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EXCEL - IDEA: XBRL DOCUMENT - FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEYFinancial_Report.xls
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v2.4.0.6
Fair value of long-term debt
6 Months Ended
Apr. 30, 2012
Fair Value Of Long-Term Debt  
Fair value of long-term debt

Note 7 – Fair value of long-term debt:

The following table shows the estimated fair value and carrying value of FREIT’s long-term debt at April 30, 2012 and October 31, 2011:

   April 30,   October 31, 
($ In Millions)  2012   2011 
           
Fair Value  $216.4   $213.9 
           
Carrying Value  $204.5   $203.3 

 

Fair values are estimated based on market interest rates at April 30, 2012 and October 31, 2011 and on discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value, which is based on observable inputs, has been characterized as Level 2 in the fair value hierarchy as provided by authoritative guidance.