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Subsequent Event
12 Months Ended
Oct. 31, 2017
Subsequent Events [Abstract]  
Subsequent Event

Note 17- Subsequent event

On December 7, 2017, FREIT completed the acquisition of Station Place, a residential apartment complex consisting of one building with 45 units, located in Red Bank, New Jersey through Station Place on Monmouth, LLC FREIT’s 100% owned consolidated affiliate. FREIT identified Station Place as a replacement property for the Maywood, New Jersey property that FREIT sold on June 12, 2017 (see Note 2 and Note 17 to FREIT’s consolidated financial statements). Station Place will be part of FREIT’s Residential segment. The acquisition cost was $19,000,000 (exclusive of $542,000 of transaction costs), which was funded in part with $7 million in net proceeds from the sale of the Maywood, New Jersey property, and the remaining balance of $12,350,000 (inclusive of the transaction costs) was funded by Station Place on Monmouth, LLC (owned 100% by FREIT) through long-term financing for this property from Provident Bank. The loan bears a floating interest rate equal to 180 basis points over the one-month BBA LIBOR with a maturity date of December 15, 2027. In order to minimize interest rate volatility during the term of the loan, Station Place on Monmouth, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 4.35% over the term of the loan.