First Real Estate Investment Trust of New Jersey (FREVS) 10-K 14 Jan 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2015	Jan. 14, 2016	Apr. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
Entity Central Index Key	36,840
Document Type	10-K
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Document Period End Date	Oct. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Entitys Reporting Status Current	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 106
Entity Common Stock, Shares Outstanding		6,726,869

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2015	Oct. 31, 2014
ASSETS
Real estate, at cost, net of accumulated depreciation	$ 219,430	$ 222,317
Construction in progress	101,415	50,146
Cash and cash equivalents	13,500	10,554
Tenants' security accounts	1,728	1,590
Receivables arising from straight-lining of rents, net of allowance for loss in 2015	2,604	3,869
Accounts receivable, net of allowance for doubtful accounts	2,105	1,673
Secured loans receivable	5,451	5,451
Prepaid expenses and other assets	4,555	4,059
Deferred charges, net	$ 1,327	1,381
Interest rate swap contract		515
Total Assets	$ 352,115	301,555
Liabilities:
Mortgages payable	307,899	251,552
Less unamortized debt issuance costs	3,129	3,762
Mortgages payable, net (Note 5)	304,770	247,790
Deferred trustee compensation payable	9,078	9,017
Accounts payable and accrued expenses	10,305	9,495
Dividends payable	2,018	2,046
Tenants' security deposits	2,561	2,319
Deferred revenue	1,080	$ 1,042
Interest rate swap contracts	1,066
Total Liabilities	$ 330,878	$ 271,709
Commitments and contingencies (Note 8)
Common equity:
Shares of beneficial interest without par value: 8,000,000 shares authorized; 6,993,152 shares issued	$ 25,860	$ 24,985
Treasury stock, at cost: 266,283 shares at October 31, 2015 and 171,981 shares at October 31, 2014	(5,517)	(3,348)
Dividends in excess of net income	(11,769)	(6,270)
Accumulated other comprehensive income (loss)	(1,030)	360
Total Common Equity	7,544	15,727
Noncontrolling interests in subsidiaries	13,693	14,119
Total Equity	21,237	29,846
Total Liabilities and Equity	$ 352,115	$ 301,555

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 31, 2015	Oct. 31, 2014
CONSOLIDATED BALANCE SHEETS [Abstract]
Shares of benefical interest, no par value (in dollars per share)
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	266,283	171,981

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
Revenue:
Rental income	$ 38,786	$ 36,913	$ 35,819
Reimbursements	5,479	5,054	5,006
Sundry income	518	463	512
Revenue	44,783	42,430	41,337
Expenses:
Operating expenses	13,317	$ 11,405	$ 10,374
Straight line rent adjustment - bankrupt tenant	1,046
Management fees	2,000	$ 1,968	$ 1,849
Real estate taxes	7,774	7,515	7,527
Depreciation	6,883	6,346	6,233
Expenses	31,020	27,234	25,983
Operating income	13,763	15,196	15,354
Investment income	$ 150	184	$ 191
Acquisition expenses-Regency		(648)
Interest expense including amortization of deferred financing costs	$ (11,001)	(11,309)	$ (11,945)
Income from continuing operations	$ 2,912	3,423	3,600
Income from discontinued operations		7	797
Gain on sale of discontinued operations		8,734	3,545
Net income	$ 2,912	12,164	7,942
Net income attributable to noncontrolling interests in subsidiaries	(281)	(507)	(493)
Net income attributable to common equity	$ 2,631	$ 11,657	$ 7,449
Earnings per share - basic and diluted:
Continuing operations	$ 0.39	$ 0.42	$ 0.45
Discontinued operations		1.27	0.62
Net income attributable to common equity	$ 0.39	$ 1.69	$ 1.07
Weighted average shares outstanding: Basic and diluted	6,778	6,908	6,942
Amounts attributable to common equity:
Income from continuing operations	$ 2,631	$ 2,916	$ 3,107
Income related to discontinued operations		8,741	4,342
Net income attributable to common equity	$ 2,631	$ 11,657	$ 7,449

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 2,912	$ 12,164	$ 7,942
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swap contracts before reclassifications	(2,196)	(774)	721
Amount reclassed from accumulated other comprehensive income (loss) to interest expense	615	309	259
Net unrealized gain (loss) on interest rate swap contracts	(1,581)	(465)	980
Comprehensive income	1,331	11,699	8,922
Net income attributable to noncontrolling interests	(281)	(507)	(493)
Other comprehensive income (loss):
Unrealized (gain) loss on interest rate swap contract attributable to noncontrolling interests	191	140	(294)
Comprehensive income attributable to noncontrolling interests	(90)	(367)	(787)
Comprehensive income attributable to common equity	$ 1,241	$ 11,332	$ 8,135

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	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]
Balance at Oct. 31, 2012	$ 26,175	$ 24,969	$ (1,135)	$ (6,270)		$ 17,564	$ 8,611
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to noncontrolling interests	(462)						(462)
Net income	7,942			7,449		$ 7,449	$ 493
Dividends declared, including $29 payable in share units ($1.20 per share)	(10,830)			(10,830)		(10,830)
Net unrealized loss on interest rate swaps	980				$ 686	686	$ 294
Balance at Oct. 31, 2013	23,805	24,969	(1,135)	(9,651)	686	14,869	8,936
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of 94,302 and 120,972 shares of beneficial interest	(2,213)		(2,213)			(2,213)
Stock based compensation expense	16	16				$ 16
Distributions to noncontrolling interests	(975)						(975)
Net income	12,164			11,657		$ 11,657	507
Dividends declared, including $29 payable in share units ($1.20 per share)	(8,276)			(8,276)		(8,276)
Net unrealized loss on interest rate swaps	(465)				(326)	$ (326)	(140)
Additional investment by noncontrolling interest to Granda Rotunda, LLC	5,791						5,791
Balance at Oct. 31, 2014	29,846	$ 24,985	(3,348)	$ (6,270)	$ 360	$ 15,727	$ 14,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of 94,302 and 120,972 shares of beneficial interest	(2,169)		$ (2,169)			(2,169)
Stock based compensation expense	94	$ 94				94
Vested share units granted to Trustees	(781)	$ (781)				$ (781)
Distributions to noncontrolling interests	(516)						$ (516)
Net income	2,912			$ 2,631		$ 2,631	$ 281
Dividends declared, including $29 payable in share units ($1.20 per share)	(8,130)			$ (8,130)		(8,130)
Net unrealized loss on interest rate swaps	(1,581)				$ (1,390)	(1,390)	$ (191)
Balance at Oct. 31, 2015	$ 21,237	$ 25,860	$ (5,517)	$ (11,769)	$ (1,030)	$ 7,544	$ 13,693

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
CONSOLIDATED STATEMENTS OF EQUITY [Abstract]
Dividends declared, per share	$ 1.20	$ 1.20	$ 1.56
Stock dividends payable	$ 29
Number of shares repurchased	94,302	120,972

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Oct. 31, 2015USD ($)		Oct. 31, 2014USD ($)		Oct. 31, 2013USD ($)
Operating activities:
Net income	$ 2,912		$ 12,164		$ 7,942
Adjustments to reconcile net income to net cash provided by operating activities (including discontinued operations):
Depreciation	6,883		6,346		6,244
Amortization	679		750		$ 665
Stock based compensation expense	94		$ 16
Trustee fees and related interest paid in stock units	752
Deferred rents - straight line rent	1,265	[1]	$ 391		$ 13
Bad debt expense	631		26
Net amortization of acquired leases	$ 1		21		$ 24
Gain on sale of discontinued operations			$ (8,734)		(3,545)
Income tax adjustment on gain on sale of discontinued operation					(720)	[2]
Changes in operating assets and liabilities:
Tenants' security accounts	$ 104		$ 46		17
Accounts receivable, prepaid expenses and other assets	(1,766)		(634)		(194)
Accounts payable, accrued expenses and deferred trustee compensation	392		1,812		318
Deferred revenue	95		190		(289)
Net cash provided by operating activities	12,042		12,394		10,475
Investing activities:
Capital improvements - existing properties	(4,158)		(3,770)		(2,149)
Construction and pre-development costs	$ (48,576)	[3]	(33,579)	[4]	$ (4,732)	[5]
Regency acquisition, net of proceeds held in escrow			$ (10,855)	[6]
Proceeds from sale of discontinued operations					$ 3,752
Secured loans receivable to noncontrolling interest			$ (2,128)
Net cash (used in) provided by investing activities	$ (52,734)		(50,332)		$ (3,129)
Financing activities:
Repayment of mortgages and construction loan	(4,117)		(13,260)		$ (45,747)
Repayment of credit line	(5,000)		(7,000)
Proceeds from mortgage loan refinancings	16,200		19,700		$ 42,750
Proceeds from construction loan	$ 47,740		42,129
Proceeds from credit line			10,000		$ 2,000
Deferred financing costs	$ (371)		(2,669)		(1,059)
Dividends paid	(8,129)		(10,812)		$ (7,637)
Repurchase of Company stock - Treasury shares	$ (2,169)		(2,213)
Additional investment by noncontrolling interest			5,791	[7]
Distributions to noncontrolling interests	$ (516)		(975)		$ (462)
Net cash provided by (used in) financing activities	43,638		40,691		(10,155)
Net increase (decrease) in cash and cash equivalents	2,946		2,753		(2,809)
Cash and cash equivalents, beginning of period	10,554		7,801		10,610
Cash and cash equivalents, end of period	13,500		10,554		7,801
Supplemental disclosure of cash flow data:
Interest paid, net of amounts capitalized	$ 11,010		$ 10,206		10,933
Income taxes paid					$ 1,072
Investing activities:
Proceeds from sale of discontinued operation, held in escrow applied to 1031 replacement property			$ 9,770
Accrued capital expenditures, construction costs, pre-development costs and interest	$ 8,054		8,091		$ 3,766
Financing activities:
Dividends declared but not paid	2,018		$ 2,046		$ 4,582
Dividends paid in share units	$ 29
[1]	Includes $1.1M straight line rent adjustment for bankrupt tenant.
[2]	Income tax adjustment relating to fiscal 2012 gain on sale of discontinued operation.
[3]	Includes $5,523 that was incurred and accrued in fiscal 2014; paid in fiscal 2015.
[4]	Includes $3,766 that was incurred and accrued in fiscal 2013; paid in fiscal 2014.
[5]	Includes $743 that was incurred and accrued in fiscal 2012; paid in fiscal 2013.
[6]	Net of $9,770 of proceeds from the sale of South Brunswick property (see Note 2).
[7]	Represents $5,791 investment in Grande Rotunda, LLC, of which $2,128 was loaned to noncontrolling interest by FREIT.

CONSOLIDATED STATEMENTS OF CAS9

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
Statement of Cash Flows [Abstract]
Construction in Progress Expenditures Incurred but Not yet Paid	$ 5,523	$ 3,766	$ 743

Organization and significant ac

Organization and significant accounting policies	12 Months Ended
	Oct. 31, 2015
Organization and significant accounting policies [Abstract]
Organization and significant accounting policies	Note 1 - Organization and significant accounting policies: Organization: First Real Estate Investment Trust of New Jersey ("FREIT" or the “Company”) was organized on November 1, 1961 as a New Jersey Business Trust. FREIT is engaged in owning residential and commercial income producing properties located primarily in New Jersey, Maryland and New York. FREIT has elected to be taxed as a Real Estate Investment Trust under the provisions of Sections 856-860 of the Internal Revenue Code, as amended. Accordingly, FREIT does not pay federal income tax on income whenever income distributed to shareholders is equal to at least 90% of real estate investment trust taxable income. Further, FREIT pays no federal income tax on capital gains distribut ed to shareholders. FREIT is subject to federal income tax on undistributed taxable income and capital gains. FREIT may make an annual election under Section 858 of the Internal Revenue Code to apply part of the regular dividends paid in each respective subsequent year as a distribution for the immediately preceding year. Recently issued accounting standards: In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, 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. The Company has adopted this guidance effective with its first quarter ended January 31, 2015. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. In August 2015, the FASB extended the effective date by one year to years beginning on and after December 15, 2017. The standard may be adopted as early as the original effective date but early In February 2015, the FASB issued Accounting Standards Update No. 2015-02, "Amendments to the Consolidation Analysis" ("ASU 2015-02"), which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 with early adoption permitted. ASU 2015-02 amends In April 2015, the FASB issued ASU 2015-03, "Interest- Imputation of Interest (Subtopic 835-30): Principles of consolidation: The consolidated financial statements include the accounts of FREIT and the following subsidiaries in which FREIT has a controlling financial interest, including two LLCs in which FREIT is the managing member with a 40% ownership interest: Subsidiary Owning Entity % Ownership Year Acquired/Organized Westwood Hills, LLC FREIT 40 % 1994 S and A Commercial Associates Limited Partnership ("S and A") FREIT 65 % 2000 Wayne PSC, LLC FREIT 40 % 2002 Damascus Centre, LLC FREIT 70 % 2003 Pierre Towers, LLC S and A 100 % 2004 Grande Rotunda, LLC FREIT 60 % 2005 WestFREIT Corp FREIT 100 % 2007 WestFredic LLC FREIT 100 % 2007 FREIT Regency, LLC FREIT 100 % 2014 The consolidated financial statements include 100% of each subsidiary's assets, liabilities, operations and cash flows, with the interests not owned by FREIT reflected as "noncontrolling interests in subsidiaries”. All significant inter-company accounts and transactions have been eliminated in consolidation . Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates Cash and cash equivalents: Financial instruments that potentially subject FREIT to concentrations of credit risk consist primarily of cash and cash equivalents. FREIT considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. FREIT maintains its cash and cash equivalents in bank and other accounts, the balances of which, at times, may exceed federally insured limits of $250,000 Real estate development costs: It is FREIT's policy to capitalize pre-development costs, which generally include legal and other professional fees and other directly related third-party costs. Real estate taxes and interest costs incurred during the development and construction phases are also capitalized. FREIT ceases capitalization of these costs when the project or portion thereof becomes operational, or when construction has been postponed. Capitalization of these costs will recommence once construction on the project resumes Depreciation: Real estate and equipment are depreciated on the straight-line method by annual charges to operations calculated to absorb costs of assets over their estimated useful lives. Impairment of long-lived assets: Impairment losses on long-lived assets, such as real estate and equipment, are recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts. For the fiscal years ended October 31, 2015, 2014 and 2013, there were no impairments of long-lived assets Deferred charges: Deferred charges consist of leasing commissions which are amortized on the straight-line method over the terms of the applicable leases. Debt issuance costs: De bt issuance costs are amortized on the straight-line method by annual charges to income over the terms of the mortgages. Amortization of such costs is included in interest expense and approximated $ 419,000 359,000 370,000 Revenue recognition: Income from leases is recognized on a straight-line basis regardless of when payment is due. Lease agreements between FREIT and commercial tenants generally provide for additional rentals and reimbursements based on such factors as percentage of tenants' sales in excess of specified volumes, increases in real estate taxes, Consumer Price Indices and common area maintenance charges. These additional rentals are generally included in income when reported to FREIT, when earned, or ratably over the appropriate period Interest rate swap contracts: FREIT utilizes derivative financial instruments to reduce interest rate risk. FREIT does not hold or issue derivative financial instruments for trading purposes. FREIT recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Changes in fair value of those instruments, which qualify as cash flow hedges, are reported in other comprehensive income (see Note 6) Advertising: FREIT expenses the cost of advertising and promotions as incurred. Advertising costs charged to operations amounted to approximately $ 162,000 133,000 93,000 Stock-based compensation: FREIT Stock-based awards to nonemployees are accounted for based on the fair value of the equity instruments on the vesting date. Acquired Over Market and Below Market Value Leases and In-Place Leases: Capitalized above-market lease values are being amortized as a reduction of base rental revenue over the remaining term of the leases, and the capitalized below-market lease values are being amortized as an increase to base rental revenue over the remaining terms of the leases, including renewal options. The value ascribed to leases in place is being amortized over the weighted average remaining lease terms.

Discontinued operations

Discontinued operations	12 Months Ended
	Oct. 31, 2015
Discontinued operations [Abstract]
Discontinued operations	Note 2 – Discontinued operations: On December 20, 2013, FREIT's South Brunswick property, which consisted of vacant land, was sold for $ 11 8.7 8.7 9.8 On April 26, 2013, FREIT sold its Palisades Manor Apartments in Palisades Park, New Jersey for $ 1.6 1.4 2.5 2.2 On August 29, 2012, FREIT sold its Heights Manor Apartments in Spring Lake Heights, New Jersey. In connection with the Heights Manor sale, FREIT recognized a capital gain of approximately $ 9.5 5 4.5 1.5 400,000 1.4 720,000 The gains from the sale of the properties as described above, as well as the related results of their operations for the three operating residential 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 fiscal years ended October 31, 2015, 2014 and 2013 was $ 0 1,000 317,000

Property acquisition

Property acquisition	12 Months Ended
	Oct. 31, 2015
Property acquisition [Abstract]
Property acquisition	Note 3 – Property acquisition: On June 18, 2014, FREIT completed the acquisition of the Regency Club (“Regency”), a residential apartment complex located in Middletown, New York. The Regency complex consists of 132 11 20,625,000 648,000 9.8 11.5 10 16.2 The acquisition price of $20,625,000 has been allocated as follows: $ 18.5 2.1 FREIT identified the Regency as a replacement property for the vacant land located in South Brunswick, New Jersey that FREIT sold on December 20, 2013 (see Note 2). The Regency is part of FREIT's Residential segment. The following unaudited pro forma information shows the results of operations for the fiscal years ended October 31, 2014 and 2013 for FREIT and its Subsidiaries as though the Regency had been acquired at the beginning of fiscal 2013: Years Ended October 31, 2014 2013 (In Thousands) Revenues $ 44,016 $ 43,672 Net expenses 40,033 39,935 Income from continuing operations 3,983 3,737 Income from discontinued operations 7 797 Gain on sale of discontinued operation 8,734 3,545 Net income 12,724 8,079 Net income attributable to noncontrolling interest in subsidiaries (507 ) (493 ) Net income attributable to common equity $ 12,217 $ 7,586 Earnings per share - basic and diluted: Continuing operations $ 0.50 $ 0.47 Discontinued operations 1.27 0.62 Net income attributable to common equity $ 1.77 $ 1.09 Weighted average shares outstanding - basic and diluted 6,908 6,942 The pro forma results reflect the following adjustments: (a) additional depreciation expense based on the purchase price allocated to the buildings and a depreciable life of 40 The pro forma results of operations set forth above are not necessarily indicative of the results that would have occurred had the acquisition been made at the beginning of fiscal 2013, or of future results of operations of FREIT's combined properties.

Real estate

Real estate	12 Months Ended
	Oct. 31, 2015
Real estate [Abstract]
Real estate	Note 4 - Real estate: Real estate consists of the following: Range of Estimated October 31, Useful Lives 2015 2014 (In Thousands of Dollars) Land $ 79,384 $ 79,435 Unimproved land 405 354 Apartment buildings 7 40 104,040 101,968 Commercial buildings/shopping centers 15 50 120,700 119,027 Equipment/Furniture 3 15 3,353 3,102 307,882 303,886 Less accumulated depreciation 88,452 81,569 Totals $ 219,430 $ 222,317

Mortgages, notes payable and cr

Mortgages, notes payable and credit line	12 Months Ended
	Oct. 31, 2015
Mortgages, notes payable and credit line [Abstract]
Mortgages, notes payable and credit line	Note 5 – Mortgages, notes payable and credit line: October 31, 2015 October 31, 2014 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs (In Thousands of Dollars) (In Thousands of Dollars) Frederick, MD (A) $ 22,000 $ 62 $ 22,000 $ 102 Rockaway, NJ (B) 17,596 167 18,030 196 Westwood, NJ (C) 21,355 229 21,884 264 Patchogue, NY (D) 5,243 56 5,376 93 Wayne, NJ (E) 18,378 95 18,686 121 River Edge, NJ (F) 10,852 139 11,037 156 Maywood, NJ (G) 8,234 113 8,374 127 Westwood, NJ (H) 21,545 169 21,974 202 Wayne, NJ (I) 25,038 22 25,978 54 Hackensack, NJ (J) 30,567 70 31,198 89 Damascus, MD (K) 18,938 486 19,326 551 Middletown, NY (L) 16,200 301 - - Total fixed rate mortgage loans 215,946 1,909 203,863 1,955 Baltimore, MD (M) 91,953 1,220 42,689 1,807 Line of credit - Provident Bank (N) - - 5,000 - Total $ 307,899 $ 3,129 $ 251,552 $ 3,762 (A) Payable in monthly installments of interest only computed over the actual number of days in the elapsed monthly interest period at the rate of 5.55 16,371,000 (B) Payable in monthly installments of $ 115,850 5.37 16,754,000 (C) On January 14, 2013, FREIT refinanced its Westwood Plaza mortgage loan in the amount of $ 8.0 22,750,000 129,702 4.75 8,074,000 (D) The loan, modified effective January 31, 2013, is payable in monthly installments of $ 31,046 4.5 75 6,928,000 . (E) Payable in monthly installments of $ 121,100 6.09 1,740,000 . (F) On November 19, 2013, FREIT refinanced these mortgage loans, which were scheduled to mature on December 1, 2013. The amount of the new loan is $ 11,200,000 4.54 897,000 (G) On November 19, 2013, FREIT refinanced mortgage loans scheduled to mature on December 1, 2013 with a new mortgage loan in the amount of $ 8,500,000 43,605 4.54 718,000 (H) Payable in monthly installments of $ 120,752 4.62 10,094,000 (I) Payable in monthly installments of $ 206,960 6.04 26,317,000 (J) Payable in monthly installments of $ 191,197 5.38 41,201,000 (K) On December 26, 2012, Damascus Centre, LLC refinanced its $ 15 25 20 5 one 36 210 LIBOR 3.81 6 28,851,000 (L) On December 29, 2014, FREIT Regency, LLC closed on a $ 16.2 125 one LIBOR 27,807 3.75 6 20,421,000 (M) On February 1, 2010, a principal payment of $ 3 22.5 19.5 350 LIBOR 4 10,000 110,000 60 40 (90) 28 2013 60 120 four (4) one 12 225 LIBOR 130,943,000 99.7 92 19 73 (N) Credit Line: FREIT has a line of credit provided by the Provident Bank in the amount of $ 12.8 two 60 24 no 30 60 90 175 30 60 90 LIBOR 3.5 18 13 5 16.2 12.8 no Certain of the Company's mortgage loans and the Credit Line contain financial covenants. The Company was in compliance with all of its financial covenants as of October 31, 2015. Fair Value of Long-Term Debt: The following table shows the estimated fair value and carrying value of FREIT's long-term debt at October 31, 2015 and 2014: October 31, October 31, (in Millions) 2015 2014 Fair Value $ 313.5 $ 256.0 Carrying Value $ 307.9 $ 251.6 Fair values are estimated based on market interest rates at the end of each fiscal year and on discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value is based on observable inputs (level 2 Principal amounts (in thousands of dollars) due under the above obligations in each of the five Year Ending October 31, Amount 2016 $ 28,365 2017 $ 25,507 2018 $ 8,795 2019 $ 140,613 (a) 2020 $ 22,062 (a) Includes $ 92

Interest rate swap contracts

Interest rate swap contracts	12 Months Ended
	Oct. 31, 2015
Interest rate swap contracts [Abstract]
Interest rate swap contracts	Note 6 - Interest rate swap contracts: On 15 25 19 19 3.81 On December 29, 2014, FREIT Regency, LLC closed on a $ 16.2 3.75 16.2 In accordance with ASC 815, “Accounting for Derivative Instruments and Hedging Activities”, FREIT is accounting for the Damascus Centre, LLC and the FREIT Regency, LLC interest rate swaps as cash flow hedges and marks to market its fixed pay interest rate swaps, taking into account present interest rates compared to the contracted fixed rate over the life of the contract. For the year ended October 31, 2015, FREIT recorded an unrealized loss of $ 1,581,000 945,000 121,000 465,000 515,000 980,000

Capitalized interest

Capitalized interest	12 Months Ended
	Oct. 31, 2015
Capitalized interest [Abstract]
Capitalized interest	Note 7 - Capitalized inte rest Interest costs associated with amounts expended at the Grande Rotunda development are capitalized and included in the cost of the project. Interest capitalized during the year ended October 31, 2015 and 2014, amounted to $ 2,447,000 1,110,000

Commitments and contigencies

Commitments and contigencies	12 Months Ended
	Oct. 31, 2015
Commitments and contingencies [Abstract]
Commitments and contigencies	Note 8 - Commitments and contingencies: Leases: Commercial tenants: FREIT leases commercial space having a net book value of approximately $ 227 twenty-five Minimum rental income (in thousands of dollars) to be received from non-cancelable operating leases in years subsequent to October 31, 2015 is as Year Ending October 31, Amount 2016 $ 16,955 2017 14,976 2018 12,411 2019 11,132 2020 9,836 Thereafter 55,431 Total $ 120,741 The above amounts assume that all leases which expire are not renewed and, accordingly, neither minimal rentals nor rentals from replacement tenants are included. Minimum future rentals do not include contingent rentals, which may be received under certain leases on the basis of percentage of reported tenants' sales volume or increases in Consumer Price Indices. Rental income that is contingent on future events is not included in income until the contingency is resolved. Contingent rentals included in income for each of the three Residential tenants: Lease terms for residential tenants are usually one year or less. Environmental concerns: The Westwood Plaza Shopping Center property is in a Flood Hazard Zone. FREIT maintains flood insurance in the amount of $ 500,000 Prior to its purchase in November 2002 by Wayne PSC, LLC, a 40 FREIT has determined that several of its properties contain lead based paint (“LBP”). FREIT believes that it complies with all federal, state and local requirements as they pertain to LBP. FREIT does not believe that the environmental conditions described above will have a material adverse effect upon the capital expenditures, revenues, earnings, financial condition or competitive position of FREIT. Letters of credit: In connection with the renovation and expansion at the Rotunda, performance letters of credit totaling approximately $ 1.2

Management agreement, fees and

Management agreement, fees and transactions with related party	12 Months Ended
	Oct. 31, 2015
Management agreement, fees and transactions with related party [Abstract]
Management agreement, fees and transactions with related party	Note 9 - Management agreement, fees and transactions with related party: On April 10, 2002, FREIT and Hekemian & Co., Inc. (“Hekemian”) executed a Management Agreement whereby Hekemian would continue as Managing Agent for FREIT. The term of the Management Agreement was renewed on November 1, 2015 for a two-year term which will expire on October 31, 2017. The Management Agreement automatically renews for successive periods of two years unless either party gives not less than six (6) months prior notice to the other of non-renewal. Hekemian currently manages all the properties owned by FREIT and its affiliates, except for the office building at the Rotunda located in Baltimore, Maryland, which is managed by an independent third party management company. However, FREIT may retain other managing agents to manage properties acquired after April 10, 2002 and to perform various other duties such as sales, acquisitions, and development with respect to any or all properties. Hekemian does not serve as the exclusive property acquisition advisor to FREIT and is not required to offer potential acquisition properties exclusively to FREIT before acquiring those properties for its own account. The Management Agreement includes a detailed schedule of fees for those services, which Hekemian may be called upon to perform. The Management Agreement provides for a termination fee in the event of a termination or non-renewal of the Management Agreement under certain circumstances. The management agreement with Hekemian, effective November 1, 2001, requires the payment of management fees equal to 4% to 5% of rents collected. Such fees were approximately $ 1,899,000 1,866,000 1,747,000 465,000 673,000 339,000 396,000 163,000 171,000 166,000 133,000 121,000 Grande Rotunda, LLC owns and operates the Rotunda property. FREIT owns a 60 40 Damascus Centre, LLC owns and operates the Damascus Center. During fiscal 2005, the Board authorized an investor group, Damascus 100, LLC (“Damascus 100”), to acquire a 30 70 3,224,000 1,451,000 With regard to the funding of the Rotunda redevelopment project, Wells Fargo Bank, the construction lender, required that Grande Rotunda, LLC contribute not less than $ 14,460,000 8.7 5.8 2.1 3.7 8.7 5.8 The equity owners of Rotunda 100 and Damascus 100 are principally employees of Hekemian. To incentivize the employees of Hekemian, FREIT advanced, only to employees of Hekemian, up to 50% of the amount of the equity contributions that the Hekemian employees were required to invest in Rotunda 100 and Damascus 100. These advances were in the form of secured loans that bear interest that will float at 225 basis points over the ninety (90) day LIBOR, as adjusted each November 1, February 1, May 1 and August 1. These loans were secured by the Hekemian employees' interests in Rotunda 100 and Damascus 100, and were full recourse loans. Interest only payments are required to be made when billed. No principal payments are required during the term of the notes, except that the borrowers are required to pay to FREIT all refinancing proceeds and other cash flow they receive from their interests in Damascus Centre, LLC and Grande Rotunda, LLC. These payments shall be applied first to accrued and unpaid interest and then any outstanding principal. The notes had maturity dates at the earlier of (a) ten (10) years after issue (Grande Rotunda, LLC– 6/19/2015, Damascus Centre, LLC – 9/30/2016), or, (b) at the election of FREIT, ninety (90) days after the borrower terminates employment with Hekemian, at which time all outstanding unpaid principal is due. On May 8, 2008, the Board approved amendments to the existing loan agreements with the Hekemian employees, relative to their interests in Rotunda 100, to increase the aggregate amount that FREIT may advance to such employees from $ 2 4 The aggregate outstanding principal balance of the notes at October 31, 2015 and 2014 was $ 5,451,000 732,000 595,000 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 Fiscal 2007, FREIT's Board of Trustees approved and FREIT executed a development fee agreement for the Rotunda redevelopment project for the development services to be provided by Hekemian Development Resources LLC (“Resources”), a wholly-owned subsidiary of Hekemian. The development fee agreement, as amended, for the Rotunda provides for Resources to receive a fee equal to 6.375 3 1.4 500,000 900,000 900,000 1,546,000 1,998,000 1,823,000 1 880,000 1.4 239,000 185,000 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 Fiscal 2015, 2014 and 2013 was approximately $ 538,000 642,000 586,000 65,000 46,000 40,000

Income taxes

Income taxes	12 Months Ended
	Oct. 31, 2015
Income taxes [Abstract]
Income taxes	Note 10 - Income taxes: FREIT distributed as dividends to its shareholders 100 8.7 8 20.6 3.5 1.5 400,000 1.4 As of October 31, 2015, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2012 remain open to examination by the major taxing jurisdictions to which FREIT is subject.

Equity incentive plan

Equity incentive plan	12 Months Ended
	Oct. 31, 2015
Equity incentive plan [Abstract]
Equity incentive plan	Note 11- Equity incentive plan: On September 10, 1998, the Board approved FREIT's Equity Incentive Plan (the "Plan") which was ratified by FREIT's shareholders on April 7, 1999, whereby up to 920,000 920,000 ten On April 4, 2007, FREIT shareholders approved amendments to the Plan as follows: (a) reserving an additional 300,000 220,000 On September 4, 2014, the Board approved the grant of a total of 246,000 18.45 5 20 10 During Fiscal 2013, no options or other stock awards were granted under the Plan. There were no options outstanding at October 31, 2013, since all previously granted options expired in September 2008 or were exercised prior to that date. The following table summarizes stock option activity for Fiscal 2015: Year Ended October 31, 2015 No. of Options Exercise Outstanding Price Options outstanding beginning of period 246,000 $18.45 Options granted during period - - Options forfeited/cancelled during period (2,100 ) $ 18.45 Options outstanding end of period 243,900 $ 18.45 Options expected to vest 238,620 Options exercisable at end of period 48,780 The estimated fair value of options granted during Fiscal 2014 was $ 1.91 • Expected volatility – 30.50 • Risk-free interest rate – 2.50 • Imputed option life – 6.81 • Expected dividend yield – 6.60 The expected volatility over the options' expected life was based on the historical volatility of the weekly closing price of the Company's stock over a five (5) year period. The risk-free interest rate is based on the annual yield on the grant date of a zero-coupon U.S. Treasury Bond the maturity of which equals the option's expected life. The imputed option life is based on the simplified expected term calculation permitted by the SEC, which defines the expected life as the average of the contractual term of the options and the weighted-average vesting period for all option tranches. The expected dividend yield is based on the Company's historical dividend yield, exclusive of capital gain dividends. 94,000 16,000 361,000 4 The aggregate intrinsic value of options expected to vest and options exercisable at October 31, 2015 was $ 347,054 70,947

Deferred fee plan

Deferred fee plan	12 Months Ended
	Oct. 31, 2015
Deferred fee plan [Abstract]
Deferred fee plan	Note 12- Deferred fee plan: During fiscal 2001, the Board adopted a deferred fee plan for its officers and trustees, which was amended and restated in fiscal 2009 to make the deferred fee plan compliant with Section 409A of the Internal Revenue Code and the regulations promulgated thereunder (the "Deferred Fee Plan"). Pursuant to the Deferred Fee Plan, any officer or trustee may elect to defer receipt of any fees that would be due them. These fees include annual retainer and meeting attendance fees as determined by the full Board of Trustees. FREIT has agreed to pay any participant (the "Participant") in the Deferred Fee Plan interest on any deferred fee at 9 On September 4, 2014, the Board approved amendments, effective November 1, 2014, to the FREIT Deferred Fee Plan for its Executive Officers and Trustees, one of which provides for the issuance of share units payable in FREIT shares in respect of (i) deferred amounts of all Trustee fees on a prospective basis; (ii) interest on Trustee fees deferred prior to November 1, 2014 (payable at a floating rate, adjusted quarterly, based on the average 10 781,200 39,350 For the fiscal year ended October 31, 2015, FREIT has charged approximately $ 752,200 29,000 1,204,000 1,101,000 The Deferred Fee Plan, as amended, provides that cumulative fees together with accrued interest deferred as of November 1, 2014 will be paid in a lump sum or in annual installments over a period not to exceed 10 5,224,000 5,163,000 3,854,000

Dividends and earnings per shar

Dividends and earnings per share	12 Months Ended
	Oct. 31, 2015
Dividends and earnings per share [Abstract]
Dividends and earnings per share	Note 13- Dividends and earnings per share: FREIT declared dividends of $ 8,130,000 1.20 8,276,000 1.20 10,830,000 1.56 Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares and vested share units (See Note 12) 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, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributed to future services, are used to repurchase FREIT's stock at the average market price during the period, thereby reducing the number of shares to be added in computing diluted earnings per share. For Fiscal 2013, no options or other potentially diluted shares were outstanding. For Fiscal 2015 and 2014, the outstanding stock options were anti-dilutive with no impact on diluted earnings per share.

Segment information

Segment information	12 Months Ended
	Oct. 31, 2015
Segment information [Abstract]
Segment information	Note 14- Segment information: ASC 280-10, "Disclosures about Segments of an Enterprise and Related Information", established standards for reporting financial information about operating segments in interim and annual financial reports and provides for a "management approach" in identifying the reportable segments. FREIT has determined that it has two The commercial segment is comprised of ten ( 10 7 6 The accounting policies of the segments are the same as those described in Note 1. The chief operating decision-making group of FREIT's commercial segment, residential segment and corporate/other is comprised of the 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), depreciation, financing costs, amortization of acquired lease values and other items. NOI is not a measure of operating results or cash flows from operating activities as measured by accounting principles generally accepted in the United States of America, 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 consolidated net income attributable to common equity for each of the years in the three-year period ended October 31, 2015. Asset information is not reported since FREIT does not use this measure to assess performance. Years Ended October 31, 2015 2014 2013 (In Thousands of Dollars) Real estate rental revenue: Commercial $ 23,037 $ 22,424 $ 22,876 Residential 21,966 20,419 18,497 Total real estate revenue 45,003 42,843 41,373 Real estate operating expenses: Commercial 10,436 9,663 9,235 Residential 10,626 9,757 8,892 Total real estate operating expenses 21,062 19,420 18,127 Net operating income: Commercial 12,601 12,761 13,641 Residential 11,340 10,662 9,605 Total net operating income $ 23,941 $ 23,423 $ 23,246 Recurring capital improvements- residential $ (424 ) $ (549 ) $ (681 ) Reconciliation to consolidated net income attributable to common equity: Segment NOI $ 23,941 $ 23,423 $ 23,246 Deferred rents - straight lining (219 ) (93 ) (12 ) Amortization of acquired leases (1 ) (21 ) (24 ) Investment income 150 184 191 General and administrative expenses (2,029 ) (1,396 ) (1,623 ) Straight line rent adjustment - bankrupt tenant (1,046 ) - - G-Mart lease termination expenses - (371 ) - Acquisition costs-Regency - (648 ) - Depreciation (6,883 ) (6,346 ) (6,233 ) Financing costs (11,001 ) (11,309 ) (11,945 ) Income from continuing operations 2,912 3,423 3,600 Income from discontinued operations - 7 797 Gain on sale of discontinued operation - 8,734 3,545 Net income 2,912 12,164 7,942 Net income attributable to noncontrolling interests (281 ) (507 ) (493 ) Net income attributable to common equity $ 2,631 $ 11,657 $ 7,449

Share repurchases

Share repurchases	12 Months Ended
	Oct. 31, 2015
Share repurchases [Abstract]
Share repurchases	Note 15 – Share repurchases: On December 4, 2013, the Board authorized the repurchase of up to 24,400 20,400 357,000 17.50 On September 4, 2014, the Board authorized the repurchase of 100,572 1,855,553 18.45 On February 17, 2015, FREIT announced a tender offer to purchase up to 100,000 94,302 23.00 2,168,946

Pathmark Stores, Inc. Bankruptc

Pathmark Stores, Inc. Bankruptcy Filing	12 Months Ended
	Oct. 31, 2015
Pathmark Stores, Inc. Bankruptcy Filing [Abstract]
Pathmark Stores, Inc. Bankruptcy Filing	Note 16 – Pathmark Stores, Inc. Bankruptcy Filing On July 19, 2015, the Great Atlantic & Pacific Tea Company and its affiliates, including Pathmark Stores, Inc. (“A&P”) filed for protection under Chapter 11 of the bankruptcy code as disclosed in the bankruptcy filings. A&P announced its intention to sell its assets and wind up its affairs. FREIT owns a 63,932 6.9 In accordance with GAAP, FREIT has been accounting for rental income from the store using the straight line method and accruing rent evenly over the lease term after taking into account scheduled future rent increases, with excess rent accrued over amounts received accounted for as a receivable on the consolidated balance sheets. At October 31, 2015, approximately $ 1,046,000 1,046,000 0.15 1.4

Subsequent Event

Subsequent Event	12 Months Ended
	Oct. 31, 2015
Subsequent Event [Abstract]
Subsequent Event	Note 17 - Subsequent Event On January 11, 2016, FREIT was notified by Lakeland Bank (as successor by merger to Pascack Community Bank) of its election and exercise of the option to purchase the property leased by FREIT to Lakeland Bank located in Rochelle Park, New Jersey having a carrying value of $ 2,273,000 3 241,000

Selected quarterly financial da

Selected quarterly financial data (unaudited)	12 Months Ended
	Oct. 31, 2015
Selected quarterly financial data (unaudited) [Abstract]
Selected quarterly financial data (unaudited)	Note 18- Selected quarterly financial data (unaudited): The following summary represents the results of operations for each quarter for the years ended October 31, 2015 and 2014 (in thousands, except per share amounts): 2015: Quarter Ended Year Ended January 31, April 30, July 31, October 31, October 31, Revenue $ 11,280 $ 11,252 $ 11,143 $ 11,108 $ 44,783 Expenses 9,967 10,791 10,086 11,027 (a) 41,871 Income from continuing operations 1,313 461 1,057 81 2,912 Income from discontinued operations - - - - - Net income 1,313 461 1,057 81 2,912 Net income (loss) attributable to noncontrolling interest in subsidiaries (265 ) 71 (89 ) 2 (281 ) Net income attributable to common equity $ 1,048 $ 532 $ 968 $ 83 $ 2,631 Basic & diluted earnings per share: Continuing operations $ 0.15 $ 0.08 $ 0.14 $ 0.02 (a) $ 0.39 Discontinued operations - - - - - Net income attributable to common equity $ 0.15 $ 0.08 $ 0.14 $ 0.02 $ 0.39 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 1.20 2014: Quarter Ended Year Ended January 31, April 30, July 31, October 31, October 31, Revenue $ 10,572 $ 10,632 $ 10,433 $ 10,793 (d) $ 42,430 Expenses 9,454 9,742 9,716 (c) 10,095 (e) 39,007 Income from continuing operations 1,118 890 717 698 3,423 Income from discontinued operations 8,700 (b) 41 - - 8,741 Net income 9,818 931 717 698 12,164 Net income attributable to noncontrolling interest in subsidiaries (193 ) (98 ) (162 ) (54 ) (507 ) Net income attributable to common equity $ 9,625 $ 833 $ 555 $ 644 $ 11,657 Basic & diluted earnings per share: Continuing operations $ 0.13 $ 0.11 $ 0.08 (c) $ 0.10 (d) $ 0.42 Discontinued operations 1.26 (b) 0.01 - - 1.27 Net income attributable to common equity $ 1.39 $ 0.12 $ 0.08 $ 0.10 $ 1.69 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 1.20 (a) Includes $ 1.1 0.15 (b) Represents gain on sale of discontinued operation of approximately $ 8.7 (c) Includes $ 648 0.09 (d) Includes $ 298 0.04 (e) Includes $ 73 0.01

SCHEDULE XI - REAL ESTATE AND A

SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Oct. 31, 2015
SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract]
SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION	FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES SCHEDULE XI – REAL ESTATE AND ACCUMULATED DEPRECIATION OCTOBER 31, 2015 (In Thousands of Dollars) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Amount at Which to Company Subsequent to Acquisition Carried at Close of Period Life on Buildings Buildings Which De- Encum- and Improve- Carrying and Accumulated Date of Date preciation Description brances Land Improvements Land ments Costs Land Improvements Total (1) Depreciation Construction Acquired is Computed Residential Properties: Hammel Gardens, Maywood, NJ $ 8,234 312 728 - 1,293 312 2,021 2,333 1,615 1949 1972 7 40 Steuben Arms, River Edge, NJ 10,852 364 1,773 - 1,637 364 3,410 3,774 2,877 1966 1975 7 40 Berdan Court, Wayne, NJ 18,378 250 2,206 - 4,484 250 6,690 6,940 5,200 1964 1965 7 40 Westwood Hills, Westwood, NJ 21,545 3,849 11,546 - 2,780 3,849 14,326 18,175 8,081 1965-70 1994 7 40 Pierre Towers, Hackensack, NJ 30,567 8,390 37,486 19 8,912 8,409 46,398 54,807 13,606 1970 2004 7 40 Boulders - Rockaway, NJ 17,596 1,632 - 3,386 16,313 5,018 16,313 21,331 4,628 2005-2006 1963/1964 7 40 Regency Club - Middletown, NY 16,200 2,833 17,792 - 409 2,833 18,201 21,034 613 2003 2014 7 40 Retail Properties: Damascus Shopping Center, Damascus, MD 18,938 2,950 6,987 6,296 17,490 9,246 24,477 33,723 4,872 1960's 2003 15 39 Franklin Crossing, Franklin Lakes, NJ - 29 - 3,382 8,003 3,411 8,003 11,414 4,010 1963/75/97 1966 10 50 Glen Rock, NJ - 12 36 - 214 12 250 262 211 1940 1962 10 31.5 Pathmark Super Center, Patchogue, NY 5,243 2,128 8,818 - (21 ) 2,128 8,797 10,925 3,997 1997 1997 39 Westridge Square S/C, Frederick, MD 22,000 9,135 19,159 (1 ) 4,269 9,134 23,428 32,562 16,191 1986 1992 15 31.5 Westwood Plaza, Westwood, NJ 21,355 6,889 6,416 - 2,469 6,889 8,885 15,774 7,700 1981 1988 15 31.5 Preakness S/C, Wayne, NJ 25,038 9,280 24,217 - 1,769 9,280 25,986 35,266 9,235 1955/89/00 2002 15 31.5 The Rotunda, Baltimore, MD 91,953 16,263 14,634 232 106,784 16,495 121,418 137,913 5,344 1920 2005 40 Land Leased: Rockaway, NJ - 114 - - - 114 - 114 - 1963/1964 Rochelle Park, NJ - 1,640 905 - - 1,640 905 2,545 272 2007 Vacant Land: Franklin Lakes, NJ - 224 - (156 ) - 68 - 68 - 1966/93 Wayne, NJ - 286 - - - 286 - 286 - 2002 Rockaway, NJ - 51 - - - 51 - 51 - 1963/1964 $ 307,899 $ 66,631 $ 152,703 $ 13,158 $ 176,805 $ — $ 79,789 $ 329,508 $ 409,297 $ 88,452 (1) Total cost for each property is the same for federal income tax purposes, with the exception of Pierre Towers, Preakness S/C, The Rotunda and the Regency Club whose cost for federal income tax purposes is approximately $ 41.9 35.5 129.1 12.9 FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARIES SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION (In Thousands of Dollars) Reconciliation of Real Estate and Accumulated Depreciation: 2015 2014 2013 Real estate: Balance, Beginning of year $ 354,032 $ 292,769 $ 283,703 Additions: Buildings and improvements 55,265 62,340 9,903 Sale of discontinued operation - (1,077 ) (837 ) Balance, end of year $ 409,297 $ 354,032 $ 292,769 Accumulated depreciation: Balance, beginning of year $ 81,569 $ 75,226 $ 69,619 Additions - Charged to operating expenses 6,883 6,346 6,244 Sale of discontinued operation - - (631 ) Adjustments/Deletions - (3 ) (6 ) Balance, end of year $ 88,452 $ 81,569 $ 75,226

Organization and significant 29

Organization and significant accounting policies (Policies)	12 Months Ended
	Oct. 31, 2015
Organization and significant accounting policies [Abstract]
Recently issued accounting standards:	Recently issued accounting standards: In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, 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. The Company has adopted this guidance effective with its first quarter ended January 31, 2015. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. In August 2015, the FASB extended the effective date by one year to years beginning on and after December 15, 2017. The standard may be adopted as early as the original effective date but early In February 2015, the FASB issued Accounting Standards Update No. 2015-02, "Amendments to the Consolidation Analysis" ("ASU 2015-02"), which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 with early adoption permitted. ASU 2015-02 amends In April 2015, the FASB issued ASU 2015-03, "Interest- Imputation of Interest (Subtopic 835-30):
Principles of consolidation:	Principles of consolidation: The consolidated financial statements include the accounts of FREIT and the following subsidiaries in which FREIT has a controlling financial interest, including two LLCs in which FREIT is the managing member with a 40% ownership interest: Subsidiary Owning Entity % Ownership Year Acquired/Organized Westwood Hills, LLC FREIT 40 % 1994 S and A Commercial Associates Limited Partnership ("S and A") FREIT 65 % 2000 Wayne PSC, LLC FREIT 40 % 2002 Damascus Centre, LLC FREIT 70 % 2003 Pierre Towers, LLC S and A 100 % 2004 Grande Rotunda, LLC FREIT 60 % 2005 WestFREIT Corp FREIT 100 % 2007 WestFredic LLC FREIT 100 % 2007 FREIT Regency, LLC FREIT 100 % 2014 The consolidated financial statements include 100% of each subsidiary's assets, liabilities, operations and cash flows, with the interests not owned by FREIT reflected as "noncontrolling interests in subsidiaries”. All significant inter-company accounts and transactions have been eliminated in consolidation .
Use of estimates:	Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates
Cash and cash equivalents:	Cash and cash equivalents: Financial instruments that potentially subject FREIT to concentrations of credit risk consist primarily of cash and cash equivalents. FREIT considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. FREIT maintains its cash and cash equivalents in bank and other accounts, the balances of which, at times, may exceed federally insured limits of $250,000
Real estate development costs:	Real estate development costs: It is FREIT's policy to capitalize pre-development costs, which generally include legal and other professional fees and other directly related third-party costs. Real estate taxes and interest costs incurred during the development and construction phases are also capitalized. FREIT ceases capitalization of these costs when the project or portion thereof becomes operational, or when construction has been postponed. Capitalization of these costs will recommence once construction on the project resumes
Depreciation:	Depreciation: Real estate and equipment are depreciated on the straight-line method by annual charges to operations calculated to absorb costs of assets over their estimated useful lives.
Impairment of long-lived assets:	Impairment of long-lived assets: Impairment losses on long-lived assets, such as real estate and equipment, are recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts. For the fiscal years ended October 31, 2015, 2014 and 2013, there were no impairments of long-lived assets
Deferred charges:	Deferred charges: Deferred charges consist of leasing commissions which are amortized on the straight-line method over the terms of the applicable leases.
Debt issuance costs:	Debt issuance costs: De bt issuance costs are amortized on the straight-line method by annual charges to income over the terms of the mortgages. Amortization of such costs is included in interest expense and approximated $ 419,000 359,000 370,000
Revenue recognition:	Revenue recognition: Income from leases is recognized on a straight-line basis regardless of when payment is due. Lease agreements between FREIT and commercial tenants generally provide for additional rentals and reimbursements based on such factors as percentage of tenants' sales in excess of specified volumes, increases in real estate taxes, Consumer Price Indices and common area maintenance charges. These additional rentals are generally included in income when reported to FREIT, when earned, or ratably over the appropriate period
Interest rate swap contracts:	Interest rate swap contracts: FREIT utilizes derivative financial instruments to reduce interest rate risk. FREIT does not hold or issue derivative financial instruments for trading purposes. FREIT recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Changes in fair value of those instruments, which qualify as cash flow hedges, are reported in other comprehensive income (see Note 6)
Advertising:	Advertising: FREIT expenses the cost of advertising and promotions as incurred. Advertising costs charged to operations amounted to approximately $ 162,000 133,000 93,000
Stock-based compensation:	Stock-based compensation: FREIT Stock-based awards to nonemployees are accounted for based on the fair value of the equity instruments on the vesting date.
Acquired Over Market and Below Market Value Leases and In-Place Leases:	Acquired Over Market and Below Market Value Leases and In-Place Leases: Capitalized above-market lease values are being amortized as a reduction of base rental revenue over the remaining term of the leases, and the capitalized below-market lease values are being amortized as an increase to base rental revenue over the remaining terms of the leases, including renewal options. The value ascribed to leases in place is being amortized over the weighted average remaining lease terms.

Organization and significant 30

Organization and significant accounting policies (Tables)	12 Months Ended
	Oct. 31, 2015
Organization and significant accounting policies [Abstract]
Schedule of subsidiaries in which FREIT has a controlling financial interest	Subsidiary Owning Entity % Ownership Year Acquired/Organized Westwood Hills, LLC FREIT 40 % 1994 S and A Commercial Associates Limited Partnership ("S and A") FREIT 65 % 2000 Wayne PSC, LLC FREIT 40 % 2002 Damascus Centre, LLC FREIT 70 % 2003 Pierre Towers, LLC S and A 100 % 2004 Grande Rotunda, LLC FREIT 60 % 2005 WestFREIT Corp FREIT 100 % 2007 WestFredic LLC FREIT 100 % 2007 FREIT Regency, LLC FREIT 100 % 2014

Property acquisition (Tables)

Property acquisition (Tables)	12 Months Ended
	Oct. 31, 2015
Property acquisition [Abstract]
Schedule of unaudited pro forma information	Years Ended October 31, 2014 2013 (In Thousands) Revenues $ 44,016 $ 43,672 Net expenses 40,033 39,935 Income from continuing operations 3,983 3,737 Income from discontinued operations 7 797 Gain on sale of discontinued operation 8,734 3,545 Net income 12,724 8,079 Net income attributable to noncontrolling interest in subsidiaries (507 ) (493 ) Net income attributable to common equity $ 12,217 $ 7,586 Earnings per share - basic and diluted: Continuing operations $ 0.50 $ 0.47 Discontinued operations 1.27 0.62 Net income attributable to common equity $ 1.77 $ 1.09 Weighted average shares outstanding - basic and diluted 6,908 6,942

Real estate (Tables)

Real estate (Tables)	12 Months Ended
	Oct. 31, 2015
Real estate [Abstract]
Schedule of real estate and equipment	Range of Estimated October 31, Useful Lives 2015 2014 (In Thousands of Dollars) Land $ 79,384 $ 79,435 Unimproved land 405 354 Apartment buildings 7 40 104,040 101,968 Commercial buildings/shopping centers 15 50 120,700 119,027 Equipment/Furniture 3 15 3,353 3,102 307,882 303,886 Less accumulated depreciation 88,452 81,569 Totals $ 219,430 $ 222,317

Mortgages, notes payable and 33

Mortgages, notes payable and credit line (Tables)	12 Months Ended
	Oct. 31, 2015
Mortgages, notes payable and credit line [Abstract]
Schedule of debt	October 31, 2015 October 31, 2014 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs (In Thousands of Dollars) (In Thousands of Dollars) Frederick, MD (A) $ 22,000 $ 62 $ 22,000 $ 102 Rockaway, NJ (B) 17,596 167 18,030 196 Westwood, NJ (C) 21,355 229 21,884 264 Patchogue, NY (D) 5,243 56 5,376 93 Wayne, NJ (E) 18,378 95 18,686 121 River Edge, NJ (F) 10,852 139 11,037 156 Maywood, NJ (G) 8,234 113 8,374 127 Westwood, NJ (H) 21,545 169 21,974 202 Wayne, NJ (I) 25,038 22 25,978 54 Hackensack, NJ (J) 30,567 70 31,198 89 Damascus, MD (K) 18,938 486 19,326 551 Middletown, NY (L) 16,200 301 - - Total fixed rate mortgage loans 215,946 1,909 203,863 1,955 Baltimore, MD (M) 91,953 1,220 42,689 1,807 Line of credit - Provident Bank (N) - - 5,000 - Total $ 307,899 $ 3,129 $ 251,552 $ 3,762 (A) Payable in monthly installments of interest only computed over the actual number of days in the elapsed monthly interest period at the rate of 5.55 16,371,000 (B) Payable in monthly installments of $ 115,850 5.37 16,754,000 (C) On January 14, 2013, FREIT refinanced its Westwood Plaza mortgage loan in the amount of $ 8.0 22,750,000 129,702 4.75 8,074,000 (D) The loan, modified effective January 31, 2013, is payable in monthly installments of $ 31,046 4.5 75 6,928,000 . (E) Payable in monthly installments of $ 121,100 6.09 1,740,000 . (F) On November 19, 2013, FREIT refinanced these mortgage loans, which were scheduled to mature on December 1, 2013. The amount of the new loan is $ 11,200,000 4.54 897,000 (G) On November 19, 2013, FREIT refinanced mortgage loans scheduled to mature on December 1, 2013 with a new mortgage loan in the amount of $ 8,500,000 43,605 4.54 718,000 (H) Payable in monthly installments of $ 120,752 4.62 10,094,000 (I) Payable in monthly installments of $ 206,960 6.04 26,317,000 (J) Payable in monthly installments of $ 191,197 5.38 41,201,000 (K) On December 26, 2012, Damascus Centre, LLC refinanced its $ 15 25 20 5 one 36 210 LIBOR 3.81 6 28,851,000 (L) On December 29, 2014, FREIT Regency, LLC closed on a $ 16.2 125 one LIBOR 27,807 3.75 6 20,421,000 (M) On February 1, 2010, a principal payment of $ 3 22.5 19.5 350 LIBOR 4 10,000 110,000 60 40 (90) 28 2013 60 120 four (4) one 12 225 LIBOR 130,943,000 99.7 92 19 73 (N) Credit Line: FREIT has a line of credit provided by the Provident Bank in the amount of $ 12.8 two 60 24 no 30 60 90 175 30 60 90 LIBOR 3.5 18 13 5 16.2 12.8 no
Schedule of estimated fair value and carrying value of long-term debt	October 31, October 31, (in Millions) 2015 2014 Fair Value $ 313.5 $ 256.0 Carrying Value $ 307.9 $ 251.6
Schedule of principal amounts of long-term debt	Year Ending October 31, Amount 2016 $ 28,365 2017 $ 25,507 2018 $ 8,795 2019 $ 140,613 (a) 2020 $ 22,062 (a) Includes $ 92

Commitments and contingencies (

Commitments and contingencies (Tables)	12 Months Ended
	Oct. 31, 2015
Commitments and contingencies [Abstract]
Schedule of minimum rental income to be received from non-cancelable operating leases	Year Ending October 31, Amount 2016 $ 16,955 2017 14,976 2018 12,411 2019 11,132 2020 9,836 Thereafter 55,431 Total $ 120,741

Equity incentive plan (Tables)

Equity incentive plan (Tables)	12 Months Ended
	Oct. 31, 2015
Equity incentive plan [Abstract]
Schedule of Stock Option Activity	Year Ended October 31, 2015 No. of Options Exercise Outstanding Price Options outstanding beginning of period 246,000 $18.45 Options granted during period - - Options forfeited/cancelled during period (2,100 ) $ 18.45 Options outstanding end of period 243,900 $ 18.45 Options expected to vest 238,620 Options exercisable at end of period 48,780

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Oct. 31, 2015
Segment information [Abstract]
Schedule of segment and related information	Years Ended October 31, 2015 2014 2013 (In Thousands of Dollars) Real estate rental revenue: Commercial $ 23,037 $ 22,424 $ 22,876 Residential 21,966 20,419 18,497 Total real estate revenue 45,003 42,843 41,373 Real estate operating expenses: Commercial 10,436 9,663 9,235 Residential 10,626 9,757 8,892 Total real estate operating expenses 21,062 19,420 18,127 Net operating income: Commercial 12,601 12,761 13,641 Residential 11,340 10,662 9,605 Total net operating income $ 23,941 $ 23,423 $ 23,246 Recurring capital improvements- residential $ (424 ) $ (549 ) $ (681 ) Reconciliation to consolidated net income attributable to common equity: Segment NOI $ 23,941 $ 23,423 $ 23,246 Deferred rents - straight lining (219 ) (93 ) (12 ) Amortization of acquired leases (1 ) (21 ) (24 ) Investment income 150 184 191 General and administrative expenses (2,029 ) (1,396 ) (1,623 ) Straight line rent adjustment - bankrupt tenant (1,046 ) - - G-Mart lease termination expenses - (371 ) - Acquisition costs-Regency - (648 ) - Depreciation (6,883 ) (6,346 ) (6,233 ) Financing costs (11,001 ) (11,309 ) (11,945 ) Income from continuing operations 2,912 3,423 3,600 Income from discontinued operations - 7 797 Gain on sale of discontinued operation - 8,734 3,545 Net income 2,912 12,164 7,942 Net income attributable to noncontrolling interests (281 ) (507 ) (493 ) Net income attributable to common equity $ 2,631 $ 11,657 $ 7,449

Selected quarterly financial 37

Selected quarterly financial data (unaudited) (Tables)	12 Months Ended
	Oct. 31, 2015
Selected quarterly financial data (unaudited) [Abstract]
Schedule of quarterly results of operation	2015: Quarter Ended Year Ended January 31, April 30, July 31, October 31, October 31, Revenue $ 11,280 $ 11,252 $ 11,143 $ 11,108 $ 44,783 Expenses 9,967 10,791 10,086 11,027 (a) 41,871 Income from continuing operations 1,313 461 1,057 81 2,912 Income from discontinued operations - - - - - Net income 1,313 461 1,057 81 2,912 Net income (loss) attributable to noncontrolling interest in subsidiaries (265 ) 71 (89 ) 2 (281 ) Net income attributable to common equity $ 1,048 $ 532 $ 968 $ 83 $ 2,631 Basic & diluted earnings per share: Continuing operations $ 0.15 $ 0.08 $ 0.14 $ 0.02 (a) $ 0.39 Discontinued operations - - - - - Net income attributable to common equity $ 0.15 $ 0.08 $ 0.14 $ 0.02 $ 0.39 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 1.20 2014: Quarter Ended Year Ended January 31, April 30, July 31, October 31, October 31, Revenue $ 10,572 $ 10,632 $ 10,433 $ 10,793 (d) $ 42,430 Expenses 9,454 9,742 9,716 (c) 10,095 (e) 39,007 Income from continuing operations 1,118 890 717 698 3,423 Income from discontinued operations 8,700 (b) 41 - - 8,741 Net income 9,818 931 717 698 12,164 Net income attributable to noncontrolling interest in subsidiaries (193 ) (98 ) (162 ) (54 ) (507 ) Net income attributable to common equity $ 9,625 $ 833 $ 555 $ 644 $ 11,657 Basic & diluted earnings per share: Continuing operations $ 0.13 $ 0.11 $ 0.08 (c) $ 0.10 (d) $ 0.42 Discontinued operations 1.26 (b) 0.01 - - 1.27 Net income attributable to common equity $ 1.39 $ 0.12 $ 0.08 $ 0.10 $ 1.69 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 1.20

Organization and significant 38

Organization and significant accounting policies (Narrative) (Details) - USD ($)	12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
Organization and significant accounting policies [Abstract]
Advertising costs	$ 162,000	$ 133,000	$ 93,000
Amortization of mortgage costs and leasing commissions	$ 419,000	$ 359,000	$ 370,000

Organization and significant 39

Organization and significant accounting policies (Schedule of Subsidiaries) Details)	12 Months Ended
	Oct. 31, 2015
Westwood Hills, LLC [Member]
% Ownership	40.00%
Year Acquired/Organized	1,994
S and A Commercial Associates Limited Partnership ("S and A") [Member]
% Ownership	65.00%
Year Acquired/Organized	2,000
Wayne PSC, LLC [Member]
% Ownership	40.00%
Year Acquired/Organized	2,002
Damascus Centre, LLC [Member]
% Ownership	70.00%
Year Acquired/Organized	2,003
Pierre Towers, LLC [Member]
% Ownership	100.00%
Year Acquired/Organized	2,004
Grande Rotunda, LLC [Member]
% Ownership	60.00%
Year Acquired/Organized	2,005
WestFREIT Corp [Member]
% Ownership	100.00%
Year Acquired/Organized	2,007
WestFredic LLC [Member]
% Ownership	100.00%
Year Acquired/Organized	2,007
FREIT Regency, LLC [Member]
% Ownership	100.00%
Year Acquired/Organized	2,014

Discontinued operations (Detail

Discontinued operations (Details) - USD ($)	Dec. 20, 2013	Aug. 13, 2013	Apr. 26, 2013	Aug. 29, 2012	Jan. 31, 2013	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013		Oct. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital gain on sale of apartments							$ 3,500,000
Income tax adjustment on gain on sale of discontinued operation								$ 720,000	[1]
Revenue from discontinued operations						$ 0	$ 1,000	317,000
South Brunswick property [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of property	$ 11,000,000
Capital gain on sale of apartments	8,700,000
Deferred gain on sale	8,700,000
Net proceeds on sale of business	$ 9,800,000
Palisades Manor Apartments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of property			$ 1,600,000
Capital gain on sale of apartments			$ 1,400,000
Grandview Apartments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of property		$ 2,500,000
Capital gain on sale of apartments		$ 2,200,000
Heights Manor Apartments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital gain on sale of apartments				$ 9,500,000
Distributions to shareholders				5,000,000	$ 1,400,000
Undistributed gain				$ 4,500,000
Income tax adjustment on gain on sale of discontinued operation								720,000
Heights Manor Apartments [Member] | Federal [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Tax on sale of discontinued operations										$ 1,500,000
Heights Manor Apartments [Member] | State [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Tax on sale of discontinued operations								$ 400,000		$ 400,000
[1]	Income tax adjustment relating to fiscal 2012 gain on sale of discontinued operation.

Property acquisition (Narrative

Property acquisition (Narrative) (Details)	Jun. 18, 2014USD ($)Number	Jul. 31, 2015USD ($)	Oct. 31, 2015USD ($)	Oct. 31, 2014USD ($)	Oct. 31, 2013USD ($)	Dec. 29, 2014USD ($)
Business Acquisition [Line Items]
Regency acquisition costs		$ 648,000		$ 648,000
Mortgages [Member] | Provident Bank Mortgage [Member]
Business Acquisition [Line Items]
Loan amount						$ 16,200,000
South Brunswick property [Member]
Business Acquisition [Line Items]
Deferred gain utilized in acquisition	$ 9,800,000
Regency Club Acquisition [Member]
Business Acquisition [Line Items]
Number of units acquired | Number	132
Number of buildings acquired | Number	11
Acquisition price	$ 20,625,000
Regency acquisition costs	648,000
Remaining balance in acquisition, after net proceeds from sale	11,500,000
Cash used for acquisition	10,000,000
Acquisition price allocation to buildings	18,500,000
Acquisition price allocation to land	$ 2,100,000
Estimated useful life			40 years

Property acquisition (Schedule

Property acquisition (Schedule of Results of Operations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2014	Oct. 31, 2013
Schedule of pro-forma information
Revenues	$ 44,016	$ 43,672
Net expenses	40,033	39,935
Income from continuing operations	3,983	3,737
Income from discontinued operations	7	797
Gain on sale of discontinued operations	8,734	3,545
Net income	12,724	8,079
Net income attributable to noncontrolling interests in subsidiaries	(507)	(493)
Net income attributable to common equity	$ 12,217	$ 7,586
Earnings per share - basic and diluted:
Continuing operations	$ 0.50	$ 0.47
Discontinued operations	1.27	0.62
Net income attributable to common equity	$ 1.77	$ 1.09
Weighted average shares outstanding - basic and diluted	6,908	6,942

Real estate (Details)

Real estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Property, Plant and Equipment [Line Items]
Land	$ 79,384	$ 79,435
Unimproved land	405	354
Equipment/Furniture	3,353	3,102
Real estate and equipment	307,882	303,886
Less accumulated depreciation	88,452	81,569
Totals	219,430	222,317
Apartment Buildings [Member]
Property, Plant and Equipment [Line Items]
Rental properties	104,040	101,968
Commercial Buildings/Shopping Centers [Member]
Property, Plant and Equipment [Line Items]
Rental properties	$ 120,700	$ 119,027
Minimum [Member] | Apartment Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Minimum [Member] | Commercial Buildings/Shopping Centers [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years
Maximum [Member] | Apartment Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	40 years
Maximum [Member] | Commercial Buildings/Shopping Centers [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	50 years
Equipment/Furniture [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Equipment/Furniture [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years

Mortgages, notes payable and 44

Mortgages, notes payable and credit line (Schedule of Debt) (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Oct. 31, 2014
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 3,129	$ 3,762
Total mortgages, notes payable and credit line	307,899	251,552
Mortgages [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	215,946	203,863
Unamortized debt issuance costs	1,909	1,955
Mortgages [Member] | Frederick, MD [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	22,000	22,000
Unamortized debt issuance costs	62	102
Mortgages [Member] | Rockaway, NJ Mortgage [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	17,596	18,030
Unamortized debt issuance costs	167	196
Mortgages [Member] | Westwood, NJ #2 [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	21,355	21,884
Unamortized debt issuance costs	229	264
Mortgages [Member] | Patchogue, NY [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	5,243	5,376
Unamortized debt issuance costs	56	93
Mortgages [Member] | Wayne, NJ Mortgage 1 [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	18,378	18,686
Unamortized debt issuance costs	95	121
Mortgages [Member] | River Edge, NJ First Mortgage [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	10,852	11,037
Unamortized debt issuance costs	139	156
Mortgages [Member] | Refinanced Maywood, NJ Mortgage [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	8,234	8,374
Unamortized debt issuance costs	113	127
Mortgages [Member] | Westwood, NJ #3 [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	21,545	21,974
Unamortized debt issuance costs	169	202
Mortgages [Member] | Second Wayne, NJ Mortgage [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	25,038	25,978
Unamortized debt issuance costs	22	54
Mortgages [Member] | Hackensack, NJ [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	30,567	31,198
Unamortized debt issuance costs	70	89
Mortgages [Member] | Damascus, MD [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	18,938	19,326
Unamortized debt issuance costs	486	$ 551
Total mortgages, notes payable and credit line	20,000
Mortgages [Member] | Middletown, NY [Member]
Debt Instrument [Line Items]
Fixed rate mortgage loans	16,200
Unamortized debt issuance costs	301
Notes Payable, Other Payables [Member] | Baltimore, MD [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs	1,220	$ 1,807
Total mortgages, notes payable and credit line	$ 91,953	$ 42,689
Provident Bank [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs
Total mortgages, notes payable and credit line		$ 5,000

Mortgages, notes payable and 45

Mortgages, notes payable and credit line (Narrative) (Details) - USD ($)	Jan. 14, 2013	Feb. 01, 2010	Feb. 01, 2012	Oct. 31, 2015		Oct. 31, 2014		Oct. 31, 2013		Jan. 30, 2010
Debt Instrument [Line Items]
Amount drawn on loan				$ 307,899,000		$ 251,552,000
Repayment of mortgages and construction loan				4,117,000		13,260,000		$ 45,747,000
Construction and pre-development costs				48,576,000	[1]	33,579,000	[2]	4,732,000	[3]
Amount due within five years				$ 22,062,000
Mortgages [Member] | Frederick, MD [Member]
Debt Instrument [Line Items]
Fixed interest rate				5.55%
Debt Instrument, Collateral Amount				$ 16,371,000
Mortgages [Member] | Rockaway, NJ Mortgage [Member]
Debt Instrument [Line Items]
Fixed interest rate				5.37%
Debt Instrument, Periodic Payment				$ 115,850
Debt Instrument, Collateral Amount				$ 16,754,000
Mortgages [Member] | Westwood, NJ#1 [Member]
Debt Instrument [Line Items]
Refinanced loan amount	$ 8,000,000
Mortgages [Member] | Westwood, NJ #2 [Member]
Debt Instrument [Line Items]
Fixed interest rate				4.75%
Debt Instrument, Periodic Payment				$ 129,702
Debt Instrument, Collateral Amount				8,074,000
Loan amount				$ 22,750,000
Mortgages [Member] | Patchogue, NY [Member]
Debt Instrument [Line Items]
Fixed interest rate				4.50%
Debt Instrument, Periodic Payment				$ 31,046
Debt Instrument, Collateral Amount				$ 6,928,000
Loan To Value				75.00%
Mortgages [Member] | Wayne, NJ Mortgage 1 [Member]
Debt Instrument [Line Items]
Fixed interest rate				6.09%
Debt Instrument, Periodic Payment				$ 121,100
Debt Instrument, Collateral Amount				$ 1,740,000
Mortgages [Member] | River Edge, NJ Refinanced Mortgage [Member]
Debt Instrument [Line Items]
Fixed interest rate				4.54%
Debt Instrument, Collateral Amount				$ 897,000
Loan amount				$ 11,200,000
Mortgages [Member] | Refinanced Maywood, NJ Mortgage [Member]
Debt Instrument [Line Items]
Fixed interest rate				4.54%
Debt Instrument, Periodic Payment				$ 43,605
Debt Instrument, Collateral Amount				718,000
Loan amount				$ 8,500,000
Mortgages [Member] | Westwood, NJ #3 [Member]
Debt Instrument [Line Items]
Fixed interest rate				4.62%
Debt Instrument, Periodic Payment				$ 120,752
Debt Instrument, Collateral Amount				$ 10,094,000
Mortgages [Member] | Second Wayne, NJ Mortgage [Member]
Debt Instrument [Line Items]
Fixed interest rate				6.04%
Debt Instrument, Periodic Payment				$ 206,960
Debt Instrument, Collateral Amount				$ 26,317,000
Mortgages [Member] | Hackensack, NJ [Member]
Debt Instrument [Line Items]
Fixed interest rate				5.38%
Debt Instrument, Periodic Payment				$ 191,197
Debt Instrument, Collateral Amount				$ 41,201,000
Mortgages [Member] | Damascus, MD [Member]
Debt Instrument [Line Items]
Basis points, interest rate				2.10%
Fixed interest rate				3.81%
Debt Instrument, Collateral Amount				$ 28,851,000
Loan amount				25,000,000
Amount drawn on loan				20,000,000
Unused loan draw				$ 5,000,000
Term of the loan				36 months
Notes Payable, Other Payables [Member] | Baltimore, MD [Member]
Debt Instrument [Line Items]
Basis points, interest rate				3.50%
Debt Instrument, Collateral Amount				$ 130,943,000
Loan amount		$ 19,500,000								$ 22,500,000
Amount drawn on loan				91,953,000		42,689,000
Construction and pre-development costs				$ 73,000,000
Debt reduction		$ 3,000,000	$ 110,000
Interest rate floor				4.00%
Monthly principal payment amount				$ 10,000
Amount due within five years				92,000
Repayments of debt to affiliate				19,000,000
Notes Payable, Other Payables [Member] | Baltimore, MD [Member] | Construction in Progress [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral Amount				$ 99,700,000
Provident Bank [Member]
Debt Instrument [Line Items]
Basis points, interest rate				1.75%
Amount drawn on loan						5,000,000
Term of the loan				2 years
Interest rate floor				3.50%
Line of credit, maximum borrowing capacity				$ 12,800,000				$ 18,000,000
Line of credit, current borrowing capacity				$ 12,800,000
Provident Bank [Member] | Middletown, NY [Member]
Debt Instrument [Line Items]
Basis points, interest rate				1.25%
Debt Instrument, Collateral Amount				$ 20,421,000
Loan amount				$ 16,200,000
Annual interest costs				3.75%
Monthly principal payment amount				$ 27,807
Construction Loan [Member]
Debt Instrument [Line Items]
Refinanced loan amount				15,000,000		15,000,000
Loan amount						$ 25,000,000
Amount drawn on loan				$ 19,000,000
Construction Loan [Member] | Baltimore, MD [Member]
Debt Instrument [Line Items]
Basis points, interest rate				2.25%
Loan amount				$ 120,000,000
Term of the loan				4 years
[1]	Includes $5,523 that was incurred and accrued in fiscal 2014; paid in fiscal 2015.
[2]	Includes $3,766 that was incurred and accrued in fiscal 2013; paid in fiscal 2014.
[3]	Includes $743 that was incurred and accrued in fiscal 2012; paid in fiscal 2013.

Mortgages, notes payable and 46

Mortgages, notes payable and credit line (Schedule of Fair Value of Long-Term Debt) (Details) - USD ($) $ in Millions	Oct. 31, 2015	Oct. 31, 2014
Fair Value Disclosures [Abstract]
Fair value of long-term debt	$ 313.5	$ 256
Carrying value of long-term debt	$ 307.9	$ 251.6

Mortgages, notes payable and 47

Mortgages, notes payable and credit line (Schedule of Principal Amounts Due) (Details) $ in Thousands	Oct. 31, 2015USD ($)
Mortgages, notes payable and credit line [Abstract]
2,016	$ 28,365
2,017	25,507
2,018	8,795
2,019	140,613	[1]
2,020	$ 22,062
[1]	Includes $92 million relating to the Rotunda construction loan, due December 2018. (See Note 5(M).)

Interest rate swap contracts (D

Interest rate swap contracts (Details) - USD ($)	12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
Amount drawn on loan	$ 307,899,000	$ 251,552,000
Notional amount of interest rate swap	$ 19,000,000
Maturity date	Jan. 3, 2023
Fixed interest rate	3.81%
Interest rate swap contract		$ 515,000
Interest rate swap contracts	$ 1,066,000
Unrealized Gain (Loss) on Derivatives	(465,000)	$ 1,581,000
Unrealized gain on interest rate swap contract	(1,581,000)	(465,000)	$ 980,000
Regency Swap [Member] | Cash Flow Hedges [Member]
Interest rate swap contracts	945,000
Damascus Centre Swap [Member] | Cash Flow Hedges [Member]
Interest rate swap contracts	121,000
Construction Loan [Member]
Refinanced loan amount	15,000,000	15,000,000
Loan amount		25,000,000
Amount drawn on loan	$ 19,000,000
Provident Bank [Member]
Basis points, interest rate	1.75%
Amount drawn on loan		$ 5,000,000
Provident Bank [Member] | Middletown, NY [Member]
Loan amount	$ 16,200,000
Basis points, interest rate	1.25%
Annual interest costs	3.75%

Capitalized interest (Details)

Capitalized interest (Details) - USD ($)	12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Capitalized interest [Abstract]
Interest capitalized	$ 2,447,000	$ 1,110,000

Commitments and contingencies50

Commitments and contingencies (Narrative) (Details)	12 Months Ended
	Oct. 31, 2015USD ($)
Commercial space leases, net book value	$ 227,000,000
Lease terms for tenants, periods	25 years
Letter of credit amount	$ 1,200,000
Westwood Plaza Shopping Center [Member]
Flood insurance, amount per incident	$ 500,000

Commitments and contingencies51

Commitments and contingencies (Schedule of Minimum Rental Income) (Details) $ in Thousands	Oct. 31, 2015USD ($)
Commitments and contingencies [Abstract]
2,016	$ 16,955
2,017	14,976
2,018	12,411
2,019	11,132
2,020	9,836
Thereafter	55,431
Total	$ 120,741

Management agreement, fees an52

Management agreement, fees and transactions with related party (Details) - USD ($)	Oct. 31, 2006	May. 07, 2008	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
Related Party Transaction [Line Items]
Asset management fees			$ 2,000,000	$ 1,968,000	$ 1,849,000
Total construction financing, including other members			$ 14,460,000
Secured loans receivable to noncontrolling interest				(2,128,000)
Amount of the capital call			$ 8,700,000
Payment of capital call			8,700,000
Trustee fee expense			$ 781,000
S and A Commercial Associates Limited Partnership ("S and A") [Member]
Related Party Transaction [Line Items]
Ownership by parent (percentage)			65.00%
Damascus Centre, LLC [Member]
Related Party Transaction [Line Items]
Ownership by parent (percentage)			70.00%
Ownership by noncontrolling owners (percentage)			30.00%
Sale of interest	$ 3,224,000
Sale of interest, amount financed	$ 1,451,000
Grande Rotunda, LLC [Member]
Related Party Transaction [Line Items]
Aggregate outstanding principal balance			$ 5,451,000	5,451,000
Accrued but unpaid interest			$ 732,000	595,000
Ownership by parent (percentage)			60.00%
Ownership by noncontrolling owners (percentage)			40.00%
Managing Agent Hekemian & Co [Member]
Related Party Transaction [Line Items]
Asset management fees			$ 1,899,000	1,866,000	$ 1,747,000
Leasing commissions and reimbursement of operating expenses			465,000	673,000	339,000
Leasing commissions			396,000
Insurance commissions			166,000	133,000	121,000
Sales commissions				880,000	185,000
Other fees - refinancing					239,000
Maximum advances to employees		$ 2,000,000	4,000,000
Accounts Payable			163,000	171,000
Robert S. Hekemian [Member]
Related Party Transaction [Line Items]
Trustee fee expense			538,000	642,000	586,000
Robert S. Hekemian, Jr. [Member]
Related Party Transaction [Line Items]
Trustee fee expense			65,000	46,000	40,000
Rotunda 100 [Member]
Related Party Transaction [Line Items]
Secured loans receivable to noncontrolling interest			$ (2,100,000)
Basis points, interest rate			2.25%
Amount of the capital call			$ 5,800,000
Payment of capital call			5,800,000
Advance to affiliate			3,700,000
Fee amount			$ 1,400,000
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Development fee (as percentage)			6.375%
Development fees paid				3,000,000
Fee, monthly amount during design phase					500,000
Fee, to be paid on issuance of certificate of occupancy			$ 900,000
Affiliated Entity 1 [Member]
Related Party Transaction [Line Items]
Development fees paid			1,000,000	1,000,000
Redevelopment fees			1,546,000	1,998,000	1,823,000
Construction and development costs					$ 1,400,000
Development fees included in accounts payable			$ 900,000	$ 900,000

Income taxes (Details)

Income taxes (Details) - USD ($)

Jun. 18, 2014

Dec. 20, 2013

Aug. 13, 2013

Apr. 26, 2013

Aug. 29, 2012

Jan. 31, 2013

Jan. 31, 2013

Oct. 31, 2015

Oct. 31, 2014

Oct. 31, 2013

Oct. 31, 2012

Ordinary taxable income distributed as dividends (percentage)

100.00%

100.00%

100.00%

Capital gain on sale of apartments

$ 3,500,000

Income tax adjustment on gain on sale of discontinued operation

$ (720,000)

[1]

Distributions to shareholders

$ 1,400,000

$ 8,129,000

$ 10,812,000

7,637,000

South Brunswick property [Member]

Capital gain on sale of apartments

$ 8,700,000

Heights Manor Apartments [Member]

Capital gain on sale of apartments

$ 9,500,000

Income tax adjustment on gain on sale of discontinued operation

(720,000)

Distributions to shareholders

5,000,000

$ 1,400,000

Undistributed gain

$ 4,500,000

Heights Manor Apartments [Member] | Federal [Member]

Gain on sale of discontinued operations, tax effect

$ 1,500,000

Heights Manor Apartments [Member] | State [Member]

Gain on sale of discontinued operations, tax effect

$ 400,000

$ 400,000

Palisades Manor Apartments [Member]

Capital gain on sale of apartments

$ 1,400,000

Grandview Apartments [Member]

Capital gain on sale of apartments

$ 2,200,000

Regency Club Acquisition [Member]

Acquisition price

$ 20,625,000

Amount tax basis is lower than the acquisition price

$ 8,000,000

[1]

Income tax adjustment relating to fiscal 2012 gain on sale of discontinued operation.

Equity incentive plan (Details)

Equity incentive plan (Details) - USD ($)	Sep. 04, 2014	Apr. 04, 2004	Sep. 10, 1998	Oct. 31, 2015	Oct. 31, 2014
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan term	10 years
Vesting term	5 years
Vesting rate	20.00%
No. of Options Outstanding
Options outstanding beginning of period				246,000
Options granted during period	246,000
Options forfeited/cancelled during period				(2,100)
Options outstanding end of period				243,900	246,000
Options expected to vest				238,620
Options exercisable at end of period				48,780
Exercise Price
Options outstanding beginning of period				$ 18.45
Options granted during period	$ 18.45
Options forfeited/cancelled during period				$ 18.45
Options outstanding end of period				18.45	$ 18.45
Estimated fair value of options granted				$ 1.91
Such value was estimated on the grant date using a binomial lattice option pricing model using the following assumptions:
Expected volatility				30.50%
Risk-free interest rate				2.50%
Imputed option life				6 years 9 months 22 days
Expected dividend yield				6.60%
Compensation expense related to stock options				$ 94,000	$ 16,000
Unrecognized compensation cost				$ 361,000
Unrecognized compensation cost, recognition period				4 years
Aggregate intrinsic value of options expected to vest				$ 347,054
Aggregate intrinsic value of options exercisable				$ 70,947
Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be issued under plan			920,000
Increase in number of shares authorized		300,000	920,000
Shares available for issuance				220,000
Plan term				10 years

Deferred fee plan (Details)

Deferred fee plan (Details) - USD ($)	12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Trustee fee expense	$ 781,000
Dividends payable	2,018,000	$ 2,046,000	$ 4,582,000
Deferred Fee Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Trustee fee expense	$ 752,200	1,204,000	$ 1,101,000
Shares issued	39,350
Deferred trustee fees	$ 5,224,000	$ 5,163,000
Deferred accrued interest	$ 3,854,000
Interest rate on any deferred fee	9.00%
Basis spread on any deferred fee (percentage)	1.50%
Term of distribution to participants	10 years
Dividends payable	$ 29,000

Dividends and earnings per sh56

Dividends and earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Jan. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
Dividends and earnings per share [Abstract]
Dividends declared (amount)									$ 8,130	$ 8,276	$ 10,830
Dividends declared per share	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 1.20	$ 1.20	$ 1.56

Segment information (Details)

Segment information (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Oct. 31, 2015USD ($)properties	Jul. 31, 2015USD ($)	Apr. 30, 2015USD ($)	Jan. 31, 2015USD ($)	Oct. 31, 2014USD ($)properties	Jul. 31, 2014USD ($)	Apr. 30, 2014USD ($)	Jan. 31, 2014USD ($)	Oct. 31, 2015USD ($)propertiessegments	Oct. 31, 2014USD ($)properties	Oct. 31, 2013USD ($)properties
Reportable Segments
Real estate rental revenue									$ 44,783	$ 42,430	$ 41,337
Real estate operating expenses									31,020	27,234	25,983
Operating income									13,763	15,196	15,354
Reconciliation to consolidated net income attributable to common equity:
Deferred rents - straight lining					$ (298)				(219)	(93)	(12)
Amortization of acquired leases									(1)	(21)	(24)
Investment income									150	184	191
General and administrative expenses									(2,029)	$ (1,396)	$ (1,623)
Straight line rent adjustment - bankrupt tenant									$ (1,046)
G-Mart lease termination expenses					73					$ (371)
Acquisition expenses-Regency		$ (648)								(648)
Depreciation									$ (6,883)	(6,346)	$ (6,233)
Financing costs									(11,001)	(11,309)	(11,945)
Income from continuing operations	$ 81	1,057	$ 461	$ 1,313	698	$ 717	$ 890	$ 1,118	$ 2,912	3,423	3,600
Income from discontinued operations										7	797
Gain on sale of discontinued operation										8,734	3,545
Net income	81	1,057	461	1,313	698	717	931	9,818	$ 2,912	12,164	7,942
Net income attributable to noncontrolling interests	2	(89)	71	(265)	(54)	(162)	(98)	(193)	(281)	(507)	(493)
Net income attributable to common equity	$ 83	$ 968	$ 532	$ 1,048	$ 644	$ 555	$ 833	$ 9,625	$ 2,631	11,657	7,449
Number of reportable segments | segments									2
Gain on sale of discontinued operations										3,500
Operating Segments [Member]
Reportable Segments
Real estate rental revenue									$ 45,003	42,843	41,373
Real estate operating expenses									21,062	19,420	18,127
Operating income									23,941	23,423	23,246
Reconciliation to consolidated net income attributable to common equity:
Segment NOI									$ 23,941	$ 23,423	$ 23,246
Commercial [Member]
Reconciliation to consolidated net income attributable to common equity:
Number of properties | properties	10				10				10	10	10
Commercial [Member] | Operating Segments [Member]
Reportable Segments
Real estate rental revenue									$ 23,037	$ 22,424	$ 22,876
Real estate operating expenses									10,436	9,663	9,235
Operating income									12,601	12,761	13,641
Residential [Member]
Reportable Segments
Recurring capital improvements									$ (424)	$ (549)	$ (681)
Reconciliation to consolidated net income attributable to common equity:
Number of properties | properties	7				6				7	6	6
Residential [Member] | Operating Segments [Member]
Reportable Segments
Real estate rental revenue									$ 21,966	$ 20,419	$ 18,497
Real estate operating expenses									10,626	9,757	8,892
Operating income									$ 11,340	$ 10,662	$ 9,605

Share repurchases (Details)

Share repurchases (Details) - USD ($)	Mar. 20, 2015	Sep. 04, 2014	Dec. 17, 2013	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013	Feb. 17, 2015	Dec. 04, 2013
Share repurchases [Abstract]
Number of shares authorized to repurchase		100,572					100,000	24,400
Number of shares repurchased	94,302		20,400	94,302	120,972
Shares repurchased, value	$ 2,168,946	$ 1,855,553	$ 357,000	$ 2,169,000	$ 2,213,000
Stock repurchased price (per share)	$ 23	$ 18.45	$ 17.50

Pathmark Stores, Inc. Bankrup59

Pathmark Stores, Inc. Bankruptcy Filing (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Oct. 31, 2015	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
Receivables arising from straight-lining of rents	$ 2,604,000	$ 2,604,000	$ 3,869,000
Straight line rent adjustment - bankrupt tenant		1,046,000
Pathmark Stores, Inc. [Member]
Lease rejected by bankruptcy court	6,900,000	6,900,000
Receivables arising from straight-lining of rents	1,046,000	$ 1,046,000
Straight line rent adjustment - bankrupt tenant	$ 1,046,000
Straight line rent adjustment - bankrupt tenant, per basic and diluted share	$ 0.15
Lost annual rents due to bankrupt tenant	$ 1,400,000

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - Lakeland Bank Property [Member]	12 Months Ended
	Oct. 31, 2015USD ($)
Subsequent Event [Line Items]
Rental properties	$ 2,273,000
Max purchase price of property	3,000,000
Lost annual rents due to sale of property	$ 241,000

Selected quarterly financial 61

Selected quarterly financial data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Oct. 31, 2015		Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014		Jul. 31, 2014		Apr. 30, 2014	Jan. 31, 2014		Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013
Selected quarterly financial data (unaudited) [Abstract]
Revenue	$ 11,108		$ 11,143	$ 11,252	$ 11,280	$ 10,793	[1]	$ 10,433		$ 10,632	$ 10,572		$ 44,783	$ 42,430
Expenses	11,027	[2]	10,086	10,791	9,967	10,095	[3]	9,716	[4]	9,742	9,454		41,871	39,007
Income from continuing operations	$ 81		$ 1,057	$ 461	$ 1,313	$ 698		$ 717		890	1,118		$ 2,912	3,423	$ 3,600
Income from discontinued operations										41	8,700	[5]		8,741
Net income	$ 81		$ 1,057	$ 461	$ 1,313	$ 698		$ 717		931	9,818		$ 2,912	12,164	7,942
Net income attributable to noncontrolling interests in subsidiaries	2		(89)	71	(265)	(54)		(162)		(98)	(193)		(281)	(507)	(493)
Net income attributable to common equity	$ 83		$ 968	$ 532	$ 1,048	$ 644		$ 555		$ 833	$ 9,625		$ 2,631	$ 11,657	$ 7,449
Basic & diluted earnings per share:
Continuing operations	$ 0.02	[2]	$ 0.14	$ 0.08	$ 0.15	$ 0.10	[1]	$ 0.08	[4]	$ 0.11	$ 0.13		$ 0.39	$ 0.42	$ 0.45
Discontinued operations										0.01	1.26	[5]		1.27	0.62
Net income attributable to common equity	$ 0.02		$ 0.14	$ 0.08	$ 0.15	$ 0.10		$ 0.08		0.12	1.39		$ 0.39	1.69	1.07
Dividends declared per share	0.30		$ 0.30	$ 0.30	$ 0.30	$ 0.30		$ 0.30		$ 0.30	$ 0.30		$ 1.20	$ 1.20	$ 1.56
Straight line rent adjustment - bankrupt tenant													$ 1,046
Income tax adjustment on gain on sale of discontinued operation															$ (720)	[6]
Gain on sale of discontinued operations														$ 8,734	$ 3,545
Expenses related to Regency acquisition			$ 648											648
Expenses related to Regency acquisition, per share			$ 0.09
Deferred rents - straight lining						$ 298							$ 219	93	$ 12
Straight line rent expense per share	$ 0.15					$ 0.01
G-Mart lease termination expenses						$ 73								$ (371)
G-Mart lease termination expenses, per share						$ 0.04
[1]	Includes $298 in straight-line rent expense related to G-Mart lease termination ($0.04 per share)
[2]	Includes $1.1M straight line rent adjustment for bankrupt tenant ($0.15 per share)
[3]	Includes $73 in expenses related to G-Mart lease termination ($0.01 per share)
[4]	Includes $648 in expenses related to Regency acquisition ($0.09 per share)
[5]	Represents gain on sale of discontinued operation of approximately $8.7 million
[6]	Income tax adjustment relating to fiscal 2012 gain on sale of discontinued operation.

SCHEDULE XI - REAL ESTATE AND62

SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION (Schedule of Properties) (Details) - USD ($) $ in Thousands		12 Months Ended
		Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					$ 307,899
Initial Cost to Company
Land					66,631
Buildings and Improvements					152,703
Costs Capitalized Subsequent to Acquisition
Land					13,158
Improvements					$ 176,805
Carrying Costs
Gross Amount at Which Carried at Close of Period
Land					$ 79,789
Buildings and Improvements					329,508
Total		$ 409,297	$ 292,769	$ 292,769	409,297
Accumulated Depreciation		88,452	75,226	75,226	88,452
Real estate:
Balance, beginning of year		354,032	292,769	283,703
Buildings and improvements		$ 55,265	62,340	9,903
Sale of discontinued operation			(1,077)	(837)
Balance, end of year		$ 409,297	354,032	292,769
Accumulated depreciation:
Balance, beginning of year		81,569	75,226	69,619
Additions - Charged to operating expenses		$ 6,883	$ 6,346	6,244
Sale of discontinued operation				(631)
Adjustments/Deletions			$ (3)	(6)
Balance, end of year		$ 88,452	$ 81,569	$ 75,226
Hammel Gardens, Maywood, NJ [Member] | Residential Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					8,234
Initial Cost to Company
Land					312
Buildings and Improvements					$ 728
Costs Capitalized Subsequent to Acquisition
Land
Improvements					$ 1,293
Gross Amount at Which Carried at Close of Period
Land					312
Buildings and Improvements					2,021
Total	[1]	2,333			2,333
Accumulated Depreciation		1,615			1,615
Real estate:
Balance, end of year	[1]	2,333
Accumulated depreciation:
Balance, end of year		$ 1,615
Hammel Gardens, Maywood, NJ [Member] | Residential Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		7 years
Hammel Gardens, Maywood, NJ [Member] | Residential Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		40 years
Steuben Arms, River Edge, NJ [Member] | Residential Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					10,852
Initial Cost to Company
Land					364
Buildings and Improvements					$ 1,773
Costs Capitalized Subsequent to Acquisition
Land
Improvements					$ 1,637
Gross Amount at Which Carried at Close of Period
Land					364
Buildings and Improvements					3,410
Total	[1]	$ 3,774			3,774
Accumulated Depreciation		2,877			2,877
Real estate:
Balance, end of year	[1]	3,774
Accumulated depreciation:
Balance, end of year		$ 2,877
Steuben Arms, River Edge, NJ [Member] | Residential Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		7 years
Steuben Arms, River Edge, NJ [Member] | Residential Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		40 years
Berdan Court, Wayne, NJ [Member] | Residential Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					18,378
Initial Cost to Company
Land					250
Buildings and Improvements					$ 2,206
Costs Capitalized Subsequent to Acquisition
Land
Improvements					$ 4,484
Gross Amount at Which Carried at Close of Period
Land					250
Buildings and Improvements					6,690
Total	[1]	$ 6,940			6,940
Accumulated Depreciation		5,200			5,200
Real estate:
Balance, end of year	[1]	6,940
Accumulated depreciation:
Balance, end of year		$ 5,200
Berdan Court, Wayne, NJ [Member] | Residential Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		7 years
Berdan Court, Wayne, NJ [Member] | Residential Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		40 years
Westwood Hills, Westwood, NJ [Member] | Residential Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					21,545
Initial Cost to Company
Land					3,849
Buildings and Improvements					$ 11,546
Costs Capitalized Subsequent to Acquisition
Land
Improvements					$ 2,780
Gross Amount at Which Carried at Close of Period
Land					3,849
Buildings and Improvements					14,326
Total	[1]	$ 18,175			18,175
Accumulated Depreciation		8,081			8,081
Real estate:
Balance, end of year	[1]	18,175
Accumulated depreciation:
Balance, end of year		$ 8,081
Westwood Hills, Westwood, NJ [Member] | Residential Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		7 years
Westwood Hills, Westwood, NJ [Member] | Residential Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		40 years
Pierre Towers, Hackensack, NJ [Member] | Residential Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					30,567
Initial Cost to Company
Land					8,390
Buildings and Improvements					37,486
Costs Capitalized Subsequent to Acquisition
Land					19
Improvements					8,912
Gross Amount at Which Carried at Close of Period
Land					8,409
Buildings and Improvements					46,398
Total	[1]	$ 54,807			54,807
Accumulated Depreciation		13,606			13,606
Cost for Federal income tax purposes					41,900
Real estate:
Balance, end of year	[1]	54,807
Accumulated depreciation:
Balance, end of year		$ 13,606
Pierre Towers, Hackensack, NJ [Member] | Residential Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		7 years
Pierre Towers, Hackensack, NJ [Member] | Residential Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		40 years
Boulders - Rockaway, NJ [Member] | Residential Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					17,596
Initial Cost to Company
Land					$ 1,632
Buildings and Improvements
Costs Capitalized Subsequent to Acquisition
Land					$ 3,386
Improvements					16,313
Gross Amount at Which Carried at Close of Period
Land					5,018
Buildings and Improvements					16,313
Total	[1]	$ 21,331			21,331
Accumulated Depreciation		4,628			4,628
Real estate:
Balance, end of year	[1]	21,331
Accumulated depreciation:
Balance, end of year		$ 4,628
Boulders - Rockaway, NJ [Member] | Residential Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		7 years
Boulders - Rockaway, NJ [Member] | Residential Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		40 years
Regency Club - Middletown, NY [Member] | Residential Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					16,200
Initial Cost to Company
Land					2,833
Buildings and Improvements					$ 17,792
Costs Capitalized Subsequent to Acquisition
Land
Improvements					$ 409
Gross Amount at Which Carried at Close of Period
Land					2,833
Buildings and Improvements					18,201
Total	[1]	$ 21,034			21,034
Accumulated Depreciation		613			613
Cost for Federal income tax purposes					12,900
Real estate:
Balance, end of year	[1]	21,034
Accumulated depreciation:
Balance, end of year		$ 613
Regency Club - Middletown, NY [Member] | Residential Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		7 years
Regency Club - Middletown, NY [Member] | Residential Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		40 years
Damascus Shopping Center, Damascus, MD [Member] | Retail Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					18,938
Initial Cost to Company
Land					2,950
Buildings and Improvements					6,987
Costs Capitalized Subsequent to Acquisition
Land					6,296
Improvements					17,490
Gross Amount at Which Carried at Close of Period
Land					9,246
Buildings and Improvements					24,477
Total	[1]	$ 33,723			33,723
Accumulated Depreciation		4,872			$ 4,872
Real estate:
Balance, end of year	[1]	33,723
Accumulated depreciation:
Balance, end of year		$ 4,872
Damascus Shopping Center, Damascus, MD [Member] | Retail Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		15 years
Damascus Shopping Center, Damascus, MD [Member] | Retail Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		39 years
Franklin Crossing, Franklin Lakes, NJ [Member] | Retail Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land					$ 29
Buildings and Improvements
Costs Capitalized Subsequent to Acquisition
Land					$ 3,382
Improvements					8,003
Gross Amount at Which Carried at Close of Period
Land					3,411
Buildings and Improvements					8,003
Total	[1]	$ 11,414			11,414
Accumulated Depreciation		4,010			$ 4,010
Real estate:
Balance, end of year	[1]	11,414
Accumulated depreciation:
Balance, end of year		$ 4,010
Franklin Crossing, Franklin Lakes, NJ [Member] | Retail Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		10 years
Franklin Crossing, Franklin Lakes, NJ [Member] | Retail Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		50 years
Glen Rock, NJ [Member] | Retail Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land					$ 12
Buildings and Improvements					$ 36
Costs Capitalized Subsequent to Acquisition
Land
Improvements					$ 214
Gross Amount at Which Carried at Close of Period
Land					12
Buildings and Improvements					250
Total	[1]	$ 262			262
Accumulated Depreciation		211			211
Real estate:
Balance, end of year	[1]	262
Accumulated depreciation:
Balance, end of year		$ 211
Glen Rock, NJ [Member] | Retail Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		10 years
Glen Rock, NJ [Member] | Retail Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		31 years 6 months
Pathmark Super Center, Patchogue, NY [Member] | Retail Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					5,243
Initial Cost to Company
Land					2,128
Buildings and Improvements					$ 8,818
Costs Capitalized Subsequent to Acquisition
Land
Improvements					$ (21)
Gross Amount at Which Carried at Close of Period
Land					2,128
Buildings and Improvements					8,797
Total	[1]	$ 10,925			10,925
Accumulated Depreciation		$ 3,997			3,997
Life on Which Depreciation is Computed		39 years
Real estate:
Balance, end of year	[1]	$ 10,925
Accumulated depreciation:
Balance, end of year		3,997
Westridge Square S/C, Frederick, MD [Member] | Retail Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					22,000
Initial Cost to Company
Land					9,135
Buildings and Improvements					19,159
Costs Capitalized Subsequent to Acquisition
Land					(1)
Improvements					4,269
Gross Amount at Which Carried at Close of Period
Land					9,134
Buildings and Improvements					23,428
Total	[1]	32,562			32,562
Accumulated Depreciation		16,191			16,191
Real estate:
Balance, end of year	[1]	32,562
Accumulated depreciation:
Balance, end of year		$ 16,191
Westridge Square S/C, Frederick, MD [Member] | Retail Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		15 years
Westridge Square S/C, Frederick, MD [Member] | Retail Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		31 years 6 months
Westwood Plaza, Westwood, NJ [Member] | Retail Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					21,355
Initial Cost to Company
Land					6,889
Buildings and Improvements					$ 6,416
Costs Capitalized Subsequent to Acquisition
Land
Improvements					$ 2,469
Gross Amount at Which Carried at Close of Period
Land					6,889
Buildings and Improvements					8,885
Total	[1]	$ 15,774			15,774
Accumulated Depreciation		7,700			7,700
Real estate:
Balance, end of year	[1]	15,774
Accumulated depreciation:
Balance, end of year		$ 7,700
Westwood Plaza, Westwood, NJ [Member] | Retail Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		15 years
Westwood Plaza, Westwood, NJ [Member] | Retail Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		31 years 6 months
Preakness S/C, Wayne, NJ [Member] | Retail Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					25,038
Initial Cost to Company
Land					9,280
Buildings and Improvements					$ 24,217
Costs Capitalized Subsequent to Acquisition
Land
Improvements					$ 1,769
Gross Amount at Which Carried at Close of Period
Land					9,280
Buildings and Improvements					25,986
Total	[1]	$ 35,266			35,266
Accumulated Depreciation		9,235			9,235
Cost for Federal income tax purposes					35,500
Real estate:
Balance, end of year	[1]	35,266
Accumulated depreciation:
Balance, end of year		$ 9,235
Preakness S/C, Wayne, NJ [Member] | Retail Properties [Member] | Minimum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		15 years
Preakness S/C, Wayne, NJ [Member] | Retail Properties [Member] | Maximum [Member]
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation is Computed		31 years 6 months
The Rotunda, Baltimore, MD [Member] | Retail Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances					91,953
Initial Cost to Company
Land					16,263
Buildings and Improvements					14,634
Costs Capitalized Subsequent to Acquisition
Land					232
Improvements					106,784
Gross Amount at Which Carried at Close of Period
Land					16,495
Buildings and Improvements					121,418
Total	[1]	$ 137,913			137,913
Accumulated Depreciation		$ 5,344			5,344
Life on Which Depreciation is Computed		40 years
Cost for Federal income tax purposes					$ 129,100
Real estate:
Balance, end of year	[1]	$ 137,913
Accumulated depreciation:
Balance, end of year		5,344
Rockaway, NJ [Member] | Land Leased [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land					$ 114
Buildings and Improvements
Costs Capitalized Subsequent to Acquisition
Land
Improvements
Gross Amount at Which Carried at Close of Period
Land					$ 114
Buildings and Improvements
Total	[1]	$ 114			$ 114
Accumulated Depreciation
Real estate:
Balance, end of year	[1]	$ 114
Accumulated depreciation:
Balance, end of year
Rockaway, NJ [Member] | Vacant Land [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land					$ 51
Buildings and Improvements
Costs Capitalized Subsequent to Acquisition
Land
Improvements
Gross Amount at Which Carried at Close of Period
Land					$ 51
Buildings and Improvements
Total	[1]	$ 51			$ 51
Accumulated Depreciation
Real estate:
Balance, end of year	[1]	$ 51
Accumulated depreciation:
Balance, end of year
Rochelle Park, NJ [Member] | Land Leased [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land					$ 1,640
Buildings and Improvements					$ 905
Costs Capitalized Subsequent to Acquisition
Land
Improvements
Gross Amount at Which Carried at Close of Period
Land					$ 1,640
Buildings and Improvements					905
Total	[1]	$ 2,545			2,545
Accumulated Depreciation		272			$ 272
Real estate:
Balance, end of year	[1]	2,545
Accumulated depreciation:
Balance, end of year		272
Franklin Lakes, NJ [Member] | Vacant Land [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land					$ 224
Buildings and Improvements
Costs Capitalized Subsequent to Acquisition
Land					$ (156)
Improvements
Gross Amount at Which Carried at Close of Period
Land					$ 68
Buildings and Improvements
Total	[1]	$ 68			$ 68
Accumulated Depreciation
Real estate:
Balance, end of year	[1]	$ 68
Accumulated depreciation:
Balance, end of year
Wayne, NJ [Member] | Vacant Land [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land					$ 286
Buildings and Improvements
Costs Capitalized Subsequent to Acquisition
Improvements
Gross Amount at Which Carried at Close of Period
Land					$ 286
Buildings and Improvements
Total	[1]	$ 286			$ 286
Accumulated Depreciation
Real estate:
Balance, end of year	[1]	$ 286
Accumulated depreciation:
Balance, end of year
[1]	Total cost for each property is the same for federal income tax purposes, with the exception of Pierre Towers, Preakness S/C, The Rotunda and the Regency Club whose cost for federal income tax purposes is approximately $41.9 million, $35.5 million, $129.1 million and $12.9 million, respectively.