XML 47 R28.htm IDEA: XBRL DOCUMENT v3.21.4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Oct. 31, 2021
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, INC. AND SUBSIDIARIES

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

OCTOBER 31, 2021

(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

$ 9,545

$ 364

$ 1,773

$ -

$ 1,531

$ 364

$ 3,304

$ 3,668

$ 2,989

1966

1975

7-40 years

Berdan Court, Wayne, NJ

28,815

250

2,206

-

4,991

250

7,197

7,447

5,957

1964

1965

7-40 years

Westwood Hills, Westwood, NJ

25,000

3,849

11,546

-

2,919

3,849

14,465

18,314

10,107

1965-70

1994

7-39 years

Boulders - Rockaway, NJ

14,453

1,632

-

3,386

16,091

5,018

16,091

21,109

6,628

2005-2006

1963/1964

7-40 years

Regency Club - Middletown, NY

14,921

2,833

17,792

-

973

2,833

18,765

21,598

3,663

2003

2014

7-40 years

Icon - Baltimore, MD (2)

64,086

5,871

-

-

87,884

5,871

87,884

93,755

11,563

2016

2005

7-40 years

Station Place - Red Bank, NJ

11,971

8,793

10,757

-

19

8,793

10,776

19,569

1,055

2015

2017

7-40 years

 

Commercial Properties:

Damascus Shopping Center,

Damascus, MD (2)

18,274

2,950

6,987

6,296

17,232

9,246

24,219

33,465

8,765

1960's

2003

5-39.5 years

Franklin Crossing, Franklin Lakes,

  NJ

-

29

-

3,382

7,438

3,411

7,438

10,849

4,545

1963/75/97

1966

5-39.5 years

Glen Rock, NJ

-

12

36

-

164

12

200

212

164

1940

1962

5-25 years

Westridge Square S/C, Frederick,

  MD (2)

21,188

9,135

19,159

(1)

4,796

9,134

23,955

33,089

21,463

1986

1992

5-31.5 years

Westwood Plaza, Westwood, NJ

18,001

6,889

6,416

-

2,389

6,889

8,805

15,694

8,643

1981

1988

5-31.5 years

Preakness S/C, Wayne, NJ

22,588

9,280

24,217

-

2,799

9,280

27,016

36,296

13,174

1955/89/00

2002

5-39.5 years

The Rotunda, Baltimore, MD (2)

52,434

10,392

14,634

232

46,078

10,624

60,712

71,336

16,905

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

$ 310,276

$ 62,954

$ 115,523

$ 13,139

$ 195,304

$ -

$ 76,093

$ 310,827

$ 386,920

$ 115,621

 

(1) Total cost for each property is the same for federal income tax purposes, with the exception of the Regency Club, Station Place and the Rotunda properties (Icon and The Rotunda) whose cost for federal income tax purposes is approximately $13.5 million, $4.2 million and $163.2 million, respectively.

(2) The properties owned by Grande Rotunda, WestFREIT and Damascus Centre were sold on December 30, 2021, January 7, 2022 and January 10, 2022, respectively. See Note 17 to FREIT Maryland’s consolidated financial statements for additional details.

95

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

(In Thousands of Dollars)

Reconciliation of Real Estate and Accumulated Depreciation:

2021

2020

2019

 

Real estate:

Balance, Beginning of year

$

385,853

$

448,866

$

456,658

 

Additions - Buildings and improvements

1,883

2,055

3,386

 

Disposals - Buildings and improvements

(816

)

(585

)

(240

)

 

Tenant improvement write-off due to COVID-19

-

(8,910

)

-

 

 

Sale of property

-

-

(10,938

)

 

Deconsolidation of subsidiary

-

(55,573

)

-

 

Balance, end of year

$

386,920

$

385,853

$

448,866

 

Accumulated depreciation:

Balance, beginning of year

$

107,137

$

118,363

$

111,967

 

Additions - Charged to operating expenses

9,300

10,341

11,339

 

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

-

(1,637

)

-

 

Disposals - Buildings and improvements

(816

)

(583

)

(217

)

 

Sale of property

-

-

(4,726

)

 

Deconsolidation of subsidiary

-

(19,347

)

-

 

Balance, end of year

$

115,621

$

107,137

$

118,363