Document_and_Entity_Informatio
| Document and Entity Information | 6 Months Ended | |
| Apr. 30, 2014 | Jun. 09, 2014 | |
| Document And Entity Information | ' | ' |
| Entity Registrant Name | 'FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY | ' |
| Entity Central Index Key | '0000036840 | ' |
| Document Type | '10-Q | ' |
| Document Fiscal Year Focus | '2014 | ' |
| Document Fiscal Period Focus | 'Q2 | ' |
| Document Period End Date | 30-Apr-14 | ' |
| Amendment Flag | 'false | ' |
| Current Fiscal Year End Date | '--10-31 | ' |
| Entity a Well-known Seasoned Issuer | 'No | ' |
| Entity a Voluntary Filer | 'No | ' |
| Entitys Reporting Status Current | 'Yes | ' |
| Entity Filer Category | 'Accelerated Filer | ' |
| Entity Common Stock, Shares Outstanding | ' | 6,921,743 |
CONDENSED_CONSOLIDATED_BALANCE
| CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
| In Thousands, unless otherwise specified | ||
| ASSETS | ' | ' |
| Real estate, at cost, net of accumulated depreciation | $203,167 | $205,451 |
| Construction in progress | 22,881 | 12,092 |
| Cash and cash equivalents | 19,645 | 7,801 |
| Tenants' security accounts | 1,430 | 1,435 |
| Receivables arising from straight-lining of rents | 4,172 | 4,259 |
| Accounts receivable, net of allowance for doubtful accounts | 2,433 | 2,602 |
| Secured loans receivable | 5,451 | 3,323 |
| Prepaid expenses and other assets | 3,453 | 3,366 |
| Escrow deposit - 1031 exchange | 9,761 | ' |
| Acquired over market leases and in-place lease costs | 12 | 27 |
| Deferred charges, net | 5,804 | 2,915 |
| Interest rate swap contract | 969 | 980 |
| Total Assets | 279,178 | 244,251 |
| Liabilities: | ' | ' |
| Mortgages payable | 225,013 | 199,423 |
| Deferred trustee compensation plan | 8,404 | 7,813 |
| Accounts payable and accrued expenses | 9,120 | 5,656 |
| Dividends payable | 2,077 | 4,582 |
| Tenants' security deposits | 2,139 | 2,118 |
| Deferred revenue | 729 | 854 |
| Total Liabilities | 247,482 | 220,446 |
| Commitments and contingencies | ' | ' |
| Common equity: | ' | ' |
| Shares of beneficial interest without par value: 8,000,000 shares authorized; 6,993,152 shares issued | 24,969 | 24,969 |
| Treasury stock, at cost: 71,409 shares @ April 30, 2014; 51,009 @ October 31, 2013 | -1,492 | -1,135 |
| Dividends in excess of net income | -3,345 | -9,651 |
| Accumulated other comprehensive income | 678 | 686 |
| Total common equity | 20,810 | 14,869 |
| Noncontrolling interests in subsidiaries | 10,886 | 8,936 |
| Total equity | 31,696 | 23,805 |
| Total Liabilities and Equity | $279,178 | $244,251 |
CONDENSED_CONSOLIDATED_BALANCE1
| CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
| Statement of Financial Position [Abstract] | ' | ' |
| Shares of benefical interest, no par value (in dollars per share) | $0 | $0 |
| Shares of benefical interest, authorized | 8,000,000 | 8,000,000 |
| Shares of benefical interest, issued | 6,993,152 | 6,993,152 |
| Treasury stock at cost, shares | 71,409 | 51,009 |
CONDENSED_CONSOLIDATED_STATEME
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
| In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
| Revenue: | ' | ' | ' | ' |
| Rental income | $9,101 | $8,840 | $18,093 | $17,730 |
| Reimbursements | 1,463 | 905 | 2,746 | 2,298 |
| Sundry income | 68 | 161 | 365 | 267 |
| Revenue, Total | 10,632 | 9,906 | 21,204 | 20,295 |
| Expenses: | ' | ' | ' | ' |
| Operating expenses | 3,066 | 2,553 | 5,732 | 5,130 |
| Management fees | 489 | 457 | 957 | 950 |
| Real estate taxes | 1,864 | 1,867 | 3,728 | 3,737 |
| Depreciation | 1,520 | 1,512 | 3,040 | 3,022 |
| Expenses, Total | 6,939 | 6,389 | 13,457 | 12,839 |
| Operating income | 3,693 | 3,517 | 7,747 | 7,456 |
| Investment income | 41 | 50 | 83 | 100 |
| Interest expense including amortization of deferred financing costs | -2,844 | -3,064 | -5,821 | -6,083 |
| Income from continuing operations | 890 | 503 | 2,009 | 1,473 |
| Income from discontinued operations | ' | 32 | 7 | 762 |
| Gain on sale of discontinued operations | 41 | 1,377 | 8,734 | 1,377 |
| Net income | 931 | 1,912 | 10,750 | 3,612 |
| Net income attributable to noncontrolling interests in subsidiaries | -98 | -43 | -291 | -272 |
| Net income attributable to common equity | 833 | 1,869 | 10,459 | 3,340 |
| Earnings per share - basic: | ' | ' | ' | ' |
| Continuing operations | $0.11 | $0.07 | $0.25 | $0.17 |
| Discontinued operations | $0.01 | $0.20 | $1.26 | $0.31 |
| Net income attributable to common equity | $0.12 | $0.27 | $1.51 | $0.48 |
| Weighted average shares outstanding-basic | 6,922,000 | 6,942,000 | 6,927,000 | 6,942,000 |
| Amounts attributable to common equity: | ' | ' | ' | ' |
| Income from continuing operations | 792 | 460 | 1,718 | 1,201 |
| Income from discontinued operations | 41 | 1,409 | 8,741 | 2,139 |
| Net income attributable to common equity | $833 | $1,869 | $10,459 | $3,340 |
CONDENSED_CONSOLIDATED_STATEME1
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
| Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
| Net income | $931 | $1,912 | $10,750 | $3,612 |
| Other comprehensive income (loss): | ' | ' | ' | ' |
| Unrealized gain (loss) on interest rate swap contract before reclassifications | -155 | -473 | -164 | -227 |
| Amount reclassed from accumulated other comprehensive income to interest expense | 74 | 74 | 153 | 105 |
| Net unrealized gain (loss) on interest rate swap contract | -81 | -399 | -11 | -122 |
| Comprehensive income | 850 | 1,513 | 10,739 | 3,490 |
| Net income attributable to noncontrolling interests | -98 | -43 | -291 | -272 |
| Other comprehensive income (loss): | ' | ' | ' | ' |
| Unrealized loss on interest rate swap contract attributable to noncontrolling interests | 24 | 120 | 3 | 37 |
| Comprehensive (income) loss attributable to noncontrolling interests | -74 | 77 | -288 | -235 |
| Comprehensive income attributable to common equity | $776 | $1,590 | $10,451 | $3,255 |
CONDENSED_CONSOLIDATED_STATEME2
| CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD $) | Shares of Beneficial Interest (Member) | Treasury Stock (Member) | Dividends in Excess of Net Income (Member) | Accumulated Other Comprehensive Income (Loss) (Member) | Total Common Equity (Member) | Noncontrolling Interests (Member) | Total |
| In Thousands, unless otherwise specified | |||||||
| Balance, beginning at Oct. 31, 2013 | $24,969 | ($1,135) | ($9,651) | $686 | $14,869 | $8,936 | $23,805 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
| Treasury shares | ' | ' | ' | ' | -357 | ' | ' |
| Distributions to noncontrolling interests | ' | ' | ' | ' | ' | -466 | ' |
| Net income | ' | ' | 10,459 | ' | 10,459 | 291 | 10,750 |
| Dividends declared | ' | ' | -4,153 | ' | -4,153 | ' | ' |
| Net unrealized loss on interest rate swap | ' | ' | ' | -8 | -8 | -3 | -164 |
| Additional investment by noncontrolling interest to Granda Rotunda, LLC | ' | ' | ' | ' | ' | 2,128 | 2,128 |
| Balance, ending at Apr. 30, 2014 | $24,969 | ($1,492) | ($3,345) | $678 | $20,810 | $10,886 | $31,696 |
CONDENSED_CONSOLIDATED_STATEME3
| CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) (USD $) | 6 Months Ended |
| Apr. 30, 2014 | |
| Statement of Stockholders' Equity [Abstract] | ' |
| Dividends declared, per share | $0.60 |
CONDENSED_CONSOLIDATED_STATEME4
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
| Operating activities: | ' | ' |
| Net income | $10,750 | $3,612 |
| Adjustments to reconcile net income to net cash provided by operating activities (including discontinued operations): | ' | ' |
| Depreciation | 3,040 | 3,030 |
| Amortization | 316 | 316 |
| Net amortization of acquired leases | 11 | 12 |
| Gain on sale of discontinued operation | -8,734 | -1,377 |
| Income tax adjustment on gain on sale of discontinued operation | ' | -720 |
| Changes in operating assets and liabilities: | ' | ' |
| Tenants' security accounts | 5 | 88 |
| Accounts and straight-line rents receivable, prepaid expenses and other assets | -686 | 973 |
| Accounts payable, accrued expenses and deferred trustee compensation | 627 | -690 |
| Tenants' security deposits | 21 | -102 |
| Deferred revenue | -125 | -113 |
| Net cash provided by operating activities | 5,225 | 5,029 |
| Investing activities: | ' | ' |
| Capital improvements - existing properties | -2,305 | -620 |
| Construction and pre-development costs | -6,602 | -2,504 |
| Secured loans receivable to noncontrolling interest | -2,128 | ' |
| Net cash used in investing activities | -11,035 | -3,124 |
| Financing activities: | ' | ' |
| Repayment of mortgages and construction loan | -13,110 | -24,837 |
| Proceeds from mortgage loan refinancings | 19,700 | 42,750 |
| Proceeds from construction loan | 19,000 | ' |
| Deferred financing costs | -2,583 | -947 |
| Dividends paid | -6,658 | -3,472 |
| Repurchase of Company stock-Treasury shares | -357 | ' |
| Additional investment by noncontrolling interest | 2,128 | ' |
| Distributions to noncontrolling interests | -466 | -403 |
| Net cash provided by financing activities | 17,654 | 13,091 |
| Net increase in cash and cash equivalents | 11,844 | 14,996 |
| Cash and cash equivalents, beginning of period | 7,801 | 10,610 |
| Cash and cash equivalents, end of period | 19,645 | 25,606 |
| Supplemental disclosure of cash flow data: | ' | ' |
| Interest paid, net of amounts capitalized | 5,319 | 5,588 |
| Income taxes paid | ' | 1,245 |
| Investing activities: | ' | ' |
| Proceeds from sale of discontinued operation, held in escrow pending 1031 exchange | 9,770 | 1,461 |
| Accrued capital expenditures, construction costs, pre-development costs and interest | 6,336 | 1,496 |
| Financing activities: | ' | ' |
| Dividends declared but not paid | $2,077 | $2,083 |
Basis_of_presentation
| Basis of presentation | 6 Months Ended |
| Apr. 30, 2014 | |
| Basis Of Presentation | ' |
| Basis of presentation | ' |
| Note 1 - Basis of presentation: | |
| The accompanying interim condensed consolidated financial statements have been prepared, in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the rules of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnotes required by GAAP for complete financial statements have been omitted. It is the opinion of management that all adjustments considered necessary for a fair presentation have been included, and that all such adjustments are of a normal recurring nature. | |
| The consolidated results of operations for the six and three-month periods ended April 30, 2014 are not necessarily indicative of the results to be expected for the full year or any other period. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10-K for the year ended October 31, 2013 of First Real Estate Investment Trust of New Jersey (“FREIT”). | |
| Reclassifications: Certain revenue and expense accounts in the prior periods’ condensed consolidated financial statements and footnotes have been reclassified to conform to the current presentation. (See Note 5.) |
Recently_issued_accounting_sta
| Recently issued accounting standards | 6 Months Ended |
| Apr. 30, 2014 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
| Recently issued accounting standards | ' |
| Note 2 –Recently issued accounting standards: | |
| In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This update stated that the specific requirement in ASU 2011-05 to present items that are reclassified from other comprehensive income to net income alongside their respective components of net income and other comprehensive income will be deferred. In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. This update requires companies to present the effects on the line items of net income of significant reclassifications out of accumulated other comprehensive income if the amount being reclassified is required under U.S. generally accepted accounting principles to be reclassified in its entirety to net income in the same reporting period. ASU 2013-02 is effective prospectively for the Company for fiscal years, and interim periods within those years, beginning after December 15, 2012 with early adoption permitted. The Company has adopted this guidance effective with its 1st quarter ended January 31, 2014. | |
| In April 2014, the FASB issued ASU 2014-08 which amends the definition of a discontinued operation. The new guidance requires discontinued operation treatment for disposals of a component or group of components that represent a strategic shift that has, or will have, a major impact on an entity’s operations or financial results. The ASU is effective prospectively for all disposals that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014, with early adoption permitted. | |
Earnings_per_share
| Earnings per share | 6 Months Ended |
| Apr. 30, 2014 | |
| Earnings Per Share [Abstract] | ' |
| Earnings per share | ' |
| Note 3 - Earnings per share: | |
| Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options and warrants, were issued during the period. Since FREIT does not have any outstanding dilutive securities, only basic earnings per share is presented. |
Interest_rate_swap_contract
| Interest rate swap contract | 6 Months Ended |
| Apr. 30, 2014 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
| Interest rate swap contract | ' |
| Note 4 - Interest rate swap contract: | |
| On December 26, 2012, Damascus Centre, LLC refinanced its $15 million construction loan with a variable rate $25 million mortgage loan of which $20 million has been drawn as of April 30, 2014. The new loan will mature on January 3, 2023. In connection therewith, on December 26, 2012, FREIT entered into an interest rate swap contract to reduce the impact of interest rate fluctuations on the LIBOR based variable rate mortgage. At April 30, 2014, the derivative financial instrument has a notional amount of approximately $19,543,000 and a current maturity date of January 2023. The contract effectively converts the LIBOR based variable rate to a fixed rate of 3.81%. In accordance with ASC 815, “Accounting for Derivative Instruments and Hedging Activities”, FREIT is accounting for this interest rate swap as a cash flow hedge and marks to market its fixed pay interest rate swap, taking into account present interest rates compared to the contracted fixed rate over the life of the contract. As of April 30, 2014, FREIT has recorded an asset of $969,000 representing the fair value of the swap, along with a corresponding increase to accumulated other comprehensive income of $678,000 and an increase to non-controlling interest of $291,000. The fair value is based on observable inputs (level 2 in the fair value hierarchy). |
Discontinued_operations
| Discontinued operations | 6 Months Ended |
| Apr. 30, 2014 | |
| Discontinued Operations and Disposal Groups [Abstract] | ' |
| Discontinued operations | ' |
| Note 5 – Discontinued operations: | |
| On December 20, 2013, FREIT’s South Brunswick property, which consisted of vacant land, was sold for $11 million resulting in a capital gain of approximately $8.7 million net of sales fees and commissions. The net proceeds from this sale were approximately $9.8 million, which has been recorded as Escrow Deposit-1031 Exchange on the condensed consolidated balance sheet at April 30, 2014 . FREIT has structured this sale in a manner that qualifies it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. Such a transaction, if completed, will result in a deferral for income tax purposes of the $8.7 million capital gain, which is included in discontinued operations for the six month period ended April 30, 2014. A replacement property related to this like-kind exchange has been identified, and a contract for the purchase of this replacement property was entered into on May 7, 2014. The Company has until June 18, 2014 to complete the acquisition. (See Note 13 for further details.) | |
| On August 29, 2012, FREIT sold its Heights Manor Apartments in Spring Lake Heights, NJ. In connection with the Heights Manor sale, FREIT recognized a capital gain of approximately $9.5 million of which it distributed approximately $5 million to its shareholders during the fiscal year ended October 31, 2012. As FREIT did not intend to distribute to its shareholders the remaining $4.5 million of capital gain, FREIT provided approximately $1.5 million federal and $400,000 state income taxes on such undistributed gain, which was charged to discontinued operations during the fiscal year ended October 31, 2012. In the quarter ended January 31, 2013, FREIT elected, under Section 858 of the Internal Revenue Code, to treat the $1.4 million dividend paid during such period as a distribution of the prior year’s capital gain and, accordingly, reversed $720,000 of the income tax liability, which has been credited to income from discontinued operations for the six-month period ended April 30, 2013. | |
| On April 26, 2013, FREIT sold its Palisades Manor Apartments in Palisades Park, New Jersey for $1.6 million and recognized a capital gain of approximately $1.4 million from the sale. On August 13, 2013, FREIT sold its Grandview Apartments in Hasbrouck Heights, New Jersey for $2.5 million and recognized a capital gain of approximately $2.2 million from the sale of this property. | |
| The gain from the sale of the South Brunswick property as described above, as well as the related results of operations for the other three properties described above, have been classified as discontinued operations in the accompanying statements of income for all periods presented. Revenue attributable to discontinued operations for the six and three-month periods ended April 30, 2014 was $0 for both periods, and $229,000 and $116,000 for the six and three-month periods ended April 30, 2013, respectively. |
Mortgages_refinancings
| Mortgages refinancings | 6 Months Ended |
| Apr. 30, 2014 | |
| Debt Disclosure [Abstract] | ' |
| Mortgage refinancings | ' |
| Note 6 – Mortgage refinancings: | |
| On December 26, 2012, Damascus Centre, LLC refinanced its $15 million construction loan with long-term financing provided by People’s United Bank. The amount of the new loan is $25 million, of which $20 million has been drawn as of April 30, 2014. The balance, up to an additional $5 million, will be available as a one-time draw over the 36 month period ending December 26, 2015, and the amount available will depend on future leasing at the shopping center. The new loan bears a floating interest rate equal to 210 basis points over the BBA LIBOR and the loan will mature on January 3, 2023. In order to minimize interest rate volatility during the term of the loan, Damascus Centre, LLC entered into an interest rate swap agreement that in effect, converted the floating interest rate to a fixed interest rate of 3.81% over the term of the loan. | |
| On January 14, 2013, FREIT refinanced its Westwood Plaza mortgage loan in the amount of $8.0 million, with a new mortgage loan in the amount of $22,750,000. The new loan is at a fixed interest rate of 4.75%, and matures in January 2023. Excess funds from this refinancing will be used to fund tenant fit-up costs at our retail shopping centers, as well as other operational and financing cash flow needs. | |
| On May 28, 2013, the balance of the Grande Rotunda LLC acquisition loan amounting to $19 million was purchased from the bank by FREIT. The due date of the loan was May 1, 2013. While the bank agreed to an additional extension of ninety-days (90) from May 1, 2013, FREIT elected to purchase the Rotunda loan from the bank and have all the bank’s rights assigned to FREIT. It was FREIT’s intention to sell this loan to the lender providing the construction financing for the expansion of the Rotunda project. On December 9, 2013, FREIT’s 60% owned affiliate, Grande Rotunda, LLC, closed with Wells Fargo Bank on a construction loan of up to $120 million to be used to reconfigure and expand its Rotunda property in Baltimore, MD. The construction loan is for a term of four (4) years, with one 12-month extension, at a rate of 225 basis points over the monthly LIBOR. As of April 30, 2014, $19 million of this loan was drawn down, and the funds used to pay off the loan to FREIT. | |
| On November 19, 2013, FREIT refinanced the mortgages on its Hammel Gardens and Steuben Arms properties that were scheduled to mature on December 1, 2013. The mortgages, aggregating $9.4 million, were refinanced for $19.7 million. The new mortgage amounts reflect, in part, the appreciated value of those assets. This refinancing resulted in: (i) a reduction of annual interest costs from 6.4% to 4.54%, and (ii) net refinancing proceeds of approximately $10 million that are available for capital expenditures and general corporate purposes. |
Capitalized_interest
| Capitalized interest | 6 Months Ended |
| Apr. 30, 2014 | |
| Notes to Financial Statements | ' |
| Capitalized interest | ' |
| Note 7 – Capitalized interest | |
| Interest costs associated with amounts expended at the Grande Rotunda development are capitalized and included in the cost of the project using the weighted average rate of FREIT’s outstanding borrowings. Interest capitalized during the six and three-month periods ended April 30, 2014, amounted to $220,000 and $175,000, respectively. |
Management_agreement_fees_and_
| Management agreement, fees and transactions with related party | 6 Months Ended |
| Apr. 30, 2014 | |
| Related Party Transactions [Abstract] | ' |
| Management agreement, fees and transactions with related party | ' |
| Note 8 - Management agreement, fees and transactions with related party: | |
| Hekemian & Co., Inc. (“Hekemian”) currently manages all the properties owned by FREIT and its affiliates, except for The Rotunda, a mixed-use office and retail facility located in Baltimore, Maryland, which is managed by an independent third party management company. The management agreement with Hekemian, effective November 1, 2001, requires the payment of management fees equal to a percentage of rents collected. Such fees were approximately $906,000 and $903,000 for the six-month periods ended April 30, 2014 and 2013, respectively, and $463,000 and $435,000 for the three-month periods ended April 30, 2014 and 2013, respectively. In addition, the management agreement provides for the payment to Hekemian of leasing commissions, as well as the reimbursement of operating expenses incurred on behalf of FREIT. Such items amounted to approximately $534,000 and $197,000 for the six-months ended April 30, 2014 and 2013, respectively, and $465,000 and $69,000 for the three-months ended April 30, 2014 and 2013, respectively. Fees for the current six and three-month periods include $395,850 in leasing commissions paid to Hekemian relative to the Safeway lease in the Damascus shopping center. The management agreement expires on October 31, 2015, and is automatically renewed for periods of two years unless either party gives notice of non-renewal. | |
| FREIT also uses the resources of the Hekemian insurance department to secure various insurance coverages for its properties and subsidiaries. Hekemian is paid a commission for these services. Such commissions amounted to approximately $34,000 and $35,000 for the six-months ended April 30, 2014 and 2013, respectively, and $4,000 and $5,000 for the three-month periods ended April 30, 2014 and 2013, respectively. | |
| From time to time, FREIT engages Hekemian to provide certain additional services, such as consulting services related to development, property sales and financing activities of FREIT. Separate fee arrangements are negotiated between Hekemian and FREIT with respect to such additional services. In connection with the development activities at the Rotunda, which is owned and operated by Grande Rotunda, LLC, a definitive agreement for the development services to be provided by Hekemian Development Resources LLC (“Resources”), a wholly owned subsidiary of Hekemian, has been approved and executed. Such fees incurred to Hekemian and Resources during the six-months ended April 30, 2014 and 2013 were $429,000 and $1,711,000, respectively, and $0 and $972,000 for the three-month periods ended April 30, 2014 and 2013, respectively. Fees paid in the current six-month period include $330,000 in commissions paid to Hekemian relative to the sale of the South Brunswick property. Included in the $1.7 million in fees incurred for the prior year’s six-month period are development fees totaling $1.4 million incurred and payable to Resources, relating to the Rotunda development project, and $239,000 in fees related to services performed relative to the Westwood Plaza and Damascus shopping center mortgage loan refinancings. | |
| With regard to the funding of the Rotunda redevelopment project, Wells Fargo Bank, the construction lender, required that Grande Rotunda, LLC (“Grande”) contribute not less than $14,460,000 towards the construction before any construction loan proceeds can be disbursed. To secure these funds Grande has made a capital call on its members – FREIT and Rotunda 100, LLC (“Rotunda 100”). FREIT’s share (60%) amounts to approximately $8.7 million, and the Rotunda 100 members’ share (40%) amounts to approximately $5.8 million. FREIT, pursuant to previous agreements, has made secured loans to the Rotunda 100 members of approximately $2.1 million towards their share of the $5.8 million capital call. These loans bear an interest rate of 225 basis points over the 90 day LIBOR, and have a maturity date of June 19, 2015. These loans are included in the line item Secured Loans Receivable on FREIT’s condensed consolidated balance sheet at April 30, 2014. | |
| As of April 30, 2014, FREIT has made its required capital call contribution of $8.7 million towards the Rotunda construction financing, and Rotunda 100 has made approximately $2.1 million of its required capital call contribution. The balance of Rotunda 100’s capital call of approximately $3.7 million is due on or before July 7, 2014. To cover this balance until paid by Rotunda 100, FREIT advanced $3.7 million to Grande as a short-term intercompany loan, which will be repaid to FREIT once Rotunda 100 makes its required capital call. Both FREIT and the Rotunda 100 members are treating their required capital call contributions as additional investments in Grande. Rotunda 100 is principally owned by employees of Hekemian, including certain members of the immediate family of Robert S. Hekemian and Robert S. Hekemian, Jr. | |
| Mr. Robert S. Hekemian, Chairman of the Board, Chief Executive Officer and a Trustee of FREIT, is the Chairman of the Board and Chief Executive Officer of Hekemian. Mr. Robert S. Hekemian, Jr, a Trustee of FREIT, is the President of Hekemian. Trustee fee expense (including interest) incurred by FREIT for the six-months ended April 30, 2014 and 2013 was approximately $313,000 and $286,000, respectively, for Mr. Robert S. Hekemian, and $23,000 and $21,000, respectively, for Mr. Robert S. Hekemian, Jr. |
Income_taxes
| Income taxes | 6 Months Ended |
| Apr. 30, 2014 | |
| Income Tax Disclosure [Abstract] | ' |
| Income taxes | ' |
| Note 9 – Income taxes: | |
| FREIT distributed as dividends to its shareholders 100% of its ordinary taxable income for the fiscal year ended October 31, 2013 and intends to distribute as dividends 100% of its ordinary taxable income for the fiscal year ending October 31, 2014. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded on the Company’s financial statements. As described in Note 5, FREIT intends to complete a like-kind exchange with respect to the sale of the South Brunswick, NJ property, which was sold on December 20, 2013 at a gain of approximately $8.7 million. Accordingly, no provision for federal or state income taxes related to such gain was recorded in the Company’s financial statements. In Fiscal 2012, FREIT distributed $5 million of the $9.5 million capital gain realized from the sale of its Heights Manor Apartments (see Note 5). However, since FREIT did not intend to distribute to its shareholders the remaining $4.5 million of capital gain realized on the Heights Manor sale, FREIT provided approximately $1.5 million federal and $400,000 state income taxes on such undistributed gain, which was charged to discontinued operations in Fiscal 2012. In the quarter ended January 31, 2013, FREIT decided to elect, under Section 858 of the Internal Revenue Code, to treat the $1.4 million dividend paid during such period as a distribution of the prior year’s capital gain and, accordingly, reversed $720,000 of the income tax liability, which has been credited to income from discontinued operations for the six-month period ended April 30, 2013. | |
| As of April 30, 2014, the Company had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2010 remain open to examination by the major taxing jurisdictions to which the Company is subject. |
Fair_value_of_longterm_debt
| Fair value of long-term debt | 6 Months Ended | ||||||||
| Apr. 30, 2014 | |||||||||
| Fair Value Disclosures [Abstract] | ' | ||||||||
| Fair value of long-term debt | ' | ||||||||
| Note 10 – Fair value of long-term debt: | |||||||||
| The following table shows the estimated fair value and carrying value of FREIT’s long-term debt at April 30, 2014 and October 31, 2013: | |||||||||
| April 30, | October 31, | ||||||||
| ($ In Millions) | 2014 | 2013 | |||||||
| Fair Value | $ | 226.4 | $ | 201.9 | |||||
| Carrying Value | $ | 225 | $ | 199.4 | |||||
| Fair values are estimated based on market interest rates at April 30, 2014 and October 31, 2013 and on discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value, which is based on observable inputs, has been characterized as level 2 in the fair value hierarchy as provided by authoritative guidance. | |||||||||
Segment_information
| Segment information | 6 Months Ended | ||||||||||||||||
| Apr. 30, 2014 | |||||||||||||||||
| Segment Reporting [Abstract] | ' | ||||||||||||||||
| Segment information | ' | ||||||||||||||||
| Note 11 - Segment information: | |||||||||||||||||
| FREIT has determined that it has two reportable segments: commercial properties and residential properties. These reportable segments offer different types of space, have different types of tenants, and are managed separately because each requires different operating strategies and management expertise. The commercial segment contains ten (10) separate properties and the residential segment contains six (6) properties. The accounting policies of the segments are the same as those described in Note 1 in FREIT’s Annual Report on Form 10-K for the fiscal year ended October 31, 2013. | |||||||||||||||||
| The chief operating and decision-making group of FREIT's commercial segment, residential segment and corporate/other is comprised of FREIT’s Board of Trustees (“Board”). | |||||||||||||||||
| FREIT assesses and measures segment operating results based on net operating income ("NOI"). NOI, a standard used by real estate professionals, is based on operating revenue and expenses directly associated with the operations of the real estate properties, but excludes deferred rents (straight lining), lease amortization, depreciation, financing costs and other items. NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP, and is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. | |||||||||||||||||
| Continuing real estate rental revenue, operating expenses, NOI and recurring capital improvements for the reportable segments are summarized below and reconciled to condensed consolidated net income-common equity for the six and three-month periods ended April 30, 2014 and 2013. Asset information is not reported since FREIT does not use this measure to assess performance. | |||||||||||||||||
| Six Months Ended | Three Months Ended | ||||||||||||||||
| April 30, | April 30, | ||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||||
| (In Thousands) | (In Thousands) | ||||||||||||||||
| Real estate rental revenue: | |||||||||||||||||
| Commercial | $ | 11,512 | $ | 11,220 | $ | 5,804 | $ | 5,355 | |||||||||
| Residential | 9,790 | 9,199 | 4,874 | 4,611 | |||||||||||||
| Total real estate revenue | 21,302 | 20,419 | 10,678 | 9,966 | |||||||||||||
| Real estate operating expenses: | |||||||||||||||||
| Commercial | 4,966 | 4,487 | 2,643 | 2,258 | |||||||||||||
| Residential | 4,648 | 4,461 | 2,375 | 2,173 | |||||||||||||
| Total real estate operating expenses | 9,614 | 8,948 | 5,018 | 4,431 | |||||||||||||
| Net operating income: | |||||||||||||||||
| Commercial | 6,546 | 6,733 | 3,161 | 3,097 | |||||||||||||
| Residential | 5,142 | 4,738 | 2,499 | 2,438 | |||||||||||||
| Total net operating income | $ | 11,688 | $ | 11,471 | $ | 5,660 | $ | 5,535 | |||||||||
| Recurring capital improvements-residential | $ | (141 | ) | $ | (201 | ) | $ | (37 | ) | $ | (144 | ) | |||||
| Reconciliation to consolidated net income: | |||||||||||||||||
| Segment NOI | $ | 11,688 | $ | 11,471 | $ | 5,660 | $ | 5,535 | |||||||||
| Deferred rents - straight lining | (87 | ) | (112 | ) | (41 | ) | (54 | ) | |||||||||
| Amortization of acquired leases | (11 | ) | (12 | ) | (5 | ) | (6 | ) | |||||||||
| Investment income | 83 | 100 | 41 | 50 | |||||||||||||
| General and administrative expenses | (803 | ) | (869 | ) | (401 | ) | (446 | ) | |||||||||
| Depreciation | (3,040 | ) | (3,022 | ) | (1,520 | ) | (1,512 | ) | |||||||||
| Financing costs | (5,821 | ) | (6,083 | ) | (2,844 | ) | (3,064 | ) | |||||||||
| Income from continuing operations | 2,009 | 1,473 | 890 | 503 | |||||||||||||
| Income from discontinued operations | 7 | 762 | — | 32 | |||||||||||||
| Gain on sale of discontinued operation | 8,734 | 1,377 | 41 | 1,377 | |||||||||||||
| Net income | 10,750 | 3,612 | 931 | 1,912 | |||||||||||||
| Net income attributable to noncontrolling | |||||||||||||||||
| interests | (291 | ) | (272 | ) | (98 | ) | (43 | ) | |||||||||
| Net income attributable to common equity | $ | 10,459 | $ | 3,340 | $ | 833 | $ | 1,869 | |||||||||
Share_repurchases
| Share repurchases | 6 Months Ended |
| Apr. 30, 2014 | |
| Equity [Abstract] | ' |
| Share repurchases | ' |
| Note 12 – Share repurchases: | |
| On December 4, 2013, FREIT’s Board of Trustees authorized the repurchase of up to 24,400 FREIT shares. On December 17, 2013, FREIT repurchased 20,400 shares in a privately-negotiated transaction with an unaffiliated party for an aggregate purchase price of $357,000, or $17.50 per share. |
Subsequent_event
| Subsequent event | 6 Months Ended |
| Apr. 30, 2014 | |
| Subsequent Events [Abstract] | ' |
| Subsequent event | ' |
| Note 13 – Subsequent event: | |
| On May 7, 2014, FREIT entered into a contract to acquire The Regency Club, a residential apartment complex located in Middletown, New York, from The Regency at Wallkill, LLC, a party unaffiliated with FREIT. The apartment complex consists of 132 units in 11 buildings and a clubhouse. | |
| On December 20, 2013, FREIT sold its South Brunswick land for approximately $11 million. The sale was structured as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. A like-kind exchange for replacement real estate, if completed, will result in a deferral for income tax purposes of the $8.7 million capital gain, realized from the sale of the South Brunswick land. The net proceeds from this sale were approximately $9.8 million. The Regency Club has been identified as the replacement property in this like-kind exchange. | |
| The contract price for this acquisition is $22 million, exclusive of transaction costs. The purchase price will be paid with the $9.8 million in net proceeds from the sale of the South Brunswick land and cash balances maintained by FREIT. | |
| Under the terms of the acquisition agreement, FREIT is required to pay a $500,000 deposit into an escrow account; $250,000 payable upon execution of the acquisition agreement, which was May 7, 2014, and $250,000 on the expiration of the due diligence period which is June 16, 2014. FREIT is currently in the process of completing its due diligence review. If FREIT’s due diligence is satisfactory to it, a closing of the acquisition is expected to take place 30 days after satisfaction or waiver of all contingencies set forth in the agreement, but in no event later than June 18, 2014. |
Fair_value_of_longterm_debt_Ta
| Fair value of long-term debt (Tables) | 6 Months Ended | ||||||||
| Apr. 30, 2014 | |||||||||
| Fair Value Disclosures [Abstract] | ' | ||||||||
| Schedule of estimated fair value and carrying value of long-term debt | ' | ||||||||
| The following table shows the estimated fair value and carrying value of FREIT’s long-term debt at April 30, 2014 and October 31, 2013: | |||||||||
| April 30, | October 31, | ||||||||
| ($ In Millions) | 2014 | 2013 | |||||||
| Fair Value | $ | 226.4 | $ | 201.9 | |||||
| Carrying Value | $ | 225 | $ | 199.4 | |||||
Segment_information_Tables
| Segment information (Tables) | 6 Months Ended | ||||||||||||||||
| Apr. 30, 2014 | |||||||||||||||||
| Segment Reporting [Abstract] | ' | ||||||||||||||||
| Schedule of segment and related information | ' | ||||||||||||||||
| Six Months Ended | Three Months Ended | ||||||||||||||||
| April 30, | April 30, | ||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||||
| (In Thousands) | (In Thousands) | ||||||||||||||||
| Real estate rental revenue: | |||||||||||||||||
| Commercial | $ | 11,512 | $ | 11,220 | $ | 5,804 | $ | 5,355 | |||||||||
| Residential | 9,790 | 9,199 | 4,874 | 4,611 | |||||||||||||
| Total real estate revenue | 21,302 | 20,419 | 10,678 | 9,966 | |||||||||||||
| Real estate operating expenses: | |||||||||||||||||
| Commercial | 4,966 | 4,487 | 2,643 | 2,258 | |||||||||||||
| Residential | 4,648 | 4,461 | 2,375 | 2,173 | |||||||||||||
| Total real estate operating expenses | 9,614 | 8,948 | 5,018 | 4,431 | |||||||||||||
| Net operating income: | |||||||||||||||||
| Commercial | 6,546 | 6,733 | 3,161 | 3,097 | |||||||||||||
| Residential | 5,142 | 4,738 | 2,499 | 2,438 | |||||||||||||
| Total net operating income | $ | 11,688 | $ | 11,471 | $ | 5,660 | $ | 5,535 | |||||||||
| Recurring capital improvements-residential | $ | (141 | ) | $ | (201 | ) | $ | (37 | ) | $ | (144 | ) | |||||
| Reconciliation to condensed consolidated net income | ' | ||||||||||||||||
| Reconciliation to consolidated net income: | |||||||||||||||||
| Segment NOI | $ | 11,688 | $ | 11,471 | $ | 5,660 | $ | 5,535 | |||||||||
| Deferred rents - straight lining | (87 | ) | (112 | ) | (41 | ) | (54 | ) | |||||||||
| Amortization of acquired leases | (11 | ) | (12 | ) | (5 | ) | (6 | ) | |||||||||
| Investment income | 83 | 100 | 41 | 50 | |||||||||||||
| General and administrative expenses | (803 | ) | (869 | ) | (401 | ) | (446 | ) | |||||||||
| Depreciation | (3,040 | ) | (3,022 | ) | (1,520 | ) | (1,512 | ) | |||||||||
| Financing costs | (5,821 | ) | (6,083 | ) | (2,844 | ) | (3,064 | ) | |||||||||
| Income from continuing operations | 2,009 | 1,473 | 890 | 503 | |||||||||||||
| Income from discontinued operations | 7 | 762 | — | 32 | |||||||||||||
| Gain on sale of discontinued operation | 8,734 | 1,377 | 41 | 1,377 | |||||||||||||
| Net income | 10,750 | 3,612 | 931 | 1,912 | |||||||||||||
| Net income attributable to noncontrolling | |||||||||||||||||
| interests | (291 | ) | (272 | ) | (98 | ) | (43 | ) | |||||||||
| Net income attributable to common equity | $ | 10,459 | $ | 3,340 | $ | 833 | $ | 1,869 | |||||||||
Interest_rate_swap_contract_De
| Interest rate swap contract (Details Narrative) (USD $) | 6 Months Ended | |
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Oct. 31, 2013 |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
| Notional amount of interest rate swap | $19,543 | ' |
| Maturity date | 3-Jan-23 | ' |
| Description of swap | 'The contract effectively converts the LIBOR based variable rate to a fixed rate of 3.81%. | ' |
| Fixed interest rate | 3.81% | ' |
| Increase to non-controlling interest | 291 | ' |
| Interest rate swap contract | 969 | 980 |
| Accumulated other comprehensive income | $678 | $686 |
Discontinued_operations_Detail
| Discontinued operations (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | |||
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Oct. 31, 2012 | Apr. 30, 2013 | Apr. 30, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 |
| Heights Manor Apartments (Member) | Heights Manor Apartments (Member) | Palisades Manor Apartments (Member) | South Brunswick property (Member) | Grandview Apartments (Member) | Federal (Member) | State (Member) | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Status of disposal | ' | ' | ' | ' | ' | 'On August 29, 2012, FREIT sold its Heights Manor Apartments in Spring Lake Heights, NJ. | 'On April 26, 2013, FREIT sold its Palisades Manor Apartments in Palisades Park, New Jersey. | 'On December 20, 2013, FREIT's South Brunswick property, which consisted of vacant land, was sold. | 'On August 13, 2013, FREIT sold its Grandview Apartments in Hasbrouck Heights, New Jersey. | ' | ' |
| Sale of property | ' | ' | ' | ' | ' | ' | $1,600 | $11,000 | $2,500 | ' | ' |
| Capital gain on sale of apartments | ' | ' | ' | ' | ' | 9,500 | 1,400 | 8,700 | 2,200 | ' | ' |
| Distributions to shareholders | ' | ' | ' | ' | 1,400 | 5,000 | ' | ' | ' | ' | ' |
| Income taxes on undistributed gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | 400 |
| Income tax adjustment on gain on sale of discontinued operation | ' | ' | ' | -720 | -720 | ' | ' | ' | ' | ' | ' |
| Revenue from discontinued operations | $0 | $116 | $0 | $229 | ' | ' | ' | ' | ' | ' | ' |
Mortgage_refinancings_Details_
| Mortgage refinancings (Details Narrative) (USD $) | 28-May-13 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Sep. 30, 2013 | Apr. 30, 2014 | Dec. 01, 2013 |
| In Thousands, unless otherwise specified | Resources - Rotunda Redevelopment Project (Member) | Construction Loan - Damascus Center (Member) | Construction Loan - Damascus Center (Member) | Westwood Plaza Mortgage Loan (Member) | Construction Loan - Rotunda Project (Member) | Construction Loan - Rotunda Project (Member) | Hammel Gardens and Steuben Arms Mortgage Loans (Member) | Hammel Gardens and Steuben Arms Mortgage Loans (Member) | |
| Refinanced loan amount | ' | ' | ' | $15,000 | $8,000 | ' | ' | $9,400 | ' |
| Loan amount | ' | ' | 25,000 | ' | 22,750 | ' | 120,000 | 19,700 | ' |
| Fixed interest rate | ' | ' | ' | ' | 4.75% | ' | ' | ' | ' |
| Maturity date of loan | ' | ' | 3-Jan-23 | ' | 31-Jan-23 | ' | ' | ' | ' |
| Repurchase amount of acquisition loan | 19,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Start date of loan | ' | ' | ' | ' | ' | 9-Dec-13 | ' | 1-Dec-13 | ' |
| Percentage ownership of Grande Rotunda LLC affiliate | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' |
| Description of variable interest rate | ' | ' | 'Floating interest rate equal to 210 basis points over the BBA LIBOR | ' | ' | 'A rate of 225 basis points over the monthly LIBOR | ' | ' | ' |
| Basis points, interest rate | ' | ' | 21.00% | ' | ' | 2.25% | ' | ' | ' |
| Amount drawn on loan | ' | ' | 20,000 | ' | ' | 19,000 | ' | ' | ' |
| End date of loan draw | ' | ' | 26-Dec-15 | ' | ' | ' | ' | ' | ' |
| Unused loan draw | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' |
| Term of the loan | ' | ' | ' | ' | ' | '4 years | ' | ' | ' |
| Description of refinance arrangement | ' | ' | ' | ' | ' | ' | ' | 'This refinancing resulted in: (i) a reduction of annual interest costs from 6.4% to 4.54%, and (ii) net refinancing procees of approximately $10 million | ' |
| Annual interest costs | ' | ' | ' | ' | ' | ' | ' | 4.54% | 6.40% |
| Net proceeds from refinancing of debt | ' | ' | ' | ' | ' | ' | ' | $10,000 | ' |
Capitalized_interest_Details_N
| Capitalized interest (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended |
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2014 |
| Notes to Financial Statements | ' | ' |
| Interest capitalized | $175 | $220 |
Management_agreement_fees_and_1
| Management agreement, fees and transactions with related party (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
| Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Oct. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jun. 05, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | |
| Managing Agent "Hekemian" (Member) | Managing Agent "Hekemian" (Member) | Managing Agent "Hekemian" (Member) | Managing Agent "Hekemian" (Member) | Managing Agent "Hekemian" (Member) | Managing Agent "Hekemian" (Member) | Resources - Rotunda Redevelopment Project (Member) | Resources - Rotunda Redevelopment Project (Member) | Resources - Rotunda Redevelopment Project (Member) | Robert S. Hekemian (Member) | Robert S. Hekemian (Member) | Robert S. Hekemian, Jr. (Member) | Robert S. Hekemian, Jr. (Member) | ||||||
| Westwood Plaza and Damascus Shopping Center (Member) | South Brunswick property (Member) | Noncontrolling Interests (Member) | Noncontrolling Interests (Member) | |||||||||||||||
| Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Asset management fees | $489,000 | $457,000 | $957,000 | $950,000 | ' | $463,000 | $435,000 | $906,000 | $903,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Leasing commissions and reimbursement of operating expenses | ' | ' | ' | ' | ' | 465,000 | 69,000 | 534,000 | 197,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Leasing commissions | ' | ' | ' | ' | ' | 395,850 | ' | 395,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Insurance commissions | ' | ' | ' | ' | ' | 4,000 | 5,000 | 34,000 | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Consulting services expense | ' | ' | ' | ' | ' | 0 | 972,000 | 429,000 | 1,711,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Sales commissions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 330,000 | ' | ' | ' | ' | ' | ' | ' |
| Development fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Other fees - refinancing | ' | ' | ' | ' | ' | ' | ' | ' | ' | 239,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Total construction financing, including other members | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,460,000 | ' | ' | ' | ' | ' | ' |
| Construction financing for Rotunda project to be provided | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,700,000 | 5,800,000 | ' | ' | ' | ' | ' |
| Ownership percentage by noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' |
| Secured loans receivable | 5,451,000 | ' | 5,451,000 | ' | 3,323,000 | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' |
| Description of variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '225 basis points over the 90 day LIBOR | ' | ' | ' | ' | ' |
| Basis points, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' |
| Short-term advance to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' |
| Trustee fee expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 313,000 | 286,000 | 23,000 | 21,000 |
| Capital call | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,700,000 | ' | ' | ' | ' |
Income_Taxes_Details_Narrative
| Income Taxes (Details Narrative) (USD $) | 12 Months Ended | ||
| In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 |
| Heights Manor Apartments (Member) | |||
| Ordinary taxable income distributed as dividends (percentage) | 100.00% | 100.00% | ' |
| Undistributed gain | ' | ' | $4,500 |
Fair_value_of_longterm_debt_De
| Fair value of long-term debt (Details) (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
| In Thousands, unless otherwise specified | ||
| Fair Value Disclosures [Abstract] | ' | ' |
| Fair value of long-term debt | $226,400 | $201,900 |
| Carrying value of long-term debt | $225,013 | $199,423 |
Segment_information_Details
| Segment information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
| Reportable Segments | ' | ' | ' | ' |
| Real estate rental revenue | $9,101 | $8,840 | $18,093 | $17,730 |
| Real estate operating expenses | 6,939 | 6,389 | 13,457 | 12,839 |
| Operating income | 3,693 | 3,517 | 7,747 | 7,456 |
| Commercial (Member) | ' | ' | ' | ' |
| Reportable Segments | ' | ' | ' | ' |
| Real estate rental revenue | 5,804 | 5,355 | 11,512 | 11,220 |
| Real estate operating expenses | 2,643 | 2,258 | 4,966 | 4,487 |
| Operating income | 3,161 | 3,097 | 6,546 | 6,733 |
| Residential (Member) | ' | ' | ' | ' |
| Reportable Segments | ' | ' | ' | ' |
| Real estate rental revenue | 4,874 | 4,611 | 9,790 | 9,199 |
| Real estate operating expenses | 2,375 | 2,173 | 4,648 | 4,461 |
| Operating income | 2,499 | 2,438 | 5,142 | 4,738 |
| Recurring capital improvements | -37 | -144 | -141 | -201 |
| Total Reportable Segments (Member) | ' | ' | ' | ' |
| Reportable Segments | ' | ' | ' | ' |
| Real estate rental revenue | 10,678 | 9,966 | 21,302 | 20,419 |
| Real estate operating expenses | 5,018 | 4,431 | 9,614 | 8,948 |
| Operating income | $5,660 | $5,535 | $11,688 | $11,471 |
Segment_information_Details_1
| Segment information (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
| Reconciliation to consolidated net income: | ' | ' | ' | ' |
| Segment NOI | $5,660 | $5,535 | $11,688 | $11,471 |
| Deferred rents - straight lining | -41 | -54 | -87 | -112 |
| Amortization of acquired leases | -5 | -6 | -11 | -12 |
| Investment income | 41 | 50 | 83 | 100 |
| General and administrative expenses | -401 | -446 | -803 | -869 |
| Depreciation | -1,520 | -1,512 | -3,040 | -3,022 |
| Financing costs | -2,844 | -3,064 | -5,821 | -6,083 |
| Income from continuing operations | 890 | 503 | 2,009 | 1,473 |
| Income from discontinued operations | ' | 32 | 7 | 762 |
| Gain on sale of discontinued operations, net of tax | 41 | 1,377 | 8,734 | 1,377 |
| Net income | 931 | 1,912 | 10,750 | 3,612 |
| Net income attributable to noncontrolling interests | -98 | -43 | -291 | -272 |
| Net income attributable to common equity | $833 | $1,869 | $10,459 | $3,340 |
Share_repurchases_Details_Narr
| Share repurchases (Details Narrative) (USD $) | 0 Months Ended | |
| In Thousands, except Share data, unless otherwise specified | Dec. 17, 2013 | Dec. 04, 2013 |
| Equity [Abstract] | ' | ' |
| Number of shares authorized to repurchase | ' | 24,400 |
| Number of shares repurchased | 20,400 | ' |
| Shares repurchased, value | $357 | ' |
| Stock repurchased price (per share) | $17.50 | ' |
Subsequent_event_Details_Narra
| Subsequent event (Details Narrative) (USD $) | Apr. 30, 2014 | 7-May-14 | Jun. 16, 2014 | Apr. 30, 2014 |
| In Thousands, unless otherwise specified | Subsequent Events (Member) | Subsequent Events (Member) | South Brunswick property (Member) | |
| Regency Club (Member) | Regency Club (Member) | |||
| Deferred gain, if sale structured as like-kind exchange | ' | ' | ' | $9,800 |
| Contract acquisition price | ' | 22,000 | ' | ' |
| Escrow deposit | 9,761 | 250 | 250 | ' |
| Escrow deposit payable for acquisition | ' | $500 | ' | ' |