First Hartford (FHRT) 10-Q 4 Feb 15 2015 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Oct. 31, 2014	Jan. 25, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	FIRST HARTFORD CORP
Entity Central Index Key	36369
Current Fiscal Year End Date	-26
Entity Filer Category	Smaller Reporting Company
Trading Symbol	fhrt
Entity Common Stock, Shares Outstanding		2,411,965
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Oct-14
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Oct. 31, 2014	Apr. 30, 2014
Real estate and equipment:
Developed properties and property under construction (including $71,683,363 in October and $71,574,105 in April for VIEs)	$205,174,990	$197,401,169
Equipment and tenant improvements (including $2,383,090 in October and $2,314,849 in April for VIEs)	3,722,846	3,639,292
Total Real estate and equipment, Gross	208,897,836	201,040,461
Less accumulated depreciation and amortization (including $10,788,558 in October and $9,776,315 in April for VIEs)	36,810,389	34,260,586
Net Real estate and equipment	172,087,447	166,779,875
Cash and cash equivalents (including $1,013,235 in October and $535,230 in April for VIEs)	6,395,443	6,500,885
Cash and cash equivalents - restricted (including $412,477 in October and $441,877 in April for VIEs)	821,289	769,231
Marketable securities (including $2,343,182 in October and $2,936,778 in April for VIEs)	4,455,629	4,906,248
Property under construction - held for sale	4,053,055	0
Accounts and notes receivable, less allowance for doubtful accounts of $598,500 as of October 31, 2014 and $341,600 as of April 30, 2014 (including $326,587 in October and $87,049 in April for VIEs)	4,184,299	4,266,706
Other receivables	18,965,001	16,842,826
Deposits and escrows (including $1,646,840 in October and $1,768,581 in April for VIEs)	3,763,802	3,907,239
Prepaid expenses (including $386,728 in October and $223,453 in April for VIEs)	1,176,364	925,906
Deferred expenses (including $1,034,452 in October and $1,053,585 in April for VIEs)	5,327,052	3,103,178
Investments in affiliates	100	100
Due from related parties and affiliates	165,647	165,206
Total Assets	221,395,128	208,167,400
Mortgages and notes payable:
Construction loans payable	56,288,294	49,316,486
Mortgages payable (including $52,953,653 in October and $53,429,857 in April for VIEs)	141,621,458	148,308,158
Notes payable (including $1,704,697 in October and in April for VIEs)	4,440,687	1,704,697
Total Mortgages and other notes payable	202,350,439	199,329,341
Accounts payable (including $1,229,168 in October and $488,140 in April for VIEs)	5,402,407	2,317,036
Other payables	17,411,582	14,845,606
Accrued liabilities (including $3,565,316 in October and $3,225,028 in April for VIEs)	6,084,037	5,467,707
Accrued cost of derivatives	2,299,827	2,411,173
Deferred income (including $244,536 in October and $247,856 in April for VIEs)	684,375	855,121
Other liabilities	2,155,077	1,911,832
Due to related parties and affiliates (including $407,081 in October and $399,214 in April for VIEs)	478,934	471,114
Total liabilities	236,866,678	227,608,930
First Hartford Corporation:
Preferred stock, $1 par value; $.50 cumulative and convertible; authorized 4,000,000 shares; no shares issued and outstanding	0	0
Common stock, $1 par value; authorized 6,000,000 shares; issued 3,298,609 shares; outstanding 2,411,965 shares as of October 2014 and 2,412,002 as of April 2014	3,298,609	3,298,609
Capital in excess of par	5,198,928	5,198,928
Accumulated deficit	-21,943,538	-27,222,017
Accumulated other comprehensive income	79,989	34,313
Treasury stock, at cost, 886,644 shares as of October 31, 2014 and 886,607 in April 30, 2014	-4,964,958	-4,964,884
Total First Hartford Corporation	-18,330,970	-23,655,051
Noncontrolling interests	2,859,420	4,213,521
Total Shareholders' Equity (Deficiency)	-15,471,550	-19,441,530
Total Liabilities and Shareholders' Equity (Deficiency)	$221,395,128	$208,167,400

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Oct. 31, 2014	Apr. 30, 2014
Developed properties and property under construction	$205,174,990	$197,401,169
Equipment and tenant improvements	3,722,846	3,639,292
Real estate investment property, Accumulated depreciation	36,810,389	34,260,586
Cash and cash equivalents, at Carrying Value	6,395,443	6,500,885
Restricted Cash and cash equivalents	821,289	769,231
Marketable securities	4,455,629	4,906,248
Allowance for Doubtful Accounts, Accounts and notes receivable	598,500	341,600
Accounts and notes receivable	4,184,299	4,266,706
Deposits and escrows	3,763,802	3,907,239
Prepaid expenses	1,176,364	925,906
Deferred expenses	5,327,052	3,103,178
Mortgages payable	141,621,458	148,308,158
Notes payable	4,440,687	1,704,697
Accounts payable	5,402,407	2,317,036
Accrued liabilities	6,084,037	5,467,707
Deferred income	684,375	855,121
Due to related parties and affiliates	478,934	471,114
Preferred Stock par value (in dollars per share)	$1	$1
Preferred stock, cumulative and convertible par value (in dollars per share)	$0.50	$0.50
Preferred Stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Common Stock, par value (in dollars per share)	$1	$1
Common Stock, shares authorized (in shares)	6,000,000	6,000,000
Common Stock, shares issued (in shares)	3,298,609	3,298,609
Common Stock, shares outstanding (in shares)	2,411,965	2,412,002
Treasury stock, at cost, shares (in shares)	886,644	886,607
Variable Interest Entity, Primary Beneficiary [Member]
Developed properties and property under construction	71,683,363	71,574,105
Equipment and tenant improvements	2,383,090	2,314,849
Real estate investment property, Accumulated depreciation	10,788,558	9,776,315
Cash and cash equivalents, at Carrying Value	1,013,235	535,230
Restricted Cash and cash equivalents	412,477	441,877
Marketable securities	2,343,182	2,936,778
Accounts and notes receivable	326,587	87,049
Deposits and escrows	1,646,840	1,768,581
Prepaid expenses	386,728	223,453
Deferred expenses	1,034,452	1,053,585
Mortgages payable	52,953,653	53,429,857
Notes payable	1,704,697	1,704,697
Accounts payable	1,229,168	488,140
Accrued liabilities	3,565,316	3,225,028
Deferred income	244,536	247,856
Due to related parties and affiliates	$407,081	$399,214

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Operating revenues:
Rental income	$7,373,174	$7,629,233	$14,960,799	$14,535,885
Service income	1,630,968	1,573,780	3,752,525	2,569,294
Sales of real estate	0	1,090,000	0	2,902,596
Other income	574,958	328,680	1,193,024	653,840
Total Operating revenues	9,579,100	10,621,693	19,906,348	20,661,615
Operating costs and expenses:
Rental expenses	5,498,019	5,009,589	10,699,980	9,566,210
Service expenses	1,001,700	958,026	2,097,980	1,688,770
Cost of real estate sales	0	1,070,399	0	2,270,300
Selling, general and administrative expenses	2,031,819	1,317,297	3,372,183	2,480,484
Total Operating costs and expenses	8,531,538	8,355,311	16,170,143	16,005,764
Income from operations	1,047,562	2,266,382	3,736,205	4,655,851
Non-operating income (expense):
Interest expense	-2,565,745	-2,782,186	-5,068,660	-5,487,329
Other income	202,344	121,447	355,342	201,447
Gain on forgiveness of debt	5,315,423	0	5,315,423	0
Loss on defeasance	0	-243,602	0	-243,602
Gain (loss) on derivatives	158,586	209,228	111,346	934,017
Equity in earnings of unconsolidated subsidiaries	132,866	110,687	416,755	275,638
Total Non-operating income (expense)	3,243,474	-2,584,426	1,130,206	-4,319,829
Income (loss) before income taxes	4,291,036	-318,044	4,866,411	336,022
Income taxes	250,000	500	311,937	23,922
Consolidated net income (loss)	4,041,036	-318,544	4,554,474	312,100
Net loss (income) attributable to noncontrolling interests	454,132	45,012	724,004	-40,769
Net income (loss) attributable to First Hartford Corporation	$4,495,168	($273,532)	$5,278,478	$271,331
Net income (loss) per share - basic (in dollars per share)	$1.86	($0.11)	$2.19	$0.11
Net income (loss) per share - diluted (in dollars per share)	$1.86	($0.11)	$2.19	$0.11
Shares used in basic per share computation (in shares)	2,411,965	2,418,863	2,411,965	2,419,333
Shares used in diluted per share computation (in shares)	2,411,965	2,418,863	2,411,965	2,576,584

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Statement of Comprehensive Income [Abstract]
Consolidated net income (loss)	$4,041,036	($318,544)	$4,554,474	$312,100
Other comprehensive income, net of income taxes:
Unrealized gains (losses) on marketable securities	-7,860	-1,545	110,146	-449,935
Other comprehensive income (loss)	4,033,176	-320,089	4,664,620	-137,835
Amounts attributable to noncontrolling interests:
Net loss (income)	454,132	45,012	724,004	-40,769
Unrealized gains (losses) on marketable securities	7,899	51,577	-64,469	325,416
Total Amounts attributable to noncontrolling interests	462,031	96,589	659,535	284,647
Comprehensive Income (loss) attributable to First Hartford Corporation	$4,495,207	($223,500)	$5,324,155	$146,812

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013
Operating activities:
Consolidated net income	$4,554,474	$312,100
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Equity in earnings of unconsolidated subsidiaries, net of distributions of $660,000 in 2014 and $100,000 in 2013	243,245	-175,637
Gain on sale of property	0	-632,296
Depreciation	2,550,580	2,571,556
Amortization	190,758	221,426
Forgiveness of debt	-5,315,423	0
Changes in operating assets and liabilities:
Accounts, notes and other receivables	-2,039,768	-5,032,553
Deposits and escrows	143,437	-141,069
Prepaid expenses	-250,458	-528,460
Deferred expenses	-2,414,632	-612,559
Cash and cash equivalents - restricted	-52,058	721,789
Accrued liabilities	616,330	374,251
Accrued cost of derivatives	-111,346	-934,017
Deferred income	-170,746	110,757
Accounts and other payables	5,651,348	3,959,042
Net cash provided by operating activities	3,595,741	214,330
Investing activities:
Investments in marketable securities	-378,147	-2,341,332
Proceeds from sale of marketable securities	938,911	1,675,866
Purchases of equipment and tenant improvements	-83,554	-127,709
Proceeds from sales of real estate	0	2,902,596
Property under construction - held for sale	-4,053,055	0
Additions to developed properties and properties under construction	-7,774,597	-763,567
Net cash (used in) provided by investing activities	-11,350,442	1,345,854
Financing activities:
Distributions to noncontrolling interests	-694,567	-845,269
Purchase of treasury stock	-74	-5,285
Proceeds from:
Construction loans payable	6,971,808	0
Mortgage payable	2,705,986	59,630
Principal payments on:
Construction loans payable	0	-1,615,239
Mortgage loans payable	-1,341,273	-1,278,202
Advances to related parties and affiliates, net	7,379	13,436
Net cash provided by (used in) financing activities	7,649,259	-3,670,929
Net change in cash and cash equivalents	-105,442	-2,110,745
Cash and cash equivalents, beginning of period	6,500,885	8,346,956
Cash and cash equivalents, end of period	6,395,443	6,236,211
Cash paid during the period for interest	5,149,081	5,393,468
Cash paid during the period for income taxes	112,313	133,829
Refinancing of Debt:
New mortgage loan	10,500,000	6,200,000
Less debt paid	-7,794,014	-6,140,370
Net cash from refinancing	$2,705,986	$59,630

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) (USD $)	6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013
Statement of Cash Flows [Abstract]
Equity in earnings of unconsolidated subsidiaries, net of distributions	$660,000	$100,000

Business_and_Significant_Accou

Business and Significant Accounting Policies	6 Months Ended
	Oct. 31, 2014
Accounting Policies [Abstract]
Business and Significant Accounting Policies	1	Business and Significant Accounting Policies:
		Business
		First Hartford Corporation was incorporated in Maine in 1909 and is engaged in the purchase, development, ownership, management and sale of real estate, all of which is considered a single segment. The Company has a second segment “Fee for Service” in which the Company is engaged as a preferred developer for CVS and Cumberland Farms, Inc. (see Service Income to follow).
		Principles of Consolidation
		The accompanying unaudited condensed consolidated financial statements include the accounts of First Hartford Corporation (the “Company”), its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest, including those where the Company has been determined to be a primary beneficiary of a variable interest entity or meets certain criteria as a sole general partner or managing member in accordance with the consolidation guidance of the Financial Accounting Standards Board Accounting Standards Codification. As such, included in the unaudited condensed consolidated financial statements are the accounts of Rockland Place Apartments Limited Partnership and Clarendon Hill Somerville Limited Partnership. The Company’s ownership percentage in these variable interest entity partnerships is nominal. All significant intercompany balances and transactions have been eliminated.
		Basis of Presentation
		The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 8.03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments to previously accrued loss provisions) considered necessary for a fair presentation have been included. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the entire year. The condensed consolidated balance sheet as of April 30, 2014 was derived from the audited financial statements for the year then ended. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended April 30, 2014.
		Because the Company is engaged in the development and sale of real estate at various stages of construction, the operating cycle may extend beyond one year. Accordingly, following the usual practice of the real estate industry, the accompanying condensed consolidated balance sheets are unclassified.
		Currently, there are no Accounting Standards Update (ASUs) that the Company is required to adopt which are likely to have a material effect on its financial statements.
		Net Income (Loss) Per Common Share
		Basic income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders (the numerator) by the weighted average number of shares of common stock outstanding (the denominator) during the reporting periods. Diluted income (loss) per share is computed by increasing the denominator by the weighted average number of additional shares that could have been outstanding from securities convertible into common stock, such as stock options and warrants (using the “treasury stock” method).
		There were no options outstanding at October 31, 2014. In the six month period ended October 31, 2013, 157,251 dilutive shares were added to the weighted number of shares outstanding to calculate the diluted net income per share. In the three month period ended October 31, 2013 common stock options were antidilutive.
		Financial Instruments and Fair Value
		The Company’s financial instruments include cash and cash equivalents, accounts receivable, marketable securities, accounts payable, accrued expenses, and debt. The fair values of accounts receivable, accounts payable and accrued expenses are estimated to approximate their carrying amounts because of their relative short-term nature. In general, the carrying amount of variable rate debt approximates its fair value. Further, the carrying amount of fixed rate debt approximates fair value since the interest rates on the debt approximates the Company’s current incremental borrowing rate. Marketable securities consist of equity securities and are stated at fair value based on the last sale of the period obtained from recognized stock exchanges (i.e. Level 1). Accumulated other comprehensive (loss) income consists solely of unrealized gains (losses) on marketable securities.
		Segment Information
		The factors used by the Company to identify reportable segments include differences in products and services and segregated operations within the Company. The first segment, “Real Estate Operations” participates in the purchase, development, management, ownership and the sale of real estate. Within its second segment, “Fee for Service”, the Company provides preferred developer services to CVS and Cumberland Farms Inc. in certain geographic areas. Summary financial information for the two reportable segments are approximately as follows:
			Three Months Ended				Six Months Ended
			31-Oct				31-Oct
			2014		2013		2014		2013
		Revenues:
		Real Estate Operations	$	8,071,000	$	9,172,000	$	16,382,000	$	18,334,000
		Fee for Service		1,508,000		1,450,000		3,524,000		2,328,000
		Total	$	9,579,000	$	10,622,000	$	19,906,000	$	20,662,000
		Operating Cost and Expense:
		Real Estate Operations	$	5,498,000	$	6,080,000	$	10,700,000	$	11,837,000
		Fee for Service		1,002,000		958,000		2,098,000		1,689,000
		SGA		2,032,000		1,317,000		3,372,000		2,480,000
		Total	$	8,532,000	$	8,355,000	$	16,170,000	$	16,006,000
		All costs after operating expenses are costs of the real estate operation.
		The only assets in the balance sheet belonging to the Fee for Service segment is restricted cash of approximately $409,000 on October 31, 2014 and $351,000 on April 30, 2014 and receivables of approximately $14,522,000 on October 31, 2014 and $15,054,000 on April 30, 2014.

Consolidated_Variable_Interest

Consolidated Variable Interest Entities and Investments in Affiliated Partnerships	6 Months Ended
	Oct. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Variable Interest Entities and Investments in Affiliated Partnerships	2	Consolidated Variable Interest Entities and Investments in Affiliated Partnerships:
		The Company has consolidated both Rockland and Clarendon based on the express legal rights and obligations provided to it by the underlying partnership agreements and its control of their business activity. The assets of these partnerships that can only be used to settle their obligations and their liabilities for which creditors (or beneficial interest holders) do not have recourse to the general credit of the Company are shown parenthetically in the line items of the consolidated balance sheets. A summary of the assets and liabilities of Rockland and Clarendon included in the Company’s condensed consolidated balance sheets follows:
			31-Oct-14			30-Apr-14
	Real estate and equipment, net		$	65,894,067		$	66,786,598
	Other assets			7,164,986			7,060,316
	Total assets			73,059,053			73,846,914
	Intercompany profit elimination			(3,027,515	)		(3,085,303	)
	Total assets		$	70,031,538		$	70,761,611
	Mortgages and other notes payable		$	54,658,350		$	55,134,554
	Other liabilities			5,025,535			3,961,024
	Total liabilities		$	59,683,885		$	59,095,578
		The Company accounts for its 50% ownership interest in Dover Parkade, LLC under the equity method of accounting. A summary of the operating results for this entity follows:
				Three Months Ended					Six Months Ended
				31-Oct-14			31-Oct-13		31-Oct-14			31-Oct-13
		Dover Parkade, LLC
		Revenue		$	676,556		$	646,891	$	1,318,700		$	1,415,473
		Expenses			530,822			535,520		1,005,876			1,064,198
		Defeasance & refinancing			-0-			-0-		799,313			-0-
		Net Income (Loss)		$	145,734		$	111,371	($	486,489	)	$	351,275

Income_Taxes

Income Taxes	6 Months Ended
	Oct. 31, 2014
Income Tax Disclosure [Abstract]
Income Taxes	3. Income Taxes:
	As of April 30, 2014 the Company has Federal net operating loss carryforwards of approximately $15,700,000 that are available to offset future Federal taxable income through various periods. As a result of a forgiveness of debt by the mortgage holder of the Main Street NA Parkade LLC, the Company recorded a gain through debt forgiveness of approximately $5,315,000. As a result the Company recorded a tax of approximately $1,855,000 (which includes an alternative minimum tax of approximately $100,000). The tax expense was then reduced by $1,755,000 after applying the $5,315,000 gain against the tax loss carry forward which is now reduced to approximately $10,000,000 which will expire between 2015 and 2028 unless utilized sooner.

Litigation

Litigation	6 Months Ended
	Oct. 31, 2014
Litigation
Litigation	4. Litigation:
	There has been no change in Litigation since April 30, 2014.

Refinancing

Refinancing	6 Months Ended
	Oct. 31, 2014
Debt Disclosure [Abstract]
Refinancing	5. Refinancing:
	On August 15, 2014 the Company refinanced the mortgage on their shopping center in West Springfield, MA in the amount of $10,500,000. A prior mortgage with a remaining balance of $7,794,014 with an interest rate of 5.52% was paid from the proceeds. The new mortgage has an interest rate of 4.60% with a 30 year amortization and duration of 10 years, calls for interest only payments for the first two years. Transaction cost of approximately $110,000 will be amortized over the life of the loan.

Gain_on_Forgiveness_of_Debt

Gain on Forgiveness of Debt	6 Months Ended
	Oct. 31, 2014
Extinguishment of Debt Disclosures [Abstract]
Gain on Forgiveness of Debt	6	Gain on Forgiveness of Debt:
		During the three months ended October 31, 2014, a 100% owned subsidiary of the Company, Main Street NA Parkade, LLC signed an agreement that the Mortgage loan secured by the property of Main Street NA Parkade located in North Adams, would be reduced from $12,575,423 to $7,260,000. As of the date hereof the Note reflects an outstanding principal balance of $7,260,000 due to a reduction of principal indebtedness through debt forgiveness by Lender in the amount of $5,315,423. During the year ended April 30, 2014, the Company recorded an impairment loss of $4,027,053 on this property.
		TERMS:
		Commencing October 1, 2014 through and including January 1, 2020. Interest shall be 200 basis points in excess of the thirty day LIBOR rate.
		Amortization commencing February 1, 2020 through October 1, 2030 (“Maturity Date”) on the basis of a 25 year schedule of amortization with a balloon payment due on October 1, 2030. Interest during this period shall be 5.5% per annum.
		CALL OPTION – Lender may elect to accelerate this Note and require the Company to prepay without premium the entire unpaid principal balance at any time after March 1, 2017.
		The Note is non-recourse.
		Amended and restated escrow and Security Agreement
		Beginning October 1, 2014 and including September 30, 2015 all net cash flow of the property shall be deposited in the Escrow account.
		Additional interest Agreement (AIA) was amended as follows:
		Commencing on October 1, 2015 and continuing through September 30, 2019 the Company will remit 50% of the cash flow of the property to Lender. Lender will apply all such interest received to the outstanding amount due on the date of the next installment due under the loan.

Subsequent_Events

Subsequent Events	6 Months Ended
	Oct. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events:
	On November 1, 2014, a payment was due for the mortgage of the shopping center in Putnam, Connecticut in the amount of approximately $4,700,000. The rentable space of the shopping center is 57,529 square feet, 46% of which is leased to one store. That store has informed the Company that they are not renewing their lease, which will expire January 31, 2015. As a result, the Company has found it to be impossible to refinance the mortgage until a replacement tenant is found. The Company is in negotiation with the lender for a solution. In the event the Mortgagor forecloses on the property it would not impact the Company as (1) the mortgage is non-recourse and (2) the mortgage is well in excess of the book value.
	A deferred compensation plan was put in place that awarded six key employees an annual payment of $21,667 each for three years. All of the six employees have satisfied the vesting requirement and will receive the first payment on August 15, 2015.

Summary_of_Significant_Account

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 31, 2014
Accounting Policies [Abstract]
Business	Business
	First Hartford Corporation was incorporated in Maine in 1909 and is engaged in the purchase, development, ownership, management and sale of real estate, all of which is considered a single segment. The Company has a second segment “Fee for Service” in which the Company is engaged as a preferred developer for CVS and Cumberland Farms, Inc. (see Service Income to follow).
Principles of Consolidation	Principles of Consolidation
	The accompanying unaudited condensed consolidated financial statements include the accounts of First Hartford Corporation (the “Company”), its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest, including those where the Company has been determined to be a primary beneficiary of a variable interest entity or meets certain criteria as a sole general partner or managing member in accordance with the consolidation guidance of the Financial Accounting Standards Board Accounting Standards Codification. As such, included in the unaudited condensed consolidated financial statements are the accounts of Rockland Place Apartments Limited Partnership and Clarendon Hill Somerville Limited Partnership. The Company’s ownership percentage in these variable interest entity partnerships is nominal. All significant intercompany balances and transactions have been eliminated.
Basis of Presentation	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 8.03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments to previously accrued loss provisions) considered necessary for a fair presentation have been included. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the entire year. The condensed consolidated balance sheet as of April 30, 2014 was derived from the audited financial statements for the year then ended. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended April 30, 2014.
	Because the Company is engaged in the development and sale of real estate at various stages of construction, the operating cycle may extend beyond one year. Accordingly, following the usual practice of the real estate industry, the accompanying condensed consolidated balance sheets are unclassified.
	Currently, there are no Accounting Standards Update (ASUs) that the Company is required to adopt which are likely to have a material effect on its financial statements.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share
	Basic income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders (the numerator) by the weighted average number of shares of common stock outstanding (the denominator) during the reporting periods. Diluted income (loss) per share is computed by increasing the denominator by the weighted average number of additional shares that could have been outstanding from securities convertible into common stock, such as stock options and warrants (using the “treasury stock” method).
	There were no options outstanding at October 31, 2014. In the six month period ended October 31, 2013, 157,251 dilutive shares were added to the weighted number of shares outstanding to calculate the diluted net income per share. In the three month period ended October 31, 2013 common stock options were antidilutive.
Financial Instruments and Fair Value	Financial Instruments and Fair Value
	The Company’s financial instruments include cash and cash equivalents, accounts receivable, marketable securities, accounts payable, accrued expenses, and debt. The fair values of accounts receivable, accounts payable and accrued expenses are estimated to approximate their carrying amounts because of their relative short-term nature. In general, the carrying amount of variable rate debt approximates its fair value. Further, the carrying amount of fixed rate debt approximates fair value since the interest rates on the debt approximates the Company’s current incremental borrowing rate. Marketable securities consist of equity securities and are stated at fair value based on the last sale of the period obtained from recognized stock exchanges (i.e. Level 1). Accumulated other comprehensive (loss) income consists solely of unrealized gains (losses) on marketable securities.
Segment Information		Segment Information
		The factors used by the Company to identify reportable segments include differences in products and services and segregated operations within the Company. The first segment, “Real Estate Operations” participates in the purchase, development, management, ownership and the sale of real estate. Within its second segment, “Fee for Service”, the Company provides preferred developer services to CVS and Cumberland Farms Inc. in certain geographic areas. Summary financial information for the two reportable segments are approximately as follows:
			Three Months Ended				Six Months Ended
			31-Oct				31-Oct
			2014		2013		2014		2013
		Revenues:
		Real Estate Operations	$	8,071,000	$	9,172,000	$	16,382,000	$	18,334,000
		Fee for Service		1,508,000		1,450,000		3,524,000		2,328,000
		Total	$	9,579,000	$	10,622,000	$	19,906,000	$	20,662,000
		Operating Cost and Expense:
		Real Estate Operations	$	5,498,000	$	6,080,000	$	10,700,000	$	11,837,000
		Fee for Service		1,002,000		958,000		2,098,000		1,689,000
		SGA		2,032,000		1,317,000		3,372,000		2,480,000
		Total	$	8,532,000	$	8,355,000	$	16,170,000	$	16,006,000
		All costs after operating expenses are costs of the real estate operation.
		The only assets in the balance sheet belonging to the Fee for Service segment is restricted cash of approximately $409,000 on October 31, 2014 and $351,000 on April 30, 2014 and receivables of approximately $14,522,000 on October 31, 2014 and $15,054,000 on April 30, 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Oct. 31, 2014
Accounting Policies [Abstract]
Schedule of Segment Reporting Information, by Segment	Summary financial information for the two reportable segments are approximately as follows:
			Three Months Ended				Six Months Ended
			31-Oct				31-Oct
			2014		2013		2014		2013
		Revenues:
		Real Estate Operations	$	8,071,000	$	9,172,000	$	16,382,000	$	18,334,000
		Fee for Service		1,508,000		1,450,000		3,524,000		2,328,000
		Total	$	9,579,000	$	10,622,000	$	19,906,000	$	20,662,000
		Operating Cost and Expense:
		Real Estate Operations	$	5,498,000	$	6,080,000	$	10,700,000	$	11,837,000
		Fee for Service		1,002,000		958,000		2,098,000		1,689,000
		SGA		2,032,000		1,317,000		3,372,000		2,480,000
		Total	$	8,532,000	$	8,355,000	$	16,170,000	$	16,006,000

Consolidated_Variable_Interest1

Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Tables)	6 Months Ended
	Oct. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of summary of the assets and liabilities of Rockland and Clarendon	A summary of the assets and liabilities of Rockland and Clarendon included in the Company’s condensed consolidated balance sheets follows:
			31-Oct-14			30-Apr-14
	Real estate and equipment, net		$	65,894,067		$	66,786,598
	Other assets			7,164,986			7,060,316
	Total assets			73,059,053			73,846,914
	Intercompany profit elimination			(3,027,515	)		(3,085,303	)
	Total assets		$	70,031,538		$	70,761,611
	Mortgages and other notes payable		$	54,658,350		$	55,134,554
	Other liabilities			5,025,535			3,961,024
	Total liabilities		$	59,683,885		$	59,095,578
Schedule of the operating results of Dover Parkade, LLC	A summary of the operating results for this entity follows:
				Three Months Ended					Six Months Ended
				31-Oct-14			31-Oct-13		31-Oct-14			31-Oct-13
		Dover Parkade, LLC
		Revenue		$	676,556		$	646,891	$	1,318,700		$	1,415,473
		Expenses			530,822			535,520		1,005,876			1,064,198
		Defeasance & refinancing			-0-			-0-		799,313			-0-
		Net Income (Loss)		$	145,734		$	111,371	($	486,489	)	$	351,275

Business_and_Significant_Accou1

Business and Significant Accounting Policies (Details) (USD $)	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Revenues:
TOTAL	$9,579,100	$10,621,693	$19,906,348	$20,661,615
Operating Cost and Expense:
SGA	2,031,819	1,317,297	3,372,183	2,480,484
TOTAL	8,531,538	8,355,311	16,170,143	16,005,764
Real Estate Operations [Member]
Revenues:
TOTAL	8,071,000	9,172,000	16,382,000	18,334,000
Operating Cost and Expense:
TOTAL	5,498,000	6,080,000	10,700,000	11,837,000
Fee for Service [Member]
Revenues:
TOTAL	1,508,000	1,450,000	3,524,000	2,328,000
Operating Cost and Expense:
TOTAL	$1,002,000	$958,000	$2,098,000	$1,689,000

Business_and_Significant_Accou2

Business and Significant Accounting Policies (Details Textual) (USD $)	6 Months Ended
	Oct. 31, 2013	Oct. 31, 2014	Apr. 30, 2014
Segment Reporting Information [Line Items]
Weighted Average Number of Shares Outstanding, Diluted	157,251
Restricted Cash and Cash Equivalents		$821,289	$769,231
Other Receivables		18,965,001	16,842,826
Fee for Service [Member]
Segment Reporting Information [Line Items]
Restricted Cash and Cash Equivalents		409,000	351,000
Other Receivables		$14,522,000	$15,054,000

Consolidated_Variable_Interest2

Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Details) (USD $)	Oct. 31, 2014	Apr. 30, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate and equipment, net	$172,087,447	$166,779,875
Total assets	221,395,128	208,167,400
Mortgages and other notes payable	202,350,439	199,329,341
Other liabilities	2,155,077	1,911,832
Total liabilities	236,866,678	227,608,930
Variable Interest Entity, Primary Beneficiary [Member] | Rockland and Clarendon [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate and equipment, net	65,894,067	66,786,598
Other assets	7,164,986	7,060,316
Total assets	73,059,053	73,846,914
Intercompany profit elimination	-3,027,515	-3,085,303
Total assets	70,031,538	70,761,611
Mortgages and other notes payable	54,658,350	55,134,554
Other liabilities	5,025,535	3,961,024
Total liabilities	$59,683,885	$59,095,578

Consolidated_Variable_Interest3

Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Details 1) (USD $)	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	$9,579,100	$10,621,693	$19,906,348	$20,661,615
Expenses	8,531,538	8,355,311	16,170,143	16,005,764
Net Income (Loss)	4,041,036	-318,544	4,554,474	312,100
Dover Parkade LLC [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	676,556	646,891	1,318,700	1,415,473
Expenses	530,822	535,520	1,005,876	1,064,198
Defeasance & refinancing	0	0	799,313	0
Net Income (Loss)	$145,734	$111,371	$486,489	$351,275

Consolidated_Variable_Interest4

Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Details Textual) (Dover Parkade LLC [Member])	Oct. 31, 2014
Dover Parkade LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013	Apr. 30, 2014
Deferred tax assets, operating loss carryforwards, subject to expiration	$10,000,000		$10,000,000		$15,700,000
Operating Loss CarryForwards Expiration Period			Expire between 2015 and 2028
Gain on forgiveness of debt	5,315,423	0	5,315,423	0
Main Street NA Parkade LLC [Member]
Gain on forgiveness of debt			5,315,000
Income taxes on debt forgiveness			1,755,000		1,855,000
Alternative minimum tax for debt forgivness	$100,000		$100,000

Refinancing_Details_Textuals

Refinancing (Details Textuals) (1150 Union Street [Member], USD $)	0 Months Ended
	Aug. 15, 2014
1150 Union Street [Member]
Mortgage loans on real estate, new mortgage loans	$10,500,000
Mortgage loans on real estate, prior liens	7,794,014
Mortgage loans on real estate, interest rate	5.52%
Mortgage loans on real estate new mortgage interest rate percentage	4.60%
Mortgage loans on real estate amortization period	30 years
Mortgage loans on real estate, periodic payment terms	10 years
Mortgage loans on real estate amortized transaction cost	$110,000

Gain_on_Forgiveness_of_Debt_De

Gain on Forgiveness of Debt (Details Textuals) (Main Street NA Parkade LLC [Member], USD $)	0 Months Ended	6 Months Ended
	Sep. 30, 2014	Oct. 31, 2014
Main Street NA Parkade LLC [Member]
Equity method investment, ownership percentage	100.00%
Mortgage loans on real estate, new mortgage loans	$7,260,000
Mortgage loans on real estate, prior liens	12,575,423
Reduction of principal indebtedness through debt	5,315,423	5,315,000
Impairment loss of property	$4,027,053
Description of interest rate terms		Commencing October 1, 2014 through and including January 1, 2020. Interest shall be 200 basis points in excess of the thirty day LIBOR rate.
Description of maturity terms		Amortization commencing February 1, 2020 through October 1, 2030 (“Maturity Date”) on the basis of a 25 year schedule of amortization with a balloon payment due on October 1, 2030.
Interest rate during this period		5.50%
Description of payment terms		Commencing on October 1, 2015 and continuing through September 30, 2019 the Company will remit 50% of the cash flow of the property to Lender. Lender will apply all such interest received to the outstanding amount due on the date of the next installment due under the loan.

Subsequent_Events_Details_Text

Subsequent Events (Details Textual) (Subsequent Event [Member], USD $)	0 Months Ended
	Nov. 01, 2014
	sqft
Subsequent Event [Member]
Subsequent Event [Line Items]
Mortgage loans on real estate, new mortgage loans	$4,700,000
Net rentable area	57,529
Lease expiration date	31-Jan-15
Description of the deferred compensation plan	A deferred compensation plan was put in place that awarded six key employees an annual payment of $21,667 each for three years. All of the six employees have satisfied the vesting requirement and will receive the first payment on August 15, 2015.
Deferred compensation service period	3 years
Deferred compensation distributions paid	$21,667