Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2016 | Jan. 13, 2017 | Apr. 29, 2016 | |
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 | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Oct. 31, 2016 | ||
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 | $ 109 | ||
Entity Common Stock, Shares Outstanding | 6,740,069 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
ASSETS | ||
Real estate, at cost, net of accumulated depreciation | $ 336,770 | $ 219,430 |
Construction in progress | 128 | 101,415 |
Cash and cash equivalents | 10,906 | 13,500 |
Tenants' security accounts | 1,875 | 1,728 |
Receivables arising from straight-lining of rents, net of allowance for loss in 2015 | 2,725 | 2,604 |
Accounts receivable, net of allowance for doubtful accounts | 1,730 | 2,105 |
Secured loans receivable | 5,451 | 5,451 |
Prepaid expenses and other assets | 6,559 | 4,555 |
Deferred charges, net | 1,736 | 1,327 |
Interest rate swap contract | 91 | |
Total Assets | 367,971 | 352,115 |
Liabilities: | ||
Mortgages and construction loan payable | 329,719 | 307,899 |
Less unamortized debt issuance costs | 2,521 | 3,129 |
Mortgages payable, net (Note 5) | 327,198 | 304,770 |
Deferred trustee compensation payable | 9,078 | 9,078 |
Accounts payable and accrued expenses | 8,379 | 10,305 |
Dividends payable | 2,022 | 2,018 |
Tenants' security deposits | 2,817 | 2,561 |
Deferred revenue | 1,134 | 1,080 |
Interest rate swap contracts | 1,882 | 1,066 |
Total Liabilities | 352,510 | 330,878 |
Commitments and contingencies (Note 8) | ||
Common equity: | ||
Shares of beneficial interest without par value: 8,000,000 shares authorized; 6,993,152 shares issued plus 77,544 and 39,350 vested share units granted to Trustees at October 31, 2016 and 2015, respectively | 26,713 | 25,860 |
Treasury stock, at cost: 253,083 and 266,283 shares at October 31, 2016 and 2015, respectively | (5,273) | (5,517) |
Dividends in excess of net income | (16,916) | (11,769) |
Accumulated other comprehensive loss | (1,690) | (1,030) |
Total Common Equity | 2,834 | 7,544 |
Noncontrolling interests in subsidiaries | 12,627 | 13,693 |
Total Equity | 15,461 | 21,237 |
Total Liabilities and Equity | $ 367,971 | $ 352,115 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 31, 2016 | Oct. 31, 2015 |
Statement of Financial Position [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 |
Vested share units to trustees, issued | 77,544 | 39,350 |
Treasury stock at cost, shares | 253,083 | 266,283 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Revenue: | |||
Rental income | $ 40,780 | $ 38,786 | $ 36,913 |
Reimbursements | 5,158 | 5,479 | 5,054 |
Sundry income | 316 | 518 | 463 |
Total revenue | 46,254 | 44,783 | 42,430 |
Expenses: | |||
Operating expenses | 13,734 | 13,317 | 11,405 |
Straight line rent adjustment - bankrupt tenant | 1,046 | ||
Management fees | 2,046 | 2,000 | 1,968 |
Real estate taxes | 8,051 | 7,774 | 7,515 |
Depreciation | 7,852 | 6,883 | 6,346 |
Total expenses | 31,683 | 31,020 | 27,234 |
Operating income | 14,571 | 13,763 | 15,196 |
Investment income | 150 | 150 | 184 |
Gain on sale of commercial property | 314 | ||
Acquisition expenses-Regency | (648) | ||
Interest expense including amortization of deferred financing costs | (11,936) | (11,001) | (11,309) |
Income from continuing operations | 3,099 | 2,912 | 3,423 |
Income from discontinued operations | 7 | ||
Gain on sale of discontinued operations | 8,734 | ||
Net income | 3,099 | 2,912 | 12,164 |
Net income attributable to noncontrolling interests in subsidiaries | (94) | (281) | (507) |
Net income attributable to common equity | $ 3,005 | $ 2,631 | $ 11,657 |
Earnings per share - basic and diluted: | |||
Continuing operations | $ 0.44 | $ 0.39 | $ 0.42 |
Discontinued operations | 1.27 | ||
Net income attributable to common equity | $ 0.44 | $ 0.39 | $ 1.69 |
Weighted average shares outstanding: | |||
Basic | 6,783 | 6,778 | 6,908 |
Diluted | 6,784 | 6,778 | 6,908 |
Amounts attributable to common equity: | |||
Income from continuing operations | $ 3,005 | $ 2,631 | $ 2,916 |
Income related to discontinued operations | 8,741 | ||
Net income attributable to common equity | $ 3,005 | $ 2,631 | $ 11,657 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 3,099 | $ 2,912 | $ 12,164 |
Other comprehensive income (loss): | |||
Unrealized loss on interest rate swap contracts before reclassifications | (1,346) | (2,196) | (774) |
Amount reclassified from accumulated other comprehensive loss to interest expense | 621 | 615 | 309 |
Net unrealized loss on interest rate swap contracts | (725) | (1,581) | (465) |
Comprehensive income | 2,374 | 1,331 | 11,699 |
Net income attributable to noncontrolling interests | (94) | (281) | (507) |
Other comprehensive income (loss): | |||
Unrealized loss on interest rate swap contracts attributable to noncontrolling interests | 65 | 191 | 140 |
Comprehensive income attributable to noncontrolling interests | (29) | (90) | (367) |
Comprehensive income attributable to common equity | $ 2,345 | $ 1,241 | $ 11,332 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Shares of Beneficial Interest [Member] | Treasury Stock [Member] | Dividends in Excess of Net Income [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Common Equity [Member] | Noncontrolling Interests [Member] | Total |
Balance at Oct. 31, 2013 | $ 24,969 | $ (1,135) | $ (9,651) | $ 686 | $ 14,869 | $ 8,936 | $ 23,805 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Repurchase of shares of beneficial interest (120,972 in 2014 and 94,302 in 2015) | (2,213) | (2,213) | (2,213) | ||||
Stock based compensation expense | 16 | 16 | 16 | ||||
Distributions to noncontrolling interests | (975) | (975) | |||||
Net income | 11,657 | 11,657 | 507 | 12,164 | |||
Dividends declared, including $29 and $76 payable in share units in 2015 and 2016, respectively ($1.20 per share) | (8,276) | (8,276) | (8,276) | ||||
Net unrealized loss on interest rate swaps | (326) | (326) | (140) | (465) | |||
Additional investment by noncontrolling interest to Granda Rotunda, LLC | 5,791 | 5,791 | |||||
Balance at Oct. 31, 2014 | 24,985 | (3,348) | (6,270) | 360 | 15,727 | 14,119 | 29,846 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Repurchase of shares of beneficial interest (120,972 in 2014 and 94,302 in 2015) | (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 | 2,631 | 2,631 | 281 | 2,912 | |||
Dividends declared, including $29 and $76 payable in share units in 2015 and 2016, respectively ($1.20 per share) | (8,130) | (8,130) | (8,130) | ||||
Net unrealized loss on interest rate swaps | (1,390) | (1,390) | (191) | (1,581) | |||
Balance at Oct. 31, 2015 | 25,860 | (5,517) | (11,769) | (1,030) | 7,544 | 13,693 | 21,237 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock based compensation expense | 94 | 94 | 94 | ||||
Vested share units granted to Trustees | 759 | 759 | 759 | ||||
Stock options exercised | 244 | 244 | 244 | ||||
Distributions to noncontrolling interests | (1,095) | (1,095) | |||||
Net income | 3,005 | 3,005 | 94 | 3,099 | |||
Dividends declared, including $29 and $76 payable in share units in 2015 and 2016, respectively ($1.20 per share) | (8,152) | (8,152) | (8,152) | ||||
Net unrealized loss on interest rate swaps | (660) | (660) | (65) | (725) | |||
Balance at Oct. 31, 2016 | $ 26,713 | $ (5,273) | $ (16,916) | $ (1,690) | $ 2,834 | $ 12,627 | $ 15,461 |
CONSOLIDATED STATEMENTS OF EQU7
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared, per share | $ 1.20 | $ 1.20 | $ 1.20 |
Stock dividends payable | $ 76 | $ 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, 2016USD ($) | Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | ||||
Operating activities: | ||||||
Net income | $ 3,099 | $ 2,912 | $ 12,164 | |||
Adjustments to reconcile net income to net cash provided by operating activities (including discontinued operations): | ||||||
Depreciation | 7,852 | 6,883 | 6,346 | |||
Amortization | 952 | 679 | 750 | |||
Stock based compensation expense | 94 | 94 | 16 | |||
Trustee fees and related interest paid in stock units | 683 | 752 | ||||
Gain on sale of commercial property | (314) | |||||
Deferred rents - straight line rent | (608) | 1,265 | [1] | 391 | ||
Bad debt expense | 196 | 631 | 26 | |||
Net amortization of acquired leases | 1 | 21 | ||||
Gain on sale of discontinued operations | (8,734) | |||||
Changes in operating assets and liabilities: | ||||||
Tenants' security accounts | 109 | 104 | 46 | |||
Accounts receivable, prepaid expenses and other assets | (793) | (1,766) | (634) | |||
Accounts payable, accrued expenses and deferred trustee compensation | (3,264) | 392 | 1,812 | |||
Deferred revenue | 54 | 95 | 190 | |||
Net cash provided by operating activities | 8,060 | 12,042 | 12,394 | |||
Investing activities: | ||||||
Proceeds from sale of commercial property | 3,059 | |||||
Capital improvements - existing properties | (9,927) | (4,158) | (3,770) | |||
Construction and pre-development costs | (13,535) | [2] | (48,576) | [3] | (33,579) | [4] |
Regency acquisition, net of proceeds held in escrow | (10,855) | [5] | ||||
Secured loans receivable to noncontrolling interest | (2,128) | |||||
Net cash used in investing activities | (20,403) | (52,734) | (50,332) | |||
Financing activities: | ||||||
Repayment of mortgages and construction loan | (28,314) | (4,117) | (13,260) | |||
Repayment of credit line | (5,000) | (7,000) | ||||
Proceeds from mortgage loan refinancings | 25,800 | 16,200 | 19,700 | |||
Proceeds from additional tranche of loan | 2,320 | |||||
Restricted loan proceeds held in escrow | (1,850) | |||||
Proceeds from construction loan | 21,093 | 47,740 | 42,129 | |||
Proceeds from credit line | 10,000 | |||||
Proceeds from exercise of stock options | 244 | |||||
Deferred financing costs | (377) | (371) | (2,669) | |||
Dividends paid | (8,072) | (8,129) | (10,812) | |||
Repurchase of Company stock - Treasury shares | (2,169) | (2,213) | ||||
Additional investment by noncontrolling interest | 5,791 | [6] | ||||
Distributions to noncontrolling interests | (1,095) | (516) | (975) | |||
Net cash provided by financing activities | 9,749 | 43,638 | 40,691 | |||
Net increase (decrease) in cash and cash equivalents | (2,594) | 2,946 | 2,753 | |||
Cash and cash equivalents, beginning of period | 13,500 | 10,554 | 7,801 | |||
Cash and cash equivalents, end of period | 10,906 | 13,500 | 10,554 | |||
Supplemental disclosure of cash flow data: | ||||||
Interest paid, net of amounts capitalized | 11,100 | 11,010 | 10,206 | |||
Investing activities: | ||||||
Transfer from construction in progress to real estate for completion of Rotunda | 124,423 | |||||
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 | 3,130 | 8,054 | 8,091 | |||
Financing activities: | ||||||
Dividends declared but not paid | 2,022 | 2,018 | 2,046 | |||
Dividends paid in share units | $ 76 | $ 29 | ||||
[1] | Includes $1.1M straight line rent adjustment for bankrupt tenant ($0.15 per share) | |||||
[2] | Includes $4,213 that was incurred and accrued in fiscal 2015; paid in fiscal 2016. | |||||
[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] | Net of $9,770 of proceeds from the sale of South Brunswick property (see Note 2). | |||||
[6] | 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, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Construction in Progress Expenditures Incurred but Not yet Paid | $ 4,213 | $ 5,523 | $ 3,766 |
Proceeds from the sale of South Brunswick property | 9,770 | ||
Investment in Grande Rotunda, LLC | 5,791 | ||
Loaned to noncontrolling interest by FREIT | $ 2,128 | ||
Straight line rent adjustment | $ 1,100 |
Organization and significant ac
Organization and significant accounting policies | 12 Months Ended |
Oct. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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 distributed 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 In May 2014, the FASB issued ASU No. 2014-09, “ Revenue from Contracts with Customers In February 2015, the FASB issued ASU No. 2015-02, " Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-03, " Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) Leases (Topic 840) 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. In the event of a postponement, 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, 2016, 2015 and 2014, 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: Debt 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 $543,000, $419,000 and $359,000 in 2016, 2015 and 2014, respectively. Unamortized debt issuance costs are a direct deduction from mortgages payable on the consolidated balance sheets. 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 $257,000, $162,000 and $133,000 in 2016, 2015 and 2014, respectively. Stock-based compensation: FREIT has a stock-based compensation plan that was approved by FREIT’s Board of Trustees (“Board”), and ratified by FREIT’s shareholders. Stock based awards under the plan to employees are accounted for based on their grant-date fair value (see Note 11). 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 were amortized as a reduction of base rental revenue over the remaining term of the leases, and the capitalized below-market lease values were 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 was amortized over the weighted average remaining lease terms. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Oct. 31, 2016 | |
Discontinued Operations and Disposal Groups [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 million resulting in a capital gain of approximately $8.7 million net of sales fees and commissions. FREIT structured this sale in a manner that qualifies it as a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. The 1031 Exchange transaction resulted in a deferral for income tax purposes of the $8.7 million capital gain. The net proceeds from this sale, which were approximately $9.8 million, were held in escrow until a replacement property was purchased. A replacement property related to this like-kind exchange was acquired on June 18, 2014, and the sale proceeds held in escrow were applied to the purchase price of such property (see Note 3 for further details). The gain from the sale of the property was classified as discontinued operations in the accompanying statement of income for the fiscal year ended October 31, 2014. |
Property acquisition
Property acquisition | 12 Months Ended |
Oct. 31, 2016 | |
Business Combinations [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 units in 11 buildings and a clubhouse. The acquisition cost was $20,625,000 (exclusive of $648,000 of transaction costs charged to expense), which was funded in part with $9.8 million in net proceeds from the sale of the South Brunswick land, and the remaining balance of $11.5 million (inclusive of the $648,000 of transaction costs) was funded utilizing $10 million of FREIT’s credit line with Provident Bank, and FREIT's available cash. On December 29, 2014, FREIT secured long-term financing for this property in the amount of $16.2 million from Provident Bank. The acquisition price of $20,625,000 has been allocated as follows: $18.5 million to the buildings and $2.1 million to the land. 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 year ended October 31, 2014 for FREIT and its Subsidiaries as though the Regency had been acquired at the beginning of Fiscal 2014: Year Ended October 31, 2014 (In Thousands of Revenue $ 44,016 Net expenses 40,033 Income from continuing operations 3,983 Income from discontinued operations 7 Gain on sale of discontinued operation 8,734 Net income 12,724 Net income attributable to noncontrolling interests in subsidiaries (507 ) Net income attributable to common equity $ 12,217 Earnings per share - basic and diluted: Continuing operations $ 0.50 Discontinued operations 1.27 Net income attributable to common equity $ 1.77 Weighted average shares outstanding - basic and diluted 6,908 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 years, (b) additional interest expense based on the $10 million loan used towards the purchase of the property at acquisition date and (c) exclusion of the $648,000 of non-recurring acquisition expenses in 2014 related to the Regency purchase. 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 2014, or of future results of operations of FREIT’s combined properties. |
Real estate
Real estate | 12 Months Ended |
Oct. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Real estate | Note 4 - Real estate: Real estate consists of the following: Range of Estimated October 31, Useful Lives 2016 2015 (In Thousands of Dollars) Land $ 77,744 $ 79,384 Unimproved land 405 405 Apartment buildings 7-40 years 190,990 104,040 Commercial buildings/shopping centers 5-40 years 158,413 120,700 Equipment/Furniture 5-15 years 1,765 3,353 429,317 307,882 Less accumulated depreciation 92,547 88,452 Totals $ 336,770 $ 219,430 |
Mortgages, construction loan pa
Mortgages, construction loan payable and credit line | 12 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgages, construction loan payable and credit line | Note 5 – Mortgages, construction loan payable and credit line: October 31, 2016 October 31, 2015 Principal Unamortized Principal Unamortized (In Thousands of Dollars) (In Thousands of Dollars) Frederick, MD (A) $ 22,000 $ 23 $ 22,000 $ 62 Rockaway, NJ (B) 17,141 138 17,596 167 Westwood, NJ (C) 20,801 197 21,355 229 Patchogue, NY (D) 5,231 25 5,243 56 Wayne, NJ (E) 18,054 70 18,378 95 River Edge, NJ (F) 10,659 122 10,852 139 Maywood, NJ (G) 8,087 99 8,234 113 Westwood, NJ (H) 21,098 135 21,545 169 Wayne, NJ (I) 25,749 332 25,038 22 Hackensack, NJ (J) 29,901 50 30,567 70 Damascus, MD (K) 20,831 427 18,938 486 Middletown, NY (L) 16,200 269 16,200 301 Total fixed rate mortgage loans 215,752 1,887 215,946 1,909 Baltimore, MD (M) 113,967 634 91,953 1,220 Line of credit - Provident Bank (N) — — — — Total $ 329,719 $ 2,521 $ 307,899 $ 3,129 (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% through May 2017 at which time the outstanding balance is due. The mortgage is secured by a retail building in Frederick, Maryland having a net book value of approximately $15,671,000 as of October 31, 2016. (B) Payable in monthly installments of $115,850 including interest at 5.37% through February 2022 at which time the outstanding balance is due. The mortgage is secured by a residential building in Rockaway, New Jersey having a net book value of approximately $16,356,000 as of October 31, 2016. (C) On January 14, 2013, FREIT refinanced its Westwood Plaza mortgage loan in the amount of $8.0 million, with a new mortgage loan in the amount of $22,750,000, which is payable in monthly installments of $129,702 including interest at 4.75% through January 2023 at which time the outstanding balance is due. The new mortgage is secured by a retail building in Westwood, New Jersey having a net book value of approximately $7,900,000 as of October 31, 2016. (D) The loan, modified effective January 31, 2013, is payable in monthly installments of $31,046 including interest at 4.5% through March 2018 at which time the outstanding balance is due. Under the terms of the mortgage loan agreement, FREIT can request, during the term of the loan, additional funding that will bring the outstanding principal balance up to 75% of loan-to-value (percentage of mortgage loan to total appraised value of property securing the loan). Effective January 1, 2016, the monthly debt service payment has been reduced to interest only. This arrangement will remain in effect until the earlier of the property being re-leased, sold, the full repayment of the mortgage note, or March 1, 2018. (See Note 16 for additional information.) The mortgage is secured by a retail building in Patchogue, New York having a net book value of approximately $6,717,000 as of October 31, 2016. (E) Payable in monthly installments of $121,100 including interest at 6.09% through September 1, 2019 at which time the outstanding balance is due. The mortgage is secured by an apartment building in Wayne, New Jersey having a net book value of approximately $1,681,000 as of October 31, 2016. (F) On November 19, 2013, FREIT refinanced mortgage loans scheduled to mature on December 1, 2013 with a new mortgage loan in the amount of $11,200,000 payable in monthly installments of $57,456 including interest at 4.54% through December 1, 2023 at which time the outstanding balance is due. The mortgage is secured by an apartment building in River Edge, New Jersey having a net book value of approximately $866,000 as of October 31, 2016. (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 payable in monthly installments of $43,605 including interest at 4.54% through December 1, 2023 at which time the outstanding balance is due. The mortgage is secured by an apartment building in Maywood, New Jersey having a net book value of approximately $735,000 as of October 31, 2016. (H) Payable in monthly installments of $120,752 including interest of 4.62% through November 1, 2020 at which time the outstanding balance is due. The mortgage is secured by an apartment building in Westwood, New Jersey having a net book value of approximately $9,807,000 as of October 31, 2016. (I) On September 29, 2016, Wayne PSC, LLC refinanced its $24,200,000 mortgage loan held with Metropolitan Life Insurance Company, with a new mortgage loan from People’s United Bank in the amount of $25,800,000. The new loan bears a floating interest rate equal to 220 basis points over the one-month BBA LIBOR with a maturity date of October 1, 2026. In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. This refinancing resulted in: (i) a reduction in interest rate from 6.04% to 3.625% and (ii) net refinancing proceeds of approximately $1 million that were distributed to the partners in Wayne PSC, LLC with FREIT receiving $0.4 million based on it 40% membership interest in Wayne PSC, LLC. (See Note 6 for additional information relating to the interest rate swap.) The mortgage is secured by a shopping center in Wayne, New Jersey having a net book value of approximately $25,829,000 as of October 31, 2016 including approximately $0.1 million classified as construction in progress. (J) Payable in monthly installments of $191,197 including interest of 5.38% until May 2019 at which time the unpaid balance is due. The mortgage is secured by an apartment building in Hackensack, New Jersey having a net book value of approximately $40,042,000 as of October 31, 2016. (K) On December 26, 2012, Damascus Centre, LLC refinanced its construction loan with long-term financing provided by People’s United Bank and the first tranche of the new loan was taken-down in the amount of $20 million. Based on leasing and net operating income at the shopping center, People’s United Bank agreed to a take-down of the second tranche of this loan on April 22, 2016 in the amount of $2,320,000, of which approximately $470,000 was readily available and the remaining $1,850,000 (included in prepaid expenses and other assets in the accompanying consolidated balance sheet) is held in escrow and available to Damascus Centre, LLC once certain tenants open and begin paying rent. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 points over the BBA LIBOR. In order to minimize interest rate volatility during the term of this loan, Damascus Centre, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate on each tranche of this loan, resulting in a fixed rate of 3.81% over the term of the first tranche of this loan and a fixed rate of 3.53% over the term of the second tranche of this loan. (See Note 6 for additional information relating to the interest rate swaps.) The shopping center securing the loan has a net book value of approximately $28,143,000 as of October 31, 2016. (L) On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The loan bears a floating interest rate equal to 125 basis points over the one-month BBA LIBOR and the loan will mature on December 15, 2024. Interest-only payments are required each month through December 15, 2017. Thereafter, principal payments of $27,807 (plus accrued interest) are required each month through maturity. In order to minimize interest rate volatility during the term of the loan, FREIT Regency, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. (See Note 6 for additional information relating to the interest rate swap.) The mortgage is secured by an apartment complex in Middletown, New York having a net book value of $20,102,000 as of October 31, 2016. (M) The original Rotunda acquisition loan for $22.5 million, which was subsequently reduced to $19.5 million on February 1, 2010, was acquired by FREIT on May 28, 2013. FREIT subsequently sold this loan to Wells Fargo Bank. On December 9, 2013, Grande Rotunda, LLC closed with Wells Fargo Bank on a construction loan of up to $120 million to be used to redevelop and expand the Rotunda property in Baltimore, Maryland with a term of four (4) years, with one 12-month extension, at a rate of 225 basis points over the monthly LIBOR. The loan is secured by the Rotunda property, which has a net book value of approximately $155,552,000 as of October 31, 2016. As of October 31, 2016, approximately $114 million of this loan was drawn down (including approximately $21.1 million during Fiscal 2016), of which $19 million was used to pay off the loan from FREIT, and $95 million was used toward the construction at the Rotunda. On November 23, 2016, Wells Fargo Bank modified the following terms and conditions of this loan: (i) the total amount that may be drawn on this loan will be decreased from $120 million to $116.1 million, allowing for an additional draw of $2.1 million over the existing balance of approximately $114 million to be used for retail tenant improvements and leasing commissions; (ii) leasing benchmarks will no longer be required to be met including the waiver of the leasing benchmarks FREIT was not in compliance with as of June 30, 2016; (iii) Grande Rotunda, LLC will provide an interest reserve to Wells Fargo Bank in the amount of $2 million for the purpose of funding interest payments, and will be obliged to replenish the account balance to $1 million if it should fall below $500,000; (iv) the maturity date of the loan was changed from December 31, 2017 to October 31, 2017 with no option to extend; (v) the interest rate on amount outstanding on the loan was increased by 25 basis points to 250 basis points over the monthly LIBOR. (N) Credit Line: FREIT has a line of credit provided by the Provident Bank in the amount of $12.8 million. The line of credit was for a two year term ending on November 1, 2016, which was extended by the bank to February 1, 2017 while the bank completes its due diligence. FREIT expects the credit line will be extended for an additional period of 24 months. Draws against the credit line can be used for general corporate purposes, for property acquisitions, construction activities, and letters of credit. Draws against the credit line are secured by mortgages on FREIT’s Franklin Crossing Shopping Center in Franklin Lakes, New Jersey and retail space in Glen Rock, New Jersey. Interest rates on draws will be set at the time of each draw for 30, 60, or 90-day periods, based on FREIT’s choice of the prime rate or at 175 basis points over the 30, 60, or 90-day LIBOR rates at the time of the draws. The interest rate on the line of credit has a floor of 3.25%. The Palisades Manor and the Grandview Apartment properties had been part of the collateral for the line of credit prior to FREIT’s sales of these properties in April 2013 and August 2013, respectively. Provident Bank released these properties as collateral for the credit line in connection with these dispositions, and as a result, the credit line was reduced from $18 million to approximately $13 million as of July 2013. The $5 million that was outstanding as of October 31, 2014, was repaid to the bank in January 2015 from the proceeds of a $16.2 million mortgage loan from the Provident Bank. As of October 31, 2016 and 2015, approximately $12.8 million was available under the line of credit and no amount was outstanding. Certain of the Company’s mortgage loans and the Credit Line contain financial covenants. The Company was in compliance with all of its financial covenants as of October 31, 2016. Fair Value of Long-Term Debt: The following table shows the estimated fair value and carrying value of FREIT’s long-term debt at October 31, 2016 and 2015: October 31, October 31, ($ in Millions) 2016 2015 Fair Value $ 331.3 $ 313.5 Carrying Value $ 327.2 $ 304.8 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 in the fair value hierarchy as provided by authoritative guidance). Principal amounts (in thousands of dollars) due under the above obligations in each of the five years subsequent to October 31, 2016 are as follows: Year Ending October 31, Amount 2017 $ 139,687 (a) 2018 $ 9,751 2019 $ 49,495 2020 $ 3,750 2021 $ 22,472 (a) Includes approximately $114 million relating to the Rotunda construction loan due October 2017. (See Note 5(M).) |
Interest rate swap contracts
Interest rate swap contracts | 12 Months Ended |
Oct. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest rate swap contracts | Note 6 - Interest rate swap contracts: On September 29, 2016, Wayne PSC, LLC refinanced its $24.2 million mortgage loan held with Metropolitan Life Insurance Company, with a new mortgage loan from People’s United Bank in the amount of $25.8 million. The new loan bears a floating interest rate equal to 220 basis points over the one-month BBA LIBOR with a maturity date of October 1, 2026. At October 31, 2016, the total amount outstanding on this loan was approximately $25.7 million. In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. At October 31, 2016, the derivative financial instrument has a notional amount of approximately $25.8 million and a current maturity date of October 2026. On December 26, 2012, Damascus Centre, LLC refinanced its construction loan with long-term financing provided by People’s United Bank and the first tranche of the new loan was taken-down in the amount of $20 million. Based on leasing and net operating income at the shopping center, People’s United Bank agreed to a take-down of the second tranche of this loan on April 22, 2016 in the amount of $2,320,000. The total amount outstanding for both tranches of this loan held with People’s United Bank as of October 31, 2016 was approximately $20.8 million. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 points over the BBA LIBOR. In order to minimize interest rate volatility during the term of this loan, Damascus Centre, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate on each tranche of this loan, resulting in a fixed rate of 3.81% over the term of the first tranche of this loan and a fixed rate of 3.53% over the term of the second tranche of this loan. At October 31, 2016, the derivative financial instrument has a notional amount of approximately $20.9 million and a current maturity date of January 2023. On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The loan bears a floating interest rate equal to 125 basis points over the one-month BBA LIBOR and the loan will mature on December 15, 2024. At October 31, 2016, the total amount outstanding on this loan was $16.2 million. In order to minimize interest rate volatility during the term of the loan, FREIT Regency, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. At October 31, 2016, the derivative financial instrument has a notional amount of approximately $16.2 million and a current maturity date of December 2024. In accordance with ASC 815, “ Accounting for Derivative Instruments and Hedging Activities |
Capitalized interest
Capitalized interest | 12 Months Ended |
Oct. 31, 2016 | |
Capitalized interest [Abstract] | |
Capitalized interest | Note 7 - Capitalized interest Interest costs associated with amounts expended at the Grande Rotunda development were capitalized and included in the cost of the project. Interest capitalized during the year ended October 31, 2016, 2015 and 2014, amounted to approximately $2,611,000, $2,447,000 and $1,110,000, respectively. Capitalization of interest ceased upon substantial completion of the project which occurred as of the end of the third quarter of Fiscal 2016. |
Commitments and contigencies
Commitments and contigencies | 12 Months Ended |
Oct. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contigencies | Note 8 - Commitments and contingencies: Leases: Commercial tenants: FREIT leases commercial space having a net book value of approximately $155.5 million at October 31, 2016 to tenants for periods of up to twenty-five years. Most of the leases contain clauses for reimbursement of real estate taxes, maintenance, insurance and certain other operating expenses of the properties. Minimum rental income (in thousands of dollars) to be received from non-cancelable operating leases in years subsequent to October 31, 2016 is as follows: Year Ending October 31, Amount 2017 $ 17,228 2018 15,713 2019 14,087 2020 12,795 2021 10,720 Thereafter 54,936 Total $ 125,479 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 years for the period ended October 31, 2016 were not material. Residential tenants: Lease terms for residential tenants are usually one to two years. Environmental concerns: The Westwood Plaza Shopping Center property is in a Flood Hazard Zone. FREIT maintains flood insurance in the amount of $500,000 for the subject property, which is the maximum available under the Flood Program for the property. Any reconstruction of that portion of the property situated in the flood hazard zone is subject to regulations promulgated by the New Jersey Department of Environmental Protection ("NJDEP"), which could require extraordinary construction methods. Prior to its purchase in November 2002 by Wayne PSC, LLC, a 40% owned affiliate of FREIT (“Wayne PSC”), a Phase I and Phase II Environmental Assessment of the Preakness shopping center revealed soil and ground water contamination with Percloroethylene (Dry Cleaning Fluid) caused by the mishandling of this chemical by a former dry cleaner tenant. The seller of the center to Wayne PSC has paid for and completed all required remediation work in accordance with the NJDEP standards, and this matter is now closed. In prior years, FREIT conducted environmental audits for all of its properties except for its undeveloped land and retail properties in Franklin Lakes (Franklin Crossing) and Glen Rock, New Jersey. Except as noted above, the environmental reports secured by FREIT have not revealed any environmental conditions on its properties, which require remediation pursuant to any applicable federal or state law or regulation. 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 million were issued to guarantee the completion of off-site improvements. |
Management agreement, fees and
Management agreement, fees and transactions with related party | 12 Months Ended |
Oct. 31, 2016 | |
Related Party Transactions [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, charged to operations, were approximately $1,930,000, $1,899,000, and $1,866,000 in Fiscal 2016, 2015 and 2014, respectively. In addition, the Management Agreement provides for the payment to Hekemian of leasing commissions, as well as the reimbursement of operating expenses incurred on behalf of FREIT. Such commissions and reimbursements amounted to approximately $577,000, $465,000 and $673,000 in Fiscal 2016, 2015 and 2014, respectively. Fees for Fiscal 2014 include $396,000 in leasing commissions paid to Hekemian relative to the Safeway lease at the Damascus shopping center. Total Hekemian management fees outstanding at October 31, 2016 and 2015 were $181,000 and $163,000, respectively, and included in accounts payable on the accompanying consolidated balance sheets. FREIT also uses the resources of the Hekemian insurance department to secure various insurance coverages for its properties and subsidiaries. Hekemian is paid a commission for these services. Such commissions were charged to operations and amounted to approximately $164,000, $166,000 and $133,000 in Fiscal 2016, 2015 and 2014, respectively. Grande Rotunda, LLC owns and operates the Rotunda property. FREIT owns a 60% equity interest in Grande Rotunda, LLC and Rotunda 100, LLC (“Rotunda 100”) owns a 40% equity interest Grande Rotunda, LLC. 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% equity interest in Damascus Centre, LLC. The sale price, based on the fair market value of the shopping center, reduced FREIT’s equity interest to 70%. The sale was completed on October 31, 2006, at a sales price of $3,224,000, of which FREIT financed approximately $1,451,000. The sale price was equivalent to the book value of the interest sold. With regard to the funding of the Rotunda redevelopment project, Wells Fargo Bank required that Grande Rotunda, LLC contribute not less than $14,460,000 towards the construction before any construction loan proceeds could be disbursed. To secure these funds, Grande Rotunda, LLC made a capital call on its members – FREIT and Rotunda 100. FREIT’s share (60%) amounts to approximately $8.7 million, and the Rotunda 100 members’ share (40%) amounts to approximately $5.8 million. FREIT, pursuant to previous agreements, made secured loans to the Rotunda 100 members of approximately $2.1 million towards their share of the $5.8 million capital call. The balance of Rotunda 100’s capital call of approximately $3.7 million was initially made by FREIT until it was repaid by Rotunda 100 in August 2014. As of October 31, 2016, FREIT and Rotunda 100 have made their required capital call contributions of $8.7 million and $5.8 million, respectively, towards the Rotunda construction financing. Both FREIT and the Rotunda 100 members are treating their required capital call contributions as additional investments in Grande Rotunda, LLC. 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 million to $4 million. On June 4, 2015, the Board approved an extension of the maturity date of the secured loans to occur the earlier of (a) June 19, 2018 or (b) five days after the closing of a permanent mortgage loan secured by the Rotunda property. The aggregate outstanding principal balance of the notes at October 31, 2016 and 2015 was $5,451,000. The accrued but unpaid interest related to these notes for Fiscal 2016 and Fiscal 2015 amounted to approximately $886,000 and $732,000, respectively, and is included in accounts receivable on the accompanying consolidated balance sheets. 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% of the development costs as defined, less the amount of $3 million previously paid to Hekemian for the Rotunda project. In addition, the Board approved the payment of a fee to Resources in the amount of $1.4 million in connection with the revision to the scope of the Rotunda development project. The fee will be paid to Resources upon the following terms: (i) $500,000 of the $1.4 million will be paid on a monthly basis during the design phase (the $500,000 was paid in Fiscal 2013); and (ii) $900,000 of the $1.4 million will be paid upon the issuance of a certificate of occupancy for the multi-family portion of the project (the $900,000 is included in accounts payable on consolidated balance sheets at October 31, 2016 and 2015). Such fees incurred to Hekemian and Resources during Fiscal 2016, 2015 and 2014 were $443,000, $1,546,000 and $1,998,000, respectively. Fees incurred in Fiscal 2016 and Fiscal 2015 relate to the Rotunda development project. Included within the $2.0 million in fees for Fiscal 2014 are: (a) development fees of approximately $1 million paid to Resources, relating to the Rotunda development project, and (b) commissions of $880,000 relating to the sale of the South Brunswick land and the subsequent acquisition of the Regency apartment complex. All such fees, except for those related to sale of property and acquisition of the Regency apartment complex, were capitalized. 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. Robert S. Hekemian, Jr., a Trustee of FREIT, is the President of Hekemian. Trustee fee expense (including interest) incurred by FREIT for Fiscal 2016, 2015 and 2014 was approximately $532,000, $538,000 and $642,000, respectively, for Robert S. Hekemian, and $65,000, $65,000 and $46,000, respectively, for Robert S. Hekemian, Jr. |
Income taxes
Income taxes | 12 Months Ended |
Oct. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 10 - Income taxes: FREIT distributed 100% of its ordinary taxable income for each of the fiscal years ended October 31, 2016, 2015 and 2014 to shareholders as dividends. FREIT distributed 100% of the capital gain in Fiscal 2016 from the sale of the property in Rochelle Park, New Jersey (See Note 17) to its shareholders as dividends. Accordingly, no provision for federal or state income taxes related to such taxable income was recorded in FREIT’s financial statements. Of the $1.20 per share dividend paid to shareholders for Fiscal 2016 approximately 51% was treated as ordinary income, 32% was treated as capital gain (resulting from a lower tax basis than financial statement basis on the sale of the Rochelle Park, New Jersey property) and 17% was treated as return of capital to shareholders. As described in Note 2, FREIT completed a like-kind exchange with respect to the sale of the South Brunswick, New Jersey property, which was sold on December 20, 2013 at a gain of approximately $8.7 million. Accordingly, no provision for federal or state income taxes related to such gain was recorded in FREIT’s financial statements. The tax basis of Regency, which was the replacement property in the like-kind exchange, is approximately $8 million lower than the acquisition cost of approximately $20.6 million recorded for financial reporting purposes. As of October 31, 2016, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2013 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, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [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 of FREIT's shares of beneficial interest (adjusted for stock splits) may be granted to key personnel in the form of stock options, restricted share awards and other share-based awards. In connection therewith, the Board approved an increase of 920,000 shares in FREIT's number of authorized shares of beneficial interest. Key personnel eligible for these awards include trustees, executive officers and other persons or entities including, without limitation, employees, consultants and employees of consultants, who are in a position to make significant contributions to the success of FREIT. Under the Plan, the exercise price of all options will be the fair market value of the shares on the date of grant. The consideration to be paid for restricted share and other share-based awards shall be determined by the Board, with the amount not to exceed the fair market value of the shares on the date of grant. The maximum term of any award granted may not exceed ten years. The Board will determine the actual terms of each award. On April 4, 2007, FREIT shareholders approved amendments to the Plan as follows: (a) reserving an additional 300,000 shares for issuance under the Plan; and (b) extending the term of the Plan until September 10, 2018. As of October 31, 2016, 222,920 shares are available for issuance under the Plan. On September 4, 2014, the Board approved the grant of a total of 246,000 non-qualified share options under the Plan to certain FREIT executive officers, the members of the Board and certain employees of Hekemian & Co., Inc., FREIT’s managing agent. The options have an exercise price of $18.45 per share, will vest in equal annual installments over a 5-year period, and will expire 10 years from the date of grant, which will be September 3, 2024. The following table summarizes stock option activity for Fiscal 2016: Year Ended October 31, 2016 No. of Options Exercise Outstanding Price Options outstanding beginning of period 243,900 $ 18.45 Options exercised during period (13,200 ) $ 18.45 Options forfeited/cancelled during period (820 ) $ 18.45 Options outstanding end of period 229,880 $ 18.45 Options vested and expected to vest 225,420 Options exercisable at end of period 84,080 The estimated fair value of options granted during Fiscal 2014 was $1.91 per option. 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 – 6.81 years · 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 was 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 was 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 was based on the Company’s historical dividend yield, exclusive of capital gain dividends. For Fiscal 2016, 2015 and 2014, compensation expense related to stock options granted amounted to $94,000, $94,000 and $16,000, respectively. At October 31, 2016, there was approximately $266,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over the remaining vesting period. The aggregate intrinsic value of options vested and expected to vest and options exercisable at October 31, 2016 was $473,382 and $176,568, respectively. |
Deferred fee plan
Deferred fee plan | 12 Months Ended |
Oct. 31, 2016 | |
Deferred Compensation Arrangements [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% per annum, compounded quarterly. Any such deferred fee is to be paid to the Participants at the later of: (i) the retirement age specified in the deferral election; (ii) actual retirement; or (iii) upon cessation of a Participant's duties as an officer or trustee. 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-year Treasury Bond interest rate plus 150 basis points); and (iii) dividends payable in respect of share units allocated to participants in the Deferred Fee Plan as a result of deferrals described above. The number of share units credited to a participant’s account will be determined by the closing price of FREIT shares on the date as set forth in the Deferred Fee Plan. All fees payable to Trustees for the year ended October 31, 2016 were deferred under the Deferred Fee Plan except for the fees payable to two Trustees, who elected to receive such fees in cash. All fees payable to Trustees for the year ended October 31, 2015 were deferred under the Deferred Fee Plan. As a result of the amendment to the Deferred Fee Plan described above, for the year ended October 31, 2016 and 2015, the aggregate amounts of deferred Trustee fees together with related interest and dividends were approximately $759,100 and $781,200, respectively, which have been paid through the issuance of 38,194 and 39,350, vested FREIT share units, respectively, based on the closing price of FREIT shares on the dates as set forth in the Deferred Fee Plan. For the year ended October 31, 2016 and 2015, FREIT has charged as expense approximately $683,100 and $752,200 of the aggregate amounts of deferred Trustee fees and related interest and dividends for these periods, respectively, representing Trustee fees and interest to expense and the balance of approximately $76,000 and $29,000, respectively, representing dividends payable in respect of share units allocated to Plan participants, has been charged to equity. 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 years, at the election of the Participant. As of October 31, 2016 and 2015, approximately $5,224,000 of fees have been deferred together with accrued interest of approximately $3,854,000 for each fiscal year ended. |
Dividends and earnings per shar
Dividends and earnings per share | 12 Months Ended |
Oct. 31, 2016 | |
Earnings Per Share [Abstract] | |
Dividends and earnings per share | Note 13- Dividends and earnings per share: FREIT declared dividends of approximately $8,152,000 ($1.20 per share), $8,130,000 ($1.20 per share) and $8,276,000 ($1.20 per share) to shareholders of record during Fiscal 2016, 2015 and 2014. 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 2016, the outstanding stock options increased the average dilutive shares outstanding by approximately 1,627 shares with no impact on earnings per share. 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, 2016 | |
Segment Reporting [Abstract] | |
Segment information | Note 14- Segment information: ASC 280-10, " Disclosures about Segments of an Enterprise and Related Information FREIT has determined that it has two reportable segments: commercial properties and residential properties. These reportable segments offer different types of space, have different types of tenants, and are managed separately because each requires different operating strategies and management expertise. During the fiscal year ended October 31, 2016, the commercial segment is comprised of nine (9) properties after giving effect to the sale of a property on June 17, 2016 (See Note 17). The commercial segment is comprised of ten (10) properties during the fiscal years ended October 31, 2015 and 2014. The residential segment is comprised of eight (8) properties during the fiscal year ended October 31, 2016, which includes the 379-unit apartment complex constructed as part of the redevelopment and expansion project at the Rotunda which was completed in the third quarter of Fiscal 2016. The residential segment is comprised of seven (7) properties during the fiscal years ended October 31, 2015 and 2014. 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 FREIT’s Board of Trustees. 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, 2016. Asset information is not reported since FREIT does not use this measure to assess performance. Years Ended October 31, 2016 2015 2014 (In Thousands of Dollars) Real estate rental revenue: Commercial $ 22,694 $ 23,037 $ 22,424 Residential 22,952 21,966 20,419 Total real estate rental revenue 45,646 45,003 42,843 Real estate operating expenses: Commercial 10,661 10,436 9,663 Residential 11,136 10,626 9,757 Total real estate operating expenses 21,797 21,062 19,420 Net operating income: Commercial 12,033 12,601 12,761 Residential 11,816 11,340 10,662 Total net operating income $ 23,849 $ 23,941 $ 23,423 Recurring capital improvements - residential $ (898 ) $ (424 ) $ (549 ) Reconciliation to consolidated net income attributable to common equity: Segment NOI $ 23,849 $ 23,941 $ 23,423 Gain on sale of commercial property 314 — — Deferred rents - straight lining 608 (219 ) (93 ) Amortization of acquired leases — (1 ) (21 ) Investment income 150 150 184 General and administrative expenses (2,034 ) (2,029 ) (1,396 ) Straight line rent adjustment - bankrupt tenant — (1,046 ) — G-Mart lease termination expenses — — (371 ) Acquisition costs-Regency — — (648 ) Depreciation (7,852 ) (6,883 ) (6,346 ) Financing costs (11,936 ) (11,001 ) (11,309 ) Income from continuing operations 3,099 2,912 3,423 Income from discontinued operations — — 7 Gain on sale of discontinued operation — — 8,734 Net income 3,099 2,912 12,164 Net income attributable to noncontrolling interests (94 ) (281 ) (507 ) Net income attributable to common equity $ 3,005 $ 2,631 $ 11,657 |
Share repurchases
Share repurchases | 12 Months Ended |
Oct. 31, 2016 | |
Equity [Abstract] | |
Share repurchases | Note 15- Share repurchases: On December 4, 2013, the Board authorized the repurchase of up to 24,400 FREIT shares. On December 17, 2013, FREIT repurchased 20,400 shares in a privately-negotiated transaction with an unaffiliated party for an aggregate purchase price of $357,000, or $17.50 per share. On September 4, 2014, the Board authorized the repurchase of 100,572 FREIT shares held by the pension plan of Hekemian & Co., Inc., FREIT’s managing agent, for an aggregate cash purchase of $1,855,553 or $18.45 per share, which was the closing price of FREIT shares on September 3, 2014. The repurchase which occurred in September 2014 was undertaken in connection with the termination of the pension plan. Robert S. Hekemian, Chairman and Chief Executive Officer of FREIT, and Robert S. Hekemian, Jr., a Trustee of FREIT, and members of their family were participants in the pension plan. On February 17, 2015, FREIT announced a tender offer to purchase up to 100,000 shares of FREIT’s beneficial interest at a price of $23.00 per share. The number of shares proposed to be purchased in the tender offer represented approximately 1.5% of FREIT’s then-outstanding shares. The tender offer expired on March 20, 2015, and in connection therewith FREIT repurchased 94,302 shares of FREIT’s beneficial interest at $23.00 per share for an aggregate purchase price of $2,168,946, which it funded principally from cash and cash equivalents. FREIT’s Trustees and executive officers did not tender their shares of beneficial interest in FREIT in the tender offer. |
Pathmark Stores, Inc. Bankruptc
Pathmark Stores, Inc. Bankruptcy Filing | 12 Months Ended |
Oct. 31, 2016 | |
Reorganizations [Abstract] | |
Pathmark Stores, Inc. Bankruptcy Filing | Note 16- Pathmark Stores, Inc. bankruptcy filing On July 19, 2015, 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 square foot store in Patchogue, New York with a carrying value of approximately $6.7 million as at October 31, 2016 that was leased to Pathmark, a subsidiary of A&P, and operated as a Pathmark Super Store. This lease was rejected by A&P as of December 31, 2015. In accordance with GAAP, FREIT accounted for rental income from the store using the straight line method and accrued 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 remained as a straight line rent receivable. FREIT recorded an expense in the fourth quarter of Fiscal 2015 of $1,046,000 ($0.15 per share basic and diluted) for provision for loss related to the straight line rent receivable for Pathmark. The provision had no impact on cash flow but did have an impact on funds from operations. As a result of the lease having been rejected, FREIT is losing annual rents of approximately $1.4 million until the store is re-leased. FREIT has assessed the real estate for impairment and determined that no impairment exists at October 31, 2016. FREIT is exploring various options for this property. |
Sale of property
Sale of property | 12 Months Ended |
Oct. 31, 2016 | |
Sale Of Property | |
Sale of property | Note 17- Sale of property 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. Pursuant to the Lease Agreement, Lakeland Bank had the right to exercise this option at a price equal to the greater of $3 million or the fair market value of the property as determined by mutual agreement between tenant and landlord. FREIT and Lakeland Bank agreed to a purchase price of $3.1 million. On June 17, 2016, FREIT sold this property, having a carrying amount of approximately $2.7 million (including a straight-line rent receivable in the amount of approximately $0.5 million), to Lakeland Bank for $3.1 million resulting in a gain of approximately $0.3 million net of sales fees. This sale results in FREIT’s loss of future annual rents of approximately $241,000, which would have increased periodically through September 2023. As the disposal of this property did not represent a strategic shift that would have a major impact on FREIT’s operations or financial results, the property’s operations were not reflected as discontinued operations in the accompanying financial statements. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Oct. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 18- Subsequent event On November 10, 2016, the Board approved the grant of a total of 38,000 non-qualified share options under the Plan to two members of the Board who were appointed to the Board during Fiscal 2016. The options have an exercise price of $21.00 per share, will vest in equal annual installments over a 5-year period, and will expire 10 years from the date of grant, which will be November 9, 2026. |
Selected quarterly financial da
Selected quarterly financial data (unaudited) | 12 Months Ended |
Oct. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected quarterly financial data (unaudited) | Note 19- Selected quarterly financial data (unaudited): The following summary represents the results of operations for each quarter for the years ended October 31, 2016 and 2015 (in thousands, except per share amounts): 2016: Quarter Ended Year Ended January 31, April 30, July 31, October 31, October 31, Revenue $ 11,424 $ 11,064 $ 11,590 $ 12,176 $ 46,254 Expenses 10,381 10,130 10,133 (a) 12,511 43,155 Net income (loss) 1,043 934 1,457 (335 ) 3,099 Net (income) loss attributable to noncontrolling interests in subsidiaries (41 ) (125 ) (211 ) 283 (94 ) Net income (loss) attributable to common equity $ 1,002 $ 809 $ 1,246 $ (52 ) $ 3,005 Earnings (loss) per share - basic and diluted $ 0.15 $ 0.12 $ 0.18 (a) $ (0.01 ) $ 0.44 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 1.20 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 (b) 41,871 Net income 1,313 461 1,057 81 2,912 Net (income) loss attributable to noncontrolling interests in subsidiaries (265 ) 71 (89 ) 2 (281 ) Net income attributable to common equity $ 1,048 $ 532 $ 968 $ 83 $ 2,631 Earnings per share - basic and diluted $ 0.15 $ 0.08 $ 0.14 $ 0.02 (b) $ 0.39 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 1.20 (a) Includes $0.3M gain on sale of commercial property in Rochelle Park, New Jersey which was sold on June 17, 2016 ($0.05 per share) (b) Includes $1.1M provision for loss related to straight line rent receivable for Pathmark at the Patchogue, New York store, as a result of the bankruptcy filing of A&P, of which Pathmark is a subsidiary ($0.15 per share) |
SCHEDULE XI - REAL ESTATE AND A
SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Oct. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [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, 2016 (In Thousands of Dollars) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Amount at Which to Company Subsequent to Acquisition Carried at Close of Period Life on Buildings Buildings Which Encum- and Improve- Carrying and Accumulated Date of Date Depreciation Description brances Land Improvements Land ments Costs Land Improvements Total (1) Depreciation Construction Acquired is Computed Residential Properties: Hammel Gardens, Maywood, NJ $ 8,087 $ 312 $ 728 $ — $ 1,276 $ 312 $ 2,004 $ 2,316 $ 1,581 1949 1972 7-40 years Steuben Arms, River Edge, NJ 10,659 364 1,773 — 1,453 364 3,226 3,590 2,724 1966 1975 7-40 years Berdan Court, Wayne, NJ 18,054 250 2,206 — 4,302 250 6,508 6,758 5,077 1964 1965 7-40 years Westwood Hills, Westwood, NJ 21,098 3,849 11,546 — 2,397 3,849 13,943 17,792 7,985 1965-70 1994 7-39 years Pierre Towers, Hackensack, NJ 29,901 8,390 37,486 19 8,994 8,409 46,480 54,889 14,847 1970 2004 7-40 years Boulders - Rockaway, NJ 17,141 1,632 — 3,386 15,756 5,018 15,756 20,774 4,469 2005-2006 1963/1964 7-40 years Regency Club - Middletown, NY 16,200 2,833 17,792 — 578 2,833 18,370 21,203 1,101 2003 2014 7-40 years Icon - Baltimore, MD 67,126 5,871 — — 86,441 5,871 86,441 92,312 541 2016 2005 7-40 years Commercial Properties: Damascus Shopping Center, Damascus, MD 20,831 2,950 6,987 6,296 17,197 9,246 24,184 33,430 5,287 1960's 2003 5-39.5 years Franklin Crossing, Franklin Lakes, NJ — 29 — 3,382 7,409 3,411 7,409 10,820 3,628 1963/75/97 1966 5-39.5 years Glen Rock, NJ — 12 36 — 230 12 266 278 154 1940 1962 5-25 years Building formerly occupied by supermarket Patchogue, NY 5,231 2,128 8,818 — (8 ) 2,128 8,810 10,938 4,221 1997 1997 15-39.5 years Westridge Square S/C, Frederick, MD 22,000 9,135 19,159 (1 ) 4,366 9,134 23,525 32,659 16,988 1986 1992 5-31.5 years Westwood Plaza, Westwood, NJ 20,801 6,889 6,416 — 2,547 6,889 8,963 15,852 7,952 1981 1988 5-31.5 years Preakness S/C, Wayne, NJ 25,749 9,280 24,217 — 1,723 9,280 25,940 35,220 9,678 1955/89/00 2002 5-39.5 years The Rotunda, Baltimore, MD 46,841 10,392 14,634 232 44,837 10,624 59,471 70,095 6,314 1920/2016 2005 5-40 years Land Leased: Rockaway, NJ — 114 — — — 114 — 114 — 1963/1964 Vacant Land: ` Franklin Lakes, NJ — 224 — (156 ) — 68 — 68 — 1966/93 Wayne, NJ — 286 — — — 286 — 286 — 2002 Rockaway, NJ — 51 — — — 51 — 51 — 1963/1964 $ 329,719 $ 64,991 $ 151,798 $ 13,158 $ 199,498 $ — $ 78,149 $ 351,296 $ 429,445 $ 92,547 (1) Total cost for each property is the same for federal income tax purposes, with the exception of Pierre Towers, Preakness S/C, the Regency Club and the Rotunda properties (Icon and The Rotunda) whose cost for federal income tax purposes is approximately $42.5 million, $35.1 million, $13.1 million and $159.5 million, respectively. 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: 2016 2015 2014 Real estate: Balance, Beginning of year $ 409,297 $ 354,032 $ 292,769 Additions: Buildings and improvements 26,206 55,265 62,340 Disposal: Buildings and improvements (3,513 ) — — Sale of commercial property (2,545 ) — — Sale of discontinued operation — — (1,077 ) Balance, end of year $ 429,445 $ 409,297 $ 354,032 Accumulated depreciation: Balance, beginning of year $ 88,452 $ 81,569 $ 75,226 Additions - Charged to operating expenses 7,852 6,883 6,346 Disposal - Buildings and improvements (3,466 ) — — Sale of commercial property (291 ) — — Sale of discontinued operation — — — Adjustments — — (3 ) Balance, end of year $ 92,547 $ 88,452 $ 81,569 |
Organization and significant 30
Organization and significant accounting policies (Policies) | 12 Months Ended |
Oct. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization: | 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 distributed 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: | 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 In May 2014, the FASB issued ASU No. 2014-09, “ Revenue from Contracts with Customers In February 2015, the FASB issued ASU No. 2015-02, " Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-03, " Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) Leases (Topic 840) |
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. In the event of a postponement, 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, 2016, 2015 and 2014, 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: Debt 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 $543,000, $419,000 and $359,000 in 2016, 2015 and 2014, respectively. Unamortized debt issuance costs are a direct deduction from mortgages payable on the consolidated balance sheets. |
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 $257,000, $162,000 and $133,000 in 2016, 2015 and 2014, respectively. |
Stock-based compensation: | Stock-based compensation: FREIT has a stock-based compensation plan that was approved by FREIT’s Board of Trustees (“Board”), and ratified by FREIT’s shareholders. Stock based awards under the plan to employees are accounted for based on their grant-date fair value (see Note 11). 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 were amortized as a reduction of base rental revenue over the remaining term of the leases, and the capitalized below-market lease values were 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 was amortized over the weighted average remaining lease terms. |
Organization and significant 31
Organization and significant accounting policies (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of subsidiaries in which FREIT has a controlling financial interest | 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 |
Property acquisition (Tables)
Property acquisition (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of unaudited pro forma information | The following unaudited pro forma information shows the results of operations for the fiscal year ended October 31, 2014 for FREIT and its Subsidiaries as though the Regency had been acquired at the beginning of Fiscal 2014: Year Ended October 31, 2014 (In Thousands of Revenue $ 44,016 Net expenses 40,033 Income from continuing operations 3,983 Income from discontinued operations 7 Gain on sale of discontinued operation 8,734 Net income 12,724 Net income attributable to noncontrolling interests in subsidiaries (507 ) Net income attributable to common equity $ 12,217 Earnings per share - basic and diluted: Continuing operations $ 0.50 Discontinued operations 1.27 Net income attributable to common equity $ 1.77 Weighted average shares outstanding - basic and diluted 6,908 |
Real estate (Tables)
Real estate (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of real estate and equipment | Real estate consists of the following: Range of Estimated October 31, Useful Lives 2016 2015 (In Thousands of Dollars) Land $ 77,744 $ 79,384 Unimproved land 405 405 Apartment buildings 7-40 years 190,990 104,040 Commercial buildings/shopping centers 5-40 years 158,413 120,700 Equipment/Furniture 5-15 years 1,765 3,353 429,317 307,882 Less accumulated depreciation 92,547 88,452 Totals $ 336,770 $ 219,430 |
Mortgages, construction loan 34
Mortgages, construction loan payable and credit line (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of debt | October 31, 2016 October 31, 2015 Principal Unamortized Principal Unamortized (In Thousands of Dollars) (In Thousands of Dollars) Frederick, MD (A) $ 22,000 $ 23 $ 22,000 $ 62 Rockaway, NJ (B) 17,141 138 17,596 167 Westwood, NJ (C) 20,801 197 21,355 229 Patchogue, NY (D) 5,231 25 5,243 56 Wayne, NJ (E) 18,054 70 18,378 95 River Edge, NJ (F) 10,659 122 10,852 139 Maywood, NJ (G) 8,087 99 8,234 113 Westwood, NJ (H) 21,098 135 21,545 169 Wayne, NJ (I) 25,749 332 25,038 22 Hackensack, NJ (J) 29,901 50 30,567 70 Damascus, MD (K) 20,831 427 18,938 486 Middletown, NY (L) 16,200 269 16,200 301 Total fixed rate mortgage loans 215,752 1,887 215,946 1,909 Baltimore, MD (M) 113,967 634 91,953 1,220 Line of credit - Provident Bank (N) — — — — Total $ 329,719 $ 2,521 $ 307,899 $ 3,129 (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% through May 2017 at which time the outstanding balance is due. The mortgage is secured by a retail building in Frederick, Maryland having a net book value of approximately $15,671,000 as of October 31, 2016. (B) Payable in monthly installments of $115,850 including interest at 5.37% through February 2022 at which time the outstanding balance is due. The mortgage is secured by a residential building in Rockaway, New Jersey having a net book value of approximately $16,356,000 as of October 31, 2016. (C) On January 14, 2013, FREIT refinanced its Westwood Plaza mortgage loan in the amount of $8.0 million, with a new mortgage loan in the amount of $22,750,000, which is payable in monthly installments of $129,702 including interest at 4.75% through January 2023 at which time the outstanding balance is due. The new mortgage is secured by a retail building in Westwood, New Jersey having a net book value of approximately $7,900,000 as of October 31, 2016. (D) The loan, modified effective January 31, 2013, is payable in monthly installments of $31,046 including interest at 4.5% through March 2018 at which time the outstanding balance is due. Under the terms of the mortgage loan agreement, FREIT can request, during the term of the loan, additional funding that will bring the outstanding principal balance up to 75% of loan-to-value (percentage of mortgage loan to total appraised value of property securing the loan). Effective January 1, 2016, the monthly debt service payment has been reduced to interest only. This arrangement will remain in effect until the earlier of the property being re-leased, sold, the full repayment of the mortgage note, or March 1, 2018. (See Note 16 for additional information.) The mortgage is secured by a retail building in Patchogue, New York having a net book value of approximately $6,717,000 as of October 31, 2016. (E) Payable in monthly installments of $121,100 including interest at 6.09% through September 1, 2019 at which time the outstanding balance is due. The mortgage is secured by an apartment building in Wayne, New Jersey having a net book value of approximately $1,681,000 as of October 31, 2016. (F) On November 19, 2013, FREIT refinanced mortgage loans scheduled to mature on December 1, 2013 with a new mortgage loan in the amount of $11,200,000 payable in monthly installments of $57,456 including interest at 4.54% through December 1, 2023 at which time the outstanding balance is due. The mortgage is secured by an apartment building in River Edge, New Jersey having a net book value of approximately $866,000 as of October 31, 2016. (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 payable in monthly installments of $43,605 including interest at 4.54% through December 1, 2023 at which time the outstanding balance is due. The mortgage is secured by an apartment building in Maywood, New Jersey having a net book value of approximately $735,000 as of October 31, 2016. (H) Payable in monthly installments of $120,752 including interest of 4.62% through November 1, 2020 at which time the outstanding balance is due. The mortgage is secured by an apartment building in Westwood, New Jersey having a net book value of approximately $9,807,000 as of October 31, 2016. (I) On September 29, 2016, Wayne PSC, LLC refinanced its $24,200,000 mortgage loan held with Metropolitan Life Insurance Company, with a new mortgage loan from People’s United Bank in the amount of $25,800,000. The new loan bears a floating interest rate equal to 220 basis points over the one-month BBA LIBOR with a maturity date of October 1, 2026. In order to minimize interest rate volatility during the term of the loan, Wayne PSC, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.625% over the term of the loan. This refinancing resulted in: (i) a reduction in interest rate from 6.04% to 3.625% and (ii) net refinancing proceeds of approximately $1 million that were distributed to the partners in Wayne PSC, LLC with FREIT receiving $0.4 million based on it 40% membership interest in Wayne PSC, LLC. (See Note 6 for additional information relating to the interest rate swap.) The mortgage is secured by a shopping center in Wayne, New Jersey having a net book value of approximately $25,829,000 as of October 31, 2016 including approximately $0.1 million classified as construction in progress. (J) Payable in monthly installments of $191,197 including interest of 5.38% until May 2019 at which time the unpaid balance is due. The mortgage is secured by an apartment building in Hackensack, New Jersey having a net book value of approximately $40,042,000 as of October 31, 2016. (K) On December 26, 2012, Damascus Centre, LLC refinanced its construction loan with long-term financing provided by People’s United Bank and the first tranche of the new loan was taken-down in the amount of $20 million. Based on leasing and net operating income at the shopping center, People’s United Bank agreed to a take-down of the second tranche of this loan on April 22, 2016 in the amount of $2,320,000, of which approximately $470,000 was readily available and the remaining $1,850,000 (included in prepaid expenses and other assets in the accompanying consolidated balance sheet) is held in escrow and available to Damascus Centre, LLC once certain tenants open and begin paying rent. The loan has a maturity date of January 3, 2023 and bears a floating interest rate equal to 210 points over the BBA LIBOR. In order to minimize interest rate volatility during the term of this loan, Damascus Centre, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate on each tranche of this loan, resulting in a fixed rate of 3.81% over the term of the first tranche of this loan and a fixed rate of 3.53% over the term of the second tranche of this loan. (See Note 6 for additional information relating to the interest rate swaps.) The shopping center securing the loan has a net book value of approximately $28,143,000 as of October 31, 2016. (L) On December 29, 2014, FREIT Regency, LLC closed on a $16.2 million mortgage loan with Provident Bank. The loan bears a floating interest rate equal to 125 basis points over the one-month BBA LIBOR and the loan will mature on December 15, 2024. Interest-only payments are required each month through December 15, 2017. Thereafter, principal payments of $27,807 (plus accrued interest) are required each month through maturity. In order to minimize interest rate volatility during the term of the loan, FREIT Regency, LLC entered into an interest rate swap agreement that, in effect, converted the floating interest rate to a fixed interest rate of 3.75% over the term of the loan. (See Note 6 for additional information relating to the interest rate swap.) The mortgage is secured by an apartment complex in Middletown, New York having a net book value of $20,102,000 as of October 31, 2016. (M) The original Rotunda acquisition loan for $22.5 million, which was subsequently reduced to $19.5 million on February 1, 2010, was acquired by FREIT on May 28, 2013. FREIT subsequently sold this loan to Wells Fargo Bank. On December 9, 2013, Grande Rotunda, LLC closed with Wells Fargo Bank on a construction loan of up to $120 million to be used to redevelop and expand the Rotunda property in Baltimore, Maryland with a term of four (4) years, with one 12-month extension, at a rate of 225 basis points over the monthly LIBOR. The loan is secured by the Rotunda property, which has a net book value of approximately $155,552,000 as of October 31, 2016. As of October 31, 2016, approximately $114 million of this loan was drawn down (including approximately $21.1 million during Fiscal 2016), of which $19 million was used to pay off the loan from FREIT, and $95 million was used toward the construction at the Rotunda. On November 23, 2016, Wells Fargo Bank modified the following terms and conditions of this loan: (i) the total amount that may be drawn on this loan will be decreased from $120 million to $116.1 million, allowing for an additional draw of $2.1 million over the existing balance of approximately $114 million to be used for retail tenant improvements and leasing commissions; (ii) leasing benchmarks will no longer be required to be met including the waiver of the leasing benchmarks FREIT was not in compliance with as of June 30, 2016; (iii) Grande Rotunda, LLC will provide an interest reserve to Wells Fargo Bank in the amount of $2 million for the purpose of funding interest payments, and will be obliged to replenish the account balance to $1 million if it should fall below $500,000; (iv) the maturity date of the loan was changed from December 31, 2017 to October 31, 2017 with no option to extend; (v) the interest rate on amount outstanding on the loan was increased by 25 basis points to 250 basis points over the monthly LIBOR. (N) Credit Line: FREIT has a line of credit provided by the Provident Bank in the amount of $12.8 million. The line of credit was for a two year term ending on November 1, 2016, which was extended by the bank to February 1, 2017 while the bank completes its due diligence. FREIT expects the credit line will be extended for an additional period of 24 months. Draws against the credit line can be used for general corporate purposes, for property acquisitions, construction activities, and letters of credit. Draws against the credit line are secured by mortgages on FREIT’s Franklin Crossing Shopping Center in Franklin Lakes, New Jersey and retail space in Glen Rock, New Jersey. Interest rates on draws will be set at the time of each draw for 30, 60, or 90-day periods, based on FREIT’s choice of the prime rate or at 175 basis points over the 30, 60, or 90-day LIBOR rates at the time of the draws. The interest rate on the line of credit has a floor of 3.25%. The Palisades Manor and the Grandview Apartment properties had been part of the collateral for the line of credit prior to FREIT’s sales of these properties in April 2013 and August 2013, respectively. Provident Bank released these properties as collateral for the credit line in connection with these dispositions, and as a result, the credit line was reduced from $18 million to approximately $13 million as of July 2013. The $5 million that was outstanding as of October 31, 2014, was repaid to the bank in January 2015 from the proceeds of a $16.2 million mortgage loan from the Provident Bank. As of October 31, 2016 and 2015, approximately $12.8 million was available under the line of credit and no amount was outstanding. |
Schedule of estimated fair value and carrying value of long-term debt | The following table shows the estimated fair value and carrying value of FREIT’s long-term debt at October 31, 2016 and 2015: October 31, October 31, ($ in Millions) 2016 2015 Fair Value $ 331.3 $ 313.5 Carrying Value $ 327.2 $ 304.8 |
Schedule of principal amounts of long-term debt | Principal amounts (in thousands of dollars) due under the above obligations in each of the five years subsequent to October 31, 2016 are as follows: Year Ending October 31, Amount 2017 $ 139,687 (a) 2018 $ 9,751 2019 $ 49,495 2020 $ 3,750 2021 $ 22,472 (a) Includes approximately $114 million relating to the Rotunda construction loan due October 2017. (See Note 5(M).) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of minimum rental income to be received from non-cancelable operating leases | Minimum rental income (in thousands of dollars) to be received from non-cancelable operating leases in years subsequent to October 31, 2016 is as follows: Year Ending October 31, Amount 2017 $ 17,228 2018 15,713 2019 14,087 2020 12,795 2021 10,720 Thereafter 54,936 Total $ 125,479 |
Equity incentive plan (Tables)
Equity incentive plan (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Option Activity | The following table summarizes stock option activity for Fiscal 2016: Year Ended October 31, 2016 No. of Options Exercise Outstanding Price Options outstanding beginning of period 243,900 $ 18.45 Options exercised during period (13,200 ) $ 18.45 Options forfeited/cancelled during period (820 ) $ 18.45 Options outstanding end of period 229,880 $ 18.45 Options vested and expected to vest 225,420 Options exercisable at end of period 84,080 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment and related information | Years Ended October 31, 2016 2015 2014 (In Thousands of Dollars) Real estate rental revenue: Commercial $ 22,694 $ 23,037 $ 22,424 Residential 22,952 21,966 20,419 Total real estate rental revenue 45,646 45,003 42,843 Real estate operating expenses: Commercial 10,661 10,436 9,663 Residential 11,136 10,626 9,757 Total real estate operating expenses 21,797 21,062 19,420 Net operating income: Commercial 12,033 12,601 12,761 Residential 11,816 11,340 10,662 Total net operating income $ 23,849 $ 23,941 $ 23,423 Recurring capital improvements - residential $ (898 ) $ (424 ) $ (549 ) Reconciliation to consolidated net income attributable to common equity: Segment NOI $ 23,849 $ 23,941 $ 23,423 Gain on sale of commercial property 314 — — Deferred rents - straight lining 608 (219 ) (93 ) Amortization of acquired leases — (1 ) (21 ) Investment income 150 150 184 General and administrative expenses (2,034 ) (2,029 ) (1,396 ) Straight line rent adjustment - bankrupt tenant — (1,046 ) — G-Mart lease termination expenses — — (371 ) Acquisition costs-Regency — — (648 ) Depreciation (7,852 ) (6,883 ) (6,346 ) Financing costs (11,936 ) (11,001 ) (11,309 ) Income from continuing operations 3,099 2,912 3,423 Income from discontinued operations — — 7 Gain on sale of discontinued operation — — 8,734 Net income 3,099 2,912 12,164 Net income attributable to noncontrolling interests (94 ) (281 ) (507 ) Net income attributable to common equity $ 3,005 $ 2,631 $ 11,657 |
Selected quarterly financial 38
Selected quarterly financial data (unaudited) (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly results of operation | The following summary represents the results of operations for each quarter for the years ended October 31, 2016 and 2015 (in thousands, except per share amounts): 2016: Quarter Ended Year Ended January 31, April 30, July 31, October 31, October 31, Revenue $ 11,424 $ 11,064 $ 11,590 $ 12,176 $ 46,254 Expenses 10,381 10,130 10,133 (a) 12,511 43,155 Net income (loss) 1,043 934 1,457 (335 ) 3,099 Net (income) loss attributable to noncontrolling interests in subsidiaries (41 ) (125 ) (211 ) 283 (94 ) Net income (loss) attributable to common equity $ 1,002 $ 809 $ 1,246 $ (52 ) $ 3,005 Earnings (loss) per share - basic and diluted $ 0.15 $ 0.12 $ 0.18 (a) $ (0.01 ) $ 0.44 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 1.20 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 (b) 41,871 Net income 1,313 461 1,057 81 2,912 Net (income) loss attributable to noncontrolling interests in subsidiaries (265 ) 71 (89 ) 2 (281 ) Net income attributable to common equity $ 1,048 $ 532 $ 968 $ 83 $ 2,631 Earnings per share - basic and diluted $ 0.15 $ 0.08 $ 0.14 $ 0.02 (b) $ 0.39 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 1.20 (a) Includes $0.3M gain on sale of commercial property in Rochelle Park, New Jersey which was sold on June 17, 2016 ($0.05 per share) (b) Includes $1.1M provision for loss related to straight line rent receivable for Pathmark at the Patchogue, New York store, as a result of the bankruptcy filing of A&P, of which Pathmark is a subsidiary ($0.15 per share) |
Organization and significant 39
Organization and significant accounting policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Advertising costs | $ 257,000 | $ 162,000 | $ 133,000 |
Amortization of mortgage costs and leasing commissions | $ 543,000 | $ 419,000 | $ 359,000 |
Organization and significant 40
Organization and significant accounting policies (Schedule of Subsidiaries) (Details) | 12 Months Ended |
Oct. 31, 2016 | |
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 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale of property | $ 3,059,000 | |||
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 |
Property acquisition (Narrative
Property acquisition (Narrative) (Details) | Jun. 18, 2014USD ($)Number | Jul. 31, 2015USD ($) | Oct. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Dec. 29, 2014USD ($) |
Business Acquisition [Line Items] | ||||||
Acquisition price | $ 20,600,000 | |||||
Regency acquisition costs | $ 648,000 | $ 648,000 | ||||
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 | |||||
Mortgages [Member] | Provident Bank Mortgage [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Loan amount | $ 16,200,000 |
Property acquisition (Schedule
Property acquisition (Schedule of Results of Operations) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Oct. 31, 2014USD ($)$ / sharesshares | |
Schedule of pro-forma information | |
Revenues | $ 44,016 |
Net expenses | 40,033 |
Income from continuing operations | 3,983 |
Income from discontinued operations | 7 |
Gain on sale of discontinued operations | 8,734 |
Net income | 12,724 |
Net income attributable to noncontrolling interests in subsidiaries | (507) |
Net income attributable to common equity | $ 12,217 |
Earnings per share - basic and diluted: | |
Continuing operations | $ / shares | $ 0.50 |
Discontinued operations | $ / shares | 1.27 |
Net income attributable to common equity | $ / shares | $ 1.77 |
Weighted average shares outstanding - basic and diluted | shares | 6,908 |
Real estate (Details)
Real estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 77,744 | $ 79,384 |
Unimproved land | 405 | 405 |
Equipment/Furniture | 1,765 | 3,353 |
Real estate and equipment | 429,317 | 307,882 |
Less accumulated depreciation | 92,547 | 88,452 |
Totals | $ 336,770 | 219,430 |
Minimum [Member] | Equipment/Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Maximum [Member] | Equipment/Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15 years | |
Apartment Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate and equipment | $ 190,990 | 104,040 |
Apartment Buildings [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 7 years | |
Apartment Buildings [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 40 years | |
Commercial Buildings/Shopping Centers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Real estate and equipment | $ 158,413 | $ 120,700 |
Commercial Buildings/Shopping Centers [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Commercial Buildings/Shopping Centers [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 40 years |
Mortgages, construction loan 45
Mortgages, construction loan payable and credit line (Narrative) (Details) - USD ($) | Jan. 14, 2013 | Feb. 01, 2010 | Sep. 29, 2016 | Jun. 30, 2016 | Feb. 01, 2012 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Nov. 23, 2016 | Apr. 22, 2016 | Dec. 29, 2014 | Jul. 31, 2013 | |||
Debt Instrument [Line Items] | |||||||||||||||
Amount drawn on loan | $ 329,719,000 | $ 307,899,000 | |||||||||||||
Repayment of mortgages and construction loan | 28,314,000 | 4,117,000 | $ 13,260,000 | ||||||||||||
Construction and pre-development costs | 13,535,000 | [1] | 48,576,000 | [2] | $ 33,579,000 | [3] | |||||||||
Amount due within five years | 22,472,000 | ||||||||||||||
People's United Bank [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed interest rate | 3.53% | ||||||||||||||
Loan amount | $ 25,800,000 | 1,000,000 | |||||||||||||
Amount drawn on loan | $ 20,800 | $ 2,320,000 | |||||||||||||
Provident Bank [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis points, interest rate | 1.25% | ||||||||||||||
Fixed interest rate | 3.25% | ||||||||||||||
Loan amount | $ 16,200,000 | ||||||||||||||
Amount drawn on loan | |||||||||||||||
Maturity date of loan | Dec. 15, 2024 | ||||||||||||||
Term of the loan | 2 years | ||||||||||||||
Line of credit, maximum borrowing capacity | $ 12,800,000 | ||||||||||||||
Line of credit, current borrowing capacity | $ 12,800,000 | ||||||||||||||
Provident Bank [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit, maximum borrowing capacity | $ 18,000,000 | ||||||||||||||
Provident Bank [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit, maximum borrowing capacity | $ 13,000,000 | ||||||||||||||
Frederick, MD [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed interest rate | 5.55% | ||||||||||||||
Debt Instrument, Collateral Amount | $ 15,671,000 | ||||||||||||||
Rockaway, NJ Mortgage [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed interest rate | 5.37% | ||||||||||||||
Debt Instrument, Periodic Payment | $ 115,850 | ||||||||||||||
Debt Instrument, Collateral Amount | $ 16,356,000 | ||||||||||||||
Westwood, NJ#1 [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Refinanced loan amount | $ 8,000,000 | ||||||||||||||
Westwood, NJ #2 [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed interest rate | 4.75% | ||||||||||||||
Debt Instrument, Periodic Payment | $ 129,702 | ||||||||||||||
Debt Instrument, Collateral Amount | 7,900,000 | ||||||||||||||
Loan amount | $ 22,750,000 | ||||||||||||||
Patchogue, NY [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed interest rate | 4.50% | ||||||||||||||
Debt Instrument, Periodic Payment | $ 31,046 | ||||||||||||||
Debt Instrument, Collateral Amount | $ 6,717,000 | ||||||||||||||
Loan To Value | 75.00% | ||||||||||||||
Wayne, NJ Mortgage 1 [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed interest rate | 6.09% | ||||||||||||||
Debt Instrument, Periodic Payment | $ 121,100 | ||||||||||||||
Debt Instrument, Collateral Amount | $ 1,681,000 | ||||||||||||||
River Edge, NJ Refinanced Mortgage [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed interest rate | 4.54% | ||||||||||||||
Debt Instrument, Periodic Payment | $ 57,456 | ||||||||||||||
Debt Instrument, Collateral Amount | 866,000 | ||||||||||||||
Loan amount | $ 11,200,000 | ||||||||||||||
Refinanced Maywood, NJ Mortgage [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed interest rate | 4.54% | ||||||||||||||
Debt Instrument, Periodic Payment | $ 43,605 | ||||||||||||||
Debt Instrument, Collateral Amount | 735,000 | ||||||||||||||
Loan amount | $ 8,500,000 | ||||||||||||||
Westwood, NJ #3 [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed interest rate | 4.62% | ||||||||||||||
Debt Instrument, Periodic Payment | $ 120,752 | ||||||||||||||
Debt Instrument, Collateral Amount | $ 9,807,000 | ||||||||||||||
Wayne, PSC LLC [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Refinanced loan amount | $ 24,200,000 | ||||||||||||||
Fixed interest rate | 3.625% | ||||||||||||||
Membership interest percentage | 40.00% | ||||||||||||||
Description of variable interest rate | a reduction in interest rate from 6.04% to 3.625% | ||||||||||||||
Repurchase amount of acquisition loan | $ 400,000 | ||||||||||||||
Net proceeds from refinancing of debt | 1,000,000 | ||||||||||||||
People's United Bank [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Refinanced loan amount | $ 25,800,000 | ||||||||||||||
Basis points, interest rate | 2.00% | ||||||||||||||
Maturity date of loan | Oct. 1, 2026 | ||||||||||||||
Second Wayne, NJ Mortgage [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed interest rate | 6.04% | ||||||||||||||
Debt Instrument, Collateral Amount | $ 25,829,000 | ||||||||||||||
Second Wayne, NJ Mortgage [Member] | Mortgages [Member] | Construction in Progress [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Collateral Amount | $ 100,000 | ||||||||||||||
Hackensack, NJ [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed interest rate | 5.38% | ||||||||||||||
Debt Instrument, Periodic Payment | $ 191,197 | ||||||||||||||
Debt Instrument, Collateral Amount | $ 40,042,000 | ||||||||||||||
Damascus, MD [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis points, interest rate | 2.10% | ||||||||||||||
Fixed interest rate | 3.81% | ||||||||||||||
Debt Instrument, Collateral Amount | $ 28,143,000 | ||||||||||||||
Amount drawn on loan | $ 20,000,000 | 20,000,000 | |||||||||||||
Maturity date of loan | Jan. 3, 2023 | ||||||||||||||
Readily Available [Member] | People's United Bank [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount drawn on loan | $ 470,000 | ||||||||||||||
Provident Bank Mortgage [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan amount | $ 16,200,000 | ||||||||||||||
Middletown, NY Mortgage [Member] | Provident Bank [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis points, interest rate | 1.25% | ||||||||||||||
Fixed interest rate | 3.75% | ||||||||||||||
Debt Instrument, Collateral Amount | $ 20,102,000 | ||||||||||||||
Loan amount | $ 16,200,000 | ||||||||||||||
Maturity date of loan | Dec. 15, 2024 | ||||||||||||||
Annual interest costs | 3.75% | ||||||||||||||
Monthly principal payment amount | $ 27,807 | ||||||||||||||
Baltimore, MD [Member] | People's United Bank [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis points, interest rate | 2.25% | ||||||||||||||
Loan amount | $ 12,000,000 | ||||||||||||||
Term of the loan | 4 years | ||||||||||||||
Baltimore, MD [Member] | Notes Payable, Other Payables [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis points, interest rate | 3.50% | ||||||||||||||
Fixed interest rate | 4.00% | ||||||||||||||
Debt Instrument, Collateral Amount | $ 19,500,000 | $ 155,552,000 | |||||||||||||
Loan amount | 22,500,000 | ||||||||||||||
Amount drawn on loan | 113,967,000 | $ 91,953,000 | |||||||||||||
Construction and pre-development costs | 95,000,000 | ||||||||||||||
Debt reduction | $ 3,000,000 | $ 110,000 | |||||||||||||
Repayments of debt to affiliate | 19,000,000 | ||||||||||||||
Baltimore, MD [Member] | Notes Payable, Other Payables [Member] | Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount drawn on loan | $ 2,100,000 | ||||||||||||||
Baltimore, MD [Member] | Notes Payable, Other Payables [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount drawn on loan | 120,000,000 | ||||||||||||||
Baltimore, MD [Member] | Notes Payable, Other Payables [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount drawn on loan | 116,100,000 | ||||||||||||||
Baltimore, MD [Member] | Notes Payable, Other Payables [Member] | Fiscal Year [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount drawn on loan | 21,100,000 | ||||||||||||||
Baltimore, MD [Member] | Notes Payable, Other Payables [Member] | Construction in Progress [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Collateral Amount | 997 | ||||||||||||||
FREIT [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Refinanced loan amount | 400,000 | ||||||||||||||
Debt Instrument, Periodic Payment | $ 19,000,000 | ||||||||||||||
Grande Rotunda, LLC [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Annual interest costs | 2.00% | ||||||||||||||
Grande Rotunda, LLC [Member] | Mortgages [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis points, interest rate | 2.50% | ||||||||||||||
Replenish account balance | $ 1,000,000 | ||||||||||||||
Grande Rotunda, LLC [Member] | Mortgages [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis points, interest rate | 0.25% | ||||||||||||||
Replenish account balance | $ 500,000 | ||||||||||||||
[1] | Includes $4,213 that was incurred and accrued in fiscal 2015; paid in fiscal 2016. | ||||||||||||||
[2] | Includes $5,523 that was incurred and accrued in fiscal 2014; paid in fiscal 2015. | ||||||||||||||
[3] | Includes $3,766 that was incurred and accrued in fiscal 2013; paid in fiscal 2014. |
Mortgages, construction loan 46
Mortgages, construction loan payable and credit line (Schedule of Debt) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 2,521 | $ 3,129 |
Total mortgages, notes payable and credit line | 329,719 | 307,899 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 215,752 | 215,946 |
Unamortized debt issuance costs | 1,887 | 1,909 |
Mortgages [Member] | Frederick, MD [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 22,000 | 22,000 |
Unamortized debt issuance costs | 23 | 62 |
Mortgages [Member] | Rockaway, NJ Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 17,141 | 17,596 |
Unamortized debt issuance costs | 138 | 167 |
Mortgages [Member] | Westwood, NJ #2 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 20,801 | 21,355 |
Unamortized debt issuance costs | 197 | 229 |
Mortgages [Member] | Patchogue, NY [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 5,231 | 5,243 |
Unamortized debt issuance costs | 25 | 56 |
Mortgages [Member] | Wayne, NJ Mortgage 1 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 18,054 | 18,378 |
Unamortized debt issuance costs | 70 | 95 |
Mortgages [Member] | River Edge, NJ First Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 10,659 | 10,852 |
Unamortized debt issuance costs | 122 | 139 |
Mortgages [Member] | Refinanced Maywood, NJ Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 8,087 | 8,234 |
Unamortized debt issuance costs | 99 | 113 |
Mortgages [Member] | Westwood, NJ #3 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 21,098 | 21,545 |
Unamortized debt issuance costs | 135 | 169 |
Mortgages [Member] | Second Wayne, NJ Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 25,749 | 25,038 |
Unamortized debt issuance costs | 332 | 22 |
Mortgages [Member] | Hackensack, NJ [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 29,901 | 30,567 |
Unamortized debt issuance costs | 50 | 70 |
Mortgages [Member] | Damascus, MD [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 20,831 | 18,938 |
Unamortized debt issuance costs | 427 | 486 |
Total mortgages, notes payable and credit line | 20,000 | 20,000 |
Mortgages [Member] | Middletown, NY Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans | 16,200 | 16,200 |
Unamortized debt issuance costs | 269 | 301 |
Notes Payable, Other Payables [Member] | Baltimore, MD [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 634 | 1,220 |
Total mortgages, notes payable and credit line | 113,967 | 91,953 |
Provident Bank [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | ||
Total mortgages, notes payable and credit line |
Mortgages, construction loan 47
Mortgages, construction loan payable and credit line (Schedule of Fair Value of Long-Term Debt) (Details) - USD ($) $ in Millions | Oct. 31, 2016 | Oct. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Fair value of long-term debt | $ 331.3 | $ 313.5 |
Carrying value of long-term debt | $ 327.2 | $ 304.8 |
Mortgages, construction loan 48
Mortgages, construction loan payable and credit line (Schedule of Principal Amounts Due) (Details) $ in Thousands | Oct. 31, 2016USD ($) | |
Debt Disclosure [Abstract] | ||
2,017 | $ 139,687 | [1] |
2,018 | 9,751 | |
2,019 | 49,495 | |
2,020 | 3,750 | |
2,021 | $ 22,472 | |
[1] | Includes approximately $114 million relating to the Rotunda construction loan due October 2017. |
Interest rate swap contracts (D
Interest rate swap contracts (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Sep. 29, 2016 | Jul. 31, 2016 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 22, 2016 | Dec. 26, 2012 | |
Mortgages and construction loan payable | $ 329,719,000 | $ 307,899,000 | |||||
Interest rate swap contract assets | 91,000 | ||||||
Unrealized gain (loss) on derivatives | (725,000) | (1,581,000) | |||||
Interest rate swap contract liabilities | 1,882,000 | 1,066,000 | |||||
Wayne PSC, LLC Loan [Member] | |||||||
Refinanced loan amount | $ 24,200,000 | ||||||
Loan amount | 25,700,000 | ||||||
Notional amount of interest rate swap | $ 25,800,000 | ||||||
Fixed interest rate | 3.625% | ||||||
Basis points, interest rate | 2.20% | ||||||
Maturity date of loan | Oct. 1, 2026 | Oct. 1, 2026 | |||||
People's United Bank [Member] | |||||||
Loan amount | $ 25,800,000 | $ 1,000,000 | |||||
Mortgages and construction loan payable | 20,800 | $ 2,320,000 | |||||
Notional amount of interest rate swap | $ 20,900,000 | ||||||
People's United Bank [Member] | Tranche Two [Member] | |||||||
Loan amount | $ 2,320,000 | ||||||
Fixed interest rate | 3.53% | ||||||
Basis points, interest rate | 2.10% | ||||||
Maturity date of loan | Jan. 3, 2023 | ||||||
People's United Bank [Member] | Tranche One [Member] | |||||||
Loan amount | $ 20,000,000 | ||||||
Fixed interest rate | 3.81% | ||||||
Basis points, interest rate | 2.10% | 2.10% | |||||
Maturity date of loan | Jan. 3, 2023 | Jan. 3, 2023 | |||||
Provident Bank [Member] | |||||||
Loan amount | $ 16,200,000 | ||||||
Mortgages and construction loan payable | |||||||
Notional amount of interest rate swap | $ 16,200,000 | ||||||
Maturity date | Dec. 15, 2024 | ||||||
Fixed interest rate | 3.75% | ||||||
Basis points, interest rate | 1.25% | ||||||
Maturity date of loan | Dec. 15, 2024 | ||||||
Damascus Centre Swap [Member] | |||||||
Interest rate swap contract assets | $ 515,000 | ||||||
Unrealized gain (loss) on derivatives | $ 465,000 | ||||||
Interest rate swap contract liabilities | $ 521,000 | 121,000 | |||||
Regency Swap [Member] | |||||||
Interest rate swap contract liabilities | 1,361,000 | $ 945,000 | |||||
Wayne PSC swap [Member] | |||||||
Interest rate swap contract assets | $ 91,000 |
Capitalized interest (Details)
Capitalized interest (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Capitalized interest [Abstract] | |||
Interest capitalized | $ 2,611,000 | $ 2,447,000 | $ 1,110,000 |
Commitments and contingencies51
Commitments and contingencies (Narrative) (Details) | 12 Months Ended |
Oct. 31, 2016USD ($) | |
Commercial space leases, net book value | $ 155,500,000 |
Lease terms for tenants, periods | 2 years |
Letter of credit amount | $ 1,000,000 |
Westwood Plaza Shopping Center [Member] | |
Flood insurance, amount per incident | $ 500,000 |
Commitments and contingencies52
Commitments and contingencies (Schedule of Minimum Rental Income) (Details) $ in Thousands | Oct. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 17,228 |
2,018 | 15,713 |
2,019 | 14,087 |
2,020 | 12,795 |
2,021 | 10,720 |
Thereafter | 54,936 |
Total | $ 125,479 |
Management agreement, fees an53
Management agreement, fees and transactions with related party (Details) - USD ($) | Oct. 31, 2006 | May 07, 2008 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 |
Related Party Transaction [Line Items] | ||||||
Asset management fees | $ 2,046,000 | $ 2,000,000 | $ 1,968,000 | |||
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 | |||||
Managing Agent Hekemian & Co [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Asset management fees | 1,930,000 | 1,899,000 | 1,866,000 | |||
Leasing commissions and reimbursement of operating expenses | 577,000 | 465,000 | 673,000 | |||
Leasing commissions | 396,000 | |||||
Insurance commissions | 164,000 | 166,000 | 133,000 | |||
Sales commissions | 880,000 | |||||
Maximum advances to employees | $ 2,000,000 | 4,000,000 | ||||
Accounts Payable | $ 181,000 | 163,000 | ||||
Affiliated Entity [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Development fee (as percentage) | 6.375% | |||||
Development fees paid | $ 3,000,000 | $ 500,000 | ||||
Fee, to be paid on issuance of certificate of occupancy | 900,000 | |||||
Robert S. Hekemian [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Trustee fee expense | 532,000 | 538,000 | 642,000 | |||
Rotunda 100 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Secured loans receivable to noncontrolling interest | 2,100,000 | |||||
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 1 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Development fees paid | 1,000,000 | 1,000,000 | ||||
Redevelopment fees | 443,000 | 1,546,000 | 1,998,000 | |||
Construction and development costs | $ 1,400,000 | |||||
Development fees included in accounts payable | 900,000 | 900,000 | ||||
Robert S. Hekemian, Jr. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Trustee fee expense | $ 65,000 | 65,000 | $ 46,000 | |||
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 | $ 886,000 | $ 732,000 | ||||
Ownership by parent (percentage) | 60.00% | |||||
Ownership by noncontrolling owners (percentage) | 40.00% |
Income taxes (Details)
Income taxes (Details) - USD ($) | Jun. 18, 2014 | Dec. 20, 2013 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Ordinary taxable income distributed as dividends (percentage) | 100.00% | 100.00% | 100.00% | ||
Dividend paid | $ 1.20 | ||||
Acquisition costs | $ 20,600,000 | ||||
Regency Club Acquisition [Member] | |||||
Amount tax basis is lower than the acquisition price | $ 8,000,000 | ||||
Acquisition costs | $ 20,625,000 | ||||
South Brunswick property [Member] | |||||
Capital gain on sale of apartments | $ 8,700,000 | ||||
Ordinary income [Member] | |||||
Dividend percentage | 51.00% | ||||
Capital gain [Member] | |||||
Dividend percentage | 32.00% | ||||
Return of capital to shareholders [Member] | |||||
Dividend percentage | 17.00% |
Equity incentive plan (Details)
Equity incentive plan (Details) - USD ($) | Sep. 04, 2014 | Apr. 04, 2004 | Sep. 10, 1998 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
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 | 222,920 | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Plan term | 10 years | |||||
Vesting term | 5 years | |||||
No. of Options Outstanding | ||||||
Options outstanding beginning of period | 243,900 | |||||
Options exercised during period | (13,200) | |||||
Options granted during period | 246,000 | |||||
Options forfeited/cancelled during period | (820) | |||||
Options outstanding end of period | 229,880 | 243,900 | ||||
Options vested and expected to vest | 225,420 | |||||
Options exercisable at end of period | 84,080 | |||||
Exercise Price | ||||||
Options outstanding beginning of period | $ 18.45 | |||||
Options exercised during 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 | $ 94,000 | $ 16,000 | |||
Unrecognized compensation cost | 266,000 | |||||
Aggregate intrinsic value of options expected to vest | 473,382 | |||||
Aggregate intrinsic value of options exercisable | $ 176,568 |
Deferred fee plan (Details)
Deferred fee plan (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Dividends payable | $ 2,022,000 | $ 2,018,000 | $ 2,046,000 |
Deferred Fee Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Trustee fee expense | 683,100 | 752,200 | |
Deferred trustee fees | 5,224,000 | $ 5,224,000 | |
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 | ||
Shares issued | 38,194 | 39,350 | |
Dividends payable | $ 76,000 | $ 29,000 |
Dividends and earnings per sh57
Dividends and earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Dividends declared (amount) | $ 8,152 | $ 8,130 | $ 8,276 | ||||||||
Dividends declared per share | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.20 | $ 1.20 | $ 1.20 |
Increase in average dilutive shares outstanding | 1,627 |
Segment information (Details)
Segment information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 17, 2016USD ($) | Oct. 31, 2016USD ($)properties | Jul. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Oct. 31, 2015USD ($)properties | Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Oct. 31, 2016USD ($)propertiessegments | Oct. 31, 2015USD ($)properties | Oct. 31, 2014USD ($)properties | |
Reportable Segments | ||||||||||||
Real estate rental revenue | $ 12,176 | $ 11,590 | $ 11,064 | $ 11,424 | $ 11,108 | $ 11,143 | $ 11,252 | $ 11,280 | $ 46,254 | $ 44,783 | $ 42,430 | |
Real estate operating expenses | 31,683 | 31,020 | 27,234 | |||||||||
Operating income | 14,571 | 13,763 | 15,196 | |||||||||
Reconciliation to consolidated net income attributable to common equity: | ||||||||||||
Gain on sale of commercial property | 314 | |||||||||||
Deferred rents - straight lining | $ (1,100,000) | 608 | (219) | (93) | ||||||||
Amortization of acquired leases | (1) | (21) | ||||||||||
Investment income | 150 | 150 | 184 | |||||||||
General and administrative expenses | (2,034) | (2,029) | (1,396) | |||||||||
Straight line rent adjustment - bankrupt tenant | (1,046) | |||||||||||
G-Mart lease termination expenses | (371) | |||||||||||
Acquisition expenses-Regency | (648) | (648) | ||||||||||
Depreciation | (7,852) | (6,883) | (6,346) | |||||||||
Financing costs | (11,936) | (11,001) | (11,309) | |||||||||
Income from continuing operations | 3,099 | 2,912 | 3,423 | |||||||||
Income from discontinued operations | 7 | |||||||||||
Gain on sale of discontinued operation | $ 300,000 | 8,734 | ||||||||||
Net income | (335) | 1,457 | 934 | 1,043 | 81 | 1,057 | 461 | 1,313 | 3,099 | 2,912 | 12,164 | |
Net income attributable to noncontrolling interests | 283 | (211) | (125) | (41) | 2 | (89) | 71 | (265) | (94) | (281) | (507) | |
Net income attributable to common equity | $ (52) | $ 1,246 | $ 809 | $ 1,002 | $ 83 | $ 968 | $ 532 | $ 1,048 | $ 3,005 | $ 2,631 | $ 11,657 | |
Number of reportable segments | segments | 2 | |||||||||||
Commercial [Member] | ||||||||||||
Reconciliation to consolidated net income attributable to common equity: | ||||||||||||
Number of properties | properties | 9 | 10 | 9 | 10 | 10 | |||||||
Residential [Member] | ||||||||||||
Reportable Segments | ||||||||||||
Recurring capital improvements | $ (898) | $ (424) | $ (549) | |||||||||
Reconciliation to consolidated net income attributable to common equity: | ||||||||||||
Number of properties | properties | 8 | 7 | 8 | 7 | 7 | |||||||
Unit apartment complex [Member] | ||||||||||||
Reconciliation to consolidated net income attributable to common equity: | ||||||||||||
Number of properties | 379 | 379 | ||||||||||
Operating Segments [Member] | ||||||||||||
Reportable Segments | ||||||||||||
Real estate rental revenue | $ 45,646 | $ 45,003 | $ 42,843 | |||||||||
Real estate operating expenses | 21,797 | 21,062 | 19,420 | |||||||||
Operating income | 23,849 | 23,941 | 23,423 | |||||||||
Reconciliation to consolidated net income attributable to common equity: | ||||||||||||
Segment NOI | 23,849 | 23,941 | 23,423 | |||||||||
Operating Segments [Member] | Commercial [Member] | ||||||||||||
Reportable Segments | ||||||||||||
Real estate rental revenue | 22,694 | 23,037 | 22,424 | |||||||||
Real estate operating expenses | 10,661 | 10,436 | 9,663 | |||||||||
Operating income | 12,033 | 12,601 | 12,761 | |||||||||
Operating Segments [Member] | Residential [Member] | ||||||||||||
Reportable Segments | ||||||||||||
Real estate rental revenue | 22,952 | 21,966 | 20,419 | |||||||||
Real estate operating expenses | 11,136 | 10,626 | 9,757 | |||||||||
Operating income | $ 11,816 | $ 11,340 | $ 10,662 |
Share repurchases (Details)
Share repurchases (Details) - USD ($) | Mar. 20, 2015 | Sep. 04, 2014 | Dec. 17, 2013 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Feb. 17, 2015 | Dec. 04, 2013 |
Equity [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. Bankrup60
Pathmark Stores, Inc. Bankruptcy Filing (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Receivables arising from straight-lining of rents | $ 2,725,000 | $ 2,725,000 | $ 2,604,000 | |
Straight line rent adjustment - bankrupt tenant | 1,046,000 | |||
Pathmark Stores, Inc. [Member] | ||||
Lease rejected by bankruptcy court | 6,700,000 | $ 6,700,000 | ||
Receivables arising from straight-lining of rents | $ 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 |
Sale of property (Details)
Sale of property (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Jun. 17, 2016 | |
Real Estate Properties [Line Items] | |||||
Agreed sales price of property held for sale | $ 3,059,000 | ||||
Gain on sale of property held for sale | 314,000 | ||||
Lakeland Bank Property [Member] | |||||
Real Estate Properties [Line Items] | |||||
Rental properties | $ 2,700,000 | ||||
Straight-line rent receivable on property held for sale | $ 500,000 | ||||
Agreed sales price of property held for sale | $ 3,100,000 | ||||
Gain on sale of property held for sale | $ 300,000 | ||||
Maximum purchase price of property | 3,000,000 | ||||
Lost annual rents due to sale of property | $ 241,000 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - Non-qualified share options [Member] | Nov. 10, 2016$ / sharesshares |
Subsequent Event [Line Items] | |
Options Granted | shares | 38,000 |
Exercise price of options | $ / shares | $ 21 |
Installment period | 5 years |
Expiration period | 10 years |
Expiration date | Nov. 9, 2026 |
Selected quarterly financial 63
Selected quarterly financial data (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Jun. 17, 2016 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Revenue | $ 12,176 | $ 11,590 | $ 11,064 | $ 11,424 | $ 11,108 | $ 11,143 | $ 11,252 | $ 11,280 | $ 46,254 | $ 44,783 | $ 42,430 | |||
Expenses | 12,511 | 10,133 | [1] | 10,130 | 10,381 | 11,027 | [2] | 10,086 | 10,791 | 9,967 | 43,155 | 41,871 | ||
Net income (loss) | (335) | 1,457 | 934 | 1,043 | 81 | 1,057 | 461 | 1,313 | 3,099 | 2,912 | 12,164 | |||
Net income attributable to noncontrolling interests in subsidiaries | 283 | (211) | (125) | (41) | 2 | (89) | 71 | (265) | (94) | (281) | (507) | |||
Net income attributable to common equity | $ (52) | $ 1,246 | $ 809 | $ 1,002 | $ 83 | $ 968 | $ 532 | $ 1,048 | $ 3,005 | $ 2,631 | $ 11,657 | |||
Earnings per share - basic and diluted | $ (0.01) | $ 0.18 | $ 0.12 | $ 0.15 | $ 0.02 | $ 0.14 | $ 0.08 | $ 0.15 | $ 0.44 | $ 0.39 | $ 1.69 | |||
Dividends declared per share | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.20 | $ 1.20 | $ 1.20 | |||
Gain on sale of discontinued operations | $ 300,000 | $ 8,734 | ||||||||||||
Gain on sale of discontinued operations, per share effect | $ 0.05 | |||||||||||||
Deferred rents - straight lining | $ 1,100,000 | $ (608) | $ 219 | $ 93 | ||||||||||
Straight line rent expense per share | $ 0.15 | |||||||||||||
[1] | Includes $0.3M gain on sale of commercial property in Rochelle Park, New Jersey which was sold on June 17, 2016 ($0.05 per share) | |||||||||||||
[2] | Includes $1.1M provision for loss related to straight line rent receivable for Pathmark at the Patchogue, New York store, as a result of the bankruptcy filing of A&P, of which Pathmark is a subsidiary ($0.15 per share) |
SCHEDULE XI - REAL ESTATE AND64
SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION (Schedule of Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2016 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 329,719 | ||||
Initial Cost to Company | |||||
Land | 64,991 | ||||
Buildings and Improvements | 151,798 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | 13,158 | ||||
Improvements | 199,498 | ||||
Carrying Costs | |||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 78,149 | ||||
Buildings and Improvements | 351,296 | ||||
Total | $ 409,297 | $ 354,032 | $ 354,032 | 429,445 | |
Accumulated Depreciation | 88,452 | 81,569 | 81,569 | 92,547 | |
Real estate: | |||||
Balance, beginning of year | 409,297 | 354,032 | 292,769 | ||
Buildings and improvements | 26,206 | 55,265 | 62,340 | ||
Disposal: Buildings and improvements | (3,513) | ||||
Sale of commercial property | (2,545) | ||||
Sale of discontinued operation | (1,077) | ||||
Balance, end of year | 429,445 | 409,297 | 354,032 | ||
Accumulated depreciation: | |||||
Balance, beginning of year | 88,452 | 81,569 | 75,226 | ||
Additions - Charged to operating expenses | 7,852 | 6,883 | 6,346 | ||
Disposal - Buildings and improvements | (3,466) | ||||
Sale of commercial property | (291) | ||||
Sale of discontinued operation | |||||
Adjustments | (3) | ||||
Balance, end of year | 92,547 | $ 88,452 | $ 81,569 | ||
Residential Properties [Member] | Hammel Gardens, Maywood, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8,087 | ||||
Initial Cost to Company | |||||
Land | 312 | ||||
Buildings and Improvements | 728 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | |||||
Improvements | 1,276 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 312 | ||||
Buildings and Improvements | 2,004 | ||||
Total | [1] | 2,316 | 2,316 | ||
Accumulated Depreciation | 1,581 | 1,581 | |||
Real estate: | |||||
Balance, end of year | [1] | 2,316 | |||
Accumulated depreciation: | |||||
Balance, end of year | 1,581 | ||||
Residential Properties [Member] | Steuben Arms, River Edge, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,659 | ||||
Initial Cost to Company | |||||
Land | 364 | ||||
Buildings and Improvements | 1,773 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | |||||
Improvements | 1,453 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 364 | ||||
Buildings and Improvements | 3,226 | ||||
Total | [1] | 3,590 | 3,590 | ||
Accumulated Depreciation | 2,724 | 2,724 | |||
Real estate: | |||||
Balance, end of year | [1] | 3,590 | |||
Accumulated depreciation: | |||||
Balance, end of year | 2,724 | ||||
Residential Properties [Member] | Berdan Court, Wayne, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 18,054 | ||||
Initial Cost to Company | |||||
Land | 250 | ||||
Buildings and Improvements | 2,206 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | |||||
Improvements | 4,302 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 250 | ||||
Buildings and Improvements | 6,508 | ||||
Total | [1] | 6,758 | 6,758 | ||
Accumulated Depreciation | 5,077 | 5,077 | |||
Real estate: | |||||
Balance, end of year | [1] | 6,758 | |||
Accumulated depreciation: | |||||
Balance, end of year | 5,077 | ||||
Residential Properties [Member] | Westwood Hills, Westwood, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 21,098 | ||||
Initial Cost to Company | |||||
Land | 3,849 | ||||
Buildings and Improvements | 11,546 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | |||||
Improvements | 2,397 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 3,849 | ||||
Buildings and Improvements | 13,943 | ||||
Total | [1] | 17,792 | 17,792 | ||
Accumulated Depreciation | 7,985 | 7,985 | |||
Real estate: | |||||
Balance, end of year | [1] | 17,792 | |||
Accumulated depreciation: | |||||
Balance, end of year | 7,985 | ||||
Residential Properties [Member] | Pierre Towers, Hackensack, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 29,901 | ||||
Initial Cost to Company | |||||
Land | 8,390 | ||||
Buildings and Improvements | 37,486 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | 19 | ||||
Improvements | 8,994 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 8,409 | ||||
Buildings and Improvements | 46,480 | ||||
Total | [1] | 54,889 | 54,889 | ||
Accumulated Depreciation | 14,847 | 14,847 | |||
Cost for Federal income tax purposes | 42,500 | ||||
Real estate: | |||||
Balance, end of year | [1] | 54,889 | |||
Accumulated depreciation: | |||||
Balance, end of year | 14,847 | ||||
Residential Properties [Member] | Boulders - Rockaway, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 17,141 | ||||
Initial Cost to Company | |||||
Land | 1,632 | ||||
Buildings and Improvements | |||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | 3,386 | ||||
Improvements | 15,756 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 5,018 | ||||
Buildings and Improvements | 15,756 | ||||
Total | [1] | 20,774 | 20,774 | ||
Accumulated Depreciation | 4,469 | 4,469 | |||
Real estate: | |||||
Balance, end of year | [1] | 20,774 | |||
Accumulated depreciation: | |||||
Balance, end of year | 4,469 | ||||
Residential Properties [Member] | Regency Club - Middletown, NY [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 | 578 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 2,833 | ||||
Buildings and Improvements | 18,370 | ||||
Total | [1] | 21,203 | 21,203 | ||
Accumulated Depreciation | 1,101 | 1,101 | |||
Cost for Federal income tax purposes | 13,100 | ||||
Real estate: | |||||
Balance, end of year | [1] | 21,203 | |||
Accumulated depreciation: | |||||
Balance, end of year | 1,101 | ||||
Residential Properties [Member] | Icon - Baltimore, MD [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 67,126 | ||||
Initial Cost to Company | |||||
Land | 5,871 | ||||
Buildings and Improvements | |||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | |||||
Improvements | 86,441 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 5,871 | ||||
Buildings and Improvements | 86,441 | ||||
Total | [1] | 92,312 | 92,312 | ||
Accumulated Depreciation | 541 | 541 | |||
Real estate: | |||||
Balance, end of year | [1] | 92,312 | |||
Accumulated depreciation: | |||||
Balance, end of year | $ 541 | ||||
Residential Properties [Member] | Minimum [Member] | Hammel Gardens, Maywood, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 7 years | ||||
Residential Properties [Member] | Minimum [Member] | Steuben Arms, River Edge, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 7 years | ||||
Residential Properties [Member] | Minimum [Member] | Berdan Court, Wayne, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 7 years | ||||
Residential Properties [Member] | Minimum [Member] | Westwood Hills, Westwood, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 7 years | ||||
Residential Properties [Member] | Minimum [Member] | Pierre Towers, Hackensack, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 7 years | ||||
Residential Properties [Member] | Minimum [Member] | Boulders - Rockaway, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 7 years | ||||
Residential Properties [Member] | Minimum [Member] | Regency Club - Middletown, NY [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 7 years | ||||
Residential Properties [Member] | Minimum [Member] | Icon - Baltimore, MD [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 7 years | ||||
Residential Properties [Member] | Maximum [Member] | Hammel Gardens, Maywood, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 40 years | ||||
Residential Properties [Member] | Maximum [Member] | Steuben Arms, River Edge, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 40 years | ||||
Residential Properties [Member] | Maximum [Member] | Berdan Court, Wayne, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 40 years | ||||
Residential Properties [Member] | Maximum [Member] | Westwood Hills, Westwood, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 39 years | ||||
Residential Properties [Member] | Maximum [Member] | Pierre Towers, Hackensack, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 40 years | ||||
Residential Properties [Member] | Maximum [Member] | Boulders - Rockaway, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 40 years | ||||
Residential Properties [Member] | Maximum [Member] | Regency Club - Middletown, NY [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 40 years | ||||
Residential Properties [Member] | Maximum [Member] | Icon - Baltimore, MD [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 40 years | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Damascus Shopping Center, Damascus, MD [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 20,831 | ||||
Initial Cost to Company | |||||
Land | 2,950 | ||||
Buildings and Improvements | 6,987 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | 6,296 | ||||
Improvements | 17,197 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 9,246 | ||||
Buildings and Improvements | 24,184 | ||||
Total | [1] | $ 33,430 | 33,430 | ||
Accumulated Depreciation | 5,287 | 5,287 | |||
Real estate: | |||||
Balance, end of year | [1] | 33,430 | |||
Accumulated depreciation: | |||||
Balance, end of year | 5,287 | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Franklin Crossing, Franklin Lakes, NJ [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 | 7,409 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 3,411 | ||||
Buildings and Improvements | 7,409 | ||||
Total | [1] | 10,820 | 10,820 | ||
Accumulated Depreciation | 3,628 | 3,628 | |||
Real estate: | |||||
Balance, end of year | [1] | 10,820 | |||
Accumulated depreciation: | |||||
Balance, end of year | 3,628 | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Glen Rock, NJ [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 | 230 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 12 | ||||
Buildings and Improvements | 266 | ||||
Total | [1] | 278 | 278 | ||
Accumulated Depreciation | 154 | 154 | |||
Real estate: | |||||
Balance, end of year | [1] | 278 | |||
Accumulated depreciation: | |||||
Balance, end of year | 154 | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Pathmark Super Center, Patchogue, NY [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,231 | ||||
Initial Cost to Company | |||||
Land | 2,128 | ||||
Buildings and Improvements | 8,818 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | |||||
Improvements | (8) | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 2,128 | ||||
Buildings and Improvements | 8,810 | ||||
Total | [1] | 10,938 | 10,938 | ||
Accumulated Depreciation | 4,221 | 4,221 | |||
Real estate: | |||||
Balance, end of year | [1] | 10,938 | |||
Accumulated depreciation: | |||||
Balance, end of year | 4,221 | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Westridge Square S/C, Frederick, MD [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 | 4,366 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 9,134 | ||||
Buildings and Improvements | 23,525 | ||||
Total | [1] | 32,659 | 32,659 | ||
Accumulated Depreciation | 16,988 | 16,988 | |||
Real estate: | |||||
Balance, end of year | [1] | 32,659 | |||
Accumulated depreciation: | |||||
Balance, end of year | 16,988 | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Westwood Plaza, Westwood, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 20,801 | ||||
Initial Cost to Company | |||||
Land | 6,889 | ||||
Buildings and Improvements | 6,416 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | |||||
Improvements | 2,547 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 6,889 | ||||
Buildings and Improvements | 8,963 | ||||
Total | [1] | 15,852 | 15,852 | ||
Accumulated Depreciation | 7,952 | 7,952 | |||
Real estate: | |||||
Balance, end of year | [1] | 15,852 | |||
Accumulated depreciation: | |||||
Balance, end of year | 7,952 | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Preakness S/C, Wayne, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 25,749 | ||||
Initial Cost to Company | |||||
Land | 9,280 | ||||
Buildings and Improvements | 24,217 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | |||||
Improvements | 1,723 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 9,280 | ||||
Buildings and Improvements | 25,940 | ||||
Total | [1] | 35,220 | 35,220 | ||
Accumulated Depreciation | 9,678 | 9,678 | |||
Cost for Federal income tax purposes | 35,100 | ||||
Real estate: | |||||
Balance, end of year | [1] | 35,220 | |||
Accumulated depreciation: | |||||
Balance, end of year | 9,678 | ||||
Westwood Plaza and Damascus Shopping Center [Member] | The Rotunda, Baltimore, MD [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 46,841 | ||||
Initial Cost to Company | |||||
Land | 10,392 | ||||
Buildings and Improvements | 14,634 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Land | 232 | ||||
Improvements | 44,837 | ||||
Gross Amount at Which Carried at Close of Period | |||||
Land | 10,624 | ||||
Buildings and Improvements | 59,471 | ||||
Total | [1] | 70,095 | 70,095 | ||
Accumulated Depreciation | 6,314 | 6,314 | |||
Cost for Federal income tax purposes | 159,500 | ||||
Real estate: | |||||
Balance, end of year | [1] | 70,095 | |||
Accumulated depreciation: | |||||
Balance, end of year | $ 6,314 | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Minimum [Member] | Damascus Shopping Center, Damascus, MD [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 5 years | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Minimum [Member] | Franklin Crossing, Franklin Lakes, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 5 years | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Minimum [Member] | Glen Rock, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 5 years | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Minimum [Member] | Pathmark Super Center, Patchogue, NY [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 15 years | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Minimum [Member] | Westridge Square S/C, Frederick, MD [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 5 years | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Minimum [Member] | Westwood Plaza, Westwood, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 5 years | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Minimum [Member] | Preakness S/C, Wayne, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 5 years | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Minimum [Member] | The Rotunda, Baltimore, MD [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 5 years | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Maximum [Member] | Damascus Shopping Center, Damascus, MD [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 39 years 6 months | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Maximum [Member] | Franklin Crossing, Franklin Lakes, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 39 years 6 months | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Maximum [Member] | Glen Rock, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 25 years | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Maximum [Member] | Pathmark Super Center, Patchogue, NY [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 39 years 6 months | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Maximum [Member] | Westridge Square S/C, Frederick, MD [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 31 years 6 months | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Maximum [Member] | Westwood Plaza, Westwood, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 31 years 6 months | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Maximum [Member] | Preakness S/C, Wayne, NJ [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 39 years 6 months | ||||
Westwood Plaza and Damascus Shopping Center [Member] | Maximum [Member] | The Rotunda, Baltimore, MD [Member] | |||||
Gross Amount at Which Carried at Close of Period | |||||
Life on Which Depreciation is Computed | 40 years | ||||
Land Leased [Member] | Rockaway, NJ [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 | |||||
Vacant Land [Member] | Rockaway, NJ [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 | |||||
Vacant Land [Member] | Franklin Lakes, NJ [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 | |||||
Vacant Land [Member] | Wayne, NJ [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 | |||||
Land | |||||
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 Regency Club and the Rotunda properties (Icon and The Rotunda) whose cost for federal income tax purposes is approximately $42.5 million, $35.1 million, $13.1 million and $159.5 million, respectively. |