	1,246		$	968

Note 11 – Income taxes:

FREIT distributed 100% of its ordinary taxable income for the fiscal year ended October 31, 2015 to its shareholders as dividends and intends to distribute 100% of its ordinary taxable income and 100% of the capital gain from the sale of the property in Rochelle Park, New Jersey (See Note 5) to its shareholders as dividends for the fiscal year ending October 31, 2016. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded in FREIT’s financial statements.

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As of July 31, 2016, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2013 remain open to examination by the major taxing jurisdictions to which FREIT is subject.

Note 12 – 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.

Note 13 – 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, FREIT’s managing agent. The options have an exercise price of $18.45 per share, will vest in equal annual installments over a 5-year period 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, 2016:

	Nine Months Ended July 31,
	2016
	No. of Options			Exercise
	Outstanding			Price
Options outstanding beginning of period		243,900		$	18.45
Options granted during period		—			—
Options forfeited/cancelled during period		(820	)	$	18.45
Options outstanding end of period		243,080		$	18.45
Options expected to vest over term of grant		238,620
Options exercisable at end of period		48,680

For the nine-month periods ended July 31, 2016 and 2015, compensation expense related to stock options granted amounted to $71,000 and $71,000, respectively. For the three-month periods ended July 31, 2016 and 2015, compensation expense related to stock options granted amounted to $24,000 and $24,000, respectively. At July 31, 2016, there was approximately $290,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over the remaining vesting period.

The aggregate intrinsic value of options expected to vest and options exercisable at July 31, 2016 was approximately $597,000 and $122,000, respectively.

Note 14 – 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 credited to a participant’s account will be determined by the closing price of FREIT shares on the date as set forth in the Deferred Fee Plan. All fees payable to Trustees for the nine-month period ended July 31, 2015 were deferred under the Deferred Fee Plan, and all fees payable to Trustees for the nine-month period ended July 31, 2016 were deferred under the Deferred Fee Plan except for the fees payable to two Trustees, who elected to receive such fees in cash. As a result of the amendment to the Deferred Fee Plan described above, for the nine-month periods ended July 31, 2016 and 2015, the aggregate amounts of deferred Trustee fees together with related interest and dividends were approximately $574,600 and $588,300, respectively, which have been paid through the issuance of 29,473 and 29,385, vested FREIT share units, respectively, based on the closing price of FREIT shares on the dates as set forth in the Deferred Fee Plan.

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For the nine-month periods ended July 31, 2016 and 2015, FREIT has charged as expense approximately $521,500 and $570,900 of the aggregate amounts of deferred Trustee fees and related interest and dividends for these periods, respectively, representing Trustee fees and interest to expense and the balance of approximately $53,100 and $17,400, respectively, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity.

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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: The U.S. economy grew at an average annualized rate of approximately 1% in the first half of calendar 2016. Employment remains healthy and real income grew at a solid pace. This positive trend should continue to impact favorably on the housing market and consumer spending over the balance of the year and raise the growth rate of the U.S. economy. This rising growth rate may trigger the Federal Reserve to raise lending rates that may affect refinancing of mortgages coming due in the short term.

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: While retail sales were tepid during the first quarter of calendar 2016, they rebounded in second quarter of calendar 2016. Real consumption growth is expected to rebound further over the balance of the year.

Development Projects and Capital Expenditures: We continue to make only those capital expenditures that are absolutely necessary. The construction at the Rotunda development project began in September 2013, and with the exception of tenant improvements was substantially completed in the third quarter of Fiscal 2016 with costs to complete estimated at $5 million. The office building lobby renovation has been completed, leasing has begun in the residential section and the retail space is approximately 60% leased. We expect the Rotunda to generate cash flow in the first quarter of fiscal year 2017.

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Debt Financing Availability: Financing for development projects has been available to FREIT and its affiliates. 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 redevelop the Rotunda property in Baltimore, Maryland. Through July 31, 2016, 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) $108.1 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 $89.1 million was used towards the construction at the Rotunda. The construction loan contains various covenants, including among others, leasing benchmarks pertaining to the Rotunda’s retail space to be achieved on or before a specified date. As of June 30, 2016, FREIT was not in compliance with this covenant, which, upon notice from the lender, would constitute an event of default. Upon such notice (which as of September 9, 2016, had not been given), FREIT would have 120 days in the aggregate to cure such default. If not cured, the lender could exercise its right to accelerate the loan’s maturity. FREIT is currently in discussions with the lender to waive the noncompliance and/or modify the related covenant. Although FREIT expects the lender to waive and/or modify the covenant, no assurances can be given regarding the outcome of such discussion.

On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The 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. To minimize the floating rate volatility, 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.

On April 22, 2016, People’s United Bank agreed to a take-down of the second tranche of its loan with Damascus, Centre, LLC in the amount of $2,320,000, of which approximately $470,000 was readily available and the remaining $1,850,000 (included in prepaid expenses and other assets in the accompanying condensed consolidated balance sheet) is held in escrow and available to Damascus Centre, LLC once certain tenants open and begin paying rent. In order to minimize interest rate volatility during the term of this 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 3.53% over the term of the second tranche of this loan.

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, 2015, have been applied consistently as at July 31, 2016, and for the nine and three months ended July 31, 2016 and 2015. 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 collectability.

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.

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Real Estate Development Costs: It is FREIT’s policy to capitalize pre-development costs, which generally include legal and professional fees and other directly related third-party costs. Real estate taxes and interest costs incurred during the development and construction phases are also capitalized. FREIT ceases capitalization of these costs when the project or portion thereof becomes operational, or when construction has been postponed. Capitalization of these costs will recommence once construction on the project resumes.

See Note 2 to the condensed consolidated financial statements for recently issued accounting standards.

RESULTS OF OPERATIONS

Real estate revenue for the nine months ended July 31, 2016 (“Current Nine Months”) increased 1.2% to $34,078,000, compared to $33,675,000 for the nine months ended July 31, 2015 (“Prior Nine Months”). For the three months ended July 31, 2016 (“Current Quarter”), real estate revenue increased 4% to $11,590,000, compared to $11,143,000 for the three months ended July 31, 2015 (“Prior Quarter”). Net income attributable to common equity (“net income-common equity”) for the Current Nine Months and Current Quarter was $3,057,000 ($0.45 per share basic and diluted) and $1,246,000 ($0.18 per share basic and diluted), compared to $2,548,000 ($0.38 per share basic and diluted) and $968,000 ($0.14 per share basic and diluted) for the Prior Year’s comparable periods, respectively. 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, 2016 and 2015:

NET INCOME COMPONENTS
	Nine Months Ended									Three Months Ended
	July 31,									July 31,
	2016			2015			Change			2016			2015			Change
	(In Thousands of Dollars)									(In Thousands of Dollars)
Income from real estate operations:
Commercial properties	$	8,985		$	9,222		$	(237	)	$	3,056		$	3,098		$	(42	)

Residential properties		8,846			8,504			342			3,077			2,938			139
Total income from real estate operations		17,831			17,726			105			6,133			6,036			97

Gain on sale of commercial property		314			—			314			314			—			314

Financing costs:
Fixed rate mortgages		(8,190	)		(8,216	)		26			(2,738	)		(2,777	)		39
Floating rate - Rotunda		(2,046	)		(1,158	)		(888	)		(731	)		(481	)		(250	)
Credit line		—			(35	)		35			—			—			—
Other - Corporate interest		(223	)		(246	)		23			(69	)		(84	)		15
Mortgage cost amortization		(305	)		(315	)		10			(115	)		(142	)		27
Less amounts capitalized		2,611			1,600			1,011			916			667			249
Total financing costs		(8,153	)		(8,370	)		217			(2,737	)		(2,817	)		80

Investment income		106			113			(7	)		44			37			7

General & administrative expenses:
Accounting fees		(363	)		(413	)		50			(114	)		(124	)		10
Legal & professional fees		(62	)		(95	)		33			(33	)		(18	)		(15	)
Trustee fees		(660	)		(654	)		(6	)		(213	)		(222	)		9
Stock option expense		(71	)		(71	)		—			(24	)		(24	)		—
Corporate expenses		(245	)		(420	)		175			(122	)		(121	)		(1	)
Total general & administrative expenses		(1,401	)		(1,653	)		252			(506	)		(509	)		3

Depreciation		(5,263	)		(4,985	)		(278	)		(1,791	)		(1,690	)		(101	)

Net income		3,434			2,831			603			1,457			1,057			400

Net income attributable to noncontrolling
interests in subsidiaries		(377	)		(283	)		(94	)		(211	)		(89	)		(122	)

Net income attributable to common equity	$	3,057		$	2,548		$	509		$	1,246		$	968		$	278

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.

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SEGMENT INFORMATION

The following table sets 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):

	Commercial									Residential									Combined
	Nine Months Ended									Nine Months Ended									Nine Months Ended
	July 31,				Increase (Decrease)					July 31,				Increase (Decrease)					July 31,
	2016		2015		$			%		2016		2015		$			%		2016		2015
	(In Thousands)									(In Thousands)									(In Thousands)
Rental income	$	13,009	$	13,131	$	(122	)		-0.9%	$	16,671	$	16,081	$	590			3.7%	$	29,680	$	29,212
Reimbursements		3,892		4,280		(388	)		-9.1%		3		—		3			100.0%		3,895		4,280
Other		51		28		23			82.1%		201		375		(174	)		-46.4%		252		403
Total revenue		16,952		17,439		(487	)		-2.8%		16,875		16,456		419			2.5%		33,827		33,895

Operating expenses		8,218		7,997		221			2.8%		8,029		7,952		77			1.0%		16,247		15,949
Net operating income	$	8,734	$	9,442	$	(708	)		-7.5%	$	8,846	$	8,504	$	342			4.0%		17,580		17,946
Gain on sale of property	$	314	$	—	$	314			100.0%	$	—	$	—	$	—			0.0%		314		—
Average
Occupancy %		82.4%		83.9%					-1.5%		94.9%		94.6%					0.3%

Reconciliation to consolidated net income-common equity:
Deferred rents - straight lining		251			(219	)
Amortization of acquired leases		—			(1	)
Investment income		106			113
General and administrative expenses		(1,401	)		(1,653	)
Depreciation		(5,263	)		(4,985	)
Financing costs		(8,153	)		(8,370	)
Net income		3,434			2,831
Net income attributable to noncontrolling interests		(377	)		(283	)
Net income attributable to common equity	$	3,057		$	2,548

	Commercial									Residential								Combined
	Three Months Ended									Three Months Ended								Three Months Ended
	July 31,				Increase (Decrease)					July 31,				Increase (Decrease)				July 31,
	2016		2015		$			%		2016		2015		$		%		2016		2015
	(In Thousands)									(In Thousands)								(In Thousands)
Rental income	$	4,267	$	4,454	$	(187	)		-4.2%	$	5,707	$	5,398	$	309		5.7%	$	9,974	$	9,852
Reimbursements		1,252		1,290		(38	)		-2.9%		2		—		2		100.0%		1,254		1,290
Other		15		7		8			114.3%		71		65		6		9.2%		86		72
Total revenue		5,534		5,751		(217	)		-3.8%		5,780		5,463		317		5.8%		11,314		11,214

Operating expenses		2,754		2,582		172			6.7%		2,703		2,525		178		7.0%		5,457		5,107
Net operating income	$	2,780	$	3,169	$	(389	)		-12.3%	$	3,077	$	2,938	$	139		4.7%		5,857		6,107
Gain on sale of property	$	314	$	—	$	314			100.0%	$	—	$	—	$	—		0.0%		314		—
Average
Occupancy %		81.5%		86.3%					-4.8%		95.9%		94.6%				1.3%

Reconciliation to consolidated net income-common equity:
Deferred rents - straight lining		276			(71	)
Investment income		44			37
General and administrative expenses		(506	)		(509	)
Depreciation		(1,791	)		(1,690	)
Financing costs		(2,737	)		(2,817	)
Net income		1,457			1,057
Net income attributable to noncontrolling interests		(211	)		(89	)
Net income attributable to common equity	$	1,246		$	968

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

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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.

NOI and Same Property NOI are non-GAAP financial measures and are not measures of operating results or cash flow as measured by GAAP, 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 nine (9) separate properties. Seven are multi-tenanted retail or office centers, and two are single tenanted – a building located in Patchogue, New York formerly occupied as a supermarket and land located in Rockaway, New Jersey owned by FREIT from which it receives monthly rental income from a tenant who has built and operates a bank branch on the land. On June 17, 2016, FREIT sold its property at Rochelle Park, New Jersey having a carrying value of approximately $2.7 million (including a straight line rent receivable of approximately $0.5 million) to Lakeland Bank (as successor by merger to Pascack Community Bank) for a purchase price of $3.1 million resulting in a gain of approximately $0.3 million net of sales fees. This sale results in FREIT’s loss of future annual rents of approximately $241,000, which would have increased periodically through September 2023.

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 decreased by 2.8% and 3.8%, respectively, and NOI decreased by 7.5% and 12.3%, respectively, from the prior year’s comparable periods. The declines in revenue and NOI were primarily attributable to the loss of revenue from Pathmark (a subsidiary of the Great Atlantic & Pacific Tea Company “A&P”) at the Patchogue, New York property due to the lease being rejected as of December 31, 2015 as a result of A&P’s bankruptcy filing. FREIT is currently exploring various options for this property.

Same Property Operating Results: FREIT’s commercial segment currently contains eight (8) 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 Nine Months and Current Quarter, same property revenue for the commercial segment decreased by 6.4% and 9.7%, respectively, and same property NOI decreased by 4.4% and 8.4%, respectively, from the prior year’s comparable periods. The changes resulted from the factors discussed in the immediately preceding paragraph.

Leasing: The following tables reflect 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:

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

Comparable leases (b)		15		171,525	$	12.75	$	12.39		2.9%	$	0.09	$	0.14

Non-comparable leases		11		49,719	$	20.38		N/A		N/A	$	1.53	$	0.91

Total leasing activity		26		221,244

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

Comparable leases (b)		7		19,751	$	30.20	$	19.71		53.2%	$	2.71	$	0.86

Non-comparable leases		6		14,643	$	30.69		N/A		N/A	$	4.33	$	1.32

Total leasing activity		13		34,394

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

(b) This includes new tenant leases and/or modifications/extensions of existing tenant leases.

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For the Current Nine Months and Current Quarter, average occupancy showed a decline of 1.5% and 4.8%, respectively, as compared to the prior year’s comparable periods. 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 and Current Quarter decreased 1.9% and 5.4%, respectively, as compared to the prior year’s comparable periods.

DEVELOPMENT ACTIVITIES

The Rotunda property in Baltimore, Maryland (owned by FREIT’s 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. This property is currently being redeveloped and expanded and has been substantially completed in the third quarter of Fiscal 2016. 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 $123.6 million has been incurred through July 31, 2016, 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 redevelop the Rotunda property. The construction loan is for a term of four years, with one twelve-month extension, at a rate of 225 basis points over the monthly LIBOR. The construction loan contains various covenants, including among others, leasing benchmarks pertaining to the Rotunda’s retail space to be achieved on or before a specified date. As of June 30, 2016, FREIT was not in compliance with this covenant, which, upon notice from the lender, would constitute an event of default. Upon such notice (which as of September 9, 2016, had not been given), FREIT would have 120 days in the aggregate to cure such default. If not cured, the lender could exercise its right to accelerate the loan’s maturity. FREIT is currently in discussions with the lender to waive the noncompliance and/or modify the related covenant. Although FREIT expects the lender to waive and/or modify the covenant, no assurances can be given regarding the outcome of such discussion. The construction at the Rotunda development project began in September 2013 and with the exception of tenant improvements was substantially completed in the third quarter of Fiscal 2016 with costs to complete estimated at $5 million. The office building lobby renovation has been completed, leasing has begun in the residential section and the retail space is approximately 60% leased. We expect the Rotunda to generate cash flow in the first quarter of fiscal year 2017.

Through July 31, 2016, 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) $108.1 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 $89.1 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 from FREIT’s residential segment for the Current Nine Months and Current Quarter increased by 2.5% and 5.8%, respectively, and total NOI increased by 4% and 4.7%, respectively, as compared to the prior year’s comparable periods. The increase in revenue and NOI for the Current Nine Months was primarily attributable to increased base rents at the residential properties and a 0.3% increase in the average occupancy level as compared to the prior year’s comparable period. The increase in revenue and NOI for the Current Quarter was primarily attributable to increased base rents at the residential properties and a 1.3% increase in the average occupancy level as compared to the prior year’s comparable period.

FREIT’s 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 $1,777 and $1,735, 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 $233,000 and $225,000, 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 is available to fund FREIT’s future capital expenditures and for general corporate purposes.

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Capital expenditures: Since all of FREIT’s 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. Funds for these capital projects will be available from cash flow from the property's operations and cash reserves.

FINANCING COSTS

	Nine Months Ended July 31,						Three Months Ended July 31,
	2016			2015			2016			2015
	(In Thousands of Dollars)						(In Thousands of Dollars)
Fixed rate mortgages (a):
1st Mortgages
Existing	$	8,190		$	7,855		$	2,738		$	2,623
New		—			361			—			154
2nd Mortgages
Existing		—			—			—			—
Variable rate mortgages:
Construction loan-Rotunda		2,046			1,158			731			481
Credit line		—			35			—			—
Other		223			246			69			84
		10,459			9,655			3,538			3,342
Amortization of mortgage costs		305			315			115			142
Total financing costs		10,764			9,970			3,653			3,484
Less amounts capitalized		(2,611	)		(1,600	)		(916	)		(667	)
Total financing costs expensed	$	8,153		$	8,370		$	2,737		$	2,817

(a)

Includes the effect of interest rate swap contracts which effectively convert the floating interest rate to a fixed interest rate over the term of the loan.

Total financing costs for the Current Nine Months and Current Quarter increased 8% and 4.9%, respectively, compared to the prior year’s comparable periods which was primarily attributable to the Rotunda construction loan of approximately $108.1 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 $1,401,000 and $506,000, respectively, compared to $1,653,000 and $509,000 for the prior year’s comparable periods. The primary components of G&A are accounting fees, legal & professional fees and Trustees’ fees.

DEPRECIATION

Depreciation expense from operations for the Current Nine Months and Current Quarter was $5,263,000 and $1,791,000, respectively, as compared to $4,985,000 and $1,690,000, respectively, for the prior year’s comparable periods which was primarily attributable to depreciation related to certain assets becoming operational as of the end of Fiscal 2015.

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LIQUIDITY AND CAPITAL RESOURCES

Net cash provided by operating activities was $8.2 million for the Current Nine Months compared to $7.7 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, 2016, FREIT had cash and cash equivalents totaling $11.9 million, compared to $13.5 million at October 31, 2015. The decrease in cash for the Current Nine Months is primarily attributable to $15.8 million in net cash used in investing activities offset by $6 million provided by financing activities and $8.2 million provided by operating activities.

On June 17, 2016, FREIT sold its property held at Rochelle Park, New Jersey to Lakeland Bank (as successor by merger to Pascack Community Bank) for $3.1 million, realizing a gain of approximately $0.3 million net of sales fees. This sale will result in FREIT’s loss of future annual rents of approximately $241,000, which would have increased periodically through September 2023.

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 in Franklin Lakes, New Jersey, and retail space in Glen Rock, New Jersey. Interest rates on draws will be set at the time of each draw for 30, 60, or 90-day periods, based on FREIT’s 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 3.25%. As of July 31, 2016, approximately $12.8 million was available under the line of credit.

On December 26, 2012, Damascus Centre, LLC refinanced its construction loan with long-term financing provided by People’s United Bank and the first tranche of the new loan was taken-down in the amount of $20 million. Based on leasing and net operating income at the shopping center, People’s United Bank agreed to a take-down of the second tranche of this loan on April 22, 2016 in the amount of $2,320,000, of which approximately $470,000 was readily available and the remaining $1,850,000 (included in prepaid expenses and other assets in the accompanying condensed consolidated balance sheet) is held in escrow and available to Damascus Centre, LLC once certain tenants open and begin paying rent. The total amount outstanding for both tranches of this loan held with People’s United Bank as of July 31, 2016 was approximately $21 million. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 points over the BBA LIBOR. In order to minimize interest rate volatility during the term of this loan, Damascus Centre, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate on each tranche of this loan, resulting in a fixed rate of 3.81% over the term of the first tranche of this loan and a fixed rate of 3.53% over the term of the second tranche of this loan. The interest rate swaps are 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 agreements.)

As at July 31, 2016, FREIT’s aggregate outstanding mortgage debt was $323.2 million, which bears a weighted average interest rate of 4.24% and an average life of approximately 4.4 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	2020	2022	2023	2024	2025
($ in millions)
Mortgage "Balloon" Payments	$24.2	$22.0	$5.2	$153.3	$19.1	$14.4	$34.5	$15.9	$13.9

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The following table shows the estimated fair value and carrying value of FREIT’s long-term debt at July 31, 2016 and October 31, 2015:

($ in Millions)	July 31, 2016		October 31, 2015

Fair Value	$	329.8	$	313.5

Carrying Value	$	320.8	$	304.8

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, 2016, a 1% interest rate increase would reduce the fair value of FREIT’s debt by $6.4 million, and a 1% decrease would increase the fair value by $6.7 million.

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 redevelop the Rotunda property in Baltimore, Maryland. The construction loan is for a term of four years, with one twelve-month extension, at a rate of 225 basis points over the monthly LIBOR. As of July 31, 2016, $108.1 million of this loan was drawn down, of which $19 million was used to pay off the loan from FREIT, and $89.1 million was used towards the construction at the Rotunda. The construction loan contains various covenants, including among others, leasing benchmarks pertaining to the Rotunda’s retail space to be achieved on or before a specified date. As of June 30, 2016, FREIT was not in compliance with this covenant, which, upon notice from the lender, would constitute an event of default. Upon such notice (which as of September 9, 2016, had not been given), FREIT would have 120 days in the aggregate to cure such default. If not cured, the lender could exercise its right to accelerate the loan’s maturity. FREIT is currently in discussions with the lender to waive the noncompliance and/or modify the related covenant. Although FREIT expects the lender to waive and/or modify the covenant, no assurances can be given regarding the outcome of such discussion.

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. FREIT enters into these swap contracts with a counterparty that is usually a high-quality commercial bank.

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

Current GAAP requires FREIT 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 the balance sheet. This gain or loss represents the economic consequence of liquidating 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 contracts will be accounted for as an adjustment to interest expense.

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FREIT has 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 based on a notional amount of approximately $22,320,000 ($20,981,000 at July 31, 2016) for the Damascus Center swaps, and a notional amount of approximately $16,200,000 at July 31, 2016 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, 2016, the Damascus Center and Regency swap contracts were in the counterparties’ favor. If FREIT had terminated these contracts at that date it would have realized a loss of approximately $1,792,000 for the Regency swap and a loss of approximately $889,000 for the Damascus Center swaps which have been included as a liability in FREIT’s balance sheet as at July 31, 2016, and the change (gain or loss) during such period included in comprehensive income. For the nine months ended July 31, 2016, FREIT recorded an unrealized loss of $1,615,000 in comprehensive income representing the change in fair value of the swaps during such period. For the year ended October 31, 2015, FREIT recorded an unrealized loss of $1,581,000 in comprehensive income representing the change in the fair value of the swaps during such period and a corresponding liability of $945,000 for the Regency swap and $121,000 for the Damascus Center swap as of October 31, 2015.

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.

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 acquisitions for our real estate portfolio that will increase income and cash flow to FREIT’s 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 represented approximately 1.5% of FREIT’s then-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 12 for further details.)

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. (See Note 13 for further details.)

DEFERRED FEE PLAN

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ADJUSTED FUNDS FROM OPERATIONS

Funds From Operations (“FFO”) is a non-GAAP measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”). 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 and recurring capital improvements on FREIT’s residential apartments. The modified FFO computation is referred to as Adjusted Funds From Operations (“AFFO”). FREIT believes that AFFO is a superior measure of our operating performance. We compute FFO and AFFO as follows:

	Nine Months Ended July 31,						Three Months Ended July 31,
	2016			2015			2016			2015
	(In Thousands, Except Per Share)						(In Thousands, Except Per Share)
Funds From Operations ("FFO") (a)
Net income	$	3,434		$	2,831		$	1,457		$	1,057
Depreciation of consolidated properties		5,263			4,985			1,791			1,690
Amortization of deferred leasing costs		267			233			94			82
Distributions to minority interests		(375	)		(426	)		(30	)		(30	)
Gain on sale of commercial property		(314	)		—			(314	)		—
FFO	$	8,275		$	7,623		$	2,998		$	2,799

Per Share - Basic and Diluted	$	1.22		$	1.12		$	0.44		$	0.41
(a) As prescribed by NAREIT.

Adjusted Funds From Operations ("AFFO")
FFO	$	8,275		$	7,623		$	2,998		$	2,799
Amortization of acquired leases		—			1			—			—
Deferred rents (Straight lining)		(251	)		219			(276	)		71
Capital Improvements - Apartments		(659	)		(275	)		(170	)		(21	)
AFFO	$	7,365		$	7,568		$	2,552		$	2,849

Per Share - Basic and Diluted	$	1.09		$	1.12		$	0.38		$	0.42

Weighted Average Shares Outstanding:
Basic		6,777			6,785			6,787			6,747
Diluted		6,777			6,786			6,800			6,755

FFO and AFFO do not represent cash generated from operating activities in accordance with GAAP, 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.

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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, 2016. 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, 2015, that was filed with the Securities and Exchange Commission on January 14, 2016.

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Item 6: Exhibits

Exhibit Index

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, 2016, are 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, 2016
	/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-31.1 2 ex31-1.htm EX-31.1

Page 28

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, 2016	/s/ Robert S. Hekemian
	Robert S. Hekemian
	Chairman of the Board and Chief Executive Officer

EX-31.2 3 ex31-2.htm EX-31.2

Page 29

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, 2016	/s/ Donald W. Barney
	Donald W. Barney
	President, Treasurer and Chief Financial Officer

EX-32.1 4 ex32-1.htm EX-32.1

Page 30

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, 2016 (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, 2016	/s/ Robert S. Hekemian
	Robert S. Hekemian
	Chairman of the Board and Chief Executive Officer

EX-32.2 5 ex32-2.htm EX-32.2

Page 31

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, 2016 (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, 2016	/s/ Donald W. Barney
	Donald W. Barney
	President, Treasurer and Chief Financial Officer

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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, 2016 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, 2015 of First Real Estate Investment Trust of New Jersey (FREIT).

Note 2 Recently issued accounting standards: In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (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. The standard may be adopted as early as the original effective date but early adoption prior to that date is not permitted. ASU No. 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 ASU No. 2015-02, "Amendments to the Consolidation Analysis", which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 with early adoption permitted. ASU No. 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 Company has early adopted this guidance effective with its first quarter ended January 31, 2016. The adoption of this guidance did not have any impact on FREITs financial statements or footnote disclosures.   In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. FREIT is currently assessing the impact this new accounting guidance will have on its consolidated financial statements and footnote disclosures.

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 14) 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 FREITs 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 months ended July 31, 2016, the outstanding stock options were anti-dilutive with no impact on earnings per share. For the three months ended July 31, 2016, the outstanding stock options increased the average dilutive shares outstanding by approximately 13,000 shares with no impact on 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.

Note 5 Sale of property: On January 11, 2016, FREIT was notified by Lakeland Bank (as successor by merger to Pascack Community Bank) of its election and exercise of the option to purchase the property leased by FREIT to Lakeland Bank located in Rochelle Park, New Jersey. Pursuant to the Lease Agreement, Lakeland Bank had the right to exercise this option at a price equal to the greater of $3 million or the fair market value of the property as determined by mutual agreement between tenant and landlord. FREIT and Lakeland Bank agreed to a purchase price of $3.1 million. On June 17, 2016, FREIT sold this property, having a carrying amount of approximately $2.7 million (including a straight-line rent receivable in the amount of approximately $0.5 million), to Lakeland Bank for $3.1 million resulting in a gain of approximately $0.3 million net of sales fees. This sale results in FREITs loss of future annual rents of approximately $241,000, which would have increased periodically through September 2023. As the disposal of this property did not represent a strategic shift that would have a major impact on FREITs operations or financial results, the propertys operations were not reflected as discontinued operations in the accompanying financial statements.

Note 7 - 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 office building at The Rotunda 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, charged to operations, were approximately $1,419,000 and $1,412,000, for the nine-month periods ended July 31, 2016 and 2015, respectively, and $485,000 and $479,000 for the three-month periods ended July 31, 2016 and 2015, 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 commissions and reimbursements amounted to approximately $452,000 and $213,000, for the nine months ended July 31, 2016 and 2015, respectively, and $147,000 and $77,000 for the three months ended July 31, 2016 and 2015, respectively. The management agreement expires on October 31, 2017, and is automatically renewed for successive 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 were charged to operations and amounted to approximately $164,000 and $155,000 for the nine months ended July 31, 2016 and 2015, respectively, and $101,000 and $98,000 for the three months ended July 31, 2016 and 2015, 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. Grande Rotunda, LLC and Hekemian Development Resources, LLC, a wholly-owned subsidiary of Hekemian (Resources), entered into an agency agreement pursuant to which Resources is to provide development services in connection with the development activities at the Rotunda, which is owned and operated by Grande Rotunda, LLC. Fees incurred to Hekemian and Resources during the nine months ended July 31, 2016 and 2015 pursuant to such agreement were approximately $391,000 and $1,133,000, respectively, and $33,000 and $340,000 for the three months ended July 31, 2016 and 2015, respectively. Such fees were capitalized and were included in construction in progress on the accompanying condensed consolidated balance sheets. 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, 2016 and 2015 was approximately $401,000 and $403,000, respectively, for Mr. Robert S. Hekemian, and $49,000 and $49,000, respectively, for Mr. Robert S. Hekemian, Jr. and for the three months ended July 31, 2016 and 2015 was approximately $131,000 and $137,000, respectively, for Mr. Robert S. Hekemian, and $16,000 and $18,000, respectively, for Mr. Robert S. Hekemian, Jr (See Note 14). 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, and FREIT owns a 60% equity interest in Grande Rotunda, LLC and a 70% 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, which amounted to $5,451,000 at both July 31, 2016 and October 31, 2015, 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 are secured by the Hekemian employees interests in Rotunda 100 and Damascus 100, and are full recourse loans. The notes had maturity dates at the earlier of (a) ten (10) years after issue (Grande Rotunda, LLC 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 Fair value of long-term debt: The following table shows the estimated fair value and carrying value of FREITs long-term debt at July 31, 2016 and October 31, 2015:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-style: italic; border-bottom: Black 1pt solid">($ in Millions)</td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 31, 2016</td><td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> </td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">October 31, 2015</td><td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-style: italic"> </td><td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 74%">Fair Value</td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 10%; text-align: right">329.8</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 10%; text-align: right">313.5</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap">Carrying Value</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">320.8</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">304.8</td><td nowrap="nowrap" style="text-align: left"> </td></tr> </table>   Fair values are estimated based on market interest rates at July 31, 2016 and October 31, 2015 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 as provided by authoritative guidance).

Note 12 Share repurchases: On February 17, 2015, FREIT announced a tender offer to purchase up to 100,000 shares of FREITs 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. FREITs Trustees and executive officers did not tender their shares of beneficial interest in FREIT in the tender offer.

Note 13 Stock option plan: On September 4, 2014, the Board approved the grant of a total of 246,000 non-qualified share options under FREITs Equity Incentive Plan to certain FREIT Executive Officers, the members of the Board and certain employees of Hekemian, FREITs managing agent. The options have an exercise price of $18.45 per share, will vest in equal annual installments over a 5-year period 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, 2016:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">Nine Months Ended July 31,</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center">No. of Options</td><td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center">Exercise</td><td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">Outstanding</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">Price</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 78%">Options outstanding beginning of period</td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 8%; text-align: right">243,900</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">18.45</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Options granted during period</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">Options forfeited/cancelled during period</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(820</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">18.45</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="padding-bottom: 2.5pt">Options outstanding end of period</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">243,080</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">18.45</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt">Options expected to vest over term of grant</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">238,620</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt">Options exercisable at end of period</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">48,680</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   For the nine-month periods ended July 31, 2016 and 2015, compensation expense related to stock options granted amounted to $71,000 and $71,000, respectively. For the three-month periods ended July 31, 2016 and 2015, compensation expense related to stock options granted amounted to $24,000 and $24,000, respectively. At July 31, 2016, there was approximately $290,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over the remaining vesting period. The aggregate intrinsic value of options expected to vest and options exercisable at July 31, 2016 was approximately $597,000 and $122,000, respectively.

The following table shows the estimated fair value and carrying value of FREITs long-term debt at July 31, 2016 and October 31, 2015:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-style: italic; border-bottom: Black 1pt solid">($ in Millions)</td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 31, 2016</td><td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> </td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">October 31, 2015</td><td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-style: italic"> </td><td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 74%">Fair Value</td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 10%; text-align: right">329.8</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 10%; text-align: right">313.5</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap">Carrying Value</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">320.8</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">304.8</td><td nowrap="nowrap" style="text-align: left"> </td></tr> </table>

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 attributable to common equity for the nine and three-month periods ended July 31, 2016 and 2015. Asset information is not reported since FREIT does not use this measure to assess performance.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center">Nine Months Ended</td><td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center">Three Months Ended</td><td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">July 31,</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">July 31,</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; font-size: 9pt">(In Thousands of Dollars)</td><td nowrap="nowrap" style="font-size: 9pt"> </td><td nowrap="nowrap" style="font-size: 9pt"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; font-size: 9pt">(In Thousands of Dollars)</td><td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Real estate rental revenue:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="width: 56%; text-align: left; padding-left: 12px">Commercial</td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">16,952</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">17,439</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">5,534</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">5,751</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">16,875</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">16,456</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,780</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,463</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate revenue</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">33,827</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">33,895</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">11,314</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">11,214</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Real estate operating expenses:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Commercial</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">8,218</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">7,997</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2,754</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2,582</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">8,029</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">7,952</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">2,703</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">2,525</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate operating expenses</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">16,247</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">15,949</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,457</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,107</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Net operating income:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Commercial</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">8,734</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">9,442</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2,780</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">3,169</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">8,846</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">8,504</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">3,077</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">2,938</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 24px">Total net operating income</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">17,580</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">17,946</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,857</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">6,107</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; border-left: Black 1pt solid">Recurring capital improvements-</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left; border-right: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="padding-bottom: 2.5pt; border-left: Black 1pt solid">     residential</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(659</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(275</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(170</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(21</td><td style="text-align: left; border-right: Black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"> </td><td style="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Reconciliation to consolidated net income attributable to common equity:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Segment NOI</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">17,580</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">17,946</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,857</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">6,107</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Gain on sale of commercial property</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">314</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">314</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Deferred rents - straight lining</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">251</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(219</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">276</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(71</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Amortization of acquired leases</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Investment income</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">106</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">113</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">44</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">37</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">General and administrative expenses</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,401</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,653</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(506</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(509</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Depreciation</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(5,263</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(4,985</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,791</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,690</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Financing costs</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(8,153</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(8,370</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(2,737</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(2,817</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Net income</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">3,434</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2,831</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,457</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,057</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">    Net income attributable to  noncontrolling interests</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(377</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(283</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(211</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(89</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt">Net income attributable to common equity</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">3,057</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">2,548</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">1,246</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">968</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The following table summarizes stock option activity for the nine-month period ended July 31, 2016:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">Nine Months Ended July 31,</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center">No. of Options</td><td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center">Exercise</td><td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">Outstanding</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">Price</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 78%">Options outstanding beginning of period</td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 8%; text-align: right">243,900</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">18.45</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Options granted during period</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">Options forfeited/cancelled during period</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(820</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">18.45</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="padding-bottom: 2.5pt">Options outstanding end of period</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">243,080</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">18.45</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt">Options expected to vest over term of grant</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">238,620</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt">Options exercisable at end of period</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">48,680</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Note 4 - Interest rate swap contracts:  On December 26, 2012, Damascus Centre, LLC refinanced its construction loan with long-term financing provided by Peoples United Bank and the first tranche of the new loan was taken-down in the amount of $20 million. Based on leasing and net operating income at the shopping center, Peoples United Bank agreed to a take-down of the second tranche of this loan on April 22, 2016 in the amount of $2,320,000, of which approximately $470,000 was readily available and the remaining $1,850,000 (included in prepaid expenses and other assets in the accompanying condensed consolidated balance sheet) is held in escrow and available to Damascus Centre, LLC once certain tenants open and begin paying rent. The total amount outstanding for both tranches of this loan held with Peoples United Bank as of July 31, 2016 was approximately $21 million. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 points over the BBA LIBOR. In order to minimize interest rate volatility during the term of this loan, Damascus Centre, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate on each tranche of this loan, resulting in a fixed rate of 3.81% over the term of the first tranche of this loan and a fixed rate of 3.53% over the term of the second tranche of this loan. At July 31, 2016, the derivative financial instrument has a notional amount of approximately $21 million and a current maturity date of January 2023. On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. At July 31, 2016, the total amount outstanding on this loan was $16.2 million. The 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, 2016, 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 months ended July 31, 2016, FREIT recorded an unrealized loss of $1,615,000 in comprehensive income representing the change in the fair value of the swaps during such period and a corresponding liability of approximately $1,792,000 for the Regency swap and $889,000 for the Damascus Center swap as of July 31, 2016. For the three months ended July 31, 2016 and 2015, FREIT recorded an unrealized loss of $774,000 and an unrealized gain of $415,000, respectively, in comprehensive income representing the change in the fair value of the swaps during such period. For the year ended October 31, 2015, FREIT recorded an unrealized loss of $1,581,000 in comprehensive income representing the change in the fair value of the swaps during such period and a corresponding liability of $945,000 for the Regency swap and $121,000 for the Damascus Center swap as of October 31, 2015. The fair values are based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

Note 6 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 months ended July 31, 2016 and 2015 amounted to approximately $2,611,000 and $1,600,000, respectively, and $916,000 and $667,000 for the three months ended July 31, 2016 and 2015, respectively. Capitalization of interest ceased upon substantial completion of the project which occurred as of the end of the third quarter of Fiscal 2016.

Note 10 - 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 is comprised of nine (9) properties after giving effect to the sale of a property on June 17, 2016 (See Note 5), and the residential segment is comprised of seven (7) properties. The accounting policies of the segments are the same as those described in Note 1 in FREITs Annual Report on Form 10-K for the fiscal year ended October 31, 2015. The chief operating and decision-making group of FREIT's commercial segment, residential segment and corporate/other is comprised of FREITs 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), depreciation, financing costs, amortization of acquired lease values 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. 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 attributable to common equity for the nine and three-month periods ended July 31, 2016 and 2015. Asset information is not reported since FREIT does not use this measure to assess performance.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center">Nine Months Ended</td><td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center">Three Months Ended</td><td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">July 31,</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">July 31,</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; font-size: 9pt">(In Thousands of Dollars)</td><td nowrap="nowrap" style="font-size: 9pt"> </td><td nowrap="nowrap" style="font-size: 9pt"> </td> <td colspan="6" nowrap="nowrap" style="text-align: center; font-size: 9pt">(In Thousands of Dollars)</td><td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Real estate rental revenue:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="width: 56%; text-align: left; padding-left: 12px">Commercial</td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">16,952</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">17,439</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">5,534</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">5,751</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">16,875</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">16,456</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,780</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,463</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate revenue</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">33,827</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">33,895</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">11,314</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">11,214</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Real estate operating expenses:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Commercial</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">8,218</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">7,997</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2,754</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2,582</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">8,029</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">7,952</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">2,703</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">2,525</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate operating expenses</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">16,247</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">15,949</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,457</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,107</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Net operating income:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Commercial</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">8,734</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">9,442</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2,780</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">3,169</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">8,846</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">8,504</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">3,077</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">2,938</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 24px">Total net operating income</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">17,580</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">17,946</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,857</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">6,107</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; border-left: Black 1pt solid">Recurring capital improvements-</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left; border-right: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="padding-bottom: 2.5pt; border-left: Black 1pt solid">     residential</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(659</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(275</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(170</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(21</td><td style="padding-bottom: 2.5pt; text-align: left; border-right: Black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"> </td><td style="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Reconciliation to consolidated net income attributable to common equity:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Segment NOI</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">17,580</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">17,946</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,857</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">6,107</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Gain on sale of commercial property</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">314</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">314</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Deferred rents - straight lining</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">251</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(219</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">276</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(71</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Amortization of acquired leases</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Investment income</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">106</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">113</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">44</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">37</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">General and administrative expenses</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,401</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,653</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(506</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(509</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 12px">Depreciation</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(5,263</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(4,985</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,791</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,690</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Financing costs</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(8,153</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(8,370</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(2,737</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(2,817</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Net income</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">3,434</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2,831</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,457</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,057</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt">    Net income attributable to  noncontrolling interests</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(377</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(283</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(211</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(89</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt">Net income attributable to common equity</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">3,057</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">2,548</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">1,246</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">968</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Note 11 Income taxes: FREIT distributed 100% of its ordinary taxable income for the fiscal year ended October 31, 2015 to its shareholders as dividends and intends to distribute 100% of its ordinary taxable income and 100% of the capital gain from the sale of the property in Rochelle Park, New Jersey (See Note 5) to its shareholders as dividends for the fiscal year ending October 31, 2016. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded in FREITs financial statements. As of July 31, 2016, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2013 remain open to examination by the major taxing jurisdictions to which FREIT is subject.

Note 14 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 credited to a participants account will be determined by the closing price of FREIT shares on the date as set forth in the Deferred Fee Plan. All fees payable to Trustees for the nine-month period ended July 31, 2015 were deferred under the Deferred Fee Plan, and all fees payable to Trustees for the nine-month period ended July 31, 2016 were deferred under the Deferred Fee Plan except for the fees payable to two Trustees, who elected to receive such fees in cash. As a result of the amendment to the Deferred Fee Plan described above, for the nine-month periods ended July 31, 2016 and 2015, the aggregate amounts of deferred Trustee fees together with related interest and dividends were approximately $574,600 and $588,300, respectively, which have been paid through the issuance of 29,473 and 29,385, vested FREIT share units, respectively, based on the closing price of FREIT shares on the dates as set forth in the Deferred Fee Plan. For the nine-month periods ended July 31, 2016 and 2015, FREIT has charged as expense approximately $521,500 and $570,900 of the aggregate amounts of deferred Trustee fees and related interest and dividends for these periods, respectively, representing Trustee fees and interest to expense and the balance of approximately $53,100 and $17,400, respectively, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity.

Note 8 Mortgage financings: The original Rotunda acquisition loan for $22.5 million, which was subsequently reduced to $19.5 million on February 1, 2010, was acquired by FREIT on May 28, 2013. FREIT subsequently sold this loan to Wells Fargo Bank, the lender providing the construction financing for the expansion of the Rotunda project. On December 9, 2013, Grande Rotunda, LLC closed with Wells Fargo Bank on a construction loan of up to $120 million to be used to redevelop the Rotunda property in Baltimore, Maryland. The construction loan is for a term of four years, with one twelve-month extension, at a rate of 225 basis points over the monthly LIBOR. As of July 31, 2016, $108.1 million of this loan was drawn down (including approximately $15.2 million during Fiscal 2016), of which $19 million was used to pay off the loan from FREIT, and $89.1 million was used toward the construction at the Rotunda. The construction loan contains various covenants, including among others, leasing benchmarks pertaining to the Rotundas retail space to be achieved on or before a specified date. As of June 30, 2016, FREIT was not in compliance with this covenant, which, upon notice from the lender, would constitute an event of default. Upon such notice (which as of September 9, 2016, had not been given), FREIT would have 120 days in the aggregate to cure such default. If not cured, the lender could exercise its right to accelerate the loans maturity. FREIT is currently in discussions with the lender to waive the noncompliance and/or modify the related covenant. Although FREIT expects the lender to waive and/or modify the covenant, no assurances can be given regarding the outcome of such discussion. On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The 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 FREITs credit line, and the remainder of the proceeds will be available to fund future capital expenditures and for general corporate purposes. On December 26, 2012, Damascus Centre, LLC refinanced its construction loan with long-term financing provided by Peoples United Bank and the first tranche of the new loan was taken-down in the amount of $20 million. Based on leasing and net operating income at the shopping center, Peoples United Bank agreed to a take-down of the second tranche of this loan on April 22, 2016 in the amount of $2,320,000, of which approximately $470,000 was readily available and the remaining $1,850,000 (included in prepaid expenses and other assets in the accompanying condensed consolidated balance sheet) is held in escrow and available to Damascus Centre, LLC once certain tenants open and begin paying rent. The total amount outstanding for both tranches of this loan held with Peoples United Bank as of July 31, 2016 was approximately $21 million. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 points over the BBA LIBOR. In order to minimize interest rate volatility during the term of this loan, Damascus Centre, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate on each tranche of this loan, resulting in a fixed rate of 3.81% over the term of the first tranche of this loan and a fixed rate of 3.53% over the term of the second tranche of this loan. Wayne PSC, LLC entered into an agreement with Metropolitan Life Insurance Company to extend the maturity date on its loan secured by the shopping center owned by Wayne PSC, LLC located in Wayne, New Jersey from June 1, 2016 to October 1, 2016. Under the terms of this agreement, Wayne PSC, LLC will continue to make the monthly principal and interest payment of $206,960 until the month immediately preceding the maturity date and on the maturity date a final payment in the amount of approximately $24.2 million shall become due and payable in full. Wayne PSC, LLC expects to refinance this loan prior to its extended due date.

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6,993,152 shares issued plus 68,823 and 39,350 vested share units granted to trustees at July 31, 2016 and October 31, 2015, respectively Treasury stock, at cost: 266,283 shares at July 31, 2016 and at October 31, 2015 Dividends in excess of net income Accumulated other comprehensive loss Total Common Equity Noncontrolling interests in subsidiaries Total Equity Total Liabilities and Equity Shares of benefical interest, no par value Shares of benefical interest, authorized Shares of benefical interest, issued Vested share units to trustees, issued Treasury stock at cost, shares Income Statement [Abstract] Revenue: Rental income Reimbursements Sundry income Revenue Expenses: Operating expenses Management fees Real estate taxes Depreciation Expenses Operating income Investment income Gain on sale of commercial property Interest expense including amortization of deferred financing costs Net income Net income attributable to noncontrolling interests in subsidiaries Net income attributable to common equity Earnings per share - basic and diluted Weighted average shares outstanding: Basic Diluted Basic and diluted Statement of Comprehensive Income [Abstract] Net income Other comprehensive income (loss): Unrealized gain (loss) on interest rate swap contracts before reclassifications Amount reclassified from accumulated other comprehensive loss to interest expense Net unrealized gain (loss) on interest rate swap contracts Comprehensive income Net income attributable to noncontrolling interests Other comprehensive income (loss): Unrealized (gain) loss on interest rate swap contracts attributable to noncontrolling interests Comprehensive income attributable to noncontrolling interests Comprehensive income attributable to common equity Statement [Table] Statement [Line Items] Balance Stock based compensation expense Vested share units granted to Trustees Distributions to noncontrolling interests Dividends declared, including $53 payable in share units ($0.90 per share) Net unrealized loss on interest rate swaps Additional investment by noncontrolling interest to Granda Rotunda, LLC Balance Statement of Stockholders' Equity [Abstract] Stock dividends payable Dividends declared, per share Statement of Cash Flows [Abstract] Operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Amortization Stock based compensation expense Trustee fees and related interest payable in stock units Gain on sale of commercial property Deferred rents - straight line rent Bad debt expense Net amortization of acquired leases Changes in operating assets and liabilities: Tenants' security accounts Accounts receivable, prepaid expenses and other assets Accounts payable, accrued expenses and deferred trustee compensation Deferred revenue Net cash provided by operating activities Investing activities: Proceeds from sale of commercial property Capital improvements - existing properties Construction and pre-development costs Net cash used in investing activities Financing activities: Repayment of mortgages and construction loan Repayment of credit line Proceeds from mortgage loan refinancing Proceeds from additional tranche of loan Restricted loan proceeds held in escrow Proceeds from construction loan Deferred financing costs Dividends paid Repurchase of Company stock-Treasury shares Distributions to noncontrolling interests Net cash provided by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Supplemental disclosure of cash flow data: Interest paid, net of amounts capitalized Supplemental schedule of non cash activities: Investing activities: Accrued capital expenditures, construction costs, pre-development costs and interest Financing activities: Dividends declared but not paid Dividends paid in share units Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of presentation New Accounting Pronouncements and Changes in Accounting Principles [Abstract] Recently issued accounting standards Earnings Per Share [Abstract] Earnings per share Derivative Instruments and Hedging Activities Disclosure [Abstract] Interest rate swap contracts Discontinued Operations and Disposal Groups [Abstract] Sale of property Capitalized interest [Abstract] EX-101.PRE 11 frevsob-20160731_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

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Document and Entity Information - shares	Jul. 31, 2016	Sep. 09, 2016
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	2016
Document Fiscal Period Focus	Q3
Document Period End Date	Jul. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--10-31
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2016	Oct. 31, 2015
ASSETS
Real estate, at cost, net of accumulated depreciation	$ 213,997	$ 219,430
Construction in progress	119,981	101,415
Cash and cash equivalents	11,871	13,500
Tenants' security accounts	1,819	1,728
Receivables arising from straight-lining of rents, net of allowance for loss in 2015	2,368	2,604
Accounts receivable, net of allowance for doubtful accounts	2,163	2,105
Secured loans receivable	5,451	5,451
Prepaid expenses and other assets	6,480	4,555
Deferred charges, net	1,641	1,327
Total Assets	365,771	352,115
Liabilities:
Mortgages and construction loan payable	323,206	307,899
Less unamortized debt issuance costs	2,442	3,129
Mortgages payable, net	320,764	304,770
Deferred trustee compensation payable	9,078	9,078
Accounts payable and accrued expenses	9,948	10,305
Dividends payable	2,018	2,018
Tenants' security deposits	2,744	2,561
Deferred revenue	1,319	1,080
Interest rate swap contracts	2,681	1,066
Total Liabilities	348,552	330,878
Commitments and contingencies
Common equity:
Shares of beneficial interest without par value: 8,000,000 shares authorized; 6,993,152 shares issued plus 68,823 and 39,350 vested share units granted to trustees at July 31, 2016 and October 31, 2015, respectively	26,505	25,860
Treasury stock, at cost: 266,283 shares at July 31, 2016 and at October 31, 2015	(5,517)	(5,517)
Dividends in excess of net income	(14,819)	(11,769)
Accumulated other comprehensive loss	(2,415)	(1,030)
Total Common Equity	3,754	7,544
Noncontrolling interests in subsidiaries	13,465	13,693
Total Equity	17,219	21,237
Total Liabilities and Equity	$ 365,771	$ 352,115

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Statement of Financial Position [Abstract]
Shares of benefical interest, no par value
Shares of benefical interest, authorized	8,000,000	8,000,000
Shares of benefical interest, issued	6,993,152	6,993,152
Vested share units to trustees, issued	68,823	39,350
Treasury stock at cost, shares	266,283	266,283

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Revenue:
Rental income	$ 10,249	$ 9,781	$ 29,930	$ 28,992
Reimbursements	1,255	1,290	3,896	4,280
Sundry income	86	72	252	403
Revenue	11,590	11,143	34,078	33,675
Expenses:
Operating expenses	3,460	3,118	10,198	10,192
Management fees	515	504	1,501	1,489
Real estate taxes	1,988	1,994	5,949	5,921
Depreciation	1,791	1,690	5,263	4,985
Expenses	7,754	7,306	22,911	22,587
Operating income	3,836	3,837	11,167	11,088
Investment income	44	37	106	113
Gain on sale of commercial property	314		314
Interest expense including amortization of deferred financing costs	(2,737)	(2,817)	(8,153)	(8,370)
Net income	1,457	1,057	3,434	2,831
Net income attributable to noncontrolling interests in subsidiaries	(211)	(89)	(377)	(283)
Net income attributable to common equity	$ 1,246	$ 968	$ 3,057	$ 2,548
Earnings per share - basic and diluted	$ 0.18	$ 0.14	$ 0.45	$ 0.38
Weighted average shares outstanding:
Basic	6,787	6,747	6,777	6,785
Diluted	6,800	6,755	6,777	6,786

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 1,457	$ 1,057	$ 3,434	$ 2,831
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swap contracts before reclassifications	(924)	244	(2,070)	(1,373)
Amount reclassified from accumulated other comprehensive loss to interest expense	150	171	455	447
Net unrealized gain (loss) on interest rate swap contracts	(774)	415	(1,615)	(926)
Comprehensive income	683	1,472	1,819	1,905
Net income attributable to noncontrolling interests	(211)	(89)	(377)	(283)
Other comprehensive income (loss):
Unrealized (gain) loss on interest rate swap contracts attributable to noncontrolling interests	110	(38)	230	111
Comprehensive income attributable to noncontrolling interests	(101)	(127)	(147)	(172)
Comprehensive income attributable to common equity	$ 582	$ 1,345	$ 1,672	$ 1,733

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CONDENSED CONSOLIDATED STATEMENT OF EQUITY - 9 months ended Jul. 31, 2016 - USD ($) $ in Thousands	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]	Total
Balance at Oct. 31, 2015	$ 25,860	$ (5,517)	$ (11,769)	$ (1,030)	$ 7,544	$ 13,693	$ 21,237
Stock based compensation expense	71				71		71
Vested share units granted to Trustees	574				574		574
Distributions to noncontrolling interests						(375)	(375)
Net income			3,057		3,057	377	3,434
Dividends declared, including $53 payable in share units ($0.90 per share)			(6,107)		(6,107)		(6,107)
Net unrealized loss on interest rate swaps				(1,385)	(1,385)	(230)	(1,615)
Balance at Jul. 31, 2016	$ 26,505	$ (5,517)	$ (14,819)	$ (2,415)	$ 3,754	$ 13,465	$ 17,219

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CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) $ in Thousands	9 Months Ended
	Jul. 31, 2016 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Stock dividends payable \| $	$ 53
Dividends declared, per share \| $ / shares	$ 0.90

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Operating activities:
Net income	$ 3,434	$ 2,831
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,263	4,985
Amortization	572	548
Stock based compensation expense	71	71
Trustee fees and related interest payable in stock units	521	571
Gain on sale of commercial property	(314)
Deferred rents - straight line rent	(251)	219
Bad debt expense	156	559
Net amortization of acquired leases		1
Changes in operating assets and liabilities:
Tenants' security accounts	92	145
Accounts receivable, prepaid expenses and other assets	(870)	(856)
Accounts payable, accrued expenses and deferred trustee compensation	(741)	(1,096)
Deferred revenue	239	(321)
Net cash provided by operating activities	8,172	7,657
Investing activities:
Proceeds from sale of commercial property	3,059
Capital improvements - existing properties	(2,036)	(2,997)
Construction and pre-development costs	(16,871)	(37,806)
Net cash used in investing activities	(15,848)	(40,803)
Financing activities:
Repayment of mortgages and construction loan	(3,148)	(3,075)
Repayment of credit line		(5,000)
Proceeds from mortgage loan refinancing		16,200
Proceeds from additional tranche of loan	2,320
Restricted loan proceeds held in escrow	(1,850)
Proceeds from construction loan	15,214	38,170
Deferred financing costs	(60)	(361)
Dividends paid	(6,054)	(6,116)
Repurchase of Company stock-Treasury shares		(2,169)
Distributions to noncontrolling interests	(375)	(426)
Net cash provided by financing activities	6,047	37,223
Net increase (decrease) in cash and cash equivalents	(1,629)	4,077
Cash and cash equivalents, beginning of period	13,500	10,554
Cash and cash equivalents, end of period	11,871	14,631
Supplemental disclosure of cash flow data:
Interest paid, net of amounts capitalized	7,625	7,684
Investing activities:
Accrued capital expenditures, construction costs, pre-development costs and interest	6,717	6,371
Financing activities:
Dividends declared but not paid	2,018	2,018
Dividends paid in share units	$ 53	$ 17

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Basis of presentation

9 Months Ended

Jul. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation

Note 1 - Basis of presentation:

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Recently issued accounting standards

9 Months Ended

Jul. 31, 2016

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Recently issued accounting standards

Note 2 –Recently issued accounting standards:

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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-Name Accounting Standards Codification
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-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

+ Details

XML 22 R11.htm IDEA: XBRL DOCUMENT

Earnings per share

9 Months Ended

Jul. 31, 2016

Earnings Per Share [Abstract]

Earnings per share

Note 3 - Earnings per share:

XML 23 R12.htm IDEA: XBRL DOCUMENT

Interest rate swap contracts

9 Months Ended

Jul. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest rate swap contracts

Note 4 - Interest rate swap contracts:

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Paragraph 4B
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-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 5
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-Name Accounting Standards Codification
-Topic 815
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
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-Paragraph 4E
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-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

Sale of property

9 Months Ended

Jul. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Sale of property

Note 5 – Sale of property:

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230

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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230

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-Name Accounting Standards Codification
-Topic 205
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-Paragraph 1
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Paragraph 7
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+ Details

XML 25 R14.htm IDEA: XBRL DOCUMENT

Capitalized interest

9 Months Ended

Jul. 31, 2016

Capitalized interest [Abstract]

Capitalized interest

Note 6 – Capitalized interest

XML 26 R15.htm IDEA: XBRL DOCUMENT

Management agreement, fees and transactions with related party

9 Months Ended

Jul. 31, 2016

Management agreement, fees and transactions with related party

Note 7 - Management agreement, fees and transactions with related party:

XML 27 R16.htm IDEA: XBRL DOCUMENT

Mortgage financings

9 Months Ended

Jul. 31, 2016

Debt Disclosure [Abstract]

Mortgage financings

Note 8 – Mortgage financings:

XML 28 R17.htm IDEA: XBRL DOCUMENT

Fair value of long-term debt

9 Months Ended

Jul. 31, 2016

Fair Value Disclosures [Abstract]

Fair value of long-term debt

Note 9 – 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, 2016 and October 31, 2015:

($ in Millions)	July 31, 2016		October 31, 2015

Fair Value	$	329.8	$	313.5

Carrying Value	$	320.8	$	304.8

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 29 R18.htm IDEA: XBRL DOCUMENT

Segment information

9 Months Ended

Jul. 31, 2016

Segment Reporting [Abstract]

Segment information

Note 10 - Segment information:

	Nine Months Ended						Three Months Ended
	July 31,						July 31,
	2016			2015			2016			2015
	(In Thousands of Dollars)						(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	16,952		$	17,439		$	5,534		$	5,751
Residential		16,875			16,456			5,780			5,463
Total real estate revenue		33,827			33,895			11,314			11,214

Real estate operating expenses:
Commercial		8,218			7,997			2,754			2,582
Residential		8,029			7,952			2,703			2,525
Total real estate operating expenses		16,247			15,949			5,457			5,107

Net operating income:
Commercial		8,734			9,442			2,780			3,169
Residential		8,846			8,504			3,077			2,938
Total net operating income	$	17,580		$	17,946		$	5,857		$	6,107

Recurring capital improvements-
residential	$	(659	)	$	(275	)	$	(170	)	$	(21	)


Reconciliation to consolidated net income attributable to common equity:
Segment NOI	$	17,580		$	17,946		$	5,857		$	6,107
Gain on sale of commercial property		314			—			314			—
Deferred rents - straight lining		251			(219	)		276			(71	)
Amortization of acquired leases		—			(1	)		—			—
Investment income		106			113			44			37
General and administrative expenses		(1,401	)		(1,653	)		(506	)		(509	)
Depreciation		(5,263	)		(4,985	)		(1,791	)		(1,690	)
Financing costs		(8,153	)		(8,370	)		(2,737	)		(2,817	)
Net income		3,434			2,831			1,457			1,057
Net income attributable to noncontrolling interests		(377	)		(283	)		(211	)		(89	)
Net income attributable to common equity	$	3,057		$	2,548		$	1,246		$	968

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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-Paragraph 1
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

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-Section 50
-Paragraph 26
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-Name Accounting Standards Codification
-Topic 280
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-Paragraph 40
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-Publisher FASB
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-Topic 280
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-SubTopic 10
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-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

XML 30 R19.htm IDEA: XBRL DOCUMENT

Income taxes

9 Months Ended

Jul. 31, 2016

Income Tax Disclosure [Abstract]

Income taxes

Note 11 – Income taxes:

XML 31 R20.htm IDEA: XBRL DOCUMENT

Share repurchases

9 Months Ended

Jul. 31, 2016

Equity [Abstract]

Share repurchases

Note 12 – Share repurchases:

XML 32 R21.htm IDEA: XBRL DOCUMENT

Stock option plan

9 Months Ended

Jul. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock option plan

Note 13 – Stock option plan:

The following table summarizes stock option activity for the nine-month period ended July 31, 2016:

	Nine Months Ended July 31,
	2016
	No. of Options			Exercise
	Outstanding			Price
Options outstanding beginning of period		243,900		$	18.45
Options granted during period		—			—
Options forfeited/cancelled during period		(820	)	$	18.45
Options outstanding end of period		243,080		$	18.45
Options expected to vest over term of grant		238,620
Options exercisable at end of period		48,680

The aggregate intrinsic value of options expected to vest and options exercisable at July 31, 2016 was approximately $597,000 and $122,000, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 33 R22.htm IDEA: XBRL DOCUMENT

Deferred fee plan

9 Months Ended

Jul. 31, 2016

Deferred Compensation Arrangements [Abstract]

Deferred fee plan

Note 14 – Deferred fee plan:

- Definition

The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

+ References + Details

XML 34 R23.htm IDEA: XBRL DOCUMENT

Fair value of long-term debt (Tables)

9 Months Ended

Jul. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of estimated fair value and carrying 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, 2016 and October 31, 2015:

($ in Millions)	July 31, 2016		October 31, 2015

Fair Value	$	329.8	$	313.5

Carrying Value	$	320.8	$	304.8

XML 35 R24.htm IDEA: XBRL DOCUMENT

Segment information (Tables)

9 Months Ended

Jul. 31, 2016

Segment Reporting [Abstract]

Schedule of segment and related information

	Nine Months Ended						Three Months Ended
	July 31,						July 31,
	2016			2015			2016			2015
	(In Thousands of Dollars)						(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	16,952		$	17,439		$	5,534		$	5,751
Residential		16,875			16,456			5,780			5,463
Total real estate revenue		33,827			33,895			11,314			11,214

Real estate operating expenses:
Commercial		8,218			7,997			2,754			2,582
Residential		8,029			7,952			2,703			2,525
Total real estate operating expenses		16,247			15,949			5,457			5,107

Net operating income:
Commercial		8,734			9,442			2,780			3,169
Residential		8,846			8,504			3,077			2,938
Total net operating income	$	17,580		$	17,946		$	5,857		$	6,107

Recurring capital improvements-
residential	$	(659	)	$	(275	)	$	(170	)	$	(21	)


Reconciliation to consolidated net income attributable to common equity:
Segment NOI	$	17,580		$	17,946		$	5,857		$	6,107
Gain on sale of commercial property		314			—			314			—
Deferred rents - straight lining		251			(219	)		276			(71	)
Amortization of acquired leases		—			(1	)		—			—
Investment income		106			113			44			37
General and administrative expenses		(1,401	)		(1,653	)		(506	)		(509	)
Depreciation		(5,263	)		(4,985	)		(1,791	)		(1,690	)
Financing costs		(8,153	)		(8,370	)		(2,737	)		(2,817	)
Net income		3,434			2,831			1,457			1,057
Net income attributable to noncontrolling interests		(377	)		(283	)		(211	)		(89	)
Net income attributable to common equity	$	3,057		$	2,548		$	1,246		$	968

XML 36 R25.htm IDEA: XBRL DOCUMENT

Stock option plan (Tables)

9 Months Ended

Jul. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for the nine-month period ended July 31, 2016:

	Nine Months Ended July 31,
	2016
	No. of Options			Exercise
	Outstanding			Price
Options outstanding beginning of period		243,900		$	18.45
Options granted during period		—			—
Options forfeited/cancelled during period		(820	)	$	18.45
Options outstanding end of period		243,080		$	18.45
Options expected to vest over term of grant		238,620
Options exercisable at end of period		48,680

XML 37 R26.htm IDEA: XBRL DOCUMENT

Earnings per share (Details) - shares	3 Months Ended		9 Months Ended
Earnings per share (Details) - shares	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Earnings Per Share [Abstract]
Shares arising from assumed exercise of stock options	13,000	8,000	0	1,000

XML 38 R27.htm IDEA: XBRL DOCUMENT

Interest rate swap contracts (Details) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended
Interest rate swap contracts (Details) - USD ($)	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Oct. 31, 2015	Apr. 22, 2016	Dec. 26, 2012
Total loan carrying amount	$ 323,206,000		$ 323,206,000	$ 307,899,000
Unrealized gain (loss) on derivatives	(774,000)	$ 415,000	(1,615,000)	(1,581,000)
Interest rate swap contract liabilities	2,681,000		2,681,000	1,066,000
Regency Swap [Member]
Interest rate swap contract liabilities	1,792,000		1,792,000	945,000
Damascus Centre Swap [Member]
Interest rate swap contract liabilities	889,000		889,000	$ 121,000
Provident Bank [Member]
Loan amount	16,200,000		16,200,000
Total loan carrying amount	5,000,000		5,000,000
Notional amount of interest rate swap	$ 16,200,000		$ 16,200,000
Maturity date			Dec. 15, 2024
Fixed interest rate	3.75%		3.75%
Basis points, interest rate			1.25%
Maturity date of loan			Dec. 15, 2024
People's United Bank [Member]
Total loan carrying amount	$ 21,000,000		$ 21,000,000
Notional amount of interest rate swap	21,000,000		21,000,000
People's United Bank [Member] \| Tranche One [Member]
Loan amount						$ 20,000,000
Notional amount of interest rate swap	$ 18,900,000		$ 18,900,000
Fixed interest rate	3.81%		3.81%
Basis points, interest rate	2.10%		2.10%
Maturity date of loan	Jan. 03, 2023		Jan. 03, 2023
People's United Bank [Member] \| Tranche Two [Member]
Loan amount					$ 2,320,000
Fixed interest rate	3.53%		3.53%
Basis points, interest rate	2.10%		2.10%
Amount of loan readily available					470,000
Amount of loan held in escrow					$ 1,850,000
Maturity date of loan	Jan. 03, 2023		Jan. 03, 2023

XML 39 R28.htm IDEA: XBRL DOCUMENT

Sale of property (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Sale of property (Details) - USD ($)	Jun. 30, 2016	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015	Jun. 17, 2016
Real Estate Properties [Line Items]
Agreed sales price of property held for sale				$ 3,059,000
Gain on sale of property held for sale		$ 314,000		314,000
Lakeland Bank Property [Member]
Real Estate Properties [Line Items]
Rental properties						$ 2,700,000
Straight-line rent receivable on property held for sale						$ 500,000
Agreed sales price of property held for sale	$ 3,100,000
Gain on sale of property held for sale	$ 314,000
Maximum purchase price of property				3,000,000
Lost annual rents due to sale of property				$ 241,000

XML 40 R29.htm IDEA: XBRL DOCUMENT

Capitalized interest (Details) - USD ($)	3 Months Ended		9 Months Ended
Capitalized interest (Details) - USD ($)	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Capitalized interest [Abstract]
Interest capitalized	$ 916,000	$ 667,000	$ 2,611,000	$ 1,600,000

XML 41 R30.htm IDEA: XBRL DOCUMENT

Management agreement, fees and transactions with related party (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015	Oct. 31, 2015
Related Party Transaction [Line Items]
Asset management fees	$ 515,000	$ 504,000	$ 1,501,000	$ 1,489,000
Trustee fees and related interest payable in stock units			574,000
Secured loans receivable	5,451,000		5,451,000		$ 5,451,000
Managing Agent Hekemian & Co [Member]
Related Party Transaction [Line Items]
Asset management fees	485,000	479,000	1,419,000	1,412,000
Leasing commissions and reimbursement of operating expenses	147,000	77,000	452,000	213,000
Insurance commissions	101,000	98,000	164,000	155,000
Affiliated Entity 1 [Member]
Related Party Transaction [Line Items]
Redevelopment fees	33,000	340,000	391,000	1,133,000
Robert S. Hekemian [Member]
Related Party Transaction [Line Items]
Trustee fees and related interest payable in stock units	131,000	137,000	401,000	403,000
Robert S. Hekemian, Jr. [Member]
Related Party Transaction [Line Items]
Trustee fees and related interest payable in stock units	$ 16,000	$ 18,000	$ 49,000	$ 49,000
Grande Rotunda, LLC [Member]
Related Party Transaction [Line Items]
Ownership by noncontrolling owners (percentage)	40.00%		40.00%		40.00%
Ownership by parent (percentage)	60.00%		60.00%		60.00%
Damascus Centre, LLC [Member]
Related Party Transaction [Line Items]
Ownership by noncontrolling owners (percentage)	30.00%		30.00%		30.00%
Ownership by parent (percentage)	70.00%		70.00%		70.00%

XML 42 R31.htm IDEA: XBRL DOCUMENT

Mortgage financings (Details) - USD ($)		3 Months Ended	9 Months Ended
Mortgage financings (Details) - USD ($)	Feb. 01, 2010	Jul. 31, 2016	Jul. 31, 2016	Jul. 31, 2015	Apr. 22, 2016	Oct. 31, 2015	Dec. 26, 2012
Debt Instrument [Line Items]
Total loan carrying amount		$ 323,206,000	$ 323,206,000			$ 307,899,000
Construction and pre-development costs			16,871,000	$ 37,806,000
Proceeds from construction loan			15,214,000	$ 38,170,000
People's United Bank [Member]
Debt Instrument [Line Items]
Total loan carrying amount		$ 21,000,000	$ 21,000,000
People's United Bank [Member] \| Tranche One [Member]
Debt Instrument [Line Items]
Loan amount							$ 20,000,000
Fixed interest rate		3.81%	3.81%
Basis points, interest rate		2.10%	2.10%
Maturity date of loan		Jan. 03, 2023	Jan. 03, 2023
People's United Bank [Member] \| Tranche Two [Member]
Debt Instrument [Line Items]
Loan amount					$ 2,320,000
Amount of loan readily available					470,000
Amount of loan held in escrow					$ 1,850,000
Fixed interest rate		3.53%	3.53%
Basis points, interest rate		2.10%	2.10%
Maturity date of loan		Jan. 03, 2023	Jan. 03, 2023
Provident Bank [Member]
Debt Instrument [Line Items]
Loan amount		$ 16,200,000	$ 16,200,000
Basis points, interest rate			1.25%
Total loan carrying amount		$ 5,000,000	$ 5,000,000
Maturity date of loan			Dec. 15, 2024
Annual interest costs		3.75%	3.75%
Monthly principal payment amount			$ 27,807
Wayne PSC, LLC Loan [Member]
Debt Instrument [Line Items]
Maturity date of loan			Oct. 01, 2016
Monthly principal payment amount			$ 206,960
Final payment due on loan upon maturity			24,200,000
Baltimore, MD [Member] \| People's United Bank [Member]
Debt Instrument [Line Items]
Refinanced loan amount	$ 19,500,000
Loan amount	$ 22,500,000	$ 120,000,000	$ 120,000,000
Basis points, interest rate			2.25%
Term of the loan			4 years
Baltimore, MD [Member] \| Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Construction and pre-development costs			$ 89,100,000
Line of credit		$ 108,100,000	108,100,000
Repayments of debt to affiliate			$ 19,000,000

XML 43 R32.htm IDEA: XBRL DOCUMENT

Fair value of long-term debt (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Oct. 31, 2015
Fair Value Disclosures [Abstract]
Fair value of long-term debt	$ 329,800	$ 313,500
Carrying value of long-term debt	$ 320,764	$ 304,770

XML 44 R33.htm IDEA: XBRL DOCUMENT

Segment information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment information (Details) $ in Thousands	Jul. 31, 2016 USD ($) properties	Jul. 31, 2015 USD ($)	Jul. 31, 2016 USD ($) properties segments	Jul. 31, 2015 USD ($) segments
Reportable Segments
Real estate rental revenue	$ 11,590	$ 11,143	$ 34,078	$ 33,675
Real estate operating expenses	7,754	7,306	22,911	22,587
Operating income	3,836	3,837	11,167	11,088
Reconciliation to consolidated net income:
Segment NOI	5,857	6,107	17,580	17,946
Gain on sale of commercial property	314		314
Deferred rents - straight lining	276	(71)	251	(219)
Amortization of acquired leases				(1)
Investment income	44	37	106	113
General and administrative expenses	(506)	(509)	(1,401)	(1,653)
Depreciation	(1,791)	(1,690)	(5,263)	(4,985)
Financing costs	(2,737)	(2,817)	(8,153)	(8,370)
Net income	1,457	1,057	3,434	2,831
Net income attributable to noncontrolling interests in subsidiaries	(211)	(89)	(377)	(283)
Net income attributable to common equity	$ 1,246	968	$ 3,057	$ 2,548
Number of reportable segments \| segments			2	2
Commercial [Member]
Reconciliation to consolidated net income:
Number of properties \| properties	9		9
Residential [Member]
Reportable Segments
Recurring capital improvements	$ (170)	(21)	$ (659)	$ (275)
Reconciliation to consolidated net income:
Number of properties \| properties	7		7
Operating Segments [Member]
Reportable Segments
Real estate rental revenue	$ 11,314	11,214	$ 33,827	33,895
Real estate operating expenses	5,457	5,107	16,247	15,949
Operating income	5,857	6,107	17,580	17,946
Operating Segments [Member] \| Commercial [Member]
Reportable Segments
Real estate rental revenue	5,534	5,751	16,952	17,439
Real estate operating expenses	2,754	2,582	8,218	7,997
Operating income	2,780	3,169	8,734	9,442
Operating Segments [Member] \| Residential [Member]
Reportable Segments
Real estate rental revenue	5,780	5,463	16,875	16,456
Real estate operating expenses	2,703	2,525	8,029	7,952
Operating income	$ 3,077	$ 2,938	$ 8,846	$ 8,504

XML 45 R34.htm IDEA: XBRL DOCUMENT

Income taxes (Details)	12 Months Ended
Income taxes (Details)	Oct. 31, 2015
Income Tax Disclosure [Abstract]
Ordinary taxable income distributed as dividends (percentage)	100.00%

XML 46 R35.htm IDEA: XBRL DOCUMENT

Share repurchases (Details)	Feb. 17, 2015 USD ($) $ / shares shares
Equity [Abstract]
Number of shares authorized to repurchase	100,000
Number of shares repurchased	94,302
Stock repurchased price (per share) \| $ / shares	$ 23.00
Shares repurchased, value \| $	$ 2,168,946

XML 47 R36.htm IDEA: XBRL DOCUMENT

Stock option plan (Details) - Employee Stock Option [Member] - USD ($)		3 Months Ended		9 Months Ended
	Sep. 04, 2014	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan term	10 years
Vesting term	5 years
No. of Options Outstanding
Options outstanding beginning of period				243,900
Options granted during period	246,000
Options forfeited/cancelled during the period				(820)
Options outstanding end of period		243,080		243,080
Options expected to vest over term of grant		238,620		238,620
Options exercisable at end of period		48,680		48,680
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
Compensation expense related to stock options		$ 24,000	$ 24,000	$ 71,000	$ 71,000
Unrecognized compensation cost		290,000		290,000
Aggregate intrinsic value of options expected to vest		597,000		597,000
Aggregate intrinsic value of options exercisable		$ 122,000		$ 122,000

XML 48 R37.htm IDEA: XBRL DOCUMENT

Deferred fee plan (Details) - USD ($)	9 Months Ended
Deferred fee plan (Details) - USD ($)	Jul. 31, 2016	Jul. 31, 2015	Oct. 31, 2015
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Trustee fee expense	$ 574,000
Dividends payable	2,018,000	$ 2,018,000	$ 2,018,000
Deferred Fee Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Trustee fee expense	521,500	570,900
Deferred trustee fees	$ 574,600	$ 588,300
Basis spread on any deferred fee (percentage)	1.50%
Term of distribution to participants	10 years
Shares issued	29,473	29,385
Dividends payable	$ 53,100	$ 17,400

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