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Deferred fee plan
9 Months Ended
Jul. 31, 2019
Deferred Compensation Arrangements [Abstract]  
Deferred fee plan

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 nine and three-month periods ended July 31, 2019 were deferred under the Deferred Fee Plan except for fees payable to one Trustee, who elected to receive such fees in cash. All fees payable to Trustees for the nine and three-month periods ended July 31, 2018 were deferred under the Deferred Fee Plan except for fees payable to three Trustees, who elected to receive such fees in cash. As a result of the amendment to the Deferred Fee Plan described above, for the nine-month periods ended July 31, 2019 and 2018, the aggregate amounts of deferred Trustee fees together with related interest and dividends were approximately $745,500 and $623,000, respectively, which have been paid through the issuance of 46,070 and 39,835 vested FREIT share units, respectively, based on the closing price of FREIT shares on the dates as set forth in the Deferred Fee Plan.

For the nine-month periods ended July 31, 2019 and 2018, FREIT has charged as expense approximately $677,300 and $609,000, respectively, representing deferred Trustee fees and interest, and the balance of approximately $68,200 and $14,000, respectively, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity.