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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Oct. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

OCTOBER 31, 2020

(In Thousands of Dollars)

Column A

Column B

Column C

Column D

Column E

Column F

Column G

Column H

Column I

Initial Cost

Costs Capitalized

Gross Amount at Which

to Company

Subsequent to Acquisition

Carried at Close of Period

 

Life on

Buildings

Buildings

Which

Encum-

and

Improve-

Carrying

and

Accumulated

Date of

Date

Depreciation

Description

brances

Land

Improvements

Land

ments

Costs

Land

Improvements

Total (1)

Depreciation

Construction

Acquired

is Computed

 

Residential Properties:

Steuben Arms, River Edge, NJ

$ 9,789

$ 364

$ 1,773

$ -

$ 1,506

$ 364

$ 3,279

$ 3,643

$ 2,937

1966

1975

7-40 years

Berdan Court, Wayne, NJ

28,815

250

2,206

-

4,865

250

7,071

7,321

5,791

1964

1965

7-40 years

Westwood Hills, Westwood, NJ

25,000

3,849

11,546

-

2,826

3,849

14,372

18,221

9,684

1965-70

1994

7-39 years

Boulders - Rockaway, NJ

15,050

1,632

-

3,386

16,011

5,018

16,011

21,029

6,185

2005-2006

1963/1964

7-40 years

Regency Club - Middletown, NY

15,255

2,833

17,792

-

774

2,833

18,566

21,399

3,139

2003

2014

7-40 years

Icon - Baltimore, MD

65,186

5,871

-

-

87,770

5,871

87,770

93,641

9,347

2016

2005

7-40 years

Station Place - Red Bank, NJ

12,181

8,793

10,757

-

1

8,793

10,758

19,551

785

2015

2017

7-40 years

 

Commercial Properties:

Damascus Shopping Center,

Damascus, MD

18,824

2,950

6,987

6,296

17,589

9,246

24,576

33,822

8,384

1960's

2003

5-39.5 years

Franklin Crossing, Franklin Lakes,

  NJ

-

29

-

3,382

7,426

3,411

7,426

10,837

4,387

1963/75/97

1966

5-39.5 years

Glen Rock, NJ

-

12

36

-

235

12

271

283

219

1940

1962

5-25 years

Westridge Square S/C, Frederick,

  MD

21,775

9,135

19,159

(1)

4,791

9,134

23,950

33,084

20,556

1986

1992

5-31.5 years

Westwood Plaza, Westwood, NJ

18,695

6,889

6,416

-

2,374

6,889

8,790

15,679

8,601

1981

1988

5-31.5 years

Preakness S/C, Wayne, NJ

23,336

9,280

24,217

-

2,802

9,280

27,019

36,299

12,509

1955/89/00

2002

5-39.5 years

The Rotunda, Baltimore, MD

53,334

10,392

14,634

232

45,267

10,624

59,901

70,525

14,613

1920/2016

2005

5-40 years

 

Land Leased:

Rockaway, NJ

-

114

-

-

-

114

-

114

-

1963/1964

Vacant Land:

`

Franklin Lakes, NJ

-

224

-

(156)

-

68

-

68

-

1966/93

Wayne, NJ

-

286

-

-

-

286

-

286

-

2002

Rockaway, NJ

-

51

-

-

-

51

-

51

-

1963/1964

$ 307,240

$ 62,954

$ 115,523

$ 13,139

$ 194,237

$ -

$ 76,093

$ 309,760

$ 385,853

$ 107,137

 

(1) Total cost for each property is the same for federal income tax purposes, with the exception of Regency Club, Station Place and the Rotunda properties (Icon and The Rotunda) whose cost for federal income tax purposes is approximately $13.3 million, $4.2 million and $162.2 million, respectively.

99

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

(In Thousands of Dollars)

Reconciliation of Real Estate and Accumulated Depreciation:

2020

2019

2018

 

Real estate:

Balance, Beginning of year

$

448,866

$

456,658

$

433,288

 

Additions - Buildings and improvements

2,055

3,386

4,562

 

Disposal - Buildings and improvements

(585

)

(240

)

(742

)

 

Tenant improvement write-off due to COVID-19

(8,910

)

—

 

—

 

 

Acquisition (Sale) of property

—

(10,938

)

19,550

 

Deconsolidation of subsidiary

(55,573

)

—

—

 

Balance, end of year

$

385,853

$

448,866

$

456,658

 

Accumulated depreciation:

Balance, beginning of year

$

118,363

$

111,967

$

101,194

 

Additions - Charged to operating expenses

10,341

11,339

11,515

 

Tenant improvement write-off due to COVID-19 - Charged to operating expenses

(1,637

)

—

—

 

Disposal - Buildings and improvements

(583

)

(217

)

(742

)

 

Sale of property

—

(4,726

)

—

 

Deconsolidation of subsidiary

(19,347

)

—

—

 

Balance, end of year

$

107,137

$

118,363

$

111,967