0001174947-17-001008.txt : 20170609 0001174947-17-001008.hdr.sgml : 20170609 20170609094734 ACCESSION NUMBER: 0001174947-17-001008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20170430 FILED AS OF DATE: 20170609 DATE AS OF CHANGE: 20170609 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: 17901680 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-18067_freit.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended April 30, 2017

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. o

As of June 9, 2017, the number of shares of beneficial interest outstanding was 6,740,069.

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 April 30, 2017 and October 31, 2016;	3

		b.)	Condensed Consolidated Statements of Income for the Six and Three Months Ended April 30, 2017 and 2016;	4

		c.)	Condensed Consolidated Statements of Comprehensive Income for the Six and Three Months Ended April 30, 2017 and 2016;	5

		d.)	Condensed Consolidated Statement of Equity for the Six Months Ended April 30, 2017;	6

		e.)	Condensed Consolidated Statements of Cash Flows for the Six Months Ended April 30, 2017 and 2016;	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)

	April 30,			October 31,
	2017			2016
	(In Thousands of Dollars)
ASSETS

Real estate, at cost, net of accumulated depreciation	$	336,262		$	336,770
Construction in progress		128			128
Cash and cash equivalents		8,203			10,906
Tenants' security accounts		1,872			1,875
Receivables arising from straight-lining of rents		3,036			2,725
Accounts receivable, net of allowance for doubtful accounts		2,220			1,730
Secured loans receivable		5,451			5,451
Prepaid expenses and other assets		7,034			6,559
Deferred charges, net		1,827			1,736
Interest rate swap contracts		1,387			91
Total Assets	$	367,420		$	367,971


LIABILITIES AND EQUITY

Liabilities:
Mortgages and construction loan payable	$	333,542		$	329,719
Less unamortized debt issuance costs		2,322			2,521
Mortgages payable, net		331,220			327,198

Due to affiliate		2,806			—
Deferred trustee compensation payable		9,078			9,078
Accounts payable and accrued expenses		4,525			8,379
Dividends payable		—			2,022
Tenants' security deposits		2,900			2,817
Deferred revenue		1,107			1,134
Interest rate swap contracts		572			1,882
Total Liabilities		352,208			352,510

Commitments and contingencies


Equity:
Common equity:
Shares of beneficial interest without par value:
8,000,000 shares authorized; 6,993,152 shares issued plus 98,581		27,197			26,713
and 77,544 vested share units granted to trustees at April 30, 2017
and October 31, 2016, respectively
Treasury stock, at cost: 253,083 shares at April 30, 2017
and October 31, 2016		(5,273	)		(5,273	)
Dividends in excess of net income		(18,576	)		(16,916	)
Accumulated other comprehensive income (loss)		37			(1,690	)
Total Common Equity		3,385			2,834
Noncontrolling interests in subsidiaries		11,827			12,627
Total Equity		15,212			15,461
Total Liabilities and Equity	$	367,420		$	367,971

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

SIX AND THREE MONTHS ENDED APRIL 30, 2017 AND 2016

(Unaudited)

	Six Months Ended April 30,						Three Months Ended April 30,
	2017			2016			2017			2016
	(In Thousands of Dollars, Except Per Share Amounts)						(In Thousands of Dollars, Except Per Share Amounts)
Revenue:
Rental income	$	22,018		$	19,681		$	11,157		$	9,851
Reimbursements		2,773			2,641			1,407			1,119
Sundry income		472			166			100			94
Total revenue		25,263			22,488			12,664			11,064

Expenses:
Operating expenses		7,915			6,738			3,947			3,216
Lease termination fee		620			—			620			—
Management fees		1,156			986			593			502
Real estate taxes		4,808			3,961			2,746			1,996
Depreciation		5,178			3,472			2,648			1,752
Total expenses		19,677			15,157			10,554			7,466

Operating income		5,586			7,331			2,110			3,598

Investment income		91			62			45			23
Interest expense including amortization
of deferred financing costs		(7,722	)		(5,416	)		(3,856	)		(2,687	)
Net income (loss)		(2,045	)		1,977			(1,701	)		934

Net (income) loss attributable to noncontrolling
interests in subsidiaries		1,409			(166	)		1,002			(125	)

Net income (loss) attributable to common equity	$	(636	)	$	1,811		$	(699	)	$	809

Earnings (loss) per share - basic and diluted	$	(0.09	)	$	0.27		$	(0.10	)	$	0.12

Weighted average shares outstanding:
Basic		6,823			6,772			6,828			6,778
Diluted		6,823			6,772			6,828			6,778

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

SIX AND THREE MONTHS ENDED APRIL 30, 2017 AND 2016

(Unaudited)

	Six Months Ended April 30,						Three Months Ended April 30,
	2017			2016			2017			2016
	(In Thousands of Dollars)						(In Thousands of Dollars)

Net income (loss)	$	(2,045	)	$	1,977		$	(1,701	)	$	934

Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swap contracts
before reclassifications		2,275			(1,146	)		(386	)		(287	)
Amount reclassified from accumulated other
comprehensive income (loss) to interest expense		331			305			146			144
Net unrealized gain (loss) on interest rate swap contracts		2,606			(841	)		(240	)		(143	)
Comprehensive income (loss)		561			1,136			(1,941	)		791
Net (income) loss attributable to noncontrolling interests		1,409			(166	)		1,002			(125	)
Other comprehensive income (loss):
Unrealized (gain) loss on interest rate swap contract
attributable to noncontrolling interests		(879	)		120			113			20
Comprehensive income (loss) attributable to noncontrolling interests		530			(46	)		1,115			(105	)
Comprehensive income (loss) attributable to common equity	$	1,091		$	1,090		$	(826	)	$	686

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

SIX MONTHS ENDED APRIL 30, 2017

(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, 2016	$	26,713	$	(5,273	)	$	(16,916	)	$	(1,690	)	$	2,834		$	12,627		$	15,461

Stock based compensation expense		61											61						61

Vested share units granted to Trustees		423											423						423

Distributions to noncontrolling interests													—			(270	)		(270	)

Net loss							(636	)					(636	)		(1,409	)		(2,045	)

Dividends declared, including $13 payable in share units ($0.15 per share)							(1,024	)					(1,024	)					(1,024	)

Net unrealized gain on interest rate swaps										1,727			1,727			879			2,606

Balance at April 30, 2017	$	27,197	$	(5,273	)	$	(18,576	)	$	37		$	3,385		$	11,827		$	15,212

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

SIX MONTHS ENDED APRIL 30, 2017 AND 2016

(Unaudited)

	Six Months Ended
	April 30,
	2017			2016
	(In Thousands of Dollars)
Operating activities:
Net income (loss)	$	(2,045	)	$	1,977
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation		5,178			3,472
Amortization		761			363
Stock based compensation expense		61			47
Trustee fees and related interest paid in stock units		410			359
Deferred rents - straight line rent		(311	)		25
Bad debt expense		93			140
Changes in operating assets and liabilities:
Tenants' security accounts		86			72
Accounts receivable, prepaid expenses and other assets		(429	)		855
Accounts payable, accrued expenses and deferred
trustee compensation		(216	)		(159	)
Deferred revenue		(27	)		(292	)
Net cash provided by operating activities		3,561			6,859
Investing activities:
Capital improvements - existing properties		(8,308	)		(1,318	)
Construction and pre-development costs		—			(12,786	)
Net cash used in investing activities		(8,308	)		(14,104	)
Financing activities:
Repayment of mortgages and construction loan		(24,026	)		(2,087	)
Proceeds from mortgage loan refinancing		23,500			—
Proceeds from additional tranche of loan		—			2,320
Restricted loan proceeds held in escrow		(250	)		(1,850	)
Proceeds from construction loan		1,349			11,834
Advance funding for construction loan interest reserve		(693	)		—
Proceeds from credit line		3,000			—
Deferred financing costs		(339	)		(10	)
Dividends paid		(3,033	)		(4,036	)
Due to affiliate		2,806			—
Distributions to noncontrolling interests		(270	)		(345	)
Net cash provided by financing activities		2,044			5,826
Net decrease in cash and cash equivalents		(2,703	)		(1,419	)
Cash and cash equivalents, beginning of period		10,906			13,500
Cash and cash equivalents, end of period	$	8,203		$	12,081

Supplemental disclosure of cash flow data:
Interest paid, net of amounts capitalized	$	6,979		$	5,483
Supplemental schedule of non cash activities:
Investing activities:
Accrued capital expenditures, construction costs,
pre-development costs and interest	$	274		$	3,330
Financing activities:
Dividends declared but not paid	$	—		$	2,018
Dividends paid in share units	$	13		$	33

See Notes to Condensed Consolidated Financial Statements.

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 six and three-month periods ended April 30, 2017 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, 2016 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. Based on the nature of FREIT’s operations and sources of revenue, FREIT does not expect the adoption of this new accounting guidance to have a significant impact on its consolidated financial statements and 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. Given that this standard has minimal impact on real estate operating lessors, FREIT does not expect the adoption of this new accounting guidance to have a significant impact on its consolidated financial statements and footnote disclosures.

Note 3 - Earnings (loss) 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 13) 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 six and three months ended April 30, 2017 and 2016, the outstanding stock options were anti-dilutive with no impact on earnings (loss) per share.

Note 4 - Interest rate swap contracts:

On September 29, 2016, Wayne PSC, LLC refinanced its $24.2 million mortgage loan held with Metropolitan Life Insurance Company, with a new mortgage loan from People’s United Bank in the amount of $25.8 million. The new loan bears a floating interest rate equal to 220 basis points over the one-month BBA LIBOR with a maturity date of October 1, 2026. At April 30, 2017, the total amount outstanding on this loan was approximately $25.4 million. In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. At April 30, 2017, the derivative financial instrument has a notional amount of approximately $25.5 million and a current maturity date of October 2026.

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. The total amount outstanding for both tranches of this loan held with People’s United Bank as of April 30, 2017 was approximately $20.6 million. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 basis points over the BBA LIBOR. In order to minimize interest rate volatility during the term of 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 April 30, 2017, the derivative financial instrument has a notional amount of approximately $20.6 million and a current maturity date of January 2023.

Index

Page 9

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. At April 30, 2017, the total amount outstanding on this loan was $16.2 million. 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 April 30, 2017, 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, FREIT Regency, LLC, and Wayne PSC, 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 six months ended April 30, 2017, FREIT recorded an unrealized gain of approximately $2,606,000 in comprehensive income representing the change in the fair value of the swaps during such period with a corresponding asset of approximately $1,207,000 for the Wayne PSC swap and $180,000 for the Damascus Centre swaps and a corresponding liability of approximately $572,000 for the Regency swap as of April 30, 2017. For the three months ended April 30, 2017 and 2016, FREIT recorded an unrealized loss of approximately $240,000 and $143,000, respectively, in comprehensive income representing the change in the fair value of the swaps during such period. For the year ended October 31, 2016, FREIT recorded an unrealized loss of $725,000 in comprehensive income representing the change in the fair value of the swaps during such period with a corresponding liability of $521,000 for the Damascus Centre swaps and $1,361,000 for the Regency swap and a corresponding asset of $91,000 for the Wayne PSC swap as of October 31, 2016. 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 resulted 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.

On March 23, 2017, FREIT entered into an agreement to sell its residential property, Hammel Gardens, located in Maywood, New Jersey, which has a carrying value of approximately $0.7 million, for a sales price of $17 million. The sale of this property will result in a capital gain of approximately $16 million net of sales fees and commissions and is expected to close in June 2017. As a result of this sale, FREIT will incur a mortgage prepayment penalty of approximately $1 million. FREIT has structured this sale in a manner that qualifies it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. Such a transaction, if completed, will result in a deferral for income tax purposes of the $16 million capital gain. The net proceeds from this sale, which are expected to be approximately $7.7 million, will be held in escrow until a replacement property is purchased.

Note 6 – Capitalized interest

Interest costs associated with amounts expended at the Grande Rotunda development were capitalized and included in the cost of the project. Capitalization of interest ceased upon substantial completion of the project which occurred as of the end of the third quarter of Fiscal 2016. There was no interest capitalized in Fiscal 2017. Interest capitalized during the six and three months ended April 30, 2016 amounted to approximately $1,695,000 and $884,000, respectively.

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 $1,074,000 and $935,000 for the six-month periods ended April 30, 2017 and 2016, respectively, and $553,000 and $477,000 for the three-month periods ended April 30, 2017 and 2016, 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 $397,000 and $306,000 for the six months ended April 30, 2017 and 2016, respectively, and $198,000 and $154,000 for the three months ended April 30, 2017 and 2016, 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.

Index

Page 10

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 $55,000 and $64,000 for the six months ended April 30, 2017 and 2016, respectively, and $33,000 and $15,000 for the three months ended April 30, 2017 and 2016, 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. Such fees incurred to Hekemian and Resources during the six months ended April 30, 2017 and 2016 pursuant to such agreement were approximately $0 and $359,000, respectively, and $0 and $88,000 for the three months ended April 30, 2017 and 2016, respectively. Such fees in Fiscal 2016 were capitalized and included in the cost of the project.

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 six months ended April 30, 2017 and 2016 was approximately $273,000 and $270,000, respectively, for Mr. Robert S. Hekemian, and $34,000 and $34,000, respectively, for Mr. Robert S. Hekemian, Jr. and for the three months ended April 30, 2017 and 2016 was approximately $135,000 and $142,000, respectively, for Mr. Robert S. Hekemian, and $17,000 and $17,000, respectively, for Mr. Robert S. Hekemian, Jr. (See Note 13).

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 April 30, 2017 and October 31, 2016, 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.

Grande Rotunda, LLC continues to incur substantial expenditures at the Rotunda property. These expenditures include tenant improvements, leasing costs and operating expenditures which, in the aggregate, exceed revenues as the property is still in the rent up phase. The construction loan is at its maximum level resulting in no additional funding available to draw. Accordingly, the equity owners in Grande Rotunda, LLC (FREIT with a 60% ownership and Rotunda 100, LLC with a 40% ownership) are contributing their respective pro-rata share of any cash needs. As of April 30, 2017, Rotunda 100, LLC has funded Grande Rotunda, LLC with approximately $2.8 million which is included in “Due to affiliate” on the accompanying condensed consolidated balance sheet.

Note 8 – Mortgage financings

On April 28, 2017, WestFREIT Corp., refinanced its $22 million mortgage loan held with Wells Fargo Bank, with a new mortgage loan from Manufacturer’s and Traders Trust Company in the amount of $23.5 million. The new loan, secured by a shopping center in Frederick, Maryland, bears a floating interest rate equal to 275 basis points over the one-month LIBOR and a maturity date of April 28, 2019 with the option to extend for 12 months. This refinancing resulted in: (i) a reduction in the annual interest rate from a fixed rate of 5.55% to a variable rate of 3.74% based on the one-month LIBOR as of April 30, 2017, and (ii) net refinancing proceeds of approximately $1.1 million, of which $250,000 is being held in an escrow for post-closing bank due diligence review. The net refinancing proceeds will be used for general corporate purposes.

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 major redevelopment and expansion project at the Rotunda. 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 and expand the Rotunda property in Baltimore, Maryland with a term of four (4) years, with one twelve-month extension, at a rate of 225 basis points over the monthly LIBOR. On November 23, 2016, the following terms and conditions of this loan were modified: (i) the total amount that may be drawn on this loan was decreased from $120 million to $116.1 million, allowing for an additional draw of $2.1 million over the then existing balance of approximately $114 million to be used for retail tenant improvements and leasing commissions; (ii) leasing benchmarks are no longer required to be met including the waiver of the leasing benchmarks FREIT was not in compliance with as of June 30, 2016; (iii) Grande Rotunda, LLC provided an interest reserve to Wells Fargo Bank in the amount of $2 million for the purpose of funding interest payments, and is obliged to replenish the account balance to $1 million if it should fall below $500,000; (iv) the maturity date of the loan was changed from December 31, 2017 to October 31, 2017 with no option to extend; (v) the interest rate on the amount outstanding on the loan was increased by 25 basis points to 250 basis points over the monthly LIBOR. As of April 30, 2017, $115.3 million of this loan was drawn down (including approximately $1.3 million during Fiscal 2017), of which $19 million was used to pay off the loan from FREIT, and $96.3 million was used toward the construction at the Rotunda. The loan was fully drawn down as of April 30, 2017 with a remaining reserve of approximately $0.8 million used as a letter of credit for offsite improvements.

Index

Page 11

FREIT has a line of credit provided by the Provident Bank in the amount of approximately $12.8 million. The line of credit was for a two-year term ending on November 1, 2016, which was extended by the bank to August 1, 2017 while the bank completes its due diligence. FREIT expects the credit line will be extended for an additional period of 36 months. 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%. During the second quarter of Fiscal 2017, FREIT utilized $3 million of its credit line to fund tenant improvements for new retail tenants at the Rotunda property. As of April 30, 2017, approximately $9.8 million was available under the line of credit.

On September 29, 2016, Wayne PSC, LLC refinanced its $24.2 million mortgage loan held with Metropolitan Life Insurance Company, with a new mortgage loan from People’s United Bank in the amount of $25.8 million. The new loan, secured by a shopping center in Wayne, New Jersey, bears a floating interest rate equal to 220 basis points over the one-month BBA LIBOR with a maturity date of October 1, 2026. In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. This refinancing resulted in: (i) a reduction in the interest rate from 6.04% to 3.625% and (ii) net refinancing proceeds of approximately $1 million that were distributed to the partners in Wayne PSC, LLC with FREIT receiving $0.4 million based on its 40% membership interest in Wayne PSC, LLC.

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 sheets) is held in escrow and available to Damascus Centre, LLC once certain tenants open and begin paying rent. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 basis points over the BBA LIBOR. In order to minimize interest rate volatility during the term of 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.

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 April 30, 2017 and October 31, 2016:

($ in Millions)	April 30, 2017		October 31, 2016

Fair Value	$	328.9	$	331.3

Carrying Value	$	331.2	$	327.2

Fair values are estimated based on market interest rates at April 30, 2017 and October 31, 2016 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 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 eight (8) properties.

Index

Page 12

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, 2016. 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 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 (loss) attributable to common equity for the six and three-month periods ended April 30, 2017 and 2016. Asset information is not reported since FREIT does not use this measure to assess performance.

	Six Months Ended						Three Months Ended
	April 30,						April 30,
	2017			2016			2017			2016
	(In Thousands of Dollars)						(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	12,070		$	11,418		$	5,996		$	5,493
Residential		12,882			11,095			6,495			5,573
Total real estate rental revenue		24,952			22,513			12,491			11,066

Real estate operating expenses:
Commercial		5,835			5,464			2,950			2,665
Residential		6,887			5,326			3,703			2,625
Total real estate operating expenses		12,722			10,790			6,653			5,290

Net operating income:
Commercial		6,235			5,954			3,046			2,828
Residential		5,995			5,769			2,792			2,948
Total net operating income	$	12,230		$	11,723		$	5,838		$	5,776


Recurring capital improvements - residential	$	(379	)	$	(489	)	$	(179	)	$	(175	)


Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Segment NOI	$	12,230		$	11,723		$	5,838		$	5,776
Lease termination fee		(620	)		—			(620	)		—
Deferred rents - straight lining		311			(25	)		173			(2	)
Investment income		91			62			45			23
General and administrative expenses		(1,157	)		(895	)		(633	)		(424	)
Depreciation		(5,178	)		(3,472	)		(2,648	)		(1,752	)
Financing costs		(7,722	)		(5,416	)		(3,856	)		(2,687	)
Net income (loss)		(2,045	)		1,977			(1,701	)		934
Net (income) loss attributable to noncontrolling interests in subsidiaries		1,409			(166	)		1,002			(125	)
Net income (loss) attributable to common equity	$	(636	)	$	1,811		$	(699	)	$	809

Note 11 – Income taxes:

For the fiscal year ended October 31, 2016, FREIT distributed 100% of its ordinary taxable income and 100% of its capital gain from the sale of property in Rochelle Park, New Jersey (See Note 5) to its shareholders as dividends. FREIT intends to distribute 100% of its ordinary taxable income to its shareholders as dividends for the fiscal year ending October 31, 2017. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded in FREIT’s financial statements.

As of April 30, 2017, 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 – 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 (“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.

On November 10, 2016, the Board approved the grant of a total of 38,000 non-qualified share options under the Plan to two members of the Board who were appointed to the Board during Fiscal 2016. The options have an exercise price of $21.00 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 November 9, 2026.

Index

Page 13

The following table summarizes stock option activity for the six-month period ended April 30, 2017:

	No. of Options			Weighted Average
	Outstanding			Exercise Price
Options outstanding beginning of period		229,880		$	18.45
Options granted during period		38,000			21.00
Options forfeited/cancelled during period		(60	)		18.45
Options outstanding end of period		267,820		$	18.81
Options vested and expected to vest		262,280
Options exercisable at end of period		84,080

The estimated fair value of options granted during Fiscal 2017 was $3.54 per option. Such value was estimated on the grant date using a binomial lattice option pricing model using the following assumptions:

Expected volatility – 30.30%

Risk-free interest rate – 2.23%

Imputed option life – 6.3 years

Expected dividend yield – 4.66%

The expected volatility over the options’ expected life was based on the historical volatility of the weekly closing price of the Company’s stock over a five (5) year period. The risk-free interest rate was based on the annual yield on the grant date of a zero-coupon U.S. Treasury Bond the maturity of which equals the option’s expected life. The imputed option life was based on the simplified expected term calculation permitted by the SEC, which defines the expected life as the average of the contractual term of the options and the weighted-average vesting period for all option tranches. The expected dividend yield was based on the Company’s historical dividend yield, exclusive of capital gain dividends.

For the six-month periods ended April 30, 2017 and 2016, compensation expense related to stock options granted amounted to approximately $61,000 and $47,000, respectively. For the three-month periods ended April 30, 2017 and 2016, compensation expense related to stock options granted amounted to approximately $30,000 and $23,000, respectively. At April 30, 2017, there was approximately $340,000 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 vested and expected to vest and options exercisable at April 30, 2017 was approximately $475,000 and $177,000, respectively.

Note 13 – 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 six and three-month periods ended April 30, 2017 were deferred under the Deferred Fee Plan except for fees payable to one Trustee, who elected to receive such fees in cash. All fees payable to Trustees for the six and three-month periods ended April 30, 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 six-month periods ended April 30, 2017 and 2016, the aggregate amounts of deferred Trustee fees together with related interest and dividends were approximately $423,200 and $392,500, respectively, which have been paid through the issuance of 21,037 and 20,803 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 six-month periods ended April 30, 2017 and 2016, FREIT has charged as expense approximately $410,200 and $359,700 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 $13,000 and $32,700, respectively, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity.

Index

Page 14

Note 14 – Lease termination fee:

On January 4, 2017, Macy’s, Inc. announced its intention to close several of its department stores across the nation, including the approximately 81,160 square foot anchor store located at the Preakness Shopping Center in Wayne, New Jersey. Wayne PSC, LLC (“Wayne PSC”), a 40% owned affiliate of FREIT, owns and operates this shopping center whereby Macy’s operated under a long-term lease and was paying annual rent of approximately $234,000 ($2.88 per square foot) with no future rent escalations for the remaining term and option periods of the lease. On April 25, 2017, Wayne PSC announced it had agreed to a termination of Macy’s lease effective as of April 15, 2017. To terminate the lease and take possession of the space, Wayne PSC paid Macy’s a termination fee of $620,000, which has been fully expensed in the second quarter of Fiscal 2017. Wayne PSC expects to re-position this space and re-lease to a new tenant (or multiple tenants) at market rents, which are currently higher than the rent provided for under the terminated Macy’s lease. FREIT will lose total consolidated rental income, including reimbursements, of approximately $0.2 million until such time as the space is fully re-leased. FREIT anticipates increased revenue from the space when it is fully re-leased.

Index

Page 15

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. FREIT’s revenues consist primarily of rental income and other related revenues from its residential and commercial properties and additional rent in the form of expense reimbursements derived from operating commercial properties. FREIT’s properties are primarily located in northern New Jersey, Maryland and New York. FREIT acquires existing properties for investment and properties that FREIT believes have redevelopment potential through changes and capital improvements to these properties. FREIT develops and constructs properties on its vacant land. FREIT’s policy is to acquire and develop real property for long-term investment.

The economic and financial environment: The U.S. economy grew at an annualized rate of approximately 0.7% in the first quarter of calendar year 2017. Employment remained healthy and real income grew at a solid pace further driving the Federal Reserve to increase lending rates for the first time in over a year. If the U.S. economy continues to improve, the Federal Reserve may increase lending rates again which may affect refinancing of mortgages coming due in the short term.

Residential Properties: FREIT has aggressively increased rental rates on its stabilized properties. As a result, FREIT’s rental rates continue to show year-over-year increases. FREIT expects increases in rental rates to taper; however, the increased rental rates that are in place should positively impact future revenues.

Commercial Properties: There continues to be uncertainty in the retail environment that could have an impact on FREIT’s business.

Development Projects and Capital Expenditures: FREIT continues 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 less than $1 million. As of April 30, 2017, the residential section is approximately 49% leased and the retail space is approximately 71% leased. FREIT expects the Rotunda’s operations to stabilize in late 2018 to early 2019.

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 and expand the Rotunda property in Baltimore, Maryland with a term of four (4) years, with one twelve-month extension, at a rate of 225 basis points over the monthly LIBOR. On November 23, 2016, the following terms and conditions of this loan were modified: (i) the total amount that may be drawn on this loan was decreased from $120 million to $116.1 million, allowing for an additional draw of $2.1 million over the then existing balance of approximately $114 million to be used for retail tenant improvements and leasing commissions; (ii) leasing benchmarks are no longer required to be met including the waiver of the leasing benchmarks FREIT was not in compliance with as of June 30, 2016; (iii) Grande Rotunda, LLC provided an interest reserve to Wells Fargo Bank in the amount of $2 million for the purpose of funding interest payments, and is obliged to replenish the account balance to $1 million if it should fall below $500,000; (iv) the maturity date of the loan was changed from December 31, 2017 to October 31, 2017 with no option to extend; (v) the interest rate on the amount outstanding on the loan was increased by 25 basis points to 250 basis points over the monthly LIBOR. As of April 30, 2017, $115.3 million of this loan was drawn down (including approximately $1.3 million during Fiscal 2017), of which $19 million was used to pay off the loan from FREIT, and $96.3 million was used toward the construction at the Rotunda. The loan was fully drawn down as of April 30, 2017 with a remaining reserve of approximately $0.8 million used as a letter of credit for offsite improvements.

Index

Page 16

On September 29, 2016, Wayne PSC, LLC refinanced its $24.2 million mortgage loan held with Metropolitan Life Insurance Company, with a new mortgage loan from People’s United Bank in the amount of $25.8 million. The new loan, secured by a shopping center in Wayne, New Jersey, bears a floating interest rate equal to 220 basis points over the one-month BBA LIBOR with a maturity date of October 1, 2026. In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. This refinancing resulted in: (i) a reduction in the interest rate from 6.04% to 3.625% and (ii) net refinancing proceeds of approximately $1 million that were distributed to the partners in Wayne PSC, LLC with FREIT receiving $0.4 million based on its 40% membership interest in Wayne PSC, LLC.

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 sheets) 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: FREIT expects that cash provided by net operating income will be adequate to cover mandatory debt service payments (excluding balloon payments), necessary capital improvements at stabilized properties 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, 2016, have been applied consistently as at April 30, 2017, and for the six and three months ended April 30, 2017 and 2016. 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.

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. In the event of postponement, capitalization of these costs will recommence once construction on the project resumes.

Index

Page 17

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

RESULTS OF OPERATIONS

Real estate revenue for the six months ended April 30, 2017 (“Current Six Months”) increased 12.3% to $25,263,000, compared to $22,488,000 for the six months ended April 30, 2016 (“Prior Year’s Six Months”). For the three months ended April 30, 2017 (“Current Quarter”), real estate revenue increased 14.4% to $12,664,000, compared to $11,064,000 for the three months ended April 30, 2016 (“Prior Year’s Quarter”).

Net income (loss) attributable to common equity (“net income (loss)-common equity”) for the Current Six Months and Current Quarter was net loss of $636,000 ($0.09 per share basic and diluted) and net loss of $699,000 ($0.10 per share basic and diluted), compared to net income of $1,811,000 ($0.27 per share basic and diluted) and $809,000 ($0.12 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 (loss)-common equity for the six and three months ended April 30, 2017 and 2016:

	Six Months Ended									Three Months Ended
	April 30,									April 30,
	2017			2016			Change			2017			2016			Change
	(In Thousands of Dollars)									(In Thousands of Dollars)
Income from real estate operations:
Commercial properties	$	6,572		$	5,929		$	643		$	3,225		$	2,826		$	399
Residential properties		5,969			5,769			200			2,786			2,948			(162	)
Total income from real estate operations		12,541			11,698			843			6,011			5,774			237

Financing costs:
Fixed rate mortgages		(5,116	)		(5,452	)		336			(2,527	)		(2,707	)		180
Floating rate mortgages		(8	)		—			(8	)		(8	)		—			(8	)
Floating rate - Rotunda		(1,856	)		(1,315	)		(541	)		(954	)		(696	)		(258	)
Credit line		(10	)		—			(10	)		(10	)		—			(10	)
Other - Corporate interest		(194	)		(154	)		(40	)		(103	)		(72	)		(31	)
Mortgage cost amortization		(538	)		(190	)		(348	)		(254	)		(96	)		(158	)
Less amounts capitalized		—			1,695			(1,695	)		—			884			(884	)
Total financing costs		(7,722	)		(5,416	)		(2,306	)		(3,856	)		(2,687	)		(1,169	)

Investment income		91			62			29			45			23			22

General & administrative expenses:
Accounting fees		(275	)		(249	)		(26	)		(125	)		(118	)		(7	)
Legal & professional fees		(47	)		(29	)		(18	)		(38	)		(24	)		(14	)
Trustee fees		(485	)		(447	)		(38	)		(250	)		(244	)		(6	)
Stock option expense		(61	)		(47	)		(14	)		(30	)		(23	)		(7	)
Corporate expenses		(289	)		(123	)		(166	)		(190	)		(15	)		(175	)
Total general & administrative expenses		(1,157	)		(895	)		(262	)		(633	)		(424	)		(209	)

Depreciation		(5,178	)		(3,472	)		(1,706	)		(2,648	)		(1,752	)		(896	)

Adjusted net income (loss)		(1,425	)		1,977			(3,402	)		(1,081	)		934			(2,015	)

Lease termination fee		(620	)		—			(620	)		(620	)		—			(620	)

Net income (loss)		(2,045	)		1,977			(4,022	)		(1,701	)		934			(2,635	)

Net (income) loss attributable to noncontrolling interests in subsidiaries		1,409			(166	)		1,575			1,002			(125	)		1,127

Net income (loss) attributable to common equity	$	(636	)	$	1,811		$	(2,447	)	$	(699	)	$	809		$	(1,508	)

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

Index

Page 18

SEGMENT INFORMATION

The following table sets forth comparative net operating income ("NOI") data for FREIT’s real estate segments and reconciles the NOI to condensed consolidated net income (loss)-common equity for the Current Six Months and Current Quarter as compared to the prior year’s comparable periods (See below for definition of NOI):

	Commercial											Residential											Combined
	Six Months Ended											Six Months Ended											Six Months Ended
	April 30,						Increase (Decrease)					April 30,						Increase (Decrease)					April 30,
	2017			2016			$		%			2017			2016			$		%			2017		2016
	(In Thousands)											(In Thousands)											(In Thousands)
Rental income	$	9,019		$	8,742		$	277		3.2	%	$	12,688		$	10,964		$	1,724		15.7	%	$	21,707	$	19,706
Reimbursements		2,754			2,640			114		4.3	%		19			1			18		1800.0	%		2,773		2,641
Other		297			36			261		725.0	%		175			130			45		34.6	%		472		166
Total revenue		12,070			11,418			652		5.7	%		12,882			11,095			1,787		16.1	%		24,952		22,513
Operating expenses		5,835			5,464			371		6.8	%		6,887			5,326			1,561		29.3	%		12,722		10,790
Net operating income	$	6,235		$	5,954		$	281		4.7	%	$	5,995		$	5,769		$	226		3.9	%		12,230		11,723

Average Occupancy %		76.8	%		74.7	% *				2.1	%		79.4	%		70.2	% *				9.2	%

Reconciliation to consolidated net income (loss)-common equity:
Deferred rents - straight lining		311			(25	)
Lease termination fee		(620	)		—
Investment income		91			62
General and administrative expenses		(1,157	)		(895	)
Depreciation		(5,178	)		(3,472	)
Financing costs		(7,722	)		(5,416	)
Net income (loss)		(2,045	)		1,977
Net (income) loss attributable to noncontrolling interest		1,409			(166	)
Net income (loss) attributable to common equity	$	(636	)	$	1,811

	Commercial												Residential												Combined
	Three Months Ended												Three Months Ended												Three Months Ended
	April 30,						Increase (Decrease)						April 30,						Increase (Decrease)						April 30,
	2017			2016			$			%			2017			2016			$			%			2017		2016
	(In Thousands)												(In Thousands)												(In Thousands)
Rental income	$	4,593		$	4,346		$	247			5.7	%	$	6,391		$	5,507		$	884			16.1	%	$	10,984	$	9,853
Reimbursements		1,397			1,118			279			25.0	%		10			1			9			900.0	%		1,407		1,119
Other		6			29			(23	)		-79.3	%		94			65			29			44.6	%		100		94
Total revenue		5,996			5,493			503			9.2	%		6,495			5,573			922			16.5	%		12,491		11,066
Operating expenses		2,950			2,665			285			10.7	%		3,703			2,625			1,078			41.1	%		6,653		5,290
Net operating income	$	3,046		$	2,828		$	218			7.7	%	$	2,792		$	2,948		$	(156	)		-5.3	%		5,838		5,776

Average Occupancy %		77.6	%		73.2	% *					4.4	%		79.9	%		70.7	% *					9.2	%

Reconciliation to condensed consolidated net income (loss)-common equity:
Deferred rents - straight lining		173			(2	)
Lease termination fee		(620	)		—
Investment income		45			23
General and administrative expenses		(633	)		(424	)
Depreciation		(2,648	)		(1,752	)
Financing costs		(3,856	)		(2,687	)
Net income (loss)		(1,701	)		934
Net (income) loss attributable to noncontrolling interests in subsidiaries		1,002			(125	)
Net income (loss) attributable to common equity	$	(699	)	$	809

* Includes impact to the six and three months ended April 30, 2016 of 75,000 additional square feet of Rotunda retail leasable space in the commercial segment and 379 leasable units at the Rotunda in the residential segment as the major redevelopment and expansion project at the Rotunda was substantially completed in the third quarter of Fiscal 2016.

NOI 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 and other items. FREIT assesses and measures segment operating results based on NOI.

Same Property NOI: FREIT considers same property net operating income (“Same Property NOI”) to be a useful supplemental non-GAAP measure of its operating performance. FREIT defines same property within both the commercial and residential segments to be those properties that FREIT has owned and operated for both the current and prior periods presented, excluding those properties that FREIT has 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 has been sold are not considered same property.

Index

Page 19

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 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 resulted 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 Six Months and Current Quarter increased by 5.7% and 9.2%, respectively, and NOI increased by 4.7% and 7.7%, respectively, from the prior year’s comparable periods. The increase in revenue and NOI for the Current Six Months and the Current Quarter was primarily attributable to an increase in occupancy at the Rotunda property resulting from the lease-up of the new retail space partially offset by the loss of revenue from a lease with Pathmark (a subsidiary of the Great Atlantic & Pacific Tea Company “A&P”) at the Patchogue, New York property which was rejected as of December 31, 2015 as a result of A&P’s bankruptcy filing and a loss of revenue resulting from the sale of the Rochelle Park property in June 2016. Also contributing to this loss was a $620,000 termination fee payment made by Wayne PSC, LLC (“Wayne PSC”) to terminate the lease and take possession of the Macy’s space at the Preakness Shopping Center in Wayne, New Jersey which impacted the consolidated net loss by approximately $250,000 based on FREIT’s 40% ownership in Wayne PSC. For the Current Six Months and Current Quarter, average occupancy showed an increase of 2.1% and 4.4%, respectively, as compared to the prior year’s comparable periods.

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 was part of a major redevelopment and expansion project that was substantially completed in the third quarter of Fiscal 2016 and was in operation for less than a full year in the prior year and the Rochelle Park property was sold in the prior year, both have been excluded from same property results for all periods presented. For the Current Six Months same property revenue and NOI decreased by approximately 0.5% and 0.6%, respectively, and for the Current Quarter same property revenue and NOI increased by 2.8% and 2.0%, respectively. The changes resulted from the factors discussed in the immediately preceding paragraph. Excluding the impact of the Rotunda property, average occupancy for the Current Six Months and Current Quarter decreased 2.9% and 1.7%, respectively, as compared to the prior year’s comparable periods primarily driven by the rejection of the Pathmark lease at the Patchogue, New York property and the termination of the Macy lease at the Preakness Shopping Center.

Leasing: The following tables reflect leasing activity at FREIT’s 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 Six 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)		16		146,121	$	10.81	$	11.24		-3.8	%	$	—	$	0.28

Non-comparable leases		3		7,440	$	40.29		N/A		N/A		$	5.07	$	2.01

Total leasing activity		19		153,561

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)		3		3,258	$	22.96	$	23.17		-0.9	%	$	0.08	$	0.69

Non-comparable leases		2		16,400	$	28.14		N/A		N/A		$	6.00	$	1.11

Total leasing activity		5		19,658

(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/renewals of existing tenant leases.

Index

Page 20

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 building with approximately 132,000 sq. ft. of office space and approximately 84,000 sq. ft. of retail space on the lower level of the building. In September 2013, FREIT began construction to redevelop and expand this property and, with the exception of tenant improvements, was substantially completed in the third quarter of Fiscal 2016 with costs to complete estimated at less than $1 million. The redevelopment and expansion plans included 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. As of April 30, 2017, the residential section is approximately 49% leased and the retail space is approximately 71% leased. FREIT expects the Rotunda’s operations to stabilize in late 2018 to early 2019.

With regard to the Rotunda’s redevelopment project, approximately $132.1 million has been incurred through April 30, 2017, 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 all ongoing construction costs related to the project which were previously capitalized to Construction In Progress (“CIP”) are no longer being capitalized and have been placed into service in the fourth quarter of Fiscal 2016 as the project became 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 and expand the Rotunda property with a term of four (4) years, with one 12-month extension, at a rate of 225 basis points over the monthly LIBOR. On November 23, 2016, the following terms and conditions of this loan were modified: (i) the total amount that may be drawn on this loan was decreased from $120 million to $116.1 million, allowing for an additional draw of $2.1 million over the then existing balance of approximately $114 million to be used for retail tenant improvements and leasing commissions; (ii) leasing benchmarks are no longer required to be met including the waiver of the leasing benchmarks FREIT was not in compliance with as of June 30, 2016; (iii) Grande Rotunda, LLC provided an interest reserve to Wells Fargo Bank in the amount of $2 million for the purpose of funding interest payments, and is obliged to replenish the account balance to $1 million if it should fall below $500,000; (iv) the maturity date of the loan was changed from December 31, 2017 to October 31, 2017 with no option to extend; (v) the interest rate on the amount outstanding on the loan was increased by 25 basis points to 250 basis points over the monthly LIBOR.

Through April 30, 2017, funding for the construction at the Rotunda was provided by: (a) the Grande Rotunda, LLC members, who are FREIT and Rotunda 100, LLC, and who contributed approximately $14.5 million in accordance with the loan agreement with Wells Fargo Bank; and (b) approximately $115.3 million in draws on the construction line with Wells Fargo Bank (including approximately $1.3 million during Fiscal 2017), of which $19 million was used to pay off the loan from FREIT, and $96.3 million was used toward the construction at the Rotunda. The loan was fully drawn down as of April 30, 2017 with a remaining reserve of approximately $0.8 million used as a letter of credit for offsite improvements.

RESIDENTIAL SEGMENT

FREIT currently operates eight (8) multi-family apartment buildings or complexes totaling 1,472 apartment units. As indicated in the table above under the caption Segment Information, total revenue from FREIT’s residential segment for the Current Six Months and Current Quarter increased by 16.1% and 16.5%, respectively, and NOI increased by 3.9% and decreased by 5.3%, respectively, as compared to the prior year’s comparable periods. The increase in revenue and NOI for the Current Six Months was primarily attributable to: (a) the addition of the operating results of the Icon, which is the residential property located at the Rotunda in Baltimore, Maryland (See discussion below), (b) increased base rent and (c) an increase in the average occupancy level as compared to the prior year’s comparable periods. The increase in revenue and decline in NOI for the Current Quarter was primarily attributed to FREIT incurring higher operational costs as the Icon is in the lease-up phase for the new residential units.

Same Property Operating Results: FREIT’s residential segment currently contains seven (7) same properties. (See definition of same property under Segment Information above.) Since the Icon property was part of a major redevelopment and expansion project that was substantially completed in the third quarter of Fiscal 2016 and was in operation for less than a full year in the prior year, it has been excluded from same property results for all periods presented. For the Current Six Months and Current Quarter same property revenue increased by 3.9% and 3.5%, respectively, and same property NOI increased by 5.2% and 2.8%, respectively, from the prior year’s comparable periods which was driven primarily by an increase in base rents at our residential properties. Exclusive of the Icon property, average occupancy increased 0.6% for the Current Six Months and declined 0.3% for the Current Quarter over the prior year’s comparable periods.

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, excluding the Rotunda Icon property as it is still in the

Index

Page 21

lease-up period and not operating at full capacity, at the end of the Current Quarter and the Prior Year’s Quarter were $1,820 and $1,755, 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 $239,000 and $227,000, respectively.

Capital expenditures: Since all of FREIT’s apartment communities, with the exception of the Boulders, Regency and Icon properties, were constructed more than 25 years ago, FREIT tends 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

	Six Months Ended April 30,					Three Months Ended April 30,
	2017		2016			2017		2016
	(In Thousands of Dollars)					(In Thousands of Dollars)
Fixed rate mortgages (a):
1st Mortgages
Existing	$	5,116	$	5,452		$	2,527	$	2,707
New		—		—			—		—
2nd Mortgages
Existing		—		—			—		—
Variable rate mortgages:
1st Mortgages
New		8		—			8		—
Construction loan-Rotunda		1,856		1,315			954		696
Credit line		10		—			10		—
Other		194		154			103		72
Total financing costs, gross		7,184		6,921			3,602		3,475
Amortization of mortgage costs		538		190			254		96
Total financing costs, net		7,722		7,111			3,856		3,571
Less amounts capitalized		—		(1,695	)		—		(884	)
Total financing costs expensed	$	7,722	$	5,416		$	3,856	$	2,687

(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 net financing costs for the Current Six Months and Current Quarter increased 8.6% and 8%, respectively, from the prior year’s comparable period which was primarily attributable to the Rotunda construction loan of approximately $115.3 million. (See discussions under Liquidity and Capital Resources below.)

GENERAL AND ADMINISTRATIVE EXPENSES (“G & A”)

G&A expense for the Current Six Months and Current Quarter was $1,157,000 and $633,000, respectively, compared to $895,000 and $424,000, respectively, 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 Six Months and Current Quarter was $5,178,000 and $2,648,000, respectively, compared to $3,472,000 and $1,752,000, respectively, for the prior year’s comparable periods. The increase in depreciation was primarily attributable to the depreciation related to the assets at the Rotunda property becoming operational as the major redevelopment and expansion project at this property was substantially completed in the third quarter of Fiscal 2016.

Index

Page 22

LIQUIDITY AND CAPITAL RESOURCES

Net cash provided by operating activities was $3.6 million for the Current Six Months compared to $6.9 million for the Prior Six Months. FREIT expects 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 at stabilized properties and dividends necessary to retain qualification as a REIT (90% of taxable income).

As at April 30, 2017, FREIT had cash and cash equivalents totaling $8.2 million, compared to $10.9 million at October 31, 2016. The decrease in cash for the Current Six Months is primarily attributable to $8.3 million in net cash used in investing activities, including capital expenditures, offset by $2 million provided by financing activities and $3.6 million provided by operating activities.

On March 23, 2017, FREIT entered into an agreement to sell its residential property, Hammel Gardens, located in Maywood, New Jersey, which has a carrying value of approximately $0.7 million, for a sales price of $17 million. The sale of this property will result in a capital gain of approximately $16 million net of sales fees and commissions and is expected to close in June 2017. As a result of the sale FREIT will incur a mortgage prepayment penalty of approximately $1 million. FREIT has structured this sale in a manner that qualifies it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. Such a transaction, if completed, will result in a deferral for income tax purposes of the $16 million capital gain. The net proceeds from this sale, which are expected to be approximately $7.7 million, will be held in escrow until a replacement property is purchased.

On April 25, 2017, Wayne PSC announced it had agreed to a termination of Macy’s lease effective as of April 15, 2017. To terminate the lease and take possession of the space, Wayne PSC paid Macy’s a termination fee of $620,000. Wayne PSC expects to re-position this space and re-lease to a new tenant (or multiple tenants) at market rents, which are currently higher than the rent provided for under the terminated Macy’s lease. FREIT will lose total consolidated annual rental income, including reimbursements, of approximately $0.2 million until such time as the space is fully re-leased. FREIT anticipates increased revenue from the space when it is fully re-leased.

Longer term, we expect the Trust to benefit from substantially improved cash flow both at the Preakness Shopping Center and the Rotunda, where we are currently in the rent up period. We are encouraged that Rotunda apartment units are leasing at a rate faster than originally anticipated, accelerating our expected stabilization. However, known vacancies and capital commitments continue to pressure revenues, earnings and cash flow this year. In addition, uncertainty in the retail environment could affect our revenues. Accordingly, the Board did not declare a dividend for the second quarter in order to give the Trust more flexibility with its liquidity to navigate the challenges we are facing in 2017. Delivering value to shareholders remains a paramount objective for the Board and the Trust. The Board will continue to evaluate the dividend on a quarterly basis.

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 was for a two-year term ending on November 1, 2016, which was extended by the bank to August 1, 2017 while the bank completes its due diligence. FREIT expects the credit line will be extended for an additional period of 36 months. 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%. During the second quarter of Fiscal 2017, FREIT utilized $3 million of its credit line to fund tenant improvements for new retail tenants at the Rotunda property. As of April 30, 2017, approximately $9.8 million was available under the line of credit.

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 and expand the Rotunda property in Baltimore, Maryland with a term of four (4) years, with one twelve-month extension, at a rate of 225 basis points over the monthly LIBOR. On November 23, 2016, the following terms and conditions of this loan were modified: (i) the total amount that may be drawn on this loan was decreased from $120 million to $116.1 million, allowing for an additional draw of $2.1 million over the then existing balance of approximately $114 million to be used for retail tenant improvements and leasing commissions; (ii) leasing benchmarks are no longer required to be met including the waiver of the leasing benchmarks FREIT was not in compliance with as of June 30, 2016; (iii) Grande Rotunda, LLC provided an interest reserve to Wells Fargo Bank in the amount of $2 million for the purpose of funding interest payments, and is obliged to replenish the account balance to $1 million if it should fall below $500,000; (iv) the maturity date of the loan was changed from December 31, 2017 to October 31, 2017 with no option to extend; (v) the interest rate on the amount outstanding on the loan was increased by 25 basis points to 250 basis points over the monthly LIBOR. As of April 30, 2017, $115.3 million of this loan was drawn down (including approximately $1.3 million during Fiscal 2017), of which $19 million was used to pay off the loan from FREIT, and $96.3 million was used toward the construction at the Rotunda. The loan was fully drawn down as of April 30, 2017 with a remaining reserve of approximately $0.8 million used as a letter of credit for offsite improvements.

Index

Page 23

As at April 30, 2017, FREIT’s aggregate outstanding mortgage debt was $333.5 million, which bears a weighted average interest rate of 4.16% and an average life of approximately 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	2017	2018	2019	2021	2022	2023	2024	2025	2026
($ in millions)
Mortgage "Balloon" Payments	$115.3	$5.2	$67.7	$19.1	$14.4	$34.5	$15.9	$13.9	$18.2

The following table shows the estimated fair value and carrying value of FREIT’s long-term debt at April 30, 2017 and October 31, 2016:

($ in Millions)	April 30, 2017		October 31, 2016

Fair Value	$	328.9	$	331.3

Carrying Value	$	331.2	$	327.2

FREIT expects to refinance the individual mortgages with new mortgages when their terms expire. To this extent FREIT has 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 April 30, 2017, a 1% interest rate increase would reduce the fair value of FREIT’s debt by $7.4 million, and a 1% decrease would increase the fair value by $7.8 million.

FREIT believes that the values of its properties will be adequate to command refinancing proceeds equal to or higher than the mortgage debt to be refinanced. FREIT continually reviews its debt levels to determine if additional debt can prudently be utilized for property acquisitions for its real estate portfolio that will increase income and cash flow to shareholders.

On September 29, 2016, Wayne PSC, LLC refinanced its $24.2 million mortgage loan held with Metropolitan Life Insurance Company, with a new mortgage loan from People’s United Bank in the amount of $25.8 million. The new loan, secured by a shopping center in Wayne, New Jersey, bears a floating interest rate equal to 220 basis points over the one-month BBA LIBOR with a maturity date of October 1, 2026. In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. This refinancing resulted in: (i) a reduction in the interest rate from 6.04% to 3.625% and (ii) net refinancing proceeds of approximately $1 million that were distributed to the partners in Wayne PSC, LLC with FREIT receiving $0.4 million based on its 40% membership interest in Wayne PSC, LLC. The interest rate swap is considered a derivative financial instrument that will be used only to reduce interest rate risk, and not held or used for trading purposes. (See Note 4 for additional information relating to the interest rate swap contract.)

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 sheets) is held in escrow and available to Damascus Centre, LLC once certain tenants open and begin paying rent. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 basis points over the BBA LIBOR. In order to minimize interest rate volatility during the term of 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 contracts.)

Index

Page 24

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.

FREIT has variable interest rate mortgages securing its Damascus Centre, Regency and Wayne PSC 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 ($20,633,000 at April 30, 2017) for the Damascus Centre swaps, a notional amount of approximately $16,200,000 ($16,200,000 at April 30, 2017) for the Regency swap and a notional amount of approximately $25,800,000 ($25,480,000 at April 30, 2017) for the Wayne PSC 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 April 30, 2017, the swap contract for the Regency property was in the counterparties’ favor and the swap contracts for the Damascus Centre and Wayne PSC properties were in FREIT’s favor. If FREIT had terminated these contracts at that date it would have realized a loss of approximately $572,000 for the Regency swap which has been included as a liability in FREIT’s condensed consolidated balance sheet as at April 30, 2017 and a gain of approximately $180,000 for the Damascus Centre swaps and a gain of approximately $1,207,000 for the Wayne PSC swap, both of which have been included as an asset in FREIT’s condensed consolidated balance sheet as at April 30, 2017. For the six months ended April 30, 2017, FREIT recorded an unrealized gain of $2,606,000 in comprehensive income representing the change in fair value of the swaps during such period. For the six months ended April 30, 2016, FREIT recorded an unrealized loss of $841,000 in comprehensive income representing the change in the fair value of the swaps during such period and a corresponding liability of approximately $1,386,000 for the Regency swap and $521,000 for the Damascus Centre swap as of April 30, 2016. For the year ended October 31, 2016, FREIT recorded an unrealized loss of $725,000 in comprehensive income representing the change in the fair value of the swaps during such period with a corresponding liability of $521,000 for the Damascus Centre swaps and $1,361,000 for the Regency swap and with a corresponding asset of $91,000 for the Wayne PSC swap as of October 31, 2016.

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.

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 12 for further details.)

Index

Page 25

DEFERRED FEE PLAN

ADJUSTED FUNDS FROM OPERATIONS

Funds From Operations (“FFO”) is a non-GAAP measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”). 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 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. FREIT computes FFO and AFFO as follows:

	Six Months Ended April 30,						Three Months Ended April 30,
	2017			2016			2017			2016
	(In Thousands, Except Per Share)						(In Thousands, Except Per Share)
Funds From Operations ("FFO") (a)
Net income (loss)	$	(2,045	)	$	1,977		$	(1,701	)	$	934
Depreciation of consolidated properties		5,178			3,472			2,648			1,752
Amortization of deferred leasing costs		223			173			120			96
Distributions to minority interests		(270	)		(345	)		(120	)		(195	)
FFO	$	3,086		$	5,277		$	947		$	2,587

Per Share - Basic and Diluted	$	0.45		$	0.78		$	0.14		$	0.38
(a) As prescribed by NAREIT.

Adjusted Funds From Operations ("AFFO")
FFO	$	3,086		$	5,277		$	947		$	2,587
Deferred rents (Straight lining)		(311	)		25			(173	)		2
Capital Improvements - Apartments		(379	)		(489	)		(179	)		(175	)
Lease termination fee		620			—			620			—
AFFO	$	3,016		$	4,813		$	1,215		$	2,414

Per Share - Basic and Diluted	$	0.44		$	0.71		$	0.18		$	0.36

Weighted Average Shares Outstanding:
Basic		6,823			6,772			6,828			6,778
Diluted		6,823			6,772			6,828			6,778

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, 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. FREIT’s 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 FREIT to seek increased rents as leases renew or when new tenants are obtained, subject to prevailing market conditions.

Index

Page 26

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 April 30, 2017. 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, 2016, that was filed with the Securities and Exchange Commission on January 13, 2017.

Index

Page 27

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 April 30, 2017, 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: June 9, 2017
	/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: June 9, 2017	/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: June 9, 2017	/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 April 30, 2017 (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: June 9, 2017	/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 April 30, 2017 (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: June 9, 2017	/s/ Donald W. Barney
	Donald W. Barney
	President, Treasurer and Chief Financial Officer

EX-101.INS 6 frevsob-20170430.xml XBRL INSTANCE FILE 0000036840 2015-10-31 0000036840 us-gaap:EmployeeStockOptionMember 2014-09-03 2014-09-04 0000036840 frevsob:LakelandBankPropertyMember 2016-06-17 0000036840 frevsob:SecuredDebt1Member us-gaap:ConstructionLoansMember 2010-02-01 0000036840 frevsob:SecuredDebt1Member us-gaap:ConstructionLoansMember 2010-01-31 2010-02-01 0000036840 frevsob:LakelandBankPropertyMember 2016-06-01 2016-06-30 0000036840 us-gaap:ConstructionLoansMember frevsob:TrancheTwoMember 2016-04-22 0000036840 us-gaap:ConstructionLoansMember frevsob:TrancheOneMember 2012-12-26 0000036840 2016-11-01 2017-04-30 0000036840 2017-04-30 0000036840 2016-10-31 0000036840 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2016-10-31 0000036840 us-gaap:TreasuryStockMember 2016-10-31 0000036840 us-gaap:RetainedEarningsMember 2016-10-31 0000036840 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-10-31 0000036840 us-gaap:ParentMember 2016-10-31 0000036840 us-gaap:NoncontrollingInterestMember 2016-10-31 0000036840 us-gaap:DirectorMember 2016-11-01 2017-04-30 0000036840 frevsob:Director1Member 2016-11-01 2017-04-30 0000036840 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2016-11-01 2017-04-30 0000036840 us-gaap:DirectorMember 2015-11-01 2016-04-30 0000036840 frevsob:Director1Member 2015-11-01 2016-04-30 0000036840 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2015-11-01 2016-04-30 0000036840 frevsob:Subsidiaries7Member 2017-04-30 0000036840 frevsob:Subsidiaries3Member 2017-04-30 0000036840 2015-11-01 2016-10-31 0000036840 us-gaap:ConstructionLoansMember frevsob:TrancheOneMember 2017-04-30 0000036840 us-gaap:ConstructionLoansMember frevsob:TrancheOneMember 2016-11-01 2017-04-30 0000036840 us-gaap:ConstructionLoansMember frevsob:TrancheTwoMember 2017-04-30 0000036840 us-gaap:ConstructionLoansMember frevsob:TrancheTwoMember 2016-11-01 2017-04-30 0000036840 frevsob:RegencySwapMember 2016-10-31 0000036840 frevsob:DamascusCentreSwapMember 2016-10-31 0000036840 frevsob:SecuredDebt1Member us-gaap:ConstructionLoansMember 2016-11-01 2017-04-30 0000036840 us-gaap:OperatingSegmentsMember 2016-11-01 2017-04-30 0000036840 us-gaap:CommercialRealEstateMember 2017-04-30 0000036840 us-gaap:OperatingSegmentsMember us-gaap:CommercialRealEstateMember 2016-11-01 2017-04-30 0000036840 us-gaap:ResidentialRealEstateMember 2016-11-01 2017-04-30 0000036840 us-gaap:ResidentialRealEstateMember 2017-04-30 0000036840 us-gaap:OperatingSegmentsMember us-gaap:ResidentialRealEstateMember 2016-11-01 2017-04-30 0000036840 us-gaap:OperatingSegmentsMember 2015-11-01 2016-04-30 0000036840 us-gaap:OperatingSegmentsMember us-gaap:CommercialRealEstateMember 2015-11-01 2016-04-30 0000036840 us-gaap:ResidentialRealEstateMember 2015-11-01 2016-04-30 0000036840 us-gaap:OperatingSegmentsMember us-gaap:ResidentialRealEstateMember 2015-11-01 2016-04-30 0000036840 us-gaap:EmployeeStockOptionMember 2017-04-30 0000036840 us-gaap:EmployeeStockOptionMember 2016-11-01 2017-04-30 0000036840 us-gaap:EmployeeStockOptionMember 2015-11-01 2016-04-30 0000036840 frevsob:DeferredFeeMember 2016-11-01 2017-04-30 0000036840 frevsob:DeferredFeeMember 2017-04-30 0000036840 frevsob:DeferredFeeMember 2015-11-01 2016-04-30 0000036840 frevsob:DeferredFeeMember 2016-04-30 0000036840 us-gaap:EmployeeStockOptionMember 2016-10-31 0000036840 frevsob:SecuredDebt1Member us-gaap:ConstructionLoansMember 2017-04-30 0000036840 2016-11-30 0000036840 us-gaap:MinimumMember 2016-11-01 2017-04-30 0000036840 us-gaap:MaximumMember 2016-11-01 2017-04-30 0000036840 us-gaap:EmployeeStockOptionMember 2016-11-02 2016-11-10 0000036840 frevsob:WaynePscLlcMortgageMember 2016-09-01 2016-09-29 0000036840 frevsob:WaynePscLlcMortgageMember 2016-09-29 0000036840 frevsob:SecuredDebt1Member us-gaap:ConstructionLoansMember 2016-11-03 2016-11-23 0000036840 frevsob:WaynePscLlcLoanMember 2016-09-01 2016-09-29 0000036840 frevsob:WaynePscSwapMember 2016-10-31 0000036840 us-gaap:ConstructionLoansMember 2016-09-29 0000036840 us-gaap:ConstructionLoansMember 2016-04-22 0000036840 frevsob:DamascusCentreSwapMember 2015-11-01 2016-10-31 0000036840 frevsob:WaynePscLlcLoanMember 2016-09-29 0000036840 2015-11-01 2016-04-30 0000036840 2017-02-01 2017-04-30 0000036840 2016-02-01 2016-04-30 0000036840 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2016-11-01 2017-04-30 0000036840 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2017-04-30 0000036840 us-gaap:TreasuryStockMember 2017-04-30 0000036840 us-gaap:RetainedEarningsMember 2016-11-01 2017-04-30 0000036840 us-gaap:RetainedEarningsMember 2017-04-30 0000036840 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-11-01 2017-04-30 0000036840 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-04-30 0000036840 us-gaap:ParentMember 2016-11-01 2017-04-30 0000036840 us-gaap:ParentMember 2017-04-30 0000036840 us-gaap:NoncontrollingInterestMember 2016-11-01 2017-04-30 0000036840 us-gaap:NoncontrollingInterestMember 2017-04-30 0000036840 2016-04-30 0000036840 us-gaap:DirectorMember 2017-02-01 2017-04-30 0000036840 us-gaap:DirectorMember 2016-02-01 2016-04-30 0000036840 frevsob:Director1Member 2017-02-01 2017-04-30 0000036840 frevsob:Director1Member 2016-02-01 2016-04-30 0000036840 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2017-02-01 2017-04-30 0000036840 us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2016-02-01 2016-04-30 0000036840 frevsob:LakelandBankPropertyMember 2016-11-01 2017-04-30 0000036840 2017-06-09 0000036840 frevsob:WaynePscLlcLoanMember 2017-04-30 0000036840 us-gaap:ConstructionLoansMember 2017-04-30 0000036840 us-gaap:LineOfCreditMember 2017-04-30 0000036840 us-gaap:LineOfCreditMember 2016-11-01 2017-04-30 0000036840 frevsob:WaynePscLlcLoanMember 2016-11-01 2017-04-30 0000036840 frevsob:WaynePscSwapMember 2017-04-30 0000036840 frevsob:DamascusCentreSwapMember 2017-04-30 0000036840 frevsob:RegencySwapMember 2017-04-30 0000036840 frevsob:DamascusCentreSwapMember 2016-11-01 2017-04-30 0000036840 frevsob:DamascusCentreSwapMember 2015-11-01 2016-04-30 0000036840 frevsob:HammelGardensPropertyMember 2017-03-23 0000036840 frevsob:HammelGardensPropertyMember 2017-03-01 2017-03-23 0000036840 frevsob:WestFreitCorpMember 2017-04-01 2017-04-28 0000036840 frevsob:WellFargoBankMember frevsob:ManufacturesAndTradersTrustCompanyMember 2017-04-28 0000036840 us-gaap:OperatingSegmentsMember 2017-02-01 2017-04-30 0000036840 us-gaap:OperatingSegmentsMember 2016-02-01 2016-04-30 0000036840 us-gaap:OperatingSegmentsMember us-gaap:CommercialRealEstateMember 2017-02-01 2017-04-30 0000036840 us-gaap:OperatingSegmentsMember us-gaap:CommercialRealEstateMember 2016-02-01 2016-04-30 0000036840 us-gaap:OperatingSegmentsMember us-gaap:ResidentialRealEstateMember 2017-02-01 2017-04-30 0000036840 us-gaap:OperatingSegmentsMember us-gaap:ResidentialRealEstateMember 2016-02-01 2016-04-30 0000036840 us-gaap:ResidentialRealEstateMember 2017-02-01 2017-04-30 0000036840 us-gaap:ResidentialRealEstateMember 2016-02-01 2016-04-30 0000036840 us-gaap:EmployeeStockOptionMember 2017-02-01 2017-04-30 0000036840 us-gaap:EmployeeStockOptionMember 2016-02-01 2016-04-30 0000036840 us-gaap:DomesticLineOfCreditMember 2017-04-30 0000036840 us-gaap:DomesticLineOfCreditMember 2016-11-01 2017-04-30 iso4217:USD iso4217:USD xbrli:shares xbrli:shares xbrli:pure frevsob:properties frevsob:segments

13500000

8203000

10906000

12081000

333542000

329719000

115300000

2320000

2022000

13000

32700

2018000

572000

1882000

1361000

521000

572000

8000000

6993152

253083

15212000

15461000

26713000

-5273000

-16916000

-1690000

2834000

12627000

27197000

-5273000

-18576000

37000

3385000

11827000

25263000

24952000

12070000

12882000

22513000

11418000

11095000

22488000

12664000

11064000

12491000

11066000

5996000

5493000

6495000

5573000

1156000

1074000

935000

986000

593000

502000

553000

477000

19677000

12722000

5835000

6887000

10790000

5464000

5326000

15157000

10554000

7466000

6653000

5290000

2950000

2665000

3703000

2625000

5586000

12230000

6235000

5995000

11723000

5954000

5769000

7331000

2110000

3598000

5838000

5776000

3046000

2828000

2792000

2948000

-2045000

1977000

-1701000

934000

-636000

-1409000

2275000

-1146000

-386000

-287000

-331000

-305000

-146000

-144000

2606000

-841000

-240000

-143000

1727000

879000

561000

1136000

-1941000

791000

879000

-120000

-113000

-20000

-530000

46000

-1115000

105000

1091000

1090000

-826000

686000

61000

423000

273000

34000

270000

34000

410200

359700

423000

135000

142000

17000

270000

13000

0.15

1024000

5178000

3472000

761000

363000

-86000

-72000

429000

-855000

-216000

-159000

-27000

-292000

3561000

6859000

8308000

1318000

12786000

-8308000

-14104000

24026000

2087000

3033000

4036000

270000

345000

2044000

5826000

-2703000

-1419000

6979000

5483000

274000

3330000

61000

47000

410000

359000

0.0175

0.0210

0.0225

0.0200

0.0220

0.0125

0.0275

0.40

0.30

379000 489000 179000 175000

12230000

11723000

5238000

5776000

-311000

25000

-173000

2000

1157000

895000

633000

424000

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY 0000036840 10-Q 2017-04-30 false --10-31 2017 Accelerated Filer Q2 -311000 25000

93000

140000

0.60

0.70

98581 77544

13000

33000

2023-01-03

2026-10-01

2024-12-15

19500000

24200000

22000000

22500000

2320000

20000000

120000000

25800000

25400000

20600000

16200000

23500000

336262000

336770000

128000

1872000

1875000

3036000

2725000

2220000

1730000

5451000

7034000

6559000

1827000 1736000

367420000

367971000

2322000

2521000

9078000

4525000

8379000

2900000

2817000

1107000

1134000

352208000

352510000

27197000

26713000

5273000

18576000

16916000

37000

-1690000

3385000

2834000

11827000

12627000

367420000

367971000

1349000

11834000

339000

10000

1387000

91000

1207000

180000

2806000

1695000

884000

0.04 0.05 397000 306000 198000 154000 55000 64000 33000 15000 0 359000 0 88000

2800000

328900000

331300000

331220000

327198000

1.00

0.3030

0.0223

P6Y2M19D

0.0466

25500000 20600000 16200000

0.0381

0.0353

0.03625

0.0375

725000

2606000

240000

143000

470000 1850000 250000

0.0381

0.0353

0.03625

P2Y

P4Y

P10Y

P5Y

267820

229880

246000

38000

18.81

18.45

21.00

18.45

61000

47000

30000

23000

0.015

P10Y

21037

20803

22018000

19681000

11157000

9851000

2773000

2641000

1407000

1119000

472000

166000

100000

94000

7915000 6738000 3947000 3216000

4808000

3961000

2746000

1996000

5178000

3472000

2648000

1752000

91000

62000

45000

23000

7722000

5416000

3856000

2687000

-1409000

166000

-1002000

125000

-636000

1811000

-699000

809000

-0.09

0.27

-0.10

0.12

6823000

6772000

6828000

6778000

6823000

6772000

6828000

6778000

6740069

3.54

423200

392500

1300000 19000000 96300000 800000 In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. This refinancing resulted in: (i) a reduction in interest rate from 6.04% to 3.625% and (ii) net refinancing proceeds of approximately $1 million that were distributed to the partners in Wayne PSC, LLC with FREIT receiving $0.4 million based on its 40% membership interest in Wayne PSC, LLC. On November 23, 2016, the following terms and conditions of this loan were modified: (i) the total amount that may be drawn on this loan was decreased from $120 million to $116.1 million, allowing for an additional draw of $2.1 million over the existing balance of approximately $114 million to be used for retail tenant improvements and leasing commissions; (ii) leasing benchmarks are no longer required to be met including the waiver of the leasing benchmarks FREIT was not in compliance with as of June 30, 2016; (iii) Grande Rotunda, LLC provided an interest reserve to Wells Fargo Bank in the amount of $2 million for the purpose of funding interest payments, and is obliged to replenish the account balance to $1 million if it should fall below $500,000; (iv) the maturity date of the loan was changed from December 31, 2017 to October 31, 2017 with no option to extend; (v) the interest rate on amount outstanding on the loan was increased by 25 basis points to 250 basis points over the monthly LIBOR. In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. This refinancing resulted in: (i) a reduction in the annual interest rate from a fixed rate of 5.55% to a variable rate of 3.74% based on the one-month LIBOR

2806000

620000 620000 693000

23500000

2320000

-250000

-1850000

1100000

262280

84080

340000

475000

177000

2700000

700000

500000

3100000

17000000

300000

16000000

3000000 241000 1000000

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 six and three-month periods ended April 30, 2017 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, 2016 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. Based on the nature of FREIT’s operations and sources of revenue, FREIT does not expect the adoption of this new accounting guidance to have a significant impact on its consolidated financial statements and 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. Given that this standard has minimal impact on real estate operating lessors, FREIT does not expect the adoption of this new accounting guidance to have a significant impact on its consolidated financial statements and footnote disclosures.

Note 3 - Earnings (loss) 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 13) 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 six and three months ended April 30, 2017 and 2016, the outstanding stock options were anti-dilutive with no impact on earnings (loss) per share.

Note 4 - Interest rate swap contracts:  On September 29, 2016, Wayne PSC, LLC refinanced its $24.2 million mortgage loan held with Metropolitan Life Insurance Company, with a new mortgage loan from People’s United Bank in the amount of $25.8 million. The new loan bears a floating interest rate equal to 220 basis points over the one-month BBA LIBOR with a maturity date of October 1, 2026. At April 30, 2017, the total amount outstanding on this loan was approximately $25.4 million. In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. At April 30, 2017, the derivative financial instrument has a notional amount of approximately $25.5 million and a current maturity date of October 2026. 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. The total amount outstanding for both tranches of this loan held with People’s United Bank as of April 30, 2017 was approximately $20.6 million. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 basis points over the BBA LIBOR. In order to minimize interest rate volatility during the term of 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 April 30, 2017, the derivative financial instrument has a notional amount of approximately $20.6 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. 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. At April 30, 2017, the total amount outstanding on this loan was $16.2 million. 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 April 30, 2017, 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, FREIT Regency, LLC, and Wayne PSC, 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 six months ended April 30, 2017, FREIT recorded an unrealized gain of approximately $2,606,000 in comprehensive income representing the change in the fair value of the swaps during such period with a corresponding asset of approximately $1,207,000 for the Wayne PSC swap and $180,000 for the Damascus Centre swaps and a corresponding liability of approximately $572,000 for the Regency swap as of April 30, 2017. For the three months ended April 30, 2017 and 2016, FREIT recorded an unrealized loss of approximately $240,000 and $143,000, respectively, in comprehensive income representing the change in the fair value of the swaps during such period. For the year ended October 31, 2016, FREIT recorded an unrealized loss of $725,000 in comprehensive income representing the change in the fair value of the swaps during such period with a corresponding liability of $521,000 for the Damascus Centre swaps and $1,361,000 for the Regency swap and a corresponding asset of $91,000 for the Wayne PSC swap as of October 31, 2016. 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 resulted 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. On March 23, 2017, FREIT entered into an agreement to sell its residential property, Hammel Gardens, located in Maywood, New Jersey, which has a carrying value of approximately $0.7 million, for a sales price of $17 million. The sale of this property will result in a capital gain of approximately $16 million net of sales fees and commissions and is expected to close in June 2017. As a result of this sale, FREIT will incur a mortgage prepayment penalty of approximately $1 million. FREIT has structured this sale in a manner that qualifies it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. Such a transaction, if completed, will result in a deferral for income tax purposes of the $16 million capital gain. The net proceeds from this sale, which are expected to be approximately $7.7 million, will be held in escrow until a replacement property is purchased.

Note 6 – Capitalized interest Interest costs associated with amounts expended at the Grande Rotunda development were capitalized and included in the cost of the project. Capitalization of interest ceased upon substantial completion of the project which occurred as of the end of the third quarter of Fiscal 2016. There was no interest capitalized in Fiscal 2017. Interest capitalized during the six and three months ended April 30, 2016 amounted to approximately $1,695,000 and $884,000, respectively.

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 $1,074,000 and $935,000 for the six-month periods ended April 30, 2017 and 2016, respectively, and $553,000 and $477,000 for the three-month periods ended April 30, 2017 and 2016, 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 $397,000 and $306,000 for the six months ended April 30, 2017 and 2016, respectively, and $198,000 and $154,000 for the three months ended April 30, 2017 and 2016, 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 $55,000 and $64,000 for the six months ended April 30, 2017 and 2016, respectively, and $33,000 and $15,000 for the three months ended April 30, 2017 and 2016, 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. Such fees incurred to Hekemian and Resources during the six months ended April 30, 2017 and 2016 pursuant to such agreement were approximately $0 and $359,000, respectively, and $0 and $88,000 for the three months ended April 30, 2017 and 2016, respectively. Such fees in Fiscal 2016 were capitalized and included in the cost of the project. 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 six months ended April 30, 2017 and 2016 was approximately $273,000 and $270,000, respectively, for Mr. Robert S. Hekemian, and $34,000 and $34,000, respectively, for Mr. Robert S. Hekemian, Jr. and for the three months ended April 30, 2017 and 2016 was approximately $135,000 and $142,000, respectively, for Mr. Robert S. Hekemian, and $17,000 and $17,000, respectively, for Mr. Robert S. Hekemian, Jr. (See Note 13). 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 April 30, 2017 and October 31, 2016, 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. Grande Rotunda, LLC continues to incur substantial expenditures at the Rotunda property. These expenditures include tenant improvements, leasing costs and operating expenditures which, in the aggregate, exceed revenues as the property is still in the rent up phase. The construction loan is at its maximum level resulting in no additional funding available to draw. Accordingly, the equity owners in Grande Rotunda, LLC (FREIT with a 60% ownership and Rotunda 100, LLC with a 40% ownership) are contributing their respective pro-rata share of any cash needs. As of April 30, 2017, Rotunda 100, LLC has funded Grande Rotunda, LLC with approximately $2.8 million which is included in “Due to affiliate” on the accompanying condensed consolidated balance sheet.

Note 8 – Mortgage financings On April 28, 2017, WestFREIT Corp., refinanced its $22 million mortgage loan held with Wells Fargo Bank, with a new mortgage loan from Manufacturer’s and Traders Trust Company in the amount of $23.5 million. The new loan, secured by a shopping center in Frederick, Maryland, bears a floating interest rate equal to 275 basis points over the one-month LIBOR and a maturity date of April 28, 2019 with the option to extend for 12 months. This refinancing resulted in: (i) a reduction in the annual interest rate from a fixed rate of 5.55% to a variable rate of 3.74% based on the one-month LIBOR as of April 30, 2017, and (ii) net refinancing proceeds of approximately $1.1 million, of which $250,000 is being held in an escrow for post-closing bank due diligence review. The net refinancing proceeds will be used for general corporate purposes. 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 major redevelopment and expansion project at the Rotunda. 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 and expand the Rotunda property in Baltimore, Maryland with a term of four (4) years, with one twelve-month extension, at a rate of 225 basis points over the monthly LIBOR. On November 23, 2016, the following terms and conditions of this loan were modified: (i) the total amount that may be drawn on this loan was decreased from $120 million to $116.1 million, allowing for an additional draw of $2.1 million over the then existing balance of approximately $114 million to be used for retail tenant improvements and leasing commissions; (ii) leasing benchmarks are no longer required to be met including the waiver of the leasing benchmarks FREIT was not in compliance with as of June 30, 2016; (iii) Grande Rotunda, LLC provided an interest reserve to Wells Fargo Bank in the amount of $2 million for the purpose of funding interest payments, and is obliged to replenish the account balance to $1 million if it should fall below $500,000; (iv) the maturity date of the loan was changed from December 31, 2017 to October 31, 2017 with no option to extend; (v) the interest rate on the amount outstanding on the loan was increased by 25 basis points to 250 basis points over the monthly LIBOR. As of April 30, 2017, $115.3 million of this loan was drawn down (including approximately $1.3 million during Fiscal 2017), of which $19 million was used to pay off the loan from FREIT, and $96.3 million was used toward the construction at the Rotunda. The loan was fully drawn down as of April 30, 2017 with a remaining reserve of approximately $0.8 million used as a letter of credit for offsite improvements. FREIT has a line of credit provided by the Provident Bank in the amount of approximately $12.8 million. The line of credit was for a two-year term ending on November 1, 2016, which was extended by the bank to August 1, 2017 while the bank completes its due diligence. FREIT expects the credit line will be extended for an additional period of 36 months. 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%. During the second quarter of Fiscal 2017, FREIT utilized $3 million of its credit line to fund tenant improvements for new retail tenants at the Rotunda property. As of April 30, 2017, approximately $9.8 million was available under the line of credit. On September 29, 2016, Wayne PSC, LLC refinanced its $24.2 million mortgage loan held with Metropolitan Life Insurance Company, with a new mortgage loan from People’s United Bank in the amount of $25.8 million. The new loan, secured by a shopping center in Wayne, New Jersey, bears a floating interest rate equal to 220 basis points over the one-month BBA LIBOR with a maturity date of October 1, 2026. In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. This refinancing resulted in: (i) a reduction in the interest rate from 6.04% to 3.625% and (ii) net refinancing proceeds of approximately $1 million that were distributed to the partners in Wayne PSC, LLC with FREIT receiving $0.4 million based on its 40% membership interest in Wayne PSC, LLC. 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 sheets) is held in escrow and available to Damascus Centre, LLC once certain tenants open and begin paying rent. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 basis points over the BBA LIBOR. In order to minimize interest rate volatility during the term of 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.

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 April 30, 2017 and October 31, 2016:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; 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="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">April 30, 2017</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">October 31, 2016</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </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: 78%">Fair Value</td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">328.9</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">331.3</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">$</td><td nowrap="nowrap" style="text-align: right">331.2</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">327.2</td><td nowrap="nowrap" style="text-align: left"> </td></tr> </table>   Fair values are estimated based on market interest rates at April 30, 2017 and October 31, 2016 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 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 eight (8) 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, 2016. 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 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 (loss) attributable to common equity for the six and three-month periods ended April 30, 2017 and 2016. 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="7" nowrap="nowrap" style="text-align: center">Six Months Ended</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">April 30,</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">April 30,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands of Dollars)</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands of Dollars)</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">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">12,070</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">11,418</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">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">5,996</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">5,493</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">12,882</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">11,095</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">6,495</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">5,573</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 rental 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">24,952</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">22,513</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">12,491</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">11,066</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">5,835</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">5,464</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">2,950</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">2,665</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">6,887</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">5,326</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">3,703</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">2,625</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">12,722</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">10,790</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">6,653</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">5,290</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">6,235</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">5,954</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">3,046</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">2,828</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">5,995</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">5,769</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">2,792</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">2,948</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">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">12,230</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">11,723</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">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,838</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,776</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="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="border-left: Black 1pt solid"> </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="text-align: left; padding-bottom: 2.5pt; border-left: Black 1pt solid">Recurring capital improvements - residential</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(379</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(489</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"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(179</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(175</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; 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="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left; border-right: 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 condensed consolidated net income (loss) 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">$</td><td nowrap="nowrap" style="text-align: right">12,230</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">11,723</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,838</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,776</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">Lease termination fee</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(620</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">(620</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">311</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">(25</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">173</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</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">Investment income</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">91</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">62</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">45</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">23</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">General and administrative expenses</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,157</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">(895</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">(633</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">(424</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">Depreciation</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(5,178</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">(3,472</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">(2,648</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">(1,752</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">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">(7,722</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">(5,416</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">(3,856</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">(2,687</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">Net income (loss)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(2,045</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">1,977</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">(1,701</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">934</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">    Net (income) loss attributable to  noncontrolling interests in subsidiaries</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">1,409</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">(166</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">1,002</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">(125</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: 2.5pt">Net income (loss) 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">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(636</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">1,811</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">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(699</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">809</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Note 11 – Income taxes: For the fiscal year ended October 31, 2016, FREIT distributed 100% of its ordinary taxable income and 100% of its capital gain from the sale of property in Rochelle Park, New Jersey (See Note 5) to its shareholders as dividends. FREIT intends to distribute 100% of its ordinary taxable income to its shareholders as dividends for the fiscal year ending October 31, 2017. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded in FREIT’s financial statements. As of April 30, 2017, 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 – 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 (“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. On November 10, 2016, the Board approved the grant of a total of 38,000 non-qualified share options under the Plan to two members of the Board who were appointed to the Board during Fiscal 2016. The options have an exercise price of $21.00 per share, will vest in equal annual installments over a 5-year period, and will expire 10 years from the date of grant, which will be November 9, 2026. The following table summarizes stock option activity for the six-month period ended April 30, 2017:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center">No. of Options</td><td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center">Weighted Average</td><td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">Outstanding</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">Exercise Price</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 78%">Options outstanding beginning of period</td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 8%; text-align: right">229,880</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</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">38,000</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">21.00</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">(60</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">267,820</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">18.81</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 vested and expected to vest</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">262,280</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="text-align: left"> </td><td nowrap="nowrap" style="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">84,080</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="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The estimated fair value of options granted during Fiscal 2017 was $3.54 per option. Such value was estimated on the grant date using a binomial lattice option pricing model using the following assumptions:   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 2in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Expected volatility – 30.30%</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 2in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Risk-free interest rate – 2.23%</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 2in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Imputed option life – 6.3 years</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 2in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Expected dividend yield – 4.66%</td></tr></table>   The expected volatility over the options’ expected life was based on the historical volatility of the weekly closing price of the Company’s stock over a five (5) year period. The risk-free interest rate was based on the annual yield on the grant date of a zero-coupon U.S. Treasury Bond the maturity of which equals the option’s expected life. The imputed option life was based on the simplified expected term calculation permitted by the SEC, which defines the expected life as the average of the contractual term of the options and the weighted-average vesting period for all option tranches. The expected dividend yield was based on the Company’s historical dividend yield, exclusive of capital gain dividends. For the six-month periods ended April 30, 2017 and 2016, compensation expense related to stock options granted amounted to approximately $61,000 and $47,000, respectively. For the three-month periods ended April 30, 2017 and 2016, compensation expense related to stock options granted amounted to approximately $30,000 and $23,000, respectively. At April 30, 2017, there was approximately $340,000 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 vested and expected to vest and options exercisable at April 30, 2017 was approximately $475,000 and $177,000, respectively.

Note 13 – 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 six and three-month periods ended April 30, 2017 were deferred under the Deferred Fee Plan except for fees payable to one Trustee, who elected to receive such fees in cash. All fees payable to Trustees for the six and three-month periods ended April 30, 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 six-month periods ended April 30, 2017 and 2016, the aggregate amounts of deferred Trustee fees together with related interest and dividends were approximately $423,200 and $392,500, respectively, which have been paid through the issuance of 21,037 and 20,803 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 six-month periods ended April 30, 2017 and 2016, FREIT has charged as expense approximately $410,200 and $359,700 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 $13,000 and $32,700, respectively, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity.

Note 14 – Lease termination fee: On January 4, 2017, Macy’s, Inc. announced its intention to close several of its department stores across the nation, including the approximately 81,160 square foot anchor store located at the Preakness Shopping Center in Wayne, New Jersey. Wayne PSC, LLC (“Wayne PSC”), a 40% owned affiliate of FREIT, owns and operates this shopping center whereby Macy’s operated under a long-term lease and was paying annual rent of approximately $234,000 ($2.88 per square foot) with no future rent escalations for the remaining term and option periods of the lease. On April 25, 2017, Wayne PSC announced it had agreed to a termination of Macy’s lease effective as of April 15, 2017. To terminate the lease and take possession of the space, Wayne PSC paid Macy’s a termination fee of $620,000, which has been fully expensed in the second quarter of Fiscal 2017. Wayne PSC expects to re-position this space and re-lease to a new tenant (or multiple tenants) at market rents, which are currently higher than the rent provided for under the terminated Macy’s lease. FREIT will lose total consolidated rental income, including reimbursements, of approximately $0.2 million until such time as the space is fully re-leased. FREIT anticipates increased revenue from the space when it is fully re-leased.

The following table shows the estimated fair value and carrying value of FREIT’s long-term debt at April 30, 2017 and October 31, 2016:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; 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="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">April 30, 2017</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">October 31, 2016</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </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: 78%">Fair Value</td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">328.9</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">331.3</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">$</td><td nowrap="nowrap" style="text-align: right">331.2</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">327.2</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 (loss) attributable to common equity for the six and three-month periods ended April 30, 2017 and 2016. 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="7" nowrap="nowrap" style="text-align: center">Six Months Ended</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">April 30,</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">April 30,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands of Dollars)</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands of Dollars)</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">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">12,070</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">11,418</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">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">5,996</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 8%; text-align: right">5,493</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">12,882</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">11,095</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">6,495</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">5,573</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 rental 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">24,952</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">22,513</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">12,491</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">11,066</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">5,835</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">5,464</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">2,950</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">2,665</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">6,887</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">5,326</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">3,703</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">2,625</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">12,722</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">10,790</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">6,653</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">5,290</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">6,235</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">5,954</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">3,046</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">2,828</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">5,995</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">5,769</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">2,792</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">2,948</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">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">12,230</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">11,723</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">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,838</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">5,776</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="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="border-left: Black 1pt solid"> </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="text-align: left; padding-bottom: 2.5pt; border-left: Black 1pt solid">Recurring capital improvements - residential</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(379</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(489</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"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(179</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(175</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; 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="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left"> </td><td nowrap="nowrap" style="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="border-bottom: Black 1pt solid; text-align: left; border-right: 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 condensed consolidated net income (loss) 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">$</td><td nowrap="nowrap" style="text-align: right">12,230</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">11,723</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,838</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,776</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">Lease termination fee</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(620</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">(620</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">311</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">(25</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">173</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</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">Investment income</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">91</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">62</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">45</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">23</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">General and administrative expenses</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,157</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">(895</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">(633</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">(424</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">Depreciation</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(5,178</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">(3,472</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">(2,648</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">(1,752</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">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">(7,722</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">(5,416</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">(3,856</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">(2,687</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">Net income (loss)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(2,045</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">1,977</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">(1,701</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">934</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">    Net (income) loss attributable to  noncontrolling interests in subsidiaries</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">1,409</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">(166</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">1,002</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">(125</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: 2.5pt">Net income (loss) 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">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(636</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">1,811</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">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">(699</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">)</td><td nowrap="nowrap" style="padding-bottom: 2.5pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">809</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The following table summarizes stock option activity for the six-month period ended April 30, 2017:   <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="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">Weighted Average</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">Exercise 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">229,880</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">38,000</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">21.00</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">(60</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">267,820</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">18.81</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 vested and expected to vest</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">262,280</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="text-align: left"> </td><td nowrap="nowrap" style="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">84,080</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="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3000000

16000000 7700000

12800000

9800000

2017-08-01

0.0325

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.

0.40 234000 200000

EX-101.SCH 7 frevsob-20170430.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Statement - CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000008 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Basis of presentation link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Recently issued accounting standards link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Earnings (loss) per share link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Interest rate swap contracts link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Sale of property link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Capitalized interest link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Management agreement, fees and transactions with related party link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Mortgage financings link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Fair value of long-term debt link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Segment information link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Income taxes link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Stock option plan link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Deferred fee plan link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Lease termination fee link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Fair value of long-term debt (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Segment information (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Stock option plan (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Earnings (loss) per share (Details) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Interest rate swap contracts (Details) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Sale of property (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Capitalized interest (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Management agreement, fees and transactions with related party (Details) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Mortgage financings (Details) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Fair value of long-term debt (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Segment information (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Income taxes (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Stock option plan (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Stock option plan (Fair value assumption of options granted) (Details) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Deferred fee plan (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Lease termination fee (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 frevsob-20170430_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 frevsob-20170430_def.xml XBRL DEFINITION FILE EX-101.LAB 10 frevsob-20170430_lab.xml XBRL LABEL FILE Award Type [Axis] Employee Stock Option [Member] Name of Property [Axis] Lakeland Bank Property [Member] Debt Instrument [Axis] Baltimore, MD [Member] Long-term Debt, Type [Axis] People's United Bank [Member] Tranche [Axis] Tranche Two [Member] Tranche One [Member] Equity Components [Axis] 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] Related Party [Axis] Managing Agent Hekemian & Co [Member] Robert S. Hekemian [Member] Robert S. Hekemian, Jr. [Member] Legal Entity [Axis] Grande Rotunda, LLC [Member] Damascus Centre, LLC [Member] Derivative Instrument [Axis] Regency Swap [Member] Damascus Centre Swap [Member] Consolidation Items [Axis] Operating Segments [Member] Business Segments [Axis] Commercial [Member] Residential [Member] Deferred Bonus and Profit Sharing Plan, Type of Deferred Compensation [Axis] Deferred Fee Plan [Member] Range [Axis] Minimum [Member] Maximum [Member] Wayne, PSC LLC [Member] Wayne PSC, LLC Loan [Member] Wayne PSC swap [Member] Provident Bank [Member] Hammel Gardens Property [Member] WestFREIT Corp [Member] Wells Fargo Bank [Member] Manufacturer's and Traders Trust Company [Member] Short-term Debt, Type [Axis] Provident Bank Line of Credit [Member] Document and Entity Information [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Fiscal Year Focus Document Fiscal Period Focus Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Statement of Financial Position [Abstract] ASSETS Real estate, at cost, net of accumulated depreciation Construction in progress Cash and cash equivalents Tenants' security accounts Receivables arising from straight-lining of rents Accounts receivable, net of allowance for doubtful accounts Secured loans receivable Prepaid expenses and other assets Deferred charges, net Interest rate swap contracts Total Assets LIABILITIES AND EQUITY Liabilities: Mortgages and construction loan payable Less unamortized debt issuance costs Mortgages payable, net Due to affiliate Deferred trustee compensation payable Accounts payable and accrued expenses Dividends payable Tenants' security deposits Deferred revenue Interest rate swap contracts Total Liabilities Commitments and contingencies Equity: Common equity: Shares of beneficial interest without par value: 8,000,000 shares authorized; 6,993,152 shares issued plus 98,581 and 77,544 vested share units granted to trustees at April 30, 2017 and October 31, 2016, respectively Treasury stock, at cost: 253,083 shares at April 30, 2017 and October 31, 2016 Dividends in excess of net income Accumulated other comprehensive income (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 Total revenue Expenses: Operating expenses Lease termination fee Management fees Real estate taxes Depreciation Total expenses Operating income Investment income Gain on sale of commercial property Interest expense including amortization of deferred financing costs Net income (loss) Net (income) loss attributable to noncontrolling interests in subsidiaries Net income (loss) attributable to common equity Earnings (loss) per share - basic and diluted Weighted average shares outstanding: Basic Diluted Basic and diluted Statement of Comprehensive Income [Abstract] Net income (loss) Other comprehensive income (loss): Unrealized gain (loss) on interest rate swap contracts before reclassifications Amount reclassified from accumulated other comprehensive income (loss) to interest expense Net unrealized gain (loss) on interest rate swap contracts Comprehensive income (loss) Net (income) loss attributable to noncontrolling interests Other comprehensive income (loss): Unrealized (gain) loss on interest rate swap contract attributable to noncontrolling interests Comprehensive income (loss) attributable to noncontrolling interests Comprehensive income (loss) attributable to common equity Statement [Table] Statement [Line Items] Balance Stock based compensation expense Vested share units granted to Trustees Distributions to noncontrolling interests Net loss Dividends declared, including $13 payable in share units ($0.15 per share) Net unrealized gain 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 (loss) to net cash provided by operating activities: Depreciation Amortization Stock based compensation expense Trustee fees and related interest paid 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 Proceeds from mortgage loan refinancing Proceeds from additional tranche of loan Restricted loan proceeds held in escrow Proceeds from construction loan Advance funding for construction loan interest reserve Proceeds from credit line Deferred financing costs Dividends paid Due to affiliate Distributions to noncontrolling interests Net cash provided by financing activities Net 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 EX-101.PRE 11 frevsob-20170430_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Apr. 30, 2017	Jun. 09, 2017
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	2017
Document Fiscal Period Focus	Q2
Document Period End Date	Apr. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		6,740,069

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2017	Oct. 31, 2016
ASSETS
Real estate, at cost, net of accumulated depreciation	$ 336,262	$ 336,770
Construction in progress	128	128
Cash and cash equivalents	8,203	10,906
Tenants' security accounts	1,872	1,875
Receivables arising from straight-lining of rents	3,036	2,725
Accounts receivable, net of allowance for doubtful accounts	2,220	1,730
Secured loans receivable	5,451	5,451
Prepaid expenses and other assets	7,034	6,559
Deferred charges, net	1,827	1,736
Interest rate swap contracts	1,387	91
Total Assets	367,420	367,971
Liabilities:
Mortgages and construction loan payable	333,542	329,719
Less unamortized debt issuance costs	2,322	2,521
Mortgages payable, net	331,220	327,198
Due to affiliate	2,806
Deferred trustee compensation payable	9,078	9,078
Accounts payable and accrued expenses	4,525	8,379
Dividends payable		2,022
Tenants' security deposits	2,900	2,817
Deferred revenue	1,107	1,134
Interest rate swap contracts	572	1,882
Total Liabilities	352,208	352,510
Commitments and contingencies
Common equity:
Shares of beneficial interest without par value: 8,000,000 shares authorized; 6,993,152 shares issued plus 98,581 and 77,544 vested share units granted to trustees at April 30, 2017 and October 31, 2016, respectively	27,197	26,713
Treasury stock, at cost: 253,083 shares at April 30, 2017 and October 31, 2016	(5,273)	(5,273)
Dividends in excess of net income	(18,576)	(16,916)
Accumulated other comprehensive income (loss)	37	(1,690)
Total Common Equity	3,385	2,834
Noncontrolling interests in subsidiaries	11,827	12,627
Total Equity	15,212	15,461
Total Liabilities and Equity	$ 367,420	$ 367,971

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - shares	Apr. 30, 2017	Oct. 31, 2016
Statement of Financial Position [Abstract]
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	98,581	77,544
Treasury stock at cost, shares	253,083	253,083

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Revenue:
Rental income	$ 11,157	$ 9,851	$ 22,018	$ 19,681
Reimbursements	1,407	1,119	2,773	2,641
Sundry income	100	94	472	166
Total revenue	12,664	11,064	25,263	22,488
Expenses:
Operating expenses	3,947	3,216	7,915	6,738
Lease termination fee	620		620
Management fees	593	502	1,156	986
Real estate taxes	2,746	1,996	4,808	3,961
Depreciation	2,648	1,752	5,178	3,472
Total expenses	10,554	7,466	19,677	15,157
Operating income	2,110	3,598	5,586	7,331
Investment income	45	23	91	62
Interest expense including amortization of deferred financing costs	(3,856)	(2,687)	(7,722)	(5,416)
Net income (loss)	(1,701)	934	(2,045)	1,977
Net (income) loss attributable to noncontrolling interests in subsidiaries	1,002	(125)	1,409	(166)
Net income (loss) attributable to common equity	$ (699)	$ 809	$ (636)	$ 1,811
Earnings (loss) per share - basic and diluted	$ (0.10)	$ 0.12	$ (0.09)	$ 0.27
Weighted average shares outstanding:
Basic	6,828	6,778	6,823	6,772
Diluted	6,828	6,778	6,823	6,772

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (1,701)	$ 934	$ (2,045)	$ 1,977
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swap contracts before reclassifications	(386)	(287)	2,275	(1,146)
Amount reclassified from accumulated other comprehensive income (loss) to interest expense	146	144	331	305
Net unrealized gain (loss) on interest rate swap contracts	(240)	(143)	2,606	(841)
Comprehensive income (loss)	(1,941)	791	561	1,136
Net (income) loss attributable to noncontrolling interests	1,002	(125)	1,409	(166)
Other comprehensive income (loss):
Unrealized (gain) loss on interest rate swap contract attributable to noncontrolling interests	113	20	(879)	120
Comprehensive income (loss) attributable to noncontrolling interests	1,115	(105)	530	(46)
Comprehensive income (loss) attributable to common equity	$ (826)	$ 686	$ 1,091	$ 1,090

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 6 months ended Apr. 30, 2017 - 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, 2016	$ 26,713	$ (5,273)	$ (16,916)	$ (1,690)	$ 2,834	$ 12,627	$ 15,461
Stock based compensation expense	61				61		61
Vested share units granted to Trustees	423				423		423
Distributions to noncontrolling interests						(270)	(270)
Net loss			(636)		(636)	(1,409)	(2,045)
Dividends declared, including $13 payable in share units ($0.15 per share)			(1,024)		(1,024)		(1,024)
Net unrealized gain on interest rate swaps				1,727	1,727	879	2,606
Balance at Apr. 30, 2017	$ 27,197	$ (5,273)	$ (18,576)	$ 37	$ 3,385	$ 11,827	$ 15,212

XML 18 R7.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) $ in Thousands	6 Months Ended
	Apr. 30, 2017 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Stock dividends payable \| $	$ 13
Dividends declared, per share \| $ / shares	$ 0.15

XML 19 R8.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Operating activities:
Net income (loss)	$ (2,045)	$ 1,977
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	5,178	3,472
Amortization	761	363
Stock based compensation expense	61	47
Trustee fees and related interest paid in stock units	410	359
Deferred rents - straight line rent	(311)	25
Bad debt expense	93	140
Changes in operating assets and liabilities:
Tenants' security accounts	86	72
Accounts receivable, prepaid expenses and other assets	(429)	855
Accounts payable, accrued expenses and deferred trustee compensation	(216)	(159)
Deferred revenue	(27)	(292)
Net cash provided by operating activities	3,561	6,859
Investing activities:
Capital improvements - existing properties	(8,308)	(1,318)
Construction and pre-development costs		(12,786)
Net cash used in investing activities	(8,308)	(14,104)
Financing activities:
Repayment of mortgages and construction loan	(24,026)	(2,087)
Proceeds from mortgage loan refinancing	23,500
Proceeds from additional tranche of loan		2,320
Restricted loan proceeds held in escrow	(250)	(1,850)
Proceeds from construction loan	1,349	11,834
Advance funding for construction loan interest reserve	(693)
Proceeds from credit line	3,000
Deferred financing costs	(339)	(10)
Dividends paid	(3,033)	(4,036)
Due to affiliate	2,806
Distributions to noncontrolling interests	(270)	(345)
Net cash provided by financing activities	2,044	5,826
Net decrease in cash and cash equivalents	(2,703)	(1,419)
Cash and cash equivalents, beginning of period	10,906	13,500
Cash and cash equivalents, end of period	8,203	12,081
Supplemental disclosure of cash flow data:
Interest paid, net of amounts capitalized	6,979	5,483
Investing activities:
Accrued capital expenditures, construction costs, pre-development costs and interest	274	3,330
Financing activities:
Dividends declared but not paid		2,018
Dividends paid in share units	$ 13	$ 33

XML 20 R9.htm IDEA: XBRL DOCUMENT

Basis of presentation

6 Months Ended

Apr. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation

Note 1 - Basis of presentation:

XML 21 R10.htm IDEA: XBRL DOCUMENT

Recently issued accounting standards

6 Months Ended

Apr. 30, 2017

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Recently issued accounting standards

Note 2 –Recently issued accounting standards:

XML 22 R11.htm IDEA: XBRL DOCUMENT

Earnings (loss) per share

6 Months Ended

Apr. 30, 2017

Earnings Per Share [Abstract]

Earnings (loss) per share

Note 3 - Earnings (loss) per share:

XML 23 R12.htm IDEA: XBRL DOCUMENT

Interest rate swap contracts

6 Months Ended

Apr. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest rate swap contracts

Note 4 - Interest rate swap contracts:

XML 24 R13.htm IDEA: XBRL DOCUMENT

Sale of property

6 Months Ended

Apr. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Sale of property

Note 5 – Sale of property:

XML 25 R14.htm IDEA: XBRL DOCUMENT

Capitalized interest

6 Months Ended

Apr. 30, 2017

Capitalized interest [Abstract]

Capitalized interest

Note 6 – Capitalized interest

XML 26 R15.htm IDEA: XBRL DOCUMENT

Management agreement, fees and transactions with related party

6 Months Ended

Apr. 30, 2017

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

6 Months Ended

Apr. 30, 2017

Debt Disclosure [Abstract]

Mortgage financings

Note 8 – Mortgage financings

On September 29, 2016, Wayne PSC, LLC refinanced its $24.2 million mortgage loan held with Metropolitan Life Insurance Company, with a new mortgage loan from People’s United Bank in the amount of $25.8 million. The new loan, secured by a shopping center in Wayne, New Jersey, bears a floating interest rate equal to 220 basis points over the one-month BBA LIBOR with a maturity date of October 1, 2026. In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. This refinancing resulted in: (i) a reduction in the interest rate from 6.04% to 3.625% and (ii) net refinancing proceeds of approximately $1 million that were distributed to the partners in Wayne PSC, LLC with FREIT receiving $0.4 million based on its 40% membership interest in Wayne PSC, LLC.

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 sheets) is held in escrow and available to Damascus Centre, LLC once certain tenants open and begin paying rent. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 basis points over the BBA LIBOR. In order to minimize interest rate volatility during the term of 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.

XML 28 R17.htm IDEA: XBRL DOCUMENT

Fair value of long-term debt

6 Months Ended

Apr. 30, 2017

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 April 30, 2017 and October 31, 2016:

($ in Millions)	April 30, 2017		October 31, 2016

Fair Value	$	328.9	$	331.3

Carrying Value	$	331.2	$	327.2

- 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

6 Months Ended

Apr. 30, 2017

Segment Reporting [Abstract]

Segment information

Note 10 - Segment information:

	Six Months Ended						Three Months Ended
	April 30,						April 30,
	2017			2016			2017			2016
	(In Thousands of Dollars)						(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	12,070		$	11,418		$	5,996		$	5,493
Residential		12,882			11,095			6,495			5,573
Total real estate rental revenue		24,952			22,513			12,491			11,066

Real estate operating expenses:
Commercial		5,835			5,464			2,950			2,665
Residential		6,887			5,326			3,703			2,625
Total real estate operating expenses		12,722			10,790			6,653			5,290

Net operating income:
Commercial		6,235			5,954			3,046			2,828
Residential		5,995			5,769			2,792			2,948
Total net operating income	$	12,230		$	11,723		$	5,838		$	5,776


Recurring capital improvements - residential	$	(379	)	$	(489	)	$	(179	)	$	(175	)


Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Segment NOI	$	12,230		$	11,723		$	5,838		$	5,776
Lease termination fee		(620	)		—			(620	)		—
Deferred rents - straight lining		311			(25	)		173			(2	)
Investment income		91			62			45			23
General and administrative expenses		(1,157	)		(895	)		(633	)		(424	)
Depreciation		(5,178	)		(3,472	)		(2,648	)		(1,752	)
Financing costs		(7,722	)		(5,416	)		(3,856	)		(2,687	)
Net income (loss)		(2,045	)		1,977			(1,701	)		934
Net (income) loss attributable to noncontrolling interests in subsidiaries		1,409			(166	)		1,002			(125	)
Net income (loss) attributable to common equity	$	(636	)	$	1,811		$	(699	)	$	809

XML 30 R19.htm IDEA: XBRL DOCUMENT

Income taxes

6 Months Ended

Apr. 30, 2017

Income Tax Disclosure [Abstract]

Income taxes

Note 11 – Income taxes:

XML 31 R20.htm IDEA: XBRL DOCUMENT

Stock option plan

6 Months Ended

Apr. 30, 2017

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

Stock option plan

Note 12 – Stock option plan:

The following table summarizes stock option activity for the six-month period ended April 30, 2017:

	No. of Options			Weighted Average
	Outstanding			Exercise Price
Options outstanding beginning of period		229,880		$	18.45
Options granted during period		38,000			21.00
Options forfeited/cancelled during period		(60	)		18.45
Options outstanding end of period		267,820		$	18.81
Options vested and expected to vest		262,280
Options exercisable at end of period		84,080

Expected volatility – 30.30%

Risk-free interest rate – 2.23%

Imputed option life – 6.3 years

Expected dividend yield – 4.66%

The aggregate intrinsic value of options vested and expected to vest and options exercisable at April 30, 2017 was approximately $475,000 and $177,000, respectively.

XML 32 R21.htm IDEA: XBRL DOCUMENT

Deferred fee plan

6 Months Ended

Apr. 30, 2017

Deferred Compensation Arrangements [Abstract]

Deferred fee plan

Note 13 – Deferred fee plan:

XML 33 R22.htm IDEA: XBRL DOCUMENT

Lease termination fee

6 Months Ended

Apr. 30, 2017

Lease Termination Fee Disclosure [Abstract]

Lease termination fee

Note 14 – Lease termination fee:

XML 34 R23.htm IDEA: XBRL DOCUMENT

Fair value of long-term debt (Tables)

6 Months Ended

Apr. 30, 2017

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 April 30, 2017 and October 31, 2016:

($ in Millions)	April 30, 2017		October 31, 2016

Fair Value	$	328.9	$	331.3

Carrying Value	$	331.2	$	327.2

XML 35 R24.htm IDEA: XBRL DOCUMENT

Segment information (Tables)

6 Months Ended

Apr. 30, 2017

Segment Reporting [Abstract]

Schedule of segment and related information

	Six Months Ended						Three Months Ended
	April 30,						April 30,
	2017			2016			2017			2016
	(In Thousands of Dollars)						(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	12,070		$	11,418		$	5,996		$	5,493
Residential		12,882			11,095			6,495			5,573
Total real estate rental revenue		24,952			22,513			12,491			11,066

Real estate operating expenses:
Commercial		5,835			5,464			2,950			2,665
Residential		6,887			5,326			3,703			2,625
Total real estate operating expenses		12,722			10,790			6,653			5,290

Net operating income:
Commercial		6,235			5,954			3,046			2,828
Residential		5,995			5,769			2,792			2,948
Total net operating income	$	12,230		$	11,723		$	5,838		$	5,776


Recurring capital improvements - residential	$	(379	)	$	(489	)	$	(179	)	$	(175	)


Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Segment NOI	$	12,230		$	11,723		$	5,838		$	5,776
Lease termination fee		(620	)		—			(620	)		—
Deferred rents - straight lining		311			(25	)		173			(2	)
Investment income		91			62			45			23
General and administrative expenses		(1,157	)		(895	)		(633	)		(424	)
Depreciation		(5,178	)		(3,472	)		(2,648	)		(1,752	)
Financing costs		(7,722	)		(5,416	)		(3,856	)		(2,687	)
Net income (loss)		(2,045	)		1,977			(1,701	)		934
Net (income) loss attributable to noncontrolling interests in subsidiaries		1,409			(166	)		1,002			(125	)
Net income (loss) attributable to common equity	$	(636	)	$	1,811		$	(699	)	$	809

XML 36 R25.htm IDEA: XBRL DOCUMENT

Stock option plan (Tables)

6 Months Ended

Apr. 30, 2017

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

Schedule of Stock Option Activity

The following table summarizes stock option activity for the six-month period ended April 30, 2017:

	No. of Options			Weighted Average
	Outstanding			Exercise Price
Options outstanding beginning of period		229,880		$	18.45
Options granted during period		38,000			21.00
Options forfeited/cancelled during period		(60	)		18.45
Options outstanding end of period		267,820		$	18.81
Options vested and expected to vest		262,280
Options exercisable at end of period		84,080

XML 37 R26.htm IDEA: XBRL DOCUMENT

Interest rate swap contracts (Details) - USD ($)	1 Months Ended	6 Months Ended		12 Months Ended
Interest rate swap contracts (Details) - USD ($)	Sep. 29, 2016	Apr. 30, 2017	Apr. 30, 2016	Oct. 31, 2016	Apr. 22, 2016	Dec. 26, 2012
Mortgages and construction loan payable		$ 333,542,000		$ 329,719,000
Interest rate swap contract assets		1,387,000		91,000
Interest rate swap contract liabilities		$ 572,000		1,882,000
Basis points, interest rate		1.75%
Wayne PSC swap [Member]
Interest rate swap contract assets		$ 1,207,000		91,000
Damascus Centre Swap [Member]
Interest rate swap contract assets		180,000
Unrealized gain (loss) on derivatives		240,000	$ 143,000	725,000
Interest rate swap contract liabilities				521,000
Regency Swap [Member]
Interest rate swap contract liabilities		572,000		$ 1,361,000
Wayne PSC, LLC Loan [Member]
Refinanced loan amount	$ 24,200,000
Loan amount		25,400,000
Description of loan amendment terms	In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan.
Notional amount of interest rate swap		25,500,000
Fixed interest rate	3.625%
Unrealized gain (loss) on derivatives		2,606,000
Basis points, interest rate	2.20%
Maturity date of loan	Oct. 01, 2026
People's United Bank [Member]
Loan amount	$ 25,800,000	20,600,000
Mortgages and construction loan payable					$ 2,320,000
Notional amount of interest rate swap		$ 20,600,000
People's United Bank [Member] \| Tranche One [Member]
Loan amount						$ 20,000,000
Fixed interest rate		3.81%
Basis points, interest rate		2.10%
Maturity date of loan		Jan. 03, 2023
People's United Bank [Member] \| Tranche Two [Member]
Loan amount					2,320,000
Fixed interest rate		3.53%
Basis points, interest rate		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
Provident Bank [Member]
Loan amount		$ 16,200,000
Notional amount of interest rate swap		$ 16,200,000
Fixed interest rate		3.75%
Basis points, interest rate		1.25%
Maturity date of loan		Dec. 15, 2024

XML 38 R27.htm IDEA: XBRL DOCUMENT

Sale of property (Details) - USD ($)	1 Months Ended		6 Months Ended
Sale of property (Details) - USD ($)	Mar. 23, 2017	Jun. 30, 2016	Apr. 30, 2017	Jun. 17, 2016
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		$ 300,000
Maximum purchase price of property			$ 3,000,000
Lost annual rents due to sale of property			$ 241,000
Hammel Gardens Property [Member]
Real Estate Properties [Line Items]
Rental properties	$ 700,000
Agreed sales price of property held for sale	17,000,000
Gain on sale of property held for sale	16,000,000
Mortgage prepayment penalty	1,000,000
Net proceeds from sale of property to be held in escrow until replacement property is purchased	7,700,000
Deferral of capital gain on sale of property from qualification as like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code	$ 16,000,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

Capitalized interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Capitalized interest (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Capitalized interest [Abstract]
Interest capitalized		$ 884		$ 1,695

XML 40 R29.htm IDEA: XBRL DOCUMENT

Management agreement, fees and transactions with related party (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016	Nov. 30, 2016	Oct. 31, 2016
Related Party Transaction [Line Items]
Asset management fees	$ 593,000	$ 502,000	$ 1,156,000	$ 986,000
Trustee fees and related interest payable in stock units			423,000
Secured loans receivable	$ 5,451,000		$ 5,451,000		$ 5,451,000	$ 5,451,000
Minimum [Member]
Related Party Transaction [Line Items]
Asset management fees percentage rate			4.00%
Maximum [Member]
Related Party Transaction [Line Items]
Asset management fees percentage rate			5.00%
Grande Rotunda, LLC [Member]
Related Party Transaction [Line Items]
Ownership by noncontrolling owners (percentage)	40.00%		40.00%
Ownership by parent (percentage)	60.00%		60.00%
Due to affiliate	$ 2,800,000		$ 2,800,000
Damascus Centre, LLC [Member]
Related Party Transaction [Line Items]
Ownership by noncontrolling owners (percentage)	30.00%		30.00%
Ownership by parent (percentage)	70.00%		70.00%
Managing Agent Hekemian & Co [Member]
Related Party Transaction [Line Items]
Asset management fees	$ 553,000	477,000	$ 1,074,000	935,000
Leasing commissions and reimbursement of operating expenses	198,000	154,000	397,000	306,000
Insurance commissions	33,000	15,000	55,000	64,000
Redevelopment fees	0	88,000	0	359,000
Robert S. Hekemian [Member]
Related Party Transaction [Line Items]
Trustee fees and related interest payable in stock units	135,000	142,000	273,000	270,000
Robert S. Hekemian, Jr. [Member]
Related Party Transaction [Line Items]
Trustee fees and related interest payable in stock units	$ 17,000	$ 17,000	$ 34,000	$ 34,000

XML 41 R30.htm IDEA: XBRL DOCUMENT

Mortgage financings (Details) - USD ($)		1 Months Ended			6 Months Ended
Mortgage financings (Details) - USD ($)	Feb. 01, 2010	Apr. 28, 2017	Nov. 23, 2016	Sep. 29, 2016	Apr. 30, 2017	Apr. 30, 2016	Oct. 31, 2016	Apr. 22, 2016	Dec. 26, 2012
Debt Instrument [Line Items]
Basis points, interest rate					1.75%
Total loan carrying amount					$ 333,542,000		$ 329,719,000
Term of the loan					2 years
Construction and pre-development costs						$ 12,786,000
Proceeds from credit line					$ 3,000,000
Provident Bank Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit, expiration date					Aug. 01, 2017
Line of credit, current borrowing capacity					$ 12,800,000
Line of credit, remaining capacity					9,800,000
Proceeds from credit line					$ 3,000,000
Line of credit, interest rate description					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.
Line of credit, interest rate					3.25%
People's United Bank [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap					$ 20,600,000
Loan amount				$ 25,800,000	$ 20,600,000
Total loan carrying amount								$ 2,320,000
People's United Bank [Member] \| Tranche One [Member]
Debt Instrument [Line Items]
Loan amount									$ 20,000,000
Fixed interest rate					3.81%
Basis points, interest rate					2.10%
Maturity date of loan					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%
Basis points, interest rate					2.10%
Maturity date of loan					Jan. 03, 2023
WestFREIT Corp [Member]
Debt Instrument [Line Items]
Refinanced loan amount		$ 22,000,000
Basis points, interest rate		2.75%
Description of loan amendment terms		This refinancing resulted in: (i) a reduction in the annual interest rate from a fixed rate of 5.55% to a variable rate of 3.74% based on the one-month LIBOR
Net proceeds from refinancing of debt		$ 1,100,000
Wells Fargo Bank [Member] \| Manufacturer's and Traders Trust Company [Member]
Debt Instrument [Line Items]
Loan amount		23,500,000
Amount of loan held in escrow		$ 250,000
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
Basis points, interest rate					2.25%
Total loan carrying amount					$ 115,300,000
Amount of loan drawn during period					1,300,000
Amount of loan proceeds used to repay FREIT					19,000,000
Amount of loan proceeds used toward construction of Rotunda					96,300,000
Amount of loan proceeds used as letter of credit for offsite improvements					$ 800,000
Term of the loan					4 years
Description of loan amendment terms			On November 23, 2016, the following terms and conditions of this loan were modified: (i) the total amount that may be drawn on this loan was decreased from $120 million to $116.1 million, allowing for an additional draw of $2.1 million over the existing balance of approximately $114 million to be used for retail tenant improvements and leasing commissions; (ii) leasing benchmarks are no longer required to be met including the waiver of the leasing benchmarks FREIT was not in compliance with as of June 30, 2016; (iii) Grande Rotunda, LLC provided an interest reserve to Wells Fargo Bank in the amount of $2 million for the purpose of funding interest payments, and is obliged to replenish the account balance to $1 million if it should fall below $500,000; (iv) the maturity date of the loan was changed from December 31, 2017 to October 31, 2017 with no option to extend; (v) the interest rate on amount outstanding on the loan was increased by 25 basis points to 250 basis points over the monthly LIBOR.
Wayne, PSC LLC [Member]
Debt Instrument [Line Items]
Refinanced loan amount				$ 24,200,000
Fixed interest rate				3.625%
Basis points, interest rate				2.00%
Maturity date of loan				Oct. 01, 2026
Description of loan amendment terms				In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. This refinancing resulted in: (i) a reduction in interest rate from 6.04% to 3.625% and (ii) net refinancing proceeds of approximately $1 million that were distributed to the partners in Wayne PSC, LLC with FREIT receiving $0.4 million based on its 40% membership interest in Wayne PSC, LLC.

XML 42 R31.htm IDEA: XBRL DOCUMENT

Fair value of long-term debt (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Oct. 31, 2016
Fair Value Disclosures [Abstract]
Fair value of long-term debt	$ 328,900	$ 331,300
Carrying value of long-term debt	$ 331,220	$ 327,198

XML 43 R32.htm IDEA: XBRL DOCUMENT

Segment information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment information (Details) $ in Thousands	Apr. 30, 2017 USD ($) properties	Apr. 30, 2016 USD ($)	Apr. 30, 2017 USD ($) properties segments	Apr. 30, 2016 USD ($)
Reportable Segments
Real estate rental revenue	$ 12,664	$ 11,064	$ 25,263	$ 22,488
Real estate operating expenses	10,554	7,466	19,677	15,157
Operating income	2,110	3,598	5,586	7,331
Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Segment NOI	5,238	5,776	12,230	11,723
Lease termination fee	(620)		(620)
Deferred rents - straight lining	173	(2)	311	(25)
Investment income	45	23	91	62
General and administrative expenses	(633)	(424)	(1,157)	(895)
Depreciation	(2,648)	(1,752)	(5,178)	(3,472)
Financing costs	(3,856)	(2,687)	(7,722)	(5,416)
Net income (loss)	(1,701)	934	(2,045)	1,977
Net (income) loss attributable to noncontrolling interests in subsidiaries	1,002	(125)	1,409	(166)
Net income (loss) attributable to common equity	(699)	809	$ (636)	1,811
Number of reportable segments \| segments			2
Operating Segments [Member]
Reportable Segments
Real estate rental revenue	12,491	11,066	$ 24,952	22,513
Real estate operating expenses	6,653	5,290	12,722	10,790
Operating income	5,838	5,776	12,230	11,723
Residential [Member]
Reportable Segments
Recurring capital improvements	$ (179)	(175)	$ (379)	(489)
Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Number of properties \| properties	8		8
Residential [Member] \| Operating Segments [Member]
Reportable Segments
Real estate rental revenue	$ 6,495	5,573	$ 12,882	11,095
Real estate operating expenses	3,703	2,625	6,887	5,326
Operating income	$ 2,792	2,948	$ 5,995	5,769
Commercial [Member]
Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Number of properties \| properties	9		9
Commercial [Member] \| Operating Segments [Member]
Reportable Segments
Real estate rental revenue	$ 5,996	5,493	$ 12,070	11,418
Real estate operating expenses	2,950	2,665	5,835	5,464
Operating income	$ 3,046	$ 2,828	$ 6,235	$ 5,954

XML 44 R33.htm IDEA: XBRL DOCUMENT

Income taxes (Details)	12 Months Ended
Income taxes (Details)	Oct. 31, 2016
Income Tax Disclosure [Abstract]
Ordinary taxable income distributed as dividends (percentage)	100.00%

XML 45 R34.htm IDEA: XBRL DOCUMENT

Stock option plan (Details) - Employee Stock Option [Member] - USD ($)			3 Months Ended		6 Months Ended
	Nov. 10, 2016	Sep. 04, 2014	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan term	10 years	10 years
Vesting term	5 years	5 years
No. of Options Outstanding
Options outstanding beginning of period					229,880
Options granted during period	38,000	246,000			38,000
Options forfeited/cancelled during period					(60)
Options outstanding end of period			267,820		267,820
Options vested and expected to vest			262,280		262,280
Options exercisable at end of period			84,080		84,080
Weighted Average Exercise Price
Options outstanding beginning of period					$ 18.45
Options granted during period	$ 21.00	$ 18.45			21.00
Options forfeited/cancelled during period					18.45
Options outstanding end of period			$ 18.81		$ 18.81
Compensation expense related to stock options			$ 30,000	$ 23,000	$ 61,000	$ 47,000
Unrecognized compensation cost			340,000		340,000
Aggregate intrinsic value of options expected to vest			475,000		475,000
Aggregate intrinsic value of options exercisable			$ 177,000		$ 177,000

XML 46 R35.htm IDEA: XBRL DOCUMENT

Stock option plan (Fair value assumption of options granted) (Details)	6 Months Ended
	Apr. 30, 2017 $ / shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Estimated fair value of options granted	$ 3.54
Expected volatility	30.30%
Risk-free interest rate	2.23%
Imputed option life	6 years 2 months 19 days
Expected dividend yield	4.66%

XML 47 R36.htm IDEA: XBRL DOCUMENT

Deferred fee plan (Details) - USD ($)	6 Months Ended
Deferred fee plan (Details) - USD ($)	Apr. 30, 2017	Apr. 30, 2016	Oct. 31, 2016
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Trustee fee expense	$ 423,000
Dividends payable		$ 2,018,000	$ 2,022,000
Deferred Fee Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Trustee fee expense	410,200	359,700
Deferred trustee fees	$ 423,200	$ 392,500
Basis spread on any deferred fee (percentage)	1.50%
Term of distribution to participants	10 years
Shares issued	21,037	20,803
Dividends payable	$ 13,000	$ 32,700

XML 48 R37.htm IDEA: XBRL DOCUMENT

Lease termination fee (Details) - USD ($)	3 Months Ended		6 Months Ended
Lease termination fee (Details) - USD ($)	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Lease Termination Fee Disclosure [Abstract]
FREIT's ownership percentage in Wayne PSC			40.00%
Annual rental income paid by Macy's, Inc. for terminated leased property			$ 234,000
Lease termination fee	$ 620,000		620,000
Expected total rental income lost from termination of lease			$ 200,000

EXCEL 49 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 50 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 51 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 53 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 114 197 1 false 34 0 false 6 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://freitnj.com/role/Document-DocumentandEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Sheet http://freitnj.com/role/Statement-CONDENSEDCONSOLIDATEDBALANCESHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) Sheet http://freitnj.com/role/Statement-CONDENSEDCONSOLIDATEDBALANCESHEETSParenthetical CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Sheet http://freitnj.com/role/CondensedConsolidatedStatementsOfIncome CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Sheet http://freitnj.com/role/Statement-CONDENSEDCONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOMELOSS CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) Sheet http://freitnj.com/role/Statement-CONDENSEDCONSOLIDATEDSTATEMENTOFEQUITY CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) Statements 6 false false R7.htm 00000007 - Statement - CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) Sheet http://freitnj.com/role/Statement-CONDENSEDCONSOLIDATEDSTATEMENTOFEQUITYParenthetical CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) Statements 7 false false R8.htm 00000008 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Sheet http://freitnj.com/role/Statement-CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Statements 8 false false R9.htm 00000009 - Disclosure - Basis of presentation Sheet http://freitnj.com/role/Disclosure-Basisofpresentation Basis of presentation Notes 9 false false R10.htm 00000010 - Disclosure - Recently issued accounting standards Sheet http://freitnj.com/role/Disclosure-Recentlyissuedaccountingstandards Recently issued accounting standards Notes 10 false false R11.htm 00000011 - Disclosure - Earnings (loss) per share Sheet http://freitnj.com/role/Disclosure-Earningspershare Earnings (loss) per share Notes 11 false false R12.htm 00000012 - Disclosure - Interest rate swap contracts Sheet http://freitnj.com/role/Disclosure-Interestrateswapcontracts Interest rate swap contracts Notes 12 false false R13.htm 00000013 - Disclosure - Sale of property Sheet http://freitnj.com/role/Disclosure-Propertyheldforsale Sale of property Notes 13 false false R14.htm 00000014 - Disclosure - Capitalized interest Sheet http://freitnj.com/role/Disclosure-Capitalizedinterest Capitalized interest Notes 14 false false R15.htm 00000015 - Disclosure - Management agreement, fees and transactions with related party Sheet http://freitnj.com/role/Disclosure-Managementagreementfeesandtransactionswithrelatedparty Management agreement, fees and transactions with related party Notes 15 false false R16.htm 00000016 - Disclosure - Mortgage financings Sheet http://freitnj.com/role/Disclosure-Mortgagefinancings Mortgage financings Notes 16 false false R17.htm 00000017 - Disclosure - Fair value of long-term debt Sheet http://freitnj.com/role/Disclosure-Fairvalueoflong-termdebt Fair value of long-term debt Notes 17 false false R18.htm 00000018 - Disclosure - Segment information Sheet http://freitnj.com/role/Disclosure-Segmentinformation Segment information Notes 18 false false R19.htm 00000019 - Disclosure - Income taxes Sheet http://freitnj.com/role/Disclosure-Incometaxes Income taxes Notes 19 false false R20.htm 00000020 - Disclosure - Stock option plan Sheet http://freitnj.com/role/Disclosure-Stockoptionplan Stock option plan Notes 20 false false R21.htm 00000021 - Disclosure - Deferred fee plan Sheet http://freitnj.com/role/Disclosure-Deferredfeeplan Deferred fee plan Notes 21 false false R22.htm 00000022 - Disclosure - Lease termination fee Sheet http://freitnj.com/role/LeaseTerminationFee Lease termination fee Notes 22 false false R23.htm 00000023 - Disclosure - Fair value of long-term debt (Tables) Sheet http://freitnj.com/role/Disclosure-Fairvalueoflong-termdebtTables Fair value of long-term debt (Tables) Tables http://freitnj.com/role/Disclosure-Fairvalueoflong-termdebt 23 false false R24.htm 00000024 - Disclosure - Segment information (Tables) Sheet http://freitnj.com/role/Disclosure-SegmentinformationTables Segment information (Tables) Tables http://freitnj.com/role/Disclosure-Segmentinformation 24 false false R25.htm 00000025 - Disclosure - Stock option plan (Tables) Sheet http://freitnj.com/role/Disclosure-StockoptionplanTables Stock option plan (Tables) Tables http://freitnj.com/role/Disclosure-Stockoptionplan 25 false false R26.htm 00000027 - Disclosure - Interest rate swap contracts (Details) Sheet http://freitnj.com/role/Disclosure-InterestrateswapcontractsDetails Interest rate swap contracts (Details) Details http://freitnj.com/role/Disclosure-Interestrateswapcontracts 26 false false R27.htm 00000028 - Disclosure - Sale of property (Details) Sheet http://freitnj.com/role/Disclosure-PropertyheldforsaleDetails Sale of property (Details) Details http://freitnj.com/role/Disclosure-Propertyheldforsale 27 false false R28.htm 00000029 - Disclosure - Capitalized interest (Details) Sheet http://freitnj.com/role/Disclosure-CapitalizedinterestDetails Capitalized interest (Details) Details http://freitnj.com/role/Disclosure-Capitalizedinterest 28 false false R29.htm 00000030 - Disclosure - Management agreement, fees and transactions with related party (Details) Sheet http://freitnj.com/role/Disclosure-ManagementagreementfeesandtransactionswithrelatedpartyDetails Management agreement, fees and transactions with related party (Details) Details http://freitnj.com/role/Disclosure-Managementagreementfeesandtransactionswithrelatedparty 29 false false R30.htm 00000031 - Disclosure - Mortgage financings (Details) Sheet http://freitnj.com/role/Disclosure-MortgagefinancingsDetails Mortgage financings (Details) Details http://freitnj.com/role/Disclosure-Mortgagefinancings 30 false false R31.htm 00000032 - Disclosure - Fair value of long-term debt (Details) Sheet http://freitnj.com/role/FairValueOfLong-termDebtDetails Fair value of long-term debt (Details) Details http://freitnj.com/role/Disclosure-Fairvalueoflong-termdebtTables 31 false false R32.htm 00000033 - Disclosure - Segment information (Details) Sheet http://freitnj.com/role/Disclosure-SegmentinformationDetails Segment information (Details) Details http://freitnj.com/role/Disclosure-SegmentinformationTables 32 false false R33.htm 00000034 - Disclosure - Income taxes (Details) Sheet http://freitnj.com/role/IncomeTaxesDetails Income taxes (Details) Details http://freitnj.com/role/Disclosure-Incometaxes 33 false false R34.htm 00000035 - Disclosure - Stock option plan (Details) Sheet http://freitnj.com/role/Disclosure-StockoptionplanDetails Stock option plan (Details) Details http://freitnj.com/role/Disclosure-StockoptionplanTables 34 false false R35.htm 00000036 - Disclosure - Stock option plan (Fair value assumption of options granted) (Details) Sheet http://freitnj.com/role/StockOptionPlanFairValueAssumptionOfOptionsGrantedDetails Stock option plan (Fair value assumption of options granted) (Details) Details http://freitnj.com/role/Disclosure-StockoptionplanTables 35 false false R36.htm 00000037 - Disclosure - Deferred fee plan (Details) Sheet http://freitnj.com/role/Disclosure-DeferredfeeplanDetails Deferred fee plan (Details) Details http://freitnj.com/role/Disclosure-Deferredfeeplan 36 false false R37.htm 00000038 - Disclosure - Lease termination fee (Details) Sheet http://freitnj.com/role/LeaseTerminationFeeDetails Lease termination fee (Details) Details http://freitnj.com/role/LeaseTerminationFee 37 false false All Reports Book All Reports frevsob-20170430.xml frevsob-20170430.xsd frevsob-20170430_cal.xml frevsob-20170430_def.xml frevsob-20170430_lab.xml frevsob-20170430_pre.xml true true ZIP 55 0001174947-17-001008-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001174947-17-001008-xbrl.zip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end