UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10 -Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January ~~October~~ 31, ~~2017~~2018.

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ~~________________________________~~ to ~~________________________________~~

Commission File Number: 0-8862

First Hartford Corporation
(Exact name of registrant as specified in its charter)

Maine

01 0185800

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

149 Colonial Road, Manchester, CT

06042

(Address of principal executive offices)

(Zip Code)

(860) 646 6555

(Registrant’s telephone number including area code)

(Former name, former address and former fiscal year if changed since last report)

Maine 01-0185800
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

~~Indicate~~ 149 byColonial ~~check~~Road, ~~mark~~Manchester, ~~whether the registrant~~ CT 06042 (1)Address ~~has filed all reports to be filed by Section 13 or 15(d)~~ of ~~the~~principal ~~Securities~~executive ~~Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports~~offices)~~, and~~ (2Zip Code) ~~has been subject to such filing requirements for the past 90 days.~~

~~Yes~~ (860) ~~X No~~ 646-6555 (Registrant’s telephone number including area code)

~~Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site~~ (Former name, ~~if any, every~~ ~~Interactive~~former ~~Data~~address ~~File required to be submitted~~ and ~~posted~~former ~~pursuant~~fiscal toyear ~~Rule~~if ~~405~~changed ofsince last ~~Regulation S T (§232.405 of this chapter~~report) ~~during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).~~

Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No X

Indicate by check mark whether the registrant ~~is a large accelerated filer, an accelerated filer, a non~~ ~~accelerated filer, smaller~~has ~~reporting~~submitted ~~company,~~electronically orand anposted ~~emerging~~on ~~growth~~its ~~company. See~~corporate web ~~the~~site, ~~definitions~~if ofany, ~~“large~~every ~~accelerated~~Interactive ~~filer”,~~Data ~~“accelerated~~File ~~filer”,~~required ~~“smaller~~to ~~reporting~~be ~~company”,~~submitted and posted ~~“emerging~~pursuant ~~growth~~to ~~company”~~Rule in405 ~~Rule~~of ~~12b~~Regulation 2S-T (§232.405 of this chapter) during the ~~Exchange~~preceding ~~Act~~12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No X

~~Large~~ Indicate ~~accelerated~~by ~~filer~~check ~~Non~~mark whether the registrant is a large accelerated filer, ~~(Do~~an ~~not~~accelerated ~~check~~filer, if a non-accelerated filer, smaller reporting company), ~~Emerging~~or an emerging growth company. See ~~Accelerated~~the definitions of “large accelerated filer”, ~~Smaller~~“accelerated filer”, “smaller reporting company”, Xand “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	Accelerated filer
Non-accelerated filer (Do not check if a smaller reporting company)	Smaller reporting company X
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act).

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b -2 of the Exchange Act). Yes No X

Yes No X

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

2,315,799 as of ~~December~~March 2829, ~~2017~~ 2018

FIRST HARTFORD CORPORATION AND SUBSIDIARIES

INDEX

PART I.	FINANCIAL INFORMATION	PAGE	~~PAGE~~
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets –
	Condensed Consolidated Balance Sheets – January 31, 2018 and April 30, 2017	3 - 4
		October 31, 2017 and April 30, 2017	3 – 4
	Condensed Consolidated Statements of Income (Loss) for the Three and Nine Months Ended January 31, 2018 and 2017	5
	Condensed Consolidated Statements of Income (Loss) for the
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended January 31, 2018 and 2017	6
		Three and Six Months Ended October 31, 2017 and 2016	5
	Condensed Consolidated Statements of Cash Flows for the Three and Nine Months Ended January 31, 2018 and 2017	7 - 8
	Condensed Consolidated Statements of Comprehensive Income (Loss) for
	Notes to Condensed Consolidated Financial Statements	9 – 16
		the Three and Six Months Ended October 31, 2017 and 2016	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17 - 22
	Condensed Consolidated Statements of Cash Flows for the
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	22
		Three and Six Months Ended October 31, 2017 and 2016	7 – 8
Item 4.	Controls and Procedures	23
	Notes to Condensed Consolidated Financial Statements		9 – 13
PART II.	OTHER INFORMATION
Item 2.	Management’s Discussion and Analysis of Financial Condition
Item 1.	Legal Proceedings	24
		and Results of Operations	14 – 19
Item 1A.	Risk Factors	24
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		19
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 4.	Controls and Procedures		19 – 20
Item 3.	Defaults Upon Senior Securities	24
PART II.	OTHER INFORMATION
Item 4.	Mine Safety Disclosures	24
Item 1.	Legal Proceedings		20
Item 5.	Other Information	25
Item 1A.	Risk Factors		21
Item 6.	Exhibits	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		21
	Signatures	26
Item 3.	Defaults Upon Senior Securities		21
	Exhibits	27 - 29
Item 4.	Mine Safety Disclosures		21
Item 5.	Other Information		21
Item 6.	Exhibits		21
	Signatures		22
	Exhibits		23 – 25

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

ASSETS

		October 31, 2017			April 30, 2017
	January 31, 2018		April 30, 2017
Real estate and equipment:
Developed properties and property under construction (including
Developed properties and property under construction (including $79,359,489 in January and $77,898,958 in April for VIEs)	$246,740,814		$236,865,867
$78,449,284 in October and $77,898,958 in April for VIEs)	$	249,179,679		$	236,865,867
Equipment and tenant improvements (including $2,522,591 in January and $2,424,964 in April for VIEs)	4,300,989		3,689,442
Equipment and tenant improvements (including $2,476,369 in October and
	251,041,803		240,555,309
$2,424,964 in April for VIEs)		4,228,864			3,689,442
Less accumulated depreciation and amortization (including $17,500,627 in January and $15,918,495 in April for VIEs)	(51,435,113)		(47,449,316)
		253,408,543			240,555,309
	199,606,690		193,105,993
Less accumulated depreciation and amortization (including $16,975,034 in
Property held for sale	12,261,143		11,389,591
October and $15,918,495 in April for VIEs)		(50,033,909	)		(47,449,316	)
Cash and cash equivalents (including $2,444,000 in January and $2,063,103 in April for VIEs)	6,958,982		6,250,757
		203,374,634			193,105,993
Cash and cash equivalents – restricted (including $378,929 in January and $396,361 in April for VIEs)	652,599		526,012
Property held for sale		2,178,872			11,389,591
Marketable securities (including $816,575 in January and $1,538,839 in April for VIEs)	816,575		1,538,839
Cash and cash equivalents (including $2,126,408 in October and $2,063,103
Accounts and notes receivable, less allowance for doubtful accounts of $70,419 as of January 31, 2018 and $135,002 as of April 30, 2017 (including $142,312 in January and $66,543 in April for VIEs)	3,278,121		3,505,541
in April for VIEs)		6,251,630			6,250,757
Other receivables	2,319,665		4,064,876
Cash and cash equivalents – restricted (including $396,960 in October and
Deposits and escrow accounts (including $7,679,909 in January and $8,866,586 in April for VIEs)	14,914,468		15,930,999
$396,361 in April for VIEs)		502,966			526,012
Prepaid expenses (including $311,029 in January and $327,481 in April for VIEs)	1,998,252		1,644,320
Marketable securities (including $1,101,110 in October and $1,538,839 in
Deferred expenses (including $154,627 in January and $167,273 in April for VIEs)	5,266,655		5,712,547
April for VIEs)		1,101,110			1,538,839
Investments in affiliates	379,747		100
Accounts and notes receivable, less allowance for doubtful accounts of
Due from related parties and affiliates	2,672		152,776
$35,585 as of October 31, 2017 and $135,002 as of April 30, 2017
Deferred tax asset	706,627		671,147
(including $172,514 in October and $66,543 in April for VIEs)		4,213,854			3,505,541
Total assets	$249,162,196		$244,493,498
Other receivables		2,865,783			4,064,876
Deposits and escrow accounts (including $8,547,937 in October and
$8,866,586 in April for VIEs)		15,521,623			15,930,999
Prepaid expenses (including $406,542 in October and $327,481 in April for		2,036,734			1,644,320
VIEs)
Deferred expenses (including $158,842 in October and $167,273 in April for
VIEs)		4,778,448			5,712,547
Investments in affiliates		379,747			100
Due from related parties and affiliates		2,747			152,776
Deferred tax asset		756,626			671,147
Total assets	$	243,964,774		$	244,493,498

See accompanying notes.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
(Unaudited)

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIENCY)

		October 31, 2017			April 30, 2017
	January 31, 2018		April 30, 2017
Liabilities:
Mortgages and notes payable:
Construction loans payable	$36,981,466	~~30,612,517~~	$26,929,537	$	~~26,929,537~~
Mortgages payable (including $64,104,094 in October and $64,598,997 in April
Mortgages payable (including $63,852,897 in January and $64,598,997 in April for VIEs)	192,932,566		195,763,409
for VIEs)		194,101,073			195,763,409
Notes payable (including $1,704,697 in January and $1,704,697 in April for VIEs)	1,704,697		1,704,697
Notes payable (including $1,704,697 in October and $1,704,697 in April for VIEs)		1,704,697			1,704,697
Lines of credit	6,760,000		6,400,000
Lines of credit		4,760,000			6,400,000
Less: Deferred debt issuance costs, net (including $1,529,700 in January and $1,575,494 in April for VIEs)	(3,069,646)		(3,067,098)
Less: Deferred debt issuance costs, net (including $1,542,087 in October and
	235,309,083		227,730,545
$1,575,494 in April for VIEs)		(3,132,999	)		(3,067,098	)
Accounts payable (including $730,129 in January and $569,600 in April for VIEs)	4,403,062		2,915,400
		228,045,288			227,730,545
Other payables	3,413,573		4,966,246
Accounts payable (including $649,811 in October and $569,600 in April for VIEs)		3,917,170			2,915,400
Accrued liabilities (including $3,468,365 in January and $3,382,307 in April for VIEs)	5,512,452		5,699,875
Other payables		3,804,219			4,966,246
Derivative liability	1,551,002		2,023,793
Accrued liabilities (including $3,350,107 in October and $3,382,307 in April for
Deferred income (including $222,956 in January and $227,936 in April for VIEs)	534,584		622,461
VIEs)		6,365,320			5,699,875
Other liabilities	1,037,871		1,328,909
Derivative liability		2,149,690			2,023,793
Due to related parties and affiliates (including $459,875 in January and $446,990 in April for VIEs)	611,728		598,843
Deferred income (including $224,616 in October and $227,936 in April for VIEs)		783,522			622,461
Total liabilities	252,373,355		245,886,072
Other liabilities		1,151,377			1,328,909
Shareholders’ Equity (Deficiency):
Due to related parties and affiliates (including $456,045 in October and $446,990
First Hartford Corporation:
in April for VIEs)		607,898			598,843
Preferred stock, $1 par value; $.50 cumulative and convertible; authorized 4,000,000 shares; no shares issued and outstanding	-0-		-0-
Total liabilities		246,824,484			245,886,072
Common stock, $1 par value; authorized 6,000,000 shares; issued 3,211,843 and 3,236,843 shares and outstanding 2,315,799 and 2,340,799 shares as of January 31, 2018 and April 30, 2017	3,211,843		3,236,843
Shareholders’ Equity (Deficiency):
Capital in excess of par	5,043,779		5,093,779
First Hartford Corporation:
Accumulated deficit	(6,943,846)		(5,612,263)
Preferred stock, $1 par value; $.50 cumulative and convertible; authorized
Accumulated other comprehensive income	-0-		-0-
4,000,000 shares; no shares issued and outstanding		0			0
Treasury stock, at cost, 896,044 and 896,044 shares as of January 31, 2018 and April 30, 2017	(4,989,384)		(4,989,384)
Common stock, $1 par value; authorized 6,000,000 shares; issued 3,211,843 and
Total First Hartford Corporation	(3,677,608)		(2,271,025)
3,236,843 shares and outstanding 2,315,799 and 2,340,799 shares as of October
Noncontrolling interests	466,449		878,451
31 , 2017 and April 30, 2017		3,211,843			3,236,843
Total shareholders’ equity (deficiency)	(3,211,159)		(1,392,574)
Capital in excess of par		5,043,779			5,093,779
Total liabilities and shareholders’ equity (deficiency)	$249,162,196		$244,493,498
Accumulated deficit		(6,627,825	)		(5,612,263	)
Accumulated other comprehensive income		0			0
Treasury stock, at cost, 896,044 and 896,044 shares as of October 31, 2017 and
April 30, 2017		(4,989,384	)		(4,989,384	)
Total First Hartford Corporation		(3,361,587	)		(2,271,025	)
Noncontrolling interests		501,877			878,451
Total shareholders’ equity (deficiency)		(2,859,710	)		(1,392,574	)
Total liabilities and shareholders’ equity (deficiency)	$	243,964,774		$	244,493,498

See accompanying notes.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)

	Three Months Ended	~~Three Months Ended~~			Nine Months Ended				~~Six Months Ended~~
		Oct. 31, 2017			Oct. 31, 2016				Oct. 31, 2017			Oct. 31, 2016
	Jan. 31, 2018		Jan. 31, 2017		Jan. 31, 2018		Jan. 31, 2017
Operating revenues:
Rental income	$7,812,600	~~7,746,005~~	$8,095,209	$	7$23,~~862~~355,~~088~~145		$24,023,744	$	~~15,542,545~~		$	~~15,928,535~~
Service income	1,019,805	~~1,603,637~~	1,099,684		13,~~599~~264,~~778~~005		3,928,067		~~2,244,200~~			~~2,828,383~~
Sales of real estate	1,629,504	~~830,000~~	15,778,442		623,~~385~~819,~~000~~504		34,373,493		~~22,190,000~~			~~18,595,051~~
Other revenues	1,740,702	~~1,638,780~~	1,077,452		~~913~~4,~~206~~601,747		2,984,212		~~2,861,045~~			~~1,906,760~~
		11,818,422			16,760,072				42,837,790			39,258,729
	12,202,611		26,050,787		55,040,401		65,309,516
Operating costs and expenses:
Rental expenses	5,563,034	~~5,018,714~~	4,949,847		515,~~065~~555,~~480~~914		15,115,039		~~9,992,880~~			~~10,165,192~~
Service expenses	1,215,882	~~1,695,295~~	1,333,691		14,~~336~~151,~~941~~167		3,863,958		~~2,935,285~~			~~2,530,267~~
Cost of real estate sales	653,812	~~664,312~~	13,589,022		419,~~480~~941,~~214~~842		27,692,903		~~19,288,030~~			~~14,103,881~~
Selling, general and administrative expenses	3,146,547	~~3,880,959~~	2,460,473		29,~~603~~951,~~021~~570		6,907,319		~~6,805,023~~			~~4,446,846~~
		11,259,280			13,485,656				39,021,218			31,246,186
	10,579,275		22,333,033		49,600,493		53,579,219
Income from operations	1,623,336	~~559,142~~	3,717,754		35,~~274~~439,~~416~~908		11,730,297		~~3,816,572~~			~~8,012,543~~
Non operating income (expense):
Non-operating income (expense):
Interest expense	(2,619,516)	~~(2,584,415~~	(2,524,603)		(27,~~593~~833,~~325~~720)	)	(7,707,422)		~~(5,214,204~~	)		~~(5,182,819~~	)
Other income / (loss)	70,023	~~208,644~~	30,745		17195,~~645~~249		69,850		~~125,226~~			~~39,105~~
Gain (loss) on derivatives (non cash)		78,008			336,304				(125,897	)		(456,865	)
Loss on impairment	(40,000)		-0-		(40,000)		-0-
Equity in earnings of unconsolidated subsidiaries		194,672			186,236				357,532			363,362
Gain (loss) on derivatives (non-cash)	598,688		2,883,917		472,791		2,427,052
		(2,103,091	)		(2,053,140	)			(4,857,343	)		(5,237,217	)
Loss on defeasance	-0-		(437,776)		-0-		(437,776)
Income / (loss) before income taxes		(1,543,949	)		1,221,276				(1,040,771	)		2,775,326
Equity in earnings of unconsolidated subsidiaries	203,506		182,654		561,038		546,016
Income taxes		(336,884	)		240,447				28,605			1,052,094
	(1,787,299)		134,937		(6,644,642)		(5,102,280)
Consolidated net income (loss)		(1,207,065	)		980,829				(1,069,376	)		1,723,232
Income / (loss) before income taxes	(163,963)		3,852,691		(1,204,734)		6,628,017
Net (income) loss attributable to noncontrolling
Income tax expense	40,563		565,065		69,168		1,617,159
interests		(50,759	)		(73,597	)			53,814			10,854
Consolidated net income (loss)	(204,526)		3,287,626		(1,273,902)		5,010,858
Net income (loss) attributable to First Hartford
Net (income) loss attributable to noncontrolling interests	(111,495)		(1,202,072)		(57,681)		(1,191,218)
Corporation	$	(1,257,824	)	$	907,232			$	(1,015,562	)	$	1,734,086
Net income (loss) attributable to First Hartford Corporation	$(316,021)		$2,085,554		$(1,331,583)		$3,819,640
Net income (loss) per share – basic	$(0.14)	~~(0.54~~	)$0.88	$	$(0.3857)		$1.60	$	~~(0.44~~	)	$	~~0.73~~
Net income (loss) per share – diluted	$(0.14)	~~(0.54~~	)$0.88	$	$(0.3857)		$1.60	$	~~(0.44~~	)	$	~~0.73~~
Shares used in basic per share computation	2,315,799	~~2,315,799~~	2,377,565		2,~~377~~322,~~565~~049		2,384,321		~~2,324,132~~			~~2,386,573~~
Shares used in diluted per share computation	2,315,799	~~2,315,799~~	2,377,565		2,~~377~~322,~~565~~049		2,384,321		~~2,324,132~~			~~2,386,573~~

See accompanying notes.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

	Three Months Ended	~~Three Months Ended~~			Nine Months Ended				~~Six Months Ended~~
		Oct. 31, 2017			Oct. 31, 2016				Oct. 31, 2017			Oct. 31, 2016
	Jan. 31, 2018		Jan. 31, 2017		Jan. 31, 2018		Jan. 31, 2017
Consolidated net income (loss)	$(204,526)	~~(1,207,065~~	)$3,287,626	$	~~980~~$(1,~~829~~273,902)		$5,010,858	~~(1,069,376~~		)	$	~~1,723,232~~
Other comprehensive income (loss), net of taxes:
Unrealized gains (losses) on marketable securities	(91,871)	~~(4,695~~	)160,436		483,~~385~~820		77,517		~~95,691~~			~~(82,919~~	)
Total comprehensive income (loss)	(296,397)	~~(1,211,760~~	)3,448,062		(1,~~029~~270,~~214~~082)		5,088,375	~~(973,685~~		)		~~1,640,313~~
Amounts attributable to noncontrolling interests:
Net (income) loss	(111,495)	~~(50,759~~	(1,202,072)		(7357,~~597~~681)	)	(1,191,218)		~~53,814~~			~~10,854~~
Unrealized (gains) losses on marketable securities	91,871	~~4,695~~	(160,436)		(483,~~385~~820)	)	(77,517)		~~(95,691~~	)		~~82,919~~
		(46,064	)		(121,982	)			(41,877	)		93,773
	(19,624)		(1,362,508)		(61,501)		(1,268,735)
Comprehensive income (loss) attributable to First
Comprehensive income (loss) attributable to First Hartford Corporation	$(316,021)		$2,085,554		$(1,331,583)		$3,819,640
Hartford Corporation	$	(1,257,824	)	$	907,232		$	(1,015,562		)	$	1,734,086

See accompanying notes.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

		Six Months Ended
	Nine Months Ended
		October 31, 2017			October 31, 2016
	January 31, 2018		January 31, 2017
Operating activities:
Consolidated net income / (loss)	$(1,273,902)	~~(1,069,376~~	)$5,010,858	$	~~1,723,232~~
Adjustments to reconcile consolidated net income to net cash provided by /
Adjustments to reconcile consolidated net income (loss) to net cash provided by / (used in) operating activities:
(used in) operating activities:
Equity in earnings of unconsolidated subsidiaries, net of distributions of $270,000 in 2018 and $270,000 in 2017	(291,038)		(276,016)
Equity in earnings of unconsolidated subsidiaries, net of distributions of
Gain on sale of real estate	(3,877,662)		(6,680,590)
$180,000 in 2017 and $180,000 in 2016		(177,532	)		(183,362	)
Depreciation of real estate and equipment	4,204,507		4,064,791
Gain on sale of real estate		(2,901,970	)		(4,491,170	)
Amortization of deferred expenses	419,301		541,234
Depreciation of real estate and equipment		2,784,052			2,754,564
Deferred income taxes	(35,480)		1,240,005
Amortization of deferred expenses		280,941			373,715
Loss on impairment	40,000		-0-
Deferred income taxes		(85,479	)		743,739
Loss / (gain) on derivatives	(472,791)		(2,427,052)
Loss on derivatives		125,897			456,865
Changes in operating assets and liabilities:
Changes in operating assets and liabilities:
Accounts, notes and other receivables	1,972,631		799,770
Accounts, notes and other receivables		490,780			967,159
Deposits and escrow accounts	1,137,451		3,705,133
Deposits and escrow accounts		530,296			1,952,702
Prepaid expenses	(353,932)		(213,589)
Prepaid expenses		(392,414	)		(329,230	)
Deferred expenses	24,043		(4,711,238)
Deferred expenses		587,257			(2,067,338	)
Cash and cash equivalents – restricted	(126,587)		1,335,563
Cash and cash equivalents – restricted		23,046			1,288,271
Accrued liabilities	(187,423)		(1,621,513)
Accrued liabilities		665,445			(490,164	)
Deferred income	(87,877)		(134,402)
Deferred income		161,061			(1,257,090	)
Accounts and other payables	(65,011)		(2,224,997)
Accounts and other payables		(160,257	)		(2,154,969	)
Net cash provided by / (used in) operating activities	1,026,230		(1,592,043)
Net cash provided by / (used in) operating activities		861,747			(713,076	)
Investing activities:
Investing activities:
Investments in marketable securities	(151,864)		-0-
Investments in marketable securities		(151,864	)		0
Proceeds from sale of marketable securities	877,947		642,596
Proceeds from sale of marketable securities		685,283			0
Purchase of equipment and tenant improvements	(900,545)		(125,762)
Purchase of equipment and tenant improvements		(773,450	)		(100,640	)
Investments in affiliated companies	(379,647)		-0-
Investments in affiliated companies		(379,647	)		0
Proceeds from sale of real estate	23,819,504		34,373,493
Proceeds from sale of real estate		22,190,000			18,595,051
Additions to developed properties and properties under construction	(30,658,053)		(25,253,629)
Additions to developed properties and properties under construction		(22,356,554	)		(7,150,113	)
Net cash provided by / (used in) investing activities	(7,392,658)		9,636,698
Net cash provided by / (used in) investing activities		(786,232	)		11,344,298

See accompanying notes.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(Unaudited)

		Six Months Ended
	Nine Months Ended
		October 31, 2017			October 31, 2016
	January 31, 2018		January 31, 2017
Financing activities:
Distributions to noncontrolling interests	$(473,502)	~~(418,450~~	$(1,087,469)	$	~~(285,192~~	)
Repurchase of common stock	(75,000)	~~(75,000~~	(79,968)		~~(79,968~~	)
Proceeds from:
Construction loans	17,385,201	~~10,744,863~~	10,086,324		~~3,750,015~~
Mortgage loans	7,526,407	~~7,026,407~~	10,564,657		~~1,289,543~~
Notes	-0-	0	-0-		0
Credit lines	5,360,000	~~3,360,000~~	1,625,000		~~375,000~~
Principal payments on:
Construction loans	(1,765,599)	~~(1,494,210~~	(13,051,475)		~~(7,705,702~~	)
Mortgage loans	(16,045,843)	~~(14,377,336~~	(12,720,675)		~~(6,575,979~~	)
Notes	-0-	0	(40,000)		~~(40,000~~	)
Credit lines	(5,000,000)	~~(5,000,000~~	(2,027,091)		~~(1,333,000~~	)
Payments (to) / from related parties and affiliates, net	162,989	~~159,084~~	150,207		~~7,172~~
Net cash used in financing activities		(74,642	)		(10,598,111	)
Net cash provided by / (used in) financing activities	7,074,653		(6,580,490)
Net change in cash and cash equivalents	708,225	~~873~~	1,464,165		~~33,111~~
Cash and cash equivalents, beginning of period	6,250,757	~~6,250,757~~	5,982,506		~~5,982,506~~
Cash and cash equivalents, end of period	$6,958,982	~~6,251,630~~	$7,446,671	$	~~6,015,617~~
Cash paid during the period for interest	$7,662,401	~~5,192,571~~	$7,532,799	$	~~5,104,333~~
Cash paid during the period for income taxes	$147,410	~~102,216~~	$346,316	$	~~324,165~~
Debt refinancing in 1st quarter:
New mortgage loans	$8,565,000	~~8,565,000~~	$14,300,000	$	~~14,300,000~~
Debt reduced	(5,567,673)	~~(5,567,673~~	(5,359,713)		~~(5,359,713~~	)
Escrow funded	(120,920)	~~(120,920~~	(8,019,977)		~~(8,019,977~~	)
Net cash from refinancing in 1st quarter	$2,876,407	~~2,876,407~~	$920,310	$	~~920,310~~
Debt refinancing in 2nd quarter:
New mortgage loan	$-0-	0	$32,500,000	$	~~32,500,000~~
Debt reduced	(0)	(0	(31,030,767)		~~(31,030,767~~	)
Escrow funded	(0)	(0	(1,100,000)		~~(1,100,000~~	)
Net cash from refinancing in 2nd quarter	$-0-	0	$369,233	$	~~369,233~~
Debt refinancing in 3rdrd quarter:
New mortgage loan	$-0-		$21,186,745
Debt reduced	(0)		(18,139,103)
Escrow funded	(0)		(1,392,528)
Net cash from refinancing in 3rd quarter	$-0-		$1,655,114

See accompanying notes.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Business and Significant Accounting Policies:

Business

First Hartford Corporation, which was incorporated in Maine in 1909, and its subsidiaries (the Company), is engaged in two business segments: 1) the purchase, development, ownership, management and sale of real estate and 2) providing preferred developer services for two corporate franchise operators (i.e., “Fee for Service”).

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest, including those where the Company has been determined to be a primary beneficiary of a variable interest entity or meets certain criteria as a sole general partner or managing member in accordance with the consolidation guidance of the Financial Accounting Standards Board Accounting Standards Codification. As such, included in the unaudited condensed consolidated financial statements are the accounts of Rockland Place Apartments Limited Partnership and Clarendon Hill Somerville Limited Partnership, in which the Company is the sole general partner. The Company’s ownership percentage in these variable interest entity partnerships is nominal. All significant intercompany balances and transactions have been eliminated.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10 -Q and Rule 8.03 of Regulation S -X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the entire year. The condensed consolidated balance sheet as of April 30, 2017 was derived from the audited financial statements for the year then ended. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10 -K for the fiscal year ended April 30, 2017.

Because the Company is engaged in the development and sale of real estate at various stages of construction, the operating cycle may extend beyond one year. Accordingly, following the usual practice of the real estate industry, the accompanying condensed consolidated balance sheets are unclassified.

Currently, there are no Accounting Standards Updates (ASUs) that the Company is required to adopt that are likely to have a material effect on its financial statements that have not been previously discussed in the Company’s annual report on Form 10 -K for the fiscal year ended April 30, 2017.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Business and Significant Accounting Policies (continued):

Net Income (Loss) Per Common Share

Basic income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders (the numerator) by the weighted average number of shares of common stock outstanding (the denominator) during the reporting periods. Diluted income (loss) per share is computed by increasing the denominator by the weighted average number of additional shares that could have been outstanding from securities convertible into common stock, such as stock options and warrants (using the “treasury stock” method).

There were no common stock equivalents outstanding at ~~October~~January 31, ~~2017~~2018 or ~~October~~January 31, ~~2016~~2017.

Financial Instruments and Fair Value

The Company’s financial instruments include cash and cash equivalents, accounts receivable, marketable securities, accounts payable, accrued expenses, and debt. The fair values of accounts receivable, accounts payable and accrued expenses are estimated to approximate their carrying amounts because of their relative short -term nature. In general, the carrying amount of variable rate debt approximates its fair value. Further, the carrying amount of fixed rate debt approximates fair value since the interest rates on the debt approximates the Company’s current incremental borrowing rate. Marketable securities consist of equity securities and are stated at fair value based on the last sale of the period obtained from recognized stock exchanges (i.e. Level 1). Accumulated other comprehensive (loss) income consists solely of unrealized gains (losses) on marketable securities.

Segment Information

The factors used by the Company to identify reportable segments include differences in products and services and segregated operations within the Company. The first segment, “Real Estate Operations” participates in the purchase, development, management, ownership and sale of real estate. Within its second segment, “Fee for Service”, the Company provides preferred developer services to CVS and Cumberland Farms Inc. in certain geographic areas. Summary financial information for the two reportable segments is as follows:

	Three Months Ended	~~Three Months Ended~~		Nine Months Ended				~~Six Months Ended~~
		October 31						October 31
	January 31			January 31
		2017			2016			2017		2016
	2018		2017	2018		2017
Revenues:
Real Estate Operations	$11,467,236	~~10,416,297~~	$25,115,037	$52,389,651	~~15,269,322~~	$61,809,016	$	~~40,922,415~~	$	~~36,693,979~~
Fee for Service	735,375	~~1,402,125~~	935,750	2,650,750	~~1,490,750~~	3,500,500		~~1,915,375~~		~~2,564,750~~
Total	$12,202,611	~~11,818,422~~	$26,050,787	$55,040,401	~~16,760,072~~	$65,309,516	$	~~42,837,790~~	$	~~39,258,729~~
Operating Costs & Expenses:
Real Estate Operations	$6,522,259	~~6,274,604~~	$18,534,933	$36,758,328	~~9,550,978~~	$42,844,271	$	~~30,236,069~~	$	~~24,309,338~~
Fee for Service	910,469	~~1,103,717~~	1,337,627	2,890,595	~~1,331,657~~	3,827,629		~~1,980,126~~		~~2,490,002~~
Administrative Expenses	3,146,547	~~3,880,959~~	2,460,473	9,951,570	~~2,603,021~~	6,907,319		~~6,805,023~~		~~4,446,846~~
Total	$10,579,275	~~11,259,280~~	$22,333,033	$49,600,493	~~13,485,656~~	$53,579,219	$	~~39,021,218~~	$	~~31,246,186~~

All costs after operating expenses are costs of the real estate operation.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Business and Significant Accounting Policies (concluded):

Segment Information (concluded):

The only assets in the balance sheet belonging to the Fee for Service segment is restricted cash of $~~106~~273,~~006~~ 670 on ~~October~~ January 31, ~~2017~~ 2018 and $129,651 on April 30, 2017 and receivables of $32,~~069~~340,~~776~~ 854 on ~~October~~ January 31, ~~2017~~ 2018 and $4,262,302 on April 30, 2017.

2. Consolidated Variable Interest Entities and Investments in Affiliated Partnerships:

The Company has consolidated both Rockland and Clarendon based on the express legal rights and obligations provided to it by the underlying partnership agreements and its control of their business activity. The assets of these partnerships that can only be used to settle their obligations and their liabilities for which creditors (or beneficial interest holders) do not have recourse to the general credit of the Company are shown parenthetically in the line items of the consolidated balance sheets. A summary of the assets and liabilities of Rockland and Clarendon included in the Company’s condensed consolidated balance sheets follows:

		October 31, 2017			April 30, 2017
	January 31, 2018		April 30, 2017
Real estate and equipment, net	$66,622,012	~~66,220,070~~	$66,732,664	$	~~66,732,664~~
Other assets	11,912,971	~~12,893,094~~	13,417,929		~~13,417,929~~
Total assets	78,534,983	~~79,113,164~~	80,150,593		~~80,150,593~~
Intercompany profit elimination	(2,632,463)	~~(2,661,356~~	(2,719,143)		~~(2,719,143~~	)
	$	76,451,808		$	77,431,450
	$75,902,520		$77,431,450
Mortgages and other notes payable	$64,027,894	~~64,266,704~~	$64,728,200	$	~~64,728,200~~
Other liabilities	4,415,581	~~4,212,796~~	4,179,842		~~4,179,842~~
Total liabilities	$68,443,475	~~68,479,500~~	$68,908,042	$	~~68,908,042~~

The Company accounts for its 50% ownership interest in Dover Parkade, LLC under the equity method of accounting. A summary of the operating results for this entity follows:

A summary of the operating results for this entity follows:

	Three Months Ended		Nine Months Ended
	January 31, 2018	January 31, 2017	January 31, 2018	January 31, 2017

Dover Parkade, LLC:
Revenue	$715,049	$673,655	$2,125,677	$2,069,918
Expenses	488,039	488,348	1,543,602	1,517,886
Net income	$227,010	$185,307	$582,075	$552,032

		Three Months Ended				Six Months Ended
		October 31, 2017		October 31, 2016		October 31, 2017		October 31, 2016
Dover Parkade, LLC:
Revenue	$	708,719	$	712,350	$	1,410,628	$	1,396,263
Expenses		499,373		519,876		1,055,563		1,029,538
Net income	$	209,346	$	192,474	$	355,065	$	366,725

In August 2017, the Company finalized an agreement to invest in an affiliated limited liability company called Ware Seguin, LLC. The Company accounts for its 50% interest in Ware Seguin, LLC under the equity method of accounting. Ware Seguin, LLC owns property in Schertz, TX that it plans to develop for approximately 285 single family residential lots and approximately 15 acres of commercial or other uses. The operating and financial policies of Ware Seguin, LLC are not controlled by the Company. The Company’s initial investment was $326,498 and the Company committed to invest an additional amount up to $500,000, of which an additional $53,149 was made as of October 31, 2017. Additional future investments may be required if agreed by the Members. The Company is also a guarantor of 50% of a $1,000,000 bank loan obtained by Ware Sequin, LLC that was used to purchase the property.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |(Unaudited)

2. Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (continued):

In August 2017, the Company finalized an agreement to invest in an affiliated limited liability company called Ware Seguin 1518, LLC. The Company accounts for its 50% interest in Ware Seguin 1518, LLC under the equity method of accounting. Ware Seguin 1518, LLC owns property in Schertz, TX that it plans to develop for approximately 285 single family residential lots and approximately 15 acres of commercial or other uses. The operating and financial policies of Ware Seguin 1518, LLC are not controlled by the Company. The Company’s initial investment was $326,498 and the Company committed to invest an additional amount up to $500,000, of which an additional $53,149 was made as of January 31, 2018. Additional future investments may be required if agreed by the Members. The Company is also a guarantor of 50% of a $1,000,000 bank loan obtained by Ware Sequin 1518, LLC that was used to purchase the property. There has been no income statement activity as of January 31, 2018.

3. Income Taxes:

The Company files a Federal consolidated tax return to report all income and deductions for its subsidiaries. The Company and its subsidiaries file income tax returns in several states. The tax returns are filed by the entity that owns the real estate or provides services in such state. Some states do not allow a consolidated or combined tax filing. This sometimes creates income taxes to be greater than expected as income for some subsidiaries cannot be offset by other subsidiaries with operating losses.

On ~~October 26~~ December 22, 2017, the ~~Company~~ Tax Cuts and Jobs Act of 2017 (the Tax Act) was ~~informed that~~ signed into law. The Tax Act makes significant changes to the Internal Revenue Code, including but not limited to, decreasing the statutory corporate tax rate from 35% to 21% effective January 1, 2018 and repealing AMT tax treatment. The Company calculated its ~~fiscal year 2016 Federal~~ best estimate of the impact of the Tax Act in its income tax ~~return~~ provision and re-measured its deferred tax assets and liabilities at the enacted corporate tax rate of 21% in accordance with its understanding of the Tax Act and available guidance. The primary impact of this re-measurement was ~~selected for~~ ~~examination~~a reduction in deferred tax assets and liabilities in connection with the reduction of the U.S. corporate income tax rate and resulted in the Company recording approximately $200,000 of additional income tax expense during the three and nine month periods ended January 31, 2018.

On October 26, 2017, the Company was informed that its fiscal year 2016 Federal tax return was selected for examination. This examination is currently in process.

4. Litigation:

Following a site inspection of asbestos abatement activities being conducted at the Spring Gate Apartments in Rockland, Massachusetts (Facility) on April 14, 2017, the Massachusetts Department of Environmental Protection (MassDEP) by letter dated April 21, 2017 requested that Rockland Place Apartments, LP (Company) temporarily cease and desist from any additional asbestos removal, abatement and/or handling activities at the Facility. Upon receipt of the MassDEP letter, the Company engaged MassDEP in discussions regarding the abatement project. Following submission to and approval by MassDEP of a work plan addressing the issues raised in MassDEP’s April 21 letter, MassDEP permitted the asbestos abatement work to go forward. There have been no further enforcement actions taken by MassDEP.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

4. Litigation (continued):

By letters dated May 15, May 16 and May 30, 2017, three attorneys representing tenants in three units at the Facility notified the Company and/or its management company, FHRC Management Corporation, of claims related to environmental conditions at the Facility. The first of these letters alleges that the tenant and her family have been exposed to and have been living in an apartment containing asbestos for many years. The second letter claims that the tenant and her three minor children have suffered injuries believed to be caused by the presence of mold and asbestos in the apartment. The final letter asserts claims with respect to the tenant and her three minor children involving the presence and remediation of asbestos including violation of a tenant’s quiet enjoyment, breach of the warranty of habitability, causation of emotional distress and the use of unfair and deceptive practices under M.G.L. c. 93A. The first two letters made no specific monetary demand; the third letter demanded $312,600. All three claims were tendered to the Company’s insurer, which agreed to respond under a reservation of rights. On July 14, 2017, counsel retained by the insurer provided a timely response to the third letter, adamantly denying the Company’s liability pursuant to M.G.L. c. 93A or for any of the other claims. By letter dated July 27, 2017, the insurer acknowledged receipt of the three claims, at the same time stating however that as no lawsuit had arisen, it did not have a duty to defend, but nonetheless would continue to investigate.

At this time, the Company cannot assess the likelihood of an unfavorable outcome or provide any estimate of the amount or range of any potential loss.

5. Refinancings:

New Orleans, LA – Refinance: On June 30, 2017, the Company refinanced its construction loan on its shopping center property in New Orleans, LA. The construction loan, which had a principal balance of $5,567,673, was replaced by a mortgage loan of $8,565,000. The new mortgage loan has an interest rate of 4.75%. The loan is interest -only until July 1, 2020; thereafter, monthly payments of $44,576 inclusive of principal and interest are due and payable until the maturity date of July 1, 2027, at which time the remaining principal balance must be repaid in full.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

6. Purchase of Real Estate:

Houston, TX – Land Purchase: On May 12, 2017, the Company completed its purchase of a parcel of land in Houston, TX for $8,583,235 including closing costs. This purchase was financed with proceeds from a construction loan of $5,158,210, utilization of the Company’s lines of credit of $2,400,000, and working capital of $1,025,025. Key terms of the construction loan are as follows:

Loan Amount:	$8,600,000
Maturity Date:	November 15, 2018
Interest Rate:	2.50% plus One Month ICE LIBOR rate, as defined, up to maturity date and 12.0% thereafter.
Payments:	Interest only payable monthly with principal due at maturity.
Guarantee:	The Company (Corporate).

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

6. Purchase of Real Estate (continued):

Montgomery, TX – Land Purchase: On August 16, 2017, the Company completed its purchase of a 26.43 acre parcel of land in Montgomery, TX for $6,672,754 including closing costs. This purchase was financed with proceeds from a land loan of $4,150,000, utilization of the Company’s lines of credit of $2,360,000, and working capital of $162,754. Key terms of the construction loan are as follows:

Loan Amount:	$4,150,000
Maturity Date:	February 16, 2019
Interest Rate:	3.50% plus One Month ICE LIBOR rate, as defined, up to maturity date and 12.0% thereafter.
Payments:	Interest only payable monthly with principal due at maturity.
Guarantee:	The Company (Corporate).

Houma, LA – Land Purchase: On January 5, 2018, the Company purchased a parcel of land in Houma, LA for $2,514,644 including closing costs. This purchase was financed with proceeds from a construction loan of $1,417,217, utilization of the Company’s lines of credit of $1,000,000, and working capital of $97,427. Key terms of the construction loan are as follows:

Loan Amount:	$5,065,000
Maturity Date:	January 5, 2019
Interest Rate:	2.50% plus One Month ICE LIBOR rate, as defined, up to maturity date and 12.0% thereafter.
Payments:	Interest only payable monthly with principal due at maturity.
Guarantee:	The Company (Corporate).

Pearland, TX – Land Purchase: On January 11, 2018, the Company purchased a parcel of land in Pearland, TX for $1,038,306 including closing costs. This purchase was financed with proceeds from a construction loan of $500,000, utilization of the Company’s lines of credit of $400,000, and working capital of $138,306. Key terms of the construction loan are as follows:

Loan Amount:	$500,000
Maturity Date:	January 5, 2019
Interest Rate:	3.50% plus One Month ICE LIBOR rate, as defined, up to maturity date and 12.0% thereafter.
Payments:	Interest only payable monthly with principal due at maturity.
Guarantee:	The Company (Corporate).

Spring, TX – Land Purchase: On January 30, 2018, the Company purchased three adjacent parcels of land in Spring, TX for $1,161,240 including closing costs. Simultaneously, one of these parcels was sold to another party for $1,404,504 (cost of $459,611). The purchase was financed by working capital and the proceeds from the sale. The Company netted $27,807 of cash for these two transactions, which was received on February 2, 2018. The remaining two parcels will be marketed to retail establishments.

FIRST HARTFORD CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

7. Subsequent Events:

~~The~~ Little Ferry, NJ – Land Purchase: On February 8, 2018, the Company ~~has~~purchased ~~evaluated~~a ~~for~~parcel ~~subsequent~~of ~~events~~land ~~through~~in ~~December~~Little 28Ferry, ~~2017~~NJ for $3,131,000 which, ~~the~~along ~~date~~with ~~the~~closing ~~financial~~costs ~~statements~~and a deposit into a Remediation Trust Fund of $439,425, were ~~issued~~financed by proceeds from a construction loan of $3,774,340 plus working capital. Key terms of the construction loan are as follows:

Loan Amount:	$8,800,000
Maturity Date:	February 1, 2029
Interest Rate:	One month LIBOR, as defined, plus 2.50% through February 1, 2019 (the “Construction Phase”); thereafter, one month LIBOR plus 1.90% (the “Permanent Phase”).
Payments:	Interest only payable monthly during the Construction Phase. Thereafter, principal and interest payable monthly using a 30-year amortization.
Guarantor:	The Company (Corporate).
Prepayment:	Prior to February 1, 2019, 0.50% of the principal balance prepaid; from February 1, 2019 – January 31, 2021, 1.00% of the principal balance prepaid.

Wethersfield, CT – Sale of Condominium: On February 28, 2018, the Company sold a condominium in Wethersfield, CT for $255,000 (cost of approximately $254,182). The Company owns one more condominium on this site after this sale.

The Company has evaluated for subsequent events through March 29, 2018, the date the financial statements were issued.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The financial and business analysis below provides information which the Company believes is relevant to an assessment and understanding of the Company’s financial position, results of operations and cash flows. This analysis should be read in conjunction with the condensed consolidated financial statements and related notes.

The following discussion and certain other sections of this Report on Form 10 10-Q contain statements reflecting the Company’s views about its future performance and constitute “forward -looking statements” under the Private Securities Litigation Reform Act of 1995. These views may involve risk and uncertainties that are difficult to predict and may cause the Company’s actual results to differ materially from the results discussed in such forward -looking statements. Readers should consider how various factors including changes in general economic conditions, cost of materials, interest rates and availability of funds, and the nature of competition and relationship with key tenants may affect the Company’s performance. The Company undertakes no obligation to update publicly any forward -looking statements, whether as a result of new information, future events or other.

Critical Accounting Policies

There have been no significant changes in the Company’s critical accounting policies from those included in Item 7 of its Annual Report on Form 10 -K for the year ended April 30, 2017 under the subheading “Critical Accounting Policies and Estimates”.

Results of Operations:

Rental Income

Rental income for the three and ~~six~~nine months ended ~~October~~January 31, ~~2017~~2018 and ~~2016~~2017, by type of tenant, follows:

	Three Months Ended	~~Three Months Ended~~			Nine Months Ended		~~Six Months Ended~~
		October 31,					October 31,
	January 31,				January 31,
		2017			2016		2017		2016
	2018		2017		2018	2017
Residential	$3,072,065	~~3,066,874~~	$3,084,436	$	3$9,~~014~~176,~~345~~045	$9,171,804	~~6,103,980~~	$	~~6,087,368~~
Commercial	4,740,535	~~4,679,131~~	5,010,773		414,~~847~~179,~~743~~100	14,851,940	~~9,438,565~~		~~9,841,167~~
	$	7,746,005		$	7,862,088	$	15,542,545	$	15,928,535
	$7,812,600		$8,095,209		$23,355,145	$24,023,744

The slight ~~increase~~ changes in residential rental income was primarily caused by rent increases at the Somerville, MA property (i.e., Clarendon), partially offset by lower revenue at the Rockland, MA property due to vacancies from converted apartments needed for the ongoing renovation project.

The decrease in commercial rental income was primarily caused by lower common area maintenance (CAM) billings to tenants resulting from lower associated expenses and ~~lower~~prior year rents ~~received~~ on some of the Company’s development properties that have since been sold (e.g., Olathe, KS; Conroe, TX; Stanhope, NJ), partially offset by additional rents from a new tenant at the Company’s Lubbock, TX property.

14 16

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (continued):

Service Income

Service income for the three and ~~six~~nine months ended ~~October~~January 31, ~~2017~~2018 and ~~2016~~2017 follows:

	Three Months Ended	~~Three Months Ended~~			Nine Months Ended		~~Six Months Ended~~
		October 31,					October 31,
	January 31,				January 31,
		2017			2016		2017	2016
	2018		2017		2018	2017
Management fees	$284,430	~~201,512~~	$163,934	$	~~109~~$613,~~028~~255	$427,567	~~328,825~~	~~$263,633~~
Preferred developer fees	735,375	~~1,402,125~~	935,750		12,~~490~~650,750	3,500,500	~~1,915,375~~	~~2,564,750~~
	$	1,603,637		$	1,599,778	$	2,244,200	$2,828,383
	$1,019,805		$1,099,684		$3,264,005	$3,928,067

The increase in management fees was due to higher fees received from the Company’s unconsolidated Claymont, DE property.

The third quarter and full year decrease in preferred developer fees primarily reflected lower fees received from ~~both~~ CVS ~~and Cumberland Farms~~, ~~while the second quarter decrease reflected lower Cumberland Farms fees~~ partially offset by higher ~~CVS~~ fees received from Cumberland Farms. The decrease in CVS fees, which continues a trend over the past several years, was the result of a recent acquisition that has impacted in the slowing of their pipeline for new stores. The ~~decrease~~increase in Cumberland Farms was the result of timing of closings based on the construction schedule.

Sales (and Cost of Sales) of Real Estate

~~Six~~ Nine months ended ~~October~~ January 31, ~~2017~~2018:

St. Louis, MO – Sale of Property: On May 30, 2017, the Company sold its single -tenant property in St. Louis, MO for $6,800,000 (cost of $6,567,195). A loan with a balance of $5,120,000 and a credit line of $1,000,000 were paid off with the proceeds.

New Orleans, LA – Sale of Property: On June 7, 2017, the Company sold a parcel of its property in New Orleans, LA for $11,350,000 (cost of $9,~~002~~027,022). A loan with a balance of $7,436,745 was paid off with the proceeds. The Company continues to hold the parcel of the property that includes the shopping center.

Austin, TX – Sale of Property: On June 15, 2017, the Company sold its single -tenant property in Austin, TX for $3,210,000 (cost of $2,~~968~~993,692). A loan with a balance of $1,102,899 was paid off with the proceeds.

East Providence, RI – Sale of Property: On September 7, 2017, the Company sold its property held for sale in East Providence, RI for $830,000 (cost of $664,312).

~~There~~ Wethersfield, ~~were~~CT ~~also~~– Sale ~~costs~~of ~~incurred~~Condominium: On November 14, 2017, the Company sold a condominium in ~~fiscal~~Wethersfield, ~~year~~CT ~~2018~~for ~~related~~$225,000 (cost of $271,802). The net proceeds were used to ~~property~~pay ~~sales~~off ~~that~~a ~~occurred~~mortgage inloan ~~the~~on ~~fiscal~~this ~~year~~property. The ~~ended~~Company ~~April~~owned ~~30,~~another two ~~2017~~condominiums ~~totaling~~on ~~$85,809~~this ~~that~~site ~~were~~after ~~not~~this ~~anticipated~~sale. asThe loss on the sale of this property resulted in the ~~prior~~Company ~~fiscal~~recording ~~year~~an ~~end.~~impairment on the remaining properties.

~~Six~~ Spring, ~~months~~TX ~~ended~~– Partial ~~October~~Sale ~~31,~~of ~~2016~~Property: On January 30, 2018, the Company purchased three adjacent parcels of land in Spring, TX for $1,161,240 including closing costs. Simultaneously, one of these parcels was sold to another party for $1,404,504 (cost of $459,611). The purchase was financed by working capital and the proceeds from the sale. The Company netted $27,807 of cash for these two transactions, which was received on February 2, 2018. The remaining two parcels will be marketed to retail establishments.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (continued):

Sales (and Cost of Sales) of Real Estate (continued):

In fiscal year 2018, there were also adjustments of costs incurred related to property sales that occurred in prior fiscal years. The net amount of these adjustments resulted in a $41,792 reduction of costs.

Nine months ended January 31, 2017:

On June 29, 2016, the Company sold a property in Stanhope, NJ for $10,000,051 (cost of $8,280,570). A construction loan with a balance of $6,329,667 was paid off with the proceeds.

On June 30, 2016, the Company sold a portion of its property in Edinburg, TX (i.e., Texas Roadhouse) for $2,210,000 (cost of $1,355,597). A mortgage loan with a balance of $1,279,136 was paid off with the proceeds.

15 On August 16, 2016, the Company sold a condominium in Wethersfield, CT for $285,000 (cost of $277,191). The net proceeds were used to reduce a mortgage loan on this property.

~~Item 2.~~ ~~MANAGEMENT’S~~On ~~DISCUSSION~~September ~~AND~~20, ~~ANALYSIS~~2016, OFthe ~~FINANCIAL~~Company ~~CONDITION~~sold ~~AND~~a ~~RESULTS~~parcel OFof land in ~~OPERATIONS~~Austin, TX for $6,100,000 (~~continued~~cost of $4,190,523): that was previously ground leased.

On ~~August~~December 1614, 2016, the Company sold a ~~condominium~~property in ~~Wethersfield~~Conroe, CTTX for $~~285~~8,~~000~~778,442 (cost of $~~277~~6,~~191~~721,794). ~~The~~ A ~~net proceeds were used to reduce a~~ mortgage loan ~~on this property. The Company currently owns three other~~ ~~condominiums~~with ata ~~this~~balance ~~site~~of $5,363,913 was paid off with the proceeds.

On ~~September~~December 2028, 2016, the Company sold a ~~parcel~~property ~~of land~~ in ~~Austin~~ Olathe, TXKS for $67,~~100~~000,000 (cost of $46,~~190~~867,~~523~~228) ~~that was previously ground leased~~. ~~The~~ A ~~Company~~mortgage ~~continues~~loan towith ~~own land attached to the sold parcel and is currently overseeing construction of~~ a ~~single tenant retail building~~ balance of ~~approximately 6~~$5,~~900~~335,000 ~~square~~was ~~feet~~paid onoff ~~this~~with ~~property~~the proceeds.

Other Revenues

The increase in other income was primarily due to sales by the Company’s new restaurant it built and owns at its Edinburg, TX property. This store was opened on July 14, 2017.

Operating Costs and Expenses:

Rental Expenses

Rental expenses for the three and ~~six~~nine months ended ~~October~~January 31, ~~2017~~2018 and ~~2016~~2017, by type of tenant, follows:

	Three Months Ended	~~Three Months Ended~~			Nine Months Ended		~~Six Months Ended~~
		October 31,					October 31,
	January 31,				January 31,
		2017			2016		2017		2016
	2018		2017		2018	2017
Residential	$2,893,012	~~2,600,276~~	$2,723,486	$	2$8,~~541~~056,~~528~~033	$7,836,393	~~5,163,021~~	$	~~5,112,907~~
Commercial	2,670,022	~~2,418,438~~	2,226,361		27,~~523~~499,~~952~~881	7,278,646	~~4,829,859~~		~~5,052,285~~
	$	5,018,714		$	5,065,480	$	9,992,880	$	10,165,192
	$5,563,034		$4,949,847		$15,555,914	$15,115,039

The slight increase in residential rental expenses were mainly from higher legal fees incurred at the Rockland, MA property resulting from a temporary cease and desist order from the Massachusetts Department of Environmental Protection (MassDEP). See Part II, Item 1, Legal Proceedings, on page 2022 for more information. This was partially offset by lower repairs and maintenance expenses at the Somerville, MA (i.e., Clarendon) property.

The decrease in commercial rental expenses was mainly due to expenses incurred in the prior year related to a lawsuit against a former tenant, including a legal settlement of $200,000 and higher bad debt and legal expenses. Also, in the prior year there was accelerated amortization expense of deferred commissions arising from the sale of a portion of its property in Edinburg, TX (i.e., Texas Roadhouse) and accelerated depreciation of tenant improvements at the Lubbock, TX properties upon the departure of two tenants. These factors were partially offset by a current year fee paid to a tenant at its Edinburg, TX shopping center to allow the Company to lease to another tenant and higher expenses related to the Company’s New Orleans, LA shopping center, which was completed and refinanced in the first quarter of fiscal 2018. 18

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (continued):

The increase in commercial rental expenses were primarily related to the Company’s New Orleans, LA shopping center, which was completed and refinanced in the first quarter of fiscal 2018, and higher expenses at the Edinburg, TX shopping center, including higher property taxes and a fee paid to a tenant to allow the Company to lease to another tenant. Partially offsetting these increases were expenses incurred in the prior year related to a lawsuit against a former tenant, including a legal settlement of $200,000. Also, in the prior year there was accelerated amortization expense of deferred commissions arising from the sale of a portion of its property in Edinburg, TX (i.e., Texas Roadhouse) and accelerated depreciation of tenant improvements at the Lubbock, TX properties upon the departure of two tenants.

Service Expenses

Service expenses for the three and ~~six~~nine months ended ~~October~~January 31, ~~2017~~2018 and ~~2016~~2017 follows:

	Three Months Ended	~~Three Months Ended~~			Nine Months Ended		~~Six Months Ended~~
		October 31,					October 31,
	January 31,				January 31,
		2017			2016		2017		2016
	2018		2017		2018	2017
Preferred Developer
Preferred Developer Expenses and Fees	$910,469		$1,337,627		$2,890,595	$3,827,629
Expenses and Fees	$	1,103,717		$	1,331,657	$	1,980,126	$	2,490,002
Construction and Other Costs	305,413		(3,936)		1,260,572	36,329
Construction and
	$1,215,882		$1,333,691		$4,151,167	$3,863,958
Other Costs		591,578			5,284		955,159		40,265
		$1,695,295		$	1,336,941		$2,935,285	$	2,530,267

The decrease in preferred developer expenses and fees primarily reflects lower commissions paid commensurate with the lower revenue, primarily at CVS.

The increase in construction expenses relates to unbudgeted costs (i.e., overruns) incurred at the renovation project at the Company’s Rockland, MA property resulting from a temporary cease and desist order from the Massachusetts Department of Environmental Protection (MassDEP). See Part II, Item 1, Legal Proceedings, on page 20 24 for more information.

Selling, General and Administrative (“SG&A”)

The increase in SG&A expenses relates primarily to expenses relating to its new restaurant it built and owns at its Edinburg, TX property, legal and professional expenses related to a potential residential housing deal in the Bronx, NY, and costs incurred related to ~~resolve~~ the Rockland, MA matter discussed above, including providing hotels and meals to displaced tenants and legal and professional fees (see Part II, Item 1, Legal Proceedings, on page 20 24 for more information).

~~Non Operating Income (Expense):~~ 19

Interest Expense

Interest expense for the three and six months ended October 31, 2017 and 2016, by type of tenant, follows:

		Three Months Ended				Six Months Ended
		October 31,				October 31,
		2017		2016		2017		2016
Commercial	$	1,857,955	$	1,858,743	$	3,758,738	$	3,753,408
Residential		726,460		734,582		1,455,466		1,429,411
	$	2,584,415	$	2,593,325	$	5,214,204	$	5,182,819

The change in commercial interest expense was minimal; there were no individually significant changes.

The six month increase in residential interest expense was the result of the prior year first quarter refinancing at Rockland. Note the loans paid off as part of this refinancing did not accrue interest.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (continued):

Non-Operating Income (Expense):

Interest Expense

Interest expense for the three and nine months ended January 31, 2018 and 2017, by type of tenant, follows:

	Three Months Ended		Nine Months Ended
	January 31,		January 31,
	2018	2017	2018	2017
Commercial	$1,898,562	$1,793,277	$5,657,300	$5,546,685
Residential	720,954	731,326	2,176,420	2,160,737
	$2,619,516	$2,524,603	$7,833,720	$7,707,422

The increase in commercial interest expense was the result of interest on loans related to the Company’s development properties and the Company’s new restaurant it built and owns at its Edinburg, TX property.

The change in residential commercial interest expense was minimal; the nine month increase was the result of the prior year first quarter refinancing at Rockland. Note the loans paid off as part of this refinancing did not accrue interest.

Other Income / (Loss)

Other income / (loss) for the three and ~~six~~nine months ended ~~October~~ January 31, ~~2017~~2018 and ~~2016~~2017 follows:

	Three Months Ended	~~Three Months Ended~~			Nine Months Ended		~~Six Months Ended~~
		October 31,					October 31,
	January 31,				January 31,
		2017		2016			2017			2016
	2018		2017		2018		2017
Proceeds from lawsuit	$-0-	~~200,000~~	$-0-	0	$200,000	$	~~200,000~~$-0-		$	0
Investment income	70,023	~~8,644~~	30,745	~~17,645~~	(4,751)		~~(74~~69,~~774~~850	)		~~39,105~~
	$	208,644	$	17,645		$	125,226		$	39,105
	$70,023		$30,745		$195,249		$69,850

The decrease in investment income for the first nine months reflected realized losses on sales of securities in the current year first quarter.

During the ~~three and six~~ nine months ended ~~October~~ January 31, ~~2017~~ 2018, the Company received $200,000 from a settlement of a lawsuit filed against another party for breach (relating to an alleged wrongful termination) of a contract to purchase a commercial shopping center owned by the Company and located in New Orleans, LA. As a result, the sale did not go through and the Company retains ownership of the shopping center.

Loss on Impairment

In the third quarter, the Company recorded an impairment loss of $40,000 on its two remaining condominiums it owns in Wethersfield, CT. The amount of the impairment loss represents the excess of the cost over the estimated sales proceeds from the condominiums.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (continued):

Gain (Loss) on Derivatives

~~The~~ On ~~Company~~January 1, ~~through its 50% owned consolidated subsidiaries~~2018, ~~has~~the Company entered into ~~two~~three ~~separate floating to fixed~~ interest rate swap agreements ~~with~~to ~~banks~~fix ~~that~~the ~~expire~~interest inrate ~~May~~on ~~2025~~its ~~and~~outstanding ~~July~~debt ~~2031. The~~on ~~Company~~its ~~has~~Brentwood, NY ~~determined~~property ~~that~~at ~~these~~4.42%. The ~~derivative~~swap ~~instruments~~agreements doexpire ~~not~~on ~~meet~~December ~~the~~2027, ~~requirements~~which corresponds ofto ~~hedge accounting and have therefore recorded~~ the ~~change~~maturity indate ~~fair value~~ of ~~these derivative instruments through income. Note that~~ the ~~change~~underlying ~~in fair value recorded through income is a non cash item~~debt.

The Company, through its 50% owned consolidated subsidiaries, has two additional floating-to-fixed interest rate swap agreements with banks that expire in May 2025 and July 2031.

The aggregate fair value of the Company’s interest rate swap agreements as of January 31, 2018 is a $1,551,002 liability.

The Company has determined that these derivative instruments do not meet the requirements of hedge accounting and have therefore recorded the change in fair value of these derivative instruments through income. Note that the change in fair value recorded through income is a non-cash item.

Loss on Defeasance

During the three and nine months ended January 31, 2017, the Company paid a defeasance premium of $437,776 when refinancing its mortgage loan on its shopping center in Lubbock, TX.

Equity in Earnings of Unconsolidated Subsidiary

The equity in earnings of unconsolidated subsidiary for the three and ~~six~~nine months ended ~~October~~January 31, 2018 ~~2017~~ and ~~2016~~2017 follows:

	Three Months Ended	~~Three Months Ended~~			Nine Months Ended		~~Six Months Ended~~
		October 31,					October 31,
	January 31,				January 31,
		2017			2016		2017		2016
	2018		2017		2018	2017
Income from Operations	$113,506	~~104,672~~	$92,654	$	96$291,~~236~~038	$276,016	~~177,532~~	$	~~183,362~~
Distributions	90,000	~~90,000~~	90,000		90270,000	270,000	~~180,000~~		~~180,000~~
	$	194,672		$	186,236	$	357,532	$	363,362
	$203,506		$182,654		$561,038	$546,016

The Company has an investment in an affiliated limited liability entity Dover Parkade, LLC, (Dover). The Company has a 50% interest in Dover, which owns a shopping center in Dover Township, NJ. The operating and financial policies of Dover are not controlled by the Company. For years prior to May 1, 2009, the Company was committed to provide funding to this equity method investee. The Company’s investment was recorded at cost and subsequently adjusted for its share of their net income and losses and distributions. Through April 30, 2009, losses and distributions from Dover exceeded the Company’s investment and the Company’s investment balance was reduced below $0 and recorded as a liability. Beginning May 1, 2009, distributions from Dover have been credited to income and any additional losses have not been allowed to further reduce the investment balance. The Company does not control the rate of distributions of Dover. Such distributions are in excess of Dover’s net assets since its accumulated net losses (including significant amounts for depreciation and amortization) have exceeded capital contributions.

18 21

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (continued):

Income Taxes

On October 26, 2017, the Company was informed that its fiscal year 2016 Federal tax return was selected for examination. This examination is currently in process.

Capital Resource and Liquidity

At ~~October~~January 31, ~~2017~~2018, the Company had $6,~~251~~958,~~630~~982 of unrestricted cash and cash equivalents. This includes $54,~~018~~836,~~099~~027 belonging to partnership entities in which the Company’s financial interests range from .01% (VIEs) to 50%. Funds received from CVS, which are to be paid out in connection with CVS developments, amounted to $~~106~~273,~~006~~670 and tenant security deposits held by VIEs of $~~396~~378,~~960~~929 are included in restricted cash and cash equivalents.

At ~~October~~ January 31, ~~2017~~ 2018, the Company had $1816,~~101,110~~ 575 of investments in marketable securities, all of which belongs to partner entities.

The Company has three separate credit lines that allows for borrowings up to $6,760,000. At ~~October~~January 31, ~~2017~~2018, the Company had borrowings of $46,760,000 against these credit lines.

The sources of future borrowings that may be needed for new construction operations, property purchases, or balloon payments on existing loans are unclear at this time. As a result of the decreasing CVS fee -for -service business and the increasingly difficult environment surrounding commercial real estate, the Company has become more dependent on its ability to buy, develop, and sell real estate at a profit. Failure to do so would have an adverse impact on the Company’s liquidity. The Company’s liquidity could also be adversely impacted if the Company’s new restaurant in Edinburg, TX does not meet its financial projections or if the Rockland, MA matter discussed in Part II, Item 1, Legal Proceedings, on page 2024, has an unfavorable outcome.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Smaller reporting companies are not required to provide the information required by this item.

Item 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain “disclosure controls and procedures”, as such term is defined in Rule ~~13a~~ 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chairman and Treasurer, as appropriate, to allow timely decisions regarding required disclosure. We conducted an evaluation (the “Evaluation”), under the supervision and with the participation of our Chairman and Treasurer, of the effectiveness of the design and operation of our disclosure controls and procedures (“Disclosure Controls”) as of the end of the period covered by this report pursuant to Rule 13a 15b of the Exchange Act.

19 Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chairman and Treasurer, as appropriate, to allow timely decisions regarding required disclosure. We conducted an evaluation (the “Evaluation”), under the supervision and with the participation of our Chairman and Treasurer, of the effectiveness of the design and operation of our disclosure controls and procedures (“Disclosure Controls”) as of the end of the period covered by this report pursuant to Rule 13a-15b of the Exchange Act.

~~Item~~ Based 4on the Evaluation, our Chairman and Treasurer concluded that because of weaknesses in our control environment, our disclosure controls were not effective as of the end of the period covered by this report. Notwithstanding ~~CONTROLS~~weaknesses ~~AND~~in ~~PROCEDURES~~our ~~(continued)~~control environment, as of January 31, 2018, we believe that the condensed consolidated financial statements contained in this report present fairly the Company’s financial condition, results of operations and cash flows for the periods presented.

~~Evaluation~~ Changes ofin ~~Disclosure~~Internal Control ~~Controls~~Over ~~and~~Financial ~~Procedures (continued)~~ Reporting

~~Based on the Evaluation, our Chairman and Treasurer concluded that because of weaknesses in our control~~ As ~~environment, our disclosure controls were not effective as~~ of the end of the period covered by this report~~. Notwithstanding weaknesses~~ , there have been no changes in ~~our~~ internal control ~~environment, as of October 31, 2017, we believe that the condensed~~ ~~consolidated~~over financial ~~statements~~reporting ~~contained~~(as defined in ~~this~~Rule ~~report~~13a-15(f) ~~present~~of ~~fairly~~the Exchange Act) during the ~~Company’s~~period ~~financial~~covered ~~condition~~by this report, ~~results~~that ofmaterially ~~operations~~affected, ~~and~~or ~~cash~~are ~~flows~~reasonably ~~for~~likely to materially affect, the ~~periods~~Company’s ~~presented~~internal control over financial reporting.

~~Changes in Internal Control Over Financial Reporting~~ 23

~~As of the end of the period covered by this report, there have been no changes in internal control over financial~~ PART reporting (as defined in Rule 13a 15(f) of the Exchange Act) during the period covered by this report, that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.II OTHER INFORMATION

PART II OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

At this time, the Company cannot assess the likelihood of an unfavorable outcome or provide any estimate of the amount or range of any potential loss.

20Item 1A. RISK FACTORS

Item 1A.	RISK FACTORS
	Smaller reporting companies are not required to provide the information required by this item.
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
	None.
Item 3.	DEFAULTS UPON SENIOR SECURITIES
	None
Item 4.	MINE SAFETY DISCLOSURES
	Not applicable
Item 5.	OTHER INFORMATION
	None
	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	None
Item 6.	EXHIBITS
	a) Exhibits:
	Exhibit 31.1	Certification of Chief Executive Officer, pursuant to Rule 13a 14(c) under the
		Securities Exchange Act of 1934.
	Exhibit 31.2	Certification of Chief Financial Officer, pursuant to Rule 13a 14(c) under the
		Securities Exchange Act of 1934.
	Exhibit 32.1	Certification of Chief Executive Officer and Chief Financial Officer, pursuant to
		18 U.S.C. Section 1350.

Smaller reporting companies are not required to provide the information required by this item.

21Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

~~SIGNATURES~~ None.

~~Pursuant~~Item to3. ~~the~~DEFAULTS ~~requirements~~UPON ofSENIOR ~~the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.~~ SECURITIES

							First Hartford Corporation
							(Registrant)
							/s/ Neil H. Ellis
December 28, 2017
Date							Neil H. Ellis,
							Chairman of the Board
							and Chief Executive Officer
							/s/ Eric J. Harrington
December 28, 2017
Date							Eric J. Harrington, Treasurer
							and Chief Financial Officer

None

22Item 4. MINE SAFETY DISCLOSURES

Not applicable

Item 5. OTHER INFORMATION

None

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Company’s annual meeting of shareholders was held on January 17, 2018 in Hartford, CT. The following nominees were elected as directors by vote indicated:

	For	Against
Neil Ellis	2,009,782	14,708
John Toic	2,009,782	14,708
Jeff Carlson	2,009,782	14,708
William Connolly	2,009,782	14,708
Jonathan Bellock	2,009,782	14,708

Also, the shareholders voted to approve the Company suspending or terminating its filing obligations with the U.S. Securities and Exchange Commission, also called “Going Dark”, once the Company is eligible. The vote was 2,006,379 in favor, 16,481 against, and 1,830 abstaining.

Item 6. EXHIBITS

a) Exhibits:
	Exhibit 31.1	Certification of Chief Executive Officer, pursuant to Rule 13a-14(c) under the Securities Exchange Act of 1934.

	Exhibit 31.2	Certification of Chief Financial Officer, pursuant to Rule 13a-14(c) under the Securities Exchange Act of 1934.

	Exhibit 32.1	Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350.

	101.INS	XBRL Instance Document

	101.SCH	XBRL Taxonomy Extension Schema Document

	101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document

	101.DEF	XBRL Taxonomy Definition Linkbase Document

	101.LAB	XBRL Taxonomy Extension Label Linkbase Document

	101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	First Hartford Corporation
	(Registrant)

	/s/ Neil H. Ellis
March 29, 2018
Date	Neil H. Ellis,
	Chairman of the Board
	and Chief Executive Officer

	/s/ Eric J. Harrington
March 29, 2018
Date	Eric J. Harrington, Treasurer
	and Chief Financial Officer

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