0001174947-18-000952.txt : 20180608 0001174947-18-000952.hdr.sgml : 20180608 20180608103953 ACCESSION NUMBER: 0001174947-18-000952 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20180430 FILED AS OF DATE: 20180608 DATE AS OF CHANGE: 20180608 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: 18888363 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-20373_frevs.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, 2018

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 Section 13(a) of the Exchange Act. o

As of June 8, 2018, the number of shares of beneficial interest outstanding was 6,755,875.

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 of April 30, 2018 and October 31, 2017;	3

		b.)	Condensed Consolidated Statements of Income (Loss) for the Six and Three Months Ended April 30, 2018 and 2017;	4

		c.)	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Six and Three Months Ended April 30, 2018 and 2017;	5

		d.)	Condensed Consolidated Statement of Equity for the Six Months Ended April 30, 2018;	6

		e.)	Condensed Consolidated Statements of Cash Flows for the Six Months Ended April 30, 2018 and 2017;	7

		f.)	Notes to Condensed Consolidated Financial Statements.	8

	Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations		17

	Item 3:	Quantitative and Qualitative Disclosures About Market Risk		29

	Item 4:	Controls and Procedures		29


Part II:	Other Information

	Item 1:	Legal Proceedings		29

	Item 1A:	Risk Factors		29

	Item 6:	Exhibits		30

	Signatures			30

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,
	2018			2017
	(In Thousands of Dollars)
ASSETS

Real estate, at cost, net of accumulated depreciation	$	348,548		$	331,965
Construction in progress		135			129
Cash and cash equivalents		18,902			7,899
Tenants' security accounts		2,161			2,007
Receivables arising from straight-lining of rents		3,532			3,359
Accounts receivable, net of allowance for doubtful accounts of $288 and		2,365			1,767
$175 as of April 30, 2018 and October 31, 2017, respectively
Secured loans receivable		5,451			5,451
Prepaid expenses and other assets		7,486			9,135
Qualified intermediary deposit - 1031 exchange		—			6,965
Deferred charges, net		2,740			2,680
Interest rate cap and swap contracts		3,807			1,600
Total Assets	$	395,127		$	372,957

LIABILITIES AND EQUITY

Liabilities:
Mortgages payable	$	352,623		$	323,435
Less unamortized debt issuance costs		4,067			1,863
Mortgages payable, net		348,556			321,572

Due to affiliate		5,284			5,172
Deferred trustee compensation payable		8,457			9,078
Accounts payable and accrued expenses		2,886			3,870
Dividends payable		337			—
Tenants' security deposits		3,118			2,960
Deferred revenue		1,068			1,276
Interest rate swap contract		—			439
Total Liabilities		369,706			344,367

Commitments and contingencies

Equity:
Common equity:
Shares of beneficial interest without par value:
8,000,000 shares authorized; 6,993,152 shares issued plus 134,404		27,850			27,651
and 122,092 vested share units granted to trustees at April 30, 2018
and October 31, 2017, respectively
Treasury stock, at cost: 237,277 and 253,083 shares at April 30, 2018
and October 31, 2017, respectively		(4,977	)		(5,273	)
Dividends in excess of net income		(4,410	)		(4,824	)
Accumulated other comprehensive income		2,047			284
Total Common Equity		20,510			17,838
Noncontrolling interests in subsidiaries		4,911			10,752
Total Equity		25,421			28,590
Total Liabilities and Equity	$	395,127		$	372,957

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 (LOSS)

SIX AND THREE MONTHS ENDED APRIL 30, 2018 AND 2017

(Unaudited)

	Six Months Ended April 30,						Three Months Ended April 30,
	2018			2017			2018			2017
	(In Thousands of Dollars,Except Per Share Amounts)						(In Thousands of Dollars,Except Per Share Amounts)
Revenue:
Rental income	$	25,171		$	22,018		$	12,781		$	11,157
Reimbursements		2,987			2,773			1,411			1,407
Sundry income		361			472			133			100
Total revenue		28,519			25,263			14,325			12,664

Expenses:
Operating expenses		8,350			7,915			4,208			3,947
Lease termination fee		—			620			—			620
Management fees		1,260			1,156			649			593
Real estate taxes		3,450			4,808			897			2,746
Depreciation		5,512			5,178			2,801			2,648
Total expenses		18,572			19,677			8,555			10,554

Operating income		9,947			5,586			5,770			2,110

Investment income		112			91			57			45
Unrealized gain on interest rate cap contract		19			—			19			—
Interest expense including amortization
of deferred financing costs		(9,571	)		(7,722	)		(4,419	)		(3,856	)
Net income (loss)		507			(2,045	)		1,427			(1,701	)

Net (income) loss attributable to noncontrolling
interests in subsidiaries		251			1,409			(312	)		1,002

Net income (loss) attributable to common equity	$	758		$	(636	)	$	1,115		$	(699	)

Earnings (loss) per share - basic and diluted	$	0.11		$	(0.09	)	$	0.16		$	(0.10	)

Weighted average shares outstanding:
Basic and Diluted		6,869			6,823			6,876			6,828

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 (LOSS)

SIX AND THREE MONTHS ENDED APRIL 30, 2018 AND 2017

(Unaudited)

	Six Months Ended April 30,						Three Months Ended April 30,
	2018			2017			2018			2017
	(In Thousands of Dollars)						(In Thousands of Dollars)

Net income (loss)	$	507		$	(2,045	)	$	1,427		$	(1,701	)

Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swap contracts before
reclassifications		2,413			2,275			866			(386	)
Amount reclassified from accumulated other comprehensive income
to interest expense		125			331			41			146
Net unrealized gain (loss) on interest rate swap contracts		2,538			2,606			907			(240	)
Comprehensive income (loss)		3,045			561			2,334			(1,941	)
Net (income) loss attributable to noncontrolling interests		251			1,409			(312	)		1,002
Other comprehensive income (loss):
Unrealized (gain) loss on interest rate swap contracts attributable
to noncontrolling interests		(775	)		(879	)		(242	)		113
Comprehensive income (loss) attributable to noncontrolling interests		(524	)		530			(554	)		1,115
Comprehensive income (loss) attributable to common equity	$	2,521		$	1,091		$	1,780		$	(826	)

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, 2018

(Unaudited)

	Common Equity
	Shares of Beneficial Interest			Treasury Shares at Cost			Dividends in Excess of Net Income			Accumulated Other Comprehensive Income		Total Common Equity			Noncontrolling Interests			Total Equity
	(In Thousands of Dollars, Except Share and Per Share Amounts)

Balance at October 31, 2017	$	27,651		$	(5,273	)	$	(4,824	)	$	284	$	17,838		$	10,752		$	28,590

Stock based compensation expense		61											61						61

Vested share units granted to trustees and consultant		434											434						434

Vested share units issued to retired trustee *		(296	)		296								—						—

Distributions to noncontrolling interests													—			(6,365	)		(6,365	)

Net income (loss)								758					758			(251	)		507

Dividends declared, including $7 payable in share units ($0.05 per share)								(344	)				(344	)					(344	)

Net unrealized gain on interest rate swaps											1,763		1,763			775			2,538

Balance at April 30, 2018	$	27,850		$	(4,977	)	$	(4,410	)	$	2,047	$	20,510		$	4,911		$	25,421

* Represents the issuance of treasury shares to retired trustee for share units earned.

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, 2018 AND 2017

(Unaudited)

	Six Months Ended
	April 30,
	2018			2017
	(In Thousands of Dollars)
Operating activities:
Net income (loss)	$	507		$	(2,045	)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation		5,512			5,178
Amortization		766			761
Unrealized gain on interest rate cap contract		(19	)		—
Stock based compensation expense		61			61
Trustee fees, consultant fee and related interest paid in stock units		427			410
Deferred rents - straight line rent		(173	)		(311	)
Bad debt expense		170			93
Changes in operating assets and liabilities:
Tenants' security accounts		4			86
Accounts receivable, prepaid expenses and other assets		(899	)		(429	)
Accounts payable, accrued expenses and deferred
trustee compensation		(1,165	)		(216	)
Deferred revenue		(208	)		(27	)
Net cash provided by operating activities		4,983			3,561
Investing activities:
Capital improvements - existing properties		(3,186	)		(8,308	)
Acquisition of Station Place, net of proceeds released from escrow related to 1031 exchange		(12,577	)		—
Net cash used in investing activities		(15,763	)		(8,308	)
Financing activities:
Repayment of mortgages and construction loan		(146,561	)		(24,026	)
Proceeds from mortgage loan refinancings		166,520			23,500
Proceeds from acquisition mortgage loan		12,350			—
Refinancing good faith deposit refund		960			—
Restricted loan proceeds held in escrow		—			(250	)
Proceeds from construction loan		—			1,349
Proceeds from credit line		—			3,000
Repayment of credit line		(3,121	)		—
Advanced funding for construction loan reserve		647			(693	)
Interest rate cap contract cost		(89	)		—
Deferred financing costs		(2,670	)		(339	)
Dividends paid		—			(3,033	)
Due to affiliate		112			2,806
Distributions to noncontrolling interests		(6,365	)		(270	)
Net cash provided by financing activities		21,783			2,044
Net increase (decrease) in cash and cash equivalents		11,003			(2,703	)
Cash and cash equivalents, beginning of period		7,899			10,906
Cash and cash equivalents, end of period	$	18,902		$	8,203

Supplemental disclosure of cash flow data:
Interest paid, net of amounts capitalized	$	8,770		$	6,979

Supplemental schedule of non cash activities:
Investing activities:
Accrued capital expenditures, construction costs, pre-development costs and interest	$	285		$	274

Financing activities:
Dividends declared but not paid	$	337		$	—
Dividends paid in share units	$	7		$	13

See Notes to Condensed Consolidated Financial Statements.

Index

Page 8

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 - Basis of presentation:

The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the rules of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnotes required by GAAP for complete financial statements have been omitted. It is the opinion of management that all adjustments considered necessary for a fair presentation have been included, and that all such adjustments are of a normal recurring nature.

The consolidated results of operations for the six and three-month periods ended April 30, 2018 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, 2017 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 codified as ASC 606 and effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017. ASC 606 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. Based on this new accounting guidance, the Company will no longer be able to capitalize certain leasing costs, such as legal expenses, as it relates to activities before a lease is entered into.

In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”, which requires companies to include cash and cash equivalents that have restrictions on withdrawal or use in total cash and cash equivalents on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 and interim periods within those years and early adoption is permitted including adoption in an interim period. The standard should be applied using a retrospective transition method to each period presented. 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 January 2017, the FASB issued ASU 2017-01, “Business Combinations: Clarifying the Definition of a Business”, which amends guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business, likely resulting in more acquisitions being accounted for as asset acquisitions. There are certain differences in accounting under these models, including the capitalization of transaction expenses and application of a cost accumulation model in an asset acquisition. The standard is effective for annual periods beginning after December 15, 2017, including interim periods within those periods with early adoption permitted for certain transactions. Early application of this new accounting guidance is allowed for transactions for which the acquisition date occurs before the effective date of the amendment, only when the transaction has not been previously been reported in financial statements. FREIT acquired a new property, Station Place, located in Red Bank, New Jersey on December 7, 2017. As such, FREIT early adopted this new accounting guidance in the first quarter of Fiscal 2018 and accounted for this transaction as an acquisition of an asset capitalizing approximately $542,000 of transaction expenses.

In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging ("ASC 815")” which amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 requires subsequent changes in fair value of a hedging instrument that has been designated and qualifies as a cash flow hedge to be recognized as a component of "other comprehensive income (loss)." ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. FREIT does not expect the adoption of this new accounting guidance to have a significant impact on its consolidated financial statements and footnote disclosures.

Index

Page 9

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 to FREIT’s condensed consolidated financials) 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 attributable 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, 2018 and 2017, the outstanding stock options were anti-dilutive with no impact on earnings (loss) per share.

Note 4 - Interest rate cap and swap contracts:

On February 7, 2018, Grande Rotunda, LLC, a consolidated subsidiary, refinanced its $115.3 million construction loan held by Wells Fargo with a new loan held by Aareal Capital Corporation in the amount of approximately $118.5 million with additional funding available for retail tenant improvements and leasing costs in the amount of $3,380,000. This loan bears a floating interest rate at 285 basis points over the one-month LIBOR rate and has a maturity date of February 6, 2021. At April 30, 2018, the total amount outstanding on this loan was approximately $118.5 million. As part of this transaction, Grande Rotunda, LLC purchased an interest rate cap on LIBOR for the full amount that can be drawn on this loan of $121.9 million, capping the one-month LIBOR rate at 3% for the first two years of this loan. At April 30, 2018, the derivative financial instrument has a notional amount of $121.9 million and a maturity date of March 5, 2020.

On December 7, 2017, Station Place on Monmouth, LLC (owned 100% by FREIT) closed on a $12,350,000 mortgage loan with 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. At April 30, 2018, the total amount outstanding on this loan was $12,350,000. In order to minimize interest rate volatility during the term of this 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. At April 30, 2018, the derivative financial instrument has a notional amount of $12,350,000 and a maturity date of December 2027.

On September 29, 2016, Wayne PSC, LLC, a consolidated subsidiary, refinanced its $24.2 million mortgage loan held by 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, 2018, the total amount outstanding on this loan was approximately $24.8 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, 2018, the derivative financial instrument has a notional amount of approximately $24.8 million and a 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, 2018 was approximately $20.1 million. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 basis points over the one-month 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, 2018, the derivative financial instrument has a notional amount of approximately $20.2 million and a 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, 2018, the total amount outstanding on this loan was approximately $16.1 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, 2018, the derivative financial instrument has a notional amount of approximately $16.1 million and a 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, Wayne PSC, LLC and Station Place on Monmouth, LLC interest rate swaps as effective cash flow hedges marking these contracts to market, taking into account present interest rates compared to the contracted fixed rate over the life of the contract and recording the unrealized gain or loss on the swaps in comprehensive income. For the six months ended April 30, 2018, FREIT recorded an unrealized gain of approximately $2,538,000 in comprehensive income representing the change in the fair value of these cash flow hedges during such period with a corresponding asset of approximately $883,000 for the Damascus Center swaps, $2,313,000 for the Wayne PSC swap, $238,000 for the Regency swap and $266,000 for the Station Place on Monmouth swap as of April 30, 2018. 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 these cash flow hedges during such period. For the three months ended April 30, 2018 and 2017, FREIT recorded an unrealized gain of approximately $907,000 and unrealized loss of approximately $240,000, respectively, in comprehensive income representing the change in the fair value of these cash flow hedges during such period. For the year ended October 31, 2017, FREIT recorded an unrealized gain of $2,952,000 in comprehensive income representing the change in the fair value of these cash flow hedges during such period with a corresponding asset of approximately $275,000 for the Damascus Center swaps, $1,325,000 for the Wayne PSC swap and a corresponding liability of approximately $439,000 for the Regency swap as of October 31, 2017.

Index

Page 10

The Grande Rotunda, LLC interest rate cap is accounted for as an ineffective cash flow hedge with a corresponding gain or loss being recorded in FREIT’s income statement. For the six and three months ended April 30, 2018, FREIT recorded an unrealized gain in the condensed consolidated statement of income of approximately $19,000 for the Grande Rotunda, LLC interest rate cap representing the change in the fair value of this ineffective cash flow hedge during such period with a corresponding asset of approximately $107,000 as of April 30, 2018.

The fair values are based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

Note 5 – Property sale:

On June 12, 2017, FREIT sold its Hammel Gardens property, a residential property located in Maywood, New Jersey, for a sale price of $17 million. The sale of this property, which had a carrying value of approximately $0.7 million, resulted in a capital gain of approximately $15.4 million net of sales fees and commissions. As a result of this sale, FREIT incurred a loan prepayment cost of approximately $1.1 million and paid off the related mortgage on the Hammel Gardens property in the amount of approximately $8 million from the proceeds of the sale. FREIT structured this sale in a manner that qualified it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. The 1031 Exchange transaction resulted in a deferral for income tax purposes of the $15.4 million capital gain. The net proceeds from this sale, which were approximately $7 million, were held in escrow until a replacement property was purchased. A replacement property to complete this like-kind exchange was acquired on December 7, 2017, and the sale proceeds held in escrow were applied to the purchase price of such property (See Note 6 to FREIT’s condensed consolidated financials for further details).

As the disposal of the Hammel Gardens 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 condensed consolidated financial statements.

Note 6 – Property acquisition:

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 subsidiary). FREIT identified Station Place as the replacement property for the Hammel Gardens property located in Maywood, New Jersey that FREIT sold on June 12, 2017, which completed the like-kind exchange pursuant to Section 1031 of the Internal Revenue Code (See Note 5 to FREIT’s condensed consolidated financial statements). Station Place is part of FREIT’s residential segment. The acquisition cost was $19,542,000 (inclusive of approximately $542,000 of transaction costs capitalized as part of the asset acquisition), which was funded in part with $7 million in net proceeds from the sale of the Hammel Gardens property, and the remaining balance of $12,350,000 (inclusive of the transaction costs) was funded by Station Place on Monmouth, LLC through long-term financing for this property from Provident Bank.

The acquisition cost of $19.5 million has been allocated as follows: $10.7 million to the building and $8.8 million to the land.

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 $1,194,000 and $1,074,000 for the six months ended April 30, 2018 and 2017, respectively, and $619,000 and $553,000 for the three months ended April 30, 2018 and 2017, 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 $270,000 and $397,000 for the six-month periods ended April 30, 2018 and 2017, respectively, and $130,000 and $198,000 for the three-month periods ended April 30, 2018 and 2017, respectively. The management agreement expires on October 31, 2019, 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.

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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 $49,000 and $55,000 for the six months ended April 30, 2018 and 2017, respectively, and $17,000 and $33,000 for the three months ended April 30, 2018 and 2017, 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. Such fees incurred during the six months ended April 30, 2018 and 2017 were approximately $1,195,000 and $0, respectively, and $432,500 and $0 for the three months ended April 30, 2018 and 2017, respectively. Fees incurred during Fiscal 2018 related to commissions to Hekemian for the following: $522,500 for the purchase of the Station Place property; $400,000 for the refinancing of the Grande Rotunda, LLC loan; $240,000 for the refinancing of the Pierre Towers, LLC loan; $32,500 for the renewal of FREIT’s line of credit.

In Fiscal 2007, FREIT’s Board of Trustees approved and FREIT executed a development fee agreement for the Rotunda redevelopment project for the development services to be provided by Hekemian Development Resources, LLC (“Resources”), a wholly-owned subsidiary of Hekemian. As part of this agreement, the Board approved the payment of a fee to Resources in the amount of $1.4 million in connection with the revision to the scope of the Rotunda redevelopment project. Grande Rotunda, LLC paid $500,000 of this fee to Resources in Fiscal 2013 and the balance of $900,000 became due upon the issuance of a certificate of occupancy for the multi-family portion of this project. A final certificate of occupancy was issued in Fiscal 2016; however Resources agreed to defer the payment of the $900,000 balance of this fee (the $900,000 was included in accounts payable on FREIT’s condensed consolidated balance sheet at October 31, 2017). Grande Rotunda, LLC paid the $900,000 portion of this fee to Resources in February 2018 in connection with the refinancing of the Wells Fargo construction loan for the Rotunda property with a new construction loan from Aareal Capital Corporation. Additionally, Grande Rotunda, LLC paid Resources the amount of approximately $45,000 representing a mutually agreed upon amount of interest on the $900,000 portion of the fee for the period during which Hekemian Resources had agreed to defer payment thereof.

Robert S. Hekemian, the Chairman of the Board and Chief Executive Officer of Hekemian, is the former Chairman and Chief Executive Officer of FREIT. Mr. Hekemian retired as Chairman and Chief Executive Officer of FREIT effective upon the conclusion of FREIT’s 2018 Annual Meeting of Shareholders held on April 5, 2018 (the “2018 Annual Meeting”). Robert S. Hekemian, Jr., the President of Hekemian, is a Trustee of FREIT, and succeeded Robert S. Hekemian as Chief Executive Office of FREIT effective upon the conclusion of the 2018 Annual Meeting. David Hekemian, a Principal of Hekemian, was elected as a Trustee of FREIT at the 2018 Annual Meeting.

Trustee fee expense (including interest) incurred by FREIT for the six months ended April 30, 2018 and 2017 was approximately $255,000 and $273,000, respectively, for Robert S. Hekemian, $41,000 and $34,000, respectively, for Robert S. Hekemian, Jr. and $2,000 and $0, respectively, for David Hekemian and for the three months ended April 30, 2018 and 2017 was approximately $119,000 and $135,000, respectively, for Robert S. Hekemian, $27,000 and $17,000, respectively, for Robert S. Hekemian, Jr. and $2,000 and $0, respectively, for David Hekemian (See Note 13 to FREIT’s condensed consolidated financial statements).

Pursuant to the terms of a Consulting Agreement between Robert S. Hekemian and the Trust, Mr. Hekemian will continue to serve the Trust in a consulting capacity effective upon conclusion of FREIT’s 2018 Annual Meeting. The Consulting Agreement has a term of four years, and obliges Mr. Hekemian to provide advice and consultation with respect to matters pertaining to FREIT and its subsidiaries, affiliates, assets and business for no fewer than 30 hours per month during the term of the agreement. FREIT will pay Mr. Hekemian a consulting fee of $5,000 per month during the term of the Consulting Agreement, which shall be payable in the form of Shares on a quarterly basis (i.e. in quarterly installments of $15,000). The number of Shares to be issued for each quarterly installment of the consulting fee will be determined by dividing the dollar amount of the consulting fee by the closing price of one Share on the OTC Pink Open Market as of the close of trading on the last trading day of the calendar quarter with respect to which such consulting fee is payable. For the six and three months ended April 30, 2018, consulting fee expense for Robert S. Hekemian was approximately $4,200.

Rotunda 100, LLC owns a 40% minority equity interest in Grande Rotunda, LLC and FREIT owns a 60% equity interest in Grande Rotunda, LLC. Damascus 100, LLC owns a 30% minority equity interest in Damascus Centre, LLC and FREIT owns 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, 2018 and October 31, 2017, were in the form of secured loans that bear interest that 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 originally 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. On December 7, 2017, the Board approved a further extension of the maturity dates of these loans to the date or dates upon which distributions of cash are made by Grande Rotunda, LLC to its members as a result of a refinancing or sale of Grande Rotunda, LLC or the Rotunda property.

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In Fiscal 2017, Grande Rotunda, LLC incurred substantial expenditures at the Rotunda property related to retail tenant improvements, leasing costs and operating expenditures which, in the aggregate, exceeded revenues as the property was still in the rent up phase and the construction loan previously held with Wells Fargo was at its maximum level resulting in no additional funding available to draw. Accordingly, the equity owners in Grande Rotunda, LLC contributed their respective pro-rata share of any cash needs through loans to Grande Rotunda, LLC. As of April 30, 2018 and October 31, 2017, Rotunda 100, LLC has funded Grande Rotunda, LLC with approximately $5.3 million and $5.2 million, respectively, which is included in “Due to affiliate” on the accompanying condensed consolidated balance sheets.

Note 8 – Mortgage financings:

The loan on the Patchogue, New York property in the amount of approximately $5.2 million became due on March 1, 2018. FREIT is currently working with the lender, Oritani Bank, to extend the loan while the lender completes its underwriting process. Until such time as a definitive agreement providing for an extension of the loan is entered into, there can be no assurance the loan will be extended.

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. On December 9, 2013, Grande Rotunda, LLC, a consolidated subsidiary, 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 could have been 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 were 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 was 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; and (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. The following terms and conditions of this loan were modified and effective as of October 31, 2017: (i) the maturity date of the loan was extended 120 days from October 31, 2017 to February 28, 2018; (ii) the interest rate on the amount outstanding on the loan was increased by 35 basis points to 285 basis points over the monthly LIBOR through December 31, 2017; and (iii) the interest rate on the amount outstanding on the loan was increased by 65 basis points to 315 basis points over the monthly LIBOR from January 1, 2018 through February 28, 2018.

On February 7, 2018, Grande Rotunda, LLC refinanced its $115.3 million construction loan held by Wells Fargo with a new loan held by Aareal Capital Corporation in the amount of approximately $118.5 million with additional funding available for retail tenant improvements and leasing costs in the amount of $3,380,000. This refinancing paid off the loan previously held by Wells Fargo, funded loan closing costs and paid the amount due to Hekemian Development Resources for a development fee of $900,000 plus accrued interest of approximately $45,000 (See Note 7 to FREIT’s condensed consolidated financial statements for further details on this fee). This loan, secured by the Rotunda property, bears a floating interest rate at 285 basis points over the one-month LIBOR rate and has a maturity date of February 6, 2021 with two one-year renewal options. As part of this transaction, Grande Rotunda, LLC purchased an interest rate cap on LIBOR for the full amount that can be drawn on this loan of $121.9 million, capping the one-month LIBOR rate at 3% for the first two years of this loan. As of April 30, 2018, approximately $118.5 million of this loan was drawn down and the interest rate was approximately 4.73%.

On January 8, 2018, Pierre Towers, LLC (“Pierre”), owned by S And A Commercial Associates Limited Partnership (“S&A”), which is a consolidated subsidiary, refinanced its $29.1 million loan held by State Farm with a new mortgage loan from New York Life Insurance in the amount of $48 million. Pierre paid New York Life Insurance a good faith deposit in the amount of $960,000 (which was included in prepaid expenses and other assets on the accompanying condensed consolidated balance sheet as of October 31, 2017) and was reimbursed by New York Life when the loan was closed in January 2018. The new loan has a term of ten years and bears a fixed interest rate equal to 3.88%. Interest-only payments are required each month for the first five years of the term and thereafter, principal payments plus accrued interest will be required each month through maturity. This refinancing resulted in: (i) a reduction in the annual interest rate from a fixed rate of 5.38% to a fixed rate of 3.88%; and (ii) net refinancing proceeds of approximately $17.2 million (after giving effect to a $1.2 million loan prepayment cost to pay-off the loan held by State Farm) that were distributed to the partners in S&A with FREIT receiving approximately $11.2 million, based on its 65% membership interest in S&A which can be used for capital expenditures and general corporate purposes.

On December 7, 2017, Station Place on Monmouth, LLC (owned 100% by FREIT) closed on a mortgage loan in the amount of $12,350,000 held by Provident Bank to purchase the Station Place property in Red Bank, New Jersey (see Note 6 to FREIT’s condensed consolidated financial statements). Interest-only payments are required each month for the first two years of the term and thereafter, principal payments plus accrued interest will be required each month through maturity. 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.

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On October 27, 2017, FREIT’s revolving line of credit provided by the Provident Bank was renewed for a three-year term ending on October 27, 2020 at which point no further advances shall be permitted and provided the line of credit is not renewed by the lender, the outstanding principal balance of the line of credit shall convert to a commercial term loan maturing on October 31, 2022. Draws against the credit line can be used for working capital needs and standby 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. The total line of credit was increased from $12.8 million to $13 million and the interest rate on the amount outstanding will be at a floating rate of 275 basis points over the 30-day LIBOR with a floor of 3.75%. During Fiscal 2017, FREIT utilized $3 million of its credit line to fund tenant improvements for new retail tenants at the Rotunda property. As of October 31, 2017, approximately $3.1 million was outstanding (including closing costs of approximately $0.1 million related to the renewal of the line). In February 2018, FREIT repaid the line of credit in the amount of $3.1 million. As of April 30, 2018, there was no amount outstanding and $13 million was available under the line of credit.

On April 28, 2017, WestFREIT Corp., a consolidated subsidiary, refinanced its $22 million mortgage loan held by 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 bears a floating interest rate equal to 275 basis points over the one-month LIBOR and has 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 and (ii) net refinancing proceeds of approximately $1.1 million which have been used for general corporate purposes.

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, 2018 and October 31, 2017:

($ in Millions)	April 30, 2018	October 31, 2017

Fair Value	$341.7	$317.8

Carrying Value	$348.6	$321.6

Fair values are estimated based on market interest rates at April 30, 2018 and October 31, 2017 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 and the residential segment is comprised of eight (8) properties inclusive of the property acquired in Fiscal 2018 (Station Place).

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, 2017. 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.

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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, 2018 and 2017. 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,
	2018			2017			2018			2017
	(In Thousands of Dollars)						(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	12,566		$	12,070		$	6,263		$	5,996
Residential		15,780			12,882			7,987			6,495
Total real estate rental revenue		28,346			24,952			14,250			12,491

Real estate operating expenses:
Commercial		6,001			5,835			2,964			2,950
Residential		5,867			6,887			2,151			3,703
Total real estate operating expenses		11,868			12,722			5,115			6,653

Net operating income:
Commercial		6,565			6,235			3,299			3,046
Residential		9,913			5,995			5,836			2,792
Total net operating income	$	16,478		$	12,230		$	9,135		$	5,838


Recurring capital improvements - residential	$	(238	)	$	(379	)	$	(127	)	$	(179	)


Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Segment NOI	$	16,478		$	12,230		$	9,135		$	5,838
Deferred rents - straight lining		173			311			75			173
Lease termination fee		—			(620	)		—			(620	)
Investment income		112			91			57			45
Unrealized gain on interest rate cap contract		19			—			19			—
General and administrative expenses		(1,192	)		(1,157	)		(639	)		(633	)
Depreciation		(5,512	)		(5,178	)		(2,801	)		(2,648	)
Financing costs		(9,571	)		(7,722	)		(4,419	)		(3,856	)
Net income (loss)		507			(2,045	)		1,427			(1,701	)
Net (income) loss attributable to noncontrolling interests in subsidiaries		251			1,409			(312	)		1,002
Net income (loss) attributable to common equity	$	758		$	(636	)	$	1,115		$	(699	)

Note 11 – Income taxes:

FREIT intends to distribute 100% of its ordinary taxable income to its shareholders as dividends for the fiscal year ending October 31, 2018. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded in FREIT’s condensed consolidated financial statements.

There was no ordinary taxable income for the fiscal year ended October 31, 2017 for FREIT to distribute to its shareholders. As described in Notes 5 and 6 to FREIT’s condensed consolidated financial statements, FREIT completed a like-kind exchange with respect to the sale of the Maywood, New Jersey property, which was sold on June 12, 2017 resulting in a capital gain of approximately $15.4 million. The tax basis of Station Place in Red Bank, New Jersey, which was the replacement property in the like-kind exchange, is approximately $18.8 million lower than the acquisition cost of approximately $19.5 million recorded for financial reporting purposes. Accordingly, no provision for federal or state income taxes related to such gain was recorded in FREIT’s condensed consolidated financial statements.

As of April 30, 2018, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2015 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 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 Equity Incentive 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.

On April 5, 2018, FREIT shareholders approved an amendment to FREIT’s Equity Incentive Plan reserving an additional 300,000 shares for issuance under the Plan. As of April 30, 2018, 485,020 shares are available for issuance under the Plan after giving effect to the amendment.

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The following table summarizes stock option activity for the six-month period ended April 30, 2018:

	No. of Options		Weighted Average
	Outstanding		Exercise Price
Options outstanding beginning of period		267,780	$	18.81
Options granted during period		—		—
Options forfeited/cancelled during period		—		—
Options outstanding end of period		267,780	$	18.81
Options vested and expected to vest		262,280
Options exercisable at end of period		147,940

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, 2018 and 2017, compensation expense related to stock options granted amounted to approximately $61,000 and $61,000, respectively. For the three-month periods ended April 30, 2018 and 2017, compensation expense related to stock options granted amounted to approximately $30,000 and $30,000, respectively. At April 30, 2018, there was approximately $218,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over the remaining weighted average vesting period of approximately 1.9 years.

There was no aggregate intrinsic value of options vested and expected to vest and options exercisable at April 30, 2018 as the exercise price of the options was greater than the market or average share price.

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, 2018 were deferred under the Deferred Fee Plan except for fees payable to three Trustees, who elected to receive such fees in cash. 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. As a result of the amendment to the Deferred Fee Plan described above, for the six-month periods ended April 30, 2018 and 2017, the aggregate amounts of deferred Trustee fees together with related interest and dividends were approximately $430,000 and $423,200, respectively, which have been paid through the issuance of 28,118 and 21,037 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, 2018 and 2017, FREIT has charged as expense approximately $423,300 and $410,200, respectively, representing deferred Trustee fees and interest, and the balance of approximately $6,700 and $13,000, respectively, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity.

Note 14 – Anchor tenant termination and modification of lease:

FREIT owns and operates an 87,661 square foot shopping center located in Franklin Lakes, New Jersey, the anchor tenant of which is The Stop & Shop Supermarket Company, LLC (“Stop & Shop”). On July 26, 2017, Stop & Shop entered into a lease modification with FREIT whereby the tenant exercised its option to renew the lease for a ten year period with a right of the tenant to terminate the lease at any time during the fifth year if the store does not meet certain sales volume levels set forth in the modification. This lease modification, which provided for a $250,000 reduction in annual rent, has adversely affected and will adversely affect FREIT’s future operating results.

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On January 4, 2017, Macy’s, Inc. announced its intention to close several of its department stores across the United States, including the approximately 81,160 square foot Macy’s anchor store located at the Preakness Shopping Center in Wayne, New Jersey. Wayne PSC, LLC (“Wayne PSC”), a 40% owned consolidated affiliate of FREIT, owns and operates this shopping center in which Macy’s operated its store 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 was fully expensed in the second quarter of Fiscal 2017. Wayne PSC expects to re-position this space and re-lease it 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.

Note 15 – Subsequent event:

On May 3, 2018, the Board approved the grant of a total of 38,000 non-qualified share options under the Equity Incentive Plan to two members of the Board who were appointed to the Board during Fiscal 2018. The options have an exercise price of $15.50 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 May 2, 2028.

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

Cautionary Statement Identifying Important Factors That Could Cause First Real Estate Investment Trust of New Jersey’s (“FREIT”) Actual Results to Differ From Those Projected in Forward Looking Statements.

Readers of this discussion are advised that the discussion should be read in conjunction with the unaudited condensed consolidated financial statements of FREIT (including related notes thereto) appearing elsewhere in this Form 10-Q, and the consolidated financial statements included in FREIT’s most recently filed Form 10-K. Certain statements in this discussion may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect FREIT’s current expectations regarding future results of operations, economic performance, financial condition and achievements of FREIT, and do not relate strictly to historical or current facts. FREIT has tried, wherever possible, to identify these forward-looking statements by using words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning.

Although FREIT believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties, which may cause the actual results to differ materially from those projected. Such factors include, but are not limited to the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability of prospective tenants, lease rents, the financial condition of tenants and the default rate on leases, operating and administrative expenses and the availability of financing; adverse changes in FREIT’s real estate markets, including, among other things, competition with other real estate owners, competition confronted by tenants at FREIT’s commercial properties; governmental actions and initiatives; environmental/safety requirements; and risks of real estate development and acquisitions. The risks with respect to the development of real estate include: increased construction costs, inability to obtain construction financing, or unfavorable terms of financing that may be available, unforeseen construction delays and the failure to complete construction within budget.

OVERVIEW

FREIT is an equity real estate investment trust (“REIT”) that is self-administered and externally managed. FREIT owns a portfolio of residential apartment and commercial properties. 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: Even though the U.S. economy grew an average annualized rate of 2.3% in the first quarter of 2018, it remained at the lowest growth rate in a year. Employment remains healthy with an unemployment rate at 3.9% in April 2018, the lowest rate since December 2000, and real income continues to grow at a solid pace. If the U.S. economy continues to improve, the Federal Reserve may continue to increase lending rates 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 adverse impact on FREIT’s retail tenants, which could have an adverse impact on FREIT.

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 retail tenant improvements, the redevelopment was substantially completed in the third quarter of Fiscal 2016. As of April 30, 2018, the residential section is approximately 96% leased and the retail space is approximately 79.7% leased. FREIT expects 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 February 7, 2018, Grande Rotunda, LLC refinanced its $115.3 million construction loan held by Wells Fargo with a new loan held by Aareal Capital Corporation in the amount of approximately $118.5 million with additional funding available for retail tenant improvements and leasing costs in the amount of $3,380,000. This refinancing paid off the loan previously held by Wells Fargo, funded loan closing costs and paid the amount due to Hekemian Development Resources for a development fee of $900,000 plus accrued interest of approximately $45,000 (See Note 7 to FREIT’s condensed consolidated financial statements for further details on this fee). This loan, secured by the Rotunda property, bears a floating interest rate at 285 basis points over the one-month LIBOR rate and has a maturity date of February 6, 2021 with two one-year renewal options. As part of this transaction, Grande Rotunda, LLC purchased an interest rate cap on LIBOR for the full amount that can be drawn on this loan of $121.9 million, capping the one-month LIBOR rate at 3% for the first two years of this loan. As of April 30, 2018, approximately $118.5 million of this loan was drawn down and the interest rate was approximately 4.73%.

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On December 7, 2017, Station Place on Monmouth, LLC (owned 100% by FREIT) closed on a mortgage loan in the amount of $12,350,000 held by Provident Bank to purchase the Station Place property in Red Bank, New Jersey. Interest-only payments are required each month for the first two years of the term and thereafter, principal payments plus accrued interest will be required each month through maturity. 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.

In accordance with the loan agreement for each of the loans described above, FREIT may be required to meet or maintain certain financial covenants throughout the term of the loan.

Operating Cash Flow: 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 properties and other needs to maintain its status as a REIT for at least a period of one year from the date of filing of this quarterly report on Form 10-Q.

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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, 2017, have been applied consistently as at April 30, 2018, and for the six and three months ended April 30, 2018 and 2017. 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.

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

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RESULTS OF OPERATIONS

Real estate revenue for the six months ended April 30, 2018 (“Current Six Months”) increased 12.9% to $28,519,000, compared to $25,263,000 for the six months ended April 30, 2017 (“Prior Year’s Six Months”). For the three months ended April 30, 2018 (“Current Quarter”), real estate revenue increased 13.1% to $14,325,000, compared to $12,664,000 for the three months ended April 30, 2017 (“Prior Year’s Quarter”). The increase in revenue was primarily attributable to an increase in the average occupancy rate at the Rotunda property resulting from the lease-up of the new residential units and retail space at the property.

Net income (loss) attributable to common equity (“net income (loss)-common equity”) for the Current Six Months and Current Quarter was net income of $758,000 or $0.11 per share basic and diluted and $1,115,000 or $0.16 per share basic and diluted, compared to net loss of $636,000 or ($0.09) per share basic and diluted and $699,000 or ($0.10) per share basic and diluted for the Prior Year’s comparable periods, respectively.

Included in net income for the Current Six and Three Months was a $1.5 million real estate tax credit at the Rotunda Icon property for tax year 2017 and 2018 received in March 2018 with a consolidated impact to FREIT of approximately $0.9 million based on FREIT’s 60% ownership. Also included in net income for the Current Six Months was a $1.2 million loan prepayment cost related to the Pierre Towers, LLC loan refinancing (which is included in Interest expense on the accompanying condensed consolidated statement of income for the six months ended April 30, 2018) with a consolidated impact to FREIT of approximately $0.8 million based on FREIT’s 65% ownership. Included in net loss for the Prior Year’s Six and Three Months 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 with a consolidated impact to FREIT of approximately $250,000 based on FREIT’s 40% ownership.

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, 2018 and 2017:

	Six Months Ended									Three Months Ended
	April 30,									April 30,
	2018			2017			Change			2018			2017			Change
	(In Thousands of Dollars)									(In Thousands of Dollars)
Income from real estate operations:
Commercial properties	$	6,778		$	6,572		$	206		$	3,394		$	3,225		$	169
Residential properties		9,873			5,969			3,904			5,816			2,786			3,030
Total income from real estate operations		16,651			12,541			4,110			9,210			6,011			3,199

Financing costs:
Fixed rate mortgages		(5,608	)		(5,116	)		(492	)		(2,294	)		(2,527	)		233
Floating rate mortgages		(1,812	)		(8	)		(1,804	)		(1,565	)		(8	)		(1,557	)
Floating rate - Rotunda construction loan		(1,321	)		(1,856	)		535			(90	)		(954	)		864
Credit line		(28	)		(10	)		(18	)		(3	)		(10	)		7
Other - Corporate interest		(336	)		(194	)		(142	)		(151	)		(103	)		(48	)
Mortgage cost amortization		(466	)		(538	)		72			(316	)		(254	)		(62	)
Total financing costs		(9,571	)		(7,722	)		(1,849	)		(4,419	)		(3,856	)		(563	)

Investment income		112			91			21			57			45			12
Unrealized gain on interest rate cap contract		19			—			19			19			—			19

General & administrative expenses:
Accounting fees		(277	)		(275	)		(2	)		(136	)		(125	)		(11	)
Legal & professional fees		(88	)		(47	)		(41	)		(62	)		(38	)		(24	)
Trustees and consultant fees		(495	)		(485	)		(10	)		(261	)		(250	)		(11	)
Stock option expense		(61	)		(61	)		—			(30	)		(30	)		—
Corporate expenses		(271	)		(289	)		18			(150	)		(190	)		40
Total general & administrative expenses		(1,192	)		(1,157	)		(35	)		(639	)		(633	)		(6	)

Depreciation		(5,512	)		(5,178	)		(334	)		(2,801	)		(2,648	)		(153	)
Adjusted net income (loss)		507			(1,425	)		1,932			1,427			(1,081	)		2,508

Lease termination fee		—			(620	)		620			—			(620	)		620
Net income (loss)		507			(2,045	)		2,552			1,427			(1,701	)		3,128

Net (income) loss attributable to noncontrolling interests in subsidiaries		251			1,409			(1,158	)		(312	)		1,002			(1,314	)

Net income (loss) attributable to common equity	$	758		$	(636	)	$	1,394		$	1,115		$	(699	)	$	1,814

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.

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SEGMENT INFORMATION

The following table sets forth comparative net operating income ("NOI") data for FREIT’s real estate segments and reconciles the NOI to 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,
	2018			2017			$			%			2018			2017				$			%			2018		2017
	(In Thousands)												(In Thousands)													(In Thousands)
Rental income	$	9,572		$	9,019		$	553			6.1	%	$	15,426		$	12,688			$	2,738			21.6	%	$	24,998	$	21,707
Reimbursements		2,950			2,754			196			7.1	%		37			19				18			94.7	%		2,987		2,773
Other		44			297			(253	)		-85.2	%		317			175				142			81.1	%		361		472
Total revenue		12,566			12,070			496			4.1	%		15,780			12,882				2,898			22.5	%		28,346		24,952
Operating expenses		6,001			5,835			166			2.8	%		5,867			6,887				(1,020	)		-14.8	%		11,868		12,722
Net operating income	$	6,565		$	6,235		$	330			5.3	%	$	9,913		$	5,995			$	3,918			65.4	%		16,478		12,230

Average Occupancy %		75.9	%		76.8	%					-0.9	%		93.7	%		78.6	%	*					15.1	%

Reconciliation to consolidated net income (loss)-common equity:
Deferred rents - straight lining		173			311
Lease termination fee		—			(620	)
Investment income		112			91
Unrealized gain on interest rate cap contract		19			—
General and administrative expenses		(1,192	)		(1,157	)
Depreciation		(5,512	)		(5,178	)
Financing costs		(9,571	)		(7,722	)
Net income (loss)		507			(2,045	)
Net loss attributable to noncontrolling interests in subsidiaries		251			1,409
Net income (loss) attributable to common equity	$	758		$	(636	)

	Commercial												Residential													Combined
	Three Months Ended												Three Months Ended													Three Months Ended
	April 30,						Increase (Decrease)						April 30,							Increase (Decrease)						April 30,
	2018			2017			$			%			2018			2017				$			%			2018		2017
	(In Thousands)												(In Thousands)													(In Thousands)
Rental income	$	4,860		$	4,593		$	267			5.8	%	$	7,846		$	6,391			$	1,455			22.8	%	$	12,706	$	10,984
Reimbursements		1,393			1,397			(4	)		-0.3	%		18			10				8			80.0	%		1,411		1,407
Other		10			6			4			66.7	%		123			94				29			30.9	%		133		100
Total revenue		6,263			5,996			267			4.5	%		7,987			6,495				1,492			23.0	%		14,250		12,491
Operating expenses		2,964			2,950			14			0.5	%		2,151			3,703				(1,552	)		-41.9	%		5,115		6,653
Net operating income	$	3,299		$	3,046		$	253			8.3	%	$	5,836		$	2,792			$	3,044			109.0	%		9,135		5,838

Average Occupancy %		76.6	%		77.6	%					-1.0	%		94.2	%		79.2	%	*					15.0	%

Reconciliation to condensed consolidated net income (loss)-common equity:
Deferred rents - straight lining		75			173
Lease termination fee		—			(620	)
Investment income		57			45
Unrealized gain on interest rate cap contract		19			—
General and administrative expenses		(639	)		(633	)
Depreciation		(2,801	)		(2,648	)
Financing costs		(4,419	)		(3,856	)
Net income (loss)		1,427			(1,701	)
Net (income) loss attributable to noncontrolling interests in subsidiaries		(312	)		1,002
Net income (loss) attributable to common equity	$	1,115		$	(699	)

* Average occupancy rate excludes the Maywood, New Jersey ("Hammel Gardens") property as the property was sold in June 2017.

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 acquired or redeveloped 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 is not considered same property.

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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.

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 4.1% and 4.5%, respectively, and NOI increased by 5.3% and 8.3%, respectively, as compared to the Prior Year’s comparable periods. The increase in revenue and NOI was primarily attributable to an increase in occupancy at the Rotunda property resulting from the lease-up of the new retail space offset partially by the loss of revenue from Macy’s vacating the Preakness Shopping Center in Wayne, New Jersey in April 2017. For the Current Six Months and Current Quarter, average occupancy showed a slight decrease of 0.9% and 1%, respectively, as compared to the Prior Year’s comparable periods primarily driven by Macy’s vacating the space at the Preakness Shopping Center offset by an increase at the Rotunda property as tenants occupy leased spaces.

Same Property Operating Results: FREIT’s commercial segment currently contains nine (9) same properties. (See definition of same property under Segment Information above.) Since all of FREIT’s commercial properties are considered same properties in the current fiscal year, refer to the preceding paragraph for discussion of changes in same property results.

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)		10		55,031	$	22.49	$	22.69		-0.9	%	$	0.28	$	0.45

Non-comparable leases		3		6,688	$	42.37		N/A		N/A		$	4.69	$	1.49

Total leasing activity		13		61,719

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)		2		3,683	$	25.63	$	23.35		9.8	%	$	0.58	$	0.31

Non-comparable leases		—		—	$	—		N/A		N/A		$	—	$	—

Total leasing activity		2		3,683

(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.

ROTUNDA

The Rotunda property in Baltimore, Maryland (owned by FREIT’s 60% owned consolidated affiliate Grande Rotunda, LLC) is an 11.5 acre site containing a building with approximately 135,000 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 retail tenant improvements, the redevelopment was substantially completed in the third quarter of Fiscal 2016. 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, 2018, the residential section is approximately 96% leased and 92.6% occupied and the retail space is approximately 79.7% leased and 74.5% occupied. FREIT expects the Rotunda’s operations to stabilize in late 2018 to early 2019.

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In Fiscal 2017, Grande Rotunda, LLC incurred substantial expenditures at the Rotunda property related to retail tenant improvements, leasing costs and operating expenditures which, in the aggregate, exceeded revenues as the property was still in the rent up phase and the construction loan previously held with Wells Fargo was 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) contributed their respective pro-rata share of any cash needs through loans to Grande Rotunda, LLC. As of April 30, 2018 and October 31, 2017, Rotunda 100, LLC has funded Grande Rotunda, LLC with approximately $5.3 million and $5.2 million, respectively, which is included in “Due to affiliate” on the accompanying condensed consolidated balance sheets.

RESIDENTIAL SEGMENT

FREIT currently operates eight (8) multi-family apartment buildings or complexes totaling 1,437 apartment units, which is inclusive of the Station Place property in Red Bank, New Jersey, which was acquired in December 2017. On June 12, 2017, FREIT sold its Hammel Gardens property, a residential property located in Maywood, New Jersey, for a sale price of $17 million. The sale of this property, which had a carrying value of approximately $0.7 million, resulted in a capital gain of approximately $15.4 million net of sales fees and commissions. As a result of this sale, FREIT incurred a loan prepayment cost of approximately $1.1 million and paid off the related mortgage on the Hammel Gardens property in the amount of approximately $8 million from the proceeds of the sale. FREIT structured this sale in a manner that qualified it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. The 1031 Exchange transaction resulted in a deferral for income tax purposes of the $15.4 million capital gain. The net proceeds from this sale, which were approximately $7 million, were held in escrow until a replacement property was purchased. A replacement property to complete this like-kind exchange (Station Place) was acquired on December 7, 2017, and the sale proceeds held in escrow were applied to the purchase price of such property (See Notes 5 and 6 to FREIT’s condensed consolidated financials for further details).

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 22.5% and 23%, respectively, and NOI for the Current Six Months and Current Quarter increased by 65.4% and 109%, respectively, as compared to the Prior Year’s comparable periods. The increase in revenue and NOI for the Current Six Months and Current Quarter was primarily driven by an increase in the average annual occupancy at the Icon (the residential portion of the Rotunda property in Baltimore, Maryland) to 88.5% in the Current Six Months compared to 34.5% in the Prior Year’s Six Months and 90.9% in the Current Quarter as compared to 37.8% in the Prior Year’s Quarter. Also contributing to the increase in NOI for the Current Six Months and Current Quarter was the $1.5 million real estate tax credit at the Rotunda Icon property for tax year 2017 and 2018 received in March 2018 with a consolidated impact to FREIT of approximately $0.9 million based on FREIT’s 60% ownership. Average occupancy for all residential properties for the Current Six Months and Current Quarter increased 15.1% and 15%, respectively, over the Prior Year’s comparable periods primarily driven by the Rotunda Icon property.

Same Property Operating Results: FREIT’s residential segment currently contains seven (7) same properties. (See definition of same property under Segment Information above.) The Station Place property is not included as same property, since it is a newly acquired property that has been in operation for less than a year. The Hammel Gardens property was excluded from same property results for all periods presented because this property was sold in the prior fiscal year. For the Current Six Months and Current Quarter, same property revenue increased by 24.4% and 23.7%, respectively, and same property NOI increased by 68.9% and 114.4%, respectively, as compared to the Prior Year’s comparable periods. The changes resulted from the factors discussed in the immediately preceding paragraph.

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 from both periods presented, the Hammel Gardens property which was sold in June 2017 and the Station Place property which was a newly acquired property that has been in operation for less than a year) at the end of the Current Quarter and the Prior Year’s Quarter were $1,879 and $1,846, 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 $228,000 and $217,000, respectively.

Capital expenditures: Since all of FREIT’s apartment communities, with the exception of the Boulders, Regency, Icon and Station Place 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. In April 2018, Pierre Towers, LLC, a consolidated subsidiary, entered into an agreement with Public Service Electric & Gas Company (“PSE&G”), whereby PSE&G would fund a project to make certain upgrades at the Pierre property located in Hackensack, New Jersey which include boiler replacement, lighting replacement of interior and exterior fixtures and minor lighting controls in apartment lighting. PSE&G will initially fund 100% of this project at an estimated cost of $924,000. Upon completion of the project which is targeted in late December 2018, Pierre Towers, LLC will be required to reimburse PSE&G for approximately $391,000 of this cost, to be paid monthly over a five year term with no interest.

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FINANCING COSTS

	Six Months Ended April 30,				Three Months Ended April 30,
	2018		2017		2018		2017
	(In Thousands of Dollars)				(In Thousands of Dollars)
Fixed rate mortgages (a):
1st Mortgages
Existing	$	4,918	$	5,116	$	1,696	$	2,527
New		690		—		598		8
Variable rate mortgages:
1st Mortgages
Existing		503		—		256		—
New		1,309		8		1,309		—
Construction loan-Rotunda		1,321		1,856		90		954
Credit line		28		10		3		10
Other		336		194		151		103
Total financing costs, gross		9,105		7,184		4,103		3,602
Amortization of mortgage costs		466		538		316		254
Total financing costs, net	$	9,571	$	7,722	$	4,419	$	3,856

(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 increased approximately $1,849,000 or 23.9% as compared to the Prior Year’s comparable period which was primarily attributable to a $1.2 million loan prepayment cost related to the Pierre Towers, LLC loan refinancing with a consolidated impact to FREIT of approximately $0.8 million and the refinancing of Grande Rotunda LLC’s loan on the Rotunda property. Total net financing costs for the Current Quarter increased approximately $563,000 or 14.6% as compared to the Prior Year’s comparable period primarily driven by the increase in interest associated with the refinancing of Grande Rotunda LLC’s loan on the Rotunda property. (See Note 8 to FREIT’s condensed consolidated financial statements for further details.)

GENERAL AND ADMINISTRATIVE EXPENSES (“G & A”)

G&A expense for the Current Six Months and Current Quarter was $1,192,000 and $639,000, respectively, compared to $1,157,000 and $633,000, respectively, for the Prior Year’s comparable periods. The primary components of G&A are accounting fees, legal & professional fees and Trustee and consulting fees.

DEPRECIATION

Depreciation expense from operations for the Current Six Months and Current Quarter was $5,512,000 and $2,801,000, respectively, as compared to $5,178,000 and $2,648,000, respectively, for the Prior Year’s comparable periods. The increase in depreciation was primarily attributable to additional retail tenant improvements at the Rotunda property being placed into service as the property continues to lease-up.

LIQUIDITY AND CAPITAL RESOURCES

Net cash provided by operating activities was $5 million for the Current Six Months compared to $3.6 million for the Prior Year’s 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 properties and other needs to maintain its status as a REIT for at least a period of one year from the date of filing of this quarterly report on Form 10-Q.

As at April 30, 2018, FREIT had cash and cash equivalents totaling $18.9 million, compared to $7.9 million at October 31, 2017. The increase in cash for the Current Six Months is primarily attributable to $21.8 million in net cash provided by financing activities and $5 million in net cash provided by operating activities, offset by $15.8 million in net cash used in investing activities including capital expenditures.

On April 25, 2017, Wayne PSC announced it had agreed to a termination of Macy’s lease for the 81,160 square foot Macy’s store at the Preakness Shopping Center, 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.

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Page 25

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 subsidiary). FREIT identified Station Place as a replacement property for the Hammel Gardens property that FREIT sold on June 12, 2017. Station Place is part of FREIT’s residential segment. The acquisition cost was $19,542,000 (inclusive of approximately $542,000 of transaction costs capitalized as part of the asset acquisition), which was funded in part with $7 million in net proceeds from the sale of the Hammel Gardens property, and the remaining balance of $12,350,000 (inclusive of the transaction costs) was funded by Station Place on Monmouth, LLC through long-term financing for this property from Provident Bank.

FREIT owns and operates an 87,661 square foot shopping center located in Franklin Lakes, New Jersey, the anchor tenant of which is Stop & Shop. On July 26, 2017, Stop & Shop entered into a lease modification with FREIT whereby the tenant exercised its option to renew the lease for a ten year period with a right of the tenant to terminate the lease at any time during the fifth year if the store does not meet certain sales volume levels set forth in the modification. This lease modification, which provided for a $250,000 reduction in annual rent, has adversely affected and will adversely affect FREIT’s future operating results.

In Fiscal 2017, Grande Rotunda, LLC incurred substantial expenditures at the Rotunda property related to retail tenant improvements, leasing costs and operating expenditures which, in the aggregate, exceeded revenues as the property was still in the rent up phase and the construction loan previously held with Wells Fargo was 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) contributed their respective pro-rata share of any cash needs through loans to Grande Rotunda, LLC. As of April 30, 2018 and October 31, 2017, Rotunda 100, LLC has funded Grande Rotunda, LLC with approximately $5.3 million and $5.2 million, respectively, which is included in “Due to affiliate” on the accompanying condensed consolidated balance sheets.

After careful consideration of FREIT’s projected operating results and cash needs, the Board of Trustees declared a second quarter dividend of $0.05 per share which will be paid on June 15, 2018 to shareholders of record on June 1, 2018. The Board will continue to evaluate the dividend on a quarterly basis.

Credit Line: On October 27, 2017, FREIT’s revolving line of credit provided by the Provident Bank was renewed for a three-year term ending on October 27, 2020 at which point no further advances shall be permitted and provided the line of credit is not renewed by the lender, the outstanding principal balance of the line of credit shall convert to a commercial term loan maturing on October 31, 2022. Draws against the credit line can be used for working capital needs and standby 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. The total line of credit was increased from $12.8 million to $13 million and the interest rate on the amount outstanding will be at a floating rate of 275 basis points over the 30-day LIBOR with a floor of 3.75%. During Fiscal 2017, FREIT utilized $3 million of its credit line to fund tenant improvements for new retail tenants at the Rotunda property. As of October 31, 2017, approximately $3.1 million was outstanding (including closing costs of approximately $0.1 million related to the renewal of the line). In February 2018, FREIT repaid the line of credit in the amount of $3.1 million. As of April 30, 2018, there was no amount outstanding and $13 million was available under the line of credit.

As at April 30, 2018, FREIT’s aggregate outstanding mortgage debt was $352.6 million, which bears a weighted average interest rate of 3.9% and an average life of approximately 4.7 years. FREIT’s fixed rate mortgages are subject to amortization schedules that are longer than the terms 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	2018	2019	2021	2022	2023	2024	2025	2026	2028
($ in millions)
Mortgage "Balloon" Payments	$5.2	$39.5	137.6*	$14.4	$34.4	$9.0	$13.9	$18.2	$53.9

*Includes Rotunda loan in the amount of $118.5 million refinanced with Aareal Capital Corporation on February 7, 2018.

Index

Page 26

The following table shows the estimated fair value and carrying value of FREIT’s long-term debt at April 30, 2018 and October 31, 2017:

($ in Millions)	April 30, 2018	October 31, 2017

Fair Value	$341.7	$317.8

Carrying Value	$348.6	$321.6

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, 2018, a 1% interest rate increase would reduce the fair value of FREIT’s debt by $9.4 million, and a 1% decrease would increase the fair value by $10 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 January 8, 2018, Pierre, owned by S&A, which is a consolidated subsidiary, refinanced its $29.1 million loan held by State Farm with a new mortgage loan from New York Life Insurance in the amount of $48 million. Pierre paid New York Life Insurance a good faith deposit in the amount of $960,000 (which was included in prepaid expenses and other assets on the accompanying condensed consolidated balance sheet as of October 31, 2017) and was reimbursed by New York Life when the loan was closed in January 2018. The new loan has a term of ten years and bears a fixed interest rate equal to 3.88%. Interest-only payments are required each month for the first five years of the term and thereafter, principal payments plus accrued interest will be required each month through maturity. This refinancing resulted in: (i) a reduction in the annual interest rate from a fixed rate of 5.38% to a fixed rate of 3.88%; and (ii) net refinancing proceeds of approximately $17.2 million (after giving effect to a $1.2 million loan prepayment cost to pay-off the loan held by State Farm) that were distributed to the partners in S&A with FREIT receiving approximately $11.2 million, based on its 65% membership interest in S&A which can be used for capital expenditures and general corporate purposes.

On December 7, 2017, Station Place on Monmouth, LLC (owned 100% by FREIT) closed on a mortgage loan in the amount of $12,350,000 held by Provident Bank to purchase the Station Place property in Red Bank, New Jersey. Interest-only payments are required each month for the first two years of the term and thereafter, principal payments plus accrued interest will be required each month through maturity. 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.

Index

Page 27

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.

FREIT has variable interest rate mortgages securing its Damascus Center, Regency, Wayne PSC and Station Place 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 ($20,152,000 at April 30, 2018) for the Damascus Center swaps, a notional amount of approximately $16,200,000 ($16,089,000 at April 30, 2018) for the Regency swap, a notional amount of approximately $25,800,000 ($24,823,000 at April 30, 2018) for the Wayne PSC swap and a notional amount of approximately $12,350,000 ($12,350,000 at April 30, 2018) for the Station Place swap.

Interest rate cap contract: To limit exposure on interest rate volatility, FREIT uses an interest rate cap contract to cap a floating interest rate at a set pre-determined rate. FREIT enters into cap contracts with a counterparty that is usually a high-quality commercial bank. In essence, so long as the floating interest rate is below the cap rate, FREIT agrees to pay its counterparties a variable rate of interest on a dollar amount of notional principal (which corresponds to FREIT’s mortgage debt). Once the floating interest rate rises above the cap rate, FREIT’s counterparties, in return, agree to pay FREIT a short-term rate of interest above the cap on that same notional amount.

FREIT has a variable interest rate loan securing its Rotunda property. As part of the refinancing of Grande Rotunda, LLC’s construction loan previously held by Wells Fargo with a new loan from Aareal Capital Corporation, Grande Rotunda, LLC purchased an interest rate cap on LIBOR for the full amount that can be drawn on this loan of $121.9 million, capping the one-month LIBOR rate at 3% for the first two years of this loan. The cap contract was based on a notional amount of approximately $121,900,000 ($121,900,000 at April 30, 2018) and a term of two years with the loan being hedged against having a balance of approximately $118,520,000 and a term of three years.

Current GAAP requires FREIT to mark-to-market its interest rate swap and cap contracts. 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. The interest rate swaps are accounted for as effective cash flow hedges with the corresponding gains or losses on these contracts not affecting FREIT’s income statement; changes in the fair value of these cash flow hedges will be reported in other comprehensive income and appear in the equity section of the balance sheet. The interest rate cap is accounted for as an ineffective cash flow hedge with a corresponding gain or loss being recorded in FREIT’s income statement. This gain or loss represents the economic consequence of liquidating fixed rate swaps and replacing them with like-duration funding at current market rates, something we would likely never do. Periodic cash settlements of these contracts will be accounted for as an adjustment to interest expense.

FREIT has the following derivative-related risks with its swap and cap contracts (“contract”): 1) early termination risk, and 2) counterparty credit risk.

Early Termination Risk: If FREIT wants to terminate its 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 contract’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, 2018, the interest rate cap contract for the Rotunda property and the swap contracts for the Damascus Centre, Regency, Wayne PSC and Station Place properties were in FREIT’s favor. If FREIT had terminated these contracts at that date it would have realized gains of approximately $2,313,000 for the Wayne PSC swap, $883,000 for the Damascus Centre swaps, $238,000 for the Regency swap, $266,000 for the Station Place swap and $107,000 for the Grande Rotunda LLC cap, all of which have been included as an asset in FREIT’s condensed consolidated balance sheet as at April 30, 2018. The change in the fair value for the interest rate swap contracts (gain or loss) during such period has been included in comprehensive income and for the six and three months ended April 30, 2018, FREIT recorded an unrealized gain of $2,538,000 and $907,000, respectively, in comprehensive income. The change in the fair value of the Grande Rotunda, LLC interest rate cap contract (gain or loss) during such period has been included in the condensed consolidated statement of income and for the six and three months ended April 30, 2018, FREIT recorded an unrealized gain of approximately $19,000. For the six and three months ended April 30, 2017, FREIT recorded an unrealized gain of $2,606,000 and unrealized loss of $240,000, respectively, in comprehensive income representing the change in fair value of the swaps during such period. For the year ended October 31, 2017, FREIT recorded an unrealized gain of $2,952,000 in comprehensive income representing the change in fair value of the swaps during such period with a corresponding asset of approximately $1,325,000 for the Wayne PSC swap and $275,000 for the Damascus Centre swaps and a corresponding liability of $439,000 for the Regency swap as at October 31, 2017.

Index

Page 28

Counterparty Credit Risk: Each party to a cap or 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 or cap contracts only with major financial institutions that are experienced market makers in the derivatives market.

STOCK OPTION 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”). FREIT does not include distributions from equity/debt sources in its computation of FFO. 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 its decision making process. These adjustments to GAAP net income are straight-line rents, recurring capital improvements on FREIT’s residential apartments and lease termination fees paid to buyout a lease. The modified FFO computation is referred to as Adjusted Funds From Operations (“AFFO”). FREIT believes that AFFO is a superior measure of its operating performance. FREIT computes FFO and AFFO as follows:

	For the Six Months Ended April 30,						For the Three Months Ended April 30,
	2018			2017			2018			2017
	(In Thousands, Except Per Share)						(In Thousands, Except Per Share)
Funds From Operations ("FFO") (a)
Net income (loss)	$	507		$	(2,045	)	$	1,427		$	(1,701	)
Depreciation of consolidated properties		5,512			5,178			2,801			2,648
Amortization of deferred leasing costs		300			223			155			120
Distributions to minority interests		(340	)(b)		(270	)		(280	)		(120	)
FFO	$	5,979		$	3,086		$	4,103		$	947

Per Share - Basic and Diluted	$	0.87		$	0.45		$	0.60		$	0.14

(a) As prescribed by NAREIT.

(b) FFO excludes the distribution of proceeds to minority interest in the amount of approximately $6 million related to the refinancing of the loan for Pierre Towers, LLC, owned by S And A Commercial Associates Limited Partnership which is a consolidated subsidiary. See Note 8 to the condensed consolidated financial statements for further details.

Adjusted Funds From Operations ("AFFO")
FFO	$	5,979		$	3,086		$	4,103		$	947
Deferred rents (Straight lining)		(173	)		(311	)		(75	)		(173	)
Capital Improvements - Apartments		(238	)		(379	)		(127	)		(179	)
Lease termination fee		—			620			—			620
AFFO	$	5,568		$	3,016		$	3,901		$	1,215

Per Share - Basic and Diluted	$	0.81		$	0.44		$	0.57		$	0.18

Weighted Average Shares Outstanding:
Basic and Diluted		6,869			6,823			6,876			6,828

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 29

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 Chief Executive Officer and Chief Financial Officer, who concluded that FREIT’s disclosure controls and procedures are effective as of April 30, 2018. 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, 2017, that was filed with the Securities and Exchange Commission on January 12, 2018.

Index

Page 30

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, 2018, 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 8, 2018
	/s/ Robert S. Hekemian, Jr.
	(Signature)
	Robert S. Hekemian, Jr.
	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 31

EXHIBIT 31.1

CERTIFICATION

I, Robert S. Hekemian, Jr., 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 8, 2018	/s/ Robert S. Hekemian, Jr.
	Robert S. Hekemian, Jr.
	Chief Executive Officer

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

Page 32

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 8, 2018	/s/ Donald W. Barney
	Donald W. Barney
	President, Treasurer and Chief Financial Officer

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

Page 33

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, 2018 (the “Report”), I, Robert S. Hekemian, Jr., 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 8, 2018	/s/ Robert S. Hekemian, Jr.
	Robert S. Hekemian, Jr.
	Chief Executive Officer

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

Page 34

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, 2018 (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 8, 2018	/s/ Donald W. Barney
	Donald W. Barney
	President, Treasurer and Chief Financial Officer

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On November 23, 2016, the following terms and conditions of this loan were modified: (i) the total amount that could have been 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 were 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 was 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; and (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.  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

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Note 1 - Basis of presentation: The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the rules of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnotes required by GAAP for complete financial statements have been omitted. It is the opinion of management that all adjustments considered necessary for a fair presentation have been included, and that all such adjustments are of a normal recurring nature. The consolidated results of operations for the six and three-month periods ended April 30, 2018 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, 2017 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 codified as ASC 606 and effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017. ASC 606 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. Based on this new accounting guidance, the Company will no longer be able to capitalize certain leasing costs, such as legal expenses, as it relates to activities before a lease is entered into. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”, which requires companies to include cash and cash equivalents that have restrictions on withdrawal or use in total cash and cash equivalents on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 and interim periods within those years and early adoption is permitted including adoption in an interim period. The standard should be applied using a retrospective transition method to each period presented. 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 January 2017, the FASB issued ASU 2017-01, “Business Combinations: Clarifying the Definition of a Business”, which amends guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business, likely resulting in more acquisitions being accounted for as asset acquisitions. There are certain differences in accounting under these models, including the capitalization of transaction expenses and application of a cost accumulation model in an asset acquisition. The standard is effective for annual periods beginning after December 15, 2017, including interim periods within those periods with early adoption permitted for certain transactions. Early application of this new accounting guidance is allowed for transactions for which the acquisition date occurs before the effective date of the amendment, only when the transaction has not been previously been reported in financial statements. FREIT acquired a new property, Station Place, located in Red Bank, New Jersey on December 7, 2017. As such, FREIT early adopted this new accounting guidance in the first quarter of Fiscal 2018 and accounted for this transaction as an acquisition of an asset capitalizing approximately $542,000 of transaction expenses. In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging ("ASC 815")” which amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 requires subsequent changes in fair value of a hedging instrument that has been designated and qualifies as a cash flow hedge to be recognized as a component of "other comprehensive income (loss)." ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. 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 to FREIT’s condensed consolidated financials) 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 attributable 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, 2018 and 2017, the outstanding stock options were anti-dilutive with no impact on earnings (loss) per share.

Note 4 - Interest rate cap and swap contracts:  On February 7, 2018, Grande Rotunda, LLC, a consolidated subsidiary, refinanced its $115.3 million construction loan held by Wells Fargo with a new loan held by Aareal Capital Corporation in the amount of approximately $118.5 million with additional funding available for retail tenant improvements and leasing costs in the amount of $3,380,000. This loan bears a floating interest rate at 285 basis points over the one-month LIBOR rate and has a maturity date of February 6, 2021. At April 30, 2018, the total amount outstanding on this loan was approximately $118.5 million. As part of this transaction, Grande Rotunda, LLC purchased an interest rate cap on LIBOR for the full amount that can be drawn on this loan of $121.9 million, capping the one-month LIBOR rate at 3% for the first two years of this loan. At April 30, 2018, the derivative financial instrument has a notional amount of $121.9 million and a maturity date of March 5, 2020. On December 7, 2017, Station Place on Monmouth, LLC (owned 100% by FREIT) closed on a $12,350,000 mortgage loan with 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. At April 30, 2018, the total amount outstanding on this loan was $12,350,000. In order to minimize interest rate volatility during the term of this 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. At April 30, 2018, the derivative financial instrument has a notional amount of $12,350,000 and a maturity date of December 2027. On September 29, 2016, Wayne PSC, LLC, a consolidated subsidiary, refinanced its $24.2 million mortgage loan held by 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, 2018, the total amount outstanding on this loan was approximately $24.8 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, 2018, the derivative financial instrument has a notional amount of approximately $24.8 million and a 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, 2018 was approximately $20.1 million. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 basis points over the one-month 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, 2018, the derivative financial instrument has a notional amount of approximately $20.2 million and a 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, 2018, the total amount outstanding on this loan was approximately $16.1 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, 2018, the derivative financial instrument has a notional amount of approximately $16.1 million and a 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, Wayne PSC, LLC and Station Place on Monmouth, LLC interest rate swaps as effective cash flow hedges marking these contracts to market, taking into account present interest rates compared to the contracted fixed rate over the life of the contract and recording the unrealized gain or loss on the swaps in comprehensive income. For the six months ended April 30, 2018, FREIT recorded an unrealized gain of approximately $2,538,000 in comprehensive income representing the change in the fair value of these cash flow hedges during such period with a corresponding asset of approximately $883,000 for the Damascus Center swaps, $2,313,000 for the Wayne PSC swap, $238,000 for the Regency swap and $266,000 for the Station Place on Monmouth swap as of April 30, 2018. 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 these cash flow hedges during such period. For the three months ended April 30, 2018 and 2017, FREIT recorded an unrealized gain of approximately $907,000 and unrealized loss of approximately $240,000, respectively, in comprehensive income representing the change in the fair value of these cash flow hedges during such period. For the year ended October 31, 2017, FREIT recorded an unrealized gain of $2,952,000 in comprehensive income representing the change in the fair value of these cash flow hedges during such period with a corresponding asset of approximately $275,000 for the Damascus Center swaps, $1,325,000 for the Wayne PSC swap and a corresponding liability of approximately $439,000 for the Regency swap as of October 31, 2017. The Grande Rotunda, LLC interest rate cap is accounted for as an ineffective cash flow hedge with a corresponding gain or loss being recorded in FREIT’s income statement. For the six and three months ended April 30, 2018, FREIT recorded an unrealized gain in the condensed consolidated statement of income of approximately $19,000 for the Grande Rotunda, LLC interest rate cap representing the change in the fair value of this ineffective cash flow hedge during such period with a corresponding asset of approximately $107,000 as of April 30, 2018. The fair values are based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

Note 5 – Property sale: On June 12, 2017, FREIT sold its Hammel Gardens property, a residential property located in Maywood, New Jersey, for a sale price of $17 million. The sale of this property, which had a carrying value of approximately $0.7 million, resulted in a capital gain of approximately $15.4 million net of sales fees and commissions. As a result of this sale, FREIT incurred a loan prepayment cost of approximately $1.1 million and paid off the related mortgage on the Hammel Gardens property in the amount of approximately $8 million from the proceeds of the sale. FREIT structured this sale in a manner that qualified it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. The 1031 Exchange transaction resulted in a deferral for income tax purposes of the $15.4 million capital gain. The net proceeds from this sale, which were approximately $7 million, were held in escrow until a replacement property was purchased. A replacement property to complete this like-kind exchange was acquired on December 7, 2017, and the sale proceeds held in escrow were applied to the purchase price of such property (See Note 6 to FREIT’s condensed consolidated financials for further details). As the disposal of the Hammel Gardens 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 condensed consolidated financial statements.

Note 6 – Property acquisition: 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 subsidiary). FREIT identified Station Place as the replacement property for the Hammel Gardens property located in Maywood, New Jersey that FREIT sold on June 12, 2017, which completed the like-kind exchange pursuant to Section 1031 of the Internal Revenue Code (See Note 5 to FREIT’s condensed consolidated financial statements). Station Place is part of FREIT’s residential segment. The acquisition cost was $19,542,000 (inclusive of approximately $542,000 of transaction costs capitalized as part of the asset acquisition), which was funded in part with $7 million in net proceeds from the sale of the Hammel Gardens property, and the remaining balance of $12,350,000 (inclusive of the transaction costs) was funded by Station Place on Monmouth, LLC through long-term financing for this property from Provident Bank. The acquisition cost of $19.5 million has been allocated as follows: $10.7 million to the building and $8.8 million to the land.

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 $1,194,000 and $1,074,000 for the six months ended April 30, 2018 and 2017, respectively, and $619,000 and $553,000 for the three months ended April 30, 2018 and 2017, 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 $270,000 and $397,000 for the six-month periods ended April 30, 2018 and 2017, respectively, and $130,000 and $198,000 for the three-month periods ended April 30, 2018 and 2017, respectively. The management agreement expires on October 31, 2019, 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 $49,000 and $55,000 for the six months ended April 30, 2018 and 2017, respectively, and $17,000 and $33,000 for the three months ended April 30, 2018 and 2017, 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. Such fees incurred during the six months ended April 30, 2018 and 2017 were approximately $1,195,000 and $0, respectively, and $432,500 and $0 for the three months ended April 30, 2018 and 2017, respectively. Fees incurred during Fiscal 2018 related to commissions to Hekemian for the following: $522,500 for the purchase of the Station Place property; $400,000 for the refinancing of the Grande Rotunda, LLC loan; $240,000 for the refinancing of the Pierre Towers, LLC loan; $32,500 for the renewal of FREIT’s line of credit. In Fiscal 2007, FREIT’s Board of Trustees approved and FREIT executed a development fee agreement for the Rotunda redevelopment project for the development services to be provided by Hekemian Development Resources, LLC (“Resources”), a wholly-owned subsidiary of Hekemian. As part of this agreement, the Board approved the payment of a fee to Resources in the amount of $1.4 million in connection with the revision to the scope of the Rotunda redevelopment project. Grande Rotunda, LLC paid $500,000 of this fee to Resources in Fiscal 2013 and the balance of $900,000 became due upon the issuance of a certificate of occupancy for the multi-family portion of this project. A final certificate of occupancy was issued in Fiscal 2016; however Resources agreed to defer the payment of the $900,000 balance of this fee (the $900,000 was included in accounts payable on FREIT’s condensed consolidated balance sheet at October 31, 2017). Grande Rotunda, LLC paid the $900,000 portion of this fee to Resources in February 2018 in connection with the refinancing of the Wells Fargo construction loan for the Rotunda property with a new construction loan from Aareal Capital Corporation. Additionally, Grande Rotunda, LLC paid Resources the amount of approximately $45,000 representing a mutually agreed upon amount of interest on the $900,000 portion of the fee for the period during which Hekemian Resources had agreed to defer payment thereof. Robert S. Hekemian, the Chairman of the Board and Chief Executive Officer of Hekemian, is the former Chairman and Chief Executive Officer of FREIT. Mr. Hekemian retired as Chairman and Chief Executive Officer of FREIT effective upon the conclusion of FREIT’s 2018 Annual Meeting of Shareholders held on April 5, 2018 (the “2018 Annual Meeting”). Robert S. Hekemian, Jr., the President of Hekemian, is a Trustee of FREIT, and succeeded Robert S. Hekemian as Chief Executive Office of FREIT effective upon the conclusion of the 2018 Annual Meeting. David Hekemian, a Principal of Hekemian, was elected as a Trustee of FREIT at the 2018 Annual Meeting. Trustee fee expense (including interest) incurred by FREIT for the six months ended April 30, 2018 and 2017 was approximately $255,000 and $273,000, respectively, for Robert S. Hekemian, $41,000 and $34,000, respectively, for Robert S. Hekemian, Jr. and $2,000 and $0, respectively, for David Hekemian and for the three months ended April 30, 2018 and 2017 was approximately $119,000 and $135,000, respectively, for Robert S. Hekemian, $27,000 and $17,000, respectively, for Robert S. Hekemian, Jr. and $2,000 and $0, respectively, for David Hekemian (See Note 13 to FREIT’s condensed consolidated financial statements). Pursuant to the terms of a Consulting Agreement between Robert S. Hekemian and the Trust, Mr. Hekemian will continue to serve the Trust in a consulting capacity effective upon conclusion of FREIT’s 2018 Annual Meeting. The Consulting Agreement has a term of four years, and obliges Mr. Hekemian to provide advice and consultation with respect to matters pertaining to FREIT and its subsidiaries, affiliates, assets and business for no fewer than 30 hours per month during the term of the agreement. FREIT will pay Mr. Hekemian a consulting fee of $5,000 per month during the term of the Consulting Agreement, which shall be payable in the form of Shares on a quarterly basis (i.e. in quarterly installments of $15,000). The number of Shares to be issued for each quarterly installment of the consulting fee will be determined by dividing the dollar amount of the consulting fee by the closing price of one Share on the OTC Pink Open Market as of the close of trading on the last trading day of the calendar quarter with respect to which such consulting fee is payable. For the six and three months ended April 30, 2018, consulting fee expense for Robert S. Hekemian was approximately $4,200. Rotunda 100, LLC owns a 40% minority equity interest in Grande Rotunda, LLC and FREIT owns a 60% equity interest in Grande Rotunda, LLC. Damascus 100, LLC owns a 30% minority equity interest in Damascus Centre, LLC and FREIT owns 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, 2018 and October 31, 2017, were in the form of secured loans that bear interest that 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 originally 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. On December 7, 2017, the Board approved a further extension of the maturity dates of these loans to the date or dates upon which distributions of cash are made by Grande Rotunda, LLC to its members as a result of a refinancing or sale of Grande Rotunda, LLC or the Rotunda property. In Fiscal 2017, Grande Rotunda, LLC incurred substantial expenditures at the Rotunda property related to retail tenant improvements, leasing costs and operating expenditures which, in the aggregate, exceeded revenues as the property was still in the rent up phase and the construction loan previously held with Wells Fargo was at its maximum level resulting in no additional funding available to draw. Accordingly, the equity owners in Grande Rotunda, LLC contributed their respective pro-rata share of any cash needs through loans to Grande Rotunda, LLC. As of April 30, 2018 and October 31, 2017, Rotunda 100, LLC has funded Grande Rotunda, LLC with approximately $5.3 million and $5.2 million, respectively, which is included in “Due to affiliate” on the accompanying condensed consolidated balance sheets.

Note 8 – Mortgage financings: The loan on the Patchogue, New York property in the amount of approximately $5.2 million became due on March 1, 2018. FREIT is currently working with the lender, Oritani Bank, to extend the loan while the lender completes its underwriting process. Until such time as a definitive agreement providing for an extension of the loan is entered into, there can be no assurance the loan will be extended. 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. On December 9, 2013, Grande Rotunda, LLC, a consolidated subsidiary, 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 could have been 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 were 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 was 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; and (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. The following terms and conditions of this loan were modified and effective as of October 31, 2017: (i) the maturity date of the loan was extended 120 days from October 31, 2017 to February 28, 2018; (ii) the interest rate on the amount outstanding on the loan was increased by 35 basis points to 285 basis points over the monthly LIBOR through December 31, 2017; and (iii) the interest rate on the amount outstanding on the loan was increased by 65 basis points to 315 basis points over the monthly LIBOR from January 1, 2018 through February 28, 2018. On February 7, 2018, Grande Rotunda, LLC refinanced its $115.3 million construction loan held by Wells Fargo with a new loan held by Aareal Capital Corporation in the amount of approximately $118.5 million with additional funding available for retail tenant improvements and leasing costs in the amount of $3,380,000. This refinancing paid off the loan previously held by Wells Fargo, funded loan closing costs and paid the amount due to Hekemian Development Resources for a development fee of $900,000 plus accrued interest of approximately $45,000 (See Note 7 to FREIT’s condensed consolidated financial statements for further details on this fee). This loan, secured by the Rotunda property, bears a floating interest rate at 285 basis points over the one-month LIBOR rate and has a maturity date of February 6, 2021 with two one-year renewal options. As part of this transaction, Grande Rotunda, LLC purchased an interest rate cap on LIBOR for the full amount that can be drawn on this loan of $121.9 million, capping the one-month LIBOR rate at 3% for the first two years of this loan. As of April 30, 2018, approximately $118.5 million of this loan was drawn down and the interest rate was approximately 4.73%. On January 8, 2018, Pierre Towers, LLC (“Pierre”), owned by S And A Commercial Associates Limited Partnership (“S&A”), which is a consolidated subsidiary, refinanced its $29.1 million loan held by State Farm with a new mortgage loan from New York Life Insurance in the amount of $48 million. Pierre paid New York Life Insurance a good faith deposit in the amount of $960,000 (which was included in prepaid expenses and other assets on the accompanying condensed consolidated balance sheet as of October 31, 2017) and was reimbursed by New York Life when the loan was closed in January 2018. The new loan has a term of ten years and bears a fixed interest rate equal to 3.88%. Interest-only payments are required each month for the first five years of the term and thereafter, principal payments plus accrued interest will be required each month through maturity. This refinancing resulted in: (i) a reduction in the annual interest rate from a fixed rate of 5.38% to a fixed rate of 3.88%; and (ii) net refinancing proceeds of approximately $17.2 million (after giving effect to a $1.2 million loan prepayment cost to pay-off the loan held by State Farm) that were distributed to the partners in S&A with FREIT receiving approximately $11.2 million, based on its 65% membership interest in S&A which can be used for capital expenditures and general corporate purposes. On December 7, 2017, Station Place on Monmouth, LLC (owned 100% by FREIT) closed on a mortgage loan in the amount of $12,350,000 held by Provident Bank to purchase the Station Place property in Red Bank, New Jersey (see Note 6 to FREIT’s condensed consolidated financial statements). Interest-only payments are required each month for the first two years of the term and thereafter, principal payments plus accrued interest will be required each month through maturity. 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. On October 27, 2017, FREIT’s revolving line of credit provided by the Provident Bank was renewed for a three-year term ending on October 27, 2020 at which point no further advances shall be permitted and provided the line of credit is not renewed by the lender, the outstanding principal balance of the line of credit shall convert to a commercial term loan maturing on October 31, 2022. Draws against the credit line can be used for working capital needs and standby 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. The total line of credit was increased from $12.8 million to $13 million and the interest rate on the amount outstanding will be at a floating rate of 275 basis points over the 30-day LIBOR with a floor of 3.75%. During Fiscal 2017, FREIT utilized $3 million of its credit line to fund tenant improvements for new retail tenants at the Rotunda property. As of October 31, 2017, approximately $3.1 million was outstanding (including closing costs of approximately $0.1 million related to the renewal of the line). In February 2018, FREIT repaid the line of credit in the amount of $3.1 million. As of April 30, 2018, there was no amount outstanding and $13 million was available under the line of credit. On April 28, 2017, WestFREIT Corp., a consolidated subsidiary, refinanced its $22 million mortgage loan held by 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 bears a floating interest rate equal to 275 basis points over the one-month LIBOR and has 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 and (ii) net refinancing proceeds of approximately $1.1 million which have been used for general corporate purposes.

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, 2018 and October 31, 2017: <table border="0" cellpadding="0" cellspacing="0" align="center" style="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-style: italic; border-bottom: Black 0.5pt solid; width: 40%">($ in Millions)</td> <td style="width: 2%"> </td> <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 28%">April 30, 2018</td> <td style="width: 2%"> </td> <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 28%">October 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fair Value</td> <td> </td> <td style="text-align: center">$341.7</td> <td style="text-align: right"> </td> <td style="text-align: center">$317.8</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Carrying Value</td> <td> </td> <td style="text-align: center">$348.6</td> <td style="text-align: right"> </td> <td style="text-align: center">$321.6</td></tr> </table> Fair values are estimated based on market interest rates at April 30, 2018 and October 31, 2017 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 and the residential segment is comprised of eight (8) properties inclusive of the property acquired in Fiscal 2018 (Station Place). 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, 2017. 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, 2018 and 2017. 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 style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Six Months Ended</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">April 30,</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">April 30,</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="white-space: nowrap; font-size: 8pt"> </td><td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; font-size: 8pt">(In Thousands of Dollars)</td><td style="white-space: nowrap; font-size: 8pt"> </td><td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; font-size: 8pt">(In Thousands of Dollars)</td><td style="white-space: nowrap; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Real estate rental revenue:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; width: 56%; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 8%; text-align: right">12,566</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 8%; text-align: right">12,070</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 8%; text-align: right">6,263</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 8%; text-align: right">5,996</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">15,780</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12,882</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">7,987</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">6,495</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate rental revenue</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">28,346</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">24,952</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">14,250</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12,491</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Real estate operating expenses:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">6,001</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">5,835</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">2,964</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">2,950</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,867</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">6,887</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2,151</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,703</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate operating expenses</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">11,868</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12,722</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,115</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">6,653</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Net operating income:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">6,565</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">6,235</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">3,299</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">3,046</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">9,913</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,995</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,836</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2,792</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total net operating income</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">16,478</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12,230</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">9,135</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,838</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; border-left: Black 1pt solid"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left; border-right: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 2.5pt; border-left: Black 1pt solid">Recurring capital improvements - residential</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(238</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(379</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(127</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(179</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left; border-right: Black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reconciliation to condensed consolidated net income (loss) attributable to common equity:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Segment NOI</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">16,478</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">12,230</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">9,135</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">5,838</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Deferred rents - straight lining</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">173</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">311</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">75</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">173</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Lease termination fee</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(620</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(620</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Investment income</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">112</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">91</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">57</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">45</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Unrealized gain on interest rate cap contract</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">19</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">19</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">General and administrative expenses</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(1,192</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(1,157</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(639</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(633</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Depreciation</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(5,512</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(5,178</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(2,801</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(2,648</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Financing costs</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(9,571</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(7,722</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(4,419</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(3,856</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Net income (loss)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">507</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(2,045</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">1,427</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(1,701</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">    Net (income) loss attributable to noncontrolling interests in subsidiaries</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">251</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">1,409</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(312</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">1,002</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 2.5pt">Net income (loss) attributable to common equity</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">758</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(636</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">1,115</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(699</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

Note 11 – Income taxes: FREIT intends to distribute 100% of its ordinary taxable income to its shareholders as dividends for the fiscal year ending October 31, 2018. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded in FREIT’s condensed consolidated financial statements. There was no ordinary taxable income for the fiscal year ended October 31, 2017 for FREIT to distribute to its shareholders. As described in Notes 5 and 6 to FREIT’s condensed consolidated financial statements, FREIT completed a like-kind exchange with respect to the sale of the Maywood, New Jersey property, which was sold on June 12, 2017 resulting in a capital gain of approximately $15.4 million. The tax basis of Station Place in Red Bank, New Jersey, which was the replacement property in the like-kind exchange, is approximately $18.8 million lower than the acquisition cost of approximately $19.5 million recorded for financial reporting purposes. Accordingly, no provision for federal or state income taxes related to such gain was recorded in FREIT’s condensed consolidated financial statements. As of April 30, 2018, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2015 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 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 Equity Incentive 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. On April 5, 2018, FREIT shareholders approved an amendment to FREIT’s Equity Incentive Plan reserving an additional 300,000 shares for issuance under the Plan. As of April 30, 2018, 485,020 shares are available for issuance under the Plan after giving effect to the amendment. The following table summarizes stock option activity for the six-month period ended April 30, 2018:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">No. of Options</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Weighted Average</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Outstanding</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Exercise Price</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 78%">Options outstanding beginning of period</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 8%; text-align: right">267,780</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 8%; text-align: right">18.81</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Options granted during period</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Options forfeited/cancelled during period</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; padding-bottom: 2.5pt">Options outstanding end of period</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">267,780</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">18.81</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 2.5pt">Options vested and expected to vest</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">262,280</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 2.5pt">Options exercisable at end of period</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">147,940</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; 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, 2018 and 2017, compensation expense related to stock options granted amounted to approximately $61,000 and $61,000, respectively. For the three-month periods ended April 30, 2018 and 2017, compensation expense related to stock options granted amounted to approximately $30,000 and $30,000, respectively. At April 30, 2018, there was approximately $218,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over the remaining weighted average vesting period of approximately 1.9 years. There was no aggregate intrinsic value of options vested and expected to vest and options exercisable at April 30, 2018 as the exercise price of the options was greater than the market or average share price.

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, 2018 were deferred under the Deferred Fee Plan except for fees payable to three Trustees, who elected to receive such fees in cash. 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. As a result of the amendment to the Deferred Fee Plan described above, for the six-month periods ended April 30, 2018 and 2017, the aggregate amounts of deferred Trustee fees together with related interest and dividends were approximately $430,000 and $423,200, respectively, which have been paid through the issuance of 28,118 and 21,037 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, 2018 and 2017, FREIT has charged as expense approximately $423,300 and $410,200, respectively, representing deferred Trustee fees and interest, and the balance of approximately $6,700 and $13,000, respectively, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity.

Note 14 – Anchor tenant termination and modification of lease: FREIT owns and operates an 87,661 square foot shopping center located in Franklin Lakes, New Jersey, the anchor tenant of which is The Stop & Shop Supermarket Company, LLC (“Stop & Shop”). On July 26, 2017, Stop & Shop entered into a lease modification with FREIT whereby the tenant exercised its option to renew the lease for a ten year period with a right of the tenant to terminate the lease at any time during the fifth year if the store does not meet certain sales volume levels set forth in the modification. This lease modification, which provided for a $250,000 reduction in annual rent, has adversely affected and will adversely affect FREIT’s future operating results. On January 4, 2017, Macy’s, Inc. announced its intention to close several of its department stores across the United States, including the approximately 81,160 square foot Macy’s anchor store located at the Preakness Shopping Center in Wayne, New Jersey. Wayne PSC, LLC (“Wayne PSC”), a 40% owned consolidated affiliate of FREIT, owns and operates this shopping center in which Macy’s operated its store 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 was fully expensed in the second quarter of Fiscal 2017. Wayne PSC expects to re-position this space and re-lease it 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.

Note 15 – Subsequent event: On May 3, 2018, the Board approved the grant of a total of 38,000 non-qualified share options under the Equity Incentive Plan to two members of the Board who were appointed to the Board during Fiscal 2018. The options have an exercise price of $15.50 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 May 2, 2028.

The following table shows the estimated fair value and carrying value of FREIT’s long-term debt at April 30, 2018 and October 31, 2017: <table border="0" cellpadding="0" cellspacing="0" align="center" style="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-style: italic; border-bottom: Black 0.5pt solid; width: 40%">($ in Millions)</td> <td style="width: 2%"> </td> <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 28%">April 30, 2018</td> <td style="width: 2%"> </td> <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 28%">October 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic"> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fair Value</td> <td> </td> <td style="text-align: center">$341.7</td> <td style="text-align: right"> </td> <td style="text-align: center">$317.8</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Carrying Value</td> <td> </td> <td style="text-align: center">$348.6</td> <td style="text-align: right"> </td> <td style="text-align: center">$321.6</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, 2018 and 2017. 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 style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Six Months Ended</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">April 30,</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">April 30,</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="white-space: nowrap; font-size: 8pt"> </td><td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; font-size: 8pt">(In Thousands of Dollars)</td><td style="white-space: nowrap; font-size: 8pt"> </td><td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; font-size: 8pt">(In Thousands of Dollars)</td><td style="white-space: nowrap; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Real estate rental revenue:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; width: 56%; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 8%; text-align: right">12,566</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 8%; text-align: right">12,070</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 8%; text-align: right">6,263</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 8%; text-align: right">5,996</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">15,780</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12,882</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">7,987</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">6,495</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate rental revenue</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">28,346</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">24,952</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">14,250</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12,491</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Real estate operating expenses:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">6,001</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">5,835</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">2,964</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">2,950</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,867</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">6,887</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2,151</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">3,703</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total real estate operating expenses</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">11,868</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12,722</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,115</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">6,653</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Net operating income:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Commercial</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">6,565</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">6,235</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">3,299</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">3,046</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Residential</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">9,913</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,995</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,836</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2,792</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 24px">Total net operating income</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">16,478</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12,230</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">9,135</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">5,838</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; border-left: Black 1pt solid"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left; border-right: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 2.5pt; border-left: Black 1pt solid">Recurring capital improvements - residential</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(238</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(379</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(127</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(179</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left; border-right: Black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reconciliation to condensed consolidated net income (loss) attributable to common equity:</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Segment NOI</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">16,478</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">12,230</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">9,135</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">5,838</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Deferred rents - straight lining</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">173</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">311</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">75</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">173</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Lease termination fee</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(620</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(620</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Investment income</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">112</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">91</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">57</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">45</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Unrealized gain on interest rate cap contract</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">19</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">19</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">General and administrative expenses</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(1,192</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(1,157</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(639</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(633</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-left: 12px">Depreciation</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(5,512</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(5,178</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(2,801</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(2,648</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 12px">Financing costs</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(9,571</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(7,722</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(4,419</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(3,856</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Net income (loss)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">507</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(2,045</td><td style="white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">1,427</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">(1,701</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">    Net (income) loss attributable to noncontrolling interests in subsidiaries</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">251</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">1,409</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(312</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">1,002</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 2.5pt">Net income (loss) attributable to common equity</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">758</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(636</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">1,115</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">(699</td><td style="white-space: nowrap; 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, 2018:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">No. of Options</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Weighted Average</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Outstanding</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Exercise Price</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 78%">Options outstanding beginning of period</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 8%; text-align: right">267,780</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 8%; text-align: right">18.81</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Options granted during period</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Options forfeited/cancelled during period</td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; padding-bottom: 2.5pt">Options outstanding end of period</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">267,780</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">18.81</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 2.5pt">Options vested and expected to vest</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">262,280</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 2.5pt">Options exercisable at end of period</td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">147,940</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt"> </td> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

15.50

P5Y

2028-05-02

5512000

5178000

766000

761000

61000

427000

410000

173000 311000

170000

93000

-4000

-86000

899000

429000

-1165000

-216000

-208000

-27000

4983000

3561000

3186000

8308000

12577000

-15763000

-8308000

146561000

24026000

166520000

23500000

12350000 -960000

1349000

3000000

-647000 693000 89000

2670000

339000

3033000

112000

2806000

6365000

270000

21783000

2044000

11003000

-2703000

8770000

6979000

285000

274000

7000

13000

3121000

-250000

348548000

331965000

135000

129000

2161000

2007000

3532000

3359000

2365000

1767000

7486000

9135000

6965000

2740000 2680000

395127000

372957000

4067000

1863000

348556000

321572000

5284000

5172000

8457000

9078000

2886000

3870000

3118000

2960000

1068000

1276000

369706000

344367000

27850000

27651000

4977000

5273000

4410000

4824000

2047000

284000

20510000

17838000

4911000

10752000

395127000

372957000

3380000

107000

29100000

0.0435

0.0538

0.0388

0.03

0.0473

0.65

3100000

5200000

19500000

11200000

P10Y

P4Y

3000000

118500000

1100000

17200000

12800000

1.00

13000000

100000

3380000

500000 1000000

3100000

6869000

6828000

6823000

6876000

28519000

28346000

12566000

15780000

12664000

25263000

14325000

24952000

12491000

14250000

12070000

5996000

6263000

12882000

6495000

7987000

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Document and Entity Information - shares	Apr. 30, 2018	Jun. 08, 2018
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	2018
Document Fiscal Period Focus	Q2
Document Period End Date	Apr. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Entity Filer Category	Accelerated Filer
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2018	Oct. 31, 2017
ASSETS
Real estate, at cost, net of accumulated depreciation	$ 348,548	$ 331,965
Construction in progress	135	129
Cash and cash equivalents	18,902	7,899
Tenants' security accounts	2,161	2,007
Receivables arising from straight-lining of rents	3,532	3,359
Accounts receivable, net of allowance for doubtful accounts of $288 and $175 as of April 30, 2018 and October 31, 2017, respectively	2,365	1,767
Secured loans receivable	5,451	5,451
Prepaid expenses and other assets	7,486	9,135
Qualified intermediary deposit - 1031 exchange		6,965
Deferred charges, net	2,740	2,680
Interest rate cap and swap contracts	3,807	1,600
Total Assets	395,127	372,957
Liabilities:
Mortgages payable	352,623	323,435
Less unamortized debt issuance costs	4,067	1,863
Mortgages payable, net	348,556	321,572
Due to affiliate	5,284	5,172
Deferred trustee compensation payable	8,457	9,078
Accounts payable and accrued expenses	2,886	3,870
Dividends payable	337
Tenants' security deposits	3,118	2,960
Deferred revenue	1,068	1,276
Interest rate swap contract		439
Total Liabilities	369,706	344,367
Common equity:
Shares of beneficial interest without par value: 8,000,000 shares authorized; 6,993,152 shares issued plus 134,404 and 122,092 vested share units granted to trustees at April 30, 2018 and October 31, 2017, respectively	27,850	27,651
Treasury stock, at cost: 237,277 and 253,083 shares at April 30, 2018 and October 31, 2017, respectively	(4,977)	(5,273)
Dividends in excess of net income	(4,410)	(4,824)
Accumulated other comprehensive income	2,047	284
Total Common Equity	20,510	17,838
Noncontrolling interests in subsidiaries	4,911	10,752
Total Equity	25,421	28,590
Total Liabilities and Equity	$ 395,127	$ 372,957

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2018	Oct. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 288	$ 175
Shares of benefical interest, no par value
Shares of benefical interest, authorized	8,000,000	8,000,000
Shares of benefical interest, issued	6,993,152	6,993,152
Vested share units to trustees, issued	134,404	122,092
Treasury stock at cost, shares	237,277	253,083

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Revenue:
Rental income	$ 12,781	$ 11,157	$ 25,171	$ 22,018
Reimbursements	1,411	1,407	2,987	2,773
Sundry income	133	100	361	472
Total revenue	14,325	12,664	28,519	25,263
Expenses:
Operating expenses	4,208	3,947	8,350	7,915
Lease termination fee		620		620
Management fees	649	593	1,260	1,156
Real estate taxes	897	2,746	3,450	4,808
Depreciation	2,801	2,648	5,512	5,178
Total expenses	8,555	10,554	18,572	19,677
Operating income	5,770	2,110	9,947	5,586
Investment income	57	45	112	91
Unrealized gain on interest rate cap contract	19		19
Interest expense including amortization of deferred financing costs	(4,419)	(3,856)	(9,571)	(7,722)
Net income (loss)	1,427	(1,701)	507	(2,045)
Net (income) loss attributable to noncontrolling interests in subsidiaries	(312)	1,002	251	1,409
Net income (loss) attributable to common equity	$ 1,115	$ (699)	$ 758	$ (636)
Earnings (loss) per share - basic and diluted	$ 0.16	$ (0.10)	$ 0.11	$ (0.09)
Weighted average shares outstanding:
Basic and diluted	6,876	6,828	6,869	6,823

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,427	$ (1,701)	$ 507	$ (2,045)
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swap contracts before reclassifications	866	(386)	2,413	2,275
Amount reclassified from accumulated other comprehensive income to interest expense	41	146	125	331
Net unrealized gain (loss) on interest rate swap contracts	907	(240)	2,538	2,606
Comprehensive income (loss)	2,334	(1,941)	3,045	561
Net (income) loss attributable to noncontrolling interests	(312)	1,002	251	1,409
Other comprehensive income (loss):
Unrealized (gain) loss on interest rate swap contracts attributable to noncontrolling interests	(242)	113	(775)	(879)
Comprehensive income (loss) attributable to noncontrolling interests	(554)	1,115	(524)	530
Comprehensive income (loss) attributable to common equity	$ 1,780	$ (826)	$ 2,521	$ 1,091

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 6 months ended Apr. 30, 2018 - USD ($)
$ in Thousands

Shares of Beneficial Interest [Member]

Treasury Shares at Cost [Member]

Dividends in Excess of Net Income [Member]

Accumulated Other Comprehensive Income [Member]

Total Common Equity [Member]

Noncontrolling Interests [Member]

Total

Balance at Oct. 31, 2017

$ 27,651

$ (5,273)

$ (4,824)

$ 284

$ 17,838

$ 10,752

$ 28,590

Stock based compensation expense

Vested share units granted to trustees and consultant

434

Vested share units issued to retired trustee

^[1]

(296)

296

Distributions to noncontrolling interests

(6,365)

Net income (loss)

758

(251)

507

Dividends declared, including $7 payable in share units ($0.05 per share)

(344)

Net unrealized gain on interest rate swaps

1,763

775

2,538

Balance at Apr. 30, 2018

$ 27,850

$ (4,977)

$ (4,410)

$ 2,047

$ 20,510

$ 4,911

$ 25,421

[1]	Represents the issuance of treasury shares to retired trustee for share units earned.

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

XML 18 R7.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) $ in Thousands	6 Months Ended
	Apr. 30, 2018 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Stock dividends payable \| $	$ 7
Dividends declared, per share \| $ / shares	$ 0.05

XML 19 R8.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
Operating activities:
Net income (loss)	$ 507	$ (2,045)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	5,512	5,178
Amortization	766	761
Unrealized gain on interest rate cap contract	(19)
Stock based compensation expense	61	61
Trustee fees, consultant fee and related interest paid in stock units	427	410
Deferred rents - straight line rent	(173)	(311)
Bad debt expense	170	93
Changes in operating assets and liabilities:
Tenants' security accounts	4	86
Accounts receivable, prepaid expenses and other assets	(899)	(429)
Accounts payable, accrued expenses and deferred trustee compensation	(1,165)	(216)
Deferred revenue	(208)	(27)
Net cash provided by operating activities	4,983	3,561
Investing activities:
Capital improvements - existing properties	(3,186)	(8,308)
Acquisition of Station Place, net of proceeds released from escrow related to 1031 exchange	(12,577)
Net cash used in investing activities	(15,763)	(8,308)
Financing activities:
Repayment of mortgages and construction loan	(146,561)	(24,026)
Proceeds from mortgage loan refinancings	166,520	23,500
Proceeds from acquisition mortgage loan	12,350
Refinancing good faith deposit refund	960
Restricted loan proceeds held in escrow		(250)
Proceeds from construction loan		1,349
Proceeds from credit line		3,000
Repayment of credit line	(3,121)
Advanced funding for construction loan reserve	647	(693)
Interest rate cap contract cost	(89)
Deferred financing costs	(2,670)	(339)
Dividends paid		(3,033)
Due to affiliate	112	2,806
Distributions to noncontrolling interests	(6,365)	(270)
Net cash provided by financing activities	21,783	2,044
Net increase (decrease) in cash and cash equivalents	11,003	(2,703)
Cash and cash equivalents, beginning of period	7,899	10,906
Cash and cash equivalents, end of period	18,902	8,203
Supplemental disclosure of cash flow data:
Interest paid, net of amounts capitalized	8,770	6,979
Investing activities:
Accrued capital expenditures, construction costs, pre-development costs and interest	285	274
Financing activities:
Dividends declared but not paid	337
Dividends paid in share units	$ 7	$ 13

XML 20 R9.htm IDEA: XBRL DOCUMENT

Basis of presentation

6 Months Ended

Apr. 30, 2018

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, 2018

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, 2018

Earnings Per Share [Abstract]

Earnings (loss) per share

Note 3 - Earnings (loss) per share:

XML 23 R12.htm IDEA: XBRL DOCUMENT

Interest rate cap and swap contracts

6 Months Ended

Apr. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest rate cap and swap contracts

Note 4 - Interest rate cap and swap contracts:

The fair values are based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

XML 24 R13.htm IDEA: XBRL DOCUMENT

Property sale

6 Months Ended

Apr. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Property sales

Note 5 – Property sale:

XML 25 R14.htm IDEA: XBRL DOCUMENT

Property acquisition

6 Months Ended

Apr. 30, 2018

Real Estate [Abstract]

Property acquisition

Note 6 – Property acquisition:

The acquisition cost of $19.5 million has been allocated as follows: $10.7 million to the building and $8.8 million to the land.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Management agreement, fees and transactions with related party

6 Months Ended

Apr. 30, 2018

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, 2018

Debt Disclosure [Abstract]

Mortgage financings

Note 8 – Mortgage financings:

XML 28 R17.htm IDEA: XBRL DOCUMENT

Fair value of long-term debt

6 Months Ended

Apr. 30, 2018

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, 2018 and October 31, 2017:

($ in Millions)	April 30, 2018	October 31, 2017

Fair Value	$341.7	$317.8

Carrying Value	$348.6	$321.6

- 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, 2018

Segment Reporting [Abstract]

Segment information

Note 10 - Segment information:

	Six Months Ended						Three Months Ended
	April 30,						April 30,
	2018			2017			2018			2017
	(In Thousands of Dollars)						(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	12,566		$	12,070		$	6,263		$	5,996
Residential		15,780			12,882			7,987			6,495
Total real estate rental revenue		28,346			24,952			14,250			12,491

Real estate operating expenses:
Commercial		6,001			5,835			2,964			2,950
Residential		5,867			6,887			2,151			3,703
Total real estate operating expenses		11,868			12,722			5,115			6,653

Net operating income:
Commercial		6,565			6,235			3,299			3,046
Residential		9,913			5,995			5,836			2,792
Total net operating income	$	16,478		$	12,230		$	9,135		$	5,838


Recurring capital improvements - residential	$	(238	)	$	(379	)	$	(127	)	$	(179	)


Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Segment NOI	$	16,478		$	12,230		$	9,135		$	5,838
Deferred rents - straight lining		173			311			75			173
Lease termination fee		—			(620	)		—			(620	)
Investment income		112			91			57			45
Unrealized gain on interest rate cap contract		19			—			19			—
General and administrative expenses		(1,192	)		(1,157	)		(639	)		(633	)
Depreciation		(5,512	)		(5,178	)		(2,801	)		(2,648	)
Financing costs		(9,571	)		(7,722	)		(4,419	)		(3,856	)
Net income (loss)		507			(2,045	)		1,427			(1,701	)
Net (income) loss attributable to noncontrolling interests in subsidiaries		251			1,409			(312	)		1,002
Net income (loss) attributable to common equity	$	758		$	(636	)	$	1,115		$	(699	)

XML 30 R19.htm IDEA: XBRL DOCUMENT

Income taxes

6 Months Ended

Apr. 30, 2018

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, 2018

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, 2018:

	No. of Options		Weighted Average
	Outstanding		Exercise Price
Options outstanding beginning of period		267,780	$	18.81
Options granted during period		—		—
Options forfeited/cancelled during period		—		—
Options outstanding end of period		267,780	$	18.81
Options vested and expected to vest		262,280
Options exercisable at end of period		147,940

Expected volatility – 30.30%

Risk-free interest rate – 2.23%

Imputed option life – 6.3 years

Expected dividend yield – 4.66%

XML 32 R21.htm IDEA: XBRL DOCUMENT

Deferred fee plan

6 Months Ended

Apr. 30, 2018

Deferred Compensation Arrangements [Abstract]

Deferred fee plan

Note 13 – Deferred fee plan:

XML 33 R22.htm IDEA: XBRL DOCUMENT

Anchor tenant termination and modification of lease

6 Months Ended

Apr. 30, 2018

Lease Termination Fee Disclosure [Abstract]

Anchor tenant termination and modification of lease

Note 14 – Anchor tenant termination and modification of lease:

XML 34 R23.htm IDEA: XBRL DOCUMENT

Subsequent event

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent event

Note 15 – Subsequent event:

XML 35 R24.htm IDEA: XBRL DOCUMENT

Fair value of long-term debt (Tables)

6 Months Ended

Apr. 30, 2018

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, 2018 and October 31, 2017:

($ in Millions)	April 30, 2018	October 31, 2017

Fair Value	$341.7	$317.8

Carrying Value	$348.6	$321.6

XML 36 R25.htm IDEA: XBRL DOCUMENT

Segment information (Tables)

6 Months Ended

Apr. 30, 2018

Segment Reporting [Abstract]

Schedule of segment and related information

	Six Months Ended						Three Months Ended
	April 30,						April 30,
	2018			2017			2018			2017
	(In Thousands of Dollars)						(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	12,566		$	12,070		$	6,263		$	5,996
Residential		15,780			12,882			7,987			6,495
Total real estate rental revenue		28,346			24,952			14,250			12,491

Real estate operating expenses:
Commercial		6,001			5,835			2,964			2,950
Residential		5,867			6,887			2,151			3,703
Total real estate operating expenses		11,868			12,722			5,115			6,653

Net operating income:
Commercial		6,565			6,235			3,299			3,046
Residential		9,913			5,995			5,836			2,792
Total net operating income	$	16,478		$	12,230		$	9,135		$	5,838


Recurring capital improvements - residential	$	(238	)	$	(379	)	$	(127	)	$	(179	)


Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Segment NOI	$	16,478		$	12,230		$	9,135		$	5,838
Deferred rents - straight lining		173			311			75			173
Lease termination fee		—			(620	)		—			(620	)
Investment income		112			91			57			45
Unrealized gain on interest rate cap contract		19			—			19			—
General and administrative expenses		(1,192	)		(1,157	)		(639	)		(633	)
Depreciation		(5,512	)		(5,178	)		(2,801	)		(2,648	)
Financing costs		(9,571	)		(7,722	)		(4,419	)		(3,856	)
Net income (loss)		507			(2,045	)		1,427			(1,701	)
Net (income) loss attributable to noncontrolling interests in subsidiaries		251			1,409			(312	)		1,002
Net income (loss) attributable to common equity	$	758		$	(636	)	$	1,115		$	(699	)

XML 37 R26.htm IDEA: XBRL DOCUMENT

Stock option plan (Tables)

6 Months Ended

Apr. 30, 2018

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, 2018:

	No. of Options		Weighted Average
	Outstanding		Exercise Price
Options outstanding beginning of period		267,780	$	18.81
Options granted during period		—		—
Options forfeited/cancelled during period		—		—
Options outstanding end of period		267,780	$	18.81
Options vested and expected to vest		262,280
Options exercisable at end of period		147,940

XML 38 R27.htm IDEA: XBRL DOCUMENT

Recently issued accounting standards (Details)	Apr. 30, 2018 USD ($)
Transaction costs	$ 19,500,000
Station Place on Monmouth, LLC [Member]
Transaction costs	$ 542,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

Interest rate cap and swap contracts (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 07, 2018	Dec. 07, 2017	Sep. 29, 2016	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017	Oct. 31, 2017	Apr. 22, 2016	Dec. 26, 2012
Derivative [Line Items]
Mortgages and construction loan payable				$ 352,623,000		$ 352,623,000		$ 323,435,000
Interest rate swap contract assets				3,807,000		3,807,000		1,600,000
Unrealized gain (loss) on derivatives				19,000		19,000
Net unrealized gain (loss) on interest rate swap contracts				907,000	$ (240,000)	2,538,000	$ 2,606,000
Interest rate swap contract liabilities								439,000
Damascus Centre Swap [Member]
Derivative [Line Items]
Interest rate swap contract assets				883,000		883,000
Unrealized gain (loss) on derivatives								2,952,000
Wayne PSC swap [Member]
Derivative [Line Items]
Interest rate swap contract assets				2,313,000		2,313,000
Regency Swap [Member]
Derivative [Line Items]
Interest rate swap contract assets				238,000		238,000
Monmouth swap [Member]
Derivative [Line Items]
Interest rate swap contract assets				266,000		266,000
Wells Fargo Bank [Member]
Derivative [Line Items]
Refinanced loan amount	$ 115,300,000
Loan amount	118,500,000
Leasing costs	$ 3,380,000
Basis points, interest rate	2.85%
Maturity date of loan	Feb. 06, 2021
Grande Rotunda LLC [Member]
Derivative [Line Items]
Loan amount				118,500,000		118,500,000
Unrealized gain (loss) on derivatives				19,000		19,000
Increase (Decrease) in Derivative Assets and Liabilities						107,000
Grande Rotunda LLC Construction Loan [Member]
Derivative [Line Items]
Loan amount				121,900,000		121,900,000
Notional amount of interest rate swap				$ 121,900,000		$ 121,900,000
Fixed interest rate				3.00%		3.00%
Maturity date of loan						Mar. 05, 2020
Provident Bank [Member]
Derivative [Line Items]
Loan amount		$ 12,350,000		$ 16,200,000		$ 16,200,000
Notional amount of interest rate swap		$ 12,350,000		$ 16,100,000		$ 16,100,000
Fixed interest rate		4.35%		3.75%		3.75%
Basis points, interest rate		1.80%		2.75%		1.25%
Maturity date of loan		Dec. 15, 2027				Dec. 15, 2024
Wayne PSC, LLC Loan [Member]
Derivative [Line Items]
Refinanced loan amount			$ 24,200,000
Loan amount				$ 24,800,000		$ 24,800,000
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				24,800,000		24,800,000
Fixed interest rate			3.625%
Basis points, interest rate			2.20%
People's United Bank [Member]
Derivative [Line Items]
Loan amount			$ 25,800,000	20,100,000		20,100,000
Mortgages and construction loan payable									$ 2,320,000
Notional amount of interest rate swap				$ 20,200,000		$ 20,200,000
People's United Bank [Member] \| Tranche One [Member]
Derivative [Line Items]
Loan amount										$ 20,000,000
Fixed interest rate				3.81%		3.81%
Basis points, interest rate						2.10%
Maturity date of loan						Jan. 03, 2023
People's United Bank [Member] \| Tranche Two [Member]
Derivative [Line Items]
Fixed interest rate				3.53%		3.53%
Damascus Centre [Member]
Derivative [Line Items]
Interest rate swap contract assets								275,000
Wayne PSC swap [Member]
Derivative [Line Items]
Interest rate swap contract assets								1,325,000
Regency Swap [Member]
Derivative [Line Items]
Interest rate swap contract liabilities								$ 439,000
Station Place on Monmouth, LLC [Member]
Derivative [Line Items]
Percentage of acquisition		100.00%

XML 40 R29.htm IDEA: XBRL DOCUMENT

Property sale (Details) - USD ($)		12 Months Ended
Property sale (Details) - USD ($)	Jun. 12, 2017	Oct. 31, 2017
Real Estate Properties [Line Items]
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		$ 15,400,000
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	15,400,000
Mortgage prepayment penalty	1,100,000
Net proceeds from sale of property	8,000,000
Net proceeds from sale of property to be held in escrow until replacement property is purchased	7,000,000
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	$ 15,400,000

XML 41 R30.htm IDEA: XBRL DOCUMENT

Property acquisition (Details) - USD ($)		6 Months Ended
Property acquisition (Details) - USD ($)	Dec. 07, 2017	Apr. 30, 2018
Real Estate [Line Items]
Transaction costs		$ 19,500,000
Building [Member]
Real Estate [Line Items]
Transaction costs		10,700,000
Land [Member]
Real Estate [Line Items]
Transaction costs		8,800,000
Provident Bank [Member]
Real Estate [Line Items]
Remaining balance (inclusive of the transaction costs)		12,350,000
Station Place on Monmouth, LLC [Member]
Real Estate [Line Items]
Percentage of acquisition	100.00%
Regency acquisition costs	$ 19,542,000
Transaction costs		542,000
Hammel Gardens Property [Member]
Real Estate [Line Items]
Net proceed from sales		$ 7,000,000

XML 42 R31.htm IDEA: XBRL DOCUMENT

Management agreement, fees and transactions with related party (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 28, 2018	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017	Oct. 30, 2013	Oct. 31, 2017	Nov. 30, 2016
Related Party Transaction [Line Items]
Asset management fees		$ 649,000	$ 593,000	$ 1,260,000	$ 1,156,000
Consulting services expense		4,200		4,200
Trustee fees and related interest payable in stock units				434,000
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		$ 5,300,000		$ 5,300,000			5,200,000
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		$ 619,000	553,000	$ 1,194,000	1,074,000
Leasing commissions and reimbursement of operating expenses		130,000	198,000	270,000	397,000
Leasing commissions				522,500
Insurance commissions		17,000	33,000	49,000	55,000
Redevelopment fees		432,500	0	1,195,000	0
Consulting services expense				240,000
Grande Rotunda LLC Construction Loan [Member]
Related Party Transaction [Line Items]
Consulting services expense				400,000
Provident Bank [Member]
Related Party Transaction [Line Items]
Consulting services expense				32,500
Grande Rotunda LLC [Member]
Related Party Transaction [Line Items]
Fee amount	$ 900,000	45,000		1,400,000		$ 500,000
Affiliated Entity 1 [Member]
Related Party Transaction [Line Items]
Development fees included in accounts payable		900,000		900,000			$ 900,000
Hekemian and Resources [Member]
Related Party Transaction [Line Items]
Fee amount				900,000
Robert S. Hekemian [Member]
Related Party Transaction [Line Items]
Trustee fees and related interest payable in stock units		119,000	135,000	255,000	273,000
Consulting fee per month				5,000
Consulting fee quarterly installments				15,000
Robert S. Hekemian, Jr. [Member]
Related Party Transaction [Line Items]
Trustee fees and related interest payable in stock units		27,000	17,000	41,000	34,000
David Hekemian [Member]
Related Party Transaction [Line Items]
Trustee fees and related interest payable in stock units		$ 2,000	$ 0	$ 2,000	$ 0

XML 43 R32.htm IDEA: XBRL DOCUMENT

Mortgage financings (Details) - USD ($)			1 Months Ended			3 Months Ended	6 Months Ended		12 Months Ended
Mortgage financings (Details) - USD ($)	Feb. 07, 2018	Dec. 07, 2017	Feb. 28, 2018	Apr. 28, 2017	Nov. 23, 2016	Apr. 30, 2018	Apr. 30, 2018	Apr. 30, 2017	Oct. 31, 2017	Oct. 30, 2013	Mar. 01, 2018	Jan. 08, 2018	Sep. 29, 2016	Jun. 30, 2016	Apr. 22, 2016	Feb. 01, 2010
Debt Instrument [Line Items]
Total loan carrying amount						$ 352,623,000	$ 352,623,000		$ 323,435,000
Proceeds from credit line								$ 3,000,000
Grande Rotunda LLC [Member]
Debt Instrument [Line Items]
Fee amount			$ 900,000			45,000	1,400,000			$ 500,000
Station Place on Monmouth, LLC [Member]
Debt Instrument [Line Items]
Percentage of acquisition		100.00%
People's United Bank [Member]
Debt Instrument [Line Items]
Loan amount						20,100,000	20,100,000						$ 25,800,000
Total loan carrying amount															$ 2,320,000
Grande Rotunda LLC Construction Loan [Member]
Debt Instrument [Line Items]
Loan amount						$ 121,900,000	$ 121,900,000
Fixed interest rate						3.00%	3.00%
Maturity date of loan							Mar. 05, 2020
Rotunda [Member]
Debt Instrument [Line Items]
Loan amount						$ 118,500,000	$ 118,500,000
Fixed interest rate						4.73%	4.73%
Provident Bank [Member]
Debt Instrument [Line Items]
Loan amount		$ 12,350,000				$ 16,200,000	$ 16,200,000
Fixed interest rate		4.35%
Basis points, interest rate		1.80%				2.75%	1.25%
Debt Instrument, Collateral Amount									3,100,000
Maturity date of loan		Dec. 15, 2027					Dec. 15, 2024
Tanant improvements									3,000,000
Line of credit, current borrowing capacity						$ 12,800,000	$ 12,800,000
Line of credit			$ 3,100,000
Line of credit, maximum borrowing capacity						$ 13,000,000	$ 13,000,000
Line of credit, renewal									$ 100,000
Patchogue NY [Member] \| Mortgages [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans												$ 29,100,000
Fixed interest rate						5.38%	5.38%
Debt Instrument, Collateral Amount											$ 5,200,000
Patchogue NY [Member] \| Mortgages [Member] \| Pierre Towers, LLC [Member]
Debt Instrument [Line Items]
Loan amount						$ 48,000,000	$ 48,000,000
Fixed interest rate						3.88%	3.88%
Total loan carrying amount						$ 960,000	$ 960,000
Term of the loan							10 years
Net proceeds from refinancing of debt							$ 17,200,000
Mortgage prepayment penalty							1,200,000
Baltimore, MD [Member] \| Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Loan amount																$ 22,500,000
Debt Instrument, Collateral Amount																$ 19,500,000
Total loan carrying amount					$ 2,100,000
Baltimore, MD [Member] \| Notes Payable, Other Payables [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Total loan carrying amount						116,100,000	116,100,000
Baltimore, MD [Member] \| Notes Payable, Other Payables [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Total loan carrying amount						$ 120,000,000	$ 120,000,000
Baltimore, MD [Member] \| People's United Bank [Member]
Debt Instrument [Line Items]
Basis points, interest rate						2.25%
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 could have been 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 were 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 was 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; and (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.
Grande Rotunda LLC [Member] \| Mortgages [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Replenish account balance														$ 500,000
Grande Rotunda LLC [Member] \| Mortgages [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Replenish account balance														$ 1,000,000
Wells Fargo Bank [Member]
Debt Instrument [Line Items]
Fixed interest rate	3.00%
Total loan carrying amount	$ 115,300,000
Tanant improvements	118,500,000
Leasing costs	$ 3,380,000
Wells Fargo Bank [Member] \| Manufacturer's and Traders Trust Company [Member]
Debt Instrument [Line Items]
Loan amount				$ 23,500,000
S And A Commercial Associates Limited Partnership [Member] \| Mortgages [Member]
Debt Instrument [Line Items]
Membership interest percentage						65.00%	65.00%
Repurchase amount of acquisition loan						$ 11,200,000	$ 11,200,000
WestFREIT Corp [Member]
Debt Instrument [Line Items]
Refinanced loan amount				$ 22,000,000
Basis points, interest rate				2.75%
Maturity date of loan				Apr. 28, 2019
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
Net proceeds from refinancing of debt				$ 1,100,000

XML 44 R33.htm IDEA: XBRL DOCUMENT

Fair value of long-term debt (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Oct. 31, 2017
Fair Value Disclosures [Abstract]
Fair value of long-term debt	$ 341,700	$ 317,800
Carrying value of long-term debt	$ 348,556	$ 321,572

XML 45 R34.htm IDEA: XBRL DOCUMENT

Segment information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment information (Details) $ in Thousands	Apr. 30, 2018 USD ($) properties	Apr. 30, 2017 USD ($)	Apr. 30, 2018 USD ($) properties segments	Apr. 30, 2017 USD ($) segments
Reportable Segments
Real estate rental revenue	$ 14,325	$ 12,664	$ 28,519	$ 25,263
Real estate operating expenses	8,555	10,554	18,572	19,677
Operating income	5,770	2,110	9,947	5,586
Reconciliation to condensed consolidated net income (loss) attributable to common equity:
Segment NOI	9,135	5,838	16,478	12,230
Deferred rents - straight lining	75	173	173	311
Lease termination fee		(620)		(620)
Investment income	57	45	112	91
Unrealized gain on interest rate cap contract	19		19
General and administrative expenses	(639)	(633)	(1,192)	(1,157)
Depreciation	(2,801)	(2,648)	(5,512)	(5,178)
Financing costs	(4,419)	(3,856)	(9,571)	(7,722)
Net income (loss)	1,427	(1,701)	507	(2,045)
Net (income) loss attributable to noncontrolling interests in subsidiaries	(312)	1,002	251	1,409
Net income (loss) attributable to common equity	1,115	(699)	$ 758	$ (636)
Number of reportable segments \| segments			2	2
Operating Segments [Member]
Reportable Segments
Real estate rental revenue	14,250	12,491	$ 28,346	$ 24,952
Real estate operating expenses	5,115	6,653	11,868	12,722
Operating income	$ 9,135	5,838	$ 16,478	12,230
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	$ 6,263	5,996	$ 12,566	12,070
Real estate operating expenses	2,964	2,950	6,001	5,835
Operating income	3,299	3,046	6,565	6,235
Residential [Member]
Reportable Segments
Recurring capital improvements	$ (127)	(179)	$ (238)	(379)
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	$ 7,987	6,495	$ 15,780	12,882
Real estate operating expenses	2,151	3,703	5,867	6,887
Operating income	$ 5,836	$ 2,792	$ 9,913	$ 5,995

XML 46 R35.htm IDEA: XBRL DOCUMENT

Income taxes (Details)	12 Months Ended
Income taxes (Details)	Oct. 31, 2017 USD ($)
Income Tax Disclosure [Abstract]
Ordinary taxable income distributed as dividends (percentage)	100.00%
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	$ 15,400,000
Amount by which tax basis of replacement property in like-kind exchange is lower than acquisition cost	18,800,000
Acquisition cost	$ 19,500,000

XML 47 R36.htm IDEA: XBRL DOCUMENT

Stock option plan (Narrative) (Details) - USD ($)			3 Months Ended		6 Months Ended
Stock option plan (Narrative) (Details) - USD ($)	Nov. 10, 2016	Sep. 04, 2014	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017	Oct. 31, 2017
Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares authorized			300,000
Shares available for issuance			485,020		485,020
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan term	10 years	10 years
Vesting term	5 years	5 years
Options granted during period	38,000	246,000
Options granted during period	$ 21.00	$ 18.45
Compensation expense related to stock options			$ 30,000	$ 30,000	$ 61,000	$ 61,000
Unrecognized compensation cost			218,000		218,000		$ 267,780
Unrecognized compensation cost, recognition period						1 year 10 months 25 days
Aggregate intrinsic value of options expected to vest			0		0
Aggregate intrinsic value of options exercisable			$ 0		$ 0

XML 48 R37.htm IDEA: XBRL DOCUMENT

Stock option plan (Schedule of Stock Option Activity) (Details) - Employee Stock Option [Member] - USD ($)				6 Months Ended
	May 03, 2018	Nov. 10, 2016	Sep. 04, 2014	Apr. 30, 2018
No. of Options Outstanding
Options outstanding beginning of period	$ 218,000			$ 267,780
Options granted during period		38,000	246,000
Options forfeited/cancelled during period
Options outstanding end of period				267,780
Options vested and expected to vest				262,280
Options exercisable at end of period				147,940
Weighted Average Exercise Price
Options outstanding beginning of period	$ 18.81			$ 18.81
Options granted during period		$ 21.00	$ 18.45
Options forfeited/cancelled during period
Options outstanding end of period				$ 18.81

XML 49 R38.htm IDEA: XBRL DOCUMENT

Stock option plan (Fair value assumption of options granted) (Details)	6 Months Ended
	Apr. 30, 2018 $ / 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 3 months 19 days
Expected dividend yield	4.66%

XML 50 R39.htm IDEA: XBRL DOCUMENT

Deferred fee plan (Details) - USD ($)	6 Months Ended
Deferred fee plan (Details) - USD ($)	Apr. 30, 2018	Apr. 30, 2017	Oct. 31, 2017
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Trustee fee expense	$ 434,000
Dividends payable	337,000
Deferred Fee Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Trustee fee expense	423,300	410,200
Deferred trustee fees	$ 430,000	$ 423,200
Basis spread on any deferred fee (percentage)	1.50%
Term of distribution to participants	10 years
Shares issued	28,118	21,037
Dividends payable	$ 6,700	$ 13,000

XML 51 R40.htm IDEA: XBRL DOCUMENT

Anchor tenant termination and modification of lease (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017	Jul. 26, 2017
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
Reduction in annual rent having adverse effect on future operating results					$ 250,000

XML 52 R41.htm IDEA: XBRL DOCUMENT

Subsequent event (Details) - Subsequent Event [Member] - Equity Incentive Plan [Member]	May 03, 2018 $ / shares shares
Subsequent Event [Line Items]
Non-Qualified share option grant \| shares	38,000
Option exercise price \| $ / shares	$ 15.50
Option term	5 years
Expiry period	10 years
Maturity date	May 02, 2028

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