First Hartford (FHRT) 10-Q 15 Apr 15 2015 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Jan. 31, 2015	Apr. 06, 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		2,411,590
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Jan-15
Document Fiscal Period Focus	Q3
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 $)	Jan. 31, 2015	Apr. 30, 2014
Real estate and equipment:
Developed properties and property under construction (including $72,421,280 in January and $71,574,105 in April for VIEs)	$209,766,141	$197,401,169
Equipment and tenant improvements (including $2,346,095 in January and $2,314,849 in April for VIEs)	3,675,022	3,639,292
Total Real estate and equipment, Gross	213,441,163	201,040,461
Less accumulated depreciation and amortization (including $11,272,832 in January and $9,776,315 in April for VIEs)	37,820,662	34,260,586
Net Real estate and equipment	175,620,501	166,779,875
Cash and cash equivalents (including $953,344 in January and $535,230 in April for VIEs)	6,124,313	6,500,885
Cash and cash equivalents - restricted (including $421,162 in January and $441,877 in April for VIEs)	610,582	769,231
Marketable securities (including $2,366,170 in January and $2,936,778 in April for VIEs)	4,541,481	4,906,248
Property under construction - held for sale	11,168,785	0
Accounts and notes receivable, less allowance for doubtful accounts of $548,625 as of January 31, 2015 and $341,600 as of April 30, 2014 (including $655,092 in January and $87,049 in April for VIEs)	4,673,075	4,266,706
Other receivables	10,372,929	16,842,826
Deposits and escrows (including $1,807,104 in January and $1,768,581 in April for VIEs)	5,099,563	3,907,239
Prepaid expenses (including $316,359 in January and $223,453 in April for VIEs)	1,357,240	925,906
Deferred expenses (including $1,129,407 in January and $1,053,585 in April for VIEs)	3,673,339	3,103,178
Investments in affiliates	100	100
Due from related parties and affiliates	165,697	165,206
Total Assets	223,407,605	208,167,400
Mortgages and notes payable:
Construction loans payable	64,047,236	49,316,486
Mortgages payable (including $53,019,862 in January and $53,429,857 in April for VIEs)	142,586,846	148,308,158
Notes payable (including $1,704,697 in January and in April for VIEs)	4,139,352	1,704,697
Total Mortgages and other notes payable	210,773,434	199,329,341
Accounts payable (including $1,580,952 in January and $488,140 in April for VIEs)	3,765,607	2,317,036
Other payables	9,363,848	14,845,606
Accrued liabilities (including $3,495,500 in January and $3,225,028 in April for VIEs)	5,485,524	5,467,707
Accrued cost of derivatives	2,460,451	2,411,173
Deferred income (including $242,876 in January and $247,856 in April for VIEs)	686,894	855,121
Other liabilities	2,071,906	1,911,832
Due to related parties and affiliates (including $411,157 in January and $399,214 in April for VIEs)	483,009	471,114
Total liabilities	235,090,673	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 2,411,590 shares as of January 2015 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	-18,579,171	-27,222,017
Accumulated other comprehensive income	98,187	34,313
Treasury stock, at cost, 887,019 shares as of January 2015 and 886,607 as of April 2014	-4,966,083	-4,964,884
Total First Hartford Corporation	-14,949,530	-23,655,051
Noncontrolling interests	3,266,462	4,213,521
Total Shareholders' Equity (Deficiency)	-11,683,068	-19,441,530
Total Liabilities and Shareholders' Equity (Deficiency)	$223,407,605	$208,167,400

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Jan. 31, 2015	Apr. 30, 2014
Developed properties and property under construction	$209,766,141	$197,401,169
Equipment and tenant improvements	3,675,022	3,639,292
Real estate investment property, Accumulated depreciation	37,820,662	34,260,586
Cash and cash equivalents, at Carrying Value	6,124,313	6,500,885
Restricted Cash and cash equivalents	610,582	769,231
Marketable securities	4,541,481	4,906,248
Allowance for Doubtful Accounts, Accounts and notes receivable	548,625	341,600
Accounts and notes receivable	4,673,075	4,266,706
Deposits and escrows	5,099,563	3,907,239
Prepaid expenses	1,357,240	925,906
Deferred expenses	3,673,339	3,103,178
Mortgages payable	142,586,846	148,308,158
Notes payable	4,139,352	1,704,697
Accounts payable	3,765,607	2,317,036
Accrued liabilities	5,485,524	5,467,707
Deferred income	686,894	855,121
Due to related parties and affiliates	483,009	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)	2,411,590	2,412,002
Treasury stock, at cost, shares (in shares)	887,019	886,607
Variable Interest Entity, Primary Beneficiary [Member]
Developed properties and property under construction	72,421,280	71,574,105
Equipment and tenant improvements	2,346,095	2,314,849
Real estate investment property, Accumulated depreciation	11,272,832	9,776,315
Cash and cash equivalents, at Carrying Value	953,344	535,230
Restricted Cash and cash equivalents	421,162	441,877
Marketable securities	2,366,170	2,936,778
Accounts and notes receivable	655,092	87,049
Deposits and escrows	1,807,104	1,768,581
Prepaid expenses	316,359	223,453
Deferred expenses	1,129,407	1,053,585
Mortgages payable	53,019,862	53,429,857
Notes payable	1,704,697	1,704,697
Accounts payable	1,580,952	488,140
Accrued liabilities	3,495,500	3,225,028
Deferred income	242,876	247,856
Due to related parties and affiliates	$411,157	$399,214

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Operating revenues:
Rental income	$7,256,324	$7,016,661	$22,217,123	$21,552,546
Service income	1,757,597	1,689,849	5,510,122	4,259,143
Sales of real estate	10,570,000	0	10,570,000	2,902,596
Other income	751,309	724,838	1,944,333	1,378,678
Total Operating revenues	20,335,230	9,431,348	40,241,578	30,092,963
Operating costs and expenses:
Rental expenses	4,343,323	5,491,640	15,043,303	15,057,850
Service expenses	1,120,311	1,231,568	3,218,291	2,920,338
Cost of real estate sales	6,884,962	125,871	6,884,962	2,396,171
Selling, general and administrative expenses	1,724,110	1,394,000	5,096,293	3,874,484
Total Operating costs and expenses	14,072,706	8,243,079	30,242,849	24,248,843
Income from operations	6,262,524	1,188,269	9,998,729	5,844,120
Non-operating income (expense):
Interest expense	-2,589,126	-2,571,278	-7,657,786	-8,058,607
Other income	41,695	80,000	397,037	281,447
Gain on forgiveness of debt	0	0	5,315,423	0
Loss on defeasance	0	0	0	-243,602
Gain (loss) on derivatives	-160,623	374,096	-49,277	1,308,113
Equity in earnings of unconsolidated subsidiaries	173,172	61,932	589,927	337,570
Total Non-operating income (expense)	-2,534,882	-2,055,250	-1,404,676	-6,375,079
Income (loss) before income taxes	3,727,642	-866,981	8,594,053	-530,959
Income taxes	2,145	36,629	314,082	60,551
Consolidated net income (loss)	3,725,497	-903,610	8,279,971	-591,510
Net loss (income) attributable to noncontrolling interests	-361,129	373,907	362,875	333,138
Net income (loss) attributable to First Hartford Corporation	$3,364,368	($529,703)	$8,642,846	($258,372)
Net income (loss) per share - basic (in dollars per share)	$1.39	($0.22)	$3.58	($0.11)
Net income (loss) per share - diluted (in dollars per share)	$1.39	($0.22)	$3.58	($0.11)
Shares used in basic per share computation (in shares)	2,411,778	2,413,418	2,411,890	2,414,480
Shares used in diluted per share computation (in shares)	2,411,778	2,413,418	2,411,890	2,414,480

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Statement of Comprehensive Income [Abstract]
Consolidated net income (loss)	$3,725,497	($903,610)	$8,279,971	($591,510)
Other comprehensive income, net of income taxes:
Unrealized gains (losses) on marketable securities	96,496	-58,449	206,642	-508,384
Total comprehensive income (loss)	3,821,993	-962,059	8,486,613	-1,099,894
Amounts attributable to noncontrolling interests:
Net loss (income)	-361,129	373,907	362,875	333,138
Unrealized (gains) losses on marketable securities	-78,299	-6,418	-142,768	318,998
Total Amounts attributable to noncontrolling interests	-439,428	367,489	220,107	652,136
Comprehensive Income (loss) attributable to First Hartford Corporation	$3,382,565	($594,570)	$8,706,720	($447,758)

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Operating activities:
Consolidated net income (loss)	$8,279,971	($591,510)
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities:
Equity in earnings of unconsolidated subsidiaries, net of distributions of $750,000 and $127,500 in the nine months ended January 31, 2015 and 2014, respectively	160,073	-210,069
Gain on sale of property	-3,685,038	-506,425
Depreciation	4,029,815	3,875,849
Amortization	275,823	333,626
Forgiveness of debt	-5,315,423	0
Changes in operating assets and liabilities:
Accounts, notes and other receivables	6,063,528	-2,931,338
Deposits and escrows	-1,192,324	986,460
Prepaid expenses	-431,334	-488,675
Deferred expenses	-845,984	-847,649
Cash and cash equivalents - restricted	158,649	817,714
Accrued liabilities	17,817	-169,856
Accrued cost of derivatives	49,278	-1,308,113
Deferred income	-168,227	402,995
Accounts and other payables	-4,033,187	2,019,973
Net cash provided by operating activities	3,363,437	1,382,982
Investing activities:
Investments in marketable securities	-367,501	-2,647,129
Proceeds from sale of marketable securities	938,911	2,410,074
Purchase of equipment and tenant improvements	-35,730	-146,947
Proceeds from sale of real estate	10,570,000	2,902,596
Additions to property under construction - held for sale	-11,168,785	0
Additions to developed properties and properties under construction	-19,719,673	-2,890,108
Net cash used in investing activities	-19,782,778	-371,514
Financing activities:
Contributions from noncontrolling interests - limited partners	0	500
Distributions to noncontrolling interests	-726,951	-900,668
Purchase of treasury stock	-1,199	-12,310
Proceeds from:
Construction loans payable	17,846,081	1,169,396
Mortgage payable	4,290,602	495,258
Principal payments on:
Construction loans payable	-3,115,331	-2,020,640
Mortgage loans payable	-1,960,502	-1,949,950
Notes payable	-301,335	0
Advances to related parties and affiliates, net	11,404	16,984
Net cash provided by (used in) financing activities	16,042,769	-3,201,430
Net change in cash and cash equivalents	-376,572	-2,189,962
Cash and cash equivalents, beginning of period	6,500,885	8,346,956
Cash and cash equivalents, end of period	6,124,313	6,156,994
Cash paid during the period for interest	7,467,455	8,422,077
Cash paid during the period for income taxes	114,542	128,725
Debt refinancing in 2nd quarter:
New mortgage loan	10,500,000	6,200,000
Debt reduced	-7,794,014	-6,140,370
Net cash from refinancing in 2nd quarter	2,705,986	59,630
Debt refinancing in 3rd quarter:
New mortgage loan	1,289,449	3,029,560
Less debt paid	-1,029,833	-2,593,932
Net cash from refinancing in 3rd quarter	$259,616	$435,628

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) (USD $)	9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Statement of Cash Flows [Abstract]
Equity in earnings of unconsolidated subsidiaries, net of distributions	$750,000	$127,500

Business_and_Significant_Accou

Business and Significant Accounting Policies	9 Months Ended
	Jan. 31, 2015
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 during the three- and nine- month periods ended January 31, 2015.  In the three- and nine-months periods ended January 31, 2014, common stock options of 164,113 and 159,538, respectively, 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 follows:
			Three Months Ended				Nine Months Ended
			January 31,				January 31,
			2015		2014		2015		2014
	Revenues:
	Real Estate Operations		$	18,695,569	$	8,000,000	$	35,077,795	$	26,375,000
	Fee for Service			1,639,661		1,431,000		5,163,783		3,718,000
	Total		$	20,335,230	$	9,431,000	$	40,241,578	$	30,093,000
	Operating Cost and Expense:
	Real Estate Operations		$	11,277,160	$	5,915,000	$	21,977,140	$	17,752,000
	Fee for Service			1,071,436		934,000		3,169,416		2,623,000
	SGA			1,724,110		1,394,000		5,096,293		3,874,000
	Total		$	14,072,706	$	8,243,000	$	30,242,849	$	24,249,000
	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 $189,420 and $351,000 on January 31, 2015 and April 30, 2014, respectively, and other receivables of $8,800,663 and $15,054,000 on January 31, 2015 and April 30, 2014, respectively.

Consolidated_Variable_Interest

Consolidated Variable Interest Entities and Investments in Affiliated Partnerships	9 Months Ended
	Jan. 31, 2015
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-Jan-15			30-Apr-14
	Real estate and equipment, net		$	66,081,819		$	66,786,598
	Other assets			7,660,643			7,060,316
	Total assets			73,742,462			73,846,914
	Intercompany profit elimination			(3,003,024	)		(3,085,303	)
	Total assets		$	70,739,438		$	70,761,611
	Mortgages and other notes payable		$	54,724,559		$	55,134,554
	Other liabilities			5,312,203			3,961,024
	Total liabilities		$	60,036,762		$	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						Nine Months Ended
			31-Jan-15			31-Jan-14			31-Jan-15			31-Jan-14
	Dover Parkade, LLC
	Revenue		$	665,384		$	617,715		$	1,984,084		$	2,033,188
	Expenses			499,041			548,850			1,504,917			1,613,048
	Defeasance & refinancing			-0-			-0-			799,313			-0-
	Net Income (Loss)		$	166,343		$	68,865		$	(320,146	)	$	420,140

Income_Taxes

Income Taxes	9 Months Ended
	Jan. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	3	Income Taxes:
	As of April 30, 2014, the Company had Federal net operating loss carryforwards of approximately $15,700,000 that were available to offset future Federal taxable income through various periods.   For the nine months ended January 31, 2015, the Company recorded a gain of $5,315,000 as a result of a forgiveness of debt by the mortgage holder of the Main Street NA Parkade LLC.  As a result, the Company recorded tax expense of approximately $1,855,000 (which includes an alternative minimum tax of approximately $100,000).  This tax expense was then reduced by $1,755,000 after applying the $5,315,000 gain against the tax loss carryforward. The federal carryforward is now  approximately $10,000,000 and will expire between 2015 and 2028 unless utilized sooner.

Litigation

Litigation	9 Months Ended
	Jan. 31, 2015
Litigation
Litigation	4	Litigation:
	There has been no change in litigation since April 30, 2014.

Refinancing

Refinancing	9 Months Ended
	Jan. 31, 2015
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, which 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 costs of approximately $110,000 will be amortized over the life of the loan.

Gain_on_Forgiveness_of_Debt

Gain on Forgiveness of Debt	9 Months Ended
	Jan. 31, 2015
Extinguishment of Debt Disclosures [Abstract]
Gain on Forgiveness of Debt	6	Gain on Forgiveness of Debt:
	During the nine months ended January 31, 2015, 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	9 Months Ended
	Jan. 31, 2015
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 was leased to one store.  That store informed the Company that they were not renewing their lease, which expired on 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 has reached a tentative verbal agreement to transfer title to the lender that is likely to be finalized before its fiscal year end of April 30, 2015.  If this occurs, the Company will recognize a gain since (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.
	On February 23, 2015, the Company refinanced a mortgage on Clarendon in the amount of $17,564,600.  A prior mortgage with a remaining balance of $13,045,612 with an interest rate of 5.59% was paid from the proceeds.  The new mortgage has an interest rate of 3.75%, calls for monthly payments of $85,088, and has a maturity date of November 1, 2042.  Transaction costs of approximately $312,413 will be amortized over the life of the loan.
	On February 25, 2015, the Company sold a parcel of land in New Orleans, Louisiana, with a cost of $8,408,803 (including closing costs) for $10,900,000 and used the proceeds to pay off a mortgage payable of $7,006,548.  The gain on the sale was $2,491,197.
	On February 27, 2015, the Company purchased a parcel of land in Stanhope, New Jersey, for $2,256,705 including closing costs.  This purchase was financed with an advance from a construction loan of $1,830,555 and working capital of $426,150.  Key terms of the construction loan, which is for $6,340,000, are as follows:
		●	Commencing February 27, 2015 through and including February 1, 2016.  Interest shall be 250 basis points in excess of the thirty day LIBOR rate, as defined (but in no event less than 3.00%).
		●	Amortization commencing February 1, 2016 through February 1, 2025 (“Maturity Date”) on the basis of a 25 year schedule of amortization with a balloon payment due on February 1, 2025.  Interest during this period shall be 195 basis points in excess of the thirty day LIBOR rate.
		●	Prepayment penalty – 0.50% prior to February 1, 2018 or the Discounted LIBOR Differential, as defined, after that date.
	On March 5, 2015, the Company sold a parcel of land in Buda, Texas, with a cost of $1,421,282 (including closing costs) for $2,835,052 and used the proceeds to pay off loan payable of $1,639,476.  The gain on the sale was $1,413,770.

Summary_of_Significant_Account

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jan. 31, 2015
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 during the three- and nine- month periods ended January 31, 2015.  In the three- and nine-months periods ended January 31, 2014, common stock options of 164,113 and 159,538, respectively, 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 follows:
			Three Months Ended				Nine Months Ended
			January 31,				January 31,
			2015		2014		2015		2014
	Revenues:
	Real Estate Operations		$	18,695,569	$	8,000,000	$	35,077,795	$	26,375,000
	Fee for Service			1,639,661		1,431,000		5,163,783		3,718,000
	Total		$	20,335,230	$	9,431,000	$	40,241,578	$	30,093,000
	Operating Cost and Expense:
	Real Estate Operations		$	11,277,160	$	5,915,000	$	21,977,140	$	17,752,000
	Fee for Service			1,071,436		934,000		3,169,416		2,623,000
	SGA			1,724,110		1,394,000		5,096,293		3,874,000
	Total		$	14,072,706	$	8,243,000	$	30,242,849	$	24,249,000
	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 $189,420 and $351,000 on January 31, 2015 and April 30, 2014, respectively, and other receivables of $8,800,663 and $15,054,000 on January 31, 2015 and April 30, 2014, respectively.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Jan. 31, 2015
Accounting Policies [Abstract]
Schedule of Segment Reporting Information, by Segment	Summary financial information for the two reportable segments follows:
		Three Months Ended				Nine Months Ended
		January 31,				January 31,
		2015		2014		2015		2014
	Revenues:
	Real Estate Operations	$	18,695,569	$	8,000,000	$	35,077,795	$	26,375,000
	Fee for Service		1,639,661		1,431,000		5,163,783		3,718,000
	Total	$	20,335,230	$	9,431,000	$	40,241,578	$	30,093,000
	Operating Cost and Expense:
	Real Estate Operations	$	11,277,160	$	5,915,000	$	21,977,140	$	17,752,000
	Fee for Service		1,071,436		934,000		3,169,416		2,623,000
	SGA		1,724,110		1,394,000		5,096,293		3,874,000
	Total	$	14,072,706	$	8,243,000	$	30,242,849	$	24,249,000

Consolidated_Variable_Interest1

Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Tables)	9 Months Ended
	Jan. 31, 2015
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-Jan-15			30-Apr-14
	Real estate and equipment, net	$	66,081,819		$	66,786,598
	Other assets		7,660,643			7,060,316
	Total assets		73,742,462			73,846,914
	Intercompany profit elimination		(3,003,024	)		(3,085,303	)
	Total assets	$	70,739,438		$	70,761,611
	Mortgages and other notes payable	$	54,724,559		$	55,134,554
	Other liabilities		5,312,203			3,961,024
	Total liabilities	$	60,036,762		$	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						Nine Months Ended
		31-Jan-15			31-Jan-14			31-Jan-15			31-Jan-14
	Dover Parkade, LLC
	Revenue	$	665,384		$	617,715		$	1,984,084		$	2,033,188
	Expenses		499,041			548,850			1,504,917			1,613,048
	Defeasance & refinancing		-0-			-0-			799,313			-0-
	Net Income (Loss)	$	166,343		$	68,865		$	(320,146	)	$	420,140

Business_and_Significant_Accou1

Business and Significant Accounting Policies (Details) (USD $)	3 Months Ended		9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Revenues:
TOTAL	$20,335,230	$9,431,348	$40,241,578	$30,092,963
Operating Cost and Expense:
SGA	1,724,110	1,394,000	5,096,293	3,874,484
TOTAL	14,072,706	8,243,079	30,242,849	24,248,843
Real Estate Operations [Member]
Revenues:
TOTAL	18,695,569	8,000,000	35,077,795	26,375,000
Operating Cost and Expense:
TOTAL	11,277,160	5,915,000	21,977,140	17,752,000
Fee for Service [Member]
Revenues:
TOTAL	1,639,661	1,431,000	5,163,783	3,718,000
Operating Cost and Expense:
TOTAL	$1,071,436	$934,000	$3,169,416	$2,623,000

Business_and_Significant_Accou2

Business and Significant Accounting Policies (Details Textual) (USD $)	3 Months Ended	9 Months Ended
	Jan. 31, 2014	Jan. 31, 2014	Jan. 31, 2015	Apr. 30, 2014
Segment Reporting Information [Line Items]
Weighted Average Number of Shares Outstanding, Diluted	164,113	159,538
Restricted Cash and Cash Equivalents			$610,582	$769,231
Other Receivables			10,372,929	16,842,826
Fee for Service [Member]
Segment Reporting Information [Line Items]
Restricted Cash and Cash Equivalents			189,420	351,000
Other Receivables			$8,800,663	$15,054,000

Consolidated_Variable_Interest2

Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Details) (USD $)	Jan. 31, 2015	Apr. 30, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate and equipment, net	$175,620,501	$166,779,875
Total assets	223,407,605	208,167,400
Mortgages and other notes payable	210,773,434	199,329,341
Other liabilities	2,071,906	1,911,832
Total liabilities	235,090,673	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	66,081,819	66,786,598
Other assets	7,660,643	7,060,316
Total assets	73,742,462	73,846,914
Intercompany profit elimination	-3,003,024	-3,085,303
Total assets	70,739,438	70,761,611
Mortgages and other notes payable	54,724,559	55,134,554
Other liabilities	5,312,203	3,961,024
Total liabilities	$60,036,762	$59,095,578

Consolidated_Variable_Interest3

Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Details 1) (USD $)	3 Months Ended		9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	$20,335,230	$9,431,348	$40,241,578	$30,092,963
Expenses	14,072,706	8,243,079	30,242,849	24,248,843
Net Income (Loss)	3,725,497	-903,610	8,279,971	-591,510
Dover Parkade LLC [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	665,384	617,715	1,984,084	2,033,188
Expenses	499,041	548,850	1,504,917	1,613,048
Defeasance & refinancing	0	0	799,313	0
Net Income (Loss)	$166,343	$68,865	($320,146)	$420,140

Consolidated_Variable_Interest4

Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Details Textual) (Dover Parkade LLC [Member])	Jan. 31, 2015
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		9 Months Ended		12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014	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	0	0	5,315,423	0
Income taxes on debt forgiveness			1,855,000
Alternative minimum tax for debt forgivness	100,000		100,000
Main Street NA Parkade LLC [Member]
Income taxes on debt forgiveness			$1,755,000		$5,315,000

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	9 Months Ended
	Apr. 30, 2014	Jan. 31, 2015
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
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 during this period shall be 5.5% per annum.
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
	Mar. 05, 2015	Feb. 27, 2015			Feb. 25, 2015	Feb. 23, 2015	Nov. 02, 2014
							sqft
Subsequent Event [Member]
Subsequent Event [Line Items]
Mortgage loans on real estate, new mortgage loans						$17,564,600	$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
Remaining balance on prior mortgage						13,045,612
Interest rate on mortgage						5.59%
Interest rate on new mortgage loan						3.75%
Monthly payments on mortgage loan						85,088
Transaction costs						312,413
Maturity date						1-Nov-42
Cost price of land	1,421,282				8,408,803
Sales price of land	2,835,052				10,900,000
Proceeds to pay off a mortgage payable	1,639,476				7,006,548
Gain on the sale of land	1,413,770				2,491,197
Purchased of land		2,256,705
Advance from a construction loan		1,830,555
Working capital		426,150
Construction loan		$6,340,000
Description of construction loan		Key terms of the construction loan, which is for $6,340,000, are as follows:
			●	Commencing February 27, 2015 through and including February 1, 2016.  Interest shall be 250 basis points in excess of the thirty day LIBOR rate, as defined (but in no event less than 3.00%).
			●	Amortization commencing February 1, 2016 through February 1, 2025 (“Maturity Date”) on the basis of a 25 year schedule of amortization with a balloon payment due on February 1, 2025.  Interest during this period shall be 195 basis points in excess of the thirty day LIBOR rate.
			●	Prepayment penalty – 0.50% prior to February 1, 2018 or the Discounted LIBOR Differential, as defined, after that date.